# EDGAR Filing Document

**Accession Number:** 0002080073
**File Stem:** 0001104659-26-052847
**Filing Date:** 2026-4
**Character Count:** 1772556
**Document Hash:** e5a6fbe6c7fdf8e2fdd1112ebbc982e2
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001104659-26-052847.hdr.sgml**: 20260430

**ACCESSION NUMBER**: 0001104659-26-052847

**CONFORMED SUBMISSION TYPE**: 20-F

**PUBLIC DOCUMENT COUNT**: 112

**CONFORMED PERIOD OF REPORT**: 20251231

**FILED AS OF DATE**: 20260430

**DATE AS OF CHANGE**: 20260430

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Versamet Royalties Corp
- **CENTRAL INDEX KEY:** 0002080073
- **STANDARD INDUSTRIAL CLASSIFICATION:** MINERAL ROYALTY TRADERS [6795]
- **ORGANIZATION NAME:** 01 Energy & Transportation
- **EIN:** 000000000
- **STATE OF INCORPORATION:** A1
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 20-F
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-43171
- **FILM NUMBER:** 26924790

**BUSINESS ADDRESS:**
- **ADDRESS IS A NON US LOCATION:** YES
- **STREET 1:** SUITE 3200, 733 SEYMOUR STREET
- **CITY:** VANCOUVER
- **NON US STATE TERRITORY:** BRITISH COLUMBIA
- **PROVINCE COUNTRY:** A1
- **ZIP:** V6B 0S6
- **BUSINESS PHONE:** 778-945-3948

**MAIL ADDRESS:**
- **ADDRESS IS A NON US LOCATION:** YES
- **STREET 1:** SUITE 3200, 733 SEYMOUR STREET
- **CITY:** VANCOUVER
- **NON US STATE TERRITORY:** BRITISH COLUMBIA
- **PROVINCE COUNTRY:** A1
- **ZIP:** V6B 0S6

?xml version='1.0' encoding='ASCII'? VERSAMET ROYALTIES CORPORATION_2025-12-31

[**Table of Contents**](#TOC)

------

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**Washington, D.C. 20549**

**FORM 20-F**

**☐ REGISTRATION STATEMENT PURSUANT TO SECTION 12(b) or 12(g) OF THE SECURITIES EXCHANGE ACT OF 1934**

**OR**

**☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934**

**For the fiscal year ended** __________________

**OR**

**☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934**

**OR**

**☐ SHELL COMPANY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES AND EXCHANGE ACT OF 1934**

Date of event requiring this shell company report __________________

**For the transition period from _________ to _________________**

**Commission file number: N/A**

**VERSAMET ROYALTIES CORPORATION**

*(Exact name of Registrant as specified in its charter)*

**N/A**

*(Translation of Registrant's name into English)*

**British Columbia, Canada**

 *(Jurisdiction of incorporation or organization)*

**Suite 3200, 733 Seymour Street**

**Vancouver, British Columbia V6B 0S6 Canada**

*(Address of principal executive offices)*

**Craig Rollins**

**Suite 3200, 733 Seymour Street**

**Vancouver, British Columbia V6B 0S6 Canada**

**778-945-3948**

*(Name, Telephone, E-mail and/or Facsimile number and Address of Company Contact Person)*

Securities registered or to be registered pursuant to Section 12(b) of the Act:

---

| | | |
|:---|:---|:---|
| Title of Each Class: | Trading Symbol(s) | Name of Each Exchange On Which Registered: |
| **Common Shares, no par value** | **VMET** | **The Nasdaq Stock Market LLC** |

---

Securities registered or to be registered pursuant to Section 12(g) of the Act:

**None**

Securities for which there is a reporting obligation pursuant to Section 15(d) of the Act:

**None**

Indicate the number of outstanding shares of each of the issuer's classes of capital or common stock as of the close of the period covered by the annual report: **93,411,746 as of December 31, 2025**

Indicate by check mark whether the Registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act. ☐ Yes ☒ No

[**Table of Contents**](#TOC)

If this report is an annual or transition report, indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934. ☐ Yes ☒ No

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. ☒ Yes ☐ No

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). ☒ Yes ☐ No

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or an emerging growth company.

Large Accelerated Filer ☐ &nbsp;&nbsp;&nbsp;&nbsp; Accelerated Filer ☐ &nbsp;&nbsp;&nbsp;&nbsp; Non-Accelerated Filer ☒ <br> Emerging Growth Company ☒

If an emerging growth company that prepares its financial statements in accordance with U.S. GAAP, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant has filed a report on and attestation to its management's assessment of the effectiveness of its internal control over financial reporting under Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C. 7262(b)) by the registered public accounting firm that prepared or issued its audit report: ☐

If securities are registered pursuant to Section 12(b) of the Act, indicate by check mark whether the financial statements of the registrant included in the filing reflect the correction of an error to previously issued financial statements. ☐

Indicate by check mark whether any of those error corrections are restatements that required a recovery analysis of incentive-based compensation received by any of the registrant's executive officers during the relevant recovery period pursuant to §240.10D-1(b). ☐

Indicate by check mark which basis of accounting the registrant has used to prepare the financial statements included in this filing:

U.S. GAAP ¨☐

International Financial Reporting Standards as issued by the International Accounting Standards Board ☒

Other ¨☐

If "Other" has been checked in response to the previous question, indicate by check mark which financial statement item the registrant has elected to follow. ☐ Item 17 ☐ Item 18

If this is an annual report, indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☒

------

[**Table of Contents**](#TOC)

**TABLE OF CONTENTS**

---

| | | | |
|:---|:---|:---|:---|
|  |  |  | **Page** |
| [PRESENTATION OF FINANCIAL INFORMATION](#PRESENTATIONOFFINANCIALINFORMATION_79317) | [PRESENTATION OF FINANCIAL INFORMATION](#PRESENTATIONOFFINANCIALINFORMATION_79317) | [PRESENTATION OF FINANCIAL INFORMATION](#PRESENTATIONOFFINANCIALINFORMATION_79317) | 5 |
| [TECHNICAL AND THIRD-PARTY INFORMATION](#TECHNICALANDTHIRDPARTYINFORMATION_617042) | [TECHNICAL AND THIRD-PARTY INFORMATION](#TECHNICALANDTHIRDPARTYINFORMATION_617042) | [TECHNICAL AND THIRD-PARTY INFORMATION](#TECHNICALANDTHIRDPARTYINFORMATION_617042) | 5 |
| &nbsp;&nbsp;[Cross-Jurisdictional Disclosure Considerations](#CrossJurisdictionalDisclosureConsiderati) | &nbsp;&nbsp;[Cross-Jurisdictional Disclosure Considerations](#CrossJurisdictionalDisclosureConsiderati) | &nbsp;&nbsp;[Cross-Jurisdictional Disclosure Considerations](#CrossJurisdictionalDisclosureConsiderati) | 6 |
| [SPECIAL NOTE REGARDING FORWARD-LOOKING STATEMENTS](#SPECIALNOTEREGARDINGFORWARDLOOKINGSTATEM) | [SPECIAL NOTE REGARDING FORWARD-LOOKING STATEMENTS](#SPECIALNOTEREGARDINGFORWARDLOOKINGSTATEM) | [SPECIAL NOTE REGARDING FORWARD-LOOKING STATEMENTS](#SPECIALNOTEREGARDINGFORWARDLOOKINGSTATEM) | 7 |
| [PART I](#PARTI_170356) | [PART I](#PARTI_170356) | [PART I](#PARTI_170356) | 12 |
| [ITEM 1: IDENTITY OF DIRECTORS, SENIOR MANAGEMENT AND ADVISERS.](#ITEM1IDENTITYOFDIRECTORSSENIORMANAGEMENT) | [ITEM 1: IDENTITY OF DIRECTORS, SENIOR MANAGEMENT AND ADVISERS.](#ITEM1IDENTITYOFDIRECTORSSENIORMANAGEMENT) | [ITEM 1: IDENTITY OF DIRECTORS, SENIOR MANAGEMENT AND ADVISERS.](#ITEM1IDENTITYOFDIRECTORSSENIORMANAGEMENT) | 12 |
|  | [A.](#DirectorsandSeniorOfficers_341762) | [Directors and Senior Officers](#DirectorsandSeniorOfficers_341762) | 12 |
|  | [B.](#Advisers_677238) | [Advisers](#Advisers_677238) | 12 |
|  | [C.](#Auditors_113560) | [Auditors](#Auditors_113560) | 12 |
| [ITEM 2: OFFER STATISTICS AND EXPECTED TIMETABLE](#ITEM2OFFERSTATISTICSANDEXPECTEDTIMETABLE) | [ITEM 2: OFFER STATISTICS AND EXPECTED TIMETABLE](#ITEM2OFFERSTATISTICSANDEXPECTEDTIMETABLE) | [ITEM 2: OFFER STATISTICS AND EXPECTED TIMETABLE](#ITEM2OFFERSTATISTICSANDEXPECTEDTIMETABLE) | 12 |
|  | [A.](#OfferStatistics_868816) | [Offer Statistics](#OfferStatistics_868816) | 12 |
|  | [B.](#MethodandExpectedTimetable_155951) | [Method and Expected Timetable](#MethodandExpectedTimetable_155951) | 12 |
| [ITEM 3: KEY INFORMATION](#ITEM3KEYINFORMATION_710400) | [ITEM 3: KEY INFORMATION](#ITEM3KEYINFORMATION_710400) | [ITEM 3: KEY INFORMATION](#ITEM3KEYINFORMATION_710400) | 12 |
|  | [A.](#ASelectedFinancialData_554236) | [Selected Financial Data](#ASelectedFinancialData_554236) | 12 |
|  | [B.](#BCapitalizationandIndebtedness_792595) | [Capitalization and Indebtedness](#BCapitalizationandIndebtedness_792595) | 12 |
|  | [C.](#CReasonsfortheOfferandUseofProceeds_2805) | [Reasons for the Offer and Use of Proceeds](#CReasonsfortheOfferandUseofProceeds_2805) | 12 |
|  | [D.](#DRiskFactors_799576) | [Risk Factors](#DRiskFactors_799576) | 12 |
| [ITEM 4:INFORMATION ON THE COMPANY](#ITEM4INFORMATIONONTHECOMPANY_492258) | [ITEM 4:INFORMATION ON THE COMPANY](#ITEM4INFORMATIONONTHECOMPANY_492258) | [ITEM 4:INFORMATION ON THE COMPANY](#ITEM4INFORMATIONONTHECOMPANY_492258) | 35 |
|  | [A.](#AHistoryandDevelopmentoftheCompany_45080) | [History and Development of the Company](#AHistoryandDevelopmentoftheCompany_45080) | 35 |
|  | [B.](#BBusinessOverview_62699) | [Business Overview](#BBusinessOverview_62699) | 42 |
|  | [C.](#COrganizationalStructure_338738) | [Organizational Structure](#COrganizationalStructure_338738) | 46 |
|  | [D.](#DPropertyPlantsandEquipment_727784) | [Property, Plants and Equipment](#DPropertyPlantsandEquipment_727784) | 46 |
| [ITEM 5: OPERATING AND FINANCIAL REVIEW AND PROSPECTS](#ITEM5OPERATINGANDFINANCIALREVIEWANDPROSP) | [ITEM 5: OPERATING AND FINANCIAL REVIEW AND PROSPECTS](#ITEM5OPERATINGANDFINANCIALREVIEWANDPROSP) | [ITEM 5: OPERATING AND FINANCIAL REVIEW AND PROSPECTS](#ITEM5OPERATINGANDFINANCIALREVIEWANDPROSP) | 82 |
|  | [A.](#AOperatingResults_951509) | [Operating Results](#AOperatingResults_951509) | 82 |
|  | [B.](#BLiquidityandCapitalResources_266972) | [Liquidity and Capital Resources](#BLiquidityandCapitalResources_266972) | 93 |
|  | [C.](#CResearchandDevelopmentPatentsandLicense) | [Research and Development, Patents and Licenses](#CResearchandDevelopmentPatentsandLicense) | 95 |
|  | [D.](#DTrendInformation_926260) | [Trend Information](#DTrendInformation_926260) | 95 |
|  | [E.](#ECriticalAccountingEstimates_826621) | [Critical Accounting Estimates](#ECriticalAccountingEstimates_826621) | 96 |
| [ITEM 6: DIRECTORS, SENIOR MANAGEMENT AND EMPLOYEES](#ITEM6DIRECTORSSENIORMANAGEMENTANDEMPLOYE) | [ITEM 6: DIRECTORS, SENIOR MANAGEMENT AND EMPLOYEES](#ITEM6DIRECTORSSENIORMANAGEMENTANDEMPLOYE) | [ITEM 6: DIRECTORS, SENIOR MANAGEMENT AND EMPLOYEES](#ITEM6DIRECTORSSENIORMANAGEMENTANDEMPLOYE) | 98 |
|  | [A.](#ADirectorsandSeniorManagement_16521) | [Directors and Senior Management](#ADirectorsandSeniorManagement_16521) | 98 |
|  | [B.](#BCompensation_853600) | [Compensation](#BCompensation_853600) | 100 |
|  | [C.](#CBoardPractices_605164) | [Board Practices](#CBoardPractices_605164) | 112 |
|  | [D.](#DEmployees_690210) | [Employees](#DEmployees_690210) | 116 |
|  | [E.](#EShareOwnership_418227) | [Share Ownership](#EShareOwnership_418227) | 116 |
|  | [F.](#FDisclosureofaRegistrantsActiontoRecover) | [Disclosure of a Registrant's Action to Recover Erroneously Awarded Compensation](#FDisclosureofaRegistrantsActiontoRecover) | 117 |
| [ITEM 7: MAJOR SHAREHOLDERS AND RELATED PARTY TRANSACTIONS](#ITEM7MAJORSHAREHOLDERSANDRELATEDPARTYTRA) | [ITEM 7: MAJOR SHAREHOLDERS AND RELATED PARTY TRANSACTIONS](#ITEM7MAJORSHAREHOLDERSANDRELATEDPARTYTRA) | [ITEM 7: MAJOR SHAREHOLDERS AND RELATED PARTY TRANSACTIONS](#ITEM7MAJORSHAREHOLDERSANDRELATEDPARTYTRA) | 117 |
|  | [A.](#AMajorShareholders_543718) | [Major Shareholders](#AMajorShareholders_543718) | 117 |
|  | [B.](#BRelatedPartyTransactions_528173) | [Related Party Transactions](#BRelatedPartyTransactions_528173) | 118 |
|  | [C.](#CInterestofexpertsandcounsel_263314) | [Interest of experts and counsel](#CInterestofexpertsandcounsel_263314) | 119 |
| [ITEM 8: FINANCIAL INFORMATION](#ITEM8FINANCIALINFORMATION_274382) | [ITEM 8: FINANCIAL INFORMATION](#ITEM8FINANCIALINFORMATION_274382) | [ITEM 8: FINANCIAL INFORMATION](#ITEM8FINANCIALINFORMATION_274382) | 119 |
|  | [A.](#AConsolidatedStatementsandOtherFinancial) | [Consolidated Statements and Other Financial Information](#AConsolidatedStatementsandOtherFinancial) | 119 |
|  | [B.](#BSignificantChanges_870774) | [Significant Changes](#BSignificantChanges_870774) | 119 |
| [ITEM 9: THE OFFER AND LISTING](#ITEM9THEOFFERANDLISTING_586936) | [ITEM 9: THE OFFER AND LISTING](#ITEM9THEOFFERANDLISTING_586936) | [ITEM 9: THE OFFER AND LISTING](#ITEM9THEOFFERANDLISTING_586936) | 120 |
|  | [A.](#AOfferandListingDetails_777363) | [Offer and Listing Details](#AOfferandListingDetails_777363) | 120 |
|  | [B.](#BPlanofDistribution_335005) | [Plan of Distribution](#BPlanofDistribution_335005) | 120 |

---

[**Table of Contents**](#TOC)

---

| | | | |
|:---|:---|:---|:---|
|  | [C.](#CMarkets_884277) | [Markets](#CMarkets_884277) | 120 |
|  | [D.](#DSellingShareholders_745431) | [Selling Shareholders](#DSellingShareholders_745431) | 120 |
|  | [E.](#EDilution_670519) | [Dilution](#EDilution_670519) | 120 |
|  | [F.](#FExpensesoftheissue_607990) | [Expenses of the issue](#FExpensesoftheissue_607990) | 120 |
| [ITEM 10: ADDITIONAL INFORMATION](#ITEM10ADDITIONALINFORMATION_536255) | [ITEM 10: ADDITIONAL INFORMATION](#ITEM10ADDITIONALINFORMATION_536255) | [ITEM 10: ADDITIONAL INFORMATION](#ITEM10ADDITIONALINFORMATION_536255) | 120 |
|  | [A.](#ShareCapital_275539) | [Share Capital](#ShareCapital_275539) | 120 |
|  | [B.](#BMemorandumandArticlesofAssociation_8538) | [Memorandum and Articles of Association](#BMemorandumandArticlesofAssociation_8538) | 120 |
|  | [C.](#CMaterialContracts_481349) | [Material Contracts](#CMaterialContracts_481349) | 121 |
|  | [D.](#DExchangeControls_617487) | [Exchange Controls](#DExchangeControls_617487) | 121 |
|  | [E.](#ETaxationCertainUnitedStatesFederalIncom) | [Taxation](#ETaxationCertainUnitedStatesFederalIncom) | 122 |
|  | [F.](#DividendsandPayingAgents_105642) | [Dividends and Paying Agents](#DividendsandPayingAgents_105642) | 129 |
|  | [G.](#StatementbyExperts_87305) | [Statement by Experts](#StatementbyExperts_87305) | 129 |
|  | [H.](#EDocumentsonDisplay_891548) | [Documents on Display](#EDocumentsonDisplay_891548) | 129 |
|  | [I.](#Fsubsidiary) | [Subsidiary Information](#Fsubsidiary) | 129 |
|  | [J.](#GAnnualReport) | [Annual Report to Security Holders](#GAnnualReport) | 129 |
| [ITEM 11: QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK](#ITEM11QUANTITATIVEANDQUALITATIVEDISCLOSU) | [ITEM 11: QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK](#ITEM11QUANTITATIVEANDQUALITATIVEDISCLOSU) | [ITEM 11: QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK](#ITEM11QUANTITATIVEANDQUALITATIVEDISCLOSU) | 129 |
|  | [A.](#ACommodityPriceRisks_221293) | [Commodity Price Risks](#ACommodityPriceRisks_221293) | 129 |
|  | [B.](#BCurrencyRisk_122248) | [Currency Risk](#BCurrencyRisk_122248) | 129 |
|  | [C.](#CInterestRateRisk_817668) | [Interest Rate Risk](#CInterestRateRisk_817668) | 129 |
|  | [D.](#DEquityPriceRisk_240395) | [Equity Price Risk](#DEquityPriceRisk_240395) | 130 |
| [ITEM 12: DESCRIPTION OF SECURITIES OTHER THAN EQUITY SECURITIES](#ITEM12DESCRIPTIONOFSECURITIESOTHERTHANEQ) | [ITEM 12: DESCRIPTION OF SECURITIES OTHER THAN EQUITY SECURITIES](#ITEM12DESCRIPTIONOFSECURITIESOTHERTHANEQ) | [ITEM 12: DESCRIPTION OF SECURITIES OTHER THAN EQUITY SECURITIES](#ITEM12DESCRIPTIONOFSECURITIESOTHERTHANEQ) | 130 |
| [PART II](#PARTII_57685) |  |  | 131 |
| [ITEM 13: DEFAULTS, DIVIDEND ARREARAGES AND DELINQUENCIES](#ITEM13DEFAULTSDIVIDENDARREARAGESANDDELIN) | [ITEM 13: DEFAULTS, DIVIDEND ARREARAGES AND DELINQUENCIES](#ITEM13DEFAULTSDIVIDENDARREARAGESANDDELIN) | [ITEM 13: DEFAULTS, DIVIDEND ARREARAGES AND DELINQUENCIES](#ITEM13DEFAULTSDIVIDENDARREARAGESANDDELIN) | 131 |
| [ITEM 14: MATERIAL MODIFICATIONS TO THE RIGHTS OF SECURITY HOLDERS AND USE OF PROCEEDS](#ITEM14MATERIALMODIFICATIONSTOTHERIGHTSOF) | [ITEM 14: MATERIAL MODIFICATIONS TO THE RIGHTS OF SECURITY HOLDERS AND USE OF PROCEEDS](#ITEM14MATERIALMODIFICATIONSTOTHERIGHTSOF) | [ITEM 14: MATERIAL MODIFICATIONS TO THE RIGHTS OF SECURITY HOLDERS AND USE OF PROCEEDS](#ITEM14MATERIALMODIFICATIONSTOTHERIGHTSOF) | 131 |
| [ITEM 15: CONTROLS AND PROCEDURES](#ITEM15CONTROLSANDPROCEDURES_333171) | [ITEM 15: CONTROLS AND PROCEDURES](#ITEM15CONTROLSANDPROCEDURES_333171) | [ITEM 15: CONTROLS AND PROCEDURES](#ITEM15CONTROLSANDPROCEDURES_333171) | 131 |
|  | [A.](#DisclosureControlsandProcedures_431057) | [Disclosure Controls and Procedures](#DisclosureControlsandProcedures_431057) | 131 |
|  | [B.](#ManagementsAnnualReport_15433) | [Management's Annual Report on Internal Control Over Financial Reporting](#ManagementsAnnualReport_15433) | 131 |
|  | [C.](#AttestationReport_322057) | [Attestation Report of the Registered Public Accounting Firm](#AttestationReport_322057) | 131 |
|  | [D.](#ChangesinInternalControl_664608) | [Changes in Internal Control Over Financial Reporting](#ChangesinInternalControl_664608) | 131 |
| [ITEM 16: \[RESERVED\]](#ITEM16RESERVED_219170) | [ITEM 16: \[RESERVED\]](#ITEM16RESERVED_219170) | [ITEM 16: \[RESERVED\]](#ITEM16RESERVED_219170) | 131 |
|  | [A.](#AAUDITCOMMITTEEFINANCIALEXPERT_595062) | [AUDIT COMMITTEE FINANCIAL EXPERT](#AAUDITCOMMITTEEFINANCIALEXPERT_595062) | 131 |
|  | [B.](#BCODEOFETHICS_585536) | [CODE OF ETHICS](#BCODEOFETHICS_585536) | 131 |
|  | [C.](#CPRINCIPALACCOUNTANTFEESANDSERVICES_9722) | [PRINCIPAL ACCOUNTANT FEES AND SERVICES](#CPRINCIPALACCOUNTANTFEESANDSERVICES_9722) | 132 |
|  | [D.](#DEXEMPTIONSFROMTHELISTINGSTANDARDSFORAUD) | [EXEMPTIONS FROM THE LISTING STANDARDS FOR AUDIT COMMITTEES](#DEXEMPTIONSFROMTHELISTINGSTANDARDSFORAUD) | 132 |
|  | [E.](#EPURCHASESOFEQUITYSECURITIESBYTHEISSUERA) | [PURCHASES OF EQUITY SECURITIES BY THE ISSUER AND AFFILIATED PURCHASERS](#EPURCHASESOFEQUITYSECURITIESBYTHEISSUERA) | 132 |
|  | [F.](#FCHANGEINREGISTRANTSCERTIFYINGACCOUNTANT) | [CHANGE IN REGISTRANT'S CERTIFYING ACCOUNTANT](#FCHANGEINREGISTRANTSCERTIFYINGACCOUNTANT) | 132 |
|  | [G.](#GCORPORATEGOVERNANCE_900463) | [CORPORATE GOVERNANCE](#GCORPORATEGOVERNANCE_900463) | 132 |
|  | [H.](#HMINESAFETYDISCLOSURE_112785) | [MINE SAFETY DISCLOSURE](#HMINESAFETYDISCLOSURE_112785) | 132 |
|  | [I.](#IDISCLOSUREREGARDINGFOREIGNJURISDICTIONS) | [DISCLOSURE REGARDING FOREIGN JURISDICTIONS THAT PREVENT INSPECTIONS](#IDISCLOSUREREGARDINGFOREIGNJURISDICTIONS) | 132 |
|  | [J.](#JINSIDERTRADINGPOLICIES_410322) | [INSIDER TRADING POLICIES](#JINSIDERTRADINGPOLICIES_410322) | 132 |
|  | [K.](#KCYBERSECURITY_153734) | [CYBERSECURITY](#KCYBERSECURITY_153734) | 132 |
| [PART III](#PARTIII_998494) |  |  | 133 |
| [ITEM 17: FINANCIAL STATEMENTS](#ITEM17FINANCIALSTATEMENTS_963620) | [ITEM 17: FINANCIAL STATEMENTS](#ITEM17FINANCIALSTATEMENTS_963620) | [ITEM 17: FINANCIAL STATEMENTS](#ITEM17FINANCIALSTATEMENTS_963620) | 133 |
| [ITEM 18: FINANCIAL STATEMENTS](#ITEM18FINANCIALSTATEMENTS_532262) | [ITEM 18: FINANCIAL STATEMENTS](#ITEM18FINANCIALSTATEMENTS_532262) | [ITEM 18: FINANCIAL STATEMENTS](#ITEM18FINANCIALSTATEMENTS_532262) | 133 |
| [ITEM 19: EXHIBITS](#ITEM19EXHIBITS_524334) | [ITEM 19: EXHIBITS](#ITEM19EXHIBITS_524334) | [ITEM 19: EXHIBITS](#ITEM19EXHIBITS_524334) | 133 |
| [GLOSSARY OF CERTAIN TECHNICAL TERMS](#GLOSSARYOFCERTAINTECHNICALTERMS_207372) | [GLOSSARY OF CERTAIN TECHNICAL TERMS](#GLOSSARYOFCERTAINTECHNICALTERMS_207372) | [GLOSSARY OF CERTAIN TECHNICAL TERMS](#GLOSSARYOFCERTAINTECHNICALTERMS_207372) | 135 |

---

[**Table of Contents**](#TOC)

Unless otherwise stated or the context requires otherwise, references in this Annual Report on Form 20-F (the "**Annual Report**") to the "Company", "Versamet", "we", "us" or "our" refer to Versamet Royalties Corporation and its subsidiaries on a consolidated basis.

**PRESENTATION OF FINANCIAL INFORMATION**

We prepare our financial statements in accordance with International Financial Reporting Standards ("**IFRS**") as issued by the International Accounting Standards Board ("**IASB**"). Readers should be aware that financial statements prepared in accordance with IFRS may differ in certain respects from financial statements prepared in accordance with U.S. generally accepted accounting principles, which we refer to as U.S. GAAP.

We present our financial statements in United States dollars but certain amounts in this Annual Report, including but not limited to the prices of securities, are presented in Canadian dollars. Except where otherwise indicated, all dollar amounts are expressed in United States dollars, references to "$" or "dollars" are to United States dollars and references to "C$" are to Canadian dollars.

Refer to the audited consolidated financial statements and the accompanying notes included elsewhere in this Annual Report for disclosure of matters in response to changes in significant accounting policies inclusive of future pronouncements and measurement assumptions, subsequent events, related party transactions, financial instruments and material changes in estimates and accounting methods.

On September 12, 2025 we completed a consolidation, or a reverse stock split, of our issued and outstanding common shares on the basis of one (1) new common share for five (5) old common shares. Unless otherwise stated as "Pre-Split", the share and per share information in the rest of this Annual Report reflect such consolidation or reverse stock split.

**TECHNICAL AND THIRD-PARTY INFORMATION**

The disclosure contained herein respecting the projects underlying our royalty and other interests has been prepared in accordance with the exemption set forth in Items 1303(a)(3) and 1304(a)(2) of subpart 1300 of Regulation S-K ("**SK1300**"), in the U.S., and where applicable, Section 9.2 of National Instrument 43-101 – *Standards of Disclosure for Mineral Projects* ("**NI 43-101**"), in Canada, and is based on information publicly disclosed by the owners and operators of such properties.

As a holder of royalties, streams or similar interests, we have limited, if any, access to properties underlying the royalties or streams included in our asset portfolio. Additionally, we may from time to time receive operating information from the owners and operators of the properties, which we are not permitted to disclose to the public. We are dependent on the operators of the properties to provide information to us or on publicly available information to prepare disclosure pertaining to properties and operations on the properties on which we hold interests and generally will have limited or no ability to independently verify such information. Although we do not have any knowledge that such information may not be accurate, there can be no assurance that such third-party information is complete or accurate.

We are relying on the exemption for royalty companies set forth Section 1302(b)(3)(ii) of SK1300, which provides that a stream, royalty or similar company is not required to file a technical report summary with the Securities and Exchange Commission ("**SEC**") with respect to an underlying property where either (a) obtaining the information would result in an unreasonable burden or expense, or (b) the technical report summary has been requested from the applicable owner, operator or other person possessing the technical report summary, who is not affiliated with the registrant, and who denied the request. The summary and individual mineral property disclosures contained herein are also provided in accordance with Sections 1303(a)(3) and 1304(a)(2) of SK1300, respectively, which provide that a registrant with a stream, royalty or other similar right may omit certain information required by the summary and individual property disclosure requirements if the registrant specifies the information to which it lacks access, explains the reason it lacks the required information and provides all required information that it does possess or which it can acquire without incurring an unreasonable burden or expense.

Based on relevant factors, we consider our interest in the Eskay Creek Mine, Kiaka Mine and Greenstone Mine (each as defined herein) to be our only mineral projects on properties material to us for the purposes of SK1300. Information included in this Annual Report with respect to the Eskay Creek Mine, Kiaka Mine and Greenstone Mine has been prepared in accordance with the exemption set forth in Sections 1303(a)(3) and 1304(a)(2) of SK1300. We will continue to assess the materiality of our assets as new assets are acquired or move into production.

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As of December 31, 2025, we had capitalized mineral property interests of approximately $402 million, of which approximately $141 million (or 35%) related to the material properties for the purposes of SK1300 with the remaining approximately $261 million attributable to other mineral property interests. Our determination of material mineral properties for the purposes of SK1300 emphasizes expected current and near-term royalty and streaming cash flows and asset value contribution, together with qualitative considerations such as development stage, expected timing and duration of cash flows and strategic significance, rather than historical capitalized cost alone.

For purposes of compliance with SK1300 under U.S. securities laws, we consider our interests in the Eskay Creek Mine, Kiaka Mine and Greenstone Mine (each as defined herein) to constitute our mineral projects on properties material to us under SK1300 and NI 43-101.

Our agreements governing our royalty, streaming, or similar interests generally do not require the operators to prepare technical report summaries or permit us the access and information sufficient to prepare our own technical report summaries under SK1300. See "Item 4. Information on the Company - D. Property, Plants and Equipment".

The scientific and technical information contained herein relating to our royalty, streaming, and similar interests has been reviewed and approved by Diego Airo, P.Eng., and Executive Vice President, Project Evaluation of Versamet and a qualified person as such term is defined under NI 43-101 and SK1300.

We obtained certain statistical data, market data and other industry data and forecasts used or incorporated by reference into this Annual Report from publicly available information. While we believe that the statistical data, industry data, forecasts and market research are reliable, we have not independently verified the data, and do not make any representation as to the accuracy of the information.

All websites referred to herein are inactive textual references only, meaning that the information contained on such websites is not incorporated by reference herein and you should not consider information contained on such websites as part of this document unless expressly specified herein.

**Cross-Jurisdictional Disclosure Considerations**

As a Canadian issuer, we are subject to Canadian securities laws, including NI 43-101, which contain different definitions, thresholds and interpretive guidance regarding materiality of mineral properties. Investors should read this Annual Report in the context of the regulatory framework under which it has been prepared.

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**SPECIAL NOTE REGARDING FORWARD-LOOKING STATEMENTS**

Certain statements and information contained in this Annual Report may constitute "forward-looking statements" or "forward-looking information" (collectively, "**forward-looking statements"**).

Forward-looking information may relate to our future financial outlook and anticipated events or results and may include information regarding our business, financial position, business strategy, growth plans, the reorganization of our corporate structure and strategies, budgets, operations, financial results, taxes, dividend policy, plans and objectives. Particularly, information regarding our expectations of future results, performance, achievements, prospects or opportunities or the markets in which we operate is forward-looking information. In some cases, forward-looking information can be identified by the use of forward-looking terminology such as "plans", "targets", "expects", "is expected", "budget", "scheduled", "estimates", "outlook", "forecasts", "projection", "prospects", "strategy", "intends", "anticipates", "believes", or variations of such words and phrases or terminology which states that certain actions, events or results "may", "could", "would", "might", "will", "will be taken", "occur" or "be achieved". In addition, any statements that refer to expectations, intentions, projections or other characterizations of future events or circumstances contain forward-looking information. Statements containing forward-looking information are not historical facts but instead represent management's expectations, estimates and projections regarding possible future events or circumstances. Forward-looking information is not a guarantee of future performance and is based upon a number of estimates and assumptions of management, in light of management's experience and perception of trends, current conditions and expected developments, as well as other factors that management believes to be relevant and reasonable in the circumstances, as of the date of this Annual Report. In addition to the forward-looking information set out in the sections above, forward-looking information in this Annual Report includes statements relating to:

● related business objectives;

● agreements to be entered into with third parties;

● expectations regarding industry trends, commodity prices, overall market growth rates and our growth rates and growth plans, strategies and opportunities;

● our business plans and strategies;

● our portfolio of assets;

● global and local changes in economic and market conditions;

● mine life of our royalties, streams or other interests;

● the timing and amount of estimated future production from our assets;

● statements with respect to Mineral Resources and Mineral Reserves in respect of our assets;

● cash flow projections in respect of the Eskay Creek Mine, Kiaka Mine and Greenstone Mine (each as defined herein);

● funding and the commercial terms of the Upsized Credit Facility, the Upsized RCF and the Second Amended Upsized Credit Facility (as defined herein);

● our estimated future cash flows;

● expectations regarding compensation levels and plans for directors and executive officers; and

● expectations with respect to future revenues and financial performance.

Forward-looking statements are not a guarantee of future performance and are based upon a number of estimates and assumptions of management in light of management's experience and perception of trends, current conditions and expected developments, as well as other factors that management believes to be relevant and reasonable in the circumstances, as of the date of this Annual Report including, without limitation, assumptions about:

● our estimates of near, medium and long-term commodity prices;

● for the properties in respect of which we hold an interest, the operation continues as a going concern;

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● the accuracy of public statements and disclosures made by the owners or operators of such underlying properties, including with respect to Mineral Resources, Mineral Reserves, construction timelines, production estimates and other related matters, as applicable;

● that each counterparty will satisfy its obligations in accordance with the contract to which it is a party with Versamet, and that each such contract will be enforceable in accordance with its terms;

● no adverse development relating to any property in respect of which we hold an interest;

● that the Eskay Creek Mine, Kiaka Mine and Greenstone Mine (as defined herein) included in our asset portfolio will continue operations as described in this Annual Report;

● that projects not yet in production or in development included in our asset portfolio will be developed, transitioned into production or development and successfully achieve production and commercial ramp-up, in each case, in accordance with our expectations;

● the absence of an outbreak or escalation of infectious diseases or other similar health threats that could result in the suspension, shutdown or delay of the operations in the properties in which we hold an interest;

● no material changes will occur with respect to our existing and anticipated tax treatment; and

● the absence of any other factors that could cause actions, events or results to differ from those anticipated, estimated, intended or implied.

Furthermore, such forward-looking information involves a variety of known and unknown risks, uncertainties and other factors which may cause our actual plans, intentions, activities, results, performance or achievements to be materially different from any future plans, intentions, activities, results, performance or achievements expressed or implied by such forward-looking statements. Such risks include, without limitation:

● limited operating history and uncertainty of future revenues;

● changes in commodity prices will affect the revenues generated from our portfolio and our profitability;

● we have no or limited control over the operation of the properties in respect of which we hold an interest and the operators' failure to perform or decision to cease or suspend operations will affect our revenues;

● the Eskay Creek Mine, Kiaka Mine and Greenstone Mine are considered material properties to us under U.S. disclosure requirements and Canadian securities laws. If any of the properties considered material were to experience adverse developments, it could affect the revenue derived from such assets;

● increased competition for royalties, streams and other interests could adversely affect our ability to acquire additional interests in mineral properties;

● our major shareholders can exert significant influence over our company and may have interests that differ from other shareholders;

● some of the properties in respect of which we hold an interest may never achieve commercial production, and we may lose our entire investment;

● risks related to health epidemics, pandemics and other outbreaks of communicable diseases, which could significantly disrupt our operations and may materially and adversely affect our business, financial condition and results of operations;

● sales of assets in respect of which we hold an interest may result in a new operator and any failure of such operator to perform could affect our revenues;

● we may acquire royalties, streams or other interests in respect of properties that are speculative and there can be no guarantee that mineable deposits will be discovered, developed or mined;

● we have limited access to data and disclosure regarding the operation of properties in respect of which we hold an interest, which affects our ability to assess and predict the performance of such interests;

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● we depend on the operators for the calculation of certain payments, and it may not be possible to detect errors in payment calculations;

● we are dependent on the payment or delivery by the owners and operators of the properties in respect of which we have an interest, and any delay in or failure of such payments affects the revenues generated by the asset portfolio;

● global financial conditions may destabilize;

● royalties, streams and other interests may not be honored by operators of a project;

● not all of our interests are secured, our security interests, if any, may be subordinated, and security interests may be difficult to enforce;

● our profitability, results of operations and financial condition are subject to variations in foreign exchange rates;

● operators of mines may not be able to replace depleted Mineral Reserves and Mineral Resources, which would reduce our revenue from royalties or other interests;

● we can provide no assurance that we will be able to obtain adequate financing in the future or that the terms of such financing will be on terms acceptable to us;

● we may experience difficulty attracting and retaining qualified management and technical personnel to efficiently operate our business;

● certain of our directors serve in similar positions with other public companies, which could put them in a conflict position from time to time;

● changes in or in the interpretation of tax legislation or accounting rules could affect our profitability;

● we have a history of losses and we may be unable to achieve profitability;

● risks associated with identifying and remediating material weaknesses in internal control over financial reporting, including potential impacts on financial reporting, compliance and fraud prevention;

● our operations depend on information systems that may be vulnerable to cyber security threats;

● we may be exposed to artificial intelligence ()"**AI**") risks that could adversely affect our business, results of operations and financial condition;

● we may be exposed to counterparty and liquidity risk, and any delay or failure of counterparties to make payments could affect our revenues;

● some of the agreements governing our interests contain terms that reduce the revenue generated from those interests upon the achievement of certain milestones;

● we may enter into acquisitions or other transactions at any time, which may be material, may involve the issuance of Versamet securities or the incurrence of indebtedness and will be subject to transaction-specific risks;

● if we expand our business beyond the acquisition of streams, royalties or other similar interests, we may face new challenges and risks which could affect our profitability, results of operations and financial condition;

● we may be subject to reputational damage;

● we may be unable to repay indebtedness and comply with our obligations under the Second Amended Upsized Credit Facility (as defined herein);

● we are indirectly exposed to many of the same risk factors as the owners and operators of properties in respect of which we hold an interest;

● production at mines and projects in respect of which we hold royalty, stream or other interests is dependent on operators' employees;

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● Mineral Reserves and Mineral Resources are estimates based on interpretation and assumptions and actual production may differ from amounts identified in such estimates;

● production forecasts may not prove to be accurate;

● the exploration and development of mineral resource properties is inherently dangerous and subject to risks beyond our control;

● defects in title to properties underlying our interests may result in a loss of entitlement by the operator and a loss of our interest;

● future litigation affecting the properties in respect of which we hold an interest could have an adverse effect on us;

● defects or disputes relating to our interests could have an adverse effect on us;

● the operations in respect of which we hold an interest require various property rights, permits and licenses to be held by the operator in order to conduct current and future operations, and delays or a failure to obtain or maintain such property rights, permits and licenses, or a failure to comply with the terms of any of such property rights, permits and licenses could result in interruption or closure of operations or exploration on the properties;

● we are exposed to risks related to the construction, development, expansion, and/or exploration in relation to the mines, projects and properties in respect of which it holds an interest;

● the operations in respect of which we hold an interest are subject to environmental laws and regulations that may increase the costs of doing business and may restrict operations, which could reduce our revenues;

● additional costs may be incurred by mineral property operators as a result of international climate change initiatives and may affect the availability of resources and cause business disruptions, which could reduce our revenues;

● certain operators are subject to risks relating to foreign jurisdictions and developing economies which could negatively impact us;

● Burkina Faso, which is where the Kiaka Mine is located, is subject to foreign and developing economic risk;

● risks related potential increased government ownership of the Kiaka Mine;

● changes in government free carry positions could materially affect our interests in certain projects;

● changes in government regulation could inhibit exploration, construction and development on, or production from, the mineral properties underlying our interests;

● we are subject to risks related to certain operations in developing economies;

● anti-corruption and bribery laws could subject us to liability and require it to incur additional costs;

● we may become a party to litigation;

● adequate infrastructure may not be available to develop the properties in respect of which we hold an interest, which could inhibit operations at such properties;

● claims and protests of indigenous people may disrupt or delay activities of the owners/operators of our interests;

● certain operators depend on international trade and other conditions in key export markets for their products;

● changes in U.S. laws and policies regulating international trade;

● investors may lose their entire investment;

● an active, liquid and orderly trading market for our common shares (each, a "**Common Share**") may not develop, and you may not be able to resell your Common Shares;

● the market price of our Common Shares may be volatile, which could result in substantial losses for investors purchasing our Common Shares;

● future sales or issuance of debt or equity securities;

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● we will incur increased expenses as a result of listing on Nasdaq;

● our ability to pay dividends will be dependent on our financial condition;

● if securities or industry analysts do not publish research or publish unfavourable research about our business, our Common Share price and trading volume could decline;

● risks related to Toronto Stock Exchange ()"**TSX**") and Nasdaq listings;

● U.S. shareholders may not be able to enforce their civil liabilities against us or our directors, controlling persons and officers;

● risks related to our status as a "foreign private issuer";

● we may seek exemptions from certain requirements of the Nasdaq that would allow us to hold shareholder meetings with a reduced quorum and issue additional shares without shareholder approval;

● risks related to our status as an "emerging growth company"; and

● we may be, or may become, a passive foreign investment company ()"**PFIC**") for U.S. federal income tax purposes in any year, which may result in certain adverse tax consequences for U.S. Holders of the Common Shares.

Although we have attempted to identify important factors that could cause actual actions, events, conditions, results, performance or achievements to differ materially from those described in forward-looking statements, there may be other factors that cause actions, events, conditions, results, performance or achievements to differ from those anticipated, estimated or intended. See Item 3.D, "*Risk Factors*" for a discussion of certain factors investors should carefully consider.

*We caution that the foregoing lists of important assumptions and factors are not exhaustive. Other events or circumstances could cause actual results to differ materially from those estimated or projected and expressed in, or implied by, the forward-looking statements contained herein. There can be no assurance that forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such information. Accordingly, readers should not place undue reliance on forward-looking statements.*

Forward-looking statements contained herein are made as of the date of this Annual Report and we disclaim any obligation to update or revise any forward-looking statements, whether as a result of new information, future events or results or otherwise, except as and to the extent required by applicable securities laws.

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**PART I**

**ITEM 1: IDENTITY OF DIRECTORS, SENIOR MANAGEMENT AND ADVISERS.**

**A.** **Directors and Senior Officers**

Not applicable.

**B.** **Advisers**

Not applicable.

**C.** **Auditors**

Not applicable.

**ITEM 2: OFFER STATISTICS AND EXPECTED TIMETABLE**

**A.** **Offer Statistics**

Not applicable.

**B.** **Method and Expected Timetable**

Not applicable.

**ITEM 3: KEY INFORMATION**

**A.** **Selected Financial Data**

Reserved.

**B.** **Capitalization and Indebtedness**

Not applicable.

**C.** **Reasons for the Offer and Use of Proceeds**

Not applicable.

**D.** **Risk Factors**

*The following risks, as well as risks currently unknown to us, could adversely affect our current or future business, properties, operations, results, cash flows, financial condition and prospects and could cause future results, cash flows, financial condition, prospects, events or circumstances to differ materially from those currently expected, including the estimates and projections contained in this Annual Report. Investors should carefully consider the risks described below and elsewhere in this Annual Report. The risks described below and elsewhere in this Annual Report do not purport to be an exhaustive summary of the risks affecting us and additional risks and uncertainties not currently known to us or not currently perceived as being material may have an adverse effect on us.*

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**Risks Related to Our Business and Industry**

**Limited Operating History and Uncertainty of Future Revenues**

We have a limited operating history and, accordingly, potential investors will have a limited basis on which to evaluate our ability to achieve our business objectives. Our future success is dependent on management's ability to implement its strategy. Although management is optimistic about our prospects, there is no certainty that anticipated outcomes and sustainable revenue streams will be achieved and there is no certainty that we will successfully make profitable acquisition of royalties, streams or other interests. In particular, our future growth and prospects will depend on our ability to expand our operations and gain additional revenue streams whilst at the same time maintaining effective cost controls. Any failure to expand is likely to have a material adverse effect on our business, financial condition and results of operations.

**Changes in commodity prices will affect our revenues generated from our portfolio and our profitability**

The revenue derived by us from our asset portfolio will be significantly affected by changes in the price of the commodities underlying the royalties, streams and other interests. Commodity prices, including those to which we are exposed, fluctuate on a daily basis and are affected by numerous factors beyond our control, including levels of supply and demand, industrial investment levels, inflation and the level of interest rates, the strength of the US dollar and geopolitical events, including armed conflicts and regional hostilities in the Middle East, which may increase volatility in financial and commodity markets and disrupt energy markets, shipping corridors and global supply chains. Such external economic factors are in turn influenced by changes in international investment patterns, monetary systems and political developments.

Future material price declines may result in a decrease in revenue or, in the case of severe declines that cause a suspension or termination of production by relevant operators, a complete cessation of revenue from royalties, streams or other interests applicable to one or more relevant commodities. Moreover, despite our commodity diversification, the broader commodity market tends to be cyclical, and a general downturn in overall commodity prices could result in a significant decrease in overall revenue. Any such price decline may result in a material adverse effect on our profitability, results of operations and financial condition and the trading price of our securities.

**We have no or limited control over the operation of the properties in respect of which we hold a royalty, stream or other interest and the operators' failure to perform or decision to cease or suspend operations will affect our revenues**

We are not directly involved in the operation of mines. The revenue derived from our asset portfolio is primarily based on production by third-party property owners and operators. The owners and operators generally will have the power to determine the manner in which the properties are exploited, including decisions to expand, continue or reduce, suspend or discontinue production from a property, decisions about the marketing of products extracted from the property and decisions to advance exploration efforts and conduct development of non-producing properties. The interests of third-party owners and operators and those of Versamet on the relevant properties may not always be aligned. As an example, it will usually be in our interest to advance development and production on properties as rapidly as possible in order to maximize near-term cash flow, while third-party owners and operators may take a more cautious approach to development as they are at risk on the cost of development and operations. Likewise, it may be in the interest of property owners to invest in the development of and emphasize production from projects or areas of a project that are not subject to royalty, stream or other interests. Our inability to control the operations for the properties in respect of which we have a royalty, stream or other interest may result in a material adverse effect on our profitability, results of operations and financial condition and the trading price of our securities. In addition, the owners or operators may take action contrary to our policies or objectives, be unable or unwilling to fulfill their obligations under their contracts with us, have difficulty obtaining or be unable to obtain the financing necessary to advance projects or experience financial, operational or other difficulties, including insolvency, which could limit the owner or operator's ability to perform its obligations under arrangements with us.

At any time, any of the operators of the properties in respect of which we hold a royalty, stream or other interest or their successors may decide to suspend or discontinue operations. We may not be entitled to any material compensation if any of the properties in respect of which it holds a royalty, stream or other interest shuts down or discontinues their operations on a temporary or permanent basis.

In addition, an operators' failure to perform or decision to cease or suspend operations may have a negative impact on the value of our royalty and other interests and result in us having to record an impairment in future sets of financial statements with respect to these royalty and other interests. Such impairments may reduce the net income and comprehensive net income for the period in question.

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**The Eskay Creek Mine, Kiaka Mine and Greenstone Mine are material to Versamet for the purposes of SK1300. Other assets and properties may become material to us from time to time and any adverse development related to any such assets will affect the revenue derived from such assets.**

For purposes of compliance with SK1300 and NI 43-101, the Eskay Creek Mine, Kiaka Mine and Greenstone Mine are considered material properties to Versamet. The identification of additional properties as material in this Annual Report reflects the application of SK1300 disclosure requirements and does not necessarily reflect the relative economic contribution or strategic significance of such properties under other regulatory frameworks.

The Eskay Creek Gold Stream, Greenstone Gold Interest (as defined below) and the NSR on the Kiaka Mine are currently the only mineral properties that we consider material to Versamet for purposes of applicable SK1300 and 43-101 disclosure requirements. As new assets are acquired or move into production, the materiality of each of our assets will be reassessed based on the facts and circumstances at that time.

Any adverse development affecting the financial capability of the operators, the development or operation of, production from, or recoverability of Mineral Reserves from the Eskay Creek Mine, Kiaka Mine and Greenstone Mine (as defined herein), or from any other mineral property that is material to us from time to time under applicable disclosure standards, including, without limitation, unusual or unexpected geologic formations, seismic activity, rock bursts, cave-ins, pit wall failures, equipment failures, fires, tailings dam failures, flooding or other conditions involved in the removal and processing of material, any of which could result in damage to or destruction of mines and other producing facilities, damage to life or property, environmental damage, or the inability to hire suitable personnel or secure supply agreements on commercially reasonable terms, may have a material adverse effect on our profitability, results of operations and financial condition and the trading price of our securities.

Any adverse decision made by the owners and operators of the Eskay Creek Mine, Kiaka Mine and Greenstone Mine (as defined herein) or any other mineral property that is material to us from time to time under applicable disclosure standards, including, for example, alterations to development or mine plans or production schedules, may impact the timing and amount of revenue that we receive and may have a material adverse effect on our profitability, results of operations and financial condition and the trading price of our securities.

**Increased competition for royalties, streams and other interests could adversely affect our ability to acquire additional or new royalties, streams and other interests in mineral properties**

Many companies are engaged in the search for and the acquisition of investments including royalties, streams and other interests, and there is a limited supply of desirable mineral interests. The mineral exploration and mining businesses are competitive in all phases. Many companies are engaged in the acquisition of mineral interests, including large, established companies with substantial financial resources, operational capabilities and long earnings records. We may be at a competitive disadvantage in acquiring those interests, whether by way of royalty, stream or other form of investment, as competitors may have greater financial resources and technical staffs. There can be no assurance that we will be able to compete successfully against other companies in acquiring new royalties, streams or other interests. In addition, we may be unable to acquire royalties, streams or other interests at acceptable valuations which may result in a material adverse effect on our profitability, results of operations and financial condition and the trading price of our securities.

**Our major shareholders can exert significant influence over our company and may have interests that differ from other shareholders**

To our knowledge and based on public filings, as of April 30, 2026, B2Gold, Tether, Equinox and Lundin (as they are defined herein) own approximately 60% of our outstanding Common Shares. As a result, these shareholders, acting individually or together, are able to significantly influence, and in some cases determine, the outcome of matters requiring shareholder approval, including the appointment and removal of directors, amendments to our charter documents, the approval of mergers, acquisitions or dispositions, issuances of equity, and other corporate transactions. This concentration of ownership may delay, defer or prevent a change of control that other shareholders may view as beneficial and may also discourage potential acquirers from making an offer. In addition, these shareholders' interests may conflict with the interests of our other shareholders, and they may vote their shares in a manner that advances their own interests and not necessarily those of other shareholders.

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**Some of the properties in respect of which we hold an interest may never achieve commercial production, and we may lose our entire investment**

Some of the projects or properties in respect of which we hold an interest are in the construction, development, expansion or exploration stage. There can be no assurance that construction, development, expansion or exploration will be completed on a timely basis or at all. If such properties do not reach commercial production, we will not be able to secure repayment of any upfront deposit paid to the counterparty under the terms of the applicable contract, which may have a material adverse effect on our profitability, results of operations and financial condition and the trading price of our securities.

In addition, due to the early-stage or development nature of certain of the properties in respect of which we hold an interest, the owners or operators of some of such properties have experienced financial difficulties and, in some cases, required covenant waivers pursuant to their credit and other financing documents. To the extent that any of the owners or operators of properties in respect of which we hold a royalty, stream or other interest default under their credit and other financing documents, this could delay or inhibit operations at the relevant properties, which may have a material adverse effect on our profitability, results of operations and financial condition and the trading price of our securities. Although we undertake a due diligence process for every investment, mining exploration and development are subject to many risks and it is possible that the value realized by us be less than the original investment.

**We face risks related to health epidemics and pandemics and other outbreaks of communicable diseases, which could significantly disrupt our operations and may materially and adversely affect our business, financial condition and results of operations**

We face risks related to health epidemics and other outbreaks of communicable diseases, which could significantly disrupt our operations and may materially and adversely affect our business, financial condition and results of operations. There can be no assurance that our personnel will not be impacted by these pandemic diseases and ultimately see our workforce productivity reduced or incur increased medical costs / insurance premiums as a result of these health risks. Such future developments include the duration, severity and scope of the outbreak and the actions taken to contain or treat the outbreak. As such, there are potentially significant economic and social impacts of infectious disease risks, including the inability of our operations to operate as intended due to a shortage of skilled employees, shortages or disruptions in supply chains, inability of employees to access sufficient healthcare, significant social upheavals and government or regulatory actions.

**Sale of assets in respect of which we hold an interest may result in a new operator and any failure of such operator to perform could affect our revenues**

The owners or operators of the projects or mines in respect of which we hold an interest may from time to time announce transactions, including the sale or transfer of the projects or mines or of the operator itself, over which we have little or no control. If such transactions are completed it may result in a new operator controlling the project or mine, who may or may not operate the project or mine in a similar manner to the current operator which may positively or negatively impact us. If any such transaction is announced, there is no certainty that such transaction will be completed, or completed as announced, and any consequences of such non-completion on us may be difficult or impossible to predict.

**We may acquire royalties, streams or other interests in respect of properties that are speculative and there can be no guarantee that mineable deposits will be discovered, developed or mined**

Exploration for metals and minerals is a speculative venture necessarily involving substantial risk. There is no certainty that the expenditures made by the operator of any given project will result in discoveries of commercial quantities of minerals on lands where we hold royalties, streams or other interests.

If mineable deposits are discovered, substantial expenditures are required to establish Mineral Reserves through drilling, to develop processes to extract the resources and, in the case of new properties, to develop the extraction and processing facilities and infrastructure at any site chosen for extraction. Although substantial benefits may be derived from the discovery of a major deposit, no assurance can be given that resources will be discovered in sufficient quantities to justify commercial operations or that the funding required for development can be obtained on terms acceptable to the operator or at all. Although, in respect of these properties, we intend to hold only royalty, stream or other interests and not be responsible for these expenditures, the operator may not be in a financial position to obtain the necessary funding to advance the project.

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**We have limited access to data and disclosure regarding the operation of properties in respect of which we hold interests, which will affect our ability to assess and predict the performance of our royalties, streams or other interests**

As a holder of royalty, stream or other interests, we generally have limited access to data on the operations or to the actual properties themselves. Accordingly, we must rely on the accuracy and timeliness of the public disclosure and other information we receive from the owners and operators of the properties in respect of which we hold royalty, stream or other interests. We use such information, including production estimates, in our analyses, forecasts and assessments relating to our own business. If such information contains material inaccuracies or omissions, our ability to assess and accurately forecast performance or achieve our stated objectives may be materially impaired. In addition, some royalty, stream or other interests may be subject to confidentiality arrangements which govern the disclosure of information with regard to the royalties, streams or other interests and, as such, we may not be in a position to publicly disclose such information with respect to certain royalty, stream or other interests. The limited access to data and disclosure regarding the operations of the properties in respect of which we hold an interest may restrict our ability to enhance our performance which may result in a material adverse effect on our profitability, results of operations and financial condition and the trading price of our securities.

**We depend on our operators for the calculation of certain payments, and it may not be possible to detect errors in payment calculations**

Payments and deliveries to Versamet for royalties, streams or other interests are calculated by the operators of the relevant properties based on the reported production. Each operator's calculations are subject to and dependent upon the adequacy and accuracy of its production and accounting functions, and errors may occur from time to time in the calculations made by an operator. Certain contracts for royalties, streams or other interests require the operators to provide us with production and operating information that may, depending on the completeness and accuracy of such information, enable us to detect errors in such calculations. We do not, however, have the contractual right to receive production information for all of our royalties, streams and other interests. As a result, our ability to detect payment errors in respect of royalties, streams or other interests through our monitoring program of our interests and our associated internal controls and procedures is limited, and the possibility exists that we will need to make retroactive revenue adjustments in respect of royalties or streams. Some of our contracts for royalties, streams or other interests provide the right to audit the operational calculations and production data for the associated payments and deliveries in respect of such royalties, streams and other interests; however, such audits may occur many months following our recognition of the revenue in respect of the royalties, streams or other interests and may require us to adjust our revenue in later periods.

**We are dependent on the payment or delivery by the owners and operators of the properties in respect of which we have a royalty, stream or other interest, and any delay in or failure of such payments will affect the revenues generated by the asset portfolio**

We are dependent to a large extent upon the financial viability of owners and operators of the relevant properties in respect of which we hold royalties, streams or other interests. Payments and deliveries from production generally flow through the operator and there is a risk of delay and additional expense in receiving such payments or deliveries. Payments and deliveries may be delayed by restrictions imposed by lenders, delays in the sale or delivery of products, the ability or willingness of smelters and refiners to process mine products, delays in the connection of wells to a gathering system, blowouts or other accidents, recovery by the operators of expenses incurred in the operation of the properties, the establishment by the operators of reserves for such expenses or the insolvency of the operator. Our rights to payment or delivery for royalties, streams or other interests must, in some cases, be enforced by contract without the protection of the ability to liquidate a property. This inhibits our ability to collect outstanding payments or deliveries in respect of such royalties, streams or other interests upon a default. Additionally, some contracts may provide limited recourse in particular circumstances which may further inhibit our ability to recover or obtain equitable relief in the event of a default under such contracts. In the event of a bankruptcy of an operator or owner, it is possible that an operator may claim that we should be treated as an unsecured creditor and, therefore, have a limited prospect for full recovery of revenue; there is also a possibility that a creditor or the owner or operator may claim that the royalty, stream or other interest contract should be terminated in the insolvency proceeding. Alternatively, in order to preserve our interest in a royalty, stream or other interests in the context of an insolvency or similar proceeding, we may be required to make additional investments in, or provide funding to, owners or operators, which would increase our exposure to the relevant interest and counterparty risk. Failure to receive payments or deliveries from the owners and operators of the relevant properties or termination of our rights may result in a material adverse effect on our profitability, results of operations and financial condition and the trading price of our securities.

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**Global financial conditions may destabilize**

Global financial conditions could suddenly and rapidly destabilize in response to future events, as government authorities may have limited resources to respond to future crises. Future crises may be precipitated by any number of causes, including natural disasters, geopolitical instability, changes to energy prices or sovereign defaults. Any sudden or rapid destabilization of global economic conditions could negatively impact our ability, or the ability of the owners or operators of the properties in respect of which we hold royalties, streams or other interests obtain equity or debt financing or make other suitable arrangements to finance their projects. In the event of increased levels of volatility or a rapid destabilization of global economic conditions, our profitability, results of operations and financial condition and the trading price of our securities could be adversely affected.

**Royalties, streams and other interests may not be honored by operators of a project**

Royalties, streams and other interests in respect of natural resource properties are largely contractual in nature. Parties to contracts do not always honor contractual terms and contracts themselves may be subject to interpretation or technical defects. To the extent grantors of royalties, streams and other interests do not abide by their contractual obligations, we would be forced to take legal action to enforce our contractual rights. Such legal action may be time consuming and costly and there is no guarantee of success. Any pending proceedings or actions or any decisions determined adversely to us, may have a material adverse effect on our profitability, results of operations and financial condition and the trading price of our securities.

**Not all of our royalties, streams and other interests are secured, our security interests, if any, may be subordinated, and security interests may be difficult to enforce**

Although certain of our royalties, streams and other interests are secured, certain are unsecured. In a default, liquidation or realization situation, any of our unsecured interests will be satisfied pro rata with all other unsecured claims after all secured claims, property claims and prior ranking claims are satisfied in full. Absent a security interest, our likely potential recourse against a defaulting property owner or mining operator is for breach of the applicable contract which will result in an unsecured damages claim for which, recovery is remote and time-consuming. In the event that a mining operator or property owner has insufficient funds to pay its liabilities and obligations as they become due, it is possible that other liabilities and obligations will be satisfied prior to the liabilities and obligations owed to us.

Even valid security interests which are held by us may be (i) subordinated, (ii) unenforceable, (iii) difficult to enforce or (iv) subject to attack by other creditors or stakeholders. If our security is subordinated, we may be prohibited from enforcing our security, even if a default has occurred, until steps are undertaken by senior creditors or until otherwise permitted under the applicable subordination agreement. Also, any recovery or distribution in respect of our subordinated obligations may be postponed until senior creditors are indefeasibly paid in full. Even if we are permitted to enforce our security interests, if any, the security may be difficult to enforce because of the nature of the security and issues out of our control, including court orders, restricted access and jurisdiction. We may be unwilling to exercise any rights that we may have if we could become exposed to environmental or other liabilities, such as, successor employer or as a mortgagee-in-possession, by virtue of exercising such rights. Other creditors and stakeholders of the mining operator or property owner of the mining operator or property owner may attack our security interests, royalty and streaming rights and other rights under applicable insolvency, preference or reviewable transaction legislation. If such creditors are successful, the remedies may include unwinding or voiding our interests. If we are unable to enforce our security interests, there may be a material adverse effect on our profitability, results of operations and financial condition and the trading price of our securities.

In addition to the issues relating to enforcing our security, there is no assurance that we will be able to effectively enforce any guarantees, indemnities or other interests, even if they exist. Should an insolvency proceeding or other similar event related to a mining operator or property owner be commenced (whether by it or its creditors), there will likely be a court ordered stay of proceedings that may prevent us from enforcing our security, royalty and streaming rights and other rights. In an insolvency proceeding, a property owner or mining operator may not perform its obligations under a royalty, stream or other agreements with us, it or its creditors may seek to unilaterally terminate, disclaim or resiliate agreements with us, they may seek to sell or vest the property to another party free and clear of our royalty, stream or other obligations or seek other relief with respect to our interests. Any sale or transfer of property in such insolvency proceeding may also be affected by court order notwithstanding any transfer restrictions, options, rights of first refusal or other rights contained in the agreements with us or others. Further, in insolvency proceedings, any security or other interest held by us will likely be primed and further subordinated by court ordered charges or other court ordered relief, including for interim financing.

Also, insolvency proceedings in the mining industry are generally complex and lengthy, the outcome of which may be uncertain and may result in a material adverse effect on our profitability, results of operations and financial condition. In such proceeding, property owners may sell or convey the property free and clear of any obligations owed to us.

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In addition, because some of the properties in respect of which we hold royalties, streams and other interests are owned and operated by foreign entities in foreign jurisdictions, our security interests, royalty and streaming rights and other rights may be subject to political interference, as well as, real and personal property, enforcement and insolvency laws of foreign jurisdictions that differ significantly from those in Canada, and may prevent us from enforcing our security, royalty and streaming rights and other rights as anticipated. Further, there can be no assurance that any judgments or orders obtained in Canadian courts will be enforceable in those jurisdictions. If we are unable to enforce our security interests, royalty and streaming rights and other rights, there may be a material adverse effect on our profitability, results of operations and financial condition and the trading price of our securities.

**Our profitability, results of operations and financial condition are subject to variations in foreign exchange rates**

Certain of our activities and offices are located in Canada and the costs associated with these activities are largely denominated in Canadian dollars. However, certain of our royalties, streams and other interests are denominated in US dollars and, as a result, are subject to foreign currency fluctuations and inflationary pressures, which may have a material adverse effect on our profitability, results of operations and financial condition. There can be no assurance that the steps taken by management to address variations in foreign exchange rates will eliminate all adverse effects and we may suffer losses due to adverse foreign currency rate fluctuations.

**Operators of mines may not be able to replace depleted Mineral Reserves and Mineral Resources, which would reduce our revenue from royalties, streams or other interests**

The revenue generated by Versamet is principally based on the exploitation of Mineral Reserves on assets underlying our royalties, streams and other interests. With respect to these assets, their corresponding Mineral Resources and Mineral Reserves are continually being depleted through extraction and the long-term viability of our asset portfolio depends on the replacement of Mineral Reserves through new producing assets and increases in Mineral Reserves on existing producing assets. As mines in respect of which we have royalties, streams and other interests mature, it can expect overall declines in production over the years unless operators are able to replace Mineral Reserves that are mined through mine expansion or successful new exploration. Exploration for minerals is a speculative venture necessarily involving substantial risk. There is no certainty that the expenditures made by the operator of any given project will result in discoveries of commercial quantities of minerals on properties underlying the asset portfolio or that discoveries will be located on properties covered by the relevant royalty, stream or other interest. Even in those cases where a significant mineral deposit is identified and covered by the royalty, stream or other interest, there is no guarantee that the deposit can be economically extracted. Substantial expenditures are required to establish Mineral Reserves through drilling, to develop processes to extract the resources and, in the case of new properties, to develop the extraction and processing facilities and infrastructure at any site chosen for extraction. Although substantial benefits may be derived from the discovery of a major deposit covered by the royalty, stream or other interest, no assurance can be given that new Mineral Reserves will be identified to replace or increase the amount of Mineral Reserves currently in the asset portfolio. This includes Mineral Resources, as the resources that have been discovered have not been subjected to sufficient analysis to justify commercial operations or the allocation of funds required for development. The inability by operators to add additional Mineral Reserves or to replace existing Mineral Reserves through either the development of existing Mineral Resources or the acquisition of new mineral producing assets, in each case covered by a royalty, stream or other interests, may result in a material adverse effect on our profitability, results of operations and financial condition and the trading price of our securities.

**We can provide no assurance that we will be able to obtain adequate financing in the future or that the terms of such financing will be on terms acceptable to us**

There can be no assurance that we will be able to obtain adequate financing in the future or that the terms of such financing will be on terms acceptable to us. Failure to obtain such additional financing could impede our funding obligations, or result in delay or postponement of further business activities which may result in a material adverse effect on our profitability, results of operations and financial condition and the trading price of our securities.

If additional funds are raised through further issuances of equity or debt securities, existing shareholders (including prospective investors) could suffer significant dilution, and any new equity securities issued could have rights, preferences and privileges superior to those of holders of the Common Shares. In addition, from time to time, we may enter into transactions to acquire assets or the shares of other corporations. These transactions may be financed wholly or partially with debt and/or equity issuances, which may temporarily increase our debt levels above industry standards and/or further dilute shareholders significantly. Any debt financing secured in the future could involve restrictive covenants relating to our capital raising activities and other financial and operational matters, which may make it more difficult for us to obtain additional capital and to pursue business opportunities, including potential acquisitions.

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**We may experience difficulty attracting and retaining qualified management and technical personnel to efficiently operate our business**

We are dependent upon the continued availability and commitment of our key management personnel, whose contributions to immediate and future operations of Versamet are of significant importance. The loss of any such key management personnel could negatively affect business operations. From time to time, we may also need to identify and retain additional skilled management and specialized technical personnel to efficiently operate our business. In addition, we frequently retain third party specialized technical personnel to assess and execute on opportunities. These individuals may have conflicts of interest or scheduling conflicts, which may delay or inhibit our ability to employ such individuals' expertise. The number of persons skilled in the acquisition, exploration and development of royalties, streams and other interests in natural resource properties is limited and competition for such persons is intense. Recruiting and retaining qualified personnel is critical to our success and there can be no assurance that we will be able to recruit and retain such personnel. If we are not successful in recruiting and retaining qualified personnel, our ability to execute our business model and growth strategy could be affected, which could have a material adverse impact on our profitability, results of operations and financial condition and the trading price of our securities. We do not intend to maintain "key man" insurance for any members of our management.

**Certain of our directors serve in similar positions with other public companies, which could put them in a conflict position from time to time**

Certain of our directors also serve as directors or officers of, or have shareholdings in, other companies involved in natural resource exploration, development and production and, to the extent that such other companies may engage in transactions or participate in the same ventures in which we participate, or in transactions or ventures in which we may seek to participate, our directors and officers may have a conflict of interest in negotiating and concluding terms respecting the extent of such participation. Such conflicts of the directors and officers may result in a material adverse effect on our profitability, results of operations and financial condition and the trading price of our securities.

**Changes in or in the interpretation of tax legislation or accounting rules could affect our profitability**

Changes to, or differing interpretation of, taxation laws or regulations in any of Canada, the United States, Burkina Faso, Mexico, Brazil, Peru, Namibia, Sweden and Australia or any of the countries in which our assets or relevant contracting parties or underlying properties are located could result in some or all of our profits being subject to additional taxation. No assurance can be given that new taxation rules or accounting policies will not be enacted or that existing rules will not be applied in a manner which could result in our profits being subject to additional taxation or which could otherwise have a material adverse effect on our profitability, results of operations and financial condition and the trading price of our securities. In addition, the introduction of new tax rules or accounting policies, or changes to, or differing interpretations of, or application of, existing tax rules or accounting policies could make royalties, streams and other interests held by us less attractive to counterparties. Such changes could adversely affect our ability to acquire new assets or make future investments.

**We have a history of losses and we may be unable to achieve profitability**

Although in the year ended December 31, 2025 we earned total comprehensive income of $20,577,000, we have in previous periods incurred a total comprehensive loss. We incurred a total comprehensive loss of $2,253,619 for the year ended December 31, 2024, a total comprehensive loss of $3,053,841 for the year ended December 31, 2023. At December 31, 2024, we had a deficit of $7,966,644. At December 31, 2025, we had retained earnings of $12,365,000.

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**In preparing our financial statements, we may identify material weaknesses in our internal control over financial reporting and, if we fail to remediate such material weaknesses (and any other ones) or implement and maintain effective internal controls over financial reporting, we may be unable to accurately report our results of operations, meet our reporting obligations or prevent fraud**

In connection with the preparation of our financial statements, material weaknesses may be identified in our internal control over financial reporting (including certain previous unremedied material weaknesses). A material weakness is a deficiency, or a combination of deficiencies, in internal control over financial reporting such that there is a reasonable possibility that a material misstatement of the annual or interim financial statements will not be prevented or detected on a timely basis. The material weaknesses identified may relate to, among other things: (i) the consolidation process of acquisitions; and (ii) the design and operation of our accounting and financial reporting closing functions, in which required policies and procedures may not be adequately designed or were not operating effectively at period end, resulting in adjustments to our audited consolidated financial statements during the course of the audit. Each material weakness may result in a misstatement of one or more account balances or disclosures that would result in a material misstatement of our audited financial statements that would not be prevented or detected, and accordingly, we determined that these control deficiencies constitute material weaknesses.

**Our operations depend on information systems that may be vulnerable to cyber security threats**

Our operations depend, in part, on our information technology ("**IT**") systems, networks, equipment and software and the security of these systems. We depend on various IT systems to process and record financial and technical data, administer our contracts with our counterparties and communicate with employees and third-parties. These IT systems, and those of our third-party service providers and vendors and the counterparties under our contracts for royalties, streams and other interests may be vulnerable to an increasing number of continually evolving cyber security risks. Unauthorized third parties may be able to penetrate network security and misappropriate or compromise confidential information, create system disruptions or cause shutdowns. Any such breach or compromise may go undetected for an extended period of time.

A significant breach of our IT systems or data security or misuse of data, particularly if such breach or misuse goes undetected for an extended period of time, could result in significant costs, loss of revenue, fines or lawsuits and damage to reputation. The costs to eliminate or alleviate cyber or other security problems, including bugs, viruses, worms, malware and other security vulnerabilities, could be significant, and our efforts to address these problems may not be successful. The significance of any cyber-security breach is difficult to quantify, but may in certain circumstances be material and could have a material adverse effect on our results of operations and financial condition and the trading price of our securities.

***We may be exposed to AI risks that could adversely affect our business, results of operations and financial condition***

Increasingly, companies are leveraging AI across their operations and business activities. Failure to effectively integrate AI tools into our business could result in an inability to strengthen and preserve our competitive positioning relative to industry peers. Further, navigating continually evolving legal and regulatory requirements associated with implementing AI tools may require significant resources to help ensure compliance with applicable laws.

Alongside the potential benefits of AI tools and technology come risks, including the potential exposure of the Company's proprietary or confidential information to unauthorized recipients, the misuse of the Company's or third-party intellectual property, the exposure or misuse of personal information and allegations or claims against the Company related to violation of third-party intellectual property rights. As AI systems make decisions based on data and models, they can inherit or amplify bias or raise concerns about fairness or ethical use. In addition, AI models may not be sufficiently transparent in order to allow users to evaluate the accuracy or appropriateness of the output, which could result in inaccurate responses that could lead to errors in the Company's decision-making or other business activities. Additionally, others may use AI to increase the frequency and severity of cybersecurity attacks against the Company, its employees, consultants and partners. These risks could have a negative impact on the Company's business, operating results and financial condition.

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**We may be exposed to counterparty and liquidity risk, and any delay or failure of counterparties to make payments could affect our revenues**

We may be exposed to various counterparty risks including, but not limited to (i) through financial institutions that hold our cash and metals credit inventory, (ii) through our stream, royalty and other similar interest counterparties, (iii) through other companies that have payables due to us, (iv) through our insurance providers and (v) through our lenders. We may also be exposed to liquidity risks in meeting our operating expenditure requirements in instances where cash positions are unable to be maintained or appropriate financing is unavailable. These factors may impact our ability to obtain loans, other credit facilities or equity financing in the future or to obtain them on terms favorable to us.

**Some of the agreements governing our interests contain terms that reduce the revenue generated from those interests upon the achievement of certain milestones**

Revenue from some of our interests decreases after certain milestones are achieved. As a result, past production and revenue related to these interests may not be indicative of future results.

**We may enter into acquisitions or other royalty or streaming transactions at any time, which may be material, may involve the issuance of Versamet securities or the incurrence of indebtedness and will be subject to transaction-specific risks**

We continuously review opportunities to acquire existing streams, royalties and other similar interests, in order to create new streaming, royalty or other arrangements through the financing of mining projects, financing of new acquisitions or to acquire companies that hold streams, royalties or other similar interests in respect of mineral properties. At any given time, we may have various types of transactions and acquisition opportunities in various stages of active review, including submission of indications of interest and participation in discussions or negotiations in respect of such transactions. This process also involves the engagement of consultants and advisors to assist in analyzing particular opportunities. Any such acquisition or transaction could be material to us and may involve the issuance of securities by us or the incurrence of indebtedness to fund any such acquisition. In addition, any such transaction may have other transaction specific risks associated with it, including risks related to the completion of the transaction, the integration of any acquired business with Versamet's existing business, the project operators or the jurisdictions in which assets may be acquired or underlying properties located. In addition, we may consider opportunities to restructure royalties or stream arrangements where we believe such a restructuring may provide a long-term benefit to us, even if such restructuring may reduce near-term revenues or result in us incurring transaction related costs. We may also be unable to achieve any such anticipated long-term benefits of such restructurings. We may be unsuccessful in completing acquisitions and other additional transactions on terms favorable to us, or at all, or in realizing the anticipated growth opportunities and synergies from integrating any acquired business, and our failure to do so may have a material adverse effect on our future results of operations and growth prospects.

**If we expand our business beyond the acquisition of streams, royalties or other similar interests, we may face new challenges and risks which could affect our profitability, results of operations and financial condition**

Our operations and expertise have been focused on the acquisition and management of streams, royalties and other similar interests. While it is not our current intention, we may in the future pursue acquisitions outside this area. The expansion of our activities into new areas would present challenges and risks that we have not faced in the past. The failure to manage these challenges and risks successfully may result in a material adverse effect on our profitability, results of operations and financial condition.

**We may be subject to reputational damage**

Reputational damage can be the result of the actual or perceived occurrence of any number of events, and could include negative publicity, whether true or not. While we do not ultimately have direct control over how we are perceived by others, reputational loss could have a material adverse impact on the trading price of our securities.

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**We may be unable to repay indebtedness and comply with our obligations under the Second Amended Upsized Credit Facility and Term Loan**

We may from time to time have amounts outstanding under our credit facilities with BMO and NBF (as defined herein) (the "**Credit Facility**"), which may be significant. As at the date of this Annual Report our Credit Facility is comprised of a revolving credit facility and a term loan. The total availability under our revolving credit facility is $250 million, of which $235 million is currently drawn as at the date of this Annual Report; the undrawn balance may be used for general corporate purposes or to fund the acquisition of royalties and the funding of precious metals streams. These acquisitions may result in significant drawings, and we would be required to use a portion of our cash flow to service principal and interest on the debt, which would limit the cash flow available for other business opportunities. The Company has $150 million outstanding on the term loan (the "**Term Loan**") which is to be repaid in gradually increasing quarterly installments; the next payment to be made on June 30, 2026 for $10 million, with the final instalment payment expected to be made on March 31, 2028 for $40 million. Our ability to make scheduled payments of the principal of, to pay interest on, or to refinance indebtedness depends on our future performance, which is subject to economic, financial, competitive and other factors beyond our control. We may not continue to generate cash flow in the future sufficient to service debt and make necessary capital expenditures. If we are unable to generate such cash flow, we may be required to adopt one or more alternatives, such as reducing or eliminating dividends, restructuring debt or obtaining additional equity capital on terms that may be onerous or highly dilutive. Our ability to refinance indebtedness will depend on the capital markets and our financial condition at such time. We may not be able to engage in any of these activities or engage in these activities on desirable terms, which could result in a default on our debt obligations.

The terms of our Credit Facility and Term Loan require us to satisfy various affirmative and negative covenants and to meet certain financial ratios and tests. These covenants limit, among other things, our ability to incur further indebtedness if doing so would cause us to fail to meet certain financial covenants, create certain liens on assets or engage in certain types of transactions. These covenants also limit our ability to amend our stream, royalty and other similar interest contracts without the consent of the lenders. We can provide no assurances that in the future, we will not be limited in our ability to respond to changes in our business or competitive activities or be restricted in our ability to engage in mergers, acquisitions or dispositions of assets. Furthermore, a failure to comply with these covenants, including a failure to meet the financial tests or ratios, would likely result in an event of default under the Credit Facility and would allow the lenders to accelerate the debt, which could materially and adversely affect our business, results of operations and financial condition.

**Risks Related to Mining Operations**

**We are indirectly exposed to many of the same risk factors as the owners and operators of properties in respect of which it holds a royalty, stream or other interests**

To the extent that they relate to the production of minerals from, or the continued operation of, the properties in respect of which we hold a royalty, stream or other interests, we will be subject to the risk factors applicable to the owners and operators of such mines or projects.

**Production at mines and projects in respect of which we hold royalty, stream or other interests is dependent on operators' employees**

Production from the properties in respect of which we hold an interest depends on the efforts of operators' employees. There is competition for geologists and persons with mining expertise. The ability of the owners and operators of such properties to hire and retain geologists and persons with mining expertise is key to those operations. Further, relations with employees may be affected by changes in the scheme of labor relations that may be introduced by the relevant governmental authorities in the jurisdictions in which those operations are conducted. Changes in such legislation or otherwise in the relationships of the owners and operators of such properties with their employees may result in strikes, lockouts or other work stoppages, any of which could have a material adverse effect on our profitability, results of operations and financial condition and the trading price of our securities. If these factors cause the owners and operators of such properties to decide to cease production at one or more of the properties, such decision could have a material adverse effect on our business and financial condition.

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**Mineral Reserves and Mineral Resources are estimates based on interpretation and assumptions and actual production may differ from amounts identified in such estimates**

The Mineral Reserves and Mineral Resources on properties underlying our royalties, stream or other interests are estimates only, and no assurance can be given that the estimated Mineral Reserves and Mineral Resources are accurate or that the indicated level of minerals will be produced. Mineral Reserve and Mineral Resources for our royalty, stream or other interests are prepared by the operators of the underlying properties. We do not participate in the preparation or verification of such estimates (or the reports in which they are presented) and we have not independently assessed or verified the accuracy of such estimates. Such estimates are, in large part, based on interpretations of geological data obtained from drill holes and other sampling techniques. Actual mineralization or formations may be different from those predicted. Further, it may take many years from the initial phase of drilling before production is possible and during that time the economic feasibility of exploiting a discovery may change.

Market price fluctuations of the applicable commodity, as well as increased production and capital costs or reduced recovery rates, may render the proven and probable Mineral Reserves on properties underlying our royalties, streams or other interests unprofitable to develop at a particular site or sites for periods of time or may render Mineral Reserves containing relatively lower grade mineralization uneconomic. Moreover, short-term operating factors relating to the Mineral Reserves, such as the need for the orderly development of ore bodies or the processing of new or different ore grades, may cause Mineral Reserves to be reduced or not extracted. Estimated Mineral Reserves may have to be recalculated based on actual production experience. The economic viability of a mineral deposit may also be impacted by other attributes of a particular deposit, such as size, grade and proximity to infrastructure, governmental regulations and policy relating to price, taxes, royalties, land tenure, land use permitting, the import and export of minerals and environmental protection and by political and economic stability. While these risks exist for all of our assets, they are heightened in the case of interests in properties which have not yet commenced production.

Mineral Resources in particular must be considered with caution. Mineral Resources for properties that have not commenced production are based, in many instances, on limited and widely spaced drill hole or other limited information, which is not necessarily indicative of the conditions between and around drill holes. Such Mineral Resources may require revision as more drilling or other exploration information becomes available or as actual production experience is gained. Further, Mineral Resources may not have demonstrated economic viability and may never be extracted by the operator of a property. It should not be assumed that any part or all of the Mineral Resources on properties underlying our royalties, streams or other interests constitute or will be converted into Mineral Reserves.

Any of the foregoing factors may require operators to reduce their Mineral Reserves and Mineral Resources, which may result in a material adverse effect on our profitability, results of operations and financial condition and the trading price of our securities.

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**Production forecasts may not prove to be accurate**

We prepare estimates and forecasts of future attributable production from the properties in respect of which we hold royalties, streams or other interests and rely on public disclosure and other information we receive from the owners, operators and independent experts of such properties to prepare such estimates. Such information is necessarily imprecise because it depends upon the judgment of the individuals who operate such properties as well as those who review and assess the geological and engineering information. These production estimates and forecasts are based on existing mine plans and other assumptions with respect to such properties which change from time to time, and over which we have no control, including the availability, accessibility, sufficiency and quality of ore, the costs of production, the operators' ability to determine production levels, the sufficiency of infrastructure, the performance of personnel and equipment, the availability of materials and equipment including reagents and fuel, the ability to maintain and obtain mining interests and permits and compliance with existing and future laws and regulations. Any such information is forward-looking and no assurance can be given that such production estimates and forecasts will be achieved. Actual attributable production may vary from our estimates for a variety of reasons, including: actual ore mined varying from estimates of grade, tonnage, dilution and metallurgical and other characteristics; actual ore mined being less amenable than expected to mining or treatment; lower than expected mill feed grades; operating factors; delays in the commencement of production and ramp up at new mines; revisions to mine plans; unusual or unexpected orebody formations; risks and hazards associated with the properties in respect of which Versamet holds royalties, streams or other interests, including but not limited to cave-ins, rock falls, rock bursts, pit wall failures, seismic activity, weather related complications, fires or flooding or as a result of other operational problems such as production drilling or material removal challenges, power failures or a failure of a key production component such as a hoist, a filter press or a grinding mill; and unexpected labor shortages, strikes, local community opposition or blockades. Occurrences of this nature and other accidents, adverse conditions or operational problems in future years may result in our failure to realize the benefits of our production forecasts anticipated from time to time. If our production forecasts prove to be incorrect, it may result in a material adverse effect on our profitability, results of operations and financial condition and the trading price of our securities.

**The exploration and development of mineral resource properties is inherently dangerous and subject to risks beyond our control**

Companies engaged in mining activities are subject to all of the hazards and risks inherent in exploring for and developing natural resource projects. These risks and uncertainties include, but are not limited to, environmental hazards, industrial accidents, labor disputes, increases in the cost of labor, social unrest, changes in the regulatory environment, permitting and title risks, impact of non-compliance with laws and regulations, fires, explosions, blowouts, cratering, encountering unusual or unexpected geological formations or other geological or grade problems, unanticipated metallurgical characteristics or less than expected mineral recovery, encountering unanticipated ground or water conditions, cave-ins, pit wall failures, flooding, rock bursts, tailings dam failures, periodic interruptions due to inclement or hazardous weather conditions, earthquakes, seismic activity, other natural disasters or unfavorable operating conditions and losses. Should any of these risks or hazards affect a company's exploration or development activities, it may (i) result in an environmental release or environmental pollution and liability; (ii) cause the cost of development or production to increase to a point where it would no longer be economic to produce the metal from the company's Mineral Resources or expected Mineral Reserves, (iii) result in a write down or write-off of the carrying value of one or more mineral projects, (iv) cause delays or stoppage of mining or processing, (v) result in the destruction of properties, processing facilities or third-party facilities necessary to the company's operations, (vi) cause personal injury or death and related legal liability, (vii) result in regulatory fines and penalties or the revocation or suspension of licenses; (viii) result in the loss of insurance coverage or (ix) result in the loss of social license to operate. The occurrence of any of above-mentioned risks or hazards could result in an interruption or suspension of operation of the properties in respect of which we hold a royalty, stream or other interest and have a material adverse effect on our profitability, results of operations and financial condition and the trading price of our securities, especially as such risks relate to our material properties.

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**Defects in title to properties underlying our royalty, stream or other interests may result in a loss of entitlement by the operator and a loss of our interest**

A defect in the chain of title to any of the properties underlying one of our royalties or, streams or necessary for the anticipated development or operation of a particular project to which a royalty, stream or other interest relates may arise to defeat or impair the claim of the operator to a property which could in turn result in a loss of our interest in respect of that property. In addition, claims by third parties or aboriginal groups in Canada, the United States, Brazil, Mexico, Ethiopia, Côte d'Ivoire, South Africa, Burkina Faso, Columbia, Namibia, Peru, Nicaragua, Sweden, Australia and Mongolia and elsewhere may impact on the operator's ability to conduct activities on a property to the detriment of our royalties, streams or other interests. To the extent an owner or operator does not have title to the property, it may be required to cease operations or transfer operational control to another party. Many royalties, streams or other interests are contractual, rather than an interest in land, with the risk that an assignment or bankruptcy or insolvency proceedings by an owner will result in the loss of any effective royalty, stream or other interests in a particular property. Further, even in those jurisdictions where there is a right to record or register royalties, streams or other interests held by us in land registries or mining recorders offices, such registrations may not necessarily provide any protection to us. As a result, known title defects, as well as unforeseen and unknown title defects may impact operations at a project in respect of which we have a royalty, stream or other interest and may result in a material adverse effect on our profitability, results of operations and financial condition and the trading price of our securities.

**Future litigation affecting the properties in respect of which we hold royalty, stream or other interests could have an adverse effect on Versamet**

Potential litigation may arise on a property on which we hold a royalty, stream or other interest (for example, litigation between joint venture partners or between operators and original property owners or neighboring property owners). As a holder of such interests, we will not generally have any influence on the litigation and will not generally have access to data. Any such litigation that results in the cessation or reduction of production from a property (whether temporary or permanent) or the expropriation or loss of rights to a property could have a material adverse effect on our profitability, results of operations and financial condition and the trading price of our securities.

Moreover, the courts in some of the jurisdictions in which we have a royalty, stream or other interests may offer less certainty as to the judicial outcome of legal proceedings or a more protracted judicial process than is the case in more established economies. Accordingly, there can be no assurance that contracts, joint ventures, licenses, license applications or other legal arrangements will not be adversely affected by the actions of government authorities and the effectiveness of and enforcement of such arrangements in these jurisdictions. Moreover, the commitment of local businesses, government officials and agencies and the judicial system in these jurisdictions to abide by legal requirements and negotiated agreements may be more uncertain and may be susceptible to revision or cancellation, and legal redress may be uncertain or delayed. These uncertainties and delays could have a material adverse effect on our financial condition and results of operations.

**Defects or disputes relating to our royalties, streams or other interests could have an adverse effect on Versamet**

Defects in or disputes relating to the royalty, stream or other interests we hold or acquire may prevent us from realizing the anticipated benefits from these interests. Material changes could also occur that may adversely affect management's estimate of the carrying value of our royalty, stream or other interests and could result in impairment charges. While we seek to confirm the existence, validity, enforceability, terms and geographic extent of the royalty, stream or other interests we acquire, there can be no assurance that disputes or other problems concerning these and other matters or other problems will not arise. Confirming these matters is complex and is subject to the application of the laws of each jurisdiction to the particular circumstances of each parcel of mineral property and to the documents reflecting the royalty, stream or other interest. The discovery of any defects in, or any disputes in respect of, our royalty, stream or other interests, could have a material adverse effect on our profitability, results of operations and financial condition and the trading price of our securities.

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**The operations in respect of which we hold a royalty, stream or other interests require various property rights, permits and licenses to be held by the operator in order to conduct current and future operations, and delays or a failure to obtain or maintain such property rights, permits and licenses, or a failure to comply with the terms of any of such property rights, permits and licenses could result in interruption or closure of operations or exploration on the properties**

Exploration, development and operation of mining properties are subject to laws and regulations governing health and worker safety, employment standards, environmental matters, mine development, project development, mineral production, permitting and maintenance of title, exports, taxes, labor standards, reclamation obligations, heritage, historic and archaeological matters and other matters. The owners and operators of the properties in respect of which we hold a royalty, stream or other interest require licenses and permits from various governmental authorities in order to conduct their operations. Future changes in such laws and regulations or in such licenses and permits could have a material adverse impact on the revenue that we derive from our royalties, streams and other interests. Such licenses and permits are subject to change in various circumstances and are required to be kept in good standing through a variety of means, including cash payments and satisfaction of conditions of issue. Such licenses and permits are subject to expiration, relinquishment and/or termination without notice to, control of or recourse by us. There can be no guarantee that the owners or operators of those properties in respect of which we hold a royalty, stream or other interest, will be able to obtain or maintain all necessary licenses and permits in good standing that may be required to explore, develop and operate the properties, commence construction or operation of mining facilities, or maintain operations that economically justify the cost. Any failure to comply with applicable laws and regulations, permits and licenses, or to maintain permits and licenses in good standing, even if inadvertent, could result in interruption or closure of exploration, development or mining operations or in fines, penalties or other liabilities accruing to the owner or operator of the project. Any such occurrence could substantially decrease production or cause the termination of operations on the property and have a material adverse effect on our profitability, results of operations and financial condition and the trading price of our securities.

**We are exposed to risks related to the construction, development, expansion, and/or exploration in relation to the mines, projects and properties in respect of which it holds a royalty, stream or other interest**

Many of the projects or properties in respect of which we hold an interest in are in the construction, development, expansion, and/or exploration stage and such projects are subject to numerous risks, including, but not limited to delays in obtaining equipment, materials and services essential to the construction and development of such projects in a timely manner, currency exchange rates, labor shortages, cost escalations and fluctuations in metal prices. There can be no assurance that the owners or operators of such projects will have the financial, technical and operational resources to complete construction, development and/or expansion of such projects in accordance with current expectations or at all.

**The operations in respect of which we hold an interest are subject to environmental laws and regulations that may increase the costs of doing business and may restrict operations, which could reduce our revenues**

All phases of the mining business present environmental risks and hazards and are subject to environmental regulation pursuant to a variety of government laws and regulations. Compliance with such laws and regulations can require significant expenditures and a breach may result in the imposition of fines and penalties, which may be material. In addition, such laws and regulations can constrain or prohibit the exploration and development of new projects or the development or expansion of existing projects. Any breach of environmental legislation by owners or operators of properties underlying our asset portfolio could have a material impact on the viability of the relevant property and impair the revenue derived from the owned property or applicable royalty, stream or other interest, which could have a material adverse effect on our profitability, results of operations and financial condition and the trading price of our securities.

**Additional costs may be incurred by mineral property operators as a result of international climate change initiatives and may affect the availability of resources and cause business disruptions, which could reduce our revenues**

We acknowledge climate change as an international and community concern. In addition to voluntary actions, governments are moving to introduce climate change legislation and treaties at the international, national, state/provincial and local levels. Where legislation already exists, regulation relating to emission levels and energy efficiency is becoming more stringent. Some of the costs associated with reducing emissions can be offset by increased energy efficiency and technological innovation. However, if the current regulatory trend continues, we expect this may result in increased costs at some of the properties underlying our royalties, streams or other interests, which could have a material impact on the viability of the properties and impair the revenue derived from the applicable royalty, stream or other interest, which could have a material adverse effect on our profitability, results of operations and financial condition and the trading price of our securities.

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**Certain operators are subject to risks relating to foreign jurisdictions and developing economies, which could negatively impact Versamet**

Some of our royalty, stream or other interests relate to properties outside of the United States and Canada, including Brazil, Mexico, Ethiopia, Côte d'Ivoire, South Africa, Burkina Faso, Columbia, Peru, Namibia, Nicaragua, Sweden, Australia and Mongolia. In addition, future investments may expose us to new jurisdictions. The ownership, development and operation of properties, mines and projects in foreign jurisdictions by their owners are subject to the risks normally associated with conducting business in foreign jurisdictions. These risks include, depending on the country, nationalization and expropriation, social unrest and political instability, less developed legal and regulatory systems, uncertainties in perfecting mineral titles, trade barriers, exchange controls and material changes in taxation. These risks may, among other things, limit or disrupt the ownership, development or operation of properties, mines or projects in respect of which we hold royalty, stream or other interests, restrict the movement of funds, or result in the deprivation of contractual rights or the taking of property by nationalization or expropriation without fair compensation. If any of these events were to occur, this may result in a write down or write-off of the carrying value of one or more of our assets, which could have a material adverse effect on our profitability, results of operations and financial condition and the trading price of our securities. In addition, in the event of a dispute arising from foreign operations, we may be subject to the exclusive jurisdiction of foreign courts or may not be successful in subjecting foreign persons to the jurisdiction of courts in Canada.

We apply various methods, where practicable, to identify, assess and, where possible, mitigate these risks prior to entering into contracts for royalty, stream or other interests. Such methods generally include: conducting due diligence on the political, social, legal and regulatory systems and on the ownership, title and regulatory compliance of the properties subject to the royalty, stream or other interest, engaging experienced local counsel and other advisors in the applicable jurisdiction; negotiating where possible so that the applicable contract contains appropriate protections, representations, warranties and, in each case as we deem necessary or appropriate in the circumstances, all applied on a risk-adjusted basis. There can be no assurance, however, that we will be able to identify or mitigate all risks relating to holding royalties, streams or other interests in respect of properties, mines and projects located in foreign jurisdictions, and the occurrence of any of the factors and uncertainties described above could have a material adverse effect on our profitability, results of operation and financial condition and the trading price of our securities.

**Burkina Faso, which is where the Kiaka Mine is located, is subject to such foreign and developing economic risk**

The Kiaka Mine in Burkina Faso is subject to the risks associated in operating in a foreign country. These risks may include economic, social or political instability or change, hyperinflation, currency non-convertibility or instability and changes of law affecting foreign ownership, government participation, taxation, working conditions, rates of exchange, exchange control, exploration licensing, export duties, repatriation of income or return of capital, environmental protection, mine safety, labor relations as well as government control over mineral properties or government regulations that require the employment of local staff or contractors or require other benefits to be provided to local residents.

Burkina Faso has had a short democratic history with a series of elections, constitutions and coups. A new constitution was adopted by Burkina Faso in 1991. However, the possibility that the government may adopt substantially different policies cannot be ruled out.

WAF may also be hindered or prevented from enforcing its rights with respect to a governmental instrumentality because of the doctrine of sovereign immunity. Any future material adverse changes in government policies or legislation in Burkina Faso that affect foreign ownership, mineral exploration, development or mining activities, may affect the viability and profitability of the Kiaka Mine.

In addition, the legal system operating in Burkina Faso may be less developed than more established countries, which may result in risks such as:

● political difficulties in obtaining effective legal redress in the courts whether in respect of a breach of law or regulation, or in an ownership dispute;

● a higher degree of discretion on the part of governmental agencies;

● the lack of political or administrative guidance on implementing applicable rules and regulations including, in particular, as regards local taxation and property rights;

● inconsistencies or conflicts between and within various laws, regulations, decrees, orders and resolutions; or

● relative inexperience of the judiciary and court in such matters.

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The commitment to local business people, government officials and agencies and the judicial system to abide by legal requirements and negotiated agreements may be more uncertain, creating particular concerns with respect to licenses and agreements for business. These may be susceptible to revision or cancellation and legal redress may be uncertain or delayed. There can be no assurance that joint ventures, licenses, license application or other legal arrangements will not be adversely affected by the actions of the government authorities or others, and the effectiveness of and enforcement of such arrangements cannot be assured.

**Risks Relating to Potential Increased Government Ownership of the Kiaka Mine**

On April 16, 2026, the government of Burkina Faso published Decree No. 2026-0287/PF/PRIM/MEF/MEMC authorizing Société de Participation Minière du Burkina Faso ("**SOPAMIB**") to acquire an additional 25% equity interest in Kiaka SA, the subsidiary that owns the Kiaka Mine, for consideration of 70 billion CFA francs, or approximately A$175 million. WAF has announced that it intends to work cooperatively with the government of Burkina Faso to finalize the terms of SOPAMIB's acquisition and that it aims to complete the transaction by the end of calendar 2026. WAF has also announced that its Sanbrado and Toega operations are not subject to the government's request for additional participation and are not referred to in the decree. There can be no assurance as to the final terms, timing or completion of the proposed acquisition, or the effect of such acquisition on the governance, operations, economics or strategic direction of the Kiaka Mine.

If completed, the acquisition would increase the government of Burkina Faso's ownership interest in Kiaka SA and could materially affect the governance, operations, economics and strategic direction of the Kiaka Mine. A government shareholder with a significant ownership interest may have objectives that differ from those of other shareholders, including objectives driven by public policy, social, political or fiscal considerations rather than commercial considerations. As a result, decisions relating to capital expenditures, mine planning, production levels, expansion, financing, dividend policies, procurement, employment practices or other operational matters may be influenced in ways that adversely affect the profitability, cash flows or long-term value of the Kiaka Mine.

Government ownership may also increase the risk of changes to applicable laws, regulations, fiscal terms or administrative practices affecting the Kiaka Mine, including changes relating to taxation, royalties, export restrictions, local content requirements, employment obligations or environmental and social requirements. The government's position as both a regulator and shareholder may create conflicts of interest, and there can be no assurance that regulatory decisions affecting the Kiaka Mine will be made solely on an arm's-length or commercially neutral basis.

In addition, increased government ownership could limit the ability of Kiaka SA or its shareholders to exercise effective control over the Kiaka Mine, including the ability to approve or block major transactions, financings, changes in strategy or dispositions of assets. Any requirement to obtain government consent for significant corporate or operational actions could delay or prevent the implementation of business plans or transactions that might otherwise be beneficial. There can be no assurance that the proposed acquisition will not adversely affect the economic returns attributable to the Kiaka Mine, or that any future increase in government participation, whether through equity ownership, changes in fiscal terms or other forms of state involvement, will not have a material adverse effect on the business, financial condition, results of operations and prospects of the Kiaka Mine and, as a result, on our business

**Changes in government free carry positions could materially affect our interests in certain projects**

In certain jurisdictions where our royalty or streaming assets are located, including countries such as Burkina Faso, local governments are entitled to receive a "free carry" interest in mining projects. This typically means the government acquires an ownership stake in the mining property without being required to contribute capital or assume a proportionate share of the operating costs. The percentage of such free carry interests can vary depending on the jurisdiction and may be subject to change based on evolving legal frameworks or government policies.

Government free carry policies are often embedded in national mining codes and can be amended unilaterally by the host government. Any increase in the government's mandatory ownership interest—whether through legislative change, renegotiation of mining conventions, or other policy actions—would result in a corresponding dilution of the project operator's equity interest in the property. Although we do not own the underlying mining properties, the economic terms of our royalty and streaming interests are generally based on the operator's attributable share of production or revenues. A reduction in the operator's equity interest due to an increased government free carry position could lead to (i) lower attributable production to which our royalty or stream applies; (ii) decreased economic returns from the asset over its life; and (iii) reduced willingness of operators to invest in or advance the project, which could impact development timelines or operational performance.

There can be no assurance that current free carry policies will remain unchanged, or that future changes will not materially and adversely affect our business, financial condition or results of operations.

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**Changes in government regulation could inhibit exploration, construction and development on, or production from, the mineral properties underlying our royalties, streams or other interests**

The properties on which we hold or will hold a royalty, stream or other interest are located in multiple legal jurisdictions and political systems. There is no assurance that future political and economic conditions in such countries will not result in the adoption of different policies or attitudes respecting the development and ownership of resources. Changes in applicable laws, regulations, or in their enforcement or regulatory interpretation could result in adverse changes to mineral development or operations. Any such changes in policy or attitudes may result in changes in laws affecting ownership of assets, land tenure and resource concessions, licensing fees, taxation, royalties, price controls, exchange rates, export controls, environmental protection, labor relations, foreign investment, nationalization, expropriation, repatriation of income and return of capital, which may affect both the ability to undertake exploration, construction and development on, or production from, the properties in respect of which we hold a royalty, stream or other interest or the payments under such royalties, streams or other interests. In certain areas where we hold a royalty, stream or other interest, the regulatory environment is in a state of continuing change, and new laws, regulations and requirements may be retroactive in their effect and implementation. Any changes in governmental laws, regulations, economic conditions or shifts in political attitudes or stability are beyond our control and the owners and operators of the properties in respect of which we hold an interest and such changes may result in a material adverse effect on our profitability, results of operations and financial condition and the trading price of our securities.

**We are subject to risks related to certain operations in developing economies**

Certain operators are subject to risks normally associated with the conduct of business in developing economies. Risks may include, among others, problems relating to power supply, labor disputes, delays or invalidation of governmental orders and permits, corruption, uncertain political and economic environments, civil disturbances and crime, arbitrary changes in laws or policies, foreign taxation and exchange controls, nationalization of assets, opposition to mining from environmental or other non-governmental organizations or changes in the political attitude towards mining, empowerment of previously disadvantaged people, local ownership requirements, limitations on foreign ownership, power supply issues, limitations on repatriation of earnings, infrastructure limitations and increased financing costs. The above risks may limit, disrupt or negatively impact the operator's business activities.

**Anti-corruption and bribery laws could subject us to liability and require it to incur additional costs**

Our business is subject to Canadian laws and other laws which generally prohibit companies and employees from engaging in bribery or other prohibited payments to foreign officials for the purpose of obtaining or retaining business. In some cases, our assets are located in certain jurisdictions where corruption may be more common, which can increase the risk of unauthorized payments or offers of payments in violation of anti-corruption and anti-bribery laws and regulations and in violation of our policies. In addition, the operators of the mining projects may fail to comply with anti-corruption and anti-bribery laws and regulations. Although we do not operate the mining projects, enforcement authorities could deem us to have some culpability for the operators' actions. Any violations of the applicable anti-corruption and anti-bribery laws could result in significant civil or criminal penalties to us and could have a material adverse effect on our business, financial conditions, results of operation and reputation. an adverse effect on our reputation.

**We may become a party to litigation**

We may become party to litigation from time to time in the ordinary course of business which could adversely affect our business. Should any litigation in which we become involved be determined against us such a decision could adversely affect our ability to continue operating and the market price for the Common Shares and could use significant resources and demand significant time and attention by management. Even if we are involved in litigation and win, litigation can redirect significant resources.

**Adequate infrastructure may not be available to develop the properties in respect of which we hold an interest, which could inhibit operations at such properties**

Mining, processing, development and exploration activities depend, to one degree or another, on adequate infrastructure. Reliable roads, bridges, power sources and water supply are important determinants, which affect capital and operating costs. Unusual or infrequent weather phenomena, sabotage, government or other interference in the maintenance or provision of such infrastructure could adversely affect or inhibit the operations at the properties in respect of which we hold a royalty, stream or other interest, which may result in a material adverse effect on our profitability, results of operations and financial condition and the trading price of our securities.

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**Claims and protests of indigenous people may disrupt or delay activities of the owners/operators of our interests**

Various international and national laws, codes, resolutions, conventions, guidelines, and other materials relate to the rights of indigenous peoples. We hold interests in entities that own and operate mines or mineral properties located in areas presently or previously inhabited or used by indigenous peoples. There may be certain obligations on the government to consult with indigenous people regarding actions which may affect indigenous people, including actions to approve or grant mining rights or permits. The obligations of government and private parties under the various international and national materials pertaining to indigenous people continue to evolve and be defined. From time to time, we may hold interests in entities with properties that are subject to the opposition of one or more groups of indigenous people who oppose the operation, further development, or new development on such project. Such opposition may be directed through legal or administrative proceedings or protests, roadblocks or other forms of public expression against us or the owner/operators' activities. Opposition by indigenous people to such activities may require modification of or preclude operation or development of projects or may require the entering into of agreements with indigenous people. Claims and protests of indigenous people may disrupt or delay activities of the owners/operators of the Company's interests.

**Certain operators depend on international trade and other conditions in key export markets for their products**

The operators of certain of the properties on which we hold stream, royalty or other similar interests export their commodities and thus depend on economic conditions and regulatory policies in export markets. The ability of these operators to sell their products effectively in these major export markets could be adversely affected by a number of factors that are beyond their control, including the deterioration of macroeconomic conditions, volatility of exchange rates or the imposition of greater tariffs or other trade barriers in those markets.

**Changes in U.S. laws and policies regulating international trade**

Legislative and regulatory changes relating to international trade in the United States could have a material adverse effect on us and our financial condition. In particular, there is uncertainty regarding U.S. tariffs and support for existing treaty and trade relationships, including with Canada. Although discussions continue between the United States and other countries, there remains significant uncertainty over whether tariffs or other restrictive trade measures or countermeasures will be implemented and, if so, the scope, impact and duration of any such measures. A trade war or new tariffs barriers may potentially lead to increases or decreases in royalties or stream revenues due to higher or lower metal prices, but the overall effect would depend on changes in demand, production strategies, and operational costs. Additionally, due to worldwide economic uncertainty, the availability and cost of funds for development and other costs have become increasingly difficult, if not impossible, to project.

**Risks Related to the Ownership of our Securities**

**Investors may lose their entire investment**

An investment in our securities is speculative and may result in the loss of an investor's entire investment in the Company. Only investors who are experienced in high-risk investments and who can afford to lose their entire investment should consider an investment in the Company.

**An active, liquid and orderly trading market for our Common Shares may not develop, and you may not be able to resell your Common Shares**

If a market for our Common Shares is not sustained, you may not be able to resell our securities. This may affect the pricing of the securities in the secondary market, the transparency and availability of trading prices, the liquidity of the Common Shares and the extent of issuer regulation. We cannot predict the prices at which our Common Shares will trade.

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**The market price of our Common Shares may be volatile, which could result in substantial losses for investors purchasing Common Shares**

The market price of our Common Shares could be subject to significant fluctuations. The market price of the Common Shares may be subject to wide price fluctuations in response to many factors, including variations in our operating results, divergence in financial results from analysts' expectations, changes in earnings estimates by stock market analysts, changes in our business prospects, general economic conditions, legislative changes and other events and factors outside of our control, including: (i) actual or anticipated fluctuations in our quarterly results of operations; (ii) recommendations by securities research analysts; (iii) changes in the economic performance or market valuations of companies in the industry in which we operates; (iv) addition or departure of our executive officers and other key personnel; (v) sales or perceived sales of additional securities; (vi) operating and financial performance that vary from the expectations of management, securities analysts and investors; (vii) regulatory changes affecting our industry generally and our business and operations; (viii) announcements of developments and other material events by us or our competitors; (ix) changes in global financial markets and global economies and general market conditions, such as commodity prices, currency rates, etc.; (x) significant acquisitions or business combinations, strategic partnerships, joint ventures or capital commitments by or involving us or our competitors; (xi) operating and share price performance of other companies that investors deem comparable to us or from a lack of market comparable companies; (xii) news reports relating to trends, concerns, technological or competitive developments, regulatory changes and other related issues in our industry or target markets; and (xiii) investors' general perception of the Company and the public's reaction to our press releases, our other public announcements and our filings with the Canadian securities regulators.

Financial markets have recently experienced significant price and volume fluctuations that have particularly affected the market prices of equity securities of companies and that have often been unrelated to the operating performance, underlying asset values or prospects of such companies. Accordingly, the market price of the Common Shares may decline even if our operating results, underlying asset values or prospects have not changed. Additionally, these factors, as well as other related factors, may cause decreases in asset values that are deemed to be other than temporary, which may result in impairment losses. There can be no assurance that continuing fluctuations in price and volume will not occur. If such increased levels of volatility and market turmoil continue, our operations could be adversely impacted, and the trading price of the Common Shares may be materially adversely affected.

**Future sales or issuance of debt or equity securities**

Sales or issuances of a substantial number of our Common Shares in the public market could occur at any time. These sales, or the market perception that the holders of a large number of our securities could significantly reduce the market price of our Common Shares and the market price could decline. We cannot predict the effect, if any, that future public sales of these Common Shares or the availability of our Common Shares for sale will have on the market price of such Common Shares. If the market price of our Common Shares was to drop as a result, this might impede our ability to raise additional capital and might cause remaining shareholders to lose all or part of their investment.

Future offerings of debt securities, which would rank senior to our Common Shares upon our bankruptcy or liquidation, and future offerings of equity securities that may be senior to our Common Shares for the purposes of dividend and liquidating distributions, may adversely affect the market price of our Common Shares.

In the future, we may attempt to increase our capital resources by making offerings of debt instruments or other securities convertible into Common Shares. Upon bankruptcy or liquidation, holders of our debt securities and lenders with respect to other borrowings will receive a distribution of our available assets prior to the holders of our Common Shares. Additional equity offerings may dilute the holdings of our existing shareholders or reduce the market price of our Common Shares. Our decision to issue securities in any future offering will depend on market conditions and other factors beyond our control. As a result, we cannot predict or estimate the amount, timing or nature of our future offerings, and purchasers of our Common Shares bear the risk of our future offerings reducing the market price of our Common Shares and diluting their ownership interest in the Company.

**We will incur increased expenses as a result of being listed on Nasdaq**

We expect to incur additional legal, accounting, insurance and other expenses as a result of recently being listed on Nasdaq, which may negatively impact our performance and could cause our results of operations and financial condition to suffer. Compliance with applicable securities legislation, the rules of the TSX and the rules of Nasdaq increases our expenses, including our legal and accounting costs, and makes some activities more time-consuming and costly.

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The Nasdaq listing has also made it more expensive for us to obtain director and officer liability insurance, and we may be required to accept reduced policy limits and coverage or incur substantially higher costs to obtain the same or similar coverage. As a result, it may be more difficult for us to attract and retain qualified persons to serve on the Board or as officers. As a result of the foregoing, we expect an increase in legal, accounting, insurance and certain other expenses in the future, which will negatively impact our financial performance and could cause our results of operations and financial condition to suffer.

We do not expect that our disclosure controls and procedures and internal controls over financial reporting will prevent all error or fraud. A control system, no matter how well-designed and implemented, can provide only reasonable, not absolute, assurance that the control system's objectives will be met. Further, the design of a control system must reflect the fact that there are resource constraints, and the benefits of controls must be considered relative to their costs. Due to the inherent limitations in all control systems, no evaluation of controls can provide absolute assurance that all control issues within an organization are detected. The inherent limitations include the realities that judgments in decision making can be faulty, and that breakdowns can occur because of simple errors or mistakes. Controls can also be circumvented by individual acts of certain persons, by collusion of two or more people or by management override of the controls. Due to the inherent limitations in a cost-effective control system, misstatements due to error or fraud may occur and may not be detected in a timely manner or at all. If we cannot provide reliable financial reports or prevent fraud, our reputation and operating results could be materially adversely affected, which could also cause investors to lose confidence in our reported financial information, which in turn could have a material adverse effect on our profitability, results of operations, and financial condition and the trading price of our securities.

**Our ability to pay dividends will be dependent on our financial condition**

The declaration, timing, amount and payment of dividends are at the discretion of the Board and will depend upon our future earnings, cash flows, acquisition capital requirements and financial condition, and other relevant factors. There can be no assurance that we will declare a dividend on a quarterly, annual or other basis.

**If securities or industry analysts do not publish research or publish unfavourable research about our business, our Common Share price and trading volume could decline**

The trading market for the Common Shares will depend on the research and reports that securities or industry analysts publish about the us and our business. We do not have any control over these analysts. We cannot assure that analysts will cover us or provide favourable coverage. If one or more of the analysts who cover us downgrades our stock or changes their opinion of the Common Shares, the price of our Common Shares could decline. If one or more of these analysts cease coverage of Versamet or fail to regularly publish reports, we could lose visibility in the financial markets, which could cause the price and trading volume of the Common Shares to decline.

**TSX and Nasdaq Listing**

In the future, we may fail to meet the continued listing requirements for our Common Shares to be listed on the TSX or Nasdaq. If the TSX or Nasdaq delists our Common Shares from trading on their exchange, we could face significant material adverse consequences, including: a limited availability of market quotations for our Common Shares; a limited amount of news and analysts coverage for us; and a decreased ability to issue additional securities or obtain additional financing in the future.

**U.S. shareholders may not be able to enforce their civil liabilities against us or our directors, controlling persons and officers**

It may be difficult for security holders in the United States to enforce actions against us on the basis of U.S. securities law liabilities. We are a corporation incorporated in British Columbia, Canada under the *Business Corporations Act (British Columbia)* (the "**BCBCA**"). A majority of our directors and officers are residents of Canada or other countries and the majority of our assets and our subsidiaries are located outside of the U.S. Consequently, it may be difficult for U.S. shareholders to effect service of process in the U.S. upon those directors or officers who are not residents of the U.S., or to realize in the U.S. upon judgments of U.S. courts predicated upon civil liabilities under U.S. securities laws. In addition, you should not assume that the courts of Canada (i) would enforce judgments of U.S. courts obtained in actions against us or such persons predicated upon the civil liability provisions of the U.S. federal securities laws or other laws of the United States, or (ii) would enforce, in original actions, liabilities against us or such persons predicated upon the U.S. federal securities laws or other laws of the United States.

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**Our status as a "foreign private issuer"**

We are a "foreign private issuer", under applicable U.S. federal securities laws, and, therefore, are not subject to the same requirements that are imposed upon U.S. domestic issuers by the U.S. Securities and Exchange Commission (the "**SEC**"). Under the U.S. Exchange Act of 1934, as amended (the "**Exchange Act**"), we are subject to reporting obligations that, in certain respects, are less detailed and less frequent than those of U.S. domestic reporting companies. As a result, we do not file the same reports that a U.S. domestic issuer would file with the SEC, although we are required to file with or furnish to the SEC the continuous disclosure documents that we are required to file in Canada under Canadian securities laws. In addition, our officers, directors, and principal shareholders are exempt from the reporting and short-swing profit recovery provisions of Section 16 of the Exchange Act. Therefore, our shareholders may not know on as timely a basis when our officers, directors and principal shareholders purchase or sell our Common Shares, as the reporting periods under the corresponding Canadian insider reporting requirements are longer.

As a foreign private issuer, we are exempt from the rules and regulations under the Exchange Act related to the furnishing and content of proxy statements. We are also exempt from Regulation FD, which prohibits issuers from making selective disclosures of material non-public information. While we comply with the corresponding requirements relating to proxy statements and disclosure of material non-public information under Canadian securities laws, these requirements differ from those under the Exchange Act and Regulation FD and shareholders should not expect to receive the same information at the same time as such information is provided by U.S. domestic companies. In addition, we may not be required under the Exchange Act to file annual and quarterly reports with the SEC as promptly as U.S. domestic companies whose securities are registered under the Exchange Act.

In addition, as a foreign private issuer, we have the option to follow certain Canadian corporate governance practices, except to the extent that such laws would be contrary to U.S. securities laws, and provided that we disclose the requirements we are not following and describe the Canadian practices we follow instead. We may in the future elect to follow home country practices in Canada with regard to certain corporate governance matters. As a result, our shareholders may not have the same protections afforded to shareholders of U.S. domestic companies that are subject to all corporate governance requirements. See "— *We may seek exemptions from certain requirements of Nasdaq that would allow us to hold shareholder meetings with a reduced quorum and issue additional shares without shareholder approval*" below.

**We may seek exemptions from certain requirements of Nasdaq that would allow us to hold shareholder meetings with a reduced quorum and issue additional shares without shareholder approval**

As a foreign private issuer whose shares will be listed on Nasdaq, we are permitted to follow certain home country corporate governance practices instead of certain requirements of Nasdaq. Among other things, as a foreign private issuer we may follow home country practice with regard to the director nomination procedure, and quorum at shareholders' meetings. In addition, we may follow our home country law, instead of Nasdaq Listing Rules, which require that we obtain shareholder approval for certain dilutive events such as for the establishment or amendment of certain equity based compensation plans, an issuance that will result in a change of control of the company, certain transactions other than a public offering involving issuances of a 20% or more interest in the company, and certain acquisitions of the stock or assets of another company. Accordingly, our shareholders may not be afforded the same protection as provided under Nasdaq's corporate governance requirements. For example, Nasdaq Listing Rule 5615(a)(3) permits a foreign private issuer like us to follow home country practices in lieu of certain requirements of Listing Rule 5600, provided that certain requirements are met. Accordingly, we have elected to follow home country practice in lieu of the requirements under Nasdaq Listing Rule 5635(d), which requires companies to seek shareholder approval for the issuance of securities in connection with certain transactions other than a public offering involving the sale, issuance or potential issuance of our Common Shares at a price less than certain referenced prices, if such shares equal 20% or more of our Common Shares or voting power outstanding before the issuance. Instead, and in accordance with Nasdaq home country accommodations, we comply with applicable Canadian corporate and securities laws, which do not require shareholder approval for such dilutive events.

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**Our status as an "emerging growth company"**

We are an "emerging growth company" as defined in section 3(a) of the Exchange Act (as amended by the JOBS Act, enacted on April 5, 2012), and we will continue to qualify as an emerging growth company until the earliest to occur of: (a) the last day of the fiscal year during which we have total annual gross revenues of $1,235,000,000 (as such amount is indexed for inflation every five years by the SEC) or more; (b) the last day of our fiscal year following the fifth anniversary of the date of the first sale of our common equity securities pursuant to an effective registration statement under the U.S. Securities Act; (c) the date on which we have, during the previous three-year period, issued more than $1,000,000,000 in non-convertible debt; and (d) the date on which we are deemed to be a "large accelerated filer", as defined in Rule 12b–2 under the Exchange Act. We will qualify as a large accelerated filer (and would cease to be an emerging growth company) at such time when on the last business day of our second fiscal quarter of such year the aggregate worldwide market value of our common equity held by non-affiliates is $700 million or more.

For so long as we remain an emerging growth company, we are permitted to and intend to rely upon exemptions from certain disclosure requirements that are applicable to other public companies that are not emerging growth companies. These exemptions include not being required to comply with the auditor attestation requirements of Section 404 of the JOBS Act. We cannot predict whether investors will find our Common Shares less attractive because we rely upon certain of these exemptions. If some investors find our Common Shares less attractive as a result, there may be a less active trading market for our Common Shares and the price of our Common Shares may be more volatile. On the other hand, if we no longer qualify as an emerging growth company, we would be required to divert additional management time and attention from our development and other business activities and incur increased legal and financial costs to comply with the additional associated reporting requirements, which could negatively impact our business, financial condition and results of operations.

**The Company may be, or may become, a passive foreign investment company ("PFIC") for U.S. federal income tax purposes in any year, which may result in certain adverse tax consequences for U.S. Holders of the Common Shares**

In general, a non-U.S. corporation is a "passive foreign investment company" (a "**PFIC**") for U.S. federal income tax purposes for any taxable year in which (a) 75% or more of the Company's gross income is passive income or (b) 50% or more of the value of the Company's assets either produce passive income or are held for the production of passive income, based on the quarterly average of the fair market value of such assets.

Generally, "passive income" includes, for example, dividends, interest, certain rents and royalties, certain gains from the sale of stock and securities, and certain gains from commodities transactions. The Company has not completed a formal assessment of its status as a PFIC for 2025; however, based on its current income, assets, and activities, the Company may have been a PFIC for the fiscal year ended December 31, 2025. The classification of the Company under the PFIC rules will depend, in part, on the U.S. tax characterization of its streaming income, which is uncertain, and whether certain of its income qualifies for the exception for active business gains arising from the sale of commodities for purposes of the PFIC asset and income tests. The determination of whether any corporation is a PFIC for a particular taxable year also depends on the application of complex U.S. federal income tax rules, which are subject to differing interpretations and uncertainty. Accordingly, no assurance can be provided regarding the Company's PFIC status for its current taxable year or any future taxable year, and there can be no assurance that the Internal Revenue Service ("**IRS**") will not challenge the views of the Company concerning its PFIC status. If the Company is a PFIC for any taxable year during which a U.S. Holder holds common shares in the Company, such U.S. Holder could be subject to adverse U.S. federal income tax consequences (whether or not the Company continues to be a PFIC). For example, U.S. Holders may become subject to increased tax liabilities under U.S. federal income tax laws and regulations, and will become subject to burdensome reporting requirements. Certain elections might be available to mitigate the foregoing adverse tax consequences. Upon request of a U.S. Holder, we intend to provide the information necessary for a U.S. Holder to make applicable elections.

U.S. investors should consult their own tax advisors regarding the implications of the PFIC rules for an investment in common shares of the Company.

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**ITEM 4: INFORMATION ON THE COMPANY**

**A.** **History and Development of the Company**

**General**

The Company was formed under the BCBCA on January 31, 2022 by way of an amalgamation of Rosedale Resources Ltd. (incorporated October 21, 2011) and Lunde International Corp. (incorporated October 12, 2018), both private royalty companies incorporated under the BCBCA. On June 13, 2022, the Company changed its name from "Rosedale Resources Ltd." to "Sandbox Royalties Corp." in anticipation of acquiring royalty portfolios from each of Sandstorm Gold Ltd. ("**Sandstorm**") and Equinox Gold Corp. ("**Equinox**"), which closed on June 28, 2022. On June 5, 2024, the Company changed its name from "Sandbox Royalties Corp." to "Versamet Royalties Corporation" in connection with acquiring a royalty portfolio from B2Gold Corp. ("**B2Gold**").

Our head office is located at Suite 3200, 733 Seymour Street, Vancouver, British Columbia V6B 0S6, Canada and our internet address is https://versamet.com. Our telephone number is 778-945-3948. Our principal Canadian legal advisers are Blake, Cassels & Graydon LLP, located at 1133 Melville Street, Suite 3500, Vancouver, British Columbia V6E 4E5, Canada. Our principal United States legal advisors are Cozen O'Connor LLP, located at Bentall 5, 550 Burrard Street, Suite 2501, Vancouver, British Columbia V6C 2B5, Canada.

Unless and to the extent specifically referred to herein, the information on our website shall not be deemed to be incorporated by reference in this Annual Report. The SEC maintains an Internet site that contains reports, proxy and information statements, and other information regarding issuers that file electronically with the SEC at http://www.sec.gov.

**Key Developments**

The following describes the important events in the development of our business, as well as information concerning our principal capital expenditures and divestitures since the beginning of our last three financial years to the date of this Annual Report.

**2023**

**Acquisitions**

On October 31, 2023 (El Pilar) and November 30, 2023 (Blackwater), Versamet acquired additional royalties from Sandstorm on the following two projects:

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| | | | |
|:---|:---|:---|:---|
| **Project** | &nbsp;&nbsp;**NSR Royalty** | &nbsp;&nbsp;**Metal** | **Project Owner** |
| El Pilar | &nbsp;&nbsp;1.0% | &nbsp;&nbsp;Cu | Southern Copper Corp. |
| Blackwater | &nbsp;&nbsp;0.21% | &nbsp;&nbsp;Au, Ag<br> &nbsp;&nbsp;Canada | Artemis Gold Inc. |

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(the "**2023 SSL Acquisitions**").

The aggregate purchase price paid to Sandstorm was $25 million, which was comprised of: (i) a cash payment of $10 million; and (ii) the issuance of 29,557,436 Pre-Split Common Shares at a price of C$0.70 per share. In connection with the El Pilar project acquisition, 1,979,571 of the foregoing Pre-Split Common Shares are held in escrow and will be released to Versamet for cancellation if SCC (as hereinafter defined) has not commenced the sale of mineral products from the project by June 30, 2027. In connection with the 2023 SSL Acquisitions and the transactions noted below, the Company converted $13,767,677.49 (October 31, 2023) and $279,681.98 (November 30, 2023) under a secured convertible non-interest bearing promissory note (the "**Sandstorm Note**") that was issued as part of the consideration for the initial royalties acquired from Sandstorm in June 2022 (initial principal amount equal to $31,436,000 has all subsequently fully converted as described below), by issuing 27,254,101 Pre-Split Common Shares and 542,623 Pre-Split Common Shares, respectively, to Sandstorm at a price of C$0.70 per Common Share.

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On October 31, 2023, Versamet also entered into, together with Regal Resources Royalties Fund ("**Regal**"), an amended and restated gold purchase agreement with Equinox (the "**Greenstone GPA**"), pursuant to which, and after taking into consideration the syndication of 30% of the Greenstone GPA to Regal, Versamet paid $52.5 million (70% of a total $75 million) to Equinox in exchange for monthly deliveries of gold equal to the greater of: (a) 350 gold ounces, and (b) gold ounces equal to 1.26% of the monthly gold production from the Greenstone Mine at a purchase price per ounce of gold equal to 20% of the then prevailing market price (the "**Greenstone Gold Interest**" and together with the 2023 SSL Acquisitions, the "**2023 Acquisitions**"). Monthly gold delivery obligations commenced upon closing of the Greenstone GPA and will continue until a total of 63,000 ounces of gold have been delivered to Versamet. While gold deliveries are calculated based on Greenstone Mine production, gold deliveries can be sourced from production from any of Equinox's operating mines. Under the Greenstone GPA, Equinox retains the option to buy-down deliveries related to up to 75% of the original delivery obligation at the then current spot gold price, subject to a minimum gold price per ounce of $2,000 (the "**Greenstone Buydown Option**").

**2023 Financings**

In connection with funding the 2023 Acquisitions, the Company completed the following financings:

**Regal Investment**

In addition to Regal's syndication of 30% of the Greenstone GPA for $22.5 million, on October 31, 2023, Regal also subscribed for 34,642,500 Pre-Split Common Shares at a price of C$0.70 per Common Share for aggregate gross proceeds of $17,500,000 (based on the Bank of Canada closing exchange rate on October 27, 2023 of C$1.3857 to $1.00).

**Beedie Capital Investment (Convertible Loan and Private Placement)**

On October 31, 2023, Versamet entered into C$22,161,600 ($16 million) secured convertible loan agreement (the "**CLA**") with Beedie Capital. The CLA was denominated in Canadian dollars, had a term of 5 years and a maturity date of October 31, 2028. Interest on the convertible loan consisted of an 8% base interest rate and a 1.5% "paid-in-kind" ("**PIK**") rate, with the PIK rate reducing to 1.0% upon a public listing of the Company. On April 30, 2025, the Company repaid the full amount of the outstanding principal of the CLA, together with all accrued and unpaid interest (including accrued and unpaid PIK Interest) and the Make Whole Fee for an aggregate prepayment amount of $26,084,680.

In addition to the CLA, Beedie Capital also subscribed for 7,918,285 Pre-Split Common Shares at a price of C$0.70 per Common Share for aggregate gross proceeds of $4,000,000 (based on the Bank of Canada closing exchange rate on October 27, 2023 of C$1.3857 to $1.00).

**Revolving Credit Facility Financing**

On October 31, 2023, we entered into a revolving credit facility (the "**Revolving Loan**" or "**Credit Facility**") with the Bank of Montreal ("**BMO**"), as lead arranger, and National Bank of Canada ("**NBF**"), which allowed us to borrow up to $30 million (plus a $15 million accordion feature) and initially expired December 31, 2026, which was extendable by one (1) year at the sole discretion of BMO. On April 30, 2025, we entered into an amending agreement with BMO and NBF to amend and increase the size of the Credit Facility to $60 million (with a $15 million accordion feature) with a maturity date of April 30, 2028. See "*First Amending Agreement to Credit Facility*" for more details. The amounts drawn on the Revolving Loan were subject to interest at the Secured Overnight Financing Rate plus 2.25% to 3.50% per annum, and the undrawn portion of the Revolving Loan is subject to a standby fee of 0.5063%-0.7875% per annum, both of which were dependent on our leverage ratio. Our leverage ratio covenant was less than or equal to 5.00x from and including fiscal quarter ended March 31, 2025 and, less than or equal to 3.50x from and including fiscal quarter ended March 31, 2026. Under the terms of the Revolving Loan, we were also subject to an interest coverage ratio of greater than or equal to 2.00x from and including March 31, 2025 and greater than or equal to 3.00x from March 31, 2026 and minimum liquidity covenant (comprising of the sum of cash, cash equivalents and additional advances available under the Revolving Loan) of greater than or equal to $5.0 million as at the last day of each fiscal quarter. In the event that the Greenstone Buydown Option is exercised, the compensation amount received from Equinox shall be applied as a prepayment of outstanding balances under the Credit Facility, with the continuing Credit Facility commitment being reduced to a maximum limit to be agreed. Note that the Credit Facility was subsequently updated to the Upsized Credit Facility and then to the Second Amended Upsized Credit Facility (as defined below). As of December 31, 2025, the balance drawn on or outstanding under the Upsized Credit Facility (as defined below) was $45 million. The payment and performance of the Company's obligations under the Credit Facility is secured by a first priority security interest in all present and after acquired property of the Company and any material subsidiaries.

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**Existing Investor Rights Agreements**

In connection with acquiring royalty portfolios from each of Sandstorm and Equinox in June 2022, the Company entered into investor rights agreements with each of Equinox ("**Equinox IRA**") and Sandstorm ("**Sandstorm IRA**", and together with Equinox IRA, the "**2022 IRAs**"). The Sandstorm IRA was replaced by the A&R Sandstorm IRA (as defined below), which was terminated on November 17, 2025 concurrently with the completion of the Tether and Lundin Investment (as defined below). The following is a summary of the principal terms of the Equinox IRA. This summary does not purport to be complete and is qualified in its entirety by reference to the Equinox IRA. The term "investor", as such term is used in the summary of the Equinox IRA below, refers to Equinox.

**Board Nomination**

Unless the Equinox IRA is terminated pursuant to its terms, which shall automatically occur on the date the investor's share ownership percentage ceases to be at least 10% for a continuous period of 30 days, the investor shall have the right to designate one investor nominee for election to our Board. If the investor is entitled to nominate a nominee but has not done so, the investor shall be entitled to designate an observer to attend all meetings of our Board.

**Standstill (subsequently expired) and Escrow**

The investor agreed that, during the period commencing on the effective date (June 28, 2022) and ending on the earlier of: (a) the date which is 12 months from the effective date (b) the date on which the investor's ownership percentage ceases to be at least 10%, the investor shall not (subject to certain exceptions), and it shall cause its affiliates not to, in any manner, directly or indirectly, or in concert with any other person: propose or seek to effect any change of control transaction; solicit proxies from shareholders or form, join, support or participate in a group to solicit proxies from shareholders with a view to replacing the members of our Board; or purchase, offer or agree to purchase or negotiate to purchase any securities, or assets of the Company, without the advance written authorization of our Board.

The investor also agreed to comply with and be bound by any escrow requirements imposed by any stock exchange in connection with the closing of a going public transaction.

**Participation and Top-Up Rights**

Subject to certain exceptions, if Versamet proposes to offer or issue any Common Shares or securities convertible or exchangeable into Common Shares, the investor will be entitled to participate in such issuance on a *pro rata* basis. In addition, at any time and from time to time, the investor has a top-up right to maintain its ownership in connection with any security-based compensation arrangement and any other dilutive issuance where the participation right does not apply.

**December 2023 Private Placement**

On December 13, 2023, the Company completed the first tranche of a non-brokered private placement and issued 10,457,141 Pre-Split Common Shares at a price of C$0.70 per Common Share for aggregate gross proceeds of C$7,320,000. On December 22, 2023, the Company completed the second tranche of the non-brokered private placement and issued 1,050,000 Pre-Split Common Shares at a price of C$0.70 per Common Share for aggregate gross proceeds of C$735,000. No finders fees were paid in connection with either tranche of the foregoing.

On December 29, 2023, the Company converted $3,202,094.74 under the Sandstorm Note by issuing 6,040,523 Pre-Split Common Shares to Sandstorm at a price of C$0.70 per Common Share.

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**2024**

**Acquisitions**

On June 5, 2024, we entered into a royalty sale and purchase agreement (the "**B2Gold PA**") with B2Gold, pursuant to which Versamet agreed to acquire the following portfolio of royalties from B2Gold for $89,859,810.78, subject to certain adjustments (the "**B2Gold Transaction**"):

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| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;**Project**<br><BORDER_TOP> | &nbsp;&nbsp;&nbsp;**NSR Royalty**<br><BORDER_TOP> | &nbsp;&nbsp;&nbsp;**Metal**<br><BORDER_TOP> | &nbsp;&nbsp;&nbsp;**Location**<br><BORDER_TOP> | &nbsp;&nbsp;**Project Owner**<br><BORDER_TOP> |
| &nbsp;&nbsp;&nbsp;&nbsp;Kiaka | &nbsp;&nbsp;&nbsp;2.7% net smelter returns ("**NSR**") royalty until 2.5Moz of gold produced; 0.45% NSR royalty on next 1.5Moz. | &nbsp;&nbsp;&nbsp;Au | &nbsp;&nbsp;&nbsp;Burkina Faso | &nbsp;&nbsp;West African Resources Ltd. (85%), Government of Burkina Faso (15%)<br>See "Risk Factors - Risks related potential increased government ownership of the Kiaka Mine" |
| &nbsp;&nbsp;&nbsp;&nbsp;Toega | &nbsp;&nbsp;&nbsp;NSR royalty on first 1.5Moz of gold produced. 2.7% until royalty payments total $22.5 million, and 0.45% thereafter. | &nbsp;&nbsp;&nbsp;Au | &nbsp;&nbsp;&nbsp;Burkina Faso | &nbsp;&nbsp;West African Resources Ltd. (90%), Government of Burkina Faso (10%)<br>See "Risk Factors - Risks related potential increased government ownership of the Kiaka Mine" |
| &nbsp;&nbsp;&nbsp;&nbsp;Primavera | &nbsp;&nbsp;&nbsp;1.5% | &nbsp;&nbsp;&nbsp;Au | &nbsp;&nbsp;&nbsp;Nicaragua | &nbsp;&nbsp;Equinox Gold Corp. |
| &nbsp;&nbsp;&nbsp;&nbsp;Midas | &nbsp;&nbsp;&nbsp;1.0% | &nbsp;&nbsp;&nbsp;Ag, Au | &nbsp;&nbsp;&nbsp;British Columbia | &nbsp;&nbsp;Teuton Resources Corp. |
| &nbsp;&nbsp;&nbsp;&nbsp;Del Norte | &nbsp;&nbsp;&nbsp;1.0% | &nbsp;&nbsp;&nbsp;Ag, Au | &nbsp;&nbsp;&nbsp;British Columbia | &nbsp;&nbsp;Teuton Resources Corp. |
| &nbsp;&nbsp;&nbsp;&nbsp;(Kiaka together with Toega, Primavera, Midas and Del Norte are the "**First Tranche Royalties**") | &nbsp;&nbsp;&nbsp;&nbsp;(Kiaka together with Toega, Primavera, Midas and Del Norte are the "**First Tranche Royalties**") | &nbsp;&nbsp;&nbsp;&nbsp;(Kiaka together with Toega, Primavera, Midas and Del Norte are the "**First Tranche Royalties**") | &nbsp;&nbsp;&nbsp;&nbsp;(Kiaka together with Toega, Primavera, Midas and Del Norte are the "**First Tranche Royalties**") | &nbsp;&nbsp;&nbsp;&nbsp;(Kiaka together with Toega, Primavera, Midas and Del Norte are the "**First Tranche Royalties**") |
| &nbsp;&nbsp;&nbsp;&nbsp;Golden Sidewalk | &nbsp;&nbsp;&nbsp;2.0% | &nbsp;&nbsp;&nbsp;Au | &nbsp;&nbsp;&nbsp;Ontario | &nbsp;&nbsp;Prosper Gold Corp. |
| &nbsp;&nbsp;&nbsp;&nbsp;Mocoa | &nbsp;&nbsp;&nbsp;2.0% | &nbsp;&nbsp;&nbsp;Cu, Mo | &nbsp;&nbsp;&nbsp;Colombia | &nbsp;&nbsp;Copper Giant Resources Corp. |
| &nbsp;&nbsp;&nbsp;&nbsp;(Golden Sidewalk together with Mocoa, are the "**Second Tranche Royalties**") | &nbsp;&nbsp;&nbsp;&nbsp;(Golden Sidewalk together with Mocoa, are the "**Second Tranche Royalties**") | &nbsp;&nbsp;&nbsp;&nbsp;(Golden Sidewalk together with Mocoa, are the "**Second Tranche Royalties**") | &nbsp;&nbsp;&nbsp;&nbsp;(Golden Sidewalk together with Mocoa, are the "**Second Tranche Royalties**") | &nbsp;&nbsp;&nbsp;&nbsp;(Golden Sidewalk together with Mocoa, are the "**Second Tranche Royalties**") |

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Pursuant to the B2Gold PA, B2Gold was, in its sole discretion, able to elect to have all or a portion of the purchase price paid in Common Shares at a price of C$0.80 per Pre-Split Common Share. Concurrent with signing the B2Gold PA, B2Gold elected to receive Common Shares for the First Tranche Royalties and the parties closed the acquisition of the First Tranche Royalties for $71,609,810.78 by the issuance of 122,049,971 Pre-Split Common Shares. On August 13, 2024, B2Gold elected to receive Common Shares for the Second Tranche Royalties and the parties closed the acquisition of the Second Tranche Royalties for $10,250,000 by the issuance of 17,469,844 Pre-Split Common Shares at C$0.80 per Pre-Split Common Share.

In connection with closing the First Tranche Royalties on June 5, 2024, the Company satisfied the entire remaining principal amount of $14,186,545.79 under the Sandstorm Note by issuing 24,179,193 Pre-Split Common Shares to Sandstorm at a price of C$0.80 per Pre-Split Common Share.

On August 13, 2024, B2Gold also subscribed for 12,782,812 Pre-Split Common Shares at a price of C$0.80 per Pre-Split Common Share for total private placement cash proceeds of $7.5 million.

**B2Gold Investor Rights Agreement & Amended and Restated Sandstorm Investor Rights Agreement**

Concurrently with the closing of the first tranche of the B2Gold Transaction, the Company entered into an investor rights agreement with B2Gold ("**B2Gold IRA**") and an amended and restated the Sandstorm IRA ("**A&R Sandstorm IRA**"). The A&R Sandstorm IRA was terminated on November 17, 2025 concurrently with the Tether and Lundin Investment. The following is a summary of the principal terms of the B2Gold IRA. This summary does not purport to be complete and is qualified in its entirety by reference to B2Gold IRA.

**Board Nomination and Observer Rights**

For so long as B2Gold holds at least a 10% ownership interest in the Company (calculated on a non-diluted basis), B2Gold has the right to designate one nominee for election to the Company's Board of Directors. If B2Gold is entitled to nominate a director but does not do so, B2Gold is entitled to designate one observer to attend meetings of the Board and its committees, subject to customary exclusions relating to conflicts of interest, privilege and compliance with applicable law.

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**Standstill**

The B2Gold IRA includes standstill provisions that apply during the period commencing on June 5, 2024 and ending on the earlier of (i) 12 months thereafter and (ii) the date on which B2Gold's ownership interest falls below 10%. During the standstill period, B2Gold is subject to customary restrictions on, among other things, effecting change-of-control transactions, soliciting proxies and increasing its ownership above specified thresholds, subject to customary exceptions.

**Transfer Restrictions**

For so long as B2Gold holds at least a 10% ownership interest in the Company, B2Gold is subject to restrictions on transfers of Common Shares, including prohibitions on transfers to competitors of the Company or to any person that would result in such person becoming a 10% or greater shareholder, subject to customary exceptions. The B2Gold IRA also includes notice and cooperation provisions in connection with proposed transfers and permits certain transfers through bought-deal offerings in specified circumstances.

**Participation Rights**

For so long as B2Gold holds at least a 10% ownership interest on a partially diluted basis, B2Gold is entitled to participate on a pro rata basis in issuances of Common Shares or securities convertible into Common Shares made for the purpose of raising capital, subject to customary exclusions, including issuances under security-based compensation arrangements and other exempt issuances. The participation provisions are structured to permit B2Gold to maintain its ownership interest, including the ability to subscribe for securities to restore its ownership to 10% in certain circumstances.

**Registration Rights**

Provided that B2Gold holds at least a 15% ownership interest in the Company, B2Gold is entitled to piggyback registration rights in connection with registration statement offerings of the Company's securities, other than an initial public offering, subject to customary procedural requirements and cutback provisions.

**Escrow and Termination**

B2Gold agreed to comply with applicable escrow or hold period requirements imposed by any stock exchange or securities regulator. The B2Gold IRA terminates automatically if B2Gold's ownership interest falls below 10% for a continuous period of 30 days, subject to limited exceptions.

**2025**

**Kolpa Copper Stream**

On April 1, 2025, we entered into a copper purchase agreement (the "**Kolpa CPA**") with a Kolpa Canada Ltd. (the "**Stream Seller**"), a wholly owned subsidiary of Endeavour Silver Corp. ("**Endeavour**"). The Kolpa CPA was entered into in connection with Endeavour's pending acquisition of the Huachocolpa Uno Mine in Peru (the "**Kolpa Mine**"). The Kolpa CPA applies to minerals from the Stream Properties (as defined in the Kolpa CPA), which include the Kolpa Mine and to minerals processed through the existing and future mineral processing facilities of the Kolpa Mine, other than future mineral processing facilities with nameplate capacity not less than 15,000 tonnes per day. Subject to the terms and conditions of the Kolpa CPA, at the closing date of the Kolpa CPA, which shall be concurrent with the closing of Endeavour's acquisition of the Kolpa Mine, Versamet will provide Endeavour with $35 million as a prepayment (the "**Deposit**"). Following the closing date of the Kolpa CPA, Versamet agrees to purchase from the Stream Seller the greater of: (i) refined copper equal to 95.8% of produced copper (irrespective of the copper payable under the relevant offtake agreement), and (ii) refined copper equal to 0.03 pounds per pound of produced lead. Once 6,000 tonnes of refined copper have been delivered, Versamet agrees to purchase from the Stream Seller 71.85% of produced copper. Once 10,500 tonnes of refined copper have been delivered, Versamet agrees to purchase from the Stream Seller 47.9% of produced copper. Versamet will purchase LME Warrants (as defined in the Kolpa CPA) from the Stream Seller at a purchase price (the "**Copper Purchase Price**") equal to the spot price of refined copper for each metric tonne delivered. Until the Deposit has been reduced to zero, the Copper Purchase Price will be paid in two parts: (i) 10% of the spot price of refined copper payable in cash (the "**Ongoing Copper Payment**"); and (ii) 90% of the spot price of refined copper which would be paid by a reduction of the Deposit. After the Deposit has been reduced to zero, Versamet will purchase refined copper for a purchase price equal to the Ongoing Copper Payment for each metric tonne of copper delivered.

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The Kolpa CPA provides for a right of first refusal in favour of Versamet with respect to the sale or transfer of any royalty, stream or similar interests in respect of minerals from the Stream Properties. The Kolpa CPA would be secured by an equity pledge of the Stream Seller in the Kolpa Mine owner, which Versamet would agree to subordinate in favor of future financiers of the Stream Properties. The Kolpa CPA includes customary stream survival terms in favour of Versamet. The Kolpa CPA also provides Versamet with a right to purchase an additional stream interest equivalent to up to 2.2% of the total revenue in future discoveries of mineral deposits at the Kolpa Mine that are processed through a new mineral processing facility with nameplate capacity of not less than 15,000 tonnes per day. If Versamet does not exercise this right, minerals processed through the new facility are not subject to the Kolpa CPA.

On May 1, 2025, Endeavour's acquisition of the Kolpa Mine and the Kolpa CPA closed. We paid the Deposit with funds from our Credit Facility, as amended.

*First Amending Agreement to Credit Facility*

In connection with the closing of Kolpa CPA, Versamet entered into an amending agreement with BMO and NBF to amend and increase the size of the Credit Facility to $60 million with a $15 million accordion feature. The new Credit Facility included an updated maturity date of April 30, 2028 and an approximate 25 basis point reduction to the drawn interest spread. Note that the Credit Facility was subsequently updated to the Upsized Credit Facility and then to the Second Amended Upsized Credit Facility (as defined below).

*Prepayment of CLA*

On April 30, 2025, the Company repaid the full amount of the outstanding principal of the CLA, together with all accrued and unpaid interest (including accrued and unpaid PIK Interest) and the Make Whole Fee for an aggregate prepayment amount of C$26,084,680. Subsequently the CLA was fully repaid and terminated in accordance with its terms.

*Other*

On September 12, 2025 we completed a consolidation, or a reverse stock split, of our issued and outstanding Common Shares on the basis of one (1) new Common Share for five (5) old Common Shares.

**Rosh Pinah Stream and Santa Rita Royalty**

On September 24, 2025 we closed a transaction with funds advised by Appian Capital Advisory LLP (collectively "**Appian**") to acquire a 90% silver stream on the Rosh Pinah Mine in Namibia (the "**Rosh Pinah Stream**") and a 2.75% net smelter return royalty ("**Santa Rita Royalty**") on the Santa Rita nickel-copper mine in Brazil (the "**Santa Rita Mine**") for up-front cash consideration of $125 million and contingent consideration of up to $45 million upon certain milestones being achieved at the Santa Rita Mine. We funded the Rosh Pinah Stream and Santa Rita Royalty transactions through an amended and expanded $180 million credit facility from the Bank of Montreal (**"BMO"**) and National Bank of Canada (**"NBC"**) (the "**Upsized Credit Facility**"). The Upsized Credit Facility was comprised of an upsized $100 million revolving credit facility maturing in April 2028, and a new $80 million term loan which was to be repaid in quarterly installments of $7.5 million commencing on March 31, 2026, with a final bullet payment at maturity on March 31, 2028. The Upsized Credit Facility was replaced with the Upsized RCF in March 2026 and then the Second Amended Upsized Credit Facility in April 2026, as discussed below.

Under the Rosh Pinah Stream agreement (the "**RP Stream Agreement**"), we are entitled to receive refined silver equal to 90% of payable silver from the Rosh Pinah Zinc mine. After a total of 3,100,000 ounces of silver have been delivered under the RP Stream Agreement, we will be entitled to receive 45% of payable silver for the remaining life of the mine. We will pay 10% of the spot silver price for each ounce delivered to the Rosh Pinah Stream. For an initial period, payable silver will be based on the production of recovered zinc from the mine (the "**Production Index**") as follows: 4,000 ounces of payable silver per million pounds of recovered zinc until the delivery of 250,000 silver ounces to the Rosh Pinah Stream; and 2,850 ounces of payable silver per million pounds of recovered zinc thereafter. The Production Index will terminate on the earlier of i) 1,350,000 ounces of silver delivered to the Rosh Pinah Stream, or ii) December 31, 2028. After the termination of the Production Index, payable silver will be based on actual payable sliver production from the Rosh Pinah Zinc mine.

The Santa Rita Royalty is an uncapped, life of mine royalty that covers 100% of the open pit and underground deposits, as well as the entirety of the operator's current land holdings in the area, representing an area of over 40,000 hectares.

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**Tether and Lundin Investment**

On November 17, 2025, Tether Investments S.A. de C.V. ("**Tether**"), and the Lundin Family Trusts ("**Lundin**"), through its affiliate NEMESIA S.à R.L. ("**Nemesia**"), became new shareholders of Versamet. Tether acquired 11,827,273 Common Shares and Lundin acquired 11,827,272 Common Shares, each representing approximately 12.7% of our issued and outstanding Common Shares (the "**Tether and Lundin Investment**"). Of these Common Shares, 21,289,091 were transferred within the Escrow Agreement. Tether and Lundin acted independently in their respective acquisitions.

The Common Shares acquired by Tether and Lundin were purchased from Royal Gold, Inc. ("**Royal Gold**"), which sold its entire holding of 23,654,545 Common Shares. Royal Gold had acquired these Common Shares through its acquisition of Sandstorm in October 2025, as a result of which Royal Gold became the indirect holder of Sandstorm's historical equity position in Versamet.

In connection with Royal Gold's sale of such Common Shares, the A&R Sandstorm IRA was terminated and not assigned. Instead, we entered into separate, standalone investor rights agreements with each of Tether (the "**Tether IRA**") and Nemesia (the "**Nemesia IRA**" and together with the Tether IRA, the "**2025 IRAs**"), each on substantially the same terms as the A&R Sandstorm IRA.

The following is a summary of the principal terms of the 2025 IRAs. This summary does not purport to be complete and is qualified in its entirety by reference to the 2025 IRAs. The term "investor", as such term is used in the summary of the 2025 IRAs below, refers to Tether and Lundin, as applicable.

**Board Nomination**

Unless the 2025 IRAs are terminated pursuant to their terms, which shall automatically occur on the date the investor's share ownership percentage ceases to be at least 10% for a continuous period of 30 days, the investor shall have the right to designate one investor nominee for election to our Board. If the investor is entitled to nominate a nominee but has not done so, the investor shall be entitled to designate an observer to attend all meetings of our Board.

**Escrow Agreement**

The investor also agreed to comply with and be bound by any escrow requirements imposed by any stock exchange in connection with the closing of a going public transaction. In connection therewith, each of Tether and Nemesia agreed to be bound by the Escrow Agreement.

**Participation and Top-Up Rights**

Subject to certain exceptions, if Versamet proposes to offer or issue any Common Shares or securities convertible or exchangeable into Common Shares, the investor will be entitled to participate in such issuance on a pro rata basis. In addition, at any time and from time to time, the investor has a top-up right to maintain its ownership in connection with any security-based compensation arrangement and any other dilutive issuance where the participation right does not apply.

**Piggyback Registration Rights**

Provided the investor holds at least a 15% ownership of Versamet and subject to standard procedural matters, the investor has piggyback registration rights on prospectus offerings of our securities, except for fully underwritten offerings on a bought deal basis pursuant to which an underwriter has committed to purchase our securities pursuant to a "bought deal" letter prior to the filing of a prospectus or a prospectus supplement or a distribution pursuant to an overnight marketed offering.

On February 11, 2026, Nemesia sold 2,483,571 Common Shares and reduced its holdings in Versamet to 9,343,701 Common Shares, or approximately 8.85% of the then issued and outstanding Common Shares of Versamet, resulting in Nemesia ceasing to be an insider of Versamet. The Nemesia IRA has since been terminated.

*Other*

On December 10, 2025, the Company graduated to the TSX.

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**2026**

**Equity Financings**

On February 9, 2026, Versamet closed a bought deal public offering of 10,300,000 Common Shares, including a partial exercise of the over-allotment option, at a price of C$13.75 per Common Share for gross proceeds of approximately C$141.6 million pursuant to an underwriting agreement among several underwriters and Versamet. In connection with the offering, the Company also completed a concurrent private placement with Tether Investments S.A. de C.V. pursuant to its participation rights, issuing 1,575,712 Common Shares at C$13.75 per Common Share for gross proceeds of approximately C$21.7 million. Aggregate gross proceeds from the transactions were approximately C$163.3 million. The Company used the majority of the net proceeds to pay down the Upsized Credit Facility.

Other

On March 6, 2026, the Company listed on Nasdaq.

**Upsized Revolving Credit Facility**

On March 4, 2026, the Company amended the Upsized Credit Facility agreement to upsize the revolving credit facility to $200 million with a $25 million accordion feature (the "**Upsized RCF**") and retire the term loan, which was fully repaid on completing the amendment. The interest rates and standby fees on the Upsized RCF remained unchanged from the Upsized Credit Facility. The Upsized RCF matured on March 4, 2029.

**Eskay Stream**

On April 10, 2026, we completed the acquisition of an existing 3.52% gold stream on payable gold production from the Eskay Creek gold-silver project in British Columbia, Canada from fund entities managed by Orion Resource Partners LP and fund entities managed by affiliates of Blackstone Inc. We paid upfront consideration consisting of $340 million in cash and 2,054,906 Common Shares. Under the Eskay Creek gold stream, we are entitled to receive 3.52% of payable gold production for the life of the mine, provided that certain completion tests are satisfied on or before September 30, 2027. The stream is uncapped, has no step-downs or buydown provisions and includes an area of interest. For gold ounces delivered under the stream, we are required to make ongoing cash payments equal to 10% of the spot gold price at the time of delivery. If the completion tests are not satisfied by September 30, 2027, the stream percentage increases in accordance with the terms of the stream agreement. In connection with the acquisition, we amended and restated the Upsized Credit Facility to provide for aggregate availability of $400 million from the BMO and NBC, comprised of a $250 million revolving credit facility maturing in March 2029 and a new $150 million term facility maturing in March 2028. The amended facility also provides for a $100 million accordion on the revolving facility once the term facility has been repaid in full. We used the amended facility to fund the cash portion of the purchase price for the Eskay Creek gold stream.

**B.** **Business Overview**

Versamet is a precious metals-focused royalty and streaming company that acquires and manages royalties, streams and similar interests on mineral properties globally. Versamet provides capital in exchange for exposure to metal production or revenue through royalties, streams and similar interests. The Company generates cash flow from its producing assets and offers exposure to commodity prices, mine life extensions, expansions, operational improvements and exploration success, without direct exposure to operating or capital costs.

Versamet's portfolio is primarily weighted to gold and silver, with additional exposure to other metals selectively to enhance portfolio diversification. The Company holds a portfolio of assets across producing, development and exploration stages. The Company generates revenue primarily from the sale of metals acquired under streaming agreements and royalty payments based on production or revenue from underlying mining operations.

Versamet does not operate mining properties and is not responsible for development, construction or operations. The Company relies on the owners and operators of underlying assets and generally has limited access to those properties.

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**Metals Royalty and Streaming Model**

Versamet's strategy is to grow long-term per share value through a dual-track approach focused on portfolio growth through acquisitions and the continued development of its capital markets profile.

*Acquisition Strategy*

The Company has built and continues to grow a portfolio that is primarily focused on precious metals, with emphasis on gold and silver. The portfolio is anchored by a diversified base of long-life, cash-flowing assets and is complemented by near-term development projects and longer-term growth opportunities. The portfolio is well diversified by asset, country, operator, commodity and stage of development.

Versamet's acquisition strategy prioritizes producing assets and assets with a defined path to production, while also seeking exposure to assets with potential for expansion, mine life extension and exploration upside. Versamet prioritizes assets operated by established counterparties in mining-friendly jurisdictions. The Company evaluates opportunities across multiple transaction types and styles, including creation of new streams and/or royalties which may support new mine builds, expansions, and/or acquisitions; and acquisitions of third-party royalty portfolios. Versamet considers factors and criteria including asset quality and geology; operator experience; jurisdiction; production profile and mine life; and expected returns relative to risk. Versamet maintains an active pipeline of opportunities and deploys capital based on its investment criteria.

*Capital Markets Strategy*

In parallel, Versamet seeks to maintain and enhance trading liquidity, support research analyst coverage, broaden its shareholder base, and maintain or enhance access to capital including internally generated cash flow.

*Competitive Strengths*

Versamet operates in a competitive market for royalty and streaming transactions alongside established royalty companies, mining companies and financial investors.

The Company's competitive strengths include a management team with experience in royalty, mining and capital markets; the ability to execute transactions of varying sizes and styles, including bespoke or structured opportunities; flexibility and expertise in structuring streams, royalties and related instruments; relationships with operators, financial sponsors and capital providers; a successful track record of capital allocation and generating strong risk-adjusted returns; and strong insider ownership and participation by supportive strategic shareholders.

**Our Portfolio**

As of December 31, 2025, our portfolio includes over 25 assets is underpinned by a stable base of revenue generating assets including our Greenstone, Kiaka, Mercedes, Blackwater, Kolpa, Santa Rita, and Rosh Pinah assets, complemented by assets that are expected to contribute to our revenue stream in the near term such as our Toega asset. Our portfolio has been designed to grow organically over time through exposure to potential mine life extensions, exploration success, new mine builds, and throughput expansions.

Our portfolio contains optionality via large-scale projects with several mines or projects being advanced by large-scale mining operators including Skeena Resources Limited ("**Skeena**"), Equinox, WAF, Artemis Gold Inc. ("**Artemis**"), Glencore Canada Corporation ("**Glencore**"), HudBay Minerals Inc. ("**HudBay**") and Southern Copper Corp. ("**SCC**").

Our commodity mix is primarily weighted to gold and silver with modest exposure to copper and other metals. We expect to continue to prioritize precious metals, particularly gold and silver, as the portfolio grows. Our portfolio is also well diversified from a geographical perspective with assets in over 10 different countries on six different continents.

**Asset Classification by Business Stage**

We classify our assets by business stage in addition to SK-1300 project stage, as many of the Company's underlying assets are classified as exploration stage under Regulation S-K Subpart 1300 solely because they are owned and operated by non-U.S. issuers that have not published Mineral Resources or reserves in accordance with SK-1300. The business stage classifications are used as non-technical, portfolio-level descriptors of asset revenue status and anticipated timing of potential cash flow.

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For our business stage classification, we have three stages: cash flowing, near-term development, and long-term development. Properties in the cash flowing stage include properties that are producing minerals or metals and are currently contributing to Versamet's revenue stream. We consider a property to be in the near-term development stage if it has completed SK-1300 compliant and non SK-1300 compliant feasibility or pre-feasibility development studies, completed or well-advanced permitting, completed or well-advanced construction financing and where the operator has disclosed a a specific timeline to begin construction, has begun construction, has been approved for construction, or is expected to be approved for construction imminently, or is otherwise expected to contribute to Versamet's revenue stream within approximately 2-3 years. Our classification of properties in the long-term development stage includes projects which range from the late stages of pre-construction development to the early stages of grassroots exploration, and which are not expected to contribute to Versamet's revenue stream within the near-term.

The following table summarizes key information with respect to select assets in our portfolio, some assets of which are described in further detail below:

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **PROJECT** | **TERMS** | **METAL** | **LOCATION** | **PROJECTOWNER** | **BUSINESSSTAGE** | **SK1300PROJECT STAGE** |
| **Greenstone** | 1.26% Stream <sup>1</sup> | Au | Canada | Equinox Gold Corp. | Cash Flowing | Exploration |
| **Kiaka** | 2.7% NSR <sup>2</sup> | Au | Burkina Faso | West African Resources Limited | Cash Flowing | Exploration |
| **Mercedes** | 2.0% NSR | Au, Ag | Mexico | Bear Creek Mining Corp | Cash Flowing | Exploration |
| **Kolpa** | 95.8% Stream <sup>3</sup> | Cu | Peru | Endeavour Silver Corp. | Cash Flowing | Exploration |
| **Blackwater** | 0.21% NSR <sup>4</sup> | Au | Canada | Artemis Gold Inc. | Cash Flowing | Exploration |
| **Santa Rita** | 2.75 NSR | Ni, Cu | Brazil | Appian Capital Advisory LLP | Cash Flowing | Exploration |
| **Cuiú Cuiú** | 1.5% NSR | Au | Brazil | Cabral Gold Inc | Cash Flowing | Exploration |
| **Rosh Pinah** | 90% Stream <sup>5</sup> | Ag | Namibia | Appian Capital Advisory LLP | Cash Flowing | Exploration |
| **Eskay Creek** | 3.52% Gold Stream<sup>6</sup> | Au | Canada | Skeena Resources Limited | Near-Term Development | Exploration |
| **El Pilar** | 1.0% GRR <sup>7</sup> | Cu | Mexico | Southern Copper Corp. | Near-Term Development | Exploration |
| **Pilar** | 1.0% NSR | Au | Brazil | Pilar Gold Inc | Near-Term Development | Exploration |
| **Toega** | 2.7% NSR <sup>8</sup> | Au | Burkina Faso | West African Resources Limited | Near-Term Development | Exploration |
| **Vittangi** | 1.0% NSR | Graphite | Sweden | Talga Group Ltd. | Near-Term Development | Exploration |
| **Converse** | 1.0% NSR | Au | USA | Axcap Ventures Inc. | Long-Term Development | Exploration |
| **Hackett River** | 2.0% NSR | Zn, Ag, Cu, Pb, Au | Canada | Glencore Canada Corp | Long-Term Development | Exploration |
| **Mason** | 0.4% NSR | Cu, Au, Mo, Ag | USA | Hudbay Minerals Inc. | Long-Term Development | Exploration |
| **Prairie Creek** | 1.2% NSR | Zn, Pb, Ag | Canada | NorZinc Ltd | Long-Term Development | Exploration |
| **Adi Dairo** | 1.0% NSR | Cu, Zn, Au | Ethiopia | Sun Peak Metals Corp | Long-Term Development | Exploration |
| **Ajax** | 1.5% NSR | Cu, Au, Ag | Canada | KGHM / Abacus Mining & Exploration Co | Long-Term Development | Exploration |
| **Bobosso** | 1.0% NSR | Au | Cote d'Ivoire | Montage Gold Corp | Long-Term Development | Exploration |
| **Del Norte** | 1.0% NSR | Au, Ag | Canada | Teuton Resources Corp. | Long-Term Development | Exploration |
| **Golden Sidewalk** | 2.0% NSR | Au | Canada | Prosper Gold Corp. | Long-Term Development | Exploration |
| **Midas** | 1.0% NSR | Au, Ag | Canada | Teuton Resources | Long-Term Development | Exploration |
| **Mocoa** | 2.0% NSR | Cu, Mo | Colombia | Copper Giant Resources Corp. | Long-Term Development | Exploration |
| **Nefasit** | 1.0% NSR | Cu, Zn, Au | Ethiopia | Sun Peak Metals Corp. | Long-Term Development | Exploration |
| **Pacaska** | 0.5% NSR | Au, Cu | Peru | Copper Standard Resources Inc. | Long-Term Development | Exploration |
| **Primavera** | 1.5% NSR | Au, Cu | Nicaragua | Equinox Gold Corp. | Long-Term Development | Exploration |
| **Wiluna** | 2.0% NSR | Uranium | Australia | Toro Energy Ltd | Long-Term Development | Exploration |
| **Zuun Mod** | 1.5% NSR | Mo, Cu | Mongolia | Erdene Resource Development Corp | Long-Term Development | Exploration |

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<sup>1</sup> Greater of i) 1.26% of monthly production at Greenstone Mine (100%), or ii) 350 koz Au, until 63,000 ounces Au have been delivered; gold deliveries subject to per-ounce payments equal to 20% of the prevailing spot gold price at time of delivery

<sup>2</sup> 2.7% NSR royalty (100% basis) until 2.5 Moz Au produced; 0.45% NSR royalty on the next 1.5 Moz Au

<sup>3</sup> Greater of i) 95.8% of produced copper and ii) 0.03 tonnes of copper per tonne of produced lead until 6,000 tonnes of copper delivered; 71.85% of produced copper until 10,500 tonnes of copper delivered; 47.9% of produced copper thereafter; copper deliveries subject to payments equal to 10% of spot price

<sup>4</sup> 0.21% net smelter returns royalty applicable to approximately 35–50% of production (Versamet management estimate)

<sup>5</sup> Stream decreases to 45% after 3.1 million ounces of silver have been delivered to the stream

<sup>6</sup> If completion tests are not satisfied by September 30, 2027, the attributable gold stream percentage will increase incrementally to 3.57%, 3.62% and 3.67% if completion is achieved in the first, second or third calendar quarters following that date, respectively, and will increase by a further 0.13% per quarter thereafter until the completion tests are satisfied

<sup>7</sup> 1.0% gross revenue royalty excludes first 85 Mlbs of payable copper production

<sup>8</sup> 2.7% NSR royalty (100% basis) until royalty payments total $22.5 million; 0.45% NSR royalty thereafter until 1.5 Moz produced

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The business stage classifications presented by the Company in this Annual Report and in the Company's financial statements differ from the classifications under Regulation S-K Subpart 1300 because the financial statements are prepared in Canada and the projects are owned and operated by non-U.S issuers which apply a different framework for categorizing mineral project stages. The project categorizations used in this Annual Report disclosure (such as "cash flowing", "near term development" and "long term development") are not mineral property classifications defined under Regulation S-K Subpart 1300 and are used solely as non-technical, portfolio-level descriptors of royalty revenue status and anticipated timing of potential cash flow. Many of the Company's underlying royalty assets are classified as exploration stage under SK-1300 because they are owned and operated by non-U.S. issuers that have not published SK-1300-compliant mineral resources or reserves, which results in those properties being categorized as exploration stage for U.S. reporting purposes irrespective of their operating or development status.

**Eskay Creek Mine, British Columbia, Canada**

One of Versamet's flagship assets is a gold stream on the Eskay Creek gold-silver project, which is 100% owned by Skeena and located in British Columbia, Canada (the "**Eskay Creek Mine**" or "**Eskay Creek**"). The Eskay Creek Gold Stream entitles Versamet to receive 3.52% of payable gold production for the life of mine, subject to the satisfaction of certain completion tests on or before September 30, 2027. The Eskay Creek Gold Stream is uncapped, has no step-downs or buydown provisions and includes an area of interest. For gold ounces delivered under the Eskay Creek Gold Stream, Versamet will make ongoing cash payments equal to 10% of the spot gold price at the time of delivery. Construction of the Eskay Creek Mine is underway, with first production expected in the second quarter of 2027. See "Material Properties" for more information about the Eskay Creek Mine.

**Greenstone Mine, Ontario, Canada**

One of Versamet's flagship assets is the Greenstone Gold Interest on the Greenstone Mine which is owned 100% by Equinox (the "**Greenstone Mine**" or "**Greenstone**"). The Greenstone GPA entitles Versamet to monthly deliveries of gold equal to the greater of: (a) 350 gold ounces, and (b) gold ounces equal to 1.26% of the monthly gold production from the Greenstone Mine at a purchase price per ounce of gold equal to 20% of the then prevailing market price, until a maximum of 63,000 ounces have been delivered under the agreement. The delivery obligation commenced in November 2023. The gold deliverable under the Greenstone Gold Interest may be sourced from any of Equinox's operating mines. Under the Greenstone GPA, Equinox retains the Greenstone Buydown Option that gives Equinox the option to buy-down deliveries related to up to 75% of the original delivery obligation at the then current spot gold price, subject to a minimum gold price per ounce of $2,000. See "*Material Properties*" for more information.

**Kiaka Project, Burkina Faso**

Versamet holds a NSR royalty on the Kiaka project ("**Kiaka**" or "**Kiaka Mine**"), owned by WAF (85%) and the government of Burkina Faso (15%). Under the terms of the royalty agreement, WAF pays to Versamet 2.7% of all gold produced from Kiaka (100% basis) until 2,500,000 ounces of gold have been produced and 0.45% on the next 1,500,000 ounces of gold production. See "*Material Properties*" for more information about the Kiaka Mine.

**Foreign Operations/Interests**

Versamet holds royalty interests in respect of mines and properties located outside of the jurisdiction of its incorporation, as well as outside of the United States. Foreign operations can be subject to regulation (and changes thereto) in those jurisdictions with respect to land tenure, productions, export controls, taxation, environmental legislation, land and water use, local indigenous people's interests, mine safety, and expropriation of property. Any changes in legislation or regulation are beyond Versamet's control. See "*Risk Factors — Risks Related to Mining Operations — Certain operators are subject to risks relating to foreign jurisdictions and developing economies, which could negatively impact Versamet*".

**Principal Markets**

Versamet is a royalty and streaming company focused on the mining industry, with a diversified portfolio of royalty, stream, and other mineral interest agreements spanning multiple jurisdictions globally. Our portfolio includes royalty and streaming interests in North America, South America, Africa, Asia and Australia, with key assets located in countries such as Canada, Mexico, Burkina Faso, Brazil, Namibia, Sweden, and others. These jurisdictions represent the principal markets in which we conduct our business activities. Our portfolio is diversified by commodity exposure, including gold, silver, copper, and other base and precious metals.

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As of the date hereof, our revenue has primarily been generated from royalty and streaming interests in producing properties located in Canada, Burkina Faso, Brazil, Namibia, Mexico, and Peru, being Greenstone, Kiaka, Santa Rita, Rosh Pinah, Mercedes, and Kolpa. In addition to these current revenue streams, several other properties in our portfolio, including assets in Canada, Burkina Faso, Brazil, Mexico, and Sweden, have recently started or are nearing the cash flow stage as their operators advance development and production activities.

See "*Investment Highlights - Cash flowing, gold-copper centric portfolio with large-scale optionality*" for a more detailed breakdown of total revenues.

**Regulation**

Operators of the mines that are subject to our royalty and streaming interests must comply with numerous environmental, mine safety, land use, waste disposal, remediation and public health laws and regulations promulgated by federal, state, provincial and local governments in the United States, Mexico, Brazil, Canada, Colombia, Burkina Faso, Sweden, Ethiopia, Cote d'Ivoire, Namibia, Nicaragua, Mongolia, and Peru where we hold royalty and streaming interests. Although we, as a royalty and streaming owner, are not responsible for ensuring compliance with these laws and regulations, failure by the operators to comply with applicable laws, regulations and permits can result in injunctive action, orders to suspend or cease operations, damages, and civil and criminal penalties on the operators, which could have a material adverse effect on our results of operations and financial condition.

**C.** **Organizational Structure**

We have no subsidiaries.

**D.** **Property, Plants and Equipment**

As we are not the operator and generally not the owner of the properties underlying our royalty and streaming interests, we have limited or no access to related exploration, development or operational data or to the properties underlying our royalty and streaming interests. As such, the disclosure herein is based on information publicly disclosed by the owners and operators of such properties. Although we do not have any knowledge that such information may be inaccurate, there can be no assurance that such third-party information is complete or accurate.

For the purposes of SK1300, we currently consider our interests on the Eskay Creek Mine, the Greenstone Mine, and the Kiaka Mine to be our only material properties. This assessment of materiality is not the same as the materiality standards set out in NI 43-101, or those applied by the Canadian Securities Administrators. As a result, the information contained in this Annual Report may not be directly comparable to disclosures that we make under Canadian reporting requirements, specifically as it pertains to the determination of our material properties.

As of December 31, 2025, we had capitalized mineral property interests of approximately $402 million, of which approximately $141 million (or 35%) related to the material properties for purposes of SK1300 with the remaining approximately $261 million attributable to other mineral property interests. Our determination of material mineral properties for purposes of SK1300 emphasizes expected current and near-term royalty and streaming cash flows and asset value contribution, together with qualitative considerations such as development stage, expected duration of cash flows and strategic significance, rather than historical capitalized cost alone.

SK1300 requires a registrant that has mining operations to, among other things: (i) obtain a dated and signed "technical report summary" from a qualified person with respect to each material mining property; and (ii) file such technical report summary as an exhibit to the relevant registration statement or other prescribed filing with the SEC. Because our assets are comprised of royalty and similar interests, for the purposes of this Annual Report, we have relied on Item 1302(b)(3)(ii) of SK1300 and have not obtained or filed a technical report summary as: (i) obtaining such report would result in an unreasonable burden or expense; and (ii) we requested such technical report summary from the operators of the projects underlying our material royalty interests and were denied the request.

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**Geographic Location of Interests**

The following map sets forth the geographic locations of our royalty and streaming interests as of the date hereof:

![Graphic](tmb-20251231x20f007.jpg)

**SUMMARY DISCLOSURE**

The table below classifies projects based upon the definitions set forth in SK1300, utilizing the following classifications:

● **Production Stage Property** - is a property with material extraction of Mineral Reserves disclosed pursuant to SK1300.

● **Development Stage Propert** y - is a property that has Mineral Reserves disclosed pursuant to SK1300, but no material extraction.

● **Exploration Stage Property** - is a property that has no Mineral Reserves disclosed compliant with SK1300.

**Readers are advised that the SK1300 classifications used herein may not be comparable to those utilized by issuers under applicable Canadian and other international requirements or those used in our disclosures prepared under applicable Canadian securities laws or under other international jurisdictions, such as JORC.**

Many of the Company's underlying assets are classified as exploration stage under Regulation S-K Subpart 1300 because they are owned and operated by non-U.S. issuers that have not published mineral resources or reserves in accordance with SK-1300.

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**Access to Information**

As a royalty and streaming company, Versamet does not operate the underlying properties in which it holds interests and does not maintain operator-level permitting, mineral tenure, or claim-by-claim compliance schedules. The Company's investment decisions and impairment assessments are based on publicly disclosed operator information, contractual reporting once a project is operating, project-level technical and economic disclosures, and other indicators of economic viability. While the Company conducts extensive technical, legal, and jurisdictional diligence at the time of acquiring significant interests, it does not independently track detailed permitting or mineral tenure compliance on an ongoing basis, as these matters are managed by the project operators.

Accordingly, Versamet does not have access to information beyond what is publicly disclosed by operators or provided to the Company for purposes of calculating royalty or stream payments. Information that is generally not available to the Company includes detailed operational data, internal technical reports and estimates, drill hole and assay databases, permitting correspondence, operator-prepared mineral resource or Mineral Reserve estimates prepared in accordance with Subpart 1300 of Regulation S-K, detailed cost reporting, and project-specific production forecasts.

The summary property disclosures included herein are provided in accordance with Item 1303(a)(3) of Regulation S-K, which permits a registrant holding a royalty, stream, or similar interest to omit certain information otherwise required where such information is not reasonably accessible without incurring an unreasonable burden or expense, provided the registrant identifies the omitted information and includes all information that it does possess or can reasonably obtain.

With respect to the summary table below, Versamet generally does not have access to detailed information regarding mineral tenure arrangements, acreage, or specific permitting conditions applicable to the underlying projects, as such information is maintained by the project operators. Except in limited cases where such information is publicly available or contractually provided to the Company, obtaining this information would require operator cooperation and would impose an unreasonable burden. See "Material Properties" below for additional information regarding the Greenstone Mine and the Kiaka Mine.

Accordingly, the following table presents summary information regarding Versamet's portfolio of royalty and streaming interests that is available to the Company:

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Project<br>Name and<br>Metals  | Operator and<br>Jurisdiction of<br>Property | Interest | SK1300<br>Project<br>Stage | Mine Types<br>and Mineralization<br>Styles  | Process Plant<br>and<br>other available<br>facilities | Property<br>Status |
| Eskay Creek<br>(Au) | Skeena Resources Limited<br>(Canada) | 3.52% <br>Stream | Exploration<br>Stage | Open pit mine project, mining a high-grade, precious metals-rich epithermal volcanogenic massive sulphide deposit. | Dedicated gold and silver processing plant under construction | Under construction, 49% complete as of March 31, 2026. All major construction and operational permits are in place, no specific permit expiry dates. |
| Greenstone (Au) | Equinox Gold Corp. <br>(Canada)<sup>1</sup> | 1.26% Stream | Exploration Stage | Open pit mine, mesothermal deposit, mineralization in quartz-iron carbonate veins, irregular masses of gold-bearing pyrite and arsenopyrite in iron formations, feldspar rich porphyry and thin, irregular veinlets of iron sulphide. | Dedicated gold processing plant | Operating since May 2024. Key mining and environmental permits are in force. Permit amendments may be required as mine plans and operations evolve; no specific permit expiry dates have been publicly disclosed. |
| Kiaka (Au) | West African Resources Limited <br>(Burkina Faso) | 2.7% NSR<sup>2</sup> | Exploration Stage | Open pit mine, mineralization in disseminated and vein styles. | Dedicated gold processing plant | Operating since June 2025. The primary mining license is valid until 2036, with five-year renewal options thereafter. |
| Mercedes (Au, Ag) | Bear Creek Mining Corp. <br>(Mexico) | 2.0% NSR | Exploration Stage | Underground mine, epithermal deposit, mineralization in zones of veins, stockwork and breccias. | Dedicated gold and silver processing plant | Operating since 2011. Multiple mining and operating licenses are in place, with reported expiry dates ranging from 2033 to 2052. Ongoing operations are subject to routine renewals and amendments. |

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Project<br>Name and<br>Metals  | Operator and<br>Jurisdiction of<br>Property | Interest | SK1300<br>Project<br>Stage | Mine Types<br>and Mineralization<br>Styles  | Process Plant<br>and<br>other available<br>facilities | Property<br>Status |
| Kolpa (Cu) | Endeavour Silver Corp. <br>(Peru)<sup>3</sup> | 95.8% Stream | Exploration Stage | Underground and open pit mine, epithermal deposit, mineralization in multiple veins comprised of pyrite, sphalerite, galena, argentiferous galena, chalcopyrite and gray coppers. | Dedicated polymetallic processing plant | Operating for over 25 years. Mining and operating permits are in force. |
| Blackwater (Au) | Artemis Gold Inc. (Canada) | 0.21% NSR<sup>4</sup> | Exploration Stage | Open pit mine, epithermal deposit, mineralization in stockwork-veined and disseminated sulphides. | Dedicated gold processing plant | Operating since January 2025. Key mining and environmental permits are in force. Permit amendments may be required as operations and mine plans are modified over time. |
| Toega (Au) | West African Resources Limited<br>(Burkina Faso)<sup>5</sup> | 2.7% NSR | Exploration Stage | Mineralization in sulphide, quartz veins, planned as an open pit mine. | Satellite deposit to Sanbrado, which has dedicated gold processing plant | Construction activities underway since early 2025, with first ore expected in Q1 2026. Mining license expiry in 2032 with 5-year renewals afterwards. |
| Rosh Pinah (Ag, Zn, Pb) | Appian Capital Advisory (Namibia) | 90%<br>Stream | Exploration Stage | Underground mine, sedimentary exhalative, volcanogenic massive sulphide deposit | Dedicated processing plant | Operating for over 55 years. Key mining licenses are in force with a reported expiry in 2035, subject to renewal. A major expansion project is underway, expected to be completed in H2 2026. |
| Santa Rita (Ni, Cu, Co, PGMs) | Appian (Brazil) | 2.75%<br>NSR | Exploration Stage | Open pit mine with potential UG mine life extension. Magmatic nickel sulphide deposit. | Dedicated processing plant | Operating since 2019 as an open pit mine. Existing permits support current operations. A potential transition to large-scale underground mining is under technical evaluation and would require additional permits, regulatory approvals, an investment decision and construction. |
| Vittangi (Graphite) | Talga Group Ltd. (Sweden) | 1.0% NSR | Exploration Stage | Mineralization in sub-vertical, lithologically continuous units of fine-grained graphite, planned as an open pit mine. | None, requires construction | Pre-construction stage. Major environmental and mining permits have been granted and key regulatory milestones cleared. The project is advancing engineering and offtake arrangements ahead of a final investment decision and construction. |
| Converse (Au, Ag) | Roxmore Resources Inc. (USA) | 1.0% NSR | Exploration Stage | Mineralization occurs as skarn deposits and disseminated. Planned as an open pit mine. | None, requires construction | Asset has historical technical studies that are not SK-1300 compliant. The operator is conducting confirmatory drilling and preliminary technical studies. The project requires additional exploration, permitting, technical work and an investment decision prior to construction. |
| Cuiú Cuiú (Au) | Cabral Gold Inc. (Brazil) | 1.5% NSR | Exploration Stage | Mineralization in stockwork/sheeted veinlet systems within altered shear zones. Planned as an open pi mine. | None, requires construction | Construction activities of the Heap Leach Starter Project underway since Q4 2025, with expected commercial production in Q4 2026. |

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Project<br>Name and<br>Metals  | Operator and<br>Jurisdiction of<br>Property | Interest | SK1300<br>Project<br>Stage | Mine Types<br>and Mineralization<br>Styles  | Process Plant<br>and<br>other available<br>facilities | Property<br>Status |
| El Pilar (Cu) | Southern Copper Corp.<br> (Mexico)<sup>6</sup> | 1.0% GRR | Development Stage | Copper oxide mineralization, proposed open pit mine. | None, requires construction | The project has been disclosed by the operator as board-approved. Construction is expected to commence in 2026, subject to final permitting, regulatory approvals and execution planning. |
| Hackett River (Zn, Ag, Cu, Pb, Au) | Glencore Canada Corp. <br>(Canada) | 2.0% NSR | Exploration Stage | Sulphide mineralization occurs in tabular semi-massive to massive lenses. Planned as an open pit mine. | None, requires construction | Exploration stage asset with historical technical studies that are not SK-1300 compliant. Project development is not currently active, and no recent exploration or permitting activities have been disclosed. Further technical work, permitting and infrastructure development would be required prior to advancement. |
| Mason (Cu, Au, Mo, Ag) | Hudbay Minerals Inc. <br>(USA) | 0.4% NSR | Exploration Stage | Large tonnage copper-molybdenum porphyry. Planned as an open pit mine. | None, requires construction | The operator is advancing technical studies and stakeholder engagement. The project requires further technical work, environmental approvals, mining permits and an investment decision prior to construction. |
| Pilar (Au) | Pilar Gold Inc. (Brazil) | 1.0% NSR | Exploration Stage | Mineralization in narrow fault and fill veins, underground mine. | Dedicated gold processing plant in care and maintenance | Placed on care and maintenance in 2024 and entered judicial recovery proceedings. Existing permits remain in place. A potential restart is contingent on financial restructuring, regulatory approvals and operational readiness, with guidance indicating a possible restart in H2 2026. |
| Prairie Creek (Zn, Pb, Ag) | NorZinc Ltd. (Canada) | 1.2% NSR | Exploration Stage | Mineralization primarily in quartz veins, along with stratabound and stockwork. Planned as an open pit mine. | None, requires construction | A non-SK-1300 compliant preliminary economic study was published in 2021. Limited development updates have been disclosed since, and further technical work, permitting and infrastructure approvals would be required prior to construction. |
| Adi Dairo (Cu, Zn, Au) | Sun Peak Metals Corp. <br>(Ethiopia) | 1.0% NSR | Exploration Stage | Potential VMS deposits | None, requires construction | No active exploration programs have been disclosed, and no economic mineral deposit has been defined. The project would require further exploration, technical studies and permitting prior to development. |

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Project<br>Name and<br>Metals  | Operator and<br>Jurisdiction of<br>Property | Interest | SK1300<br>Project<br>Stage | Mine Types<br>and Mineralization<br>Styles  | Process Plant<br>and<br>other available<br>facilities | Property<br>Status |
| Ajax (Cu, Au, Ag) | KGHM/Abacus Mining & Exploration Co (Canada) | 1.5% NSR | Exploration Stage | Potential copper-gold porphyry | None, requires construction | No active exploration programs have been disclosed, and no economic mineral deposit has been defined on the royalty claims. |
| Bobosso (Au) | Montage Gold Corp. <br>(Cote d'Ivoire) | 1.0% NSR | Exploration Stage | Potential orogenic gold | None, requires construction | No active exploration programs have been disclosed, and no economic mineral deposit has been defined. |
| Del Norte (Au, Ag) | Teuton Resources Corp. <br>(Canada) | 1.0% NSR | Exploration Stage | Potential gold veins and gold-bearing massive sulphides | None, requires construction | Active exploration has been disclosed, with further surface sampling planned in 2026. No economic mineral deposit has been defined. |
| Golden Sidewalk (Au) | Prosper Gold Corp. (Canada) | 2.0% NSR | Exploration Stage | Potential gold veins and gold-bearing massive sulphides | None, requires construction | No active exploration programs have been disclosed, and no economic mineral deposit has been defined. |
| Midas (Au, Ag) | Teuton Resources Corp. <br>(Canada) | 1.0% NSR | Exploration Stage | Potential gold veins and gold-bearing massive sulphides | None, requires construction | No active exploration programs have been disclosed, and no economic mineral deposit has been defined. |
| Mocoa (Cu, Mo) | Libero Copper (Colombia) | 2.0% NSR | Exploration Stage | Large scale copper porphyry | None, requires construction | Active exploration along with a non SK-1300 compliant resource update published in November 2025. The project requires additional drilling, technical studies, permitting, financing and an investment decision prior to construction. |
| Nefasit (Cu, Zn, Au) | Sun Peak Metals Corp. <br>(Ethiopia) | 1.0% NSR | Exploration Stage | Potential VMS gossans | None, requires construction | No active exploration programs have been disclosed, and no economic mineral deposit has been defined. |
| Pacaska (Au, Cu) | Copper Standard Resources Inc. (Peru) | 0.5% NSR | Exploration Stage | Potential gold-copper porphyry | None, requires construction | No active exploration programs have been disclosed, and no economic mineral deposit has been defined. |
| Primavera (Au, Cu) | Equinox Gold Corp.<br>(Nicaragua) | 1.5% NSR | Exploration Stage | Gold-copper porphyry | None, requires construction | Asset has a historical mineral resource that is not SK-1300 compliant. The project requires further exploration, updated technical studies, permitting and an investment decision prior to construction. |
| Wiluna (Uranium) | Toro Energy Ltd. (Australia) | 2.0% NSR | Exploration Stage | Potential uranium oxide mineralization | None, requires construction | Requires further exploration drilling, technical studies, resource definition and legal clarity on uranium projects in Western Australia to continue project development. |

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Project<br>Name and<br>Metals  | Operator and<br>Jurisdiction of<br>Property | Interest | SK1300<br>Project<br>Stage | Mine Types<br>and Mineralization<br>Styles  | Process Plant<br>and<br>other available<br>facilities | Property<br>Status |
| Zuun Mod (Mo, Cu) | Erdene Resource Development Corp. <br>(Mongolia) | 1.5% NSR | Exploration Stage | Large scale moly porphyry | None, requires construction | Project under active exploration, with a non SK-1300 compliant mineral resource update published in October 2025. The key mining license is valid until 2081. |

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Notes:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) Greater of (i) 1.26% of monthly production at Greenstone Mine (100%); or (ii) 350 koz Au, until 63,000 Au have been delivered; gold deliveries subject to per-ounce payments equal to 20% of the prevailing spot gold price at time of delivery.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) 2.7% NSR royalty (100% basis) until royalty payments total $22.5 million; 0.45% NSR royalty thereafter until 1.5 Moz produced.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) Greater of (i) 95.8% of produced copper and (ii) 0.03 tonnes of copper per tonne of produced lead until 6,000 tonnes of cooper delivered; 71.85% of produced cooper until 10,500 tonnes of copper delivered; 47.9% of produced copper thereafter; copper deliveries subject to payments equal to 10% of spot price.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) 0.21% net smelter returns royalty applicable to approximately 35-50% of production (Versamet management estimate).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5) 2.7% NSR royalty (100% basis) until 2.5 Moz Au produced; 0.45% NSR royalty on the next 1.5 Moz Au.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6) 1.0% gross revenue royalty excluded first 85 Mlbs of payable copper production.

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**Title, Mineral Rights, Leases or Options and Acreage Involved**

The titles, mineral rights, leases, and options involved with our royalty and streaming interests vary depending on the country and include exploitation concessions, unpatented and patented claims, fee lands, mining leases and prospecting and mining licenses. We have an indeterminable number of acres relating to our royalty and streaming interests because our interests do not always cover 100% of each property. See " – Material Property", below, for information about the specific titles, mineral rights, leases, options and acreages involved at our material properties.

**Key Permit Conditions**

Operators of the mines that are subject to our royalty and streaming interests must comply with environmental, mine safety, land use, waste disposal, remediation and public health laws and regulations promulgated by federal, state, provincial and local governments in the countries where we hold interests. Although we, as a royalty or streaming interest owner, are not responsible for ensuring compliance with these laws and regulations, failure by the operators to comply with applicable laws, regulations and permits can result in injunctive action, orders to suspend or cease operations, damages, and civil and criminal penalties against the operators, which could have a material adverse effect on our results of operations and financial condition.

In general, we have no decision-making authority regarding the development or operation of the mineral properties underlying our royalty and streaming interests. Operators make all development and operating decisions, including decisions about permitting, feasibility analysis, mine design and operation, processing, plant and equipment matters, and temporary or permanent suspension of operations.

**Mineral Resources and Mineral Reserves**

Certain of the owners and operators of the projects underlying our interests have prepared and disclosed Mineral Resources and Mineral Reserve estimates which have been estimated with the CIM Definition Standards and NI 43-101 and JORC. In certain cases, SK1300 allows disclosure of such Mineral Resources and Mineral Reserves only where we or the owner or operator have prepared and filed a SK1300 technical report summary with the SEC.

Section 1303(a)(3) of SK1300 provides that a registrant with a stream, royalty or other similar right may omit certain information required by the summary disclosure requirements if the registrant specifies the information to which it lacks access, explains the reason it lacks the required information and provides all required information that it does possess or which it can acquire without incurring an unreasonable burden or expense. As a result of the relief provided to royalty holders under SK1300, the disclosure contained herein does not include estimates of Mineral Resources or Mineral Reserves that have been prepared by the owners and operators of the projects underlying our interests, where such estimates are not contained in an SK1300 technical report summary.

There is only one project that has a publicly available SK1300 technical report summary, which is presented below:

SK1300 Mineral Resource and Reserve Estimate for the El Pilar project in Sonora, Mexico, owned by Southern Copper Corp.

![Graphic](tmb-20251231x20f008.jpg)

- Resources disclosed in the report "El Pilar Project, S-K 1300 Technical Report Summary" dated February 28, 2022 and referenced in Southern Copper Corp's 10-K filed on March 3, 2025.

- Resources effective December 31, 2021.

Resources reported on a break-even profit basis and constrained within a pit shell outlined using a copper price assumption of $3.795/lb.<br>

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![Graphic](tmb-20251231x20f009.jpg)

- Reserves disclosed in the report "El Pilar Project, S-K 1300 Technical Report Summary" dated February 28, 2022 and referenced in Southern Copper Corp's 10-K filed on March 3, 2025

- Reserves effective December 31, 2021

Reserves were estimated inside an ultimate pit at a constant copper price of $3.30/lb.<br>

**MATERIAL PROPERTIES**

The following is a description of our stream and royalty interests on the Eskay Creek Mine, Kiaka Mine and Greenstone Mine, which we consider to be our material properties in accordance with SK1300.

Certain information regarding the Eskay Creek Mine, Kiaka Mine and Greenstone Mine as contemplated under the SK1300 has not been included herein on the basis that it is unavailable to us in our capacity as a royalty holder on the applicable properties and that obtaining such information would result in an unreasonable burden and expense. Such excluded information includes: (a) Mineral Resources and Mineral Reserves estimates disclosed in accordance with SK1300, including material assumptions relating to modifying factors; (b) the total cost for or book value of the underlying property and its associated plant and equipment; and (c) descriptions of significant encumbrances on the property.

**ESKAY CREEK MINE TECHNICAL INFORMATION**

One of Versamet's flagship assets is a gold stream on the Eskay Creek Mine, which is 100% owned by Skeena Resources Ltd. The stream entitles Versamet to 3.52% of gold produced. Construction of the mine is underway, at 49% complete as of March 31, 2026, with first gold pour anticipated in the second quarter of 2027.

**Sources of Information**

The following information is sourced from Skeena's disclosure filed under Skeena's SEDAR+ profile, including but not limited to the 2025 Annual Information Form, the Eskay Creek 2023 NI 43-101 Updated Feasibility Study and Skeena News Releases.

Versamet does not own or operate the asset and does not have access to full operational information. Some items that Versamet lacks access include daily and weekly operational data, internal reports and estimates, updated drill hole and assay data bases, topographic surveys and others.

**Location**

The Project is located in the Golden Triangle region of British Columbia, Canada, 83 km northwest of Stewart, on the eastern flanks of the Coast Mountain ranges. Access to the Project is via Highway 37 (Stewart Cassiar Highway). The Eskay Mine Road is an all-season gravel road that connects to Highway 37 approximately 135 km north of Meziadin Junction. Travel to the planned mine site from local population centres will be primarily by Highway 16 (e.g. Terrace or Smithers) and via Highway 37 north to the Bob Quinn and Eskay Mine Access road junction. The Project is situated at an elevation of 800 m above sea level at 56° 39' 13.9968" N and 130° 25' 44.0004" W.

The Project is located in a northern temperate climate with moderately warm summers and cold dry winters. Exploration activities can be curtailed by winter conditions. The previous mining operation was conducted on a year-round basis, and it is expected that any future operations will also be year-round. Support services for mining and other resource sector industries in the region are provided primarily by the communities of Smithers (pop. 5,400) and Terrace (pop. 12,700). The closest tidewater port to the project is in Stewart, approximately 260 km from the Project by road. Stewart is an ice-free shipping location and provides year-round access for bulk shipping

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![Graphic](tmb-20251231x20f010.jpg)

**Property Description**

The Project covers a total of 7,666.02 ha and consists of 51 mineral claims totaling 5,835.76 ha, and eight mineral leases totaling 1,830.26 ha. Of these, two mineral claims are jointly held by Skeena (66.67%), and Canagold Resources Ltd. (33.33%), and three mineral leases are jointly held by Skeena (66.6667%), and Canagold Resources Ltd. (33.3333%). The remaining mineral claims and mineral leases are 100% Skeena-owned. Where on-ground work commitments have not been met, Skeena has made cash-in-lieu payments as stipulated under the BC Mineral Tenure Act Regulation.

Skeena holds the following surface rights interests:

● Surface lease number 634309 (December 24, 1994) between the Province of BC and Prime Resources Group Inc.; interest assigned to Skeena;

● Surface lease number 740715 (July 25, 2004) between the Province of BC and Optionor; interest assigned to Skeena;

● Special Use Permit S17635: for the use of the Eskay Creek road;

● Permitted Mine Area authorized under Mines Act M197 – August 2023;

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● Temporary Licence of Occupation SK945110.

![Graphic](tmb-20251231x20f011.jpg)

A 1% net smelter return (NSR) royalty on the entire Eskay Creek land package was payable to Barrick, with Skeena able to repurchase half (0.5%) of that royalty. On September 23, 2022 Skeena bought the 0.5% NSR, leaving a 0.5% royalty payable to Barrick. On September 29, 2022, Barrick closed the sale of a portfolio of 22 royalties, including the 0.5% royalty with Skeena, to Maverix Metals Inc. (Maverix). Maverix was acquired by Triple Flag Precious Metals Corp. (Triple Flag) in early 2023. This royalty is payable on all of the Mineral Reserves. On December 30, 2022, Skeena granted a 0.5% NSR on the Eskay Creek Land package to Franco-Nevada Corp. (Franco-Nevada) in exchange for a closing cash consideration of C$27 M and contingent cash consideration of C$1.5 M. This royalty is payable on all of the Mineral Reserves. Subsequent to the Report effective date, on December 18, 2023, Skeena concluded a financing package with Franco-Nevada. The package included the sale of a 1.0% NSR royalty on Eskay Creek for C$56 million over all of the land packages that make up the Project. With this incremental royalty purchase, Franco-Nevada now holds a 2.5% NSR on the Project.

On June 25, 2025 Skeena Resources Limited announced a US$750m financing package with Orion Resource Partners ("Orion"), including a US$100m equity investment, a US$200m gold stream with the option to buy back up to 66.7% of the stream, a US$350m senior secured loan and a US$100m cost over-run facility. On March 31, 2026, Skeena exercised the buy back on the stream, reducing the stream percentage from 10.55% to 3.52%. The resulting gold stream was subsequently acquired by Versamet Royalties.

**History and Exploration**

Prior to Skeena acquiring its Project interest, companies that had been involved in the Project area included: Premier Gold Mining Co. Ltd., MacKay Gold Mines Ltd., Canadian Exploration Ltd., American Standard Mines Ltd., Pioneer Gold Mines of B.C. Ltd., New York-Alaska Gold Dredging Corp., Western Resources Ltd., Stikine Silver Ltd., Canex Aerial Exploration Ltd., Mount Washington Copper Co., Newmont Mining Corp., Kalco Valley Mines Ltd., Texas Gulf Canada Ltd., May-Ralph Resources Ltd., Ryan Exploration Ltd. (U.S. Borax), Kerrisdale Resources Ltd., Consolidated Stikine Silver Ltd., International Corona Corp., Homestake Canada Inc., and Barrick Gold Inc. Work completed included: prospecting, geological mapping and reconnaissance, rock, stream, sediment, and soil geochemical sampling, trenching, surface geophysical surveys (electromagnetic (EM), very low frequency (VLF), ground magnetic/VLF-EM, induced polarization (IP), seismic refraction, University of Toronto electro-magnetic system (UTEM)), borehole geophysics (frequency domain EM (FEM)) core drilling, exploration adit and underground development, petrography, and mining studies.

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Underground mining operations were conducted from 1994 to 2008. From 1995–2006, ore was direct-shipped after blending and primary crushing. From 1998 to closure in 2008, ore was also milled on site to produce a shipping concentrate.

Skeena has completed geological mapping, soil and grab sampling, rotary air blast (RAB) and core drilling, an airborne light detection and ranging (LiDAR) and photo acquisition survey, metallurgical testwork, environmental testwork and supporting studies, and mining studies. A preliminary economic assessment (PEA) was completed in 2019 (2019 PEA), a pre-feasibility study in 2021 (2021 PFS), and a feasibility study in 2022 (2022 FS). The current, updated, feasibility study (2023 FS) was completed in 2023.

**Geological Setting, Mineralization and Deposit Types**

**Geology**

The Project is located along the western margin of the Stikine Terrane, within the Intermontane Tectonic Belt of the Northern Cordillera. It is hosted within the Jurassic rocks of the Stikinia Assemblage at the stratigraphic transition from volcanic rocks of the uppermost Hazelton Group to the marine sediments of the Bowser Lake Group.

In the Project area, stratigraphy comprises an upright succession of the Lower to Middle Jurassic Hazelton Group, including andesite, marine sediments, intermediate to felsic volcaniclastic rocks, rhyolite, contact mudstone (host to the main Eskay Creek deposits), and basaltic/andesitic sills and flows. This sequence is overlain by mudstones and conglomerates of the Bowser Lake Group.

These rocks are folded into a gently, northeast-plunging fold, the Eskay Anticline, and are cut by north-, northwest- and northeast-trending fault structures. Regional metamorphic grade in the area is lower greenschist facies.

**Mineralization**

Several styles of stratiform and discordant mineralization are present Eskay Creek, defined over an area approximately 1,400 m long and as much as 300 m wide. Distinct zones have been defined by variations in location, mineralogy, texture, and precious metal grades.

Stratiform-style mineralization is hosted in black carbonaceous mudstone and sericitic tuffaceous mudstone of the Contact Mudstone, located between the footwall Eskay Rhyolite member and the hanging wall Willow Ridge andesite unit. The stratiform-hosted zones include the 21A, 21B, 21Be, 21C, 21E, and North Extension (NEX). Stratigraphically above the Contact Mudstone, and usually above the first basaltic sill, the mudstones also host a localized body of base metal-rich, relatively precious metal-poor, massive sulphides referred to as the Hanging Wall (HW) Zone. Stratabound-style mineralization is also hosted stratigraphically below the Rhyolite and is hosted within the Lower Mudstone, Dacite, Even Lower Mudstone and Footwall Andesite, in the 23 Zone (formerly Lower Package Zone). Stockwork and discordant-style mineralization at Eskay Creek is hosted in the Rhyolite within the PMP, 109, 21A, 21B-, 21Be, 21C, 21E, Water Tower, and 22 Zones.

Gold and silver occur as electrum and amalgam while silver mainly occurs within sulphosalts. Precious metal grades generally decrease proportionally with a decrease in total sulphides and sulphosalts. Clastic sulphoside beds contain fragments of coarse-grained sphalerite, tetrahedrite, and lead–sulphosalts, with lesser freibergeite, galena, pyrite, electrum, amalgam, and minor arsenopyrite. Stibnite occurs locally in late veins, as a replacement of clastic sulphides, and appears to be confined to the central, thickest part of the deposit, suggesting a locus for late hydrothermal activity. Cinnabar is rare and is found associated with the most abundant accumulations of stibnite. Barite occurs as isolated clasts, in the matrix of bedded sulphides and sulphosalts, and also as rare clastic or massive accumulations of limited extent. Barite is more common towards the north end of the deposit.

**Deposit Types**

The Eskay Creek deposit is generally classified as an example of a high-grade, precious metals-rich epithermal volcanogenic massive sulphide (VMS) deposit; however, it has also been suggested to be an example of a subaqueous hot spring gold–silver deposit.

**Drilling**

Surface drilling has been carried out by multiple operators, with the first drilling on the property by Unuk Gold in 1934. Between 1934 and 2004, 1,655 surface core drill holes (377,667.1 m) were drilled. Six underground core holes (224.64 m) were drilled in 1964 at the Emma adit, and 6,149 underground core drill holes (317,381.3 m) were completed from 1991 to 2008. From 2018 to 2022, Skeena drilled 1,101 core surface holes (183,440.54 m). No underground drilling has been undertaken to date.

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**Sampling, Analysis and Data Verification**

Limited information is available for procedures used during the exploration programs carried out before 2004. The drill core was logged using DLOG computer programs for data entry as well as for drill log printing. Information collected included lithology, mineralization, textural descriptions, rock colour, structure, core recovery, and rock quality designation (RQD). Skeena currently does not have access to the legacy RQD and recovery data. Underground collar location surveys were performed by the mine surveyors. These provided accurate collar locations for the holes, and a check on the initial azimuth and dip was recorded for each drill hole. Prior to 2004, most of the underground drill holes in the database were surveyed downhole using a Sperry Sun Single Shot instrument, with readings taken every 60 m, or by acid tubes, with readings every 30 m. In early 2004, downhole surveying used an Icefield Tools M13 instrument. This provided azimuths and dips for each hole every 3 m down the hole. Readings were reviewed by staff and inaccurate entries were removed from the database. All collar and survey information were tabulated in master files within the DLOG drill hole location maps and cross-sections.

During the Skeena drill programs, core was geologically logged for lithology, alteration, veining, mineralization, and structural features. Geotechnical data such as recovery, RQD, longest stick, and magnetic susceptibility were recorded. Skeena recorded geological and geotechnical information into a GeoSpark database. Core was photographed wet. Surface drill hole collars were initially located using hand-held global positioning system (GPS) units and surveyed at the end of the drill program using a Trimble differential GPS (DGPS). Down hole orientation surveys for surface drill holes were taken approximately every 30 m down the hole using a multi-shot Reflex orientation tool.

Drill hole spacing throughout the orebody varies from 5 m, where underground production drilling encountered complex areas, to 25 m between surface drill holes. The average drill hole spacing is approximately 10–15 m throughout the deposit. As the drill holes cut the mineralization at different angles, each drill hole has different true widths. In general, the true width is estimated to be 70–100% of the interval length.

Historically, sampling at Eskay Creek was selective and primarily based on visual estimations of sulphide percent. All sample intervals sent to the laboratory were tested for gold and silver; however, lead, copper, zinc, mercury, antimony, and arsenic were inconsistently sampled from one drilling campaign to the next. For underground drilling, lead, copper, zinc, mercury, antimony, and arsenic were assayed when samples exceeded 8 g/t gold equivalent (AuEq; where AuEq equaled Au + (Ag/68)). Legacy sampling intervals were variable. Prior to 2003, sample intervals varied from about 0.25 m to 1.5 m, though the optimum sample interval was 1.0 m. Sample intervals were always contained within one geological unit and did not straddle contacts. During 2004, sample intervals were typically on 1 m intervals, but smaller increments were applied where necessary to honour geological contacts.

During Skeena's drill programs, 1 m assay intervals were established when visible mineralization was first observed, and then uniform intervals were continued down the drill length until there is no evidence of mineralization. Assay intervals honoured geological contacts to a minimum of 0.5 m and a maximum of 1.5 m.

Specific gravity (SG) measurements are available from both historical and Skeena programs. Historically, the following formula was used to determine SG: SG = (Pb + Zn + Cu) \* 0.03491 + 2.67 (where all metals are reported in %).

During Skeena's campaigns, SG samples were collected at the rate of one in every 20 m down the hole. A whole piece of competent core (10–15 cm in length) was selected and measured using the water displacement method. A total of 9,115 SG measurements were taken between 2018–2023, and are categorized according to dominant lithology type and mineralization zone. Depending on lithology and mineralization, the SG values range from 2.63–3.89. Specific gravity was coded into the resource model using rock type divisions per estimation zone or rock type.

Laboratories used for sample preparation and analysis during legacy programs, where known, include: Independent Plasma Laboratories (IPL; independent, accreditations not known), the Eskay Mine laboratory (not independent, not accredited), Bondar Clegg (independent, ISO 9002), and Acme Analytical (Acme; independent, ISO 9001:2000). Skeena used the ALS sample preparation facility in Kamloops (ALS Kamloops), which is independent and accredited. Analysis was completed at the ALS facility in Vancouver (ALS Vancouver), which holds ISO 17025 accreditation for selected analytical methods. Both laboratories are independent of Skeena. SGS Canada, located in Burnaby, BC (SGS), was used to independently test pulp duplicates and a select number of standards. SGS holds ISO 17025 accreditations for selected analytical techniques, and is independent of Skeena.

Legacy sample preparation and analytical methods varied by laboratory and over time, and typically consisted of crushing to -10 mesh, followed by pulverizing to -15, or -150. Skeena's samples were commonly crushed to -10 mesh then pulverized to -200 mesh.

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Legacy analytical methods included:

● IPL: Gold was assayed by fire assay with an atomic absorption (AA) finish. All gold values >1.00 g/t were re-assayed by fire assay and finished gravimetrically. Silver was assayed by fire assay with an AA finish. Analysis for lead, zinc, copper, arsenic, and antimony was done by an ore grade assay method using AA. Mercury analysis consisted of an aqua regia digestion and inductively-coupled plasma (ICP) finish;

● Eskay Mine laboratory: Gold was assayed by fire assay with an AA finish. For analysis for zinc, antimony, copper, and lead, a 0.20 g sample was digested in a heated solution of tartaric, nitric, perchloric and hydrochloric acids, and finished by AA. For mercury and arsenic, a 1.00 g sample was digested in a heated solution of nitric, perchloric and hydrochloric acids and finished by AA;

● Bondar Clegg: Gold and silver were assayed by fire assay with an AA finish. Silver, lead, zinc, copper, arsenic, and antimony were analyzed using an aqua regia digest followed by an ICP atomic emission spectroscopy (AES) finish. Mercury was analysed using an aqua regia digest, with a cold vapour AAS finish

● Acme: Gold was assayed by fire assay with an ICP mass spectrometry (MS). Overlimit grades (> 30 g/t Au) were re-assayed using fire assay with gravimetric finish. Silver was assayed using an aqua regia digest with an ICP – MS finish. Overlimit grades (>300 g/t Ag) were re-assayed using fire assay with an ICP – MS finish. Lead, zinc, copper, arsenic, and antimony were assayed using an aqua regia digest, with an ICP atomic emission spectroscopy (AES) or ICP – MS finish.

Analytical methods used during the Skeena programs included:

● Gold: 50 g sample; fire assay with AA finish (LDL: 0.01 g/t; ALD: 100 g/t); Overlimit fire assay with gravimetric finish (LDL: 0.05 g/t; ALD: 10,000 g/t);

● Silver: 50 g sample; fire assay with gravimetric finish (LDL: 5 g/t; ALD: 10,000 g/t). Overlimit concentrate and bullion grade fire assay with gravimetric finish (LDL: 0.07 g/t; ALD: 995,000 g/t);

● Multi-element suite: either 0.25-g sample, four-acid digest, ICP – AES finish; or 0.1 g sample, lithium borate fusion, ICP – MS finish. AES finish prioritized in database for most elements. As at March 2022, the ME_MS81 method took precedence for barium, gallium, lanthanum, uranium, and thorium due to incomplete digest of barium using four-acid digest;

● Arsenic, copper, lead zinc: overlimit, 0.4 g sample, four-acid digest, ICP or AA finish;

● Sulphur: overlimit; 0.1 g sample, LECO method (LDL: 0.01%, ADL: 50%);

● Mercury: aqua regia digest with ICP-AES finish (LDL: 1 ppm, ADL: 100,000 ppm);

● Antimony: overlimit; 0.2 – 0.4 g sample, hydrochloric acid-potassium chlorate digest (LDL: 0.1%, ADL: 100%).

The Eskay Creek mine initiated quality assurance and quality control (QA/QC) measures into their sample stream in 1997. With progressive years the QA/QC protocol became more comprehensive and detailed.

Skeena implemented a formal QA/QC program, consisting of included submission of blanks, certified reference materials (standards), duplicates, and completion of a check assay program. All quality control issues were immediately addressed, and repeat batches were conducted if questionable data was encountered. Quality control reports documented the type, quantity, and outcome of the quality control assessment, all of which show good performance and assay data integrity.

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Internal data verification by Skeena personnel consisted of review of database inputs. Data were manually checked for errors and gaps prior to database upload, and where issues arose, these were corrected. A number of verification programs were completed on historical data and in support of technical reports on the Project by third-parties, in the period 2004–2022. No material issues were identified during these programs.

**Mineral Processing and Metallurgical Testing**

Test work was conducted by, or supervised by, the independent metallurgical facilities Blue Coast Research, Parksville B.C., and Base Metallurgical Laboratories, Kamloops, B.C., in the period 2018–2023. Tests included: mineralogy, comminution, open and locked cycle flotation, whole ore leaching, gravity, variability, bulk sample, concentrate treatment, solid–liquid separation, filtration tests, and reagent selection and refinement.

The proposed process flowsheet has been refined and modified over time, with the current preferred option representing a conventional flowsheet consisting of a single rougher flotation stage and a single cleaning circuit producing a high-grade gold–silver concentrate. The 2023 FS uses information from earlier programs in support of flowsheet design and simplification. The 2023 test work was based on three large composite samples from drill core, representing different Mudstone to Rhyolite ratios that would be encountered at different phases of the proposed mine life. Detailed mineralogy was completed for each of the 2023 composites including mineral abundance and sulphide liberation analysis. Mineralogy between the composites was relatively similar. Comminution tests were completed prior to the 2023 FS, and consisted of determination of SG, abrasion index, drop weight index, Bond rod work index, Bond ball mill index test work, and SMC comminution tests. 2023 test work consisted of IsaMILL "signature plot" testing for assessing the specific energy required for fine grinding. The signature plot provides a relationship between product size and energy input for mill sizing.

A significant volume of flotation test work was completed during the four earlier stages of metallurgical evaluations using materials from the Eskay Creek deposit. The 2023 FS adopted a significant change to the flotation process, which consisted of the introduction of high addition rates of flotation collector addition in the primary grinding mill. Introducing collector in the grinding process allows for better adsorption onto sulphide minerals in the face of competing organic minerals in the ores. This allowed for process circuit optimization opportunities. A number of open circuit flotation tests were completed to confirm a relationship between primary grind particle size distributions and expected flotation recovery for gold and sulphur. A range of different chemistries were trialed. Each of the 2023 composites, along with a Rhyolite composite, underwent lock cycle tests under different conditions. The lock cycle results demonstrate that the gold recovery values are expected to be consistent at 80–82% of contained gold, although with different concentrate grades. Recovery forecasts will vary over the proposed LOM plan, based on the proportion of lithologies planned to be treated each year, and the head grades. Gold and silver recovery rates are expected to range from 80.8–84.2% with an average LOM recovery of 83.0% for gold, and range from 89.0–94.2% with an average LOM recovery of 90.5% for silver. High arsenic levels are expected for the first year before dropping to below penalty levels. Mercury penalties are expected for all production years; however, mercury will peak at approximately 1.5% of revenues in Year 1 and drop to approximately 0.3% of revenues for the remainder of the mine life. Sulphur in concentrate is expected to average 35% over the mine life.

**Mineral Resource and Mineral Reserve Estimates**

**Mineral Resource Estimates**

Mineral Resources have been prepared under NI 43-101 reporting regime and are not compliant in accordance with Item 1300 of Regulation S-K. Reporting of Mineral Resources is omitted as per Section 1304(a)(2) of SK1300.

**Mineral Reserve Estimate**

Mineral Reserves have been prepared under NI 43-101 reporting regime and are not compliant in accordance with Item 1300 of Regulation S-K. Reporting of Mineral Reserves is omitted as per Section 1304(a)(2) of SK1300.

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**Mining Operations**

The mine plan assumes conventional open pit mining methods and the use of conventional equipment. Two open pits are planned, a larger northern pit, and smaller southern pit. Pit designs were developed for the north and south pit areas. The initial phases were designed for the purpose of obtaining a technical sample and necessary NAG waste material to create supporting infrastructure. The north pit will consist of an additional six main phases, while the south pit will consist of a single small phase. The pit optimization shells used to determine the ultimate pits were also used to outline areas of higher value for targeted early mining and phase development. The south pit is significantly smaller than the north pit, and is likely to be mined near the end of the mine schedule. The south pit generally has harder rock and lower gold grades. Rhyolite is the dominant rock type that will remain in the mined-out pit walls before reclamation.

A total of 11 pit phases are planned, for a nine-year mine life, with a three-year pre-production period. Mining will be initiated in the north pit starting with phase 1 and will continue sequentially by phase through to the last northern pit phase, phase 10. The south pit (phase 11) will be mined when all the pit phases in the north pit are complete.

Mine planning indicates that the northern end of the open pit will intersect Tom MacKay Creek requiring the provision of a water diversion channel to re-route flowing water along a bench of the Phase 9 pit before re-entering the existing Tom MacKay Creek downstream.

NAG and potentially acid generating (PAG) waste material contained in the ultimate pits are estimated at about 166.50 Mt and 151.39 Mt, respectively. The total amount of waste within the pits in the mine plan is 317.89 Mt. PAG waste will be sent to the Tom MacKay Storage Facility (TMSF) for subaqueous disposal. NAG waste will be stored in the MRSA.

Two ore stockpiles will be used:

● Low-grade stockpile: material with C$24.45/t ($18.81/t)

● Medium-grade stockpile: material with C$39/t ($30/t)

Grade control will be completed using a fleet of RC drill rigs.

The mining equipment selected to achieve the planned production schedule is conventional open pit mining equipment, with additional support equipment required for snow management. Drilling will be completed with down-the-hole hammer drills with 171 mm bits. Pre-production mining will be completed with 75 ton and 90 ton class excavators, loading into 60 ton class articulated dump trucks. Production mining will be completed with 200 ton class excavators and 400 ton class hydraulic shovels loading 150 ton class haul trucks. Three 354 horsepower bulldozers will be dedicated to supporting the loaders in the pits. The support equipment fleet will be responsible for road, pit, and dump maintenance requirements and will provide snow removal during winter months. Snow blowers and snowplows were included in the fleet.

Skeena plans to execute selective mining of ore on three flitches within each 10 m high operating bench, by using 200 ton class excavators with buckets that are substantially smaller than the 5 x 5 x 5 m mine planning model blocks. During mine operations, ore and waste boundaries will be delineated by a grade control model that uses a smaller block size, which will be defined by the SMU that is achievable with the selected excavator bucket size. The grade control model will be developed from assays obtained from RC drilling to accurately define ore and waste contacts.

**Processing and Recovery Operations**

The processing plant facilities will consist of crushing, grinding and flotation circuits designed to liberate and recover gold from the ROM ore. Flotation concentrate will then be thickened, filtered, dried, and stockpiled at the process plant prior to loading into haul trucks for transport.

The Project will be constructed in two distinct phases, as follows:

● Initial operation of 3.0 Mt/a for Years 1 - 5, which comprises:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o Single - stage crushing circuit (jaw), fed from the open pit mine;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o Coarse ore bin with reclaim system, fed from an overland conveyor;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o Primary grinding including a semi-autogenous grinding (SAG) mill, pebble crusher (installed in year 3), and ball mill in closed circuit with hydrocyclones;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o Further classification and liberation via one stage of hydrocyclones and tertiary grinding;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o Rougher flotation with concentrate regrind and two stages of cleaning;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o Scavenger flotation for recovery of cleaner tails;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o Concentrate thickening, filtration, drying and storage;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o Concentrate load-out by way of front-end loaders filling concentrate transportation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o Final tailings pumping to the TMSF.

● Expansion to 3.5 Mt/a for the remaining mine life, which includes the initial equipment with the addition of the following installed for Year 6 operation:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o Additional operating cyclones and concentrate filter plates (original equipment designed to allow expansion);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o Upgraded process pumps and piping;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o Several key pieces of equipment in the initial phase will already be sized to accommodate the final 3.5 Mt/a throughput, including the jaw crusher, SAG and ball mills, and thickener;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o Retrofit larger motor size on tertiary grind mill (if required, pending further sampling and test work).

The process plant building has been sized to accommodate the Year 6 expansion.

Electrical power will be provided to the process plant building from the main substation at 13.8 kV. The SAG mill, ball mill, tertiary mill and regrind mills will all operate on 13.8 kV motors. A stepdown transformer will provide 4160V and 600 V power to the other motors. The initial installed power for the processing plant will be 32.4 MW with an anticipated power draw of 25.3 MW during operations. The expansion installed power in Year 6 will be 33.2 MW, with an anticipated power draw of 26.1 MW.

Fresh water will be sourced from groundwater wells. Process water will consist predominantly of mine dewatering, contact water, concentrate thickener overflow and, TMSF reclaim water. Consumables will include: collector (PAX); frother (methyl isobutyl carbinol); flocculant (anionic); crushing liners and wear parts; and grinding media.

**Infrastructure, Permitting and Compliance Activities**

**Infrastructure**

The proposed Project infrastructure will include:

● Eskay mine access road connecting the proposed operation to Highway 37 (Stewart-Cassiar Highway);

● On-site roads including:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o TMSF haul road;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o TMSF South Dam haul road;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o Technical sample haul road;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o Process plant and infrastructure pad site access road;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o Process plant and infrastructure pad collection pond access road;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o Explosives facility access road;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o All other roads within site required to connect facilities and provide access to Project infrastructure;

● ROM crushing, handling, and process plant;

● Mine infrastructure facilities, including:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o Security gatehouse at KM2 and KM55;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o Truck weigh scale (adjacent to gatehouse at KM55);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o Truck shop and truck wash;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o Tire change area;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o Mine warehouse;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o Mine dry and administration offices;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o Process plant workshop;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o Laboratory;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o Process plant and infrastructure area services:

● Potable and waste water treatment plant;

● Electrical power system;

● Propane tank and pumping system;

● Fire protection systems;

● Fuel storage and dispensing area;

● Solid waste management facilities;

● Explosives storage facility;

● Permanent accommodation camp including:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o Potable and waste water treatment plant;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o Electrical power system;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o Propane tank and pumping system;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o Fire protection systems;

● High and medium-voltage power distribution systems;

● Open pit mine;

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● ROM pads and low- to medium-grade ore stockpiles;

● Soil and overburden stockpiles;

● MRSA;

● TMSF;

● Water management facilities;

● TMSF water treatment plant (including reclaim water pumps and pipeline).

The access road is currently in good condition and is maintained on a continuous basis and is providing the main access to existing facilities at camp KM58 and KM59 (historical camp). During construction, this road will be locally re-routed in some limited areas between the future gate-house and historical camp, to accommodate tie-ins to newly constructed roads, or expanded footprint of future infrastructure, however access will be continuously maintained throughout the construction to facilitate optimal use of the existing facilities.

Soil and overburden stockpiles will be constructed adjacent the TMSF haul road. PAG waste rock and overburden will be temporarily stockpiled on surface during the pre-production period for material generated through initial pioneering of the TMSF and technical sample haul roads prior to access being available to the TMSF for subaqueous deposition. All PAG material will be relocated to the TMSF by the end of the pre-production period. The MRSA will be located adjacent to, and immediately west of, the open pits within the Argillite Creek drainage.

The TMSF is an existing tailings storage facility located approximately 4.6 km southwest of the deposit area. Approximately 0.6 Mt was deposited subaqueously in the facility from 2001 to 2008. The deposited tailings were discharged as a slurry and have settled at a depth of approximately 30 m below the surface of the water. Dams will be constructed at the north and south end of the TMSF to accommodate the storage of tailings and waste rock, as well as provide storage capacity of site contact water to be treated at the water treatment plant. The dams will be constructed in stages over the life of mine, with an initial starter dam constructed at the north of the facility to provide storage for tailings from the first year of mill operations, and PAG waste rock generated during pre-production and Year 1 of operations. The TMSF has been designed to store 38.6 Mt of tailings and 152.8 Mt of PAG waste rock as well as site contact water, with additional capacity maintained above the minimum storage requirements for storm inflows.

PAG waste rock will be managed in the north end of the facility. Tailings slurry will be deposited in the south end of the TMSF at a nominal solids content of approximately 21% solids by weight. The TMSF design is based on an operating mine life of 12 years, and a total storage capacity of 191.4 Mt of tailings and waste rock. The TMSF has a storage capacity of 118.8 Mm<sup>3</sup> which includes approximately 33.7 Mm<sup>3</sup> of tailings, 75.6 Mm3 of PAG waste rock, 8.5 Mm3 of water storage capacity, and 1 Mm3 of stormwater management capacity for the environmental design flood (1-in-1,000-year, 24-hour precipitation event). Larger flood events will be managed through an emergency discharge spillway which will route storm flows to Tom MacKay Creek. Site water management during construction involves controlling contact water runoff from the temporary PAG stockpiles, runoff from the roads, drawdown of the TMSF to prepare for construction of the TMSF dams, and erosion and sediment control measures around active construction areas. Site water management for operations involves controlling surface water around the Project site. Water in contact with mine workings or disturbed areas (groundwater inflows and meteoric inputs to the open pits; runoff from waste rock, ore stockpiles, quarry areas, tailings, laydown areas, etc.) is considered contact water. Non-contact water is runoff from undisturbed areas, including those areas that are being diverted. A water treatment plant will treat mine-impacted water originating from the TMSF, open pits and the MRSA prior to discharge to the environment. Due to high flow rates, two separate treatment trains are planned for the plant. The water treatment plant is designed for a flow rate of 568 L/s and will operate year-round.

A mine-site water balance has been completed to support the design of the TMSF and the water treatment plant. The water balance indicates that the site will operate in an annual water surplus of approximately 560 L/s. Surplus volumes will be managed in the TMSF prior to treatment and discharge.

The existing camps at KM58 and KM59 (200-person combined capacity) and Forrest Kerr camp (160-person available capacity) will be used in Year -1 and the first half of Year -2. In Year -2, the 380-person permanent camp facility will be constructed, ready for occupancy in the second half of that year, and will be located at the Eskay Creek mine site east of the TMSF.

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The Project will connect to the provincial grid via the Coast Mountain Hydro-owned 287kV transmission line, 2L379. Power will be purchased from BC Hydro who will supply the power over 2L379. The point of interconnection on 2L379 will be near Volcano Creek where a transmission line tap exists for the Coast Mountain Hydro-owned Volcano Creek generating station. The Eskay Creek power system will be capable of supplying 48 MVA to the Eskay Creek substation which will cover the initial power demands and planned future expansion. Standby diesel generators in weatherproof enclosures will be provided to supply critical process loads and life safety systems.

**Permitting and Compliance**

A number of environmental studies were performed in support of the historical mining activities to support an application for a Mine Development Certificate. Additional environmental studies were completed in 1997 to support the proposed mill installation at the mine site (and again in 2000 to apply for a separate Environmental Assessment Certificate and listing under Schedule 2 of the Metal and Diamond Mining Effluent Regulations, to deposit tailings and waste rock in the TMSF). Environmental monitoring and routine reporting was completed during and after the historical operations. The Eskay Creek Mine has been in care and maintenance since mining operations ceased in 2008, with ongoing site management and minimal waste generation.

Skeena commenced environmental, social, economic, historical and health baseline studies to reflect current environmental and social conditions in 2020. Where available and to provide context, pre-2020 data was reviewed and summarized for the current baseline studies and where suitable for the Project, sampling sites used in earlier studies were re-visited to support an application for a new or amended Environmental Assessment Certificate.

Environmental Considerations

The Project will be designed, constructed, operated, and decommissioned to meet all applicable provincial and federal environmental and safety standards, regulations, and permit conditions. Skeena will implement an environmental management system in advance of construction that defines the processes, resources, responsibilities, and specific management plans to ensure compliance.

Closure and Reclamation Planning

For planning purposes, closure and reclamation strategies have been developed for each mine component. In accordance with the Mines Act permit, mine closure, reclamation and post-closure costs must be updated every five years or upon a major amendment to the mine plan to reflect current and projected site wide closure and reclamation liabilities to inform the reclamation security bond. A closure cost estimate was developed to determine the estimated cost of implementing closure plans. Reclamation and closure costs include conventional closure (e.g., earthworks), long-term monitoring and maintenance, and water treatment activities. Closure, reclamation, and post-closure costs were calculated over a 100-year timeframe using a net present value (NPV) analysis, beginning with scheduled closure and reclamation activities in 2040. The total closure cost estimate, including water treatment, monitoring and maintenance, demobilization, engineering, and contingency is $174.8 M. At a 4% annual discount rate, the total discounted closure cost estimate in 2023 is $53.7 M.

Permitting Progress

On January 27, 2026, Skeena Resources announced it received its Environmental Assessment Certificate for the Eskay Creek Project.

On January 28, 2026, Skeena Resources announced the receipt of its British Columbia Mines Act Permit for the Eskay Creek Project.

On February 3 2026, Skeena Resources announced the receipt of the Environmental Management Act Permit from the British Columbia Ministry of Environment and Parks, and completion of the permitting process for the Eskay Creek Project.

**Markets and Contracts**

A market study for the LOM potential concentrate production, which took into account production and grade variation over time, was finalized by third-party consultants Deno Advisory in October 2023. This study forms the basis for the economic analysis in this Report. Typical treatment and refining charges for concentrate sales will depend on the concentrate type and grade.

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The proposed Eskay Creek operation is expected to produce a high gold–silver grade concentrate with elevated levels of mercury, arsenic, carbon, and antimony. The concentrate is complex and will require a more measured marketing strategy. Samples of the Eskay Creek concentrates, varying in antimony, arsenic, lead, zinc, gold, and silver grades, were sent to potential lead smelters and gold roasters during 2023. The exercise demonstrated that a diversified sales strategy could be implemented for concentrate sales; thereby reducing reliance on a single smelter or trader. Such a strategy could include varied sales to lead smelters, traders, blenders, and roasters.

China is the most likely destination for the majority of the concentrate production and the concentrate will currently meet the direct importation regulations, i.e., without the need for further blending. Skeena has received indicative bids from smelters and traders, ranging from a portion of the total production, to LOM production.

**Development**

On June 25, 2024, Skeena Resources announced it had secured a US$750 million project financing package, allowing the project to advance early works on the project, ahead of completing the permitting process.

On March 31, 2026, Skeena announced project completion was at 49% complete, with first production expected in the second quarter of 2027 and commercial production in the third quarter of 2027.

On April 10, 2026, Skeena completed a $750m Senior Secured Notes Offering to fully finance the project and execute a partial buy-back of the gold stream, reducing the stream percentage from 10.55% to 3.52%. The remaining 3.52% gold stream held by Orion was subsequently acquired by Versamet.

**GREENSTONE MINE TECHNICAL INFORMATION**

One of Versamet's flagship assets is the Greenstone Gold Interest "**Greenstone GPA**" on the Greenstone Mine which is owned 100% by Equinox (the "**Greenstone Mine**" or "**Greenstone**"). The Greenstone GPA entitles Versamet to monthly deliveries of gold equal to the greater of: (a) 350 gold ounces, and (b) gold ounces equal to 1.26% of the monthly gold production from the Greenstone Mine at a purchase price per ounce of gold equal to 20% of the then prevailing market price, until a maximum of 63,000 ounces have been delivered under the agreement. The delivery obligation commenced in November 2023. The gold deliverable under the Greenstone Gold Interest may be sourced from any of Equinox's operating mines. Under the Greenstone GPA, Equinox retains the Greenstone Buydown Option that gives Equinox the option to buy-down deliveries related to up to 75% of the original delivery obligation at the then current spot gold price, subject to a minimum gold price per ounce of $2,000. As of the end of December 31, 2025, Versamet has received 9,100 ounces, with 53,900 ounces outstanding for delivery.

**Sources of Information**

The following information is sourced from Equinox's disclosure filed under Equinox's SEDAR+ profile, including, but not limited to the 2024 Annual Information Form and the Greenstone 2026 NI 43-101 Technical Report.

Versamet does not own or operate the asset and does not have access to information outside of what is publicly disclosed by Equinox and provided to Versamet to calculate monthly gold deliveries. Some items that Versamet lacks access include daily, weekly, monthly operational data, internal reports and estimates, drill hole and assay data bases, topographic surveys, detailed cost reporting, permitting discussions, regulatory activities, production forecasts and others.

**Location**

The Greenstone Mine is approximately 275 km northeast of Thunder Bay, Ontario, and approximately 4km south of the town of Geraldton, Ontario. Thunder Bay has a population of around 110,000 and provides support services, equipment and skilled labor for mineral exploration and the mining industry. Rail, national highway, port and international airport services are also available in Thunder Bay, with the national highway and rail passing near the Greenstone Mine. Geraldton has a population of approximately 1,900 and provides support services such as food and lodging. The approximate coordinates of the geographic centre of the Greenstone Mine's deposit areas are 49°40'47"N and 86°56'32"W (UTM Zone 16N coordinates: 504175.9E and 5503024N; NAD 83).

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![Graphic](tmb-20251231x20f012.jpg)

**Property Description**

The Greenstone property (the "**Greenstone Property**") is located in Ontario's Thunder Bay Mining Division. The Greenstone Mine, formerly known as the Hardrock project, includes three blocks of claims known as the Hardrock, Brookbank and Viper areas, which are spread over a distance of more than 100 km and are in close proximity to the Trans-Canada Highway between the towns of Beardmore and Longlac, Ontario. The Hardrock claim group includes the Hardrock, Key Lake and Kailey Deposits. The Brookbank claim group hosts the Brookbank, Cherbourg and Foxear targets. The Greenstone Mine is in the southeast portion of the Hardrock claim group.

The Greenstone Mine consists of a contiguous block of cell claims, patented claims, mining leases and licences of occupation, covering 39,843 hectares, of which 16,108 hectares relate to Greenstone Mine claims, all as summarized in the Greenstone Technical Report. All claims, leases and licences of occupation are beneficially held by Greenstone Gold Mines GP Inc. ("GGM"), subject to terms under several agreements. A leasehold patent of mining rights, surface rights, or both mining rights and surface rights, is a conveyance or grant of possession of land for a set length of time, and usually subject to rent payments. The Greenstone Mine is accessible year-round via paved roads from Geraldton or Highway 11.

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**Royalties and Streams**

The following royalties are in effect on some of the properties:

● Essar Steel Algoma Inc. (2% NSR royalty);

● Griffin Mining Limited (1% NSR);

● Franco-Nevada (3% NSR);

● Franco-Nevada (3% NSR) / Essar Steel Algoma Inc. (5% Net Profit Interest);

● Placer Dome Inc. (2.25% NSR / Key Lake Exploration 2% NSR);

● Unique Broadband Systems (3% NSR); and

● Argonaut Gold Inc. (3% NSR).

In October 2018, a mining lease was granted over CLM 535, which covers the southern part of the Greenstone Mine area. The lease, LEA-109765, is subject to renewal in 2039. In December 2016, GGM acquired the surface rights for the patented claims in Errington and Ashmore townships – TB 10604 to TB 10608, TB 11879, TB 11885, TB 11886, and TB 11888.

On May 13, 2024, Equinox announced that Equinox had completed its acquisition of the remaining 40% of GGM from certain funds managed by Orion Mine Finance LP, giving Equinox 100% ownership of GGM and the Greenstone Mine (the "**Greenstone Acquisition**").

As part of the Greenstone Acquisition, Equinox assumed obligations under a stream agreement with Nomad Royalty Company Ltd, dated October 28, 2021, as amended (the "GGM Stream Agreement"). Under the GGM Stream Agreement, Equinox is required to deliver an amount of refined gold equal to 2.375% of the gold produced from Greenstone, until Equinox has delivered a cumulative total of 120,333 ounces, and 1.583% of the gold production from Greenstone thereafter. In exchange for the gold deliveries, Equinox will receive consideration equal to 20% of the spot gold price at the time of delivery. As at December 31, 2025, Equinox has delivered 6,856.633 ounces under the GGM Stream Agreement.

**History and Exploration**

There are several past producing gold mines on the Greenstone Property, including the Hardrock, MacLeod-Cockshutt, Mosher (all later combined as the consolidated Mosher), Little Long Lac, Bankfield, Jellicoe and Magnet mines which operated between 1934 to 1970.

In 2007, Premier Gold Mines Limited ("**Premier**") began assembling the current property. The results of 1,629 drill holes were included in the 2016 feasibility study. A detailed chronological summary of the historical post-production work carried out on these mines since Premier's acquisition is provided in Table 1.

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***Table 1: Summary of Post-Production Exploration Activity since Acquisition by Premier***

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| | | | |
|:---|:---|:---|:---|
| Year | Company | Activity | Comments<sup>(1)</sup> |
| 2009 | Premier Gold Mines Limited | Diamond drilling (346 DDH = 91,802 m); overburden stripping with power washing, mapping and sampling | Diamond drilling program focused on the North Iron Formation area, Porphyry Hill area and East Pit Area; two areas were stripped (GP Zone and TAZ Zone) |
| 2010 | Premier Gold Mines Limited | Diamond drilling (279 DDH = 114,611 m); overburden stripping with power washing, mapping, and sampling; regional prospecting program | Three areas were stripped (East MacLeod, Headframe, and Portal Zones); diamond drilling focused on the same area as in 2009; main zones drilled were North, F, SP, NN, and K Discovery of the F2 and Z zones; new MRE and a supporting NI 43-101 technical report |
| 2011 | Premier Gold Mines Limited | Diamond drilling (204 DDH = 107,413 m) | Diamond drilling program resulting in the expansion of the SP, F, P and K zones; discovery of the Tenacity South Zone; updated MRE and a supporting NI 43-101 technical report |
| 2012 | Premier Gold Mines Limited | Diamond drilling (125 DDH = 68,549 m) | Diamond drilling program focused on the Fortune, HGN and P Zones; updated MRE and supporting NI 43-101 technical report |
| 2012/13 | Premier Gold Mines Limited | Diamond drilling (153 DDH = 72,776.4 m) (from Oct. 31, 2012 to Aug. 9, 2013) (144 DDH = 66,606.7 m) (from Aug. 10, 2013, to Dec. 31, 2013) | Updated MRE and supporting NI 43-101 technical report |
| 2014 | Premier Gold Mines Limited | Preliminary economic assessment | Using the consistent gold price of $1,250/oz and an exchange rate of CAD/USD 1.00:0.95, the Hardrock project generates an NPV of C$518.70 million (discounted at 5%) and an IRR of 23.02% before taxes; and C$358.97 million (discounted at 5%) and an IRR of 19.02% after taxes. |
| 2014 | Premier Gold Mines Limited | 38 DDH = 12,653,6 m) (from Jan. 01, 2014 to May 26, 2014) | Updated MRE and supporting NI 43-101 Technical Report |
| 2015 | Premier Gold Mines Limited | New NI 43-101 technical report | Formation of a 50/50 Partnership |
| 2016 | Premier Gold Mines Limited | Updated MRE and supporting NI 43-101 technical report | Feasibility Study |
| 2018 | Premier Gold Mines Limited | Updated MRE (not published) | RC Drilling 405 holes = 19,995 m, blasthole drilling 62 holes = 535 m |
| 2019 | Premier Gold Mines Limited | Resource update and project design work | Drilling 76 RC holes = 5,946 m, 54 DDH = 12,108 m |
| 2022 | Greenstone Gold Mines GP Inc. | RCGC Drilling 67 holes = 4,189 m, 56 DDH = 15,421 m | Internal Resource update (not published) |
| 2023 | Greenstone Gold Mines GP Inc. | As and S reviewed and creation of updated block models for these 2 attributes | Internal Block Models Updates (not published) |
| Sep 2022 to Jun 2024 | Greenstone Gold Mines GP Inc. | RCGC: drilling 496 holes = 28,002 m | Data not used for the 2024 Mineral Resource update. |
| 2024 | Greenstone Gold Mines GP Inc. | Update gold prices, optimisation parameters and resource shells | Updated MRE and NI 43-101 Technical Report |
| July 2024 to August 2025 | Equinox Gold Corp. | RCGC: drilling 1,339 holes = 79,878 m | Resource update and project design work |
| May to August 2025 | Equinox Gold Corp. | 21 DDH = 6,054m |  |

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&nbsp;&nbsp;&nbsp;&nbsp;(1) Unless specifically indicated as reported in a NI 43-101 technical report, all "resources" listed in the table are historical in nature and should not be relied upon. It is unlikely they conform to current SK1300, NI 43-101 criteria or to CIM Definition Standards for Mineral Resources and Mineral Reserves dated May 19, 2014 (the "**CIM Definitions** "), and they have not been verified to determine their relevance or reliability. They are included in this section for illustrative purposes only and should not be disclosed out of context.

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**Geological Setting, Mineralization and Deposit Types**

**Geology**

The Greenstone Mine lies within the granite-greenstone Wabigoon Subprovince of the Archean Superior Craton in eastern Canada. The Wabigoon Subprovince, averaging 100 km wide, is exposed for some 900 km eastward from Manitoba and Minnesota, beneath the Mesoproterozoic cover of the Nipigon Embayment, to the Phanerozoic cover of the James Bay Lowlands. The Wabigoon Subprovince can be subdivided into western greenstone-rich domains in the Lake of the Woods-Savant Lake and Rainy Lake Areas, a central dominantly plutonic domain, and an eastern greenstone-rich domain in the Beardmore-Geraldton Area.

The Hardrock property is located within the Beardmore-Geraldton Greenstone Belt that contains several narrow, east-west striking sequences of volcanic and sedimentary rocks of Archean age. The southern edges of these sequences are spatially related to the through-going, major structural discontinuities thought to be thrust faults that have imbricated the sedimentary sequences. In the Geraldton area, most of the gold mines and a number of gold showings occur within or proximal to the Bankfield-Tombill Deformation Zone (also known as the Barton Bay Deformation Zone), a zone of folding and shearing up to 1 km wide. The southern limit of the Bankfield-Tombill Deformation Zone is marked by the Bankfield-Tombill Fault, a zone of intense shearing up to 12 m wide.

In the immediate Geraldton area, the dominant rock types are clastic sediments (greywacke and arenite), oxide BIF and minor mafic metavolcanics. There are a number of younger intrusives, including an albite-rich porphyry unit that is spatially associated with much of the gold mineralization on the Hardrock, MacLeod-Cockshutt and Mosher mines. Significant gold mineralization is also often spatially associated with BIF. In the case of the Little Long Lac mine, gold mineralization is primarily hosted by an arkosic unit.

Gold mineralization occurs in a variety of host rocks and the style of mineralization is partly a function of the host rock. While the location and overall orientation of the orebodies appear to have been largely structurally controlled, the deformation of the orebodies has not been as intense as that of the host rocks. Nevertheless, there are areas where local folding and boudinage of mineralized veins is apparent. Additionally, there are strong secondary controls that influence the extent and intensity of gold mineralization, such as the competency contrast between host rocks (e.g., the Hardrock Porphyry and its contacts with either wacke or BIF) and the chemical character of the host rocks (e.g., oxide facies BIF being replaced by sulphides).

Intrusive rocks include the Hardrock Porphyry, diorite, gabbro, and diabase dykes. It is of interest that the Hardrock Porphyry seems to be sill-like in nature, even though it is tightly folded and the contacts between it and the sedimentary units are often highly deformed. The general scale and folding pattern of the porphyry very closely match the geometry of the conglomerate unit that occurs in the vicinity of the Hardrock and MacLeod-Cockshutt Mines.

**Mineralization**

Most mineralized occurrences in the Hardrock deposit area lie in a zone of deformation to the immediate north of, and genetically linked to, the Tombill-Bankfield Deformation Zone. This zone of deformation varies from 600 m to 100 m in total width, while the crush zone of the Tombill-Bankfield Fault proper ranges from metres to hundreds of metres in width. Gold mineralization is associated with D3 brittle shear zones and folds overprinting regional F2 folds. The plunge of the mineralized zones is parallel to F3 fold axes and to the intersection of D3 shear zones with F2 and F3 folds. On a sub province scale, regional folds cut by D3 dextral shear zones are promising targets for discovering the next generation of large gold deposits.

The interpretation of the mineralized zones by GMS is based on a litho-structural model developed by InnovExplo, but greatly simplifies the domains. As compared to the 2016 feasibility block model, some wide domains that encompassed significant amounts of internal dilution have been re- interpreted, such that higher-grade portions have been made more distinct. In the updated model, lithological domains and mineralized zones are located inside three areas.

The North Domain consists of a refolded (F3 overprinting F2) sequence of BIF and greywacke, with minor porphyry and gabbros. A Central Domain consisting mainly of an undifferentiated greywacke sequence and a mineralized portion of this greywacke, defined as the Mineralized Central Wacke, which are both likely sheared and folded. Three mineralized zones have been defined within the Central Domain to constrain zones of higher-grade gold mineralization inside the Mineralized Central Wacke. A South Domain is characterized by a tightly folded (F2) stratigraphic sequence. Five mineralized zones have been defined within the South Domain, in which gold mineralization appears primarily associated with the "main" anticline (Hardrock Anticline) and preferentially within both BIFs.

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Zones which are categorized as quartz-carbonate stringer mineralization include F Zone, F2 Zone, A Zone, SP Zone, Central Zone and Tenacity Zone. Mineralization within these zones generally consists of a series of narrow, tightly asymmetrically folded gold-bearing quartz-carbonate stringers, which are usually attenuated, transposed and dislocated in hook-like segments. The stringers are accompanied by a gold-bearing quartz-sericite-pyrite (±arsenopyrite) alteration halo about the stringers. It is the accumulation of a number of stringers and associated alteration halos that constitutes the zones. Individual stringers and their associated alteration haloes within the mineralized zones are often high-grade with minute flecks and clusters of visible gold. Assay results of up to, and often greater than, 30 g/t Au are attainable from some stringers. Overall, zones having average grades of 4 g/t Au as individual stringers are too narrow and discontinuous to consider mining as separate higher-grade zones.

Zones that are categorized as sulphide replacement mineralization include the North 1, North 2 and North 3 zones, and the SP Zone. The nature of the mineralization within these zones is best understood from the historical work completed on the North 1 Zone. Mineralization within these zones occurs as variable pyrite, arsenopyrite and pyrrhotite replacement of iron oxide at the margins of quartz veins, within the hinge zones of folded BIFs. The auriferous sulphide replacement appears to have migrated outwards along the iron oxide bands from gold-bearing quartz-carbonate stringers occupying brittle axial planar tension fractures. This replacement mineralization yields grades of 7 g/t Au or greater.

**Deposit Types**

The gold ore bodies at the Greenstone Mine are one of the type examples for BIF-hosted gold deposits. The Greenstone Mine recognizes and presents the following subtypes: non-stratiform deposits and Greenstone-hosted quartz-carbonate vein deposits.

**Drilling**

Within the Greenstone deposit area, a total of 1,919 drill holes totaling 603,904 metres were completed by Premier between 2009 and 2019 and a total of 1,979 drill holes totaling 133,544 metres were completed by Equinox between 2021 and 2025.

Historical exploration and production drill testing in the vicinity of Greenstone mine was primarily by wireline rigs using diamond-faced bits in a variety of coring diameters. Reverse-circulation overburden and sonic drill testing of basal till were also undertaken during early reconnaissance exploration, while more recent reverse circulation grade control ("RCGC") has delineated and tested mineral domains during later pre-production and production phases.

Core drilling prior to 2002 produced BQ-diameter (36.5 mm) core, while all drilling since has been NQ-diameter (47.6 mm). Collar locations for 55% of drill holes completed prior to 2013 were located via hand-held Global Positioning System ("GPS") in UTM coordinates. Since 2018, the site surveyor or geologists have spotted the RCGC, blastholes, and diamond drill holes using a Trimble RTK system using the coordinates planned by GMS or GGM. Once holes are drilled, casings are typically left in the ground and the precise drill hole collar, azimuth, and UTM coordinates are confirmed by placing an APS or DeviAligner unit on the drill casing. A steel cap is placed on the casing and the hole collar is subsequently surveyed using a Trimble RTK.

RC drilling is conducted by mobile rigs equipped with conventional, air-assisted, down-the-hole ("DTH") hammer mechanisms and a Metzke 1200 cyclone with a three chute cone splitter. A member of the geology team will load all designed collar coordinates into a Trimble GPS tool and provide copies of this information to the drilling supervisor. Wooden stakes labeled with the hole ID, azimuth, dip and length are prepared. Once located in the field with the GPS unit, the precise collar location is spray painted on the ground, followed by placement of a spray-painted rock and the labeled stake.

Between July 2024 to August 2025, a total of 1,339 RC drill holes comprising 79,878 m were drilled to continue delineation of economic mineralization within Phase 1A and Phase 1B pit boundaries.

A diamond drilling campaign commenced in May 2025 targeting geologic and structural features throughout the planned Greenstone pit, with emphasis on the near-term (5 year) mining. As of the effective date of the Greenstone Technical Report, 21 diamond drill holes, including two recollared holes, totalling 6,054 metres were drilled.

The results of the 2025 drilling were generally consistent with the predicted geological model for Greenstone. GGM geologists used lithological and structural information collected through this program to complete updates to the geologic model and domain wireframes for the 2025 Mineral Resource estimate. Gold assay results from this program were not available at the time of the August 2025 data cut-off for the Mineral Resource estimate.

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**Sampling, Analysis and Data Verification**

**Laboratories**

The Geraldton facility belonging to Activation Laboratories Ltd ("Actlabs Geraldton") was used for the entire drilling and channelling programs up to March 2024. Actlabs Geraldton received ISO 9001:2008 certification through Kiwa International Cert GmbH. Actlabs Geraldton was an independent commercial laboratory. GGM purchased the Geraldton facility from Actlabs Geraldton in March 2024 and has been processing all blast hole and metallurgical samples at the facility since then. The Activation Laboratories Ltd. facility in Thunder Bay ("Actlabs Thunder Bay") has been used to process all RC grade control samples for gold fire assay with AA or gravimetric finish, screen metallic fire assay ("SMFA") and inductively coupled plasma-optical emission spectroscopy ("ICP-OES") for multi-element analysis. Actlabs Thunder Bay is an independent, ISO 17025 certified laboratory.

All umpire assaying of batches (pulps) was undertaken at Australian Laboratory Services ("ALS") - Chemex in Thunder Bay. ALS-Chemex laboratory is part of the ALS Global Group and has ISO 9001 certification and ISO/IEC 17025 accreditation through the Standards Council of Canada. ALS-Chemex is an independent commercial laboratory.

**Quality Control Sample Preparation by GGM**

All QA/QC samples are prepared and bagged in advance by GGM personnel. The GGM employee in the core-cutting facilities places one half of the ticket into a bag with the sample and staples the other half to the box. One half of each QC sample ticket is placed in the appropriate type of control sample bag, which was prepared beforehand. A list of QC samples and their numbers/locations is posted on the wall in the core logging facility (core shack) and regularly updated by GGM personnel. Five to seven samples are placed in a rice bag and the contents identified on the outside of the bag. Each bag and its contents are recorded on a notepad and placed in a plastic holder once complete. These slips are picked up each morning by a GGM employee and recorded in an Excel spreadsheet. Once the batches are complete, GGM personnel deliver the bags to Actlabs Geraldton; no third party is involved in transportation.

Samples selected for analysis are sent in batches of 34. Each purchase order covers one batch of 34 samples, consisting of:

● 30 regular samples

● 1 field duplicate sample

● 1 field blank

● 1 CRM with a low gold value

● 1 CRM with a high gold value

As a QC check, Actlabs Geraldton adds a 35th sample to every field batch received – a coarse duplicate of the last regular sample (i.e. the 30th sample), constituting a second pulp prepared from the reject. The quality of the reject is monitored to ensure that proper preparation procedures are used during crushing. For the fusion process, Actlabs Geraldton adds seven more QC samples (two analytical blanks, two CRMs and three pulp duplicates), bringing the fusible batch to 42. The pulp duplicates are necessary to ensure that proper preparation procedures are used during pulverization.

At Actlabs Geraldton, the maximum furnace charge of 42 samples ensures that GGM samples are not mixed with others.

**Data Verification**

Several drilling campaigns in the Greenstone database have been validated by Equinox personnel and the independent consultant, GMS, at various points during the generation of the 2016, 2019, and 2024 updates of the Technical Reports.

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**Mineral Processing and Metallurgical Testing**

Significant metallurgical test work has been completed on ore samples from various parts of the ore deposit, and the test results were used to develop the process design criteria and flowsheet on the current process plant. Test work concluded that the ore is composed mainly of quartz and plagioclase with minor amounts of pyrite and arsenopyrite; gold occurs mainly as native gold; the ore is in the category of medium hardness to moderately hard; a portion of the gold can be recovered by gravity concentration; and is amenable to conventional cyanidation.

During 2014–2015, metallurgical test work programs were completed to support the feasibility study and subsequent design of the existing operating process plant. More recently, a metallurgical test work program was completed in 2019 and focused on whole ore cyanidation and gravity tails cyanidation testing to confirm the current flowsheet. Metallurgical test work was primarily completed at SGS Lakefield in Ontario, Canada.

No new significant metallurgical test work program has been completed since the process plant was commissioned in 2024; however, Plant Operations have completed mineralogy and gold deportment tests as part of plant optimization.

A multivariant regression model has been used to predict leach residue grade that is then used to predict plant gold recovery, which averages 86.4% over the Life of Mine. Historically, the model was based on gold, arsenic and sulphur head grades, primary grind size from metallurgical test work. The current leach residue grade algorithm is based on 2025 plant performance.

The process plant currently treats ore via a conventional gravity-cyanidation flowsheet and is ramping toward nameplate capacity of 27 kt/d. Run-of-mine ore is processed via primary and secondary crushing and HPGR-Ball mill comminution circuits followed by a gravity circuit. Gravity tailings are treated via a leach-carbon-in-pulp ("CIP") circuit and associated gold recovery and carbon handling circuits to produce gold doré. Average life of mine gold recovery is estimated at 86.4% based on operating data and metallurgical models. CIP tailings are treated via a cyanide destruction process prior to storage in the tailings management facility ("TMF"). During 2025, the plant continued to ramp up to name plate and achieved a peak production of 24kt/d.

**Mineral Resource and Mineral Reserve Estimates**

**Mineral Resource Estimates**

Mineral Resources have been prepared under NI 43-101 reporting regime and are not compliant in accordance with Item 1300 of Regulation S-K. Reporting of Mineral Resources is omitted as per Section 1304(a)(2) of SK1300.

**Mineral Reserve Estimate**

Mineral Reserves have been prepared under NI 43-101 reporting regime and are not compliant in accordance with Item 1300 of Regulation S-K. Reporting of Mineral Reserves is omitted as per Section 1304(a)(2) of SK1300.

**Mining Operations**

Mining is being carried out using conventional open pit techniques with 10 m benches. An owner-mining operation is in place, with outsourcing to contractors for certain support activities such as explosives manufacturing and blasting.

Production drilling of the 10 m benches is performed by blasthole drill rigs with both rotary and DTH drilling capability. Loading in the open pit is carried out by five 29 m<sup>3</sup> hydraulic face shovels, one 16.5 m<sup>3</sup> hydraulic excavator, and one 27.5 m<sup>3</sup> front-end wheel loader. Haulage is performed with a combination of Caterpillar 793-08 and Caterpillar 793F mine haul trucks. The presence of historical underground stopes was considered when designing the pit, with the ramp kept away from the old voids, and additional berms placed where necessary to enhance safety.

Mining of the main pit will occur in five main phases. Waste rock will be disposed of in four ex-pit waste dumps and one in-pit waste dump. The open pit generates 739 Mt of waste material (inclusive of historical tailings and underground backfill) over the life of mine ("LOM") for an average LOM strip ratio of 4.4:1.

The LOM plan provides 14 years of mine production, followed by 5 years of stockpile processing. Annual mine material movement was capped at 77 Mt from 2026 until 2035. Material movement will gradually decline from 2035 until the end of the mine life in 2039. The maximum processing plant production targets 27,000 t/d (9.86 Mt/a), which will be achieved in 2027 and sustained until 2043.

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**Processing and Recovery Operations**

The process plant has a nameplate capacity of 27,000 t/d and includes primary crushing (gyratory crusher), secondary crushing (cone crusher), HPGR and twin ball milling grinding circuit with gravity recovery, pre-leach thickening, cyanide leaching followed by gold recovery by CIP adsorption, elution and carbon regeneration, and electrowinning and refining. Tailings handling incorporates cyanide destruction and tailings thickening and deposition.

The mill operation schedule is 24 h/d, 365 d/a with an overall planned utilization of 92%.

The service areas include reagent preparation, compressed air, oxygen plant and sulphur dioxide storage and distribution. The bulk of the water requirements for the process plant is provided by process water and consists of pre-leach thickener overflow and reclaim water from the TMF. Treated water from the effluent water treatment plant is used in the strip circuit, ILR and refinery circuits, used as gland seal water and for reagent dilution. Treated water is used for the grinding mill cooling systems and fire water. Potable is supplied from an onsite potable water treatment plant and used for safety showers and various users within the process plant and administration areas.

**The primary reagents include flocculant, sodium hydroxide, sodium cyanide, copper sulphate, liquid sulphur dioxide, anti-scalant, lime, hydrochloric acid, and oxygen.Infrastructure**

The Greenstone Mine is within a district that is host to numerous mines and processing facilities and has access to good transportation and regional mining-related infrastructure. The Greenstone Mine is within a district that is host to numerous mines and processing facilities and has access to good transportation and regional mining-related infrastructure. The Mine is located along the Trans-Canada Highway 11 and TC Energy's Mainline natural gas pipeline, and nearby the town of Geraldton that hosts a municipal airport and a 115 kV Hydro One electrical substation.

The general infrastructure to support mining and processing activities includes: site access and haul roads, mining equipment maintenance shop, warehouse for spare parts and reagents, site mixed emulsion (SME) plant, sewage treatment plant, fuel supply storage and distribution, communications network, assay laboratory, administration building, including a dry facility, gatehouse, and parking area, potable water and sewage systems, fire water systems, and site security and fencing.

A natural gas-fired power plant with a design capacity of 48 MW provides power to the Mine. Natural gas is provided to the power plant via a connection to TC Energy's Mainline pipeline.

A new Ontario Provincial Police ("OPP") station is currently being built to replace the existing station that is located within the Greenstone Mine's property limits. Portions of the historical MacLeod and Hardrock tailings piles, which extend into the limits of the open pit, have been and continue to be relocated to the TMF.

Water Management

All collected mine water, surface runoff water, and underground workings water is directed through various runoff and seepage collection ponds to the centralized mine water Collection Pond M1, which is designed to provide buffer flows for mill make-up water, with excess water sent to the effluent water treatment plant for treatment prior to discharge to the Southwest Arm of Kenogamisis Lake. A seepage collection system was installed to manage seepage from the historical MacLeod tailings. Surface water runoff from the exterior of the TMF dams and any seepage through the dams or foundations is collected in a series of ponds and pumped back into the TMF reservoir for reuse in processing.

Tailings Management Facility

The TMF is a series of constructed dams with a final maximum height of 35 m and crest length of approximately 7,400 m. The TMF is currently designed to receive approximately 145 million tonnes (Mt) of mill and historical tailings at an average dry density of 1.34 t/m3. A cyanide destruction system is used to process all tailings water before it is sent to the TMF. An allowance has been made within the TMF to store the historical tailings and contaminated soils being relocated from the open pit area.

The TMF dams are and will continue to be constructed primarily using waste rock from mining operations. The dams will be constructed in stages and in the downstream direction. Construction of the TMF starter dams was completed in 2023 with the first (Stage 1) dam raises completed in 2024 and the second in 2025/26 to a crest elevation of 347 m (346m for the Southwest Dam only), and the planned ultimate crest elevation will be 365 m. The current TMF design does not fully accommodate the life-of-mine tailings requirements, and additional storage solutions are being evaluated.

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Tailings geochemistry indicates that less than 10% of the ore is considered potentially acid generating. This amount will be reduced through oxidization during ore processing, thereby reducing the overall acid rock drainage potential for the tailings.

Foundation improvements for the TMF have included the installation of a seepage cut-off wall via a deep soil mixing ("DSM") methodology along the Southwest Dam and construction of a shear key beneath the downstream portion of the Southeast Dam. Additional shear key and DSM programs will be performed for the Southwest and West Dams, respectively, in 2026 and 2027, and these programs will complete the foundation improvements required to achieve the ultimate dam height.

Tailings are deposited in the TMF from the dam crests as a conventional slurry to produce a wide exposed beach. This beach will displace the tailings pond away from the dams towards natural ground along the western edge of the facility to enhance long-term dam stability. A barge-mounted pump system, located near the west side of the TMF, reclaims water from the TMF pond and pumps it back to the processing plant.

Closure of the TMF involves lowering of the spillway and vegetating the exposed tailings beaches. Runoff from the pond, when deemed suitable for discharge to the environment, will be directed through the spillway.

Permitting and Compliance

Environmental baseline studies were conducted for the Greenstone Mine between 2013 and 2021 and were used to identify environmental constraints during the development of layouts and designs for the Greenstone Mine. This environmental baseline was the basis for determining incremental changes and predicting environmental effects associated with the Greenstone Mine.

A final environmental impact statement / environmental assessment ("EIS/EA") was completed and a Notice of Approval was issued by the provincial regulatory agency and a Decision Statement was issued by the federal regulatory agency. GGM submitted a Closure Plan and Financial Assurance to the Ministry of Mines, which received approval on March 30, 2021. Since approval of the initial closure plan, GGM has filed two amendments, one in December 2023 and another in August 2024 to account for detailed design and to address measures implemented to mitigate erosion of the Goldfield Creek diversion channel.

The results of the final EIS/EA, including implementing the identified mitigation measures, supports the conclusion that the Greenstone Mine will not cause significant adverse environmental effects. Since completing the final EIS/EA, GGM has completed slight modifications of Greenstone Mine components, which form the basis for the final mine plan used for the Greenstone Technical Report. Active consultation with stakeholders (community members, agencies and interested parties) and Indigenous communities has been undertaken throughout Greenstone Mine planning, permitting, and detailed engineering and will continue through operation and closure of the Greenstone Mine.

GGM has established long-term relationship agreements with five local Indigenous communities. The agreements establish increased clarity regarding GGM's ability to develop the Greenstone Mine and the Indigenous communities' opportunity to benefit from future mining opportunities in the region, including the potential to extend the life of the Greenstone Mine.

The GGM Indigenous Relations team meets regularly with local Indigenous communities discussing employment, training, and procurement opportunities through the Implementation Committee ("IC"). The IC comprises members of each of the partnering communities and provides an ongoing forum for communication and co-operative measures for supporting Indigenous participation levels in the Mine. This provides an avenue for community members to voice concerns or questions they may have and to receive feedback from GGM.

The Environmental Sub-Committee ("EAS") reports to the IC and provides a forum for timely review and consultation and comment on Project Approvals and Environmental Management & Monitoring Plans. The EAS considers and recommends appropriate testing, studies, or programs. Five Environmental Technicians from Aroland First Nation, Animbiigoo Zaagi'igan Anishinaabek, Ginoogaming First Nation, Long Lake #58 First Nation, and Métis Nation of Ontario actively participate in the daily operation of the GGM Environmental Department.

**Exploration, Development, and Production**

Commissioning activities at Greenstone commenced in Q1 2024 and commercial production was achieved in November 2024. Greenstone is in the late stages of ramping up to full design capacity.

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Production of 223,843 ounces of gold in 2025 was in line with updated 2025 guidance of 220,000 to 260,000 ounces, with cash costs of $1,380 per oz and AISC of $1,824 per oz. During 2025, Equinox spent $94.5 million in sustaining capital expenditures at Greenstone, and $121.4 million in non-sustaining capital expenditures. Detailed financial, production, and operational information for Greenstone is available in Equinox's management's discussion and analysis for the most recent fiscal year.

Exploration at Greenstone in 2025 was designed to enhance Equinox's understanding of the geology, structural controls on gold mineralization, and grade distribution within the deposit, with a total of 9,764 metres drilled in the year. A robust review of resource definition, expansion and generative targets is underway to determine plans for additional drilling in 2026.

**KIAKA MINE TECHNICAL INFORMATION**

One of Versamet's flagship assets is the Kiaka royalty. Under the terms of the royalty agreement, WAF pays to Versamet 2.7% of all gold produced from Kiaka (100% basis) until 2,500,000 ounces of gold have been produced and 0.45% on the next 1,500,000 ounces of gold production. The first royalty payment due to Versamet is expected after the third quarter of 2025.

Kiaka is a newly built, operating gold mine that achieved first gold on June 26, 2025 and is in the process of ramping up. It is expected to operate for 20 years producing 234,000 ounces of gold annually.

**Sources of Information**

The following information is sourced from WAF's ASX disclosure, including recent company news releases, the 2025 MRMR Update and the 2024 Kiaka FS Update.

Versamet does not own or operate the operation and has no access to information outside of what is publicly disclosed by WAF. Some items that Versamet lacks access include daily, weekly, monthly operational data, internal reports and estimates, drill hole and assay data bases, topographic surveys, detailed cost reporting, permitting discussions, regulatory activities, production forecasts and others.

**Kiaka Mine**

The Kiaka Mine is a newly operating mine located in Burkina Faso, 85% owned by WAF and 15% owned by the Burkinabe government (free-carried interest). Construction commenced in late 2022, producing first gold in late June 2025 and is in the final stages of ramp up.

On April 21, 2026, WAF announced that on 16 April 2026, the Government of Burkina Faso published Decree No. 2026-0287/PF/PRIM/MEF/MEMC (Decree) in the Official Journal of Burkina Faso. Publication of the Decree follows a meeting of the Council of Ministers of the Burkina Faso Government held on 19 February 2026 that considered a draft decree to authorise the Government's acquisition of an additional 25% equity interest in Kiaka SA. Société de Participation Minière du Burkina Faso ('SOPAMIB') to acquire an additional shareholding in Kiaka SA and also details that:

● the additional shareholding by SOPAMIB in the share capital of Kiaka SA is set at 25%, and is to have a value of seventy billion (70,000,000,000) CFA francs (approximately A$175 million);

● the Minister of Economy and Finance and the Minister of Energy, Mines and Quarries are responsible, each within their jurisdiction, for the implementation of the Decree.

WAF will work cooperatively with the Government to finalise the terms of SOPAMIB's acquisition of a 25% shareholding in Kiaka SA and aims to have this completed by the end of 2026. WAF plans to distribute the cash proceeds received from the sale of its 25% interest in Kiaka back to shareholders by way of a special dividend.

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**Property Description, Location and Access**

Kiaka is located approximately 140 km southeast of Ouagadougou, the capital of Burkina Faso and is easily accessed via established roads. The project is located within a mining permit covering an area of 54 km<sup>2</sup>, which was granted in 2016 and valid for a period of 20 years with consecutive renewable periods of 5 years.

![Graphic](tmb-20251231x20f014.jpg)

**History**

The Kiaka deposit was discovered by Randgold in the early 2000s. In 2009 Volta Resources acquired Kiaka from Randgold and continued to drill and develop the project, publishing various MREs and technical studies. In 2013 B2Gold acquired Volta Resources and continued developing the project, conducting additional drilling, technical studies and permitting. In late 2021, WAF acquired the project. Early construction work commenced in late 2022 and the first gold was poured on June 26, 2025, following the completion of construction.

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**Geological Setting, Mineralization and Deposit Types**

**Geology**

The project is located at the intersection of the Tenkodogo belt and the Markoye Fault Zone within Lower Proterozoic rocks of the Birimian Orogeny. Amphibole-rich mafic volcanic rocks are predominant in the lower (southern) portion of the deposit area, overlain by a sequence of clastic sediments. Several quartz-feldspar porphyritic sills intrude through the sequence at the northern end, the most significant of which is 90 m thick, interpreted to be an important rheological barrier to gold mineralisation. At least two generations of post-mineralisation mafic intrusions occur: steeply dipping, medium to coarse grained diorite dykes up to 80 m wide, and fine-grained dolerite dykes 2-3 m wide, with well defined, sharp contacts. Structural patterns are the product of protracted northwest-southeast directed shortening, producing a major F2 antiform several hundred meters wide, that is thought to be a primary control on localisation of gold mineralisation, evidenced by steep north-easterly plunging mineralisation zones. The deposit is covered by up to 20m of saprolite, with the majority of the gold mineralization occurring in fresh rock.

**Mineralization**

Gold mineralization at Kiaka occurs within a sub-vertical to steeply southwest dipping shear zone, comprising an anastomosing network of brittle-ductile shears, localized along the axial surface of the Kiaka antiform. Gold mineralization ranges from 100 meters to over 400 meters in width over a known strike length of 2.3 km.

Gold mineralization exhibits both disseminated and vein-related characteristics and is associated with fine grained, disseminated pyrrhotite, lesser pyrite and trace chalcopyrite and arsenopyrite. Higher gold grades are frequently associated with the presence of quartz, both a quartz veins and as proximal silicification of the wall rocks to quartz veins.

**Deposit Types**

The Kiaka deposit characterized as a mesothermal (orogenic) gold deposit.

**Exploration**

**Drilling**

The area of the Kiaka resource was drilled using RC and Diamond Drill ("DD") holes on a nominal 50 m x 50 m grid spacing. A total of 351 DD holes (110,626 m), 394 RC holes (28,337 m) and 124 combined RC/DD holes (21,140 m) were drilled between 2005 and 2019. Holes were predominantly angled toward 135° (UTM) at declinations of -55° to optimally intersect the mineralised zones. A total of 2,636 RC holes (79,913m) were drilled by WAF in 2024 for Grade Control ("GC") purposes. All holes were drilled on a nominal 12.5 m x 12.5 m drill hole spacing and were angled at 135° (UTM) at declinations of -55° to optimally intersect mineralised zones.

The area of the Kiaka South resource was drilled using RC and DD on a nominal 25 m x 12.5 m grid spacing. A total of 74 DD holes (13,512 m), 307 RC holes (23,645 m) and 21 combined RC/DD holes (2,509 m) were drilled between 2005 and 2012. Holes were predominantly angled toward 135° (local grid) at declinations of -55° to optimally intersect the mineralised zones. A total of 975 RC Holes (27,559m) were drilled by WAF in 2024 for GC purposes. All holes were drilled on a nominal 12.5 m x 6.25 m drill hole spacing and were angled at 135° (UTM) at declinations of -55° to optimally intersect mineralised zones.

**Sampling, Analysis and Data Verification**

Industry standard sampling methodology was used. RC samples were split and sampled at 1 m intervals using a three-tier riffle splitter. The resultant 2 kg samples were dispatched to the laboratory where they were crushed, dried and pulverised to produce a sub sample for analysis.

Diamond drill core was generally started at HQ size progressing to NQ in harder more competent rock. Core was generally oriented but not all. Sampling was generally at 1 m intervals with half sawn core sampled.

Three laboratories were used for gold assaying of Kiaka samples, including ALS Chemex (Ouagadougou and Johannesburg), BIGS Global (Ouaga) and SGS Ouagadougou. All laboratories utilised an aqua regia digest followed by fire assay with an AAS finish for gold analysis. Appropriate QA/QC procedures were undertaken throughout.

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**From 2024 onwards, GC samples have been assayed at SGS (Ouagadougou, AU_FAA505). Samples were dried, crushed and pulverised to produce a sub sample for analysis for gold by 50 g standard FA method followed by AAS finish with a detection limit of 0.01 g/t Au.Mineral Processing and Metallurgical Testing**

Extensive metallurgical test work programs were undertaken by Volta Resources Ltd. and B2Gold between 2009 and 2015. The majority of the test work was conducted at SGS Canada Inc. in Lakefield, Ontario, Canada between 2014 and 2015.

The focus of the metallurgical test work programme was on the Kiaka Main open pit area. Within this area there are three spatial domains:

● Main Central;

● Main North; and

● Main South.

The Kiaka Main Central and Main North domains are dominated by metasedimentary rocks and the Main South domain comprises mainly of metavolcanic material.

Three comminution and three metallurgical composites were sourced from six diamond drillholes located in the three spatial domains of the Kiaka Main open pit. Comminution composites were whole core contiguous sections from drillholes. Each of the three metallurgical composites were selected from two drillholes from each domain.

Variability samples were selected within the three domains at various elevations within the pit outline, and at different gold grades. Comminution variability test work was carried out for the determination of changes in grinding properties resulting from variations in lithology, mineralisation and alteration intensity. Forty-two comminution variability samples were collected from drillholes in the four domains, including one from the south deposit area. Fifty-eight metallurgical variability samples were compiled, from coarse rejects and ½ NQ core of previous exploration drillholes distributed across the sample domains. The metallurgical test work programme was completed between 2014 and 2015 mostly by SGS Lakefield. The remainder of the programme was completed by either SGS Lakefield under supervision of a consultant or specialist, or at another laboratory facility.

The following conclusions can be drawn from the comminution and metallurgical test programmes:

● The leach conditions identified as achieving high gold extraction are: 4 hours of pre-aeration followed by 36 hours of cyanide leach; pH 10.5 maintained with lime; 50g/t of initial lead nitrate addition; 0.40g/L NaCN concentration; and at elevated dissolved oxygen levels.

● Overall combined gold recovery for Kiaka Main deposit for the selected flowsheet are expected to range between 89% and 91%.

● A design gold recovery of 90% has been selected for the study.

● Based on the indicated adsorption properties and WAF preference an 8 stage CIL adsorption circuit has been selected.

**Mineral Resource Estimate**

Mineral Resources have been prepared under JORC reporting regime and are not compliant in accordance with Item 1300 of Regulation S-K. Reporting of Mineral Reserves is omitted as per Section 1304(a)(2) of SK1300.

**Mineral Reserve Estimate**

Mineral Reserves have been prepared under JORC reporting regime and are not compliant in accordance with Item 1300 of Regulation S-K. Reporting of Mineral Reserves is omitted as per Section 1304(a)(2) of SK1300.

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**Mining Operations**

Conventional open pit mining techniques using drill and blast with material movement by hydraulic excavator and trucks will be employed. The project scale and selectivity suits 230t class excavators in a backhoe configuration matched to 140t class mine haul trucks and applicable ancillary equipment. Blasting will take place on 10m benches in bulk waste and bulk ore zones and 5m benches where more selective mining will be required. The 5m benches will be excavated on 2 x 2.5m high flitches. For blasted material this will be 2 x 3m high flitches when swell is accounted for. The 10m benches will be excavated 3 x 3.33m flitches or 4 x 3m flitches where swell is taken into account.

**Open pit mining at Kiaka has ramped up as planned during 2025, with mining rates now meeting scheduled targets. The primary mining focus into 2026 will be the Kiaka Main Stage 1 pit. The Kiaka South and Central sub-pits will also be mined in the early years of the mine life, though they contribute only a small portion of the ore feed. Total material movement is projected to average 28.6 million tonnes between 2026 and 2028, increasing to 34.5 million tonnes from 2029 onwards as the Stage 2 cut back at Kiaka Main commences.Processing and Recovery Operations**

The Kiaka process plant will have a nameplate throughput of 7.0Mtpa, with an availability of 8,000 hours per annum and a nominal capacity of 875 tonnes per hour (tph). A 20% engineering contingency was allowed by Lycopodium Minerals in the design, in particular from a hydraulic capacity through thickening, CIL and tailings pumping. Throughput modelling conducted by OMC show the selected comminution circuit is capable of a throughput of 10Mtpa (1,250 tph) on the design blend of 23% oxide 77% fresh feed.

WAF has adopted an approach of oversizing the comminution circuit to align with the hydraulic design margin of the downstream processing plant, an identical approach to that employed at WAF's Sanbrado mine which was also designed by Lycopodium Minerals. On this basis the Kiaka processing plant will be ramped up post commissioning and handed over from Lycopodium Minerals from the 7 Mtpa nameplate design to 8.75 Mtpa for the long-term operations. Sanbrado has operated continuously above the hydraulic limit since commissioning and handover to date, providing confidence to the approach.

The process flow diagrams were developed from the process design criteria prepared by Lycopodium Minerals. The plant design proposed is simple but robust and broadly comprises the following:

● Primary Gyratory Crushing;

● Crushed Ore Stockpile and Reclaim System;

● SAG – Ball Milling with Pebble Crushing and Classification;

● Gravity Circuit to Intensive Leach Reactor to separate gravity recoverable fine gold prior to leaching;

● Leach Feed Thickening;

● Pre-oxidation, Leaching and Adsorption;

● Elution;

● Electrowinning; and

● Gold smelting.

It is planned that a majority of the ore will be direct tipped into the primary crusher by the mining fleet. The mine production schedule has assumed that 60% of the ore will be direct tipped with the remaining 40% being rehandled into the crusher by a front-end loader.

**Infrastructure, Permitting and Compliance Activities**

**Site Development**

The Kiaka Mine is located 140km southeast of the capital city of Ouagadougou, a city with modern services that has direct air service to Europe. Neighboring countries can be accessed via a network of roads as well as by regularly scheduled air services.

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The Kiaka Mine can be accessed by road in approximately two hours from Ouagadougou. Most road links between Ouagadougou and the Kiaka Mine are good. The initial 100km from Ouagadougou to Manga is the N5 road, which forms the main access between Ouagadougou and Ghana border at the town of Paga. Southeast of Manga, the road changes to a further 20km of laterite gravel road, and finally 20km of laterite gravel road of variable quality. The final 20km of laterite gravel access road requires upgrading to install multiple flood crossings and road re-profiling. Beyond the existing access road, new gravel access roads will be constructed to access the accommodation camp, process plant and mining contractor's area.

**Accommodation Camp**

WAF has constructed a fully supported 304-person accommodation camp, located 0.5km southwest of the process plant. The accommodation camp is for expat and Burkinabe staff and is in addition to accommodation in nearby existing towns. The camp will be operated by a catering and accommodation service provider on a long-term operating contract. The camp contractor will be responsible for all operations at the accommodation camp including catering and cleaning.

**Power Supply**

**Power is to be supplied through a connection to the national electricity grid (operated by SONABEL) in conjunction with on-site power supply from diesel generators. Tailings Storage Facility**

**Initial work on the tailings storage has resulted in a TSF with an ellipsoid shape providing the most efficient storage. The TSF is designed with sufficient storage capacity and will be lined with an impermeable HDPE liner. Decanted water will be returned to the process plant for re-use. Water Supply**

Raw water will be sourced from the Bagre dam on the Nakambé River approximately 3 km east of Kiaka. Water will be abstracted using submersible pumps which will transfer water to the WSF via buried HDPE pipeline. The WSF will be located immediately south-west of the TSF. The WSF is the main storage pond for raw water on site, and can store up to 2,000,000m³ of water at the maximum operating level. Water will be pumped from the dam as required following the annual wet season.

**Mine Services**

Mine services including workshop, warehousing, offices, messing and change rooms will be situated to the southeast of the process plant area. Bulk fuel storage and refuelling facilities for the mine fleet and light vehicles will be in the mine services area. The layout has been designed to separate heavy and light vehicle traffic.

**Permitting, Environment and Social**

An ESIA and RAP were conducted for the Kiaka Mine in 2013 for which an Environmental Certificate was awarded in 2015. WAF completed an update to the ESIA and RAP in 2023 and a renewed Environmental Certificate was awarded in April 2024. Findings from the updated ESIA and RAP were consistent with those from 2013. No significant changes in environmental or social baseline conditions or impacts were identified. Kiaka SA's Environmental and Social Management System is managed by Kiaka's Environment and Community Relations Departments.

The Kiaka Mining License was granted on July 8, 2016, and has an expiry date of July 7, 2036, with ongoing 5-year renewal periods thereafter.

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**Exploration**

WAF commenced a grade control drilling program for Kiaka, completing the first phase in Q1 2025, after drilling a total of 2,636 holes for 79.913 meters. The drilling was conducted on a nominal grid spacing of 12.5 m x 12.5 m targeting the top 20 meters of the mineralization within the Kiaka Main and was designed to improve the confidence level in the geological model and grade estimation in the top 20 meters of the deposit which covers the first 12 months of open pit ore production. The grade control drilling results aligned closely with the MRE, confirming mineralization widths of up to 400 meters at surface.

**Project Development**

In mid-2022, WAF commenced early works at Kiaka. During 2023, construction of the main camp was completed, the security buildings and main entrance gates were erected, earthworks for key areas of the primary crusher, reclaim, mills, and CIL were handed over to the EPCM contractor (Lycopodium), and the first concrete pour was completed.

During 2024, construction of Kiaka continued to progress on schedule and on budget. By end of 2024 all major process equipment was delivered to site, major concrete pours were complete, mills were installed, settlement testing of the carbon-in-leach tanks was successful, structural steel erection was well progressed, most conveyor modules were installed, mechanical equipment installation was advancing well and electrical and instrumentation installation had commenced.

On June 26, 2025, Kiaka poured first gold and commenced ramp up.

**Production**

In 2025, Kiaka operated for the third and fourth quarter, milling a total of 3.9 million tonnes of ore at 0.8 gpt Au, with a recovery of 91.3%, producing 95,155 ounces of gold, pouring 90,040 ounces of gold and selling 74,548 ounces of gold.

**ITEM 4A: UNRESOLVED STAFF COMMENTS**

Not Applicable.

**ITEM 5: OPERATING AND FINANCIAL REVIEW AND PROSPECTS**

**A.** **Operating Results**

**Year ended December 31, 2025 compared to December 31, 2024**

**Cash flows and financial condition**

During the year ended December 31, 2025, our cash balance increased by $2.3 million. This increase is primarily as a result of: inflows of $34.8 million in revenue, cash payments for metal delivered under streams included within cost of sales of $3.5 million and incurring $5.9 million in cash operating expenses. We saw an outflow of $7.7 million relating to working capital. We drew $181.0 million, and subsequently repaid $11.0 million, on the Upsized Credit Facility to fund the $159.5 million acquisitions of the Rosh Pinah silver stream, Santa Rita royalty and the Kolpa copper stream and $16.4 million repayment of the Beedie Convertible Debt in full. We also incurred $8.8 million of financing costs, which included $2.4 million in non-recurring prepayment fees related to early repayment of the Beedie Convertible Debt, $5.3 million of cash interest charges on debt outstanding and $1.1 million of commitment and other fees. Further, we paid $0.6 million in cash withholding taxes.

During the year ended December 31, 2024, our cash balance decreased by $5.3 million. This decrease was a result of the following factors: inflows of $12.0 million in revenue, cash payments to Equinox included within cost of sales of $2.0 million and incurring $3.0 million in cash operating expenses. We saw an inflow of $0.8 million relating to working capital. We had cash inflows of $1.0 million on the sale of its common shares in Montage Gold. We incurred $0.1 million in transaction costs relating to its acquisition of a royalty portfolio from B2Gold. We received net proceeds of $7.5 million from a private placement with B2Gold, repaid $19.0 million on the Credit Facility and paid $2.0 million in cash interest charges on debt outstanding net of interest income.

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**Discussion of Statement of Income (loss)**

We earned net income of $20.3 million for the year ended December 31, 2025 as compared to incurring a net loss of $2.4 million in the same period in 2024. These results are as a result of the following factors:

**Revenue**

We earned total revenue of $34.8 million during the year ended December 31, 2025 as compared to $12.0 million in the same period in 2024. A discussion of revenue by operating segment is presented below:

We earned revenue of $14.4 million from the sale of gold from the Greenstone GPA during the year ended December 31, 2025 as compared to $10.0 million in the same period of 2024. We received the same number of gold ounces each period (4,200 ounces); the increase in revenue was due to the increase in the average spot price of gold received by our Company in 2024 of $2,378 as compared to 2025 of $3,435.

We earned $1.2 million in royalty revenue from the Blackwater royalty during the year ended December 31, 2025. No revenue was earned from this royalty in 2024 as the Blackwater mine commenced production during 2025.

We earned $3.9 million in revenue from the sale of copper received under the Kolpa stream during the year ended December 31, 2025. No revenue was earned under the Kolpa stream in 2024 as the Kolpa stream was acquired during the second quarter of 2025.

We earned revenue of $8.1 million from the Kiaka royalty during the year ended Dectember 31, 2025. No revenue was earned from Kiaka in 2024 as the Kiaka Mine only commenced production in Q2 2025.

We earned $2.1 million in revenue from the Mercedes royalty during the year ended December 31, 2025 as compared to $2.0 million in prior period.

We earned revenue of $2.4 million from the sale of silver received under the Rosh Pinah stream during the year ended December 31, 2025. No revenue was earned under the Rosh Pinah stream in 2024 as the Rosh Pinah stream was acquired during the third quarter of 2025.

We earned revenue of $2.4 million from the Santa Rita royalty during the year ended December 31, 2025. No revenue was earned under the Santa Rita royalty in 2024 as the royalty was acquired during the third quarter of 2025.

**Cost of Sales**

We incurred total cost of sales of $15.1 million during the year ended December 31, 2025 as compared to $10.0 million in the same period in 2024. A discussion of cost of sales by operating segment is presented below:

Cost of sales of $14.5 million was incurred during the year ended December 31, 2025 on the Greenstone GPA as compared to $10.0 million in the prior period. Cost of sales includes: (i) a cash payment to Equinox Gold of $2.9 million upon monthly deliveries of gold based on 20% of the value of the gold delivered to our Company and (ii) a non-cash drawdown of $11.6 million against the initial deposit paid for the Greenstone GPA. Both the cash and non-cash portion of cost of sales are impacted by the gold price; the increase in the price of gold period-upon-period led to the increase in cost of sales.

Cost of sales of $0.4 million was incurred in the year ended December 31, 2025 in relation to the Kolpa copper stream. Cost of sales represents a payment of 10% of the value of the copper delivered to Versamet on a monthly basis to the mine operator. The Kolpa stream was acquired in Q2 2025 and as such no cost of sales related to the stream were incurred in prior year.

Cost of sales of $0.2 million was incurred in the year ended December 31, 2025 in relation to the Rosh Pinah silver stream. Cost of sales represents a payment of 10% of the value of the silver delivered to Versamet to the mine operator. The Rosh Pinah stream was acquired in Q3 2025 and as such no cost of sales related to the stream were incurred in prior year.

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**Depletion**

We deplete our assets which are classified as Royalty and other interests on the Statement of Financial Position. Total depletion of $6.2 million was recorded in the year ended December 31, 2025 as compared to $0.8 million in the prior period. A discussion of depletion by operating segment is presented below:

Total depletion of $0.3 million was recorded on the Blackwater royalty during the year ended December 31, 2025. Depletion is a factor of the level of sales (as a result of production) at the Blackwater mine and the carrying value of the asset on the Company's Statement of Financial Position. No depletion was recorded in the prior period as the Blackwater mine only commenced production during 2025.

Total depletion of $2.2 million was recorded on the Kolpa stream the during the year ended December 31, 2025. Depletion is a factor of the level of copper production at the Kolpa mine and the carrying value of the asset on our Company's Statement of Financial Position. No depletion was recorded in the prior period as the Kolpa stream was acquired in the second quarter of 2025.

Total depletion of $1.6 million was recorded on the Kiaka royalty during the year ended December 31, 2025. Depletion is a factor of the level of gold production at the Kiaka Mine and the carrying value of the asset on our Statement of Financial Position. No depletion was recorded in the prior period as the Kiaka Mine only commenced production in Q2 2025.

Total depletion of $0.9 million was recorded on the Mercedes royalty during the year ended December 31, 2025 as compared to $0.8 million in the prior period. Depletion is a factor of the level of sales (as a result of production) at the Mercedes mine and the carrying value of the asset on our Statement of Financial Position.

Total depletion of $0.7 million was recorded on the Rosh Pinah stream during the year ended December 31, 2025. Depletion is a factor of the level of silver production at the Rosh Pinah mine and the carrying value of the asset on our Company's Statement of Financial Position. No depletion was recorded in the prior period as the Rosh Pinah stream was acquired in the third quarter of 2025.

Total depletion of $0.5 million was recorded on the Santa Rita royalty during the year ended December 31, 2025. Depletion is a factor of the level of production at the Santa Rita Mine and the carrying value of the asset on our Statement of Financial Position. No depletion was recorded in the prior period as Santa Rita was acquired during the third quarter of 2025.

**Gross Profit**

We earned total gross profit of $13.5 million in the year ended December 31, 2025 as compared to $1.2 million in the same period in prior year. Gross profit is the sum of revenue less cost of sales, including depletion; a discussion of each factor is above. A comparison of gross profit by operating segment is presented below:

We earned gross profit of $0.9 million from the Blackwater royalty during the year ended December 31, 2025 as compared to nil in the comparative period. No gross profit was earned from this royalty in 2024 as the Blackwater mine commenced production during 2025.

We earned gross profit of $1.2 million from the Kolpa copper stream during the year ended December 31, 2025 as compared to nil in the comparative period. No gross profit was earned from this stream in 2024 as the Kolpa stream was acquired during 2025.

We earned gross profit of $6.5 million from the Kiaka royalty during the year ended December 31, 2025 as compared to nil in the comparative period. No gross profit was earned from this royalty as the Kiaka Mine only commenced production in Q2 2025.

We earned gross profit of $1.2 million from the Mercedes royalty during the year ended December 31, 2025 as compared to $1.2 million in the comparative period.

We earned gross profit of $1.5 million from the Rosh Pinah silver stream during the year ended December 31, 2025 as compared to nil in the comparative period. No gross profit was earned from this stream in 2024 as the Rosh Pinah stream was acquired during 2025.

We earned gross profit of $1.9 million from the Santa Rita royalty during the year ended December 31, 2025 as compared to nil in the comparative period. No gross profit was earned from this royalty as the Santa Rita royalty was only purchased in 2025.

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**Other (income) and expenditures:**

The information below details the changes in the expenditures for the year ended December 31, 2025 as compared to the year ended December 31, 2024. With the exception of the change in the fair value of the Greenstone gold interest, the line items below are considered corporate income / expenses and are not allocated to the segments which the Chief Operating Decision Maker (being the CEO) reviews.

---

| | | |
|:---|:---|:---|
| <br>**In $000s** | **Year ended**<br>**Dec. 31, 2025**<br>**$** | **Year ended**<br>**Dec. 31, 2024**<br>**$** |
| Administrative expenses | 7640 | 5526 |
| Change in fair value of Greenstone gold interest | (32922) | (14060) |
| Change in fair value of convertible debt derivative liability | (3285) | (400) |
| Finance and interest expense | 12162 | 3579 |
| Foreign exchange | 548 | (780) |
| Interest income | (267) | (148) |
| Income tax expense | 9270 | 1574 |

---

Administrative expenses increased as the Company's administrative and corporate development processes evolve and grow to properly steward our expanded asset base. Notably, our salaries expense increased due to higher headcount and increase in amounts accrued related to the Company's short term incentive plan in Q4 2025. We also incurred additional professional and listing fees related to the listing of the Company's common shares on the TSX Venture in May 2025, graduation to the TSX in December 2025 and preparation for listing on the NASDAQ.

There were gains recognized on the Greenstone gold interest during all periods. The change in value is largely driven by the consensus gold price which have continued to increase over 2024 and 2025.

In Q2 2025, the Beedie Convertible Loan was fully repaid and the convertible debt derivative liability related to the conversion option was derecognized, resulting in a gain of $3.2 million.

The increase in finance and interest expense primarily relates to prepayment of the Beedie Convertible Loan and higher outstanding amounts on the Credit Facility to fund stream and royalty acquisitions in 2025. As a result of the prepayment of the Beedie Convertible Loan, the Company recognized $3.3 million of finance expense due to the accelerated recording of the accretion expense and $2.4 million of non-recurring prepayment fees.

Foreign exchange movements are primarily related to the revaluing the Canadian denominated Beedie Convertible Loan into US dollars, the Company's functional currency. The weakening of the US dollar as compared to the Canadian dollar prior to repayment on April 30, 2025, lead to a foreign exchange loss, compared to a strengthening of the US dollar in the prior period. Foreign exchange movements subsequent to the repayment of the Beedie Convertible Loan are primarily related to revaluation of Canadian dollar cash on hand and working capital.

We recognized a tax expense of $9.3 million during the year ended December 31, 2025 (2024: $1.6 million expense). The current period tax expense is primarily driven by deferred taxes related to the increase in the value of the Greenstone gold interest during the period, resulting in a future income tax expense. The current tax expense in all periods relates to withholding taxes payable on royalty revenue earned from certain foreign royalties.

**Year ended December 31, 2024 and December 31, 2023** 

**Cash flows and financial position**

During the year ended December 31, 2024, our cash balance decreased by $5.3 million. This decrease is as a result of the factors listed below. We received inflows of $12.0 million in revenue, made cash payments to Equinox included within cost of sales of $2.0 million and incurred $3.0 million in cash operating expenses. Further, we saw an inflow of $0.8 million relating to working capital. We had a cash inflow of $1.0 million on the sale of common shares in Montage. We incurred $0.1 million in transaction costs relating to the B2Gold Transaction. In addition, we received net proceeds of $7.5 million from a private placement with B2Gold, repaid $19.0 million on the Credit Facility and paid $2.0 million in cash interest charges on debt outstanding net of interest income.

Further, we paid $0.5 million in cash taxes and incurred a foreign exchange loss on cash balances of $0.1 million.

[**Table of Contents**](#TOC)

During the year ended December 31, 2023, our cash balance increased by $2.6 million. This increase is primarily as a result of the factors listed below. We received inflows of $3.1 million in revenue, made cash payments to Equinox included within cost of sales of $0.3 million, and incurred $1.8 million in cash operating expenses and an inflow of $2.2 million relating to the repayment of the Sandstorm Convertible Note. We also paid $0.4 million in withholding taxes on the income from the Mercedes royalty. Our cash inflows related to the Credit Facility and Beedie Convertible Loan were reasonably consistent with the outflows to close the acquisitions of the Greenstone GPA and the two royalties from Sandstorm.

**Discussion of Statement of Income (loss)**

We incurred a net loss of $2.4 million in the year ended December 31, 2024 as compared to incurring a net loss of $3.1 million in the year ended December 31, 2023. These results are as a result of the following factors:

**Revenue**

We earned total revenue of $12.0 million during the year ended December 31, 2024 as compared to $3.1 million during the year ended December 31, 2023. A discussion of revenue by operating segment is presented below:

We earned revenue of $10.0 million from the sale of gold from Greenstone GPA during the year ended December 31, 2024 as compared to $1.4 million in the same period of 2023. We acquired the Greenstone GPA on October 31, 2023 and as such only received two months of deliveries (or 700 ounces of gold) during 2023 as compared to a full twelve months of deliveries in 2024 (or 4,200 ounces of gold). In addition, our average realized price from the sale of gold increased from $2,000 per ounce in 2023 to $2,378 per ounce in 2024.

We earned $2.0 million in revenue from the Mercedes royalty during the year ended December 31, 2024 as compared to $1.7 million in the same period of 2024. The reason for the increase period-upon-period is due to a significant increase in the realized gold price from the sales of the Mercedes mine period-upon-period; this was offset with a 6% reduction in the number of ounces sold period-on-period, based on lower production from the Mercedes mine.

**Cost of Sales**

We incurred total cost of sales of $10.0 million during the year ended December 31, 2024 as compared to $1.4 million in the same period of 2023. A discussion of cost of sales by operating segment is presented below:

Cost of sales of $10.0 million was incurred during the year ended December 31, 2024 on the Greenstone GPA as compared to $1.4 million in 2023. Cost of sales includes: (i) a cash payment to Equinox Gold upon monthly deliveries of gold based on 20% of the value of the gold delivered to the Company and (ii) a non-cash drawdown against the initial deposit paid for the Greenstone GPA. We acquired the Greenstone GPA on October 31, 2023 and as such only received two months of deliveries (or 700 ounces of gold) during 2023 as compared to a full twelve months of deliveries in 2024 (or 4,200 ounces of gold). In addition, our average realized price from the sale of gold increased from $2,000 per ounce in 2023 to $2,378 per ounce in 2024. Both the cash and non-cash portion of cost of sales are impacted by the gold price.

**Depletion**

We deplete our assets which are classified as Royalty and other interests on the Statement of Financial Position. Total depletion of $0.8 million was recorded during the year ended December 31, 2024 as compared to $0.9 million in the year ended December 31, 2023. A discussion of depletion by operating segment is presented below:

Total depletion of $0.8 million was recorded on the Mercedes royalty during the year ended December 31, 2024 as compared to $0.9 million in 2023. Depletion is a factor of the level of sales (as a result of production) at the Mercedes mine and the carrying value of the royalty asset on our Statement of Financial Position. A 6% reduction in the number of ounces sold by the operator of the Mercedes mine led to the reduction in depletion during when comparing 2023 to 2024.

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**Gross Profit**

We earned total gross profit of $1.2 million in the year ended December 31, 2024 as compared to $0.8 million in the same period in 2023. Gross profit is the sum of revenue less cost of sales and depletion; a discussion of each factor is above. A comparison of gross profit by operating segment is presented below:

We earned gross profit of $1.2 million from the Mercedes royalty in the year ended December 31, 2024 as compared to $0.8 million in the prior year. The increase in the gross profit year-upon-year is primarily as a result of a higher realized gold price by the Mercedes operator for the gold they produced and sold during 2024 as compared to 2023, as described above.

**Other income and expenditures:**

The table below details the changes in the expenditures for the year ended December 31, 2024 as compared to the year ended December 31, 2023. With the exception of the Change in the fair value of the Greenstone gold interest, the line items below are considered corporate income / expenses and are not allocated to the segments which the Chief Operating Decision Maker (being the CEO) reviews.

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| | | |
|:---|:---|:---|
| **Expense/Other income** | **Increase/Decreasefrom prior year** | **Explanation for the change** |
| Business development | Increase of $15,493 | The expenses were largely consistent period-on-period. |
| Change in fair value of Greenstone gold interest | Increase of $9,224,739 | This gain relates to the fair value movement in the Greenstone GPA with Equinox between December 31, 2023 and December 31, 2024; this largely relates to the increase in consensus gold pricing during this period. |
| General and administrative | Increase of $274,492 | The increase was due to larger insurance premiums in the current period due to increased coverage as the Company grew, as well as higher rent costs in the current period as compared to the prior period as the Company grew in size. Further, certain filing fees were incurred in the current period related to the B2Gold Transaction which were not incurred in the prior period. |
| Professional fees | Decrease of $266,229 | In prior period, our general counsel was engaged as a consultant, for which expense was included in professional fees. In the current period, general counsel became an employee and his fees are included in salaries and benefits. This is offset by higher audit expense in the current period due to more complex operations as compared to the prior period. |
| Salaries and benefits | Increase of $1,114,754 | The increase in primarily driven by an accrual for bonuses paid to employees of the Company in January 2025. In addition, in prior period, our general counsel was engaged as a consultant, for which expense was included in professional fees. In the current period, general counsel became an employee and their fees are included in salaries and benefits. |
| Share-based compensation | Increase of $939,735 | The increase relates to an accrual for bonuses paid to employees in January 2025 in the form of restricted share units. The timing of share-based compensation grants and the vesting schedule of said grants also impacts the expense recorded. |

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[**Table of Contents**](#TOC)

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| | | |
|:---|:---|:---|
| **Expense/Other income** | **Increase/Decreasefrom prior year** | **Explanation for the change** |
| Foreign exchange gain | Increase of $1,166,432 | In the current period a foreign exchange gain was recorded as compared to a foreign exchange loss in the prior period. The foreign exchange is primarily recorded as a result of revaluing the Canadian denominated Beedie Convertible Loan (see "Item 5.B. Liquidity and capital resources") into US dollars, the Company's functional currency. The strengthening of the US dollar as compared to the Canadian dollar, period upon period, has meant this liability has a lower value in the current period when recorded in US dollars. |
| Finance and interest expense | Increase of $1,568,554 | The finance and interest expense in the current period includes accretion on the Sandstorm Convertible Note, the Beedie Convertible Loan and the Credit Facility. In addition, the interest incurred on both the Beedie Convertible Loan and the Credit Facility is included in finance expense; these two debt facilities were entered into on October 31, 2023 and so not in place for most of the prior period. |
| Change in fair value of convertible debt derivative liability | Increase of $403,584 | The gain relates to the fair value of the Beedie Derivative Liability. The Derivative Liability is fair valued each period using a number of market and other inputs. |
| Interest income | Increase of $35,740 | We had a significantly higher cash balance in the first quarter of the current period as compared to the prior year, which led to higher interest income in the current period. Most of the additional cash was used to pay down a portion of the Credit Facility at various intervals during the remainder of the 12 months ended December 31, 2024. |

---

In addition, we recognized a current tax expense of $0.5 million during the year ended December 31, 2024 (2023 — $0.4 million); the current tax expense relates to withholding taxes payable on royalty revenue earned from the Mercedes asset. A deferred tax expense of $1.1 million was incurred in the current period; this compares to a $0.2 million deferred tax expense in 2023. The deferred tax expense in the current period relates the positive change in fair value of the Greenstone Gold Interest which led to greater income in the quarter, offset by the impairment of the Mercedes asset for accounting purposes, which resulted in the reversal of some of the deferred tax liability recognized on royalty and other assets.

[**Table of Contents**](#TOC)

**Summary of Quarterly Results**

The following table is a summary of the Company's financial results and position for the 8 most recently completed quarters.

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| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **THREE MONTHS ENDED** | **THREE MONTHS ENDED** | **THREE MONTHS ENDED** | **THREE MONTHS ENDED** | **THREE MONTHS ENDED** | **THREE MONTHS ENDED** | **THREE MONTHS ENDED** | **THREE MONTHS ENDED** |
| <br>**In $000s**<sup>1</sup>**, except GEO and share amounts** | **Dec. 31, 2025** | **Sep. 30, 2025** | **Jun. 30, 2025** | **Mar. 31, 2025** | **Dec. 31, 2024** | **Sep. 30, 2024** | **Jun. 30, 2024** | **Mar. 31, 2024** |
| Total revenue | 18364 | 8118 | 4826 | 3454 | 3249 | 3178 | 2901 | 2697 |
| Attributable GEOs<sup>2</sup> | 4430 | 2699 | 1475 | 1211 | 1232 | 1288 | 1237 | 1308 |
| Average realized gold price per ounce | 4145 | 3451 | 3272 | 2853 | 2636 | 2468 | 2346 | 2063 |
| Average cash cost per attributable GEO<sup>2</sup> | 298 | 323 | 500 | 495 | 449 | 403 | 398 | 332 |
| Average cash cost margin<sup>2</sup> | 93% | 91% | 84% | 83% | 83% | 84% | 83% | 84% |
| Net income (loss) | 15059 | 3319 | 170 | 1784 | (7261) | 3864 | 1123 | (173) |
| Other comprehensive (loss) income | (27) | 545 | (325) | 52 | (120) | (55) | (343) | 711 |
| Basic earnings (loss) per share | 0.16 | 0.04 | 0.00 | 0.02 | (0.08) | 0.04 | 0.02 | (0.00) |
| Diluted earnings (loss) per share | 0.16 | 0.03 | 0.00 | 0.02 | (0.08) | 0.04 | 0.02 | (0.00) |
| Weighted average shares (basic) | 92986121 | 92971426 | 92744605 | 92414345 | 92311790 | 89427398 | 65314338 | 56897860 |
| Weighted average shares (diluted) | 96501540 | 95738461 | 94457830 | 94004406 | 92311790 | 90776823 | 68204420 | 56897860 |
| Total assets | 418008 | 400448 | 269830 | 231693 | 230249 | 240234 | 225152 | 152097 |
| Long-term liabilities<sup>3</sup> | 151172 | 158485 | 55647 | 2123 | 2070 | 5356 | 12364 | 20428 |
| Operating cash inflows (outflows) before working capital changes<sup>2</sup> | 13929 | 6136 | 3209 | 1411 | 1137 | 2004 | 1780 | 1620 |
| Cash flows per share before working capital changes<sup>2</sup> | 0.15 | 0.07 | 0.03 | 0.02 | 0.01 | 0.02 | 0.03 | 0.03 |
| EBITDA<sup>2</sup> | 28574 | 7614 | 8073 | 3414 | (7848) | 6682 | 2912 | 1653 |
| Adjusted EBITDA<sup>2</sup> | 13626 | 5715 | 2220 | 1486 | 1417 | 1639 | 1606 | 619 |

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&nbsp;&nbsp;&nbsp;&nbsp;1. Sum of all the quarters may not add up to the annual total due to rounding.

&nbsp;&nbsp;&nbsp;&nbsp;2. See "Non-IFRS measures" directly below.

**Non-IFRS Measures**

This Annual Report contains certain non-IFRS measures, including (i) Attributable Gold Equivalent Ounces, (ii) average cash cost per Attributable Gold Equivalent Ounce (iii) average cash cost margin (iv) cash flows from operating activities before working capital changes (v) cash flows from operating activities before working capital changes per share (vi) EBITDA and (vii) Adjusted EBITDA (the "Non-IFRS Measures"). The Non-IFRS measures are not standard measures under IFRS and our method of calculating the Non-IFRS Measures may differ from the methods used by other issuers. Therefore, our Non-IFRS measures may not be comparable to similar measures presented by other issuers. See below for a description of each non-IFRS measure and a reconciliation to the nearest IFRS measure for the period.

**Attributable Gold Equivalent Ounces** is calculated by converting our royalty revenue and stream sales to a GEO basis by dividing the royalty revenue plus stream sales for a period by the average gold price based on the LBMA Gold Price PM Fix per ounce for the same respective period. Total Attributable GEOs sold includes the GEOs from our royalty revenue and stream sales, plus the gold ounces sold from the Greenstone gold interest and Santa Rita royalty amounts received related to the period between the Effective Date and closing of the agreement, which have been treated as an adjustment to the purchase consideration for accounting. Management believes that adjusting for these amounts more accurately depicts GEOs attributable to the Company. We present Total Attributable GEOs as we believe that this is useful information to allow investors to evaluate the Company's performance in comparison to other streaming and royalty companies in the precious metals mining industry that present results on a similar basis.

[**Table of Contents**](#TOC)

For the three months ended:

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| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Revenue in $000s** | **Dec. 31, 2025** | **Sep. 30, 2025** | **Jun. 30, 2025** | **Mar. 31, 2025** | **Dec. 31, 2024** | **Sep. 30, 2024** | **Jun. 30, 2024** | **Mar. 31, 2024** |
| Revenue | 18364 | 8118 | 4826 | 3454 | 3249 | 3178 | 2901 | 2697 |
| Divided by: |  |  |  |  |  |  |  |  |
| Average realized gold price per ounce | 4145 | 3451 | 3272 | 2853 | 2636 | 2468 | 2346 | 2063 |
|  | 4430 | 2354 | 1475 | 1211 | 1232 | 1288 | 1237 | 1308 |
| Santa Rita Adjustment<sup>1</sup> |  | 345 |  |  |  |  |  |  |
| **Total Attributable GEOs** | **4430** | **2699** | **1475** | **1211** | **1232** | **1288** | **1237** | **1308** |

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For the year ended:

---

| | | |
|:---|:---|:---|
| **Revenue in $000s** | **Dec. 31, 2025** | **Dec. 31, 2024** |
| Revenue | 34761 | 12025 |
| Divided by: |  |  |
| Average realized gold price per ounce | 3671 | 2374 |
|  | 9470 | 5065 |
| Santa Rita Adjustment<sup>1</sup> | 345 |  |
| **Total Attributable GEOs** | **9815** | **5065** |

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&nbsp;&nbsp;&nbsp;&nbsp;1. On September 24, 2025, the Company entered into an agreement to acquire a 2.75% net smelter return royalty on Atlantic Nickel's operating Santa Rita mine in Brazil. The Effective Date of the royalty under the agreement was July 1, 2025. The Company received $1.2 million of royalty related to the period between the Effective Date and closing of the agreement, which was treated as a purchase price adjustment and credited against the acquisition cost of the royalty for accounting purposes. The Company has included these royalty amounts in its calculation of GEOs for the three months ended September 30, 2025 and year ended December 31, 2025 (the "Santa Rita Adjustment").

**Average cash cost per Attributable GEO** is calculated by dividing the Company's cost of sales, excluding depletion and other non-cash cost of sales by the number of Attributable GEOs (described above). We present average cash cost per Attributable GEO as we believe that this is useful information to allow investors to evaluate the Company's performance and ability to generate cash flow in comparison to other streaming and royalty companies in the precious metals mining industry who present results on a similar basis.

**Average cash cost margin** is calculated by dividing the difference between the Average realized gold price per ounce and the Average cash cost per Attributable GEO by the Average realized gold price per ounce. We present average cash cost margin as we believe that this is useful information to allow investors to evaluate the Company's performance and ability to generate cash flow in comparison to other streaming and royalty companies in the precious metals mining industry who present results on a similar basis.

For the three months ended:

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| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Cost of sales amounts in $000s** | **Dec. 31, 2025** | **Sep. 30, 2025** | **Jun. 30, 2025** | **Mar. 31, 2025** | **Dec. 31, 2024** | **Sep. 30, 2024** | **Jun. 30, 2024** | **Mar. 31, 2024** |
| Cost of sales (excluding depletion) | 4852 | 3769 | 3490 | 2995 | 2765 | 2593 | 2460 | 2171 |
| Less: non-cash cost of sales related to Greenstone interest | (3534) | (2897) | (2753) | (2396) | (2212) | (2075) | (1968) | (1736) |
| **Cash cost of sales** | **1318** | **872** | **737** | **599** | **553** | **518** | **492** | **435** |
| Divided by: |  |  |  |  |  |  |  |  |
| Total Attributable GEOs | 4430 | 2699 | 1475 | 1211 | 1232 | 1288 | 1237 | 1308 |
| **Average cash cost per Attributable GEO** | **298** | **323** | **500** | **495** | **449** | **403** | **398** | **332** |
| **Average cash cost margin** | **93%**  | **91%**  | **84%**  | **83%**  | **83%**  | **84%**  | **83%**  | **84%** |

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[**Table of Contents**](#TOC)

For the year ended:

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| | | |
|:---|:---|:---|
| **Cost of sales amounts in $000s** | **Dec. 31, 2025** | **Dec. 31, 2024** |
| Cost of sales (excluding depletion) | 15106 | 9989 |
| Less: non-cash cost of sales related to Greenstone interest | (11580) | (7992) |
| **Cash cost of sales** | **3526** | **1997** |
| Divided by: |  |  |
| Total Attributable GEOs | 9815 | 5065 |
| **Average cash cost per Attributable GEO** | **359** | **394** |
| **Average cash cost margin** | **90%**  | **83%** |

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**Operating Cash inflows (outflows) before working capital changes** is calculated by adding back the decrease or subtracting the increase in changes in non-cash working capital (being trade and other receivables and prepaid assets and trade and other payables) to or from cash provided by (used in) operating activities. We present cash flows from operating activities before changes in non-cash working capital as it believes this presents a useful measure of our ability to generate cash to cover operating expenses from its cash-flowing royalties.

**Cash flows per share before working capital changes** is calculated by dividing the cash flow from operating activities before working capital changes by the weighted average number of our Common Shares outstanding during the period. We present cash flows from operating activities before changes in non-cash working capital on a per share basis as it believes this presents a useful measure for the shareholders to evaluate our performance.

For the three months ended:

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| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **In $000s, except for share and per** | **Dec. 31, 2025** | **Sep. 30, 2025** | **Jun. 30, 2025** | **Mar. 31, 2025** | **Dec. 31, 2024** | **Sep. 30, 2024** | **Jun. 30, 2024** | **Mar. 31, 2024** |
| share amounts | $ | $ | $ | $ | $ | $ | $ | $ |
| Cash flows provided by operating activities | 9728 | 4255 | 2310 | 652 | 2103 | 1878 | 1849 | 1566 |
| Working capital changes | 4201 | 1881 | 899 | 759 | (967) | 126 | (69) | 54 |
| **Cash flows from operations before working capital changes** | **13929** | **6136** | **3209** | **1411** | **1136** | **2004** | **1780** | **1620** |
| Weighted average ordinary shares outstanding | 92986121 | 92971426 | 92744605 | 92414345 | 92311790 | 89427398 | 65314338 | 56897860 |
| **Cash flows from operations before working capital changes per share** | **0.15** | **0.07** | **0.03** | **0.02** | **0.01** | **0.02** | **0.03** | **0.03** |

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For the year ended:

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| | | |
|:---|:---|:---|
| <br>**In $000s, except for shares and per share amounts** | **Dec. 31, 2025**<br>**$** | **Dec. 31, 2024**<br>**$** |
| Cash flows provided by operating activities | 16945 | 7397 |
| Working capital changes | 7740 | (857) |
| **Cash flows from operations before working capital changes** | **24685** | **6540** |
| Weighted average ordinary shares outstanding | 92771182 | 76201998 |
| **Cash flows from operations before working capital changes per share** | **0.27** | **0.09** |

---

**EBITDA** refers to earnings (or loss) determined in accordance with IFRS, before finance and interest expense, interest income, income tax expense (recovery) and depreciation (including depletion) and amortization. This measure is used by management and investors to determine the ability of an issuer to generate cash from operations. Management believes this measure is a useful supplemental measure from which to determine our ability to generate cash available for working capital requirements, investment expenditures and income taxes.

**Adjusted EBITDA** adjusts EBITDA to exclude any non-cash cost of sales (a recurring cost), one-off impairment charges and gains/loss on assets and liabilities which are market-to-market each reporting period. Management believes this measure is a useful supplemental measure from which to determine our ability to generate cash available for working capital requirements, investment expenditures and income taxes.

[**Table of Contents**](#TOC)

For the three months ended:

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| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| <br>**In $000s** | **Dec. 31, 2025**<br>**$** | **Sep. 30, 2025**<br>**$** | **Jun. 30, 2025**<br>**$** | **Mar. 31, 2025**<br>**$** | **Dec. 31, 2024**<br>**$** | **Sep. 30, 2024**<br>**$** | **Jun. 30, 2024**<br>**$** | **Mar. 31, 2024**<br>**$** |
| Net income (loss) | 15059 | 3319 | 170 | 1784 | (7261) | 3864 | 1123 | (173) |
| Finance and interest expense | 3629 | 1313 | 6592 | 628 | 669 | 802 | 995 | 1113 |
| Income taxes | 6384 | 1449 | 662 | 775 | (1408) | 1825 | 621 | 535 |
| Interest income | (152) | (91) | (13) | (11) | (18) | (35) | (15) | (80) |
| Depletion | 3654 | 1624 | 662 | 238 | 170 | 226 | 188 | 258 |
| **EBITDA** | **28574** | **7614** | **8073** | **3414** | **(7848)** | **6682** | **2912** | **1653** |
| Non-cash cost of sales – Greenstone gold interest | 3534 | 2897 | 2753 | 2396 | 2212 | 2075 | 1968 | 1736 |
| Change in fair value of Greenstone gold interest | (18482) | (4796) | (5433) | (4212) | (1099) | (6624) | (3951) | (2385) |
| Change in fair value of derivative liability |  |  | (3173) | (112) | (198) | (494) | 677 | (385) |
| Adjustment for Impairment of royalty interest |  |  |  |  | 8350 |  |  |  |
| **Adjusted EBITDA** | **13626** | **5715** | **2220** | **1486** | **1417** | **1639** | **1606** | **619** |

---

For the year ended:

---

| | | |
|:---|:---|:---|
| <br>**In $000s** | **Dec. 31, 2025**<br>**$** | **Dec. 31, 2024**<br>**$** |
| Net income (loss) | 20332 | (2448) |
| Finance and interest expense | 12162 | 3579 |
| Income taxes | 9270 | 1574 |
| Interest income | (267) | (148) |
| Depletion | 6177 | 843 |
| **EBITDA** | **47674** | **3400** |
| Non-cash cost of sales – Greenstone gold interest | 11580 | 7992 |
| Change in fair value of Greenstone gold interest | (32922) | (14060) |
| Change in fair value of derivative liability | (3285) | (400) |
| Adjustment for Impairment of royalty interest |  | 8350 |
| **Adjusted EBITDA** | **23047** | **5282** |

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[**Table of Contents**](#TOC)

**Select Annual Information**

Selected annual information from the audited financial statements for the years ended December 31, 2025, December 31, 2024 and December 31, 2023 is presented in the table below. The financial data below has been prepared in accordance with IFRS and is reported in US dollars.

---

| | | | |
|:---|:---|:---|:---|
| | **YEAR ENDED** | **YEAR ENDED** | **YEAR ENDED** |
| <br>**In $000s, except GEO and share amounts** | **Dec. 31, 2025** | **Dec. 31, 2024** | **Dec. 31, 2023** |
| Total revenue | 34761 | 12025 | 3140 |
| Attributable GEOs<sup>1</sup> | 9815 | 5065 | 1593 |
| Average realized gold price per ounce | 3671 | 2374 | 1948 |
| Average cash cost per attributable GEO<sup>1</sup> | 359 | 394 |  |
| Average cash cost margin<sup>1</sup> | 90%  | 83%  | 100% |
| Net income (loss) | 20332 | (2448) | (3124) |
| Other comprehensive income | 245 | 193 | 70 |
| Basic earnings (loss) per share | 0.22 | (0.03) | (0.08) |
| Diluted earnings (loss) per share | 0.21 | (0.03) | (0.08) |
| Weighted average shares (basic) | 92771182 | 76201998 | 37083308 |
| Weighted average shares (diluted) | 95506104 | 76201998 | 37083308 |
| Total assets | 418008 | 230249 | 157739 |
| Long-term liabilities<sup>2</sup> | 151172 | 2070 | 27490 |
| Operating cash inflows before working capital changes<sup>1</sup> | 24685 | 6540 | 600 |
| Cash flows per share before working capital changes<sup>1</sup> | 0.27 | 0.09 | 0.02 |
| EBITDA<sup>1</sup> | 47674 | 3400 | 294 |
| Adjusted EBITDA<sup>1</sup> | 23047 | 5282 | (972) |

---

1. See " Non-IFRS measures" above.

2. In January 2020, the IASB published narrow scope amendments to IAS 1 Presentation of financial statements. The narrow scope amendment clarifies that liabilities are classified as either current or noncurrent, depending on the rights that exist at the end of the reporting period. Classification is unaffected by the expectations of the entity or events after the reporting date. The amendments were effective for annual periods beginning on or after January 1, 2024 and applied retrospectively. The Company adopted the narrow scope amendments on January 1, 2024. These amendments resulted in the Company recognizing the Beedie Convertible Loan as a current liability and a portion of the Sandstorm Convertible Note as a current liability as at December 31, 2023.

**B.** **Liquidity and Capital Resources**

As at December 31, 2025, we had a cash balance of $3.7 million. We use excess cash in order to pay down outstanding amounts on the Credit Facility in order to reduce the amount of interest expense which we incur. We aim to maintain a cash balance of approximately $1.0 million in order to meet working capital requirements. Our cash and cash equivalents balance is held in a combination of US dollars and Canadian dollars.

**Sources of liquidity:** As of the date of this Annual Report, we have four revenue-generating royalties, two revenue-generating streams, and monthly cash flows from the Greenstone GPA, which, together with our working capital, are expected to provide sufficient cash for Versamet to cover all operating expenses and working capital requirements for at least 12 months from December 31, 2025 as well as for the long-term.

As at December 31, 2025, we had $9.0 million undrawn our Credit Facility which was available for us as a source of liquid asset; undrawn funds on the Upsized Credit Facility are currently our only unused source of liquid assets. We intend to grow through the acquisition of additional royalties, streams and other interests, and may raise money in future through equity offerings, however, capital markets may not be receptive to offerings of new equity from treasury or debt, whether by way of private placements or public offerings.

[**Table of Contents**](#TOC)

**Debt**

**Credit Facility**

We entered into the $30 million Credit Facility on October 31, 2023. Transaction costs of $0.7 million were netted against the initial drawdown for accounting purposes and the carrying balance is accreted to face value over the expected life of the Credit Facility.

On April 30, 2025, we entered into the Credit Facility amending agreement, whereby the facility was increased from $30 million with a $15 million accordion to $60 million with a $15 million accordion. With the amendment, the maturity was updated to April 30, 2028. Between April 30, 2025 and May 1, 2025, we drew down a total of $55 million under the Credit Facility (as amended) in order to repay the full amount of the Beedie Convertible Loan (see below) and also to complete the acquisition of the Kolpa stream under the terms of the Kolpa CPA.

On September 24, 2025 we amended and expanded the Credit Facility to the Upsized Credit Facility. The Upsized Credit Facility was comprised of an upsized $100 million revolving credit facility maturing in April 2028, and the $80 million term loan.

On March 4, 2026, the Company amended the Upsized Credit Facility agreement to upsize the revolving credit facility to $200 million with a $25 million accordion feature (the "**Upsized RCF**") and retire the term loan.

On April 2, 2026, and in connection with the acquisition of the Eskay Creek stream, we amended the Upsized Credit Facility to a $250 million revolving credit facility and a $150 million term loan (the "**Second Amended Upsized Credit Facility**").

The amounts drawn on the Second Amended Upsized Credit Facility are subject to interest at the Secured Overnight Financing Rate plus 2.25% to 3.75% per annum, and the undrawn portion of the revolving credit facility is subject to a standby fee of 0.5063%-0.8438% per annum, both of which are dependent on our leverage ratio. Our leverage ratio covenant is less than or equal to 6.00x from and including fiscal quarter ended June 30, 2026 and, less than or equal to 5.00x from and including fiscal quarter ended December 31, 2026, less than or equal to 4.00x from and including fiscal quarter ended June 30, 2027 and, less than or equal to 3.50x from and including fiscal quarter ended September 30, 2027. Under the terms of the revolving credit facility, we are also subject to an interest coverage ratio of greater than or equal to 3.00x as at the last day of each fiscal quarter beginning with the fiscal quarter ended December 31, 2025. In the event that the Greenstone Buydown Option is exercised, the compensation amount received from Equinox shall be applied as a prepayment of outstanding balances under the Credit Facility, with the continuing Credit Facility commitment being reduced to a maximum limit to be agreed. As of the date of this Annual Report, the balance drawn on or outstanding under the revolving credit facility is $235 million and $150 million is outstanding on the Term Loan.

The payment and performance of the Company's obligations under the Second Amended Upsized Credit Facility is secured by a first priority security interest in all present and after acquired property of the Company and any material subsidiaries.

The Credit Facility (as amended) is secured by a first priority security interest in all of our (and any affiliated entities as defined by the *Securities Act* (British Columbia)) present and after acquired property.

**Beedie Convertible Loan**

We entered into a $16.0 million Beedie Convertible Loan on October 31, 2023. The Beedie Convertible Loan has a term of 5 years and matures on October 31, 2028. Interest on the Beedie Convertible Loan consists of an 8% base interest rate and a 1.5% PIK rate, with the PIK rate reducing to 1.0% upon the public listing of our Company. We have the option to pay 25-50% of the base interest rate in Common Shares, subject to certain conditions. Amounts outstanding under the Beedie Convertible Loan can be converted into Common Shares, at the option of Beedie Capital, at a price of C$0.84 per Common Share. We may prepay the Beedie Convertible Loan, subject to certain fees. Additionally, we have the right to force the conversion of up to 50% of the convertible loan should the 30-day volume-weighted average price of Versamet (once public) equal or exceed C$1.47 per Common Share.

On April 23, 2025, we exercised our right under the Beedie Convertible Loan to fully repay the principal outstanding. In accordance with the terms of the Beedie Convertible Loan, we were required to pay a Make Whole Fee as a result of prepaying prior to the maturity date. On April 30, 2025, we paid a total of C$26.1 million to fully extinguish the convertible note. Commensurate with the repayment of the Beedie Convertible Loan, all of the security held by Beedie over the present and after acquired property was released.

During the year ended December 31, 2025, PIK interest of $79,140 (2024 - $179,784) was added to the principal of the Beedie Convertible Loan. Accretion of $3,459,533 (2024 - $415,115) was recorded and added to the carrying value of the Beedie Convertible Loan during the year ended December 31, 2025.

[**Table of Contents**](#TOC)

**Sandstorm Convertible Note**

In conjunction with the purchase of assets from Sandstorm on June 28, 2022, we issued the Sandstorm Convertible Note with a face value of $31.4 million. The Sandstorm Convertible Note was interest-free and had a maturity date of June 28, 2032.

The Sandstorm Convertible Note could be prepaid at any time by Versamet in cash or could be prepaid in a variable number of Common Shares as outlined in our Financial Statements. Further, Sandstorm could convert the Sandstorm Convertible Note into Common Shares as outlined in the Company's Financial Statements.

The fair value of the Sandstorm Convertible Note at initial recognition was considered to be $14.6 million; all of which was recorded as a financial liability. On three occasions during quarter ended December 31, 2023, we exercised our right under the Sandstorm Convertible Note to satisfy the principal amount outstanding under the Sandstorm Convertible Note, in whole or in part, at any time, provided no event of default has occurred, by delivering fully paid and non-assessable Common Shares to Sandstorm. During 2023, we satisfied a total of $17.2 million of the principal amount outstanding under the Sandstorm Convertible Note by issuing 33.8 million Common Shares to Sandstorm at a price of C$0.70 per Common Share. On June 5, 2024, we exercised our right under the Sandstorm Convertible Note to satisfy the principal amount outstanding under the Sandstorm Convertible Note by delivering fully paid and non-assessable Common Shares to Sandstorm. We satisfied the remaining principal balance of $14.2 million by issuing 24.2 million Pre-Split Common Shares to Sandstorm at a price of C$0.80 per Pre-Split Common Share. The remaining principal amount (face value) outstanding under the Sandstorm Convertible Note as at December 31, 2025 is $nil.

**Commitments and contractual obligations**

The following table shows our Company's contractual obligations as they fall due as at December 31, 2025 and December 31, 2024:

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | <br>**Within 1 year**<br>**$000s** | <br>**1–5 years**<br>**$000s** | <br>**Over 5 years**<br>**$000s** | **Total**<br>**Dec. 31, 2025**<br>**$000s** | **Total**<br>**Dec. 31, 2024**<br>**$000s** |
| Trade and other payables | 2878 |  |  | 2878 | 1233 |
| Beedie Convertible Loan <sup>1</sup> |  |  |  |  | 21784 |
| Credit Facility <sup>1</sup> | 41711 | 153089 |  | 194800 | 1153 |
| **Total** | **44589** | **153089** | **—** | **197678** | **24170** |

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&nbsp;&nbsp;&nbsp;&nbsp;1. The Beedie Convertible Loan and the RCF estimated interest amounts are included in the table above. In accordance with the Beedie Convertible Loan, a proportion of the interest expense included in the table above could be paid in Common Shares. The Company presented the Beedie Convertible Loan as a current liability due to the ability of Beedie Capital to convert all of the outstanding principal into Common Shares at any time, however, the table above shows contractual cash flow obligations. The Beedie Convertible Loan was fully repaid on April 30, 2025 (see above).

We have no other liabilities other than those presented in the table above or discussed elsewhere in this Annual Report, and has no commitments for capital expenditures or contractual obligations. We had no commitments for capital expenditures as at December 31, 2025 or 2024. We intend to grow through the acquisition of additional royalties, streams and other interests, however, capital markets may not be receptive to offerings of new equity from treasury or debt, whether by way of private placements or public offerings. The Company's growth and success may be dependent on external sources of financing which may not be available on acceptable terms.

**C.** **Research and Development, Patents and Licenses**

We did not conduct research and development activities in the last three years.

**D.** **Trend Information**

We are not aware of any material recent trends in production, sales and inventory, costs, selling prices, or the state of the order book to report, or any known trends, uncertainties, demands, commitments or events that are reasonably likely to have a material effect on our net sales or revenues, income from continuing operations, profitability, liquidity or capital resources, or that would cause reported financial information not necessarily be indicative of future operating results or financial condition.

[**Table of Contents**](#TOC)

**E.** **Critical Accounting Estimates**

**Accounting for Acquisition of Assets and Stream, Royalty and Other Interests**

The Company's business is the acquisition of royalties and other interests. Each royalty and other interest has its own unique terms and judgement is required to assess the appropriate accounting treatment. The determination of whether an acquisition should be accounted for as royalty and other interest or a financial instrument requires the consideration of factors such as (i) the terms of the agreement; (ii) the applicability of the own use exemption under IFRS 9 Financial Instruments ("**IFRS 9**"); and (iii) whether there is a contractual commitment to repay amounts under the royalty and other interests. The assessment of whether an acquisition meets the definition of a business or whether assets are acquired is another area of key judgement. If deemed to be a business combination, applying the acquisition method to business combinations requires each identifiable asset and liability to be measured at its acquisition date fair value. The excess, if any, of the fair value of the consideration over the fair value of the net identifiable assets acquired is recognized as goodwill. The determination of the acquisition date fair values often requires management to make assumptions and estimates about future events. The assumptions and estimates with respect to determining the fair value of royalty and other interests generally require a high degree of judgement, and include estimates of Mineral Reserves and Resources acquired, future production, metal prices, discount rates, conversion of Resources and exploration potential, foreign exchange rates, taxes, future capital expansion plans and the associated production implications. Changes in any of the assumptions or estimates used in determining the fair value of acquired assets and liabilities could impact the amounts assigned to assets and liabilities.

**Fair Value of Greenstone Gold Interest**

The fair value of the Greenstone Gold Interest was determined by calculating the present value of the future gold deliveries under the Greenstone GPA. The determination of the fair value of the Greenstone Gold Interest at period end requires the use of estimates and assumptions for commodity prices, discount rates and the timing of gold receipts received by the Company under the agreement with Equinox. Changes in any of the estimates and/or assumptions used in determining the fair value could impact the fair value of the Greenstone Gold Interest at period end and the associated change in fair value of the Greenstone Gold Interest recorded in the Statement of Loss and Comprehensive Loss during the period. Changes in each of the following key assumptions and estimates would have the following impact on the value of the Greenstone GPA as at December 31, 2025 (with an associated movement in the Statement of Loss and Comprehensive Loss):

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| | | |
|:---|:---|:---|
| **Key assumption** | **Sensitivity applied to key assumption** | **Impact on Greenstone GPA asset value at December 31, 2025** |
| Gold price | +/- 10%  | +/- $7.6 million |
| Discount rate | +/- 1% | - $3.7 million / + $4.1 million |

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**Attributable Reserve and Resource Estimates**

Stream, royalty and other interests are a significant class of assets of the Company, with a carrying value of $318.7 million at December 31, 2025 (December 31, 2024 — $165.4 million). This amount represents the capitalized expenditures related to the acquisition of the stream, royalty and other interests net of accumulated depletion and any impairments. The Company estimates the Reserves and Resources relating to each interest. Reserves and Resources are estimates of the amount of minerals that can be economically and legally extracted from the mining properties at which the Company has stream and royalty interests, adjusted where applicable to reflect the Company's percentage entitlement to minerals produced from such mines. The public disclosures of Reserves and Resources that are released by the operators of the interests involve assessments of geological and geophysical studies and economic data and the reliance on a number of assumptions, including commodity prices and production costs. The estimates of Reserves and Resources may change based on additional knowledge gained subsequent to the initial assessment. Changes in the estimates of Reserves or Resources, or the date of initial production from the mine may impact the carrying value of the Company's stream, royalty and other interests and depletion charges. Stream, royalty and other interests related to producing mines are bifurcated into a depletable and non-depletable balance. The split between the depletable and non-depletable balances is based on a discounted cash flow analysis of the mine plan in question for that royalty or stream. Included in the depletable balance is 100% of Mineral Reserves and a portion of Resources. Included in the non-depletable balance are the remaining Resources (not included in the depletable balance) and any exploration potential, if applicable. If estimates of the value of the depletable and non-depletable balances of a mining property prove to be inaccurate, this could increase the amount of future depletion expense which would reduce the Company's net income and net assets. Changes to depletion rates are accounted for prospectively.

[**Table of Contents**](#TOC)

**Impairment of Royalty and Other Interests**

Assessment of impairment of royalty and other interests requires the use of judgments, assumptions and estimates when assessing whether there are any indicators that could give rise to the requirement to conduct a formal impairment test as well as in the assessment of their fair values. The assessment of the fair values of royalty and other interests requires the use of estimates and assumptions for Mineral Reserves and Resources, future production, commodity prices, discount rates, conversion of Resources and exploration potential, foreign exchange rates, taxes, future capital expansion plans and the associated production implications. In addition, the Company may use other approaches in determining fair value which may include estimates related to (i) dollar value per unit of Mineral Reserve/resource; (ii) net asset value multiples (iii) cash-flow multiples; (iv) comparable transactions and (v) market capitalization of comparable assets. Changes in any of the estimates used in determining the fair value of the royalty and other interests could impact the impairment analysis.

**Functional Currency**

The functional currency of the Company is the currency of the primary economic environment in which the entity operates. Determination of functional currency may involve certain judgments to determine the primary economic environment and the Company reconsiders functional currency if there is a change in events and conditions which determine the primary economic environment.

**Income Taxes**

The interpretation of new and existing tax laws or regulations in any of the countries in which our royalty and other interests are located or to which shipments of commodities are made or received requires the use of judgment. Differing interpretation or changes to these laws or regulations could result in an increase in the Company's taxes, or other governmental charges, duties or impositions. In addition, the recoverability of deferred income tax assets, including expected periods of reversal of temporary differences and expectations of future taxable income, are assessed by management at the end of each reporting period and adjusted, as necessary, on a prospective basis.

**Share-based Compensation**

**Stock options**

The Company utilizes the Black Scholes Methodology ("BSM") to estimate the fair value of stock options granted to directors, officers, employees and consultants of the Company. The use of the BSM requires management to make various estimates and assumptions that impact the value assigned to the stock options including the expected volatility of the stock price, the risk-free interest rate, dividend yield, the expected life of the stock options and the number of options expected to vest. The expected term of the options granted is determined based on historical data of the average hold period before exercise, cancellation or expiry. Volatility is estimated using the historic stock price of similar listed entities, the expected term and the number of equity instruments expected to vest is estimated using management judgement. Prior to the Company publicly listing its common shares, the expected volatility is estimated with reference to the historical volatility of the share price of a peer group of companies as applicable. Any changes in these assumptions and estimates could change the amount of share-based compensation recognized in profit or loss and the share-based compensation reserve. Significant assumptions related to share-based payments are disclosed in note 9 of the financial statements of the Company for the year ended December 31, 2025.

**Restricted Share Units**

The fair value of RSUs is determined by the market value of the underlying shares at the date of the grant. Under our RSU Plan, the Board of Directors has the discretion to determine upon grant whether the RSUs are to be settled in cash or equity.

Where we do not have a present obligation to settle the issued RSUs in cash, the RSUs issued are treated as equity-settled instruments. The fair value of RSUs is determined using the fair value of the RSU at the date of grant and is adjusted based on the number of equity instruments expected to ultimately vest. The fair value of the RSUs at the date of grant are expensed over the vesting periods with a corresponding increase to equity. At the end of each reporting period, we re-assess our estimates of the number of awards that are expected to vest and recognize the impact of any revisions to this estimate in equity.

[**Table of Contents**](#TOC)

**Performance Restricted Share Units**

We use a Monte Carlo pricing model to estimate the fair value of PRSUs granted to our directors, officers, employees and consultants. The use of the Monte Carlo pricing model requires management to make various estimates and assumptions that impact the value assigned to the PRSUs including assumptions with respect to share price, expected life, share price volatility, correlation assumptions and discount rates. Changes in these assumptions and estimates could change the fair value of the amount of share-based compensation recognized in profit or loss and the share-based compensation reserve. Significant assumptions related to PRSUs are disclosed in Note 9 of the financial statements of the Company for the year ended December 31, 2025.

**ITEM 6: DIRECTORS, SENIOR MANAGEMENT AND EMPLOYEES**

**A.** **Directors and Senior Management**

The following table sets forth information regarding our directors, senior management, and certain employees upon whose work we are dependent.

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| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Name** | &nbsp;&nbsp;**Age** | &nbsp;&nbsp;**Position** | &nbsp;&nbsp;**First Appointed as Director/Senior Management** |
| &nbsp;&nbsp;Gregory Smith | &nbsp;&nbsp;50 | &nbsp;&nbsp;Non-Executive Chair and Director | &nbsp;&nbsp;June 28, 2022/ November 7, 2022 |
| &nbsp;&nbsp;Daniel O'Flaherty | &nbsp;&nbsp;44 | &nbsp;&nbsp;Chief Executive Officer and Director | &nbsp;&nbsp;April 1, 2025 |
| &nbsp;&nbsp;Marcel de Groot | &nbsp;&nbsp;52 | &nbsp;&nbsp;Director | &nbsp;&nbsp;January 31, 2022 |
| &nbsp;&nbsp;Michael McDonald | &nbsp;&nbsp;41 | &nbsp;&nbsp;Director | &nbsp;&nbsp;July 31, 2024 |
| &nbsp;&nbsp;Elizabeth McGregor | &nbsp;&nbsp;49 | &nbsp;&nbsp;Director | &nbsp;&nbsp;May 12, 2025 |
| &nbsp;&nbsp;Mark Backens | &nbsp;&nbsp;64 | &nbsp;&nbsp;Director | &nbsp;&nbsp;May 12, 2025 |
| &nbsp;&nbsp;Juan Presa | &nbsp;&nbsp;35 | &nbsp;&nbsp;Director | &nbsp;&nbsp;March 13, 2026 |
| &nbsp;&nbsp;Victoria McMillan | &nbsp;&nbsp;44 | &nbsp;&nbsp;Chief Financial Officer | &nbsp;&nbsp;June 28, 2022 |
| &nbsp;&nbsp;Paul Jones | &nbsp;&nbsp;45 | &nbsp;&nbsp;President | &nbsp;&nbsp;March 4, 2026 |
| &nbsp;&nbsp;Diego Airo | &nbsp;&nbsp;40 | &nbsp;&nbsp;EVP, Project Evaluation | &nbsp;&nbsp;March 4, 2026 |
| &nbsp;&nbsp;Craig Rollins | &nbsp;&nbsp;45 | &nbsp;&nbsp;General Counsel and Corporate Secretary | &nbsp;&nbsp;January 31, 2022/ January 1, 2024 |

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**Gregory Smith.** Mr. Smith was fundamental in the creation and launch of Versamet since its launch in June 2022 as a founding shareholder. Mr. Smith is also a founding shareholder of Equinox Gold, a leading mid-tier gold producer, and served as its President and then CEO until July 2025. Mr. Smith has a long track record of entrepreneurship, executive leadership, and M&A in mining, and has raised or arranged over $2 billion in debt and equity over the course of his career. Mr. Smith has held multiple executive positions at mining companies including CEO of JDL Gold and CEO and founder of Anthem United, both now part of Equinox Gold, CEO of Solaris Resources, President and CEO of Esperanza Resources prior to its sale to Alamos Gold, and CFO of Minefinders Corporation prior to its sale to Pan American Silver. Mr. Smith has also held management positions at both Goldcorp and the mining division of KPMG LLP, and has acted as a director of Premier Royalty, Chesapeake Gold, i80 Gold, Solaris Resources and Royalty North Partners. Mr. Smith is a Fellow of the Chartered Professional Accountants of British Columbia (FCPA).

**Daniel O'Flaherty.** Most recently, Mr. O'Flaherty held the position of Chief Executive Officer of Maverix Metals Inc. which he co-founded in 2016. Maverix Metals was sold to Triple Flag Precious Metals Corp. in 2022 for over $700 million. He has 20 years of investment banking and executive officer experience in the mining industry. Mr. O'Flaherty was previously the Executive Vice President of Corporate Development at Esperanza Resources, which was acquired by Alamos Gold in 2013. In addition to serving as Executive Vice President of two gold development companies, both of which were acquired, Mr. O'Flaherty was formerly a director in the investment banking team of Scotia Capital in Vancouver focused exclusively on the metals and mining sector where he specialized in providing advice to clients on acquisitions, divestitures, mergers, and hostile takeover defenses as well as on equity and debt financings. Mr. O'Flaherty holds a Bachelor of Commerce degree, with honors, from the University of British Columbia.

**Marcel de Groot.** Mr. de Groot is a co-founder and the President of Pathway Capital Ltd. Mr. de Groot has over 20 years of experience in providing strategic support to both private and public companies within the metals and mining space. He has been involved in a number of mergers and acquisitions, financings, and re-organizations including Equinox and Versamet as well as the acquisitions of CIC Resources Inc. (Northern Dynasty Minerals Ltd.), Asanko Gold Inc. acquisition of PMI Gold Corporation, Esperanza Resources Corp. (Alamos Gold Inc.), and Underworld Resources Inc. (Kinross Gold Corp.). Mr. de Groot holds a Bachelor of Commerce degree from the University of British Columbia and is a Chartered Professional Accountant. Mr. de Groot is also currently Director of Copper Standard Resources Inc. (formerly Level 14 Ventures Ltd.) ("**Copper Standard**").

[**Table of Contents**](#TOC)

**Michael McDonald.** Mr. McDonald, currently Vice President, Investor Relations, Corporate Development & Treasury at B2Gold., has more than 15 years of experience in capital markets and joined B2Gold from Gold Standard Ventures Corp. where he served as Vice President, Corporate Development & Investor Relations from 2021. Prior to joining Gold Standard Ventures Corp., he held corporate development and investor relations roles with SSR Mining Inc. from 2010 to 2017, and from 2019 to 2020. From 2017 to 2019, he was Vice President, Metal Sales for Goldcorp Inc. Mr. McDonald started his career in investment banking with CIBC and holds a B.Com. in Finance from the University of British Columbia. Mr. McDonald currently serves on our Board pursuant to B2Gold's nomination right. No other shareholder has exercised any such nomination right.

**Elizabeth McGregor.** Ms. McGregor has over 20 years of financial experience and over 15 years of experience in the mining sector. She was most recently the Executive Vice-President and Chief Financial Officer of Tahoe Resources Inc. and was previously at Goldcorp and KPMG earlier in her career. Ms. McGregor has a wide variety of executive financial experience, including debt financing, stakeholder management, board reporting, and corporate, mine site and project management experience. Ms. McGregor currently serves as a director on the board of Kinross Gold Corporation and Orla Mining Ltd. Ms. McGregor has a B.A. (Hons) from Queen's University and is a Canadian Chartered Professional Accountant.

**Mark Backens.** Mr. Backens has over 35 years of global mining experience, most recently serving as Chief Executive Officer of Alio Gold Inc. Previous experience includes directorships with Alio Gold Inc., Timmins Gold Corp., Anthem United Inc., New Strike Capital Inc., Candelaria Mining Corp., and Soho Resources Corp. Mr. Backens' other experience includes Director of Investment Banking – Mining for Scotia Capital Inc. and senior management roles with Meridian Gold Inc., Placer Dome Inc. and Goldcorp Inc. in areas of engineering, mine construction, mine management and corporate development. Mr. Backens holds a Bachelor of Science degree in Geological Engineering from South Dakota School of Mines and also holds Partners Directors and Senior Officers Certification. Mr. Backens was formerly a member of AIME, CIM and a Professional Geologist.

**Juan Presa**. Mr. Presa has served as General Counsel of Union Group since September 2020 and as Corporate Execution Manager at Tether since November 2025, contributing to strategic initiatives and overseeing critical operational processes. His professional experience encompasses advising companies across diverse sectors, including agriculture, mining, and FinTech, with a strong focus on capital markets. He has worked with publicly listed companies on major exchanges such as the New York Stock Exchange, Nasdaq, and the TSX. He graduated from the Catholic University in Uruguay with a law degree and holds a Master's Degree in M&A, Corporate, and Financial Direction from ISDE Law Business School in Madrid.

**Victoria McMillan.** Ms. McMillan has been the Chief Financial Officer of Versamet since its launch in 2022. Ms. McMillan has over 20 years of financial experience working across a variety of sectors with a focus on mining and the royalty industry. She has led financial reporting, regulatory, tax and risk management functions. Ms. McMillan has also held various other finance roles within the mining sector including at two mid-tier gold mining companies where she was involved in the execution of mergers and acquisitions, a U.S. listing, as well as the establishment and management of a gold sales function. Ms. McMillan's experience includes 8 years with PricewaterhouseCoopers in both London, United Kingdom, and Vancouver, where she was a senior manager within the assurance practice. Ms. McMillan currently serves as a director on the board of Lundin Mining Corporation and recently completed a four year term from 2021-2024 as a director on the board of BC Hydro, where she chaired the Audit and Finance Committee. Ms. McMillan holds a Bachelor of Management Studies from the University of Nottingham and she is a Chartered Professional Accountant. Ms. McMillan has completed the ICD-Rotman Directors Education Program and is a member of the Institute of Corporate Directors.

**Paul Jones.** Mr. Jones brings over 20 years of experience in the mining sector. Prior to joining Versamet, Mr. Jones was the Senior Vice President of Corporate Development for Alexco Resource Corp. until its acquisition by Hecla Mining, as well as Senior Vice President of Corporate Development for Alio Gold prior to its sale to Argonaut Gold. Mr. Jones has held roles of increasing responsibility in operations, financial planning and analysis, investor relations, and business development for Capstone Mining (now Capstone Copper). Mr. Jones also spent 12 years in investment banking where he advised mining clients on the execution of more than $15B in merger and acquisition transactions. Mr. Jones holds a Bachelor of Commerce degree from the University of British Columbia.

**Diego Airo.** Mr. Airo brings over 20 years of experience in the resource sector comprised of a unique blend of operations, project, technical, and corporate roles. Prior to joining Versamet, Mr. Airo worked as Director of Project Evaluations at Maverix Metals Inc, until its acquisition by Triple Flag Precious Metals Corp. Mr. Airo has also held various leadership, technical and operational roles at Capstone Mining Corp. (now Capstone Copper Corp.) and Kinross Gold Corporation, spanning multiple continents and commodities. Mr. Airo is a Registered Professional Engineer and holds a Bachelor of Applied Science in Mining and Mineral Processing Engineering from the University of British Columbia as well as a Master of Finance from Pennsylvania State University.

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**Craig Rollins.** Mr. Rollins was fundamental in the creation and launch of Versamet since its launch in 2022. Mr. Rollins is a corporate and securities lawyer advising companies operating in the mining and natural resource sectors. Mr. Rollins' expertise includes complex corporate and commercial transactions, mergers and acquisitions, options and joint ventures, corporate governance, regulatory and stock exchange compliance, stock exchange listings and public offerings. Mr. Rollins has in-house legal counsel experience with several companies in the mining and natural resource sectors, including Pathway Capital Ltd. and Copper Standard, and also brings experience from a preeminent Vancouver based law firm. Mr. Rollins holds his undergraduate and law degrees from the University of British Columbia and the University of Windsor, respectively, and is a practicing member of the Law Society of British Columbia.

There are no family relationships between any of our directors and officers.

**Public Company Board Memberships**

The following table identifies other public companies for which members of the Board currently serve as directors.

---

| | |
|:---|:---|
| **Director** | **Other Current Board Appointments** |
| Marcel de Groot<br>| Director of Copper Standard Resources Inc. (CSE)<br>Director of Carbon Streaming Corporation (Cboe Global Markets) |
| Daniel O'Flaherty | Director of Copper Standard Resources Inc. (CSE) |
| Elizabeth McGregor | Director of Kinross Gold Corporation (TSX) (NYSE American)<br>Director of Orla Mining Ltd. (TSX) (NYSE American) |

---

**B.** **Compensation**

The following table sets out the compensation paid to our directors and senior management for the fiscal year ended December 31, 2025.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Table of Compensation (excluding compensation securities)**<br><BORDER_TOP> | **Table of Compensation (excluding compensation securities)**<br><BORDER_TOP> | **Table of Compensation (excluding compensation securities)**<br><BORDER_TOP> | **Table of Compensation (excluding compensation securities)**<br><BORDER_TOP> | **Table of Compensation (excluding compensation securities)**<br><BORDER_TOP> | **Table of Compensation (excluding compensation securities)**<br><BORDER_TOP> |
| **Name and position(s)**<br><BORDER_TOP> | **Year**<sup>(1)</sup><br><BORDER_TOP> | **Base salary**<br>**(US$)**<br><BORDER_TOP> | **Bonus**<br>**(US$)**<br><BORDER_TOP> | **Value of all**<br>**other**<br>**compensation**<br>**(US$)**<br><BORDER_TOP> | **Total**<br>**Compensation**<br>**(US$)**<br><BORDER_TOP> |
| **Daniel O'Flaherty**, Chief Executive Officer and Director<sup>(2)</sup> | 2025 | 208870 | 357000<br> Nil | Nil | 565870 |
| **Victoria McMillan**, Chief Financial Officer<sup>(3)</sup> | 2025 | 150685 | 223442<br> Nil | 145921 | 520048 |
| **Craig Rollins**, General Counsel and Corporate Secretary<sup>(4)</sup> | 2025 | 150685 | 223442<br> Nil | Nil | 374127 |
| **Greg Smith**, Non-Executive Chair and Director | 2025 | Nil | Nil | Nil | Nil |
| **Diego Airo** Executive Vice President, Project Valuation | 2025 | 178925 | 223442<br> Nil | Nil | 402367 |
| **Paul Jones** President | 2025 | 178925 | 223442<br> Nil | Nil | 402367 |
| **Marcel de Groot**, Director | 2025 | Nil | Nil | Nil | Nil |
| **Michael McDonald**, Director<sup>(5)</sup> | 2025 | Nil | Nil | Nil | Nil |
| **Juan Presa** Director<sup>(6)</sup> | 2025 | Nil | Nil | Nil | Nil |
| **John Armstrong** Former Chief Executive Officer and Director<sup>(9)</sup> | 2025 | 40653 | Nil | 802396 | 843049 |

---

&nbsp;&nbsp;&nbsp;&nbsp;(1) All compensation in respect of the directors and senior management is paid out in C$ and converted to US$ for reporting purposes using the Bank of Canada daily, monthly or annual average exchange rate.

&nbsp;&nbsp;&nbsp;&nbsp;(2) Appointed as Interim Chief Executive Officer on February 28, 2025 and Chief Executive Officer and Director on April 1, 2025. Prior to Mr. O'Flaherty's appointment as Chief Executive Officer, Mr. O'Flaherty was an advisor/consultant to the Company and received only Options in such capacity.

&nbsp;&nbsp;&nbsp;&nbsp;(3) Appointed Chief Financial Officer on June 28, 2022.

&nbsp;&nbsp;&nbsp;&nbsp;(4) Appointed as Corporate Secretary on January 1, 2024. All compensation received by Mr. Rollins was in his capacity as General Counsel.

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&nbsp;&nbsp;&nbsp;&nbsp;(5) Appointed on July 31, 2024.

&nbsp;&nbsp;&nbsp;&nbsp;(6) Appointed on March 13, 2026.

&nbsp;&nbsp;&nbsp;&nbsp;(7) Appointed as Executive Vice President, Project Evaluation effective March 4, 2026.

&nbsp;&nbsp;&nbsp;&nbsp;(8) Appointed as President effective March 4, 2026.

&nbsp;&nbsp;&nbsp;&nbsp;(9) Acted as Chief Executive Officer and a Director from November 7, 2022 to February 28, 2025. All compensation received by Mr. Armstrong was in his capacity as Chief Executive Officer.

**Compensation Securities**

The following table sets out all compensation securities granted or issued to the directors and senior management by us in the financial year ended December 31, 2025:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Compensation Securities**<br><BORDER_TOP> | **Compensation Securities**<br><BORDER_TOP> | **Compensation Securities**<br><BORDER_TOP> | **Compensation Securities**<br><BORDER_TOP> | **Compensation Securities**<br><BORDER_TOP> | **Compensation Securities**<br><BORDER_TOP> |
| **Name and position(s)**<br><BORDER_TOP> | **Type of**<br>**compensation**<br>**security**<br><BORDER_TOP> | **Number of compensation**<br>**securities, number of**<br>**underlying securities**<br><BORDER_TOP> | **Date of**<br>**issue or**<br>**grant**<br><BORDER_TOP> | **Issue,**<br>**conversion or**<br>**exercise price**<br>**($)**<br><BORDER_TOP> | **Expiry date**<br><BORDER_TOP> |
| **Daniel O'Flaherty**, Chief Executive Officer & Director  | Options | 149,906/149,906 | January 15, 2025 | 4.00 | January 15, 2030 |
|  | RSUs | 200,000/200,000 | April 1, 2025 | 4.00 | N/A |
|  | PRSUs | 400,000/400,000 | April 1, 2025 | 4.00 | N/A |
| **Victoria McMillan**, Chief Financial Officer | Options | 79,638/79,638 | January 15, 2025 | 4.00 | January 15, 2030 |
|  | RSUs | 31,875/31,875 | January 15, 2025 | 4.00 | N/A |
| **Craig Rollins**, General Counsel and Corporate Secretary | Options | 79,638/79,638 | January 15, 2025 | 4.00 | January 15, 2030 |
|  | RSUs | 31,875/31,875 | January 15, 2025 | 4.00 | N/A |
| **Gregory Smith,** Chairman and Director | RSUs | 18,750/18,750 | January 15, 2025 | 4.00 | N/A |
|  | Options | 40,000/40,000 | May 9, 2025 | 4.00 | May 9, 2028 |
| **Marcel de Groot**, Director | RSUs | 18,750/18,750 | January 15, 2025 | 4.00 | N/A |
|  | Options | 40,000/40,000 | May 9, 2025 | 4.00 | May 9, 2028 |
| **Mark Backens**, Director | RSUs | 18,750/18,750 | May 9, 2025 | 4.00 | N/A |
|  | Options | 40,000/40,000 | May 9, 2025 | 4.00 | May 9, 2028 |
| **Elizabeth McGregor,** Director | RSUs | 18,750/18,750 | May 9, 2025 | 4.00 | N/A |
|  | Options | 40,000/40,000 | May 9, 2025 | 4.00 | May 9, 2028 |
| **Michael McDonald,** Director | RSUs | 18,750/18,750 | January 15, 2025 | 4.00 | N/A |
|  | Options | 40,000/40,000 | May 9, 2025 | 4.00 | May 9, 2028 |
| **Juan Presa,** Director<sup>(1)</sup> | Nil | Nil | Nil | Nil | Nil |
| **Paul Jones,** President<sup>(2)</sup> | Options | 99,938/99,938 | January 15, 2025 | 4.00 | January 15, 2030 |
| **Diego Airo,** Executive Vice President, Project<br>Development<sup>(3)</sup> | Options | 99,938/99,938 | January 15, 2025 | 4.00 | January 15, 2030 |

---

&nbsp;&nbsp;&nbsp;&nbsp;(1) Appointed as director on March 13, 2026.

&nbsp;&nbsp;&nbsp;&nbsp;(2) Appointed as President effective March 4, 2026.

&nbsp;&nbsp;&nbsp;&nbsp;(3) Appointed as Executive Vice President, Project Evaluation effective March 4, 2026.

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**Compensation Governance**

**Introduction**

The following discussion describes the significant elements of the compensation program for the "named executive officers" ("**NEOs**") of the Company, as such term is defined in Canada's Form 51-102F6V – *Statement of Executive Compensation – Venture Issuers*. During the Company's most recently completed financial year, the NEOs were:

● John Armstrong, Former Chief Executive Officer and Director

● Victoria McMillan, Chief Financial Officer

● Craig Rollins, General Counsel and Corporate Secretary

To achieve our strategic business and financial objectives, we need to attract, retain and motivate a highly talented executive team.

We intend to design our executive compensation program to achieve the following objectives:

● Provide competitive compensation opportunities in order to attract and retain talented, high-performing and experienced executive officers;

● Motivate our executive team to achieve our strategic and financial objectives, including accretively growing our asset base through the creation and acquisition of royalties, streams and other interests;

● Align the interests of our executive officers with the long-term interests of our shareholders;

● Create a strong pay for performance relationship; and

● Provide incentives that encourage appropriate levels of risk-taking by our executive team.

We offer our executive officers cash compensation in the form of a base salary and bonus. Additionally, from time to time we grant equity-based compensation under our omnibus equity incentive plan (the "**Omnibus Plan**"). We believe that equity-based compensation awards motivate our executive officers to achieve our strategic and financial objectives, and also align their interests with the long-term interests of our shareholders. While we anticipate that our proposed executive officer compensation program will be effective at attracting and maintaining executive officer talent, we intend to continue evaluating our compensation practices on an ongoing basis to ensure that we are providing competitive compensation opportunities for our executive team. We intend to review the compensation of our executive team on an annual basis. As part of this review process, we expect to be guided by the philosophy and objectives outlined above, as well as other factors that may become relevant as we compete in the market.

**Compensation-Setting Process**

Our Compensation Committee is responsible for assisting the Board in its oversight responsibilities relating to the compensation, nomination, objectives, evaluation and succession of the executive officers of the Company including the Chief Executive Officer and the Chief Financial Officer. The Compensation Committee shall perform the functions customarily performed by compensation committees and any other functions assigned by the Board. See *"- Other Board Committees*".

Our Board will adopt a written charter for our Compensation Committee setting out its responsibilities for designing and administering our compensation programs and reviewing the level and nature of the compensation payable to our directors and executive officers. Our Compensation Committee's oversight will include reviewing objectives and performance and ensuring that total compensation paid is fair, reasonable and consistent with the objectives and philosophy of our compensation program.

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**Trading Restrictions**

All of our directors, officers and employees will be subject to our securities trading policy. This policy will prohibit trading in our securities while in possession of material undisclosed information about the Company. Further, our securities trading policy will prohibit the communication of material non-public information, from insiders to any person, including family or friends. The insiders will also be prohibited from making any recommendations or express opinions on the basis of material non-public information for the purpose of or in the context of trading in the Company's securities of any other public company when having knowledge that has not been generally disclosed.

The Company will observe blackout periods prior to quarterly and annual financial statements announcements. Regular Blackout Periods will commence (a) one calendar week before the scheduled release of the Company's quarterly financial statements; or (b) two calendar weeks before the scheduled release of the Company's annual financial statements, and end at the opening of the market on the second full trading day following the date of the public disclosure of the applicable financial statements. In addition, the Company may deem it appropriate to apply an extraordinary Blackout Period by issuing notice instructing specified individuals not to trade in the securities of the Company or any other public company under special circumstances and until otherwise notified.

**Components of Compensation**

Compensation of the majority of our executive officers is expected to include three main components: (i) base salary; (ii) bonus; and (iii) long-term equity incentives granted from time to time under the Omnibus Plan. Executive officers will be entitled to the reimbursement of reasonable expense and benefits but perquisites and benefits are not expected to be a significant element of compensation for our executive officers.

**Base Salaries**

Base salary is provided as a fixed source of compensation for our executive officers. Base salaries will be determined on an individual basis taking into account the scope of the executive officer's responsibilities, their prior experience and their position relative to relevant peers in the market. Base salaries will be reviewed annually and may be increased if warranted, or necessary to maintain market competitiveness. In addition, base salaries can be adjusted upwards throughout the year to reflect promotions or other increases in the scope or breadth of an executive officer's role or responsibilities.

**Bonus**

Executive officers will be considered for participation in an annual bonus which will be payable in cash and/or equity at the ultimate election of the Compensation Committee.

**Omnibus Plan**

The material features of our Omnibus Plan are summarized below.

**Purpose**

The purpose of the Omnibus Plan is:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) to increase the interest in the Company's Directors, Employees and Consultants ()"**Eligible Participants**") who share responsibility for the business management and growth of the Company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) to provide an incentive to such Eligible Participants to continue their services to the Company or a subsidiary and to motivate such Eligible Participants whose skills, experience, performance and loyalty to the objectives and interests of the Company or a subsidiary are necessary or essential to its success;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) to reward Eligible Participants for their performance of services while working for the Company or a subsidiary; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) to provide a means through which the Company or a subsidiary may attract and retain able persons to enter its employment or service.

"**Participant**" means any Eligible Participant that is granted one or more Awards (as defined herein) under the Omnibus Plan.

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**Types of Awards**

The Omnibus Plan provides for the grant of Options, RSUs and performance share units ("**PRSUs**" or together with RSUs, "**Share Units**"), share appreciation rights ("**SARs**"), and deferred share units ("**DSUs**") (each an "**Award**" and, collectively, the "**Awards**"). All Awards are granted by an agreement, certificate or other instrument or document evidencing the Award granted under the Omnibus Plan (an "**Award Agreement**").

**Plan Administration**

The Omnibus Plan is administered and interpreted by the Board or, if the Board by resolution so decides, by a committee appointed by the Board. If such committee is appointed for this purpose, all references to the "Board" in the Omnibus Plan will be deemed references to such committee.

Subject to the provisions of the Omnibus Plan, the Board is authorized, in its sole discretion, to make such determinations under, and such interpretations of, and take such steps and actions in connection with, the proper administration and operation of the Omnibus Plan as it may deem necessary or advisable. The interpretation, administration, construction and application of the Omnibus Plan and any provisions thereof made by the Board will be final and binding on the Company, its subsidiaries and all Eligible Participants.

Nothing contained in the Omnibus Plan prevents the Board from adopting other or additional Share Compensation Arrangements (as defined herein) or other compensation arrangements, subject to any required approvals.

**Shares Available for Awards**

The number of Common Shares reserved for issuance, in the aggregate, pursuant to the settlement or exercise of Awards granted under the Omnibus Plan will be equal to a maximum of 10% of the issued and outstanding Common Shares ("**Issued Shares**") from time to time, less the number of Common Shares reserved for issuance pursuant to any other stock option plan, employee stock purchase plan, long-term incentive plan or other compensation or incentive mechanism involving the issuance or potential issuance of Common Shares from treasury (each, a "**Share Compensation Arrangement**").

**Limits on Grants**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. In no event will the Omnibus Plan, together with all other previously established and outstanding Share Compensation Arrangements, permit at any time:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the maximum aggregate number of Common Shares that are issuable pursuant to all Awards granted or issued to Insiders (as a group) must not exceed 10% of the Issued Shares at any point in time;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the maximum aggregate number of Common Shares that are issuable pursuant to all Awards granted or issued in any 12 month period to Insiders (as a group) must not exceed 10% of the Issued Shares, calculated as at the date any Award is granted or issued to any Insider; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) the maximum aggregate number of Issued Shares that are issuable pursuant to all Awards granted or issued in any 12 month period to any one Person (as defined and where permitted under the Omnibus Plan, any companies that are wholly owned by that Person) must not exceed 5% of the Issued Shares, calculated as at the date any Award is granted or issued to the Person,

unless the Company has obtained the requisite disinterested shareholder approval.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. The maximum aggregate number of Common Shares that are issuable pursuant to all Awards granted or issued in any 12-month period to any one Consultant must not exceed 2% of the Issued Shares, calculated as at the date any Award is granted or issued to the Consultant.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. The maximum aggregate number of Issued Shares that are issuable pursuant to all Options granted in any 12 month period to all Investor Relations Service Providers in aggregate must not exceed 2% of the Issued Shares, calculated as at the date any Option is granted to any such Investor Relations Service Provider.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. Investor Relations Service Providers may not receive any Awards other than Options.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. Upon authorization by the Board of the exercise of an Option on a "cashless exercise" basis pursuant to Section 3.7(3) of the Omnibus Plan or "net exercise" basis pursuant to Section 3.7(4), the number of Options exercised, surrendered or converted, and not the number of Issued Shares actually issued by the Company, will be included in calculating the Option limits set forth in Section 2.4(1)(b) and Section 2.5 of the Omnibus Plan. Notwithstanding the forgoing, any Award that has been settled in cash, cancelled, terminated, surrendered, forfeited or expired without being exercised, and pursuant to which no securities have been issued, will continue to be issuable under the Omnibus Plan.

**Description of Awards**

**Options**

An Option is an option granted by the Company to a participant entitling such participant to acquire a designated number of Common Shares from treasury at the Option Price. For greater certainty, the Company is obligated to issue and deliver the designated number of Common Shares on the exercise of an Option and shall have no independent discretion to settle an Option in cash or other property other than Common Shares issued from treasury. For the avoidance of doubt, no dividend equivalents shall be granted in connection with an Option.

The price per Common Share to be payable upon the exercise of each Option will be determined and approved by the Board when the applicable Option is granted, and will not be less than the Market Price as of the Grant Date, less any discount permitted by the TSXV or if the Common Shares are not listed and posted for trading on the TSXV at a particular date, such other stock exchange or trading platform upon which the Common Shares are listed and posted for trading and which has been designated by the Board (the "**Exchange**"). Under the Omnibus Plan, "Market Price" means (a) if the Common Shares are then listed on the TSXV, the closing price per Common Share on the TSXV on the last trading day prior to the particular date as of which the Market Price is required to be determined, (b) if the Common Shares are not listed on the TSXV, the closing price per Common Share on any other Exchange on which the Common Shares are then listed (and, if more than one, will be the Exchange on which the majority of trading in the Common Shares occurs) on the last trading day prior to such date, or (c) if the Common Shares are not listed on any Exchange as of such date, such price as is determined solely by the Board, acting reasonably and in good faith, and such determination will be conclusive and binding on all Persons.

The Board will determine, at the time of granting a particular Option, the period during which such Option is exercisable, which will not be more than 10 years after the Grant Date and which may be shortened in accordance with the Omnibus Plan and the applicable Award Agreement.

Prior to its expiration or earlier termination in accordance with the Omnibus Plan, each Option shall be exercisable at such time or times and/or pursuant to the achievement of such performance criteria and/or other vesting conditions as the Board, at the time of granting the particular Option, may determine in its sole discretion.

The Board may, on terms established by it in its sole discretion and in accordance with Exchange policies, permit an Option to be exercised by way of a "cashless exercise" basis.

**Restricted and Performance Share Units**

Under the Omnibus Plan, a Share Unit means a right, including a RSU or a PRSU, awarded to a Participant to receive a payment subject to the terms and conditions of the Omnibus Plan, and includes Cash-or-Share Settled Share Units and Share-Settled Share Units.

A "Cash-or-Share Settled Share Unit" is a Share Unit granted by the Company to a Participant, with each such Share Unit entitling the Participant, upon vesting and settlement, to, unless such Share Unit expires prior to being settled, receive a cash payment equal to the Market Price or, in the sole discretion of the Company, one Common Share, subject to customary adjustments as provided in the Omnibus Plan and such restrictions and conditions on vesting as the Board may determine at the time of grant.

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A "Share-Settled Share Unit" is a Share Unit granted by the Company to a Participant, with each such Share Unit entitling the Participant, upon vesting and settlement, to acquire, unless such Share Unit expires prior to being settled, one Common Share from treasury, subject to customary adjustments as provided in the Omnibus Plan and such restrictions and conditions on vesting as the Board may determine at the time of grant. For greater certainty, the Company is obligated to issue and deliver a Common Share on the due settlement of a Share-Settled Share Unit and will have no independent discretion to settle any Share-Settled Share Unit in cash or other property.

Subject to the provisions of the Omnibus Plan, restrictions and conditions on vesting of any Share Unit may, without limitation, be based on the passage of time during continued employment or other service relationship (RSU), the achievement of specified Performance Criteria (PRSU), or both.

Subject to the provisions of the Omnibus Plan and any shareholders or regulatory approval which may be required, the Board may, from time to time, in its sole discretion: (a) designate the Eligible Participants who may receive Share Units; (b) fix the number of Share Units, if any, to be granted to each Eligible Participant and the date(s) on which such Share Units will be granted; (c) determine the relevant conditions, vesting provisions (including the applicable Performance Period (as defined in the Omnibus Plan) and Performance Criteria, if any) and the Restriction Period (as defined in the Omnibus Plan) of each Share Unit; and (d) determine any other terms and conditions applicable to each Share Unit, which need not be identical and which may include non-competition provisions, in each case subject to the terms and conditions of the Omnibus Plan, any applicable Share Unit agreement, and the Exchange rules.

Notwithstanding the Board's discretion over vesting provisions, in respect of any Share-Settled Share Unit, a Participant may elect, in advance of the Vesting Date (as defined in the Omnibus Plan) for such Share-Settled Share Unit (as defined in the Omnibus Plan), to defer the Redemption Date by filing with the Company an election.

Each grant of a Share Unit will be evidenced by a Share Unit agreement, which will be subject to all applicable terms and conditions of the Omnibus Plan and any other terms and conditions (including any recoupment, reimbursement or claw-back compensation policy as may be adopted by the Board from time to time) as the Board may deem appropriate, provided that they are consistent with applicable law.

**Share Appreciation Rights**

A SAR is an Award granted to a Participant for future services to be rendered that, upon settlement, entitles such Participant to receive cash and/or Common Shares, as determined by the Company in its sole discretion, equal to the Appreciation Value of such SAR. Under the Omnibus Plan, "Appreciation Value" means, in respect of any SAR, an amount equal to the Market Price on the date the SAR is settled less the base value for the SAR determined by the Board and specified in the applicable Award Agreement (the "**Base Value**"), which Base Value will not be less than the Market Price on the Grant Date.

Subject to the provisions of the Omnibus Plan, the terms of any applicable SAR Agreement, and any shareholder or regulatory approval which may be required, the Board may, from time to time, in its sole discretion: (a) designate the Eligible Participants who may receive SARs; (b) fix the number of SARs, if any, to be granted to each Eligible Participant and the date(s) on which such SARs will be granted; (c) determine whether, on settlement of an SAR, a Participant will be entitled to a payment of cash or Common Shares (or a combination); (d) determine the Base Value of the SARs; and (e) determine the relevant conditions and vesting provisions of each SAR; provided that no such condition or restriction will cause the SAR to constitute a "salary deferral arrangement" within the meaning of Section 248(1) of the *Income Tax Act* (Canada) (the "**ITA**").

Each SAR shall expire on the earlier of: (a) December 15th of the calendar year in which such Performance Criteria (as defined in the Omnibus Plan) and/or other vesting conditions applicable to such SAR as determined by the Board at the time of grant of the SAR are achieved; and (b) the fifth anniversary of the date such SAR was granted.

**Deferred Share Units**

A DSU is an Award for services rendered, or for future services to be rendered, and that, upon settlement, entitles the recipient Participant to receive cash or acquire Common Shares, as determined by the Board in its sole discretion, unless such DSU expires prior to being settled.

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The aggregate of all amounts which may be received in respect of a DSU will depend, at all times, on the fair market value of shares of the capital stock of the Company or of a corporation related (within the meaning of the ITA) thereto at a time that is within the period that commences one year prior to the Participant's Termination Date (as defined in the Omnibus Plan) and ends at the time the amount is received. For greater certainty, no Participant, nor any Person who does not deal at arm's length, within the meaning of the ITA, with such Participant, shall be entitled, either immediately or in the future, either absolutely or contingently, to receive or obtain any amount or benefit granted or to be granted, under the Omnibus Plan or pursuant to any other arrangement, and no additional Awards will be granted to such Participant, for the purpose of reducing the impact, in whole or in part, of any reduction in the fair market value of the Common Shares or the shares of any corporation related, within the meaning of the ITA, to the Company.

Subject to the provisions of the Omnibus Plan, any shareholder or regulatory approval which may be required, the Board may, from time to time, in its sole discretion: (a) designate the Eligible Participants who may receive DSUs; (b) fix the number of DSUs, if any, to be granted to each Eligible Participant and the date(s) on which such DSUs will be granted; and (c) determine the relevant conditions and vesting provisions for such DSUs, in each case subject to the terms and conditions of the Omnibus Plan, any applicable Award Agreement, and the Exchange rules.

Subject to the vesting and other conditions and provisions in the Omnibus Plan and any applicable Award Agreement, each DSU will entitle the Participant to receive, on settlement, a cash payment equal to the Market Price or, in the sole discretion of the Board, one Common Share, or any combination of cash and Common Shares as the Company in its sole discretion may determine. For greater certainty, no Participant will have any right to demand to be paid in, or receive, Common Shares in respect of any DSU, and, notwithstanding any discretion exercised by the Company to settle any DSU, or portion thereof, in the form of Common Shares, the Company reserves the right to change such form of payment at any time until payment is actually made.

Each grant of a DSU will be evidenced by an Award Agreement, which will be subject to all applicable terms and conditions of the Omnibus Plan and any other terms and conditions (including any recoupment, reimbursement or claw-back compensation policy as may be adopted by the Board from time to time) as the Board may deem appropriate, provided that they are consistent with applicable law.

**General Conditions Applicable to Options**

Except as otherwise provided in any Employment Agreement or Consulting Agreement or in any Award Agreement, each Option will be subject to the following conditions:

**Termination for Cause**. Upon a Participant ceasing to be an Eligible Participant for Cause, any vested or unvested Option granted to such Participant will terminate automatically and become void immediately. For the purposes of the Omnibus Plan, the determination by the Company that a Participant was discharged for Cause will be binding on such Participant. "Cause" will include, among other things, gross misconduct, theft, fraud, breach of confidentiality, breach of the Company's code of conduct and any other reason determined by the Company to be cause for termination.

**Termination not for Cause**. Upon a Participant ceasing to be an Eligible Participant as a result of their employment or service relationship with the Company or a subsidiary being terminated without Cause: (a) each unvested Option granted to such Participant will terminate and become void immediately upon such termination, and (b) each vested Option held by such Participant will cease to be exercisable on the earlier of (i) 90 days after the Participant's Termination Date (or such later date as the Board may, in its sole discretion, determine) and (ii) the Expiry Date of such Option as set forth in the applicable Award Agreement, after which such vested Option will expire.

**Resignation**. Upon a Participant ceasing to be an Eligible Participant as a result of their resignation from the Company or a subsidiary: (a) each unvested Option granted to such Participant will terminate and become void immediately upon such resignation, and (b) each vested Option held by such Participant will cease to be exercisable on the earlier of (i) 90 days after the Participant's Termination Date (or such later date as the Board may, in its sole discretion, determine) and (ii) the Expiry Date of such Option as set forth in the applicable Award Agreement, after which such vested Option will expire.

**Retirement/Permanent Disability**. Upon a Participant ceasing to be an Eligible Participant by reason of retirement or permanent disability: (a) each unvested Option granted to such Participant will terminate and become void immediately, and (b) each vested Option held by such Participant will cease to be exercisable on the earlier of (i) 90 days from the date of retirement or the date on which the Participant ceases their employment or service relationship with the Company or any subsidiary by reason of permanent disability (or such later date as the Board may, in its sole discretion, determine) and (ii) the Expiry Date of such Option as set forth in the applicable Award Agreement, after which such vested Option will expire.

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**Death**. Upon a Participant ceasing to be an Eligible Participant by reason of death: (a) each unvested Option granted to such Participant will terminate and become void immediately, and (b) each vested Option held by such Participant at the time of death may be exercised by the legal representative of the Participant, provided that any such vested Option will cease to be exercisable on the earlier of (i) the date that is 12 months after the Participant's death or (ii) the Expiry Date of such Option as set forth in the applicable Award Agreement, after which such vested Option will expire.

**Leave of Absence**. Upon a Participant electing a voluntary leave of absence of more than 12 months, including maternity and paternity leaves, the Board may determine, in its sole discretion but subject to applicable laws, that such Participant's participation in the Omnibus Plan will be terminated, provided that all vested Options will remain outstanding and in effect until the applicable exercise date, or such earlier date determined by the Board in its sole discretion. Notwithstanding the foregoing, the Awards granted to such Participant will expire no later than the date that is 12 months from the date that the Participant ceases to be an Eligible Participant.

For greater certainty, in the event of any conflict between the terms of the Omnibus Plan and the terms of any applicable Employment Agreement, Consulting Agreement or Award Agreement with respect to the time of termination of any Option, the terms of such Employment Agreement, Consulting Agreement or Award Agreement will govern unless prohibited by applicable law.

**General Conditions Applicable to Awards other than Options**

Except as otherwise provided in any Employment Agreement or Consulting Agreement or in any Award Agreement, each Award, other than Options, will be subject to the following conditions:

**Termination for Cause and Resignation**. Upon a Participant ceasing to be an Eligible Participant for Cause or as a result of their resignation from the Company or a subsidiary, the Participant's participation in the Omnibus Plan will be terminated immediately, all Awards, other than Options, credited to such Participant's account that have not vested will be forfeited and cancelled, and the Participant's rights that relate to such participant's unvested Awards will be forfeited and cancelled on the Termination Date.

**Death, Leave of Absence or Termination of Service**. Except as otherwise determined by the Board from time to time, at its sole discretion, upon a Participant electing a voluntary leave of absence of more than 12 months, including maternity and paternity leaves, or upon a Participant ceasing to be an Eligible Participant as a result of such Participant's: (a) death, (b) retirement, (c) Termination of Service for reasons other than for Cause, (d) employment or service relationship with the Company being terminated by reason of injury or disability, or (e) being eligible to receive long-term disability benefits, all unvested Awards, other than Options, in the Participant's account as of such date relating to a Restriction Period in progress will be forfeited and cancelled. Notwithstanding the foregoing, if the Board, in its sole discretion, instead accelerates the vesting or waives vesting conditions with respect to all or some portion of outstanding unvested Awards, other than Options, the date of such action is the Vesting Date, provided that the Awards granted to such Participant will expire no later than the date that is 12 months from the date that the Participant ceases to be an Eligible Participant.

For greater certainty, in the event of any conflict between the terms of the Omnibus Plan and the terms of any applicable Employment Agreement, Consulting Agreement or Award Agreement with respect to the time of termination of any Award, the terms of such Employment Agreement, Consulting Agreement or Award Agreement will govern unless prohibited by applicable law.

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**Change of Control**

In the event of a potential Change of Control, the Board will have the power, in its sole discretion, subject to Exchange and shareholder approval, if required, to accelerate the vesting of Options to assist the Participants to tender into a takeover bid or participate in any other transaction leading to a Change of Control. For greater certainty, in the event of a take-over bid or any other transaction leading to a Change of Control, the Board will have the power, in its sole discretion, to (a) provide that any or all Options will thereupon terminate, provided that any such outstanding Options that have vested will remain exercisable until the consummation of such Change of Control, and (b) permit Participants to conditionally exercise their vested Options immediately prior to the consummation of the take-over bid and the Common Shares issuable under such Options to be tendered to such bid, such conditional exercise to be conditional upon the take-up by such offeror of the Common Shares or other securities tendered to such take-over bid in accordance with the terms of such take-over bid (or the effectiveness of such other transaction leading to a Change of Control). If, however, the potential Change of Control referred to in Section 8.2 of the Omnibus Plan is not completed within the time specified therein (as the same may be extended), then notwithstanding Section 8.2 or the definition of "Change of Control": (i) any conditional exercise of vested Options will be deemed to be null, void and of no effect, and such conditionally exercised Options will for all purposes be deemed not to have been exercised, (ii) Common Shares which were issued pursuant to the exercise of Options which vested pursuant to Section 8.2 will be returned by the Participant to the Company and reinstated as authorized but unissued Common Shares, and (iii) the original terms applicable to Options which vested pursuant to Section 8.2 will be reinstated. In the event of a Change of Control, the Board may exercise its discretion to accelerate the vesting of, or waive the Performance Criteria or other vesting conditions applicable to, outstanding Share Units, and the date of such action will be the Vesting Date of such Share Units.

**Assignment**

Each Award granted under the Omnibus Plan is personal to the participant and will not be assignable or transferable by the participant, whether voluntarily or by operation of law, except by will or by the laws of descent and distribution.

**Amendment**

The Board may amend the Omnibus Plan or any Award at any time without the consent of the Participants (except as permitted by the provisions of the Omnibus Plan), provided that any such amendment will not adversely alter or impair the rights of any Participant and is in compliance with applicable law, including the prior approval of the Exchange or, if required, any other regulatory body having authority over the Company.

Unless such approval is required by law or the requirements of the Exchange or any other regulatory body having authority over the Company, the Board may make the following types of amendments to the Omnibus Plan without seeking approval of shareholders:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) any amendment necessary to comply with applicable law (including taxation laws) or the requirements of the Exchange or any other regulatory body to which the Company is subject;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) any amendment of a "housekeeping" nature, including, without limitation, amending the wording of any provision of the Omnibus Plan for the purpose of clarifying the meaning of existing provisions or to correct or supplement any provision of the Omnibus Plan that is inconsistent with any other provision of the Omnibus Plan, correcting any grammatical or typographical errors, or amending the definitions contained within the Omnibus Plan;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) any amendment regarding the administration or implementation of the Omnibus Plan;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) any other amendment that does not require the approval of shareholders under applicable laws and regulatory requirements.

**Director Compensation**

The Company also has a compensation program for the Company's members of the Board and its committees. The compensation of the directors is designed to attract and retain committed and qualified directors and to align their compensation with the long-term interests of the Company's shareholders.

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The Board, on the recommendation of its Compensation Committee, will be responsible for reviewing and approving any changes to the directors' compensation arrangements. In consideration for serving on our Board, each director will be paid an annual retainer consisting of RSUs and/or stock options. All directors will be reimbursed for their reasonable out-of-pocket expenses incurred while serving as directors.

**External Management Companies**

The Company has not entered into any agreement with any external management company that employs or retains one or more of the NEOs or directors and the Company has not entered into any understanding, arrangement or agreement with any external management company to provide executive management services to the Company, directly or indirectly, in respect of which any compensation was paid by the Company.

**Employment, Consulting and Management Agreements**

**John Armstrong, Former Chief Executive Officer and Director**

Mr. Armstrong served as our Chief Executive Officer from November 2022 until February 2025. Under his employment agreement, Mr. Armstrong received a base salary of C$350,000, was eligible for an annual performance-based cash bonus targeted at 80% of base salary, and participated in our long-term equity incentive plans, including initial grants of stock options, RSUs and PRSUs. The agreement also included customary provisions regarding termination and change of control. Mr. Armstrong's employment agreement terminated upon his departure in February 2025.

Mr. Armstrong's employment agreement provided for base salary, potential annual cash bonuses and/or potential annual equity-based compensation bonuses, benefits and participation in the Omnibus Plan.

**Daniel O'Flaherty, Chief Executive Officer and Director**

Mr. O'Flaherty receives an annual base salary of $320,000 (effective January 1, 2026), is eligible to receive an annual performance-based cash bonus targeted at 80% of base salary, and participates in our equity-based incentive plans with an annual target grant value equal to 120% of base salary. Upon execution of her agreement, Mr. Flaherty received a grant of 1,000,000 Pre-Split RSUs over a two year period and 2,000,000 PRSUs which will vest on the achievement of certain milestones. If terminated without cause, Mr. Flaherty is entitled to three months' notice, 18 months of base salary, a bonus payment equal to 1.5 times the greater of his average bonus for the prior two years or his target bonus, and continuation of benefits for 18 months. If terminated within 12 months following a change of control, Mr. Flaherty is entitled to three months' salary plus two times annual base salary, a bonus equal to two times the greater of his average bonus for the prior two years or his target bonus (plus a prorated bonus), two years of benefits, and full vesting of all equity awards.

The employment agreement with Mr. O'Flaherty specifies the amounts or benefits payable, including severance, to Mr. O'Flaherty in the event that his employment is terminated. See "*Termination and Change of Control Benefits*" below for further details. Mr. O'Flaherty's employment agreement also contains customary confidentiality covenants.

**Victoria McMillan, Chief Financial Officer**

Mrs. McMillan receives an annual base salary of C$315,000 (effective January 1, 2026), is eligible to receive an annual performance-based cash bonus targeted at 70% of base salary, and participates in our equity-based incentive plans with an annual target grant value equal to 90% of base salary. Upon execution of her agreement, she received a grant of 750,000 Pre-Split stock options vesting over three years. If terminated without cause, Mrs. McMillan is entitled to three months' notice, 12 months of base salary, a bonus payment equal to 1.5 times the greater of her average bonus for the prior two years or her target bonus, continuation of benefits for 15 months, and extended exercisability of vested options for 12 months. If terminated within 12 months following a change of control, she is entitled to three months' salary plus two times annual base salary, a bonus equal to two times the greater of her average bonus for the prior two years or her target bonus (plus a prorated bonus), two years of benefits, full vesting of all equity awards, and extended exercisability of options for 12 months.

The employment agreement with Mrs. McMillan specifies the amounts or benefits payable, including severance, to Mrs. McMillan in the event that her employment is terminated. See *"Termination and Change of Control Benefits*" below for further details. Mrs. McMillan's employment agreement also contains customary confidentiality covenants.

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**Craig Rollins, General Counsel and Corporate Secretary**

Mr. Rollins receives an annual base salary of C$315,000 (effective January 1, 2026), is eligible to receive an annual performance-based cash bonus targeted at 70% of base salary, and participates in our equity-based incentive plans with an annual target grant value equal to 90% of base salary. If terminated without cause, Mr. Rollins is entitled to three months' notice, 12 months of base salary, a bonus payment equal to 1.5 times the greater of his average bonus for the prior two years or his target bonus, continuation of benefits for 15 months, and extended exercisability of vested options for 12 months. If terminated within 12 months following a change of control, he is entitled to three months' salary plus two times annual base salary, a bonus equal to two times the greater of his average bonus for the prior two years or his target bonus (plus a prorated bonus), two years of benefits, full vesting of all equity awards, and extended exercisability of options for 12 months.

The employment agreement with Mr. Rollins specifies the amounts or benefits payable, including severance, to Mr. Rollins in the event that his employment is terminated. See *"Termination and Change of Control Benefits*" below for further details. Mr. Rollins' employment agreement also contains customary confidentiality covenants.

**Paul Jones, President**

Mr. Jones receives an annual base salary of C$345,000 (effective January 1, 2026), is eligible to receive an annual performance-based cash bonus targeted at 70% of base salary, and participates in our equity-based incentive plans with an annual target grant value equal to 90% of base salary. If terminated without cause, Mr. Jones is entitled to three months' notice, 12 months of base salary, a bonus payment equal to 1.5 times the greater of his average bonus for the prior two years or his target bonus, continuation of benefits for 15 months, and extended exercisability of vested options for 12 months. If terminated within 12 months following a change of control, he is entitled to three months' salary plus two times annual base salary, a bonus equal to two times the greater of his average bonus for the prior two years or his target bonus (plus a prorated bonus), two years of benefits, full vesting of all equity awards, and extended exercisability of options for 12 months.

The employment agreement with Mr. Jones specifies the amounts or benefits payable, including severance, to Mr. Jones in the event that his employment is terminated. See "*Termination and Change of Control Benefits*" below for further details. Mr. Jones' employment agreement also contains customary confidentiality covenants.

**Diego Airo, Executive Vice President, Project Evaluation**

Mr. Airo receives an annual base salary of C$345,000 (effective January 1, 2026), is eligible to receive an annual performance-based cash bonus targeted at 70% of base salary, and participates in our equity-based incentive plans with an annual target grant value equal to 90% of base salary. If terminated without cause, Mr. Airo is entitled to three months' notice, 12 months of base salary, a bonus payment equal to 1.5 times the greater of his average bonus for the prior two years or his target bonus, continuation of benefits for 15 months, and extended exercisability of vested options for 12 months. If terminated within 12 months following a change of control, he is entitled to three months' salary plus two times annual base salary, a bonus equal to two times the greater of his average bonus for the prior two years or his target bonus (plus a prorated bonus), two years of benefits, full vesting of all equity awards, and extended exercisability of options for 12 months.

The employment agreement with Mr. Airo specifies the amounts or benefits payable, including severance, to Mr. Airo in the event that his employment is terminated. See "*Termination and Change of Control Benefits*" below for further details. Mr. Airo's employment agreement also contains customary confidentiality covenants.

**Termination and Change of Control Benefits**

For a summary of the termination and Change of Control benefits provided under the Omnibus Plan, please refer to the "*Components of Compensation — Omnibus Equity Incentive Plan*" section above. The tables below provide a summary of the termination and Change of Control benefits provided under the NEOs' employment agreements and the anticipated incremental payments associated with various termination events (assuming the termination events occurred on the final receipt of this Annual Report):

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**Chief Executive Officer**

---

| | | | |
|:---|:---|:---|:---|
|  | **Severance** | **Bonus** | **Benefits** |
| ***Involuntary Termination:***<br>Not for Cause | 3 months' notice + 18 months base salary | 1.5 times the greater of (i) 2-year average bonus and (ii) short term incentive plan target multiplied by base salary. | 3 months' notice plus 18 months' severance period, subject to stock exchange rules, vested options remain exercisable until the earlier of (i) the expiry date(s) and (ii) 18 months. |
| Change of Control<sup>(1)</sup> | 3 months' notice + 2 times base salary | 2 times the greater of (i) 2-year average bonus and (ii) short term incentive plan target multiplied by base salary. | 2 years<br>All equity compensation fully vests and subject to stock exchange rules, options remain exercisable until the earlier of (i) the expiry date(s) and (ii) 24 months. |

---

&nbsp;&nbsp;&nbsp;&nbsp;(1) Eligible if termination without cause occurs within 12 months following the Change of Control event.

**Other Executive Officers**

---

| | | | |
|:---|:---|:---|:---|
|  | **Severance** | **Bonus** | **Benefits** |
| ***Involuntary Termination:***<br>Not for Cause | 3 months' notice + 12 months base salary | 1.5 times the greater of (i) 2-year average bonus and (ii) short term incentive plan target multiplied by base salary. | 3 months' notice plus 12 months' severance period, subject to stock exchange rules, vested options remain exercisable until the earlier of (i) the expiry date(s) and (ii) 12 months. |
| Change of Control<sup>(1)</sup> | 3 months' notice + 2 times base salary | 2 times the greater of (i) 2-year average bonus and (ii) short term incentive plan target multiplied by base salary. | 2 years<br>All equity compensation fully vests and subject to stock exchange rules, options remain exercisable until the earlier of (i) the expiry date(s) and (ii) 12 months. |

---

&nbsp;&nbsp;&nbsp;&nbsp;(1) Eligible if termination without cause occurs within 12 months following the Change of Control event.

**Involuntary Termination**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Name** | **Not for Cause** | **Not for Cause** | **Change of Control** | **Change of Control** |
| Daniel O'Flaherty<sup>(1)</sup> | C$ | 1706079 | C$ | 2234890 |
| Victoria McMillan | C$ | 1093816 | C$ | 1428838 |
| Craig Rollins | C$ | 1093816 | C$ | 1428838 |
| Paul Jones | C$ | 1196322 | C$ | 1563013 |
| Diego Airo | C$ | 1196322 | C$ | 1563013 |

---

&nbsp;&nbsp;&nbsp;&nbsp;(1) Appointed as Chief Executive Officer on April 1, 2025.

**C.** **Board Practices**

**Corporate Governance**

We recognize that exemplary corporate governance plays an important role in our overall success and in enhancing shareholder value and have adopted certain additional corporate governance policies and practices. The disclosure set out below describes our approach to corporate governance in accordance with Canada's National Instrument 58-101 — Disclosure of Corporate Governance Practices ("**NI 58-101**").

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**Board of Directors and Director Independence**

Our Board consists of seven directors, six of whom are considered to be independent under Canadian securities laws. Under the BCBCA, a director may be removed with or without cause by a resolution passed by an ordinary majority of the votes cast by shareholders present in person or by proxy at a meeting of shareholders and who are entitled to vote. The directors will be elected by shareholders at each annual meeting of shareholders, and all directors will hold office for a term expiring at the close of the next annual meeting or until their respective successors are elected or appointed. Our Articles provide that, between annual general meetings of shareholders, the directors may appoint one or more additional directors, but the number of additional directors may not at any time exceed one-third of the number of directors elected at the previous annual meeting of shareholders.

Under NI 58-101, a director is considered to be independent if he or she is independent within the meaning of Section 1.4 of National Instrument 52-110 – Audit Committees ("**NI 52-110**"). Pursuant to Section 1.4 of NI 52-110, an independent director is a director who is free from any direct or indirect material relationship which could, in the view of our Board, be reasonably expected to interfere with a director's exercise of independent judgment. Despite the foregoing, an individual who is, or has been within the last three years, an employee or executive officer of an issuer is considered to have a material relationship with an issuer. Based on information provided by each director concerning his or her background, employment and affiliations, our Board has determined that, of the seven directors on our Board, six are "independent" and one is not considered "independent" within the meaning of applicable Canadian securities laws. Daniel O'Flaherty is not considered to be independent by the Board because he is currently the Company's Chief Executive Officer.

Our Board believes that given its size and structure it is able to facilitate independent judgment in carrying out its responsibilities. To enhance such independent judgment, the Board generally holds in camera sessions following regularly scheduled Board meetings, including sessions without members of management present and, where appropriate, separate sessions of the independent directors without the Company's non-independent directors present. During the financial year ended December 31, 2025, the independent directors held seven in camera sessions without non-independent directors and members of management in attendance. Open and candid discussion among the independent directors is facilitated by the relatively small size of the Board.

**Board, Chair and Chief Executive Officer Mandates**

Our Board has a responsibility for the stewardship of the Company, including the responsibility to supervise the management of and oversee the conduct of the business of the Company; provide leadership and direction to management and consider management's performance in conjunction with the Company's compensation plans; set policies appropriate for the business of the Company; and approve corporate strategies and goals. The Board's fundamental objective is to protect and preserve shareholder value by fostering strong corporate governance practices through its leadership and direction of management and guidance of the Company's strategic direction. A copy of our Board's formal mandate is available on our website at www.versamet.com.

Our Board has adopted a formal mandate of the Chair, which sets out the Chair's key responsibilities, including, among others, duties relating to Board meetings, information flow to Board members, shareholder meetings and other functions as may be delegated to the Chair by the Board from time to time. A copy of the Chair mandate is available on our website at www.versamet.com.

Our Board has adopted a formal mandate of the Chief Executive Officer, which sets out the key responsibilities of our Chief Executive Officer, including, among others, duties relating to: providing corporate strategy and leadership; responsibility for corporate communication; fostering appropriate corporate culture, ethics and integrity; business and risk management; and discussing goals and objectives of senior management and the Chief Executive Officer. A copy of the Chief Executive Officer mandate is available on our website at www.versamet.com.

**Orientation and Continuing Education**

Versamet has implemented an orientation program for new directors under which a new director will meet with the Chair, members of senior management and our secretary. New directors are provided with a comprehensive orientation and education as to the nature and operation of the Company and our business, the role of our Board and its committees, and the contribution that an individual director is expected to make. Our Board is responsible for overseeing director continuing education designed to maintain or enhance the skills and abilities of the directors and to ensure that their knowledge and understanding of our business remains current. The chair of each committee is responsible for coordinating orientation and continuing director development programs relating to each committee's mandate.

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**Ethical Business Conduct / Global Code of Ethical Conduct**

Versamet has adopted a number of policies and guidelines that impart the way directors, officers and employees are expected to conduct themselves and the manner in which they should operate. Our Code provides the foundation of these policies and guidelines and is applicable to all employees, officers, and directors. The Code sets out the ethical rules and standards to which each individual must comply and be accountable. The Code provides the fundamental tenets through which the Company can achieve its commitments to: operate in a responsible manner that complies with applicable laws, rules and regulations; promote the avoidance of conflicts of interest; promote the prompt reporting of violations of the Code; provide a safe and inclusive workplace; provide accountability for adherence to the Code; and provide full, fair, true, timely and plain disclosure. A copy of the Code is available on our website at www.versamet.com.

**Nomination of Directors**

The nominees for election by shareholders as directors are determined by our Governance and Nominating Committee ("**GN Committee**") in accordance with the provisions of applicable corporate law and the charter of our GN Committee. Our GN Committee is comprised of Marcel de Groot (chair), Gregory Smith and Mark Backens. See "- Other Board Committees".

**Compensation of Directors**

Director compensation is determined by our Compensation Committee ("**Compensation Committee**") in accordance with the provisions of applicable corporate law and the charter of our Compensation Committee. Our Compensation Committee is comprised of Gregory Smith (chair), Elizabeth McGregor and Michael McDonald. See "- Other Board Committees".

**Director Assessment**

The Board is responsible for ensuring that an appropriate system is in place to evaluate the effectiveness of the Board as a whole, the individual committees of the Board, and the individual members of the Board and such committees with a view to ensuring that they are fulfilling their respective responsibilities and duties. In connection with such evaluations, each director may be required to provide an assessment of the effectiveness of the Board and each committee as well as the performance of the individual directors, periodically. Such evaluations take into account the competencies and skills each director is expected to bring to his particular role on the Board or on a committee, as well as any other relevant factors.

**Other Board Committees**

Our Board has established three committees: the Compensation Committee, the GN Committee and the audit committee (the "**Audit Committee**").

**Compensation Committee**

Our Compensation Committee is comprised of Gregory Smith (chair), Elizabeth McGregor and Michael McDonald and is to be comprised of no less than three directors, at least a majority of whom, together with the committee chair, are persons determined by our Board to be independent directors within the meaning of NI 58-101. The Compensation Committee is responsible for assisting the Board in its oversight responsibilities relating to the compensation, nomination, objectives, evaluation and succession of the executive officers of the Company including the Chief Executive Officer and the Chief Financial Officer. The Compensation Committee performs the functions customarily performed by compensation committees and any other functions assigned by the Board, including:

● Overseeing and recommending for approval by the Board the executive compensation principles, policies, programs, processes and grants of equity-based incentives and processes.

● Considering and recommending annually or as required for approval by the Board all forms of compensation for the Chief Executive Officer.

● Annually reviewing all forms of compensation for executive officers.

● Annually reviewing directors ' compensation and recommending any changes to the Board for consideration.

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● Reviewing the compensation discussion & analysis and related executive compensation disclosure for inclusion in the Company ' s public disclosure documents, in accordance with applicable rules and regulations.

● Reviewing with the Chief Executive Officer any proposed major changes in organization or personnel.

● Reviewing the annual overall performance of the Chief Executive Officer and reporting annually to the Board on this assessment.

● Overseeing the implementation and administration of benefit plans and reviewing any proposed major changes in benefit plans and recommending for approval any change requiring Board action.

● Reviewing, monitoring, reporting, and where appropriate, providing recommendations to the Board on the Company ' s exposure to risks related to executive compensation policies and practices, if any, and identifying compensation policies and practices that mitigate any such risk.

Further particulars of the process by which compensation for our executive officers will be determined is provided under "Executive Compensation"

**Governance and Nominating Committee**

Our GN Committee is comprised of Marcel de Groot (chair), Gregory Smith and Mark Backens and is to be comprised of no less than three directors, at least a majority of whom, together with the committee chair, are persons determined by our Board to be independent directors within the meaning of NI 58-101.

The GN Committee is responsible for: (a) developing the Company's approach to governance issues and the Company's response to the corporate governance guidelines; (b) subject to any investor rights agreement or similar agreements which may exist from time to time between the Company and certain shareholders, reviewing the composition and contribution of the Board and its members and recommending Board nominees; (c) overseeing the orientation program for new directors; and (d) helping to maintain an effective working relationship between the Board and management. The GN Committee also assists the Compensation Committee in its oversight responsibilities relating to the nomination, objectives, evaluation and succession of the executive officers of the Company including the Chief Executive Officer and Chief Financial Officer. In addition, the GN Committee is responsible for periodically reviewing the Company's policies with regards to matters relating to disclosure, trading of securities, governance, ethics, the environment, and health and safety and taking steps to resolve issues of compliance with respect to Board members and executive officers.

In addition, pursuant to investor rights agreements entered into with B2Gold, Equinox, Tether and Lundin, each such shareholder is entitled, for so long as it holds at least 10% of our outstanding common shares, to designate one individual for nomination to our board of directors. If a shareholder elects not to nominate a director, in certain cases it may instead appoint an observer to attend board meetings. Our management is required to support and vote in favor of such nominees, provided they meet applicable eligibility criteria.

**Audit Committee**

Our Audit Committee is comprised of Elizabeth McGregor (chair), Marcel de Groot and Michael McDonald and is to be comprised of no less than three directors and, subject to the permitted venture issuer exemptions contemplated by Part 6 of NI 52-110, each member shall be independent and financially literate within the meaning of NI 52-110. All three current members of the Audit Committee are considered "independent" and "financially literate" within the meaning of NI 52-110.

Our Board has adopted a written charter setting forth the purpose, composition, authority and responsibility of our Audit Committee, consistent with NI 52-110. The purpose of the Audit Committee is to assist the Board in fulfilling its oversight responsibilities with respect to:

● financial reporting and related financial disclosure;

● risk management;

● internal control over financial reporting and disclosure controls and procedures;

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● the annual independent audit of the Company ' s financial statements;

● legal and regulatory compliance;

● related party transactions; and

● compliance with public disclosure requirements.

**Relevant Education and Experience**

Each member of the Audit Committee has adequate education and experience that is relevant to their performance as an Audit Committee member and, in particular, the requisite education and experience that have provided the member with:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) an understanding of the accounting principles used by the Company to prepare its financial statements and the ability to assess the general application of those principles in connection with estimates, accruals and reserves;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) experience preparing, auditing, analyzing or evaluating financial statements that present a breadth and level of complexity of accounting issues that are generally comparable to the breadth and complexity of issues that can reasonably be expected to be raised by the Company ' s financial statements or experience actively supervising individuals engaged in such activities; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) an understanding of internal controls and procedures for financial reporting.

For additional details regarding the relevant education and experience of each member of our Audit Committee, see "Directors and Executive Officers — Biographical Information Regarding our Directors and Executive Officers"

**Pre-Approval Policies and Procedures**

The Audit Committee is responsible for the pre-approval of all non-audit services to be provided to the Company or its subsidiaries by the Company's external auditor or the external auditor of any subsidiaries, unless such pre-approval is otherwise appropriately delegated by the Audit Committee, or if the Audit Committee adopts appropriate policies and procedures for the engagement of non-audit services.

**D.** **Employees**

As at April 30, 2026, we have eight employees, seven of whom are located in Vancouver, Canada and one employee located in the Cayman Islands.

**E.** **Share Ownership**

The following table sets forth the share ownership of the individuals in Item 6.B at April 30, 2026:

---

| | | |
|:---|:---|:---|
| **Name** | **Number of Shares** | **Percentage**<sup>(1)</sup> |
| Gregory Smith<sup>(2)</sup> | 1219017 | 1.12% |
| Daniel O'Flaherty<sup>(3)</sup> | 2761703 | 2.54% |
| Marcel de Groot<sup>(4)</sup> | 1559681 | 1.44% |
| Michael McDonald<sup>(5)</sup> | Nil | N/A |
| Elizabeth McGregor<sup>(6)</sup> | 1400 | <sup>(7)</sup> |
| Mark Backens<sup>(8)</sup> | 28750 | 0.03% |
| Victoria McMillan<sup>(9)</sup> | 48684 | 0.04% |
| Craig Rollins<sup>(10)</sup> | 1907010 | 1.76% |
| Juan Presa | 10000 | <sup>(7)</sup> |
| Paul Jones | 121150 | 0.11% |
| Diego Airo | 23770 | 0.02% |

---

&nbsp;&nbsp;&nbsp;&nbsp;(1) Based on 108,588,991 Common Shares issued and outstanding at date of this Annual Report.

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&nbsp;&nbsp;&nbsp;&nbsp;(2) Mr. Smith holds 280,000 Options (240,000 with an exercise price of C$3.50 per share and expiry date of September 1, 2027; 40,000 with an exercise price of C$4.00 per share and expiry date of May 12, 2030) and 28,750 RSUs.

&nbsp;&nbsp;&nbsp;&nbsp;(3) Mr. O'Flaherty holds 292,763 Options (142,857 with an exercise price of C$3.50 per share and expiry date of January 15, 2029; 149,906 with an exercise price of C$4.00 per share and expiry date of January 15, 2030), 107,067RSUs.

&nbsp;&nbsp;&nbsp;&nbsp;(4) Mr. de Groot holds 190,000 Options (150,000 with an exercise price of C$3.50 per share and expiry date of September 1, 2027; 40,000 with an exercise price of C$4.00 per share and expiry date of May 12, 2030) and 28,750 RSUs.

&nbsp;&nbsp;&nbsp;&nbsp;(5) Mr. McDonald holds 40,000 Options (with an exercise price of C$4.00 per share and expiry date of May 12, 2030) and 28,750 RSUs.

&nbsp;&nbsp;&nbsp;&nbsp;(6) Ms. McGregor holds 40,000 Options (with an exercise price of C$4.00 per share and expiry date of May 12, 2030) and 28,750 RSUs.

&nbsp;&nbsp;&nbsp;&nbsp;(7) Represents less than 0.01%.

&nbsp;&nbsp;&nbsp;&nbsp;(8) Mr. Backens holds 40,000 Options (with an exercise price of C$4.00 per share and expiry date of May 12, 2030).

&nbsp;&nbsp;&nbsp;&nbsp;(9) Ms. McMillan holds 267,406 Options (150,000 with an exercise price of C$3.50 per share and expiry date of September 1, 2027; 37,768 with an exercise price of C$3.50 per share and expiry date of January 15, 2029; and 79,638 with an exercise price of C$4.00 per share and expiry date of January 15, 2030) and 146,196 RSUs.

&nbsp;&nbsp;&nbsp;&nbsp;(10) Mr. Rollins holds 267,406 Options (150,000 with an exercise price of C$3.50 per share and expiry date of September 1, 2027; 37,768 with an exercise price of C$3.50 per share and expiry date of January 15, 2029; and 79,638 with an exercise price of C$4.00 per share and expiry date of January 15, 2030) and 146,196 RSUs.

&nbsp;&nbsp;&nbsp;&nbsp;(11) Mr. Jones holds 289,774 options (150,000 with an exercise price of C$3.50 per share and expiry date of February 27, 2028; 39,836 with an exercise price of C$3.50 per share and expiry date of January 15, 2029; 99,938 with an exercise price of C$4.00 per share and expiry date of January 15, 2030) and 221,723 RSUs.

&nbsp;&nbsp;&nbsp;&nbsp;(12) Mr. Airo holds 287,059 options (150,000 with an exercise price of C$3.50 per share and expiry date of March 20, 2028; 37,121 with an exercise price of C$3.50 per share and expiry date of January 15, 2029; 99,938 with an exercise price of C$4.00 per share and expiry date of January 15, 2030) and 152,740 RSUs.

See Item 6.B, "*Compensation"* for a description of our Omnibus Plan.

**F.** **Disclosure of a Registrant's Action to Recover Erroneously Awarded Compensation**

Not applicable.

**ITEM 7: MAJOR SHAREHOLDERS AND RELATED PARTY TRANSACTIONS**

**A.** **Major Shareholders**

To the best of our knowledge, other than as noted below, no person, corporation or other entity beneficially owns, directly or indirectly, or controls more than 5% of our Common Shares.

---

| | | | | |
|:---|:---|:---|:---|:---|
| <br>**Name** | **Number and type**<br>**of securities** | <br>**Type of Ownership** | <br>**Percentage of Class**<sup>(1)</sup> | **Percentage of Class**<br>**(fully diluted)**<sup>(2)</sup> |
| B2Gold | 30460525 | Beneficial and of record | 28.05% | 27.05% |
| Tether<sup>(3)</sup> | 13718812 | Beneficial and of record | 12.63% | 12.18% |
| Lundin<sup>(4)</sup> | 9343701 | Beneficial and of record | 8.60% | 8.30% |
| Equinox | 11617915 | Beneficial and of record | 10.70% | 10.32% |

---

&nbsp;&nbsp;&nbsp;&nbsp;(1) Based on 108,588,991 issued and outstanding Common Shares at the date of this Annual Report.

&nbsp;&nbsp;&nbsp;&nbsp;(2) Based on 112,586,279 outstanding Common Shares on a fully diluted basis, assuming the exercise of all outstanding RSUs and options .

&nbsp;&nbsp;&nbsp;&nbsp;(3) To the best of our knowledge, as of the date of this Annual Report, investment and/or voting control of Tether is held by Juan Sartori.

&nbsp;&nbsp;&nbsp;&nbsp;(4) To the best of our knowledge, as of the date of this Annual Report, investment and/or voting control of Lundin is held by Jerome Chabannet.

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In addition to their shareholdings, our significant shareholders have rights under investor rights agreements that may increase their influence over our affairs. These rights include director nomination and board observer rights, pre-emptive or "top-up" rights to maintain ownership levels in future financings, piggyback registration rights in connection with registered offerings, and certain information rights. The agreements also contain customary transfer restrictions, standstill covenants and termination provisions. Pursuant to the investor rights agreements described under "Item 10.C – Material Contracts," B2Gold, Equinox and Tether each have the right to nominate one member of our board of directors. Michael McDonald currently serves on our board pursuant to B2Gold's nomination right, and Juan Presa currently serves on our board pursuant to Tether's nomination right. Equinox has not exercised its nomination right.

To the best of our knowledge, we are not directly or indirectly owned or controlled by another corporation(s), by any foreign government or by any other natural or legal person(s) severally or jointly. To the best of our knowledge, there are no arrangements, the operation of which may at a subsequent date result in a change of control of the Company.

As of February 27, 2026, approximately 1.02% of our Common Shares were beneficially owned by holders in the United States. As of February 27, 2026, there were 406 record holders of our Common Shares in the United States.

**B.** **Related Party Transactions**

Other than as disclosed below and elsewhere in this Annual Report, since the beginning of our preceding three financial years ended December 31, 2025 there have been no transactions or loans between our Company and:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) enterprises that directly or indirectly through one or more intermediaries, control or are controlled by, or are under common control with, our company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) associates, meaning unconsolidated enterprises in which we have a significant influence or which have significant influence over our company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) individuals owning, directly or indirectly, an interest in the voting power of our company that gives them significant influence over our company, and close members of any such individual's family (close members of an individual's family are those that may be expected to influence, or be influenced by, that person in their dealings with our company);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) key management personnel, that is, those persons having authority and responsibility for planning, directing and controlling the activities of our company, including directors and senior management of our company and close members of such individuals' families; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) enterprises in which a substantial interest in the voting power is owned, directly or indirectly, by any person described in (c) or (d) or over which such a person is able to exercise significant influence, including enterprises owned by directors or major shareholders of our company and enterprises that have a member of key management in common with our company.

**Equinox**

Effective June 28, 2022, Equinox was considered to be a related party of the Company as a result of its share ownership in Versamet and the ability of Equinox to nominate a representative to the Board. On October 31, 2023, we also entered into the Greenstone GPA with Regal and Equinox, pursuant to which, after taking into consideration the syndication of 30% of the Greenstone GPA to Regal, Versamet paid $52.5 million (70% of a total $75 million) to Equinox in exchange for the Greenstone Gold Interest. Effective June 5, 2024, Equinox's share ownership percentage was reduced, and it was determined that it no longer had significant influence over the Company and accordingly effective June 5, 2024 is no longer considered to be a related party of Versamet.

See Item 4.A, "*History and Development of the Company – Key Developments*" for more information about our transactions with Equinox.

**B2Gold**

As a result of the Transaction, effective June 5, 2024, B2Gold is considered to be related party of the Company as a result of Versamet being an associate of this entity (as a result of their share ownership in the Company) and the ability of B2Gold to nominate a representative to the Board.

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See Item 4.A, "*History and Development of the Company – Key Developments*" for more information about our transactions with B2Gold.

**Sandstorm**

Sandstorm was a related party of the Company as a result of it having significant influence through its share ownership in the Company and the ability to nominate for election a representative to the board of directors of the Company.

The Company had a convertible note outstanding with Sandstorm which was fully converted during the year ended December 31, 2024, leaving a remaining balance of nil at December 31, 2025. The Company entered a License agreement with Sandstorm for C$18,000 per month for rent and other shared office costs for total costs of C$216,000 for the year ended December 31, 2025.

On October 20, 2025, Sandstorm was acquired by Royal Gold and Royal Gold became a related party through its acquired share ownership in the Company. On November 17, 2025, Royal Gold sold its shares in Versamet to Tether and Lundin and ceased to be a related party.

**Compensation to Key Management Personnel**

Our compensation cost for key management personnel was $2,815,424, $1,984,352 and $1,498,299 for the years ended December 31, 2025, 2024, and 2023, respectively.

For information regarding compensation for our directors and senior and management, see the information under Item 6.B. "*Compensation*".

**C.** **Interest of experts and counsel**

Not applicable.

**ITEM 8: FINANCIAL INFORMATION**

**A.** **Consolidated Statements and Other Financial Information**

See "Item 18. Financial Statements."

**Litigation**

There is no pending, threatened or recently concluded legal or arbitration proceedings, including those relating to bankruptcy, receivership or similar proceedings, or that involve any third party (including any governmental proceedings) which may have, or have had in the recent past, significant adverse effects on our financial position, as described in this document.

**B.** **Significant Changes**

Other than as disclosed below and elsewhere in this Annual Report, there have been no significant changes in our financial condition since the most recent financial statements for the year ended December 31, 2025.

On April 30, 2025, we repaid the full amount of the outstanding principal of the CLA, together with all accrued and unpaid interest (including accrued and unpaid PIK Interest) and the Make Whole Fee for an aggregate prepayment amount of C$26,084,680.

In connection with the closing of the Kolpa CPA, we entered into an amending agreement with BMO and NBF to amend and increase the size of the Credit Facility to $60 million with a $15 million accordion feature. The new Credit Facility included an updated maturity date of April 30, 2028 and an approximate 25 basis point reduction to the drawn interest spread.

In connection with the Appian transaction, on September 24, 2025 we amended and expanded the Credit Facility to the Upsized Credit Facility. The Upsized Credit Facility was comprised of an upsized $100 million revolving credit facility maturing in April 2028, and the Term Loan. In connection with the acquisition of Eskay Creek, the Company entered into the Second Amending Upsized Credit Facility. As of the date of this Annual Report, the balance drawn on or outstanding under the Second Amending Upsized Credit Facility is $385 million, comprised of $235 million drawn on the revolving credit facility and a $150 million term loan.

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See Item 4.A, "*History and Development of the Company – Key Developments"* for more information about the repayment of the CLA and amendment to the Credit Facility.

**ITEM 9: THE OFFER AND LISTING**

**A.** **Offer and Listing Details**

The principal trading market for our Common Shares is the TSX and Nasdaq. Our Common Shares are listed on the TSX and Nasdaq under the trading symbol "**VMET**".

As of the date of this Annual Report, our authorized capital consisted of an unlimited number of Common Shares without par value. Our issued and outstanding Common Shares are fully paid.

Our Common Shares are in registered form and the transfer of our Common Shares is managed by our transfer agent, TSX Trust Company. In connection with the Listing, we have appointed Endeavour Trust Corporation as our transfer agent in the United States.

**B.** **Plan of Distribution**

Not applicable.

**C.** **Markets**

Our Common Shares are publicly traded on the TSX and Nasdaq under the symbol "**VMET**".

**D.** **Selling Shareholders**

Not applicable.

**E.** **Dilution**

Not applicable.

**F.** **Expenses of the issue**

Not applicable.

**ITEM 10: ADDITIONAL INFORMATION**

&nbsp;&nbsp;&nbsp;&nbsp;**A.** **Share Capital** 

Not applicable.

&nbsp;&nbsp;&nbsp;&nbsp;**B.** **Memorandum and Articles of Association** 

For information regarding our Memorandum and Articles of Association, see ITEM 10.B "Memorandum and Articles of Association" in the registration statement on [Form 20-F filed with the SEC on March 4, 2026](https://www.sec.gov/Archives/edgar/data/2080073/000106299326001260/form20fr12ba.htm), which information is herein incorporated by reference.

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&nbsp;&nbsp;&nbsp;&nbsp;**C.** **Material Contracts** 

Except for material contracts entered into in the ordinary course of business, set out below are material contracts to which we are a party entered into in the two years preceding the date of this Annual Report:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Investor Rights Agreements. We are party to investor rights agreements with each of B2Gold Corp. (June 5, 2024), Equinox Gold Corp. (June 28, 2022), and Tether Investments S.A. de C.V. (November 17, 2025). These agreements were entered into in connection with share issuances or asset acquisition transactions. Each agreement provides the counterparty with certain rights, including board nomination and observer rights (subject to ownership thresholds), participation and top-up rights in future financings, piggyback registration rights, and access to information, as well as customary transfer restrictions and standstill covenants. Copies of these agreements are filed as exhibits to this Annual Report and are incorporated herein by reference ;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the Greenstone GPA;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Kiaka Royalty Agreement dated November 30, 2021 amongst Volta II Ltd., B2Gold Corp, and West African Resources Limited;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Amended and Restated Executive Employment Agreement dated February 22, 2023 between Versamet Royalties Corporation (formerly Sandbox Royalites Corp.) and Victoria McMillan;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Executive Employment Agreement dated January 1, 2024 between Versamet Royalties Corporation (formerly Sandbox Royalites Corp.) and Craig Rollins;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) Executive Employment Agreement dated April 1, 2025 between Versamet Royalties Corporation and Daniel O ' Flaherty;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) Escrow Agreement dated May 12, 2025, amongst B2Gold, Tether Investments S.A. de C.V., NEMESIA S. à .R.L. , Equinox, Gregory Smith, the spouse of Gregory Smith, Daniel O ' Flaherty (through Vandelay Industries SEZC, a company wholly-owned by Mr. O ' Flaherty), the spouse of Daniel O ' Flaherty, Marcel de Groot, the spouse of Marcel de Groot, Craig Rollins and any investment banks that hold shares of the foregoing persons, and TSX Trust Company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) Underwriting Agreement dated February 2, 2026 among BMO Nesbitt Burns Inc., National Bank Financial Inc., ATB Cormark Capital Markets Corp., Canaccord Genuity Corp., Raymond James Ltd., and Versamet Royalties Corporation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Second Amended Upsized Credit Facility;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) Amended and Restated Purchase and Sale Agreement (Gold) dated December 19, 2024, amongst Eskay Creek Streaming Ltd., Skeena Resources Limited, OMF Fund IV SPV H LLC (as purchaser and purchaser ' s agent), and BNY Trust Company of Canada; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) First Amending Agreement dated March 31, 2026, amongst Eskay Creek Streaming Ltd., Skeena Resources Limited, Eskay Creek Mining Ltd., Skeena Tatl ' ah Mining Ltd., OMF Fund IV SPV H LLC (as purchaser and purchaser ' s agent), Selwyn Lower Holdings (Cym) L.P., and Computershare Advantage Trust of Canada.

&nbsp;&nbsp;&nbsp;&nbsp;**D.** **Exchange Controls** 

There are no governmental laws, decrees or regulations in Canada relating to restrictions on the export or import of capital, or affecting the remittance of interest, dividends or other payments to non-resident holders of our Common Shares. Any remittances of dividends to United States residents are, however, subject to a 15% withholding tax (5% if the shareholder is a corporation owning at least 10% of our outstanding Common Shares) pursuant to Article X of the reciprocal tax treaty between Canada and the United States.

Except as provided in the Investment Canada Act, there are no limitations under the laws of Canada, the Province of British Columbia or in the charter or any other constituent documents of the Company on the right of foreigners to hold or vote our Common Shares.

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The following discussion summarizes the principal features of the Investment Canada Act for a non-resident who proposes to acquire the Common Shares.

The Investment Canada Act generally prohibits implementation of a reviewable investment by an individual, government or agency thereof, corporation, partnership, trust or joint venture (each an "**entity**") that is not a "Canadian" as defined in the Investment Canada Act (a "**non-Canadian**"), unless after review, the Director of Investments appointed by the minister responsible for the Investment Canada Act is satisfied that the investment is likely to be of net benefit to Canada. An investment in the Common Shares by a non-Canadian other than a "**WTO Investor**" (as that term is defined by the Investment Canada Act, and which term includes entities which are nationals of or are controlled by nationals of member states of the World Trade Organization) when the Company was not controlled by a WTO Investor, would be reviewable under the Investment Canada Act if it was an investment to acquire control of the Company and the value of the assets of the Company, as determined in accordance with the regulations promulgated under the Investment Canada Act, equals or exceeds C$5 million for direct acquisition and over C$50 million for indirect acquisition, or if an order for review was made by the federal cabinet on the grounds that the investment related to Canada's cultural heritage or national identity, regardless of the value of the assets of the Company. An investment in the Common Shares by a WTO Investor, or by a non-Canadian when the Company was controlled by a WTO Investor, would be reviewable under the Investment Canada Act if it was an investment to acquire control of the Company and the value of the assets of the Company, as determined in accordance with the regulations promulgated under the Investment Canada Act was not less than a specified amount. A non-Canadian would acquire control of the Company for the purposes of the Investment Canada Act if the non-Canadian acquired a majority of the Common Shares. The acquisition of one third or more, but less than a majority of the Common Shares would be presumed to be an acquisition of control of the Company unless it could be established that, on the acquisition, the Company was not controlled in fact by the acquirer through the ownership of the Common Shares. Certain transactions relating to the Common Shares would be exempt from the Investment Canada Act, including: (a) an acquisition of the Common Shares by a person in the ordinary course of that person's business as a trader or dealer in securities; (b) an acquisition of control of the Company in connection with the realization of security granted for a loan or other financial assistance and not for a purpose related to the provisions of the Investment Canada Act; and (c) an acquisition of control of the Company by reason of an amalgamation, merger, consolidation or corporate reorganization following which the ultimate direct or indirect control in fact of the Company, through the ownership of the Common Shares, remained unchanged.

&nbsp;&nbsp;&nbsp;&nbsp;**E.** **Taxation Certain United States Federal Income Tax Consequences for U.S. Holders** 

The following discussion is a summary of certain U.S. federal income tax consequences relating to the acquisition, ownership and disposition of the Common Shares that are applicable to U.S. Holders (as defined below). This discussion is based on the U.S. Internal Revenue Code of 1986, as amended (the "**Code**"), U.S. Treasury Regulations promulgated thereunder ("**Treasury Regulations**"), judicial authorities, published positions of the IRS, and other applicable authorities, all as in effect on the date hereof. Future legislative, judicial, or administrative modifications, revocations, or interpretations, which may or may not be retroactive, may result in U.S. federal income tax consequences significantly different from those discussed herein. This discussion is not binding on the U.S. Internal Revenue Service (the "**IRS**"). No ruling has been or will be sought or obtained from the IRS with respect to any of the U.S. federal tax consequences discussed herein. There can be no assurance that the IRS will not challenge any of the conclusions described herein or that a U.S. court will not sustain such a challenge.

This discussion is of a general nature only, does not address all of the U.S. federal income tax considerations that may be relevant to a U.S. Holder in light of their circumstances and does not constitute tax advice to any particular holder of Common Shares. Moreover, this summary does not address the Medicare tax on net investment income, alternative minimum tax, non-income tax (such as the gift and estate tax) or any state, local, and non-U.S. tax considerations, relating to the ownership and disposition of Common Shares. This discussion only deals with a beneficial owner that holds Common Shares as "capital assets" within the meaning of Section 1221 of the Code (generally, property held for investment purposes), and does not address the special tax rules that may apply to special classes of taxpayers, such as:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) securities broker-dealers;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) persons that hold Common Shares as part of a hedging or integrated financial transaction or a straddle;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) persons whose functional currency is not the U.S. dollar;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) U.S. expatriates;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) persons that are owners of an interest in a partnership or other pass-through entity that is a holder of Common Shares;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) partnerships or other pass-through entities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) regulated investment companies or real estate investment trusts;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) banks, thrifts, mutual funds and other financial institutions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) insurance companies;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) traders that have elected a mark-to-market method of accounting;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) tax-exempt organizations and pension funds;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) controlled foreign corporations, passive foreign investment companies and corporations that accumulate earnings to avoid U.S. federal income tax;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m) persons that own, or have owned, directly, indirectly or by attribution, 5% or more of the total combined voting power of all issued and outstanding shares of the Company; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n) persons who received their Common Shares upon the exercise of employee stock options or otherwise as compensation or through a tax-qualified retirement plan.

**THE SUMMARY OF U.S. FEDERAL INCOME TAX CONSEQUENCES SET OUT BELOW IS FOR GENERAL INFORMATION ONLY. PROSPECTIVE INVESTORS ARE URGED TO CONSULT THEIR TAX ADVISORS REGARDING THE APPLICATION OF THE U.S. FEDERAL TAX RULES TO THEIR PARTICULAR CIRCUMSTANCES AS WELL AS THE STATE, LOCAL, NON-U.S. AND OTHER TAX CONSEQUENCES TO THEM OF THE ACQUISITION, OWNERSHIP AND DISPOSITION OF THE COMMON SHARES.**

As used herein, "U.S. Holder" means a beneficial owner of the Common Shares that is (i) an individual who is a citizen or resident alien of the United States for U.S. federal income tax purposes, (ii) a corporation (or other entity taxable as a corporation for U.S. federal tax purposes) created or organized under the laws of the United States or any political subdivision thereof, (iii) an estate the income of which is subject to U.S. federal income tax regardless of its source, or (iv) a trust (a) that validly elects to be treated as a U.S. person for U.S. federal income tax purposes or (b) the administration over which a U.S. court can exercise primary supervision and all of the substantial decisions of which one or more U.S. persons have the authority to control.

The U.S. federal income tax treatment of a partner in an entity or arrangement treated as a partnership for U.S. federal income tax purposes that holds the Common Shares generally will depend on the status of the partner and the activities of the partnership. Partnerships considering an investment in the Common Shares and partners in such partnerships are urged to consult their tax advisors regarding the specific U.S. federal income tax consequences to them of the acquisition, ownership and disposition of the Common Shares.

**Ownership and Disposition of the Common Shares if the Company is a PFIC**

*PFIC Status of the Company*

In general, a non-U.S. corporation is a "passive foreign investment company" (a "PFIC") for U.S. federal income tax purposes for any taxable year in which (a) 75% or more of the Company's gross income is passive income or (b) 50% or more of the value of the Company's assets either produce passive income or are held for the production of passive income, based on the quarterly average of the fair market value of such assets.

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Generally, "passive income" includes, for example, dividends, interest, certain rents and royalties, certain gains from the sale of stock and securities, and certain gains from commodities transactions. The Company has not completed a formal assessment of its status as a PFIC for 2025; however, based on its current income, assets, and activities, the Company may have been a PFIC for the fiscal year ended December 31, 2025. The classification of the Company under the PFIC rules will depend, in part, on the U.S. tax characterization of its streaming income, which is uncertain, and whether certain of its income qualifies for the exception for active business gains arising from the sale of commodities for purposes of the PFIC asset and income tests. The determination of whether any corporation is a PFIC for a particular taxable year also depends on the application of complex U.S. federal income tax rules, which are subject to differing interpretations and uncertainty. Accordingly, no assurance can be provided regarding the Company's PFIC status for its current taxable year or any future taxable year, and there can be no assurance that the Internal Revenue Service ("IRS") will not challenge the views of the Company concerning its PFIC status. If the Company is a PFIC for any taxable year during which a U.S. Holder holds common shares in the Company, such U.S. Holder could be subject to adverse U.S. federal income tax consequences (whether or not the Company continues to be a PFIC). For example, U.S. Holders may become subject to increased tax liabilities under U.S. federal income tax laws and regulations, and will become subject to burdensome reporting requirements. Certain elections might be available to mitigate the foregoing adverse tax consequences. Upon request of a U.S. Holder, we intend to provide the information necessary for a U.S. Holder to make applicable elections.

U.S. investors should consult their own tax advisors regarding the implications of the PFIC rules for an investment in common shares of the Company. *PFIC Consequences*

A U.S. Holder that holds stock in a non-U.S. corporation during any taxable year in which the corporation qualifies as a PFIC is subject to special tax rules with respect to (a) any gain realized on the sale, exchange or other disposition of the stock and (b) any "excess distribution" by the corporation to the holder, unless the holder elects to treat the PFIC as a "qualified electing fund" ("**QEF**") or makes a "mark-to-market" election, each as discussed below. An "excess distribution" is that portion of a distribution with respect to PFIC stock that exceeds 125% of the average of such distributions over the preceding three-year period or, if shorter, the U.S. Holder's holding period for its shares. Excess distributions and gains on the sale, exchange or other disposition of stock of a corporation which was a PFIC at any time during the U.S. Holder's holding period are allocated rateably to each day of the U.S. Holder's holding period. Amounts allocated to the taxable year in which the disposition occurs and amounts allocated to any period in the shareholder's holding period before the first day of the first taxable year that the corporation was a PFIC will be taxed as ordinary income (rather than capital gain) earned in the taxable year of the disposition. Amounts allocated to each of the other taxable years in the U.S. Holder's holding period are not included in gross income for the year of the disposition, but are subject to a special tax (equal to the highest ordinary income tax rates in effect for those years, and increased by an interest charge at the rate applicable to income tax deficiencies) that is added to the regular tax for the taxable year in which the disposition occurs. The tax liability for amounts allocated to years before the year of disposition or "excess distribution" cannot be offset by any net operating losses for such years, and gains (but not losses) realized on the sale of shares cannot be treated as capital, even if a U.S. Holder held such shares as capital assets. The preferential U.S. federal income tax rates for dividends and long-term capital gain of individual U.S. Holders (as well as certain trusts and estates) would not apply, and special rates would apply for calculating the amount of the foreign tax credit with respect to excess distributions.

If a corporation is a PFIC for any taxable year during which a U.S. Holder holds shares in the corporation, then the corporation generally will continue to be treated as a PFIC with respect to the holder's shares, even if the corporation no longer satisfies either the passive income or passive asset tests described above, unless the U.S. Holder terminates this deemed PFIC status by electing to recognize gain, which will be taxed under the excess distribution rules as if such shares had been sold on the last day of the last taxable year for which the corporation was a PFIC.

The excess distribution rules may be avoided if a U.S. Holder makes a QEF Election effective beginning with the first taxable year in the holder's holding period in which the corporation is a PFIC. A U.S. Holder that makes a QEF Election is required to include in income its pro rata share of the PFIC's ordinary earnings and net capital gain as ordinary income and long-term capital gain, respectively, subject to a separate election to defer payment of taxes, which deferral is subject to an interest charge. A U.S. Holder whose QEF Election is effective after the first taxable year during the holder's holding period in which the corporation is a PFIC will continue to be subject to the excess distribution rules for years beginning with such first taxable year for which the QEF election is effective.

In general, a U.S. Holder makes a QEF Election by attaching a completed IRS Form 8621 to a timely filed (taking into account any extensions) U.S. federal income tax return for the year beginning with which the QEF election is to be effective. A QEF Election can be revoked only with the consent of the IRS. In order for a U.S. Holder to make a valid QEF Election, the corporation must annually provide or make available to the holder certain information.

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As an alternative to making a QEF Election, a U.S. Holder may make a "mark-to-market" election with respect to its PFIC shares if the shares meet certain minimum trading requirements. If a U.S. Holder makes a valid mark-to-market election for the first tax year in which such holder holds (or is deemed to hold) stock in a corporation and for which such corporation is determined to be a PFIC, such holder generally will not be subject to the PFIC rules described above in respect of its stock. Instead, a U.S. Holder that makes a mark-to-market election will be required to include in income each year an amount equal to the excess, if any, of the fair market value of the shares that the holder owns as of the close of the taxable year over the holder's adjusted tax basis in the shares. The U.S. Holder will be entitled to a deduction for the excess, if any, of the holder's adjusted tax basis in the shares over the fair market value of the shares as of the close of the taxable year; provided, however, that the deduction will be limited to the extent of any net mark-to-market gains with respect to the shares included by the U.S. Holder under the election for prior taxable years. The U.S. Holder's basis in the shares will be adjusted to reflect the amounts included or deducted pursuant to the election. Amounts included in income pursuant to a mark-to-market election, as well as gain on the sale, exchange or other taxable disposition of the shares, will be treated as ordinary income. The deductible portion of any mark-to-market loss, as well as loss on a sale, exchange or other disposition of shares to the extent that the amount of such loss does not exceed net mark-to-market gains previously included in income, will be treated as ordinary loss.

The mark-to-market election applies to the taxable year for which the election is made and all subsequent taxable years, unless the shares cease to meet applicable trading requirements (described below) or the IRS consents to its revocation. The excess distribution rules generally do not apply to a U.S. Holder for tax years for which a mark-to-market election is in effect. However, if a U.S. Holder makes a mark-to-market election for PFIC stock after the beginning of the holder's holding period for the stock, a coordination rule applies to ensure that the holder does not avoid the tax and interest charge with respect to amounts attributable to periods before the election.

A mark-to-market election is available only if the shares are considered "marketable" for these purposes. Shares will be marketable if they are regularly traded on a national securities exchange that is registered with the Securities and Exchange Commission or on a non-U.S. exchange or market that the IRS determines has rules sufficient to ensure that the market price represents a legitimate and sound fair market value. For these purposes, shares will be considered regularly traded during any calendar year during which they are traded, other than in de minimis quantities, on at least 15 days during each calendar quarter. Any trades that have as their principal purpose meeting this requirement will be disregarded. Each U.S. Holder should ask its own tax advisor whether a mark-to-market election is available or desirable.

It is also possible that one or more of the subsidiaries of a PFIC is or will become a PFIC. Such determination is made annually at the end of each taxable year and is dependent upon a number of factors, including the amount and nature of a subsidiary's income, as well as the market valuation and nature of a subsidiary's assets. In such case, assuming a U.S. Holder does not receive from such subsidiary the information that the U.S. Holder needs to make a QEF Election with respect such a subsidiary, a U.S. Holder generally will be deemed to own a portion of the shares of such lower-tier PFIC and may incur liability for a deferred tax and interest charge if the first-tier PFIC receives a distribution from, or dispose of all or part of its interest in, or the U.S. Holder otherwise is deemed to have disposed of an interest in, the lower-tier PFIC.

A U.S. Holder who owns Common Shares during any taxable year in which the Company is treated as a PFIC with respect to such U.S. Holder generally would be required to file statements with respect to such shares on IRS Form 8621 with their U.S. federal income tax returns. Failure to file such statements may result in the extension of the period of limitations on assessment and collection of U.S. federal income taxes.

**Ownership and Disposition of the Common Shares if the Company is Not a PFIC**

The discussion below would apply to a U.S. Holder if the Company is not a PFIC, or if the Company ceases to be a PFIC (and the U.S. Holder is not a Non-Electing U.S. Holder that would continue to be treated as holding stock of a PFIC as described under "—*Default PFIC Rules*").

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*Distributions on the Common Shares*

Subject to the discussion under the heading "*Ownership and Disposition of the Common Shares if the Company is a PFIC*," A U.S. Holder that receives a distribution with respect to a Common Share will be required to include the amount of such distribution in gross income as a dividend to the extent of the current or accumulated "earnings and profits" of the Company, as determined for U.S. federal income tax principles. Such amount will be includable in gross income by a U.S. Holder as ordinary income on the date that the U.S. Holder actually or constructively receives the distribution in accordance with its regular method of accounting for U.S. federal income tax purposes. The amount of any distribution made by the Company in property other than cash will be the fair market value of such property on the date of the distribution.

To the extent that a distribution exceeds the amount of our current and accumulated earnings and profits, as determined under U.S. federal income tax principles, such distribution will be treated first as a tax-free return of capital to the extent of a U.S. Holder's adjusted tax basis in the Common Shares, causing a reduction in the U.S. Holder's adjusted tax basis in the Common Shares held by such U.S. Holder (thereby increasing the amount of gain, or decreasing amount of loss, to be recognized by such U.S. Holder upon a subsequent disposition of such Common Shares), with any amount that exceeds the adjusted tax basis being treated as a capital gain recognized on a sale, exchange or other taxable disposition of such Common Shares. See "*Sale, Exchange or Other Taxable Disposition of the Common Shares*" below. The Company, however, does not intend to maintain calculations of its earnings and profits in accordance with U.S. federal income tax principles, and each U.S. Holder should therefore assume that any distribution by the Company with respect to Common Shares will be treated as a dividend for U.S. federal income tax purposes. In the case of a U.S. Holder that is a corporation, dividends paid on the Common Shares generally will not be eligible for the "dividends received deduction." The dividend rules are complex, and each U.S. Holder is urged to consult its own tax advisor regarding the application of such rules.

So long as the Company is eligible for benefits under the Treaty (as defined under "*Certain Canadian Federal Income Tax Consequences for United States Holders*" in this Annual Report), dividends a U.S. Holder receives from the Company will be "qualified dividend income" if certain holding period and other requirements (including a requirement that the Company is not a PFIC in the year of the dividend or the immediately preceding year) are met. Qualified dividend income of an individual or other non-corporate U.S. Holder will be subject to a reduced maximum U.S. federal income tax rate.

Any dividends the Company pays to U.S. Holders generally will constitute non-U.S. source "passive category" income for U.S. foreign tax credit limitation purposes. Subject to certain limitations, Canadian tax withheld with respect to distributions made on the Common Shares may be treated as foreign taxes eligible for credit against a U.S. Holder's U.S. federal income tax liability. Alternatively, a U.S. Holder may, subject to applicable limitations, elect to deduct the otherwise creditable Canadian withholding taxes for U.S. federal income tax purposes. The rules governing the foreign tax credit are complex and involve the application of rules that depend upon a U.S. Holder's particular circumstances. Accordingly, a U.S. Holder is urged to consult its tax advisor regarding the availability of the foreign tax credit under its particular circumstances.

*Sale, Exchange or Other Taxable Disposition of the Common Shares*

Subject to the discussion under the heading "*Ownership and Disposition of the Common Shares if the Company is a PFIC*," a U.S. Holder generally will recognize gain or loss upon the taxable sale, exchange or other disposition of the Common Shares in an amount equal to the difference between (i) the U.S. dollar value of the amount realized upon the sale, exchange or other taxable disposition and (ii) such U.S. Holder's adjusted tax basis in the Common Shares. Generally, such gain or loss will be capital gain or loss and will be long-term capital gain or loss if, on the date of the sale, exchange or other taxable disposition, such U.S. Holder has held the Common Shares for more than one year. If such U.S. Holder is an individual or other non-corporate U.S. Holder, long-term capital gains will be subject to a reduced maximum U.S. federal income tax rate. The deductibility of capital losses is subject to limitations under the Code. Gain or loss, if any, that a U.S. Holder realizes upon a sale, exchange or other taxable disposition of the Common Shares generally will be treated as having a U.S. source for U.S. foreign tax credit limitation purposes.

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**Receipt of Foreign Currency**

The amount of any distribution paid to a U.S. Holder in foreign currency or on the sale, exchange or other taxable disposition of Common Shares generally will be equal to the U.S. dollar value of such foreign currency based on the exchange rate applicable on the date of actual or constructive receipt (regardless of whether such foreign currency is converted into U.S. dollars at that time). If the foreign currency received is not converted into U.S. dollars on the date of receipt, a U.S. Holder will have a tax basis in the foreign currency equal to its U.S. dollar value on the date of receipt. Any U.S. Holder that receives payment in foreign currency and engages in a subsequent conversion or other disposition of the foreign currency may have a foreign currency exchange gain or loss that would be treated as ordinary income or loss, and generally will be U.S. source income or loss for foreign tax credit purposes. Different rules apply to U.S. Holders that use the accrual method of tax accounting. Each U.S. Holder is urged to consult its own U.S. tax advisor regarding the U.S. federal income tax consequences of receiving, owning, and disposing of foreign currency.

**Information Reporting; Backup Withholding Tax**

Dividend payments and proceeds paid from the sale or other taxable disposition of ordinary shares may be subject to information reporting to the IRS. In addition, a U.S. Holder (other than exempt holders who establish their exempt status if required) may be subject to backup withholding on cash payments received in connection with dividend payments and proceeds from the sale or other taxable disposition of our ordinary shares made within the United States or through certain U.S.-related financial intermediaries.

Backup withholding will not apply, however, to a U.S. Holder who furnishes a correct taxpayer identification number, makes other required certification and otherwise complies with the applicable requirements of the backup withholding rules.

Backup withholding is not an additional tax. Rather, any amount withheld under the backup withholding rules will be creditable or refundable against the U.S. Holder's U.S. federal income tax liability, provided the required information is timely furnished to the IRS.

***The foregoing discussion of certain U.S. federal income tax considerations is a general summary only and should not be considered as income tax advice or relied upon for tax planning purposes. Accordingly, each U.S. Holder should consult with its own tax advisor regarding U.S. federal, state, local and non-U.S. income and other tax consequences of the ownership and disposition of our Common Shares.***

**Certain Canadian Federal Income Tax Consequences for United States Holders**

The following summarizes, as of the date hereof, certain Canadian federal income tax considerations generally applicable under the *Income Tax Act* (Canada) and the regulations thereunder (collectively, the "**Canadian Tax Act**") and the Canada-United States Tax Convention (1980), as amended, (the "**Treaty**") to the holding and disposition of the Common Shares.

Comment is restricted to beneficial owners of the Common Shares, who, at all relevant times and for purposes of the Canadian Tax Act and the Treaty: (i) are not (and are not deemed to be) resident in Canada; (ii) are resident solely in the United States and are entitled to benefits of the Treaty; (iii) do not use or hold, and are not deemed to use or hold, the Common Shares in, or in the course of, carrying on a business in Canada; (iv) deal at arm's length with and are not affiliated with the Company; (v) hold the Common Shares as capital property; and (vi) are not an "authorized foreign bank" (as defined in the Canadian Tax Act) or an insurer that carries on business in Canada and elsewhere (each such holder, a "**US Resident Holder**"). Generally, a US Resident Holder's Common Shares will be considered to be capital property of the holder provided that the US Resident Holder is not a trader or dealer in securities, does not acquire, hold or dispose of (or is not deemed to have acquired, held or disposed of) the Common Shares in one or more transactions considered to be an adventure or concern in the nature of trade, and does not hold or use (or is not deemed to hold or use) the Common Shares in the course of carrying on a business of trading or dealing in securities.

Certain U.S. resident entities that are fiscally transparent for U.S. federal income tax purposes (including limited liability companies) may not in all circumstances be entitled to benefits under the Treaty. US Resident Holders are urged to consult with their own tax advisors to determine their entitlement to benefits under the Treaty and related compliance requirements based on their particular circumstances.

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This summary is based upon the current provisions of the Canadian Tax Act and the Treaty in effect as of the date hereof, the Company's understanding of the current published administrative policies and assessing practices of the Canada Revenue Agency (the "**CRA**") published in writing and publicly available prior to the date hereof and all specific proposals to amend the Canadian Tax Act publicly and officially announced by or on behalf of the Minister of Finance (Canada) prior to the date hereof (the "**Tax Proposals**"). This summary assumes that the Tax Proposals will be enacted in the form proposed. No assurances can be given that the Tax Proposals will be enacted as proposed or at all, or that legislative, judicial or administrative changes will not modify or change the statements expressed herein. This summary does not otherwise anticipate or take into account any changes in law or in the administrative policies or assessing practices of the CRA, whether by legislative, governmental or judicial decision or action, nor does it take into account any other federal or any provincial, territorial or foreign tax legislation or considerations, which may differ significantly from those set out herein.

***This summary is of a general nature only, is not exhaustive of all possible Canadian federal income tax considerations of acquiring, holding or disposing of Common Shares and is not intended and should not be construed as legal or tax advice to any particular US Resident Holder. No representations with respect to the income tax consequences to any holder of the Common Shares are made herein. The tax consequences of acquiring, holding and disposing of the Common Shares will vary according to the holder's particular circumstances. Accordingly, holders of the Common Shares are urged to consult their own tax advisors with respect to their own particular circumstances. This summary is qualified accordingly.***

**Currency**

For purposes of the Canadian Tax Act, all amounts relating to the acquisition, holding or disposition of Common Shares must be expressed in Canadian dollars. Amounts denominated in any other currency must be converted into Canadian dollars based on the exchange rates determined in accordance with the Canadian Tax Act.

**Dividends**

Under the Canadian Tax Act, dividends paid or credited or deemed to be paid or credited to a US Resident Holder by the Company are subject to Canadian withholding tax at the rate of 25% on the gross amount of the dividend, unless such rate is reduced by the terms of an applicable tax treaty. Under the Treaty, the rate of withholding tax on dividends paid or credited to a US Resident Holder is generally reduced to 15% of the gross amount of the dividend (or 5% in the case of a US Resident Holder that is a company that owns, directly or indirectly, at least 10% of the Company's voting shares). US Resident Holders should consult their own tax advisors to determine their entitlement to benefits under the Treaty based on their particular circumstances.

**Disposition of Common Shares**

A US Resident Holder generally will not be subject to tax under the Canadian Tax Act in respect of any capital gain realized by such US Resident Holder on the disposition or deemed disposition of a Common Share, nor will capital losses arising therefrom be recognized under the Canadian Tax Act, unless the Common Share constitutes "taxable Canadian property" to the US Resident Holder thereof for purposes of the Canadian Tax Act at the time of the disposition, and the gain is not exempt from tax pursuant to the terms of an applicable tax treaty.

Common Shares generally will not be "taxable Canadian property" to a US Resident Holder provided that, at the time of the disposition or deemed disposition, the Common Shares are listed on a "designated stock exchange" for purposes of the Canadian Tax Act (which currently includes the TSX and Nasdaq), unless at any time during the 60-month period immediately preceding the disposition, the following two conditions are met concurrently: (a) (i) the US Resident Holder, (ii) persons with whom the US Resident Holder did not deal at arm's length, (iii) a partnership in which the US Resident Holder or a person described in (ii) holds a membership interest directly or indirectly through one or more partnerships, or (iv) any combination of the persons and partnerships described in (i) through (iii), owned 25% or more of the issued shares of any class or series of the capital stock of the Company; and (b) more than 50% of the fair market value of the Common Shares was derived directly or indirectly, from one or any combination of real or immovable property situated in Canada, "Canadian resource properties", "timber resource properties" (each as defined in the Canadian Tax Act), or options in respect of or interests in, or, for civil law, rights in, any such properties (whether or not such property exists). Notwithstanding the foregoing, in certain circumstances set out in the Canadian Tax Act, the Common Shares may be deemed to be "taxable Canadian property".

Even if a Common Share is taxable Canadian property to a US Resident Holder, any capital gain realized upon the disposition or deemed disposition of such Common Share may not be subject to tax under the Canadian Tax Act if the Common Shares are "treaty-protected property" (as defined in the Canadian Tax Act).

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**A US Resident Holder whose Common Shares may constitute taxable Canadian property should consult their own tax advisors regarding the tax and compliance considerations that may be relevant to them.**

&nbsp;&nbsp;&nbsp;&nbsp;**F.** **Dividends and Paying Agents** 

Not applicable.

&nbsp;&nbsp;&nbsp;&nbsp;**G.** **Statement by Experts** 

Not applicable.

&nbsp;&nbsp;&nbsp;&nbsp;**H.** **Documents on Display** 

We are subject to the informational requirements of the Securities Exchange Act of 1934, as amended, and we are required to file reports and other information with the SEC. Reports filed with, and other information furnished to, the SEC are available from the SEC's Electronic Data Gathering and Retrieval System (EDGAR) at www.sec.gov. We also file our annual reports and other information with the securities regulatory authorities of Canada via SEDAR+ at www.sedarplus.ca.

&nbsp;&nbsp;&nbsp;&nbsp;**I.** **Subsidiary Information** 

Not applicable.

&nbsp;&nbsp;&nbsp;&nbsp;**J.** **Annual Report to Security Holders** 

Not applicable.

**ITEM 11: QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK**

Market risk is the risk that changes in market prices, such as commodity prices, interest rates and foreign exchange rates will affect our net earnings or the value of financial instruments. Our objective is to manage and mitigate market risk exposures within acceptable limits, while maximizing returns.

**A.** **Commodity Price Risks**

Commodity price risk is defined as the potential adverse impact on earnings and economic value due to commodity price movements and volatilities. Our asset portfolio has exposure to commodity prices, predominantly gold. Commodity prices, especially gold, greatly affect our value and the potential value of our property and investments.

**B.** **Currency Risk**

Financial instruments that impact our net earnings or other comprehensive income due to currency fluctuation include cash accounts and investments denominated in Canadian dollars. Fluctuations in the exchange rate between the US dollar and the Canadian dollar, at December 31, 2025 would not have a material impact on the Company's net earnings and other comprehensive income.

**C.** **Interest Rate Risk**

Interest rate risk is the risk that the fair value of future cash flows of a financial instrument will fluctuate due to changes in market interest rates. Our short-term investments into fixed rate guaranteed investment certificates with one year maturities or less, and so are not exposed to interest rate risk. Our Credit Facility (as amended) is subject to floating interest rates and depending on the amount drawn down on the Credit Facility (as amended), a movement in the interest rate could have a material impact on our net earnings and comprehensive income.

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**D.** **Equity Price Risk**

Equity price risk is the risk that the fair value of or future cash flows from the Company's financial instruments will significantly fluctuate because of changes in market prices. The Company is exposed to market risk in trading its investments in unfavorable market conditions which could result in dispositions of investments at less than favorable prices. Additionally, the Company adjusts its investments to fair value at the end of each reporting period. This process could result in write-downs of the Company's investments over one or more reporting periods, particularly during periods of overall market instability. The sensitivity of the Company's net income (loss) to changes in market prices at December 31, 2025 would not have had a material impact on the Company's net income (loss).

There have been no changes in management's methods for managing market risks since during the years ended December 31, 2025 and 2024.

Please also see the information set forth under Note 15 on pages F-31 to F-32 of our financial statements and related notes included in Item 18.

**ITEM 12: DESCRIPTION OF SECURITIES OTHER THAN EQUITY SECURITIES**

Not applicable.

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**PART II**

**ITEM 13: DEFAULTS, DIVIDEND ARREARAGES AND DELINQUENCIES**

Not applicable.

**ITEM 14: MATERIAL MODIFICATIONS TO THE RIGHTS OF SECURITY HOLDERS AND USE OF PROCEEDS**

Not applicable.

**ITEM 15: CONTROLS AND PROCEDURES**

**A.** **Disclosure Controls and Procedures**

Our management, under the supervision and with the participation of our Chief Executive Officer and Chief Financial Officer, carried out an evaluation of the effectiveness of our disclosure controls and procedures (as defined in Rules 13a-15(e) and 15d-15(e) under the Exchange Act) as of December 31, 2025. There are inherent limitations to the effectiveness of any system of disclosure controls and procedures, including the possibility of human error and the circumvention or overriding of the controls and procedures. Accordingly, even effective disclosure controls and procedures can only provide reasonable assurance of achieving their control objectives. Based on this evaluation, our Chief Executive Officer and Chief Financial Officer have concluded, that our disclosure controls and procedures as of December 31, 2025 were effective to provide reasonable assurance that information required to be disclosed by us in reports filed or submitted under the Exchange Act is recorded, processed, summarized and reported within the time periods specified in the SEC's rules and forms, and that such information is accumulated and communicated to our management, including our Chief Executive Officer and Chief Financial Officer, as appropriate, to allow timely decisions regarding required disclosure.

**B.** **Management's Annual Report on Internal Control Over Financial Reporting**

This Annual Report does not include a report of management's assessment regarding internal control over financial reporting or an attestation report of our registered public accounting firm due to a transition period established by rules of the SEC for newly public companies.

**C.** **Attestation Report of the Registered Public Accounting Firm**

This Annual Report does not include a report of management's assessment regarding internal control over financial reporting or an attestation report of our registered public accounting firm due to a transition period established by rules of the SEC for newly public companies.

**D.** **Changes in Internal Control Over Financial Reporting**

There have been no changes in our internal control over financial reporting that occurred during the year ended December 31, 2025, that have materially affected or are reasonably likely to materially affect our internal control over financial reporting.

**ITEM 16: [RESERVED]**

**A.** **AUDIT COMMITTEE FINANCIAL EXPERT**

Our Board of Directors has determined that Elizabeth McGregor, is an "audit committee financial expert," as such term is defined by the regulations of the SEC issued pursuant to Section 407 of the Sarbanes-Oxley Act and Item 16.A of Form 20-F. Elizabeth McGregor is an independent director as such term is defined in Rule 10A-3 of the Exchange Act for purposes of the listing standards of NASDAQ that are applicable.

**B.** **CODE OF ETHICS**

We have adopted a code of ethics which has been filed as an exhibit to this Annual Report.

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**C.** **PRINCIPAL ACCOUNTANT FEES AND SERVICES**

The table below sets forth the aggregate fees billed or to be billed by KPMG LLP, our principal accountant categorized by the types of services provided and a brief description of the nature of such services.

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| | | | |
|:---|:---|:---|:---|
| **(in Canadian dollars)** | **Year ended December 31, 2025** | **Year ended December 31, 2024** | **Nature of Services** |
| Audit Fees | $457693 | $245845 | Audit |
| Audit-Related Fees | $Nil | $Nil | N/A |
| Tax Fees | $Nil | $Nil | N/A |
| All Other Fees | $Nil | $Nil | N/A |
| **Total Fees Paid** | **$457693** | **$245845** |  |

---

**Pre-approval Policies and Procedures of the Audit Committee**

Under our audit committee rules and policies, our audit committee or any member thereof, to whom approval authority has been delegated, must pre-approve all services that may be performed by our principal accountant after consulting our management.

**D.** **EXEMPTIONS FROM THE LISTING STANDARDS FOR AUDIT COMMITTEES**

Not Applicable.

**E.** **PURCHASES OF EQUITY SECURITIES BY THE ISSUER AND AFFILIATED PURCHASERS**

Not Applicable.

**F.** **CHANGE IN REGISTRANT'S CERTIFYING ACCOUNTANT**

Not Applicable.

**G.** **CORPORATE GOVERNANCE**

See Item 6.C. "Board Practices".

**H.** **MINE SAFETY DISCLOSURE**

Not applicable.

**I.** **DISCLOSURE REGARDING FOREIGN JURISDICTIONS THAT PREVENT INSPECTIONS**

Not applicable.

**J.** **INSIDER TRADING POLICIES**

We have adopted a securities trading policy which has been filed as an exhibit to this Annual Report.

**K.** **CYBERSECURITY**

We employ procedures designed to identify, protect, detect and respond to and manage reasonably foreseeable cybersecurity risks and threats. To protect our information systems from cybersecurity threats, we use various security tools that help prevent, identify, escalate, investigate, resolve and recover from identified vulnerabilities and security incidents in a timely manner. These include, but are not limited to, internal reporting, monitoring and detection tools, employee education, password encryption, frequent password change events, firewall detection systems, anti-virus software and frequent backups.

[**Table of Contents**](#TOC)

We regularly assess risks from cybersecurity and technology threats and monitor our information systems for potential vulnerabilities. We conduct regular reviews and tests of our information security program and also utilize other exercises to evaluate the effectiveness of our information security program and improve our security measures and planning. Any significant disruption to our service or access to our systems in the future could adversely affect our business and results of operation.

Our Board of Directors oversees our enterprise risk assessment, where we assess key risks within Versamet, including security and technology risks and cybersecurity threats. Our audit committee oversees our cybersecurity risk and receives regular reports from our management team on various cybersecurity matters, including risk assessments, mitigation strategies, areas of emerging risks, incidents and industry trends, and other areas of importance.

**PART III**

**ITEM 17: FINANCIAL STATEMENTS**

See Item 18.

**ITEM 18: FINANCIAL STATEMENTS**

See pages F-1 through F-33 of this Annual Report.

**ITEM 19: EXHIBITS**

CERTAIN IDENTIFIED INFORMATION HAS BEEN EXCLUDED FROM THIS EXHIBIT BECAUSE IT IS BOTH (I) NOT MATERIAL AND (II) IS THE TYPE THAT THE REGISTRANT TREATS AS PRIVATE OR CONFIDENTIAL. REDACTED TERMS IN THIS EXHIBIT ARE DESIGNATED BY [\*].

---

| | |
|:---|:---|
| **Exhibit**<br>**Number** | **Description of Exhibit** |
| 1 | [Notice of Articles (incorporated herein by reference to Exhibit 1 to the Registrant's registration statement on Form 20-F, filed with the SEC on March 4, 2026)](https://www.sec.gov/Archives/edgar/data/2080073/000106299326001260/exhibit1.htm) |
| 2 | [Articles (incorporated herein by reference to Exhibit 2 to the registrant's registration statement on Form 20-F, filed with the SEC on March 4, 2026)](https://www.sec.gov/Archives/edgar/data/2080073/000106299326001260/exhibit2.htm) |
| 4.1\* | [Amended and Restated Gold Purchase Agreement dated October 31, 2023 amongst Equinox Gold Corp., Sandbox Royalties Corp. and Regal Partners Royalties A Pty Limited (CAN 633 203 433) (incorporated herein by reference to Exhibit 4.1 to the Registrant's registration statement on Form 20-F, filed with the SEC on March 4, 2026)](https://www.sec.gov/Archives/edgar/data/2080073/000106299326001260/exhibit4-1.htm) |
| 4.2\* | [Investor Rights Agreement, dated June 5, 2024, between Versamet Royalties Corporation and B2Gold Corp. (incorporated herein by reference to Exhibit 4.2 to the Registrant's registration statement on Form 20-F, filed with the SEC on March 4, 2026)](https://www.sec.gov/Archives/edgar/data/2080073/000106299326001260/exhibit4-2.htm) |
| 4.3\* | [Investor Rights Agreement, dated June 28, 2022, between Versamet Royalties Corporation and Equinox Gold Corp. (incorporated herein by reference to Exhibit 4.3 to the Registrant's registration statement on Form 20-F, filed with the SEC on March 4, 2026)](https://www.sec.gov/Archives/edgar/data/2080073/000106299326001260/exhibit4-3.htm) |
| 4.4\* | [Investor Rights Agreement, dated November 17, 2025, between Versamet Royalties Corporation and Tether Investments S.A. de C.V. (incorporated herein by reference to Exhibit 4.4 to the Registrant's registration statement on Form 20-F, filed with the SEC on March 4, 2026)](https://www.sec.gov/Archives/edgar/data/2080073/000106299326001260/exhibit4-4.htm) |
| 4.5\* | [Escrow Agreement dated May 12, 2025 among Versamet Royalties Corporation, TSX Trust Company, and certain securityholders (incorporated herein by reference to Exhibit 4.7 to the Registrant's registration statement on Form 20-F, filed with the SEC on March 4, 2026)](https://www.sec.gov/Archives/edgar/data/2080073/000106299326001260/exhibit4-7.htm) |
| 4.6 | [Kiaka Royalty Agreement dated November 30, 2021 among Volta II Ltd., B2Gold Corp, and West African Resources Limited (incorporated herein by reference to Exhibit 4.8 to the Registrant's registration statement on Form 20-F, filed with the SEC on March 4, 2026)](https://www.sec.gov/Archives/edgar/data/2080073/000106299326001260/exhibit4-8.htm) |
| 4.7 | [Amended and Restated Executive Employment Agreement dated February 22, 2023 between Versamet Royalties Corporation (formerly Sandbox Royalites Corp.) and Victoria McMillan (incorporated herein by reference to Exhibit 4.9 to the Registrant's registration statement on Form 20-F, filed with the SEC on March 4, 2026)](https://www.sec.gov/Archives/edgar/data/2080073/000106299326001260/exhibit4-9.htm) |
| 4.8 | [Executive Employment Agreement dated January 1, 2024 between Versamet Royalties Corporation (formerly Sandbox Royalites Corp.) and Craig Rollins (incorporated herein by reference to Exhibit 4.10 to the Registrant's registration statement on Form 20-F, filed with the SEC on March 4, 2026)](https://www.sec.gov/Archives/edgar/data/2080073/000106299326001260/exhibit4-10.htm) |

---

[**Table of Contents**](#TOC)

---

| | |
|:---|:---|
| 4.9 | [Executive Employment Agreement dated April 1, 2025 between Versamet Royalties Corporation and Daniel O'Flaherty (incorporated herein by reference to Exhibit 4.11 to the Registrant's registration statement on Form 20-F, filed with the SEC on March 4, 2026)](https://www.sec.gov/Archives/edgar/data/2080073/000106299326001260/exhibit4-11.htm) |
| 4.10\* | [Underwriting Agreement dated February 2, 2026 among BMO Nesbitt Burns Inc., National Bank Financial Inc., ATB Cormark Capital Markets Corp., Canaccord Genuity Corp., Raymond James Ltd., and Versamet Royalties Corporation (incorporated herein by reference to Exhibit 4.15 to the Registrant's registration statement on Form 20-F, filed with the SEC on March 4, 2026)](https://www.sec.gov/Archives/edgar/data/2080073/000106299326001260/exhibit4-15.htm) |
| 4.11 | [Equity Incentive Plan (incorporated herein by reference to Exhibit 4.16 to the Registrant's registration statement on Form 20-F, filed with the SEC on March 4, 2026)](https://www.sec.gov/Archives/edgar/data/2080073/000106299326001260/exhibit4-16.htm) |
| 4.12\* | [Second Amended Upsized Credit Facility](tmb-20251231xex4d12.htm) |
| 4.13\* | [Amended and Restated Purchase and Sale Agreement (Gold) dated December 19, 2024, amongst Eskay Creek Streaming Ltd., Skeena Resources Limited, OMF Fund IV SPV H LLC (as purchaser and purchaser's agent), and BNY Trust Company of Canada](tmb-20251231xex4d13.htm) |
| 4.14\* | [First Amending Agreement dated March 31, 2026, amongst Eskay Creek Streaming Ltd., Skeena Resources Limited, Eskay Creek Mining Ltd., Skeena Tatl'ah Mining Ltd., OMF Fund IV SPV H LLC (as purchaser and purchaser's agent), Selwyn Lower Holdings (Cym) L.P., and Computershare Advantage Trust of Canada](tmb-20251231xex4d14.htm) |
| 11(a) | [Code of Ethics](tmb-20251231xex11da.htm) |
| 11(b) | [Securities Trading Policy](tmb-20251231xex11db.htm) |
| 12.1 | [CEO Certification pursuant to Section 302 of the Sarbanes-Oxley Act of 2002](tmb-20251231xex12d1.htm) |
| 12.2 | [CFO Certification pursuant to Section 302 of the Sarbanes-Oxley Act of 2002](tmb-20251231xex12d2.htm) |
| 13.1 | [CEO Certification pursuant to Section 906 of the Sarbanes-Oxley Act of 2002](tmb-20251231xex13d1.htm) |
| 13.2 | [CFO Certification pursuant to Section 906 of the Sarbanes-Oxley Act of 2002](tmb-20251231xex13d2.htm) |
| 101.INS | Inline XBRL Instance Document–the instance document does not appear in the Interactive Data File as its XBRL tags are embedded within the Inline XBRL document |
| 101.SCH | Inline XBRL Taxonomy Extension Schema Document |
| 101.CAL | Inline XBRL Taxonomy Extension Calculation Linkbase Document |
| 101.DEF | Inline XBRL Taxonomy Extension Definition Linkbase Document |
| 101.LAB | Inline XBRL Taxonomy Extension Label Linkbase Document |
| 101.PRE | Inline XBRL Taxonomy Extension Presentation Linkbase Document |
| 104 | Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101) |

---

\*Certain confidential information contained in this exhibit has been excluded from this exhibit because it is both not material and is the type that the registrant treats as private or confidential.

[**Table of Contents**](#TOC)

**GLOSSARY OF CERTAIN TECHNICAL TERMS**

The following is a glossary of certain technical terms that appear in this Annual Report.

"**AISC**" means all-in sustaining costs.

"**BIF**" means facies iron formations.

"**CIP**" means a carbon in pulp.

"**concentration**" means the process by which crushed, and ground ore is separated into metal concentrates and reject material.

"**CRM**" means certified reference material.

"**DDH**" means diamond drill holes.

"**development**" means the process of constructing a mining operation and the infrastructure to support the operation.

"**dilution**" means the effect of waste or low-grade ore which is unavoidably included in mined ore.

"**ECA**" means Environmental Compliance Approvals.

"**EIS/EA**" means environmental impact statement / environmental assessment.

"**exploration**" means the process of ascertaining the existence, location, extent or quality of a mineral deposit.

"**FS**" means feasibility study.

"**GEO**" means Gold Equivalent Ounce.

"**g/t**" means grams per tonne.

"**grade**" means the concentration of an element of interest expressed as relative mass units (percentage, parts per million, grams per tonne, ounces per ton, etc.).

"**ha**" means hectares.

"**HPGR**" means high pressure grinding roll.

"**Indicated Mineral Resource**" means that part of a Mineral Resource for which quantity, grade or quality, densities, shape and physical characteristics are estimated with sufficient confidence to allow the application of modifying factors in sufficient detail to support mine planning and evaluation of the economic viability of the deposit. Geological evidence is derived from adequately detailed and reliable exploration, sampling and testing and is sufficient to assume geological and grade or quality continuity between points of observation. An Indicated Mineral Resource has a lower level of confidence than that applying to a Measured Mineral Resource and may only be converted to a Probable Mineral Reserve.

"**Inferred Mineral Resource**" means that part of a Mineral Resource for which quantity and grade or quality are estimated on the basis of limited geological evidence and sampling. Geological evidence is sufficient to imply but not verify geological and grade or quality continuity. An Inferred Mineral Resource has a lower level of confidence than that applying to an Indicated Mineral Resource and must not be converted to a Mineral Reserve. It is reasonably expected that the majority of Inferred Mineral Resources could be upgraded to Indicated Mineral Resources with continued exploration.

"**JORC**" means the Joint Ore Reserves Committee Code, 2012 Edition, the Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves.

"**km**" means kilometer.

[**Table of Contents**](#TOC)

"**koz**" means a thousand ounces.

"**LOM**" means life of mine.

"**m**" means meter.

"**MDMER**" means Federal Metal and Diamond Mining Effluent Regulations.

"**Measured Mineral Resource**" means that part of a Mineral Resource for which quantity, grade or quality, densities, shape, and physical characteristics are estimated with confidence sufficient to allow the application of modifying factors to support detailed mine planning and final evaluation of the economic viability of the deposit. Geological evidence is derived from detailed and reliable exploration, sampling and testing and is sufficient to confirm geological and grade or quality continuity between points of observation. A Measured Mineral Resource has a higher level of confidence than that applying to either an Indicated Mineral Resource or an Inferred Mineral Resource. It may be converted to a Proven Mineral Reserve or to a Probable Mineral Reserve.

"**MIK**" means multiple indicator kriging.

"**mill**" means a facility where ore is finely ground and where ore undergoes physical or chemical treatment to extract the valuable commodities.

"**Mineral Reserve**" means the economically mineable part of a Measured and/or Indicated Mineral Resource. It includes diluting materials and allowances for losses, which may occur when the material is mined or extracted and is defined by studies at pre-feasibility or feasibility level as appropriate that include application of modifying factors. Such studies demonstrate that, at the time of reporting, extraction could reasonably be justified. The reference point at which Mineral Reserves are defined, usually the point where the ore is delivered to the processing plant, must be stated. It is important that, in all situations where the reference point is different, such as for a saleable product, a clarifying statement is included to ensure that the reader is fully informed as to what is being reported. The public disclosure of a Mineral Reserve must be demonstrated by a PFS or FS.

"**Mineral Resource**" means a concentration or occurrence of solid material of economic interest in or on the earth's crust in such form, grade or quality and quantity that there are reasonable prospects for eventual economic extraction. The location, quantity, grade or quality, continuity and other geological characteristics of a Mineral Resource are known, estimated or interpreted from specific geological evidence and knowledge, including sampling.

"**mineralization**" means the process or processes by which a mineral or minerals are introduced into a rock, resulting in a potentially valuable deposit.

"**Moz**" means million ounces.

"**MRE**" means mineral resource estimate.

"**Mt**" means million tonnes.

"**Mtpa**" means millions of tonnes per annum.

"**open pit**" means the use of surface mining to extract ore from an open pit. The geometry of the open pit may vary with the characteristics of the ore.

"**ore**" means a mineral or aggregate of minerals from which metal can be economically mined or extracted.

"**orebody**" means a sufficiently large amount of ore that is contiguous and can be mined economically.

"**ounce**" or "**oz**" means a troy ounce, being 31.1035 grams.

"**PFS**" means preliminary feasibility study.

[**Table of Contents**](#TOC)

"**Probable Mineral Reserve**" means the economically mineable part of an indicated, and in some circumstances, a Measured Mineral Resource. The confidence in the modifying factors applying to a Probable Mineral Reserve is lower than that applying to a Proven Mineral Reserve.

"**Proven Mineral Reserve**" means the economically mineable part of a Measured Mineral Resource. A Proven Mineral Reserve implies a high degree of confidence in the modifying factors.

"**QA/QC**" means quality assurance and quality control.

"**RC**" means reverse circulation.

"**RCGC**" means reverse circulation grade control.

"**reclamation**" means the process of stabilizing, contouring, maintaining, conditioning and/or reconstructing the surface of land used or affected by mining activities to a state of equivalent land capability. Reclamation standards vary widely, but usually address issues of ground and surface water, topsoil, final slope gradients, overburden and revegetation.

"**refining**" means the process of purifying an impure metal.

"**SAG**" means semi-autogenous grinding

"**t**" means a tonne.

"**tailings**" means the finely ground rock from which valuable minerals have been extracted from concentration.

"**tonne**" means a metric tonne, being 1 ton equal to 0.9072 tonnes.

"**waste**" means barren rock in a mine, or mineralized material that is too low in grade to be mined and milled at a profit.

"**WSF**" means water storage facility.

[**Table of Contents**](#TOC)

**SIGNATURES**

The registrant hereby certifies that it meets all of the requirements for filing on Form 20-F and that it has duly caused and authorized the undersigned to sign this annual report on its behalf.

---

| | |
|:---|:---|
| **VERSAMET ROYALTIES CORPORATION** | **VERSAMET ROYALTIES CORPORATION** |
| By:  | */s/ Daniel O'Flaherty* |
| Name:  | Daniel O'Flaherty |
| Title: | Chief Executive Officer<br>(Principal Executive Officer) |

---

Date: April 30, 2026

[**Table of Contents**](#TOC)

[**Table of Contents**](#TOC)

INDEX TO FINANCIAL STATEMENTS

---

| | |
|:---|:---|
| [Report of Independent Registered Public Accounting Firm](#ReportofIndependentRegisteredPublicAccou) (PCAOB ID: 85) | F-2 |
| **Financial Statements:** |  |
| [Statements of Financial Position as of December 31, 2024 and 2025](#FinancialPosition_477485) | F-3 |
| [Statements of Income (Loss) and Comprehensive Income (Loss) for the year ended December 31, 2024 and 2025](#IncomeLoss_784108) | F-4 |
| [Statements of Changes in Equity for the year ended December 31, 2024 and 2025](#ChangesinEquity_511013) | F-5 |
| [Statements of Cash Flows for the year ended December 31, 2024 and 2025](#CashFlows_956397) | F-6 |
| [Notes to Financial Statements](#Notestothe_756612) | F-7 |

---

[**Table of Contents**](#TOC)

**Report of Independent Registered Public Accounting Firm**

To the Shareholders and Board of Directors

Versamet Royalties Corporation

*Opinion on the Financial Statements*

We have audited the accompanying statements of financial position of Versamet Royalties Corporation (the Company) as of December 31, 2025 and 2024, the related statements of income (loss) and comprehensive income (loss), changes in equity, and cash flows for each of the years in the two-year period ended December 31, 2025, and the related notes (collectively, the financial statements). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Company as of December 31, 2025 and 2024, and the financial performance and its cash flows for each of the years in the two-year period ended December 31, 2025, in conformity with International Financial Reporting Standards (IFRS) as issued by the International Accounting Standards Board (IASB).

*Basis for Opinion*

These financial statements are the responsibility of the Company's management. Our responsibility is to express an opinion on these financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

/s/ KPMG LLP

Chartered Professional Accountants

We have served as the Company's auditor since 2022.

Vancouver, Canada

March 12, 2026

[**Table of Contents**](#TOC)

---

| | |
|:---|:---|
| **Statements of Financial Position** | Expressed in U.S dollars ($000s) |

---

---

| | | | |
|:---|:---|:---|:---|
|  | <br>**Note** | **December 31, 2025**<br>**$** | **December 31, 2024**<br>**$** |
| **ASSETS** |  |  |  |
| **Current** |  |  |  |
| Cash and cash equivalents |  | 3706 | 1431 |
| Trade and other receivables |  | 9629 | 369 |
| Prepaid and other assets |  | 97 | 27 |
| Greenstone gold interest | 4 | 10784 | 7628 |
|  |  | **24216** | **9455** |
| **Non-current** |  |  |  |
| Investments |  | 1011 | 730 |
| Deferred financing costs | 7 | 1251 |  |
| Greenstone gold interest | 4 | 72844 | 54658 |
| Royalty, stream and other interests | 5, 6 | 318686 | 165406 |
| **Total assets** |  | **418008** | **230249** |
| **LIABILITIES** |  |  |  |
| **Current** |  |  |  |
| Trade and other payables | 15 | 2878 | 1233 |
| Credit facilities | 7 | 30000 |  |
| Convertible debt | 8 |  | 12334 |
| Convertible debt derivative liability | 8 |  | 3285 |
|  |  | **32878** | **16852** |
| **Non-current** |  |  |  |
| Credit facilities | 7 | 141000 | 608 |
| Deferred income tax liabilities | 11 | 10172 | 1462 |
| **Total liabilities** |  | **184050** | **18922** |
| **SHAREHOLDERS' EQUITY** |  |  |  |
| Share capital | 9 | 217427 | 215758 |
| Share-based compensation reserve | 9 | 5150 | 4765 |
| Retained earnings (deficit) |  | 12365 | (7967) |
| Accumulated other comprehensive loss |  | (984) | (1229) |
| **Total shareholders' equity** |  | **233958** | **211327** |
| **Total liabilities and shareholders' equity** |  | **418008** | **230249** |

---

Nature of operations (note 1)

Subsequent events (note 17)

<u>Approved by the Board of Directors on March 12, 2026</u> <br> "Marcel de Groot" "Elizabeth McGregor"

THE ACCOMPANYING NOTES FORM AN INTEGRAL PART OF THESE FINANCIAL STATEMENTS.

[**Table of Contents**](#TOC)

---

| | |
|:---|:---|
| **Statements of Income (Loss) and Comprehensive Income (Loss)** | Expressed in U.S dollars ($000s)<br>Except for per share amounts |

---

---

| | | | |
|:---|:---|:---|:---|
|  | <br>**Note** | **Year ended**<br>**Dec. 31, 2025**<br>**$** | **Year ended**<br>**Dec. 31, 2024**<br>**$** |
| Sales | 4, 13 | 20701 | 9988 |
| Royalty revenue | 13 | 14060 | 2037 |
| **Total revenue** |  | **34761** | **12025** |
| Cost of Sales | 4, 13 | (15106) | (9989) |
| Depletion | 6, 13 | (6177) | (843) |
| **Gross profit** |  | **13478** | **1193** |
| **OPERATING (EXPENSES)/INCOME** |  |  |  |
| Administrative expenses | 9, 10 | (7640) | (5526) |
| Change in fair value of Greenstone gold interest | 4, 13 | 32922 | 14060 |
| Impairment of royalty interest | 6 |  | (8350) |
| **Operating income** |  | **38760** | **1377** |
| **OTHER INCOME/(EXPENSE)** |  |  |  |
| Change in fair value of convertible debt derivative liability | 8 | 3285 | 400 |
| Finance and interest expense | 7, 8 | (12162) | (3579) |
| Foreign exchange (loss) gain |  | (548) | 780 |
| Interest income |  | 267 | 148 |
| **Net income (loss) before income taxes** |  | **29602** | **(874)** |
| Income tax expense | 11 | (9270) | (1574) |
| **Net income (loss)** |  | **20332** | **(2448)** |
| **EARNINGS PER SHARE** |  |  |  |
| Basic earnings (loss) per share | 9 | 0.22 | (0.03) |
| Diluted earnings (loss) per share | 9 | 0.21 | (0.03) |
| Weighted average number of common shares outstanding |  |  |  |
| Basic | 9 | 92771182 | 76201998 |
| Diluted | 9 | 95506104 | 76201998 |
| **OTHER COMPREHENSIVE INCOME (LOSS)** |  |  |  |
| **Net income (loss)** |  | 20332 | (2448) |
| Items that will not subsequently be reclassified to net income |  |  |  |
| Change in fair value of investments |  | 245 | 193 |
| **Total comprehensive income (loss)** |  | **20577** | **(2255)** |

---

THE ACCOMPANYING NOTES FORM AN INTEGRAL PART OF THESE FINANCIAL STATEMENTS.

[**Table of Contents**](#TOC)

---

| | |
|:---|:---|
| **Statements of Changes in Equity** | Expressed in U.S dollars ($000s)<br>Except for per share amounts |

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | <br>**Note** | <br>**Share capital**<br>**(Number of**<br>**shares)** | <br>**Share capital**<br>**$** | <br>**Share-based**<br>**compensation**<br>**reserve**<br>**$** | <br>**(Deficit)/**<br>**Retained**<br>**earnings**<br>**$** | **Accumulated**<br>**other**<br>**comprehensive** <br>**income (loss)**<br>**$** | <br>**Total**<br>**$** |
| **Balance — December 31, 2023** |  | **57290991** | **118287** | **2426** | **(5519)** | **(1422)** | **113772** |
| Shares issued upon conversion of Sandstorm Convertible Note |  | 4835839 | 7629 |  |  |  | 7629 |
| Shares issued pursuant to asset acquisitions | 5 | 27903963 | 81860 |  |  |  | 81860 |
| Shares issued as interest payment | 8 | 176370 | 487 |  |  |  | 487 |
| Shares issued for private placement |  | 2556562 | 7495 |  |  |  | 7495 |
| Share-based compensation | 9 |  |  | 2339 |  |  | 2339 |
| Total comprehensive income |  |  |  |  | (2448) | 193 | (2255) |
| **Balance — December 31, 2024** |  | **92763725** | **215758** | **4765** | **(7967)** | **(1229)** | **211327** |
| Shares issued as interest payment | 8 | 55615 | 155 |  |  |  | 155 |
| Exercise of RSUs | 9 | 566750 | 1476 | (1476) |  |  |  |
| Exercise of stock options | 9 | 25656 | 38 | (38) |  |  |  |
| Share-based compensation | 9 |  |  | 1899 |  |  | 1899 |
| Total comprehensive income |  |  |  |  | 20332 | 245 | 20577 |
| **Balance — December 31, 2025** |  | **93411746** | **217427** | **5150** | **12365** | **(984)** | **233958** |

---

THE ACCOMPANYING NOTES FORM AN INTEGRAL PART OF THESE FINANCIAL STATEMENTS.

[**Table of Contents**](#TOC)

---

| | |
|:---|:---|
| **Statements of Cash Flows** | Expressed in U.S dollars ($000s) |

---

---

| | | | |
|:---|:---|:---|:---|
| <br>**Cash flows provided by (used in)** | <br>**Note** | **Year ended**<br>**Dec. 31, 2025**<br>**$** | **Year ended**<br>**Dec. 31, 2024**<br>**$** |
| **OPERATING ACTIVITIES** |  |  |  |
| Net income (loss) |  | 20332 | (2448) |
| Items not affecting cash: |  |  |  |
| Non-cash cost of sales related to Greenstone gold interest | 4 | 11580 | 7992 |
| Depletion | 6, 13 | 6177 | 843 |
| Share-based compensation | 9, 10 | 1674 | 2565 |
| Change in fair value of Greenstone gold interest | 4, 13 | (32922) | (14060) |
| Change in fair value of convertible debt derivative liability | 8 | (3285) | (400) |
| Impairment of royalty interest | 6 |  | 8350 |
| Unrealized foreign exchange loss (gain) |  | 5 | (798) |
| Foreign exchange on convertible debt repaid | 8 | 518 |  |
| Finance and interest expense (net of interest income) | 7, 8 | 11895 | 3431 |
| Income tax expense | 11 | 9270 | 1574 |
| Income taxes paid | 11 | (559) | (509) |
| Changes in non-cash working capital | 14 | (7740) | 857 |
|  |  | **16945** | **7397** |
| **INVESTING ACTIVITIES** |  |  |  |
| Acquisition of stream and royalty interests | 5, 6 | (159457) | (76) |
| Sale of investment |  |  | 1032 |
|  |  | **(159457)** | **956** |
| **FINANCING ACTIVITIES** |  |  |  |
| Proceeds from credit facilities | 7 | 181000 |  |
| Repayment of credit facilities | 7 | (11000) | (19000) |
| Repayment of convertible debt | 8 | (16390) |  |
| Proceeds from private placement, net of issue costs |  |  | 7495 |
| Financing costs and interest paid | 7, 8 | (8773) | (1987) |
|  |  | **144837** | **(13492)** |
| Impact of foreign exchange on cash |  | (50) | (150) |
| **Increase (decrease) in cash for the year** |  | **2275** | **(5289)** |
| Cash — beginning of year |  | 1431 | 6720 |
| **Cash — end of year** |  | **3706** | **1431** |

---

Supplemental cash flow information (note 14)

THE ACCOMPANYING NOTES FORM AN INTEGRAL PART OF THESE FINANCIAL STATEMENTS.

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**Notes to the**

**Financial Statements**

For the years ended December 31, 2025 and 2024

Expressed in U.S dollars unless otherwise stated

&nbsp;&nbsp;&nbsp;&nbsp;**1.** **Nature of Operations** 

Versamet Royalties Corporation ("Versamet" or "the Company") was incorporated under the British Columbia Business Corporations Act on January 24, 2011. Versamet is a single entity. The Company's common shares trade on the Toronto Stock Exchange ("TSX") in Canada and the Nasdaq in the United States under the symbol "VMET".

Versamet is a diversified metals royalty and streaming company with exposure to a range of resource royalties and streams including gold, silver, copper, zinc, graphite and uranium, across a variety of jurisdictions. Typically, in return for making an upfront payment to acquire a royalty or stream on a mining operation or project, Versamet receives a portion of the revenue generated from the mine on an ongoing basis, usually over the life of the mine or receives metal deliveries over a pre-determined period or up to a pre-determined quantity. For all periods presented, all earnings per share and share information in these financial statements and notes are on a post-consolidation basis, reflecting the effect of the five-to-one share consolidation of the Company's outstanding common shares that took effect on September 12, 2025. See note 9.

The head office, principal address and registered office of Versamet is located at Suite 3200, 733 Seymour St, Vancouver, British Columbia, V6B 0S6.

These financial statements were approved and authorized for issue by the Board of Directors of the Company on March 12, 2026.

&nbsp;&nbsp;&nbsp;&nbsp;**2.** **Basis of Presentation and Material Accounting Policy Information** 

#### Statement of Compliance
The Company's financial statements have been prepared in accordance with IFRS Accounting Standards ("IFRS Accounting Standards" or "IFRS") as issued by the International Accounting Standards Board ("IASB") and interpretations issued by the International Financial Reporting Interpretations Committee ("IFRIC").

#### Basis of Presentation
These financial statements have been prepared on a historical cost basis except for certain financial instruments, which are measured at fair value. These financial statements are presented in United States dollars, unless otherwise noted.

#### Material Accounting Policies
CASH AND CASH EQUIVALENTS

Cash and cash equivalents include cash at bank, demand deposits and money market investments with maturities from the date of acquisition of three months or less, which are readily convertible to known amounts of cash and are subject to insignificant changes in value.

STREAM, ROYALTY AND OTHER INTERESTS

Stream, royalty and other interests consist of acquired royalty and stream metal purchase agreements. These interests are recorded at cost and capitalized as tangible assets with finite lives. They are subsequently measured at cost less accumulated depletion and accumulated impairment losses, if any. Project evaluation costs that are not related to a specific agreement are expensed in the period incurred.

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For asset acquisitions of stream, royalty and other interests that do not constitute a business combination, the identifiable assets acquired are recognized at their fair values at the acquisition date. The acquisition date is the date at which the Company obtains control over the assets acquired. Transaction costs are capitalized.

Stream, royalty and other interests related to producing mines are bifurcated into a depletable and non-depletable balance. The split between the depletable and non-depletable balances is based on a discounted cash flow analysis of the mine plan in question for that royalty or stream. Included in the depletable balance is 100% of Mineral Reserves and a portion of Resources, which can differ from asset to asset depending on factors such as stage of the project, nature of the ore deposit or risk profile of the asset and the assets' history of converting Resources to Reserves. Included in the non-depletable balance are the remaining Resources (not included in the depletable balance) and any exploration potential, if applicable. The Company assigns value to exploration potential on an asset-by-asset basis, where applicable, based on publicly available information and information gathered during due diligence of an asset prior to acquisition. This information would include geological, economic and operational factors which would indicate the likelihood of discovering additional mineral resources. The Company makes estimates of mineralization and weighting of Mineral Resource conversions using publicly available information of the operators including their National Instrument 43-101 or JORC-compliant Reserve and Resource statements and considering factors such as the stage of the project, nature of the ore deposit or risk profile when determining depletable and non-depletable amounts. The depletable balance is depleted using the units-of-production method over the life of the property to which the agreement relates, which is estimated using available information of Proven and Probable Reserves and the portion of Resources expected to be classified as Mineral Reserves at the mine corresponding to the specific interest. The non-depletable balance is not depleted but along with the depletable balance is evaluated for impairments when events or circumstances indicate that the carrying amount may not be recoverable. The Company monitors the publicly available information of the operators including their Reserve and Resource statements and guidance for the year ahead (in the case of operating mines) in order to assess whether there has been a change in the expected pattern of consumption of the future economic benefits of the assets underlying the royalties, streams and other interests, in order to determine the most appropriate method of depletion.

On acquisition of a stream, royalty or other interest, an allocation of its cost may be attributed to the exploration potential of the interest and is recorded as a non-depletable asset on the acquisition date. The value of the exploration potential is accounted for in accordance with either IAS 16, Property, Plant and Equipment or IFRS 6, Exploration and Evaluation of Mineral Resources ("IFRS 6") depending on the classification of the underlying asset to which the exploration potential relates. With respect to exploration potential classified under IFRS 6, it is not depleted until such time as the technical feasibility, commercial viability, and a development decision have been established, at which point the value of the asset is reclassified and accounted for in accordance with IAS 16, Property, Plant and Equipment. These considerations are consistent with those assessed by the Company when determining the classification of stream, royalty and other interests upon acquisition. The asset is subject to an impairment test prior to reclassification in accordance with IFRS 6. With respect to exploration potential classified as IAS 16, this is not depleted until there is an updated Reserves and Resource statement issued on the associated property which shows an increase in the Reserve and Resources of the asset at which point a proportionate amount of the exploration potential is reclassified to the depletable pool.

IMPAIRMENT OF STREAM, ROYALTY AND OTHER INTERESTS

Evaluation of the carrying values of each stream, royalty or other interest is undertaken when events or changes in circumstances indicate that the carrying values may not be recoverable. Although the Company does not operate any of the mining interests in which it holds a stream, royalty or other interest, the Company monitors the operators publicly available information (where applicable) for updates with respect to the assets' performance and future intentions of the operator with respect to exploration and evaluation of Resources and development of projects. Further, the Company is entitled under each royalty and streaming agreement to the operators' budget and production forecasts for the upcoming year, which helps inform Versamet management as to whether there are any impairment indicators. Impairment is assessed at the level of cash-generating units, which is the smallest identifiable group of assets that generates cash inflows and largely independent of the cash inflows from other assets. This is usually at the individual stream, royalty, or other interest level for each property from which cash inflows are generated.

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An impairment loss is recognized for the amount by which the asset's carrying value exceeds its recoverable amount, which is the higher of its fair value less costs of disposal ("FVLCD") and its value in use ("VIU"). Estimated future cash flows are calculated using estimated production, sales prices and a discount rate. Estimated future production is determined using current Reserves and the portion of Resources expected to be classified as Mineral Reserves, as well as exploration potential expected to be converted into Resources or Reserves. Estimated sales prices are determined by reference to an average of long-term metal price forecasts by research analysts and management's expectations. The discount rates used are those which are considered appropriate to the mine in question, its risk profile and the type of commodity. All inputs used are those that an independent market participant would consider appropriate. In addition, the Company may use other market approaches for determining the recoverable amount which may include an estimate of (i) dollar value per unit of mineral reserve/resource; (ii) net asset value multiples (iii) cash-flow multiples; (iv) comparable transactions or (v) market capitalization of comparable assets.

An assessment is made at each reporting period if there is any indication that a previous impairment loss may no longer exist or has decreased. If indications are present, the carrying value of the interest is increased to the revised estimate of its recoverable amount to the extent that the increased carrying amount does not exceed the carrying amount net of depletion that would have been determined had no impairment loss been recognized for the interest in previous periods.

Stream, royalty and other interests classified as exploration and evaluation assets are assessed for impairment whenever indicators of impairment exist in accordance with IFRS 6. An impairment loss is recognized for the amount by which the asset's carrying value exceeds its recoverable amount.

GREENSTONE GOLD INTEREST

The Company purchases certain amounts of gold by providing an initial deposit that is recorded as a Greenstone gold interest. The Greenstone gold interest meets the definition of a financial asset in accordance with financial instrument standards and is classified as fair value through profit or loss ("FVTPL"). The Greenstone gold interest is measured initially at fair value and then subsequently at fair value at the end of each reporting period, with any gains or losses arising on re-measurement recognized as a component of net income. The difference between the fair value of the gold delivered and the ongoing payments for the gold delivered are recorded as a partial settlement of the Greenstone gold interest and recorded in cost of sales.

When gold is delivered to the Company under the Greenstone gold purchase agreement with Equinox ("GPA" – note 4), the Company initially records the gold as inventory; upon sale of the inventory, the amount in inventory is recognized in cost of sales.

The current portion of the Greenstone gold interest is determined at each reporting date based on the fair value of the estimated gold to be delivered in the following year.

REVENUE RECOGNITION

Revenue is comprised of revenue earned from royalty interests and from the sale of the relevant commodity under the GPA and stream interests.

Revenue recognition on royalty interests occurs when control of the relevant commodity is transferred to the end customer by the operator of the royalty property. Revenue is measured at the fair value of the consideration received or receivable when management can reliably estimate the amount, pursuant to the terms of the royalty agreement. In some instances, the Company will not have access to sufficient information to make a reasonable estimate of consideration to which it expects to be entitled and, accordingly, revenue recognition is deferred until management can make a reasonable estimate. Differences between estimates and actual amounts are adjusted and recorded in the period that the actual amounts are known.

Revenue recognition from the sale of the relevant commodity occurs when control is transferred to a third-party customer. Revenue is measured as the fair value of the consideration received or receivable.

FINANCIAL INSTRUMENTS

A financial instrument is any contract that gives rise to a financial asset of one entity and a financial liability or equity instrument of another entity.

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FINANCIAL ASSETS

#### Classification
The Company classifies its financial assets in the following measurement categories:

Those to be measured subsequently at fair value (either through Other Comprehensive Income ("OCI"), or through profit or loss), and;

Those to be measured at amortized cost.

The classification depends on the Company's business model for managing the financial assets and the contractual terms of the cash flows. For assets measured at fair value, gains and losses are either recorded in profit or loss or OCI.

#### Measurement
At initial recognition, the Company measures a financial asset at its fair value plus, in the case of a financial asset not at FVTPL, transaction costs that are directly attributable to the acquisition of the financial asset. Transaction costs of financial assets carried at FVTPL are expensed in profit or loss. Financial assets are considered in their entirety when determining whether their cash flows are solely payments of principal and interest.

Subsequent measurement of financial assets depends on their classification. There are three measurement categories under which the Company classifies its financial instruments:

Amortized cost: Assets that are held for collection of contractual cash flows where those cash flows represent solely payments of principal and interest are measured at amortized cost. A gain or loss on a debt investment that is subsequently measured at amortized cost is recognized in profit or loss when the asset is derecognized or impaired. Interest income from these financial assets is included as finance income using the effective interest rate method.

Fair value through OCI ("FVTOCI"): Assets that are held for collection of contractual cash flows and for selling the financial assets, where the assets' cash flows represent solely payments of principal and interest on the principal amount outstanding, are measured at FVTOCI. Movements in the carrying amount are taken through OCI, except for the recognition of impairment gains and losses, interest revenue, and foreign exchange gains and losses which are recognized in profit or loss. When the financial asset is derecognized, the cumulative gain or loss previously recognized in OCI is reclassified from equity to profit or loss. Interest income from these financial assets is included as finance income using the effective interest rate method.

Fair value through profit or loss: Assets that do not meet the criteria for amortized cost or FVTOCI are measured at FVTPL. A gain or loss on an investment that is subsequently measured at FVTPL is recognized in profit or loss in the period in which it arises. The GPA is held at FVTPL.

Investments in common shares are held for long-term strategic purposes and not for trading. The Company has made an irrevocable election to designate all these investments as fair value through other comprehensive income ("FVTOCI") in order to provide a more meaningful presentation based on management's intention, rather than reflecting changes in fair value in profit or loss. Such investments are measured at fair value at the end of each reporting period, with any gains or losses arising on re-measurement recognized as a component of other comprehensive income under the classification of gain (loss) on revaluation of investments. Cumulative gains and losses are not subsequently reclassified to profit or loss.

Transaction costs incurred on initial recognition of financial instruments classified as loans and receivables, FVTOCI and other financial liabilities are recognized at their fair value amount and offset against the related loans and receivables or capitalized when appropriate.

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FINANCIAL LIABILITIES

The Company classifies its financial liabilities into the following categories: financial liabilities at FVTPL and amortized cost.

A financial liability is classified as at FVTPL if it is classified as held-for-trading or is designated as such on initial recognition. Directly attributable transaction costs are recognized in profit or loss as incurred. The fair value changes to financial liabilities at FVTPL are presented as follows: the amount of change in the fair value that is attributable to changes in the credit risk of the liability is presented in OCI; and the remaining amount of the change in the fair value is presented in profit or loss. The Company recorded the derivative liability on the Beedie Convertible Loan at FVTPL until it was settled.

Other non-derivative financial liabilities are initially measured at fair value less any directly attributable transaction costs. Subsequent to initial recognition, these liabilities are measured at amortized cost using the effective interest method.

FOREIGN CURRENCY TRANSLATION

The Company has a functional currency and presentation currency of the United States dollar. Foreign currency transactions and balances are translated into the functional currency as follows: (i) monetary assets and liabilities denominated in foreign currencies are translated into the functional currency at the exchange rate prevailing at the Statement of Financial Position date; (ii) non-monetary assets denominated in foreign currencies and measured at other than fair value are translated using the rates of exchange at the transaction dates; (iii) non-monetary assets denominated in foreign currencies that are measured at fair value are translated using the rates of exchange at the dates those fair values are determined; and (iv) income statement items denominated in foreign currencies are translated using average exchange rates for the period. Foreign exchange gains and losses are recognized in profit or loss and presented in the Statement of Income (Loss) and Comprehensive Income (Loss) in accordance with the nature of the transactions to which the foreign currency gains and losses relate.

Unrealized foreign exchange gains and losses on cash and cash equivalent balances denominated in foreign currencies are disclosed separately in the Statement of Cash Flows.

INVENTORY

When refined gold or the applicable commodity is delivered to the Company under a Stream agreement it is recorded as inventory. The amount recognized as inventory includes both the cash payment and the related depletion associated with the underlying Stream interest. Subsequent to initial recognition, inventory is carried at the lower of cost or net realizable value. At such time the inventory is sold, the amounts recognized in inventory are recorded as cost of sales and depletion.

INCOME TAXES

Current income tax assets and liabilities are measured at the amount expected to be recovered from or paid to the taxation authorities. The tax rates and tax laws used are those that are substantively enacted by the end of the reporting date.

Deferred income tax is provided using the liability method on temporary differences at the reporting date between the tax bases of assets and liabilities and their carrying amounts for financial reporting. The change in the net deferred income tax asset or liability is included in income except for deferred income tax relating to equity items which is recognized directly in equity. The income tax effects of differences in the periods when revenue and expenses are recognized, in accordance with the Company's accounting practices, and the periods they are recognized for income tax purposes are reflected as deferred income tax assets or liabilities. Deferred income tax assets and liabilities are measured using the substantively enacted statutory income tax rates which are expected to apply to taxable income in the years in which the assets are realized or the liabilities settled. A valuation allowance is recorded against any deferred tax asset if it is not probable to be utilized against future taxable profit.

Deferred income tax assets and liabilities are offset only if a legally enforceable right exists to offset current tax assets against liabilities and the deferred tax assets and liabilities relate to income taxes levied by the same taxation authority on the same taxable entity and are intended to be settled on a net basis.

The determination of current and deferred taxes requires interpretations of tax legislation, estimates of expected timing of reversal of deferred tax assets and liabilities, and estimates of future earnings.

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SHARE CAPITAL

Common shares are classified as equity. Incremental costs directly attributable to the issuance of shares are recognized as a deduction from the proceeds in equity in the period where the transaction occurs.

The fair value of common shares issued for goods and services is based on the fair value of the goods or services received unless the fair value cannot be readily determined. If the fair value cannot be readily determined, the Company uses the market closing price on the date the shares are issued, while the fair value of share purchase warrants is estimated using the quoted market price or if the warrants are not traded, using the Black-Scholes Model ("BSM") as of the date of issuance.

EARNINGS PER SHARE

Basic earnings (loss) per share is computed by dividing the net income (loss) attributable to common shareholders by the weighted average number of common shares issued and outstanding during the period. Diluted earnings (loss) per share reflects the effect of all potentially dilutive common share equivalents, which includes dilutive share options, restricted share units ("RSUs") and performance restricted share units ("PRSUs") using the treasury stock method.

SHARE-BASED PAYMENTS

The Company recognizes share-based compensation expense for stock options, restricted share units, performance restricted share units and common shares granted to directors, officers, employees and consultants under the Company's equity-based incentive plans.

#### Stock options
The fair value of stock options is determined by using the BSM, with market-related inputs as of the grant date. The use of the BSM requires management to make various estimates and assumptions that impact the value assigned to the stock options including the expected volatility of the stock price, the risk-free interest rate, dividend yield, the expected life of the stock options and the number of options expected to vest. Volatility is estimated using the historic stock price of similar listed entities, the expected term and the number of equity instruments expected to vest is estimated using management judgement. The fair value of stock options at the date of grant are expensed over the vesting periods with a corresponding increase to equity. Stock options with graded vesting schedules are accounted for as separate grants with different vesting periods and fair values.

#### Restricted share units
The fair value of RSUs is determined by the market value of the underlying shares at the date of the grant. Under the Company's RSU Plan, the Board of Directors has the discretion to determine upon grant whether the RSUs are to be settled in cash or equity.

Where the Company does not have a present obligation to settle the issued RSUs in cash, the RSUs issued are treated as equity-settled instruments. The fair value of RSUs is determined using the fair value of the RSU at the date of grant and is adjusted based on the number of equity instruments expected to ultimately vest. The fair value of the RSUs at the date of grant are expensed over the vesting periods with a corresponding increase to equity. At the end of each reporting period, the Company re-assesses its estimates of the number of awards that are expected to vest and recognizes the impact of any revisions to this estimate in equity.

#### Performance restricted share units
The fair values of equity-settled PRSUs with market conditions are estimated using the Monte Carlo method to project the performance of the Company and, if applicable, the relevant market index against which the Company's performance is compared. The use of the Monte Carlo pricing model requires management to make various estimates and assumptions that impact the value assigned to the PRSUs including assumptions with respect to share price, expected life, share price volatility, correlation assumptions and discount rates. Share-based compensation expense related to PRSUs that vest based on market conditions is recognized over the vesting period based on the grant date fair value of the award.

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RELATED PARTY TRANSACTIONS

Parties are considered related if one party has the ability, directly or indirectly, to control the other party or exercise significant influence over the other party in making financial and operating decisions. Parties are also considered related if they are subject to common control or significant influence. A transaction is considered a related party transaction when there is a transfer of resources or obligations between related parties.

SEGMENT REPORTING

An operating segment is a component of the Company that engages in business activities from which it may earn revenues and incur expenses. The Company's operating segments are components of the Company's business for which discrete financial information is available and which are reviewed regularly by the Company's Chief Executive Officer to make decisions about resources to be allocated to the segment and assess its performance.

#### Changes in Accounting Standards
NEW STANDARDS ISSUED AND NOT YET EFFECTIVE

The International Accounting Standards Board has issued classification and measurement and disclosure amendments to IFRS 9 and IFRS 7 with an effective date for years beginning on or after January 1, 2026 with earlier application permitted. The amendments clarify the date of recognition and derecognition of some financial assets and liabilities and introduce a new exception for some financial liabilities settled through an electronic payment system. Other changes include a clarification of the requirements when assessing whether a financial asset meets the solely payments of principal and interest criteria and new disclosures for certain instruments with contractual terms that can change cash flows (including instruments where cash flows changes are linked to environmental, social or governance targets). The amendments are effective for the year beginning January 1, 2026. The Company has evaluated the amendments and determined they are not expected to have a material impact on the financial statements.

IFRS 18, Presentation and Disclosure in Financial Statements (IFRS 18) is a new standard that will provide new presentation and disclosure requirements and replace International Accounting Standard 1, Presentation of Financial Statements (IAS 1). IFRS 18 introduces changes to the structure of the income statement; provides required disclosures in financial statements for certain profit or loss performance measures that are reported outside an entity's financial statements; and provides enhanced principles on aggregation and disaggregation in financial statements. Many other existing principles in IAS 1 have been maintained. IFRS 18 is effective for years beginning on or after January 1, 2027, with earlier application permitted. The Company intends to adopt these amendments for the year beginning January 1, 2027.

The Company has not yet commenced the evaluation of the impact of IFRS 18 on its financial statements.

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&nbsp;&nbsp;&nbsp;&nbsp;**3.** **Significant Accounting Estimates and Judgments** 

The preparation of these financial statements in conformity with IFRS required management to make estimates and assumptions that affect amounts reported in the financial statements and accompanying notes. Management believes the estimates and assumptions used in these financial statements are reasonable; however, actual results could differ from those estimates and could impact future results of operations and cash flows.

The Company's significant accounting estimates and judgements applied in these financial statements are as follows:

ACCOUNTING FOR ACQUISITION OF ASSETS AND STREAM, ROYALTY AND OTHER INTERESTS

The Company's business is the acquisition of stream, royalties and other interests. Each stream, royalty and other interest has its own unique terms and judgement is required to assess the appropriate accounting treatment. The determination of whether an acquisition should be accounted for as stream, royalty and other interest or a financial instrument requires the consideration of factors such as (i) the terms of the agreement; (ii) the applicability of the own use exemption under IFRS 9 Financial Instruments ("IFRS 9"); and (iii) whether there is a contractual commitment to repay amounts under the stream, royalty and other interests. The assessment of whether an acquisition meets the definition of a business or whether assets are acquired is another area of key judgement. If deemed to be a business combination, applying the acquisition method to business combinations requires each identifiable asset and liability to be measured at its acquisition date fair value. The excess, if any, of the fair value of the consideration over the fair value of the net identifiable assets acquired is recognized as goodwill. The determination of the acquisition date fair values often requires management to make assumptions and estimates about future events. The assumptions and estimates with respect to determining the fair value of stream, royalty and other interests generally require a high degree of judgement, and include estimates of Mineral Reserves and Resources acquired, future production, metal prices, discount rates, conversion of Resources and exploration potential, foreign exchange rates, taxes, future capital expansion plans and the associated production implications. Changes in any of the assumptions or estimates used in determining the fair value of acquired assets and liabilities could impact the amounts assigned to assets and liabilities.

ATTRIBUTABLE RESERVE AND RESOURCE ESTIMATES

Stream, royalty and other interests are a significant class of assets of the Company, with a carrying value of $318.7 million at December 31, 2025 (December 31, 2024 — $165.4 million). This amount represents the capitalized expenditures related to the acquisition of the stream, royalty and other interests net of accumulated depletion and any impairments. The Company estimates the Reserves and Resources relating to each interest. Reserves and Resources are estimates of the amount of minerals that can be economically and legally extracted from the mining properties at which the Company has stream and royalty interests, adjusted where applicable to reflect the Company's percentage entitlement to minerals produced from such mines. The public disclosures of Reserves and Resources that are released by the operators of the interests involve assessments of geological and geophysical studies and economic data and the reliance on a number of assumptions, including commodity prices and production costs. The estimates of Reserves and Resources may change based on additional knowledge gained subsequent to the initial assessment. Changes in the estimates of Reserves or Resources, or the date of initial production from the mine may impact the carrying value of the Company's stream, royalty and other interests and depletion charges. Stream, royalty and other interests related to producing mines are bifurcated into a depletable and non-depletable balance. The split between the depletable and non-depletable balances is based on a discounted cash flow analysis of the mine plan in question for that royalty or stream. Included in the depletable balance is 100% of Mineral Reserves and a portion of Resources. Included in the non-depletable balance are the remaining Resources (not included in the depletable balance) and any exploration potential, if applicable. If estimates of the value of the depletable and non-depletable balances of a mining property prove to be inaccurate, this could increase the amount of future depletion expense which would reduce the Company's net income and net assets. Changes to depletion rates are accounted for prospectively.

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IMPAIRMENT OF STREAM, ROYALTY AND OTHER INTERESTS

Assessment of impairment of stream, royalty and other interests requires the use of judgments, assumptions and estimates when assessing whether there are any indicators that could give rise to the requirement to conduct a formal impairment test as well as in the assessment of their fair values. The assessment of the fair values of stream, royalty and other interests requires the use of estimates and assumptions for Mineral Reserves and Resources, future production, commodity prices, discount rates, conversion of Resources and exploration potential, foreign exchange rates, taxes, future capital expansion plans and the associated production implications. In addition, the Company may use other approaches in determining fair value which may include estimates related to (i) dollar value per unit of mineral reserve/resource; (ii) net asset value multiples (iii) cash-flow multiples; (iv) comparable transactions and (v) market capitalization of comparable assets. Changes in any of the estimates used in determining the fair value of the stream, royalty and other interests could impact the impairment analysis.

FAIR VALUE OF GREENSTONE GOLD INTEREST

The fair value of the Greenstone gold interest was determined by calculating the present value of the future gold deliveries under the GPA. The determination of the fair value of the Greenstone gold interest at period end requires the use of estimates and assumptions for commodity prices, discount rates and the timing of gold receipts received by Versamet under the GPA with Equinox. Changes in any of the estimates and/or assumptions used in determining the fair value could impact the fair value of the Greenstone gold interest at period end and the associated change in fair value of the Greenstone gold interest recorded in the Statement of Income (Loss) and Comprehensive Income (Loss) during the period. Changes in each of the following key assumptions and estimates would have the following impact on the value of the GPA as at December 31, 2025 (with an associated movement in the Statement of Income (Loss) and Comprehensive Income (Loss)):

---

| | | |
|:---|:---|:---|
| <br>**Key assumption** | **Sensitivity applied to key** <br>**assumption** | **Impact on GPA asset value** <br>**at December 31, 2025** |
| Gold price | +/- 10% | +/- $7.6 million |
| Discount rate | +/- 1% | - $3.7 million / + $4.1 million |

---

FUNCTIONAL CURRENCY

The functional currency of the Company is the currency of the primary economic environment in which the entity operates. Determination of functional currency may involve certain judgments to determine the primary economic environment and the Company reconsiders functional currency if there is a change in events and conditions which determine the primary economic environment.

INCOME TAXES

The interpretation of new and existing tax laws or regulations in any of the countries in which our royalty and other interests are located or to which shipments of commodities are made or received requires the use of judgment. Differing interpretation or changes to these laws or regulations could result in an increase in the Company's taxes, or other governmental charges, duties or impositions. In addition, the recoverability of deferred income tax assets, including expected periods of reversal of temporary differences and expectations of future taxable income, are assessed by management at the end of each reporting period and adjusted, as necessary, on a prospective basis.

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SHARE-BASED COMPENSATION

#### Stock options
The Company utilizes the BSM to estimate the fair value of stock options granted to directors, officers, employees and consultants of the Company. The use of the BSM requires management to make various estimates and assumptions that impact the value assigned to the stock options including the expected volatility of the stock price, the risk-free interest rate, dividend yield, the expected life of the stock options and the number of options expected to vest. The expected term of the options granted is determined based on historical data of the average hold period before exercise, cancellation or expiry. Volatility is estimated using the historic stock price of similar listed entities, the expected term and the number of equity instruments expected to vest is estimated using management judgement. Prior to the Company publicly listing its common shares, the expected volatility is estimated with reference to the historical volatility of the share price of a peer group of companies as applicable. Any changes in these assumptions and estimates could change the amount of share-based compensation recognized in profit or loss and the share-based compensation reserve. Significant assumptions related to share-based payments are disclosed in note 9.

#### PRSUs
The Company uses a Monte Carlo pricing model to estimate the fair value of PRSUs granted to directors, officers, employees and consultants of the Company. The use of the Monte Carlo pricing model requires management to make various estimates and assumptions that impact the value assigned to the PRSUs including assumptions with respect to share price, expected life, share price volatility, correlation assumptions and discount rates. Changes in these assumptions and estimates could change the fair value of the amount of share-based compensation recognized in profit or loss and the share-based compensation reserve. Significant assumptions related to PRSUs are disclosed in note 9.

&nbsp;&nbsp;&nbsp;&nbsp;**4.** **Greenstone Gold Interest** 

#### Greenstone Gold Purchase Agreement
On October 31, 2023, Versamet paid $52.5 million to enter into a gold purchase agreement with Equinox Gold Corp. ("Equinox") in exchange for monthly deliveries of gold equal to the greater of (a) 350 gold ounces, and (b) gold ounces equal to 1.26% of the monthly gold production from the Greenstone project in Ontario, Canada, ("Greenstone") at a purchase price per ounce of gold equal to 20% of the then prevailing market price. Monthly gold delivery obligations commenced upon closing of the Greenstone gold interest and will continue until a total of 63,000 ounces of gold have been delivered to Versamet. While gold deliveries will be calculated based on Greenstone production, gold deliveries can be sourced from production from any of Equinox's operating mines. Under the Greenstone gold interest, Equinox retains the option to buy-down deliveries related to 75% of the original delivery obligation at the then current spot gold price, subject to a minimum gold price per ounce of $2,000.

#### Accounting for the Greenstone Gold Purchase Agreement
In accordance with the Company's accounting policy, the Greenstone gold interest was initially measured at fair value, being the purchase price paid by Versamet for the future stream of gold. Each subsequent period end, the Greenstone gold interest is fair valued using a discounted cash flow of the future expected gold deliveries under the GPA. Significant estimates included in this valuation include commodity prices, discount rates and the timing of deliveries expected to be received by Versamet under the GPA with Equinox. Changes in any of the estimates and/or assumptions used in determining the fair value could impact the fair value of the Greenstone gold interest at period end and the associated change in fair value of the Greenstone gold interest recorded in the Statement of Income and Comprehensive Income during the period.

[**Table of Contents**](#TOC)

During the year ended December 31, 2025, the Company received 4,200 oz of gold (2024: 4,200 oz) under the Greenstone gold interest, which was initially recognized in inventory. The Company sold the gold for gross proceeds of $14.4 million in the year ended December 31, 2025 (2024: $10.0 million), upon the sale, the inventory was recognized in cost of sales. The difference between the fair value of the gold delivered and the payment to Equinox for the gold delivered (at a cost per oz of gold equal to 20% of the prevailing market price) was recorded as a partial settlement of the Greenstone gold interest and included in cost of sales; accordingly, the amount recorded in cost of sales was $11.6 million for the year ended December 31, 2025 (2024: $8.0 million). During the year ended December 31, 2025, the Company recognized a gain in the fair value of the Greenstone gold interest of $32.9 million (2024: $14.1 million gain) primarily driven by an increase in consensus gold prices.

#### Details of the changes in the carrying value of the Greenstone gold interest are as follows:

---

| | |
|:---|:---|
| **In $000s** | **$** |
| **Balance — December 31, 2023** | **56218** |
| Gold deliveries (recognized in cost of sales) | (7992) |
| Change in fair value | 14060 |
| **Balance — December 31, 2024** | **62286** |
| Gold deliveries (recognized in cost of sales) | (11580) |
| Change in fair value | 32922 |
| **Balance — December 31, 2025** | **83628** |
| Less: Current portion, December 31, 2025 | (10784) |
| **Non-current portion, December 31, 2025** | **72844** |

---

&nbsp;&nbsp;&nbsp;&nbsp;**5.** **Stream and Royalty Acquisitions** 

#### During the year ended December 31, 2025
ROSH PINAH ZINC SILVER STREAM AND SANTA RITA ROYALTY

On September 24, 2025, the Company entered into an agreement with funds advised by Appian Capital Advisory Limited to acquire a 90% silver stream on Rosh Pinah Zinc's operating mine in Namibia (the "Silver Stream") and an uncapped, life of mine 2.75% net smelter return ("NSR") royalty on Atlantic Nickel's operating Santa Rita mine in Brazil for upfront cash consideration of $125.0 million and contingent consideration of up to $45.0 million upon the following milestones being achieved at the Santa Rita mine:

● $22.5 million upon the processing of the first 1.0 million tonnes of underground ore provided that occurs prior to July 1, 2035; and

● $22.5 million upon Santa Rita achieving a throughput rate of 12,500 tonnes per day from underground ore over a 90 - day period, provided that occurs prior to July 1, 2035.

The contingent payments and related assets have not been recognized as they are dependent on uncertain future events which are outside of the Company's control.

After a total of 3.1 million ounces of silver have been delivered under the Silver Stream, Versamet will be entitled to receive 45% of the payable silver for the remaining life of the mine. Versamet will make ongoing cash payments equal to 10% of the spot silver price for each ounce delivered to the Silver Stream.

Both the Silver Stream and Santa Rita royalty have an Effective Date of July 1, 2025. For an initial period commencing on the Effective Date, payable silver will be based on the production of recovered zinc from the mine (the "Production Index") as follows:

● 4,000 ounces of payable silver per million pounds of recovered zinc until the delivery of 250,000 silver ounces to the Silver Stream; and

● 2,850 ounces of payable silver per million pounds of recovered zinc thereafter.

[**Table of Contents**](#TOC)

The Production Index will terminate on the earlier of i) 1,350,000 ounces of silver delivered to the Silver Stream, or ii) December 31, 2028. After the termination of the Production Index, payable silver will be based on actual payable silver production from the Rosh Pinah Zinc mine.

Management has determined that the acquisition of the Silver Stream and Santa Rita royalty are considered to be asset acquisitions as they did not meet the definition of a business under IFRS.

The Company received $1.2 million of Santa Rita royalty related to the period between the Effective Date and closing of the agreement, which was treated as a purchase price adjustment and credited against the acquisition cost of the royalty. In addition, $0.4 million and $0.2 million of costs associated with the acquisition of the Silver Stream and Santa Rita royalty, respectively, were added to the carrying values of the assets held within Royalty, Stream and Other interests (note 6).

KOLPA COPPER STREAM

In April 2025, the Company entered into an agreement to acquire the right to purchase refined copper equal to the greater of 95.8% of the copper produced and 0.03 pounds of copper per pound of produced lead from Endeavour Silver Corp.'s operating Huachocolpa Uno mine in Peru ("Kolpa") until 6,000 tonnes of refined copper have been delivered, after which Versamet will be entitled to purchase 71.85% of the produced copper. Once 10,500 tonnes of refined copper have been delivered, Versamet will have the right to purchase 47.9% of the life of mine copper produced (the "Copper Stream"). Versamet will make ongoing cash payments equal to 10% of the spot price of copper for each tonne of refined copper delivered. As consideration for the Copper Stream, Versamet made an upfront cash payment of $35.0 million. In addition, $0.1 million of costs associated with the acquisition of the Copper Stream were added to the carrying value of the asset held within Royalty, Stream and Other interests (note 6).

#### During the year ended December 31, 2024
B2GOLD PORTFOLIO

On June 5, 2024, Versamet entered into a definitive purchase and sale agreement with B2Gold Corp. ("B2Gold") to acquire a portfolio of royalty assets from B2Gold. The Transaction closed in two tranches. The first tranche closed on June 5, 2024 (the "First Closing"), and concurrent with this closing, Versamet purchased 5 royalty assets, including the following assets listed below, in return for 24,409,994 common shares of the Company at an issue price of C$4.00 per common share (total value: $71.6 million):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i) 2.7% NSR royalty (until 2.5 million oz of gold produced, 0.45% NSR on next 1.5 million oz) on the Kiaka project based in Burkina Faso.

ii) 2.7% NSR royalty (until royalty payments total US$22.5 million, and 0.45% thereafter until 1.5 million oz of gold produced) on the Toega project based in Burkina Faso.

iii) 1.5% NSR royalty on the gold-copper Primavera project based in Nicaragua.

On August 13, 2024, Versamet completed the second and final closing (the "Second Closing") related to the acquisition of a royalty portfolio from B2Gold. The Second Closing included the acquisition of a 2.0% NSR royalty over the Mocoa copper-molybdenum project in Colombia owned by Libero Copper & Gold Corporation and a 2.0% NSR royalty on the primary claims plus a 1% NSR royalty on periphery claims over the Golden Sidewalk gold project in Ontario, Canada owned by Prosper Gold Corp in return for 3,493,969 common shares of the Company at an issue price of C$4.00 per common share (total value of $10.25 million).

Management has determined that the acquisition of royalty interests acquired from B2Gold are considered to be asset acquisitions as the royalties acquired did not meet the definition of a business under IFRS. The fair value of the consideration paid for the mining royalties acquired from B2Gold has been allocated based on their fair value at the time of acquisition. The fair value of the common shares issued as consideration was determined to be C$4.00 per common share. The fair value of the mining royalties purchased was determined based on the net present value of the discounted cash flows from each of the royalties. The estimated future cash flows are calculated using estimated production, sales prices and discount rates. Estimated future production is determined using current Reserves and the portion of Resources expected to be classified as Reserves. Estimated sales prices are determined by reference to a long-term consensus metal prices. The discount rates used are those which are considered appropriate for the respective royalty, its risk profile and the relevant commodity.

[**Table of Contents**](#TOC)

Management has completed the process of determining fair values for the assets acquired.

**The allocation of the consideration (for both the First and Second Closing) to the estimated fair value of assets is as follows:**

---

| | |
|:---|:---|
| **In $000s** | **$** |
| **Purchase Price** |  |
| Common shares issued | 81860 |
| Legal fees capitalized | 76 |
| **Total purchase price consideration** | **81936** |
| **Assets acquired** |  |
| **Royalty interests (note 6)** | **81936** |

---

&nbsp;&nbsp;&nbsp;&nbsp;**6.** **Royalty, Stream and Other Interests** 

#### The carrying amount of the Company's royalty, stream and other interests are as follows:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Cost** | **Cost** | **Cost** | **Cost** | **Accumulated Depreciation and Impairment** | **Accumulated Depreciation and Impairment** | **Accumulated Depreciation and Impairment** |  |
|  |  | **Net** |  |  |  |  |  |  |
|  |  | **Additions/** |  |  |  |  |  | **Carrying** |
| **Asset, Location**  | **Opening** | **(Disposals)** | **Reclassified** | **Closing** | **Opening** | **Depletion** | **Closing** | **Amount**<sup>1</sup> |
| **(In $000s)** | $ | **$** | **$** | **$** | **$** | **$** | **$** | **$** |
| **December 31, 2025** |  |  |  |  |  |  |  |  |
| **Depletable Royalty, Stream and Other Interests** |  |  |  |  |  |  |  |  |
| Rosh Pinah, Namibia |  | 85403 |  | 85403 |  | (651) | (651) | 84752 |
| Kiaka, Burkina Faso | 58730 |  |  | 58730 |  | (1592) | (1592) | 57138 |
| Santa Rita, Brazil |  | 38964 |  | 38964 |  | (476) | (476) | 38488 |
| Kolpa, Peru |  | 35090 |  | 35090 |  | (2227) | (2227) | 32863 |
| Mercedes, Mexico | 10985 |  |  | 10985 | (4754) | (910) | (5664) | 5321 |
| Blackwater, Canada | 7538 |  |  | 7538 |  | (321) | (321) | 7217 |
| Pilar, Brazil | 5609 |  |  | 5609 | (2259) |  | (2259) | 3350 |
| **Non-depletable Royalty and Other Interests** |  |  |  |  |  |  |  |  |
| El Pilar, Mexico | 17490 |  |  | 17490 |  |  |  | 17490 |
| Vittangi, Sweden | 15000 |  |  | 15000 |  |  |  | 15000 |
| Toega, Burkina Faso | 11205 |  |  | 11205 |  |  |  | 11205 |
| Mercedes, Mexico | 5837 |  |  | 5837 | (5837) |  | (5837) |  |
| Cuiú Cuiú, Brazil<sup>1</sup> |  |  | 2070 | 2070 |  |  |  | 2070 |
| **Exploration and Evaluation Assets** |  |  |  |  |  |  |  |  |
| Hackett River, Nunavut | 14716 |  |  | 14716 |  |  |  | 14716 |
| Mocoa, Colombia | 10000 |  |  | 10000 |  |  |  | 10000 |
| Prairie Creek, Canada | 7514 |  |  | 7514 |  |  |  | 7514 |
| Mason, Nevada | 4876 |  |  | 4876 |  |  |  | 4876 |
| Converse, Nevada | 4391 |  |  | 4391 |  |  |  | 4391 |
| Cuiú Cuiú, Brazil<sup>1</sup> | 2070 |  | (2070) |  |  |  |  |  |
| Primavera, Nicaragua | 1391 |  |  | 1391 |  |  |  | 1391 |
| Other | 904 |  |  | 904 |  |  |  | 904 |
| **Total** | **178256** | **159457** | **—** | **337713** | **(12850)** | **(6177)** | **(19027)** | **318686** |

---

[**Table of Contents**](#TOC)

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Cost** | **Cost** | **Cost** | **Accumulated Depreciation and Impairment** | **Accumulated Depreciation and Impairment** | **Accumulated Depreciation and Impairment** | **Accumulated Depreciation and Impairment** | |
| <br>**Asset, Location**<br>**(In $000s)** | <br>**Opening**<br>**$** | **Net**<br>**Additions/**<br>**(Disposals)**<br>**$** | <br>**Closing**<br>**$** | <br>**Opening**<br>**$** | <br>**Depletion**<br>**$** | <br>**Impairment**<br>**$** | <br>**Closing**<br>**$** | <br>**Carrying**<br>**Amount**<sup>1</sup><br>**$** |
| **December 31, 2024** |  |  |  |  |  |  |  |  |
| **Depletable Royalty and Other Interests** |  |  |  |  |  |  |  |  |
| Mercedes, Mexico | 10985 |  | 10985 | (1398) | (843) | (2513) | (4754) | 6231 |
| Pilar, Brazil | 5609 |  | 5609 | (2259) |  |  | (2259) | 3350 |
| **Non-depletable Royalty and Other Interests** |  |  |  |  |  |  |  |  |
| Kiaka, Burkina Faso |  | 58730 | 58730 |  |  |  |  | 58730 |
| El Pilar, Mexico | 17490 |  | 17490 |  |  |  |  | 17490 |
| Vittangi, Sweden | 15000 |  | 15000 |  |  |  |  | 15000 |
| Toega, Burkina Faso |  | 11205 | 11205 |  |  |  |  | 11205 |
| Blackwater, Canada | 7538 |  | 7538 |  |  |  |  | 7538 |
| Mercedes, Mexico | 5837 |  | 5837 |  |  | (5837) | (5837) |  |
| **Exploration and Evaluation Assets** |  |  |  |  |  |  |  |  |
| Hackett River, Nunavut | 14716 |  | 14716 |  |  |  |  | 14716 |
| Mocoa, Colombia |  | 10000 | 10000 |  |  |  |  | 10000 |
| Prairie Creek, Canada | 7514 |  | 7514 |  |  |  |  | 7514 |
| Mason, Nevada | 4876 |  | 4876 |  |  |  |  | 4876 |
| Converse, Nevada | 4391 |  | 4391 |  |  |  |  | 4391 |
| Cuiú Cuiú, Brazil | 2070 |  | 2070 |  |  |  |  | 2070 |
| Primavera, Nicaragua |  | 1391 | 1391 |  |  |  |  | 1391 |
| Other | 294 | 610 | 904 |  |  |  |  | 904 |
| **Total** | **96320** | **81936** | **178256** | **(3657)** | **(843)** | **(8350)** | **(12850)** | **165406** |

---

&nbsp;&nbsp;&nbsp;&nbsp;1. The total carrying amount of royalty, streams and other interests at December 31, 2025 includes $229,129 (December 31, 2024: $9,581) of depletable mineral interest. The remaining $89,557 (December 31, 2024: $155,825) is classified as non-depletable mineral interest, of which $43,792 (December 31, 2024: $45,862) are classified as Exploration and Evaluation assets, as defined by IFRS 6 Exploration for and Evaluation of Mineral Resources and $45,765 (December 31, 2024: $109,963) are assets not yet in production that are classified as development assets under IAS 16. During the year ended December 31, 2025, no assets were acquired which have been classified as Exploration and Evaluation assets (2024: $12,001). During the year ended December 31, 2025, the Cuiú Cuiú project demonstrated technical feasibility and commercial viability of extracting a mineral resource and our royalty was reclassified as an asset accounted for under IFRS 6 to an asset under IAS 16 (no assets were reclassified during the year ended December 31, 2024).

#### Royalty interest impairment
During the year ended December 31, 2024, the Mercedes Mine experienced operational challenges and then on January 29, 2025, Bear Creek Mining Corporation ("Bear Creek") announced an updated estimate of mineral reserves and mineral resources (R&R) for the Mercedes Mine. The updated estimate of R&R at the Mercedes Mine was lower than that previously used by management of the Company when valuing its royalty interest in the mine. As a result of these factors, the Company determined there to be an impairment indicator with respect to the carrying value of its Mercedes royalty interest as at December 31, 2024.

The Company determined the fair value of the Mercedes asset as at December 31, 2024 using a fair value less costs to sell model, being a discounted cash flow model of the expected production from the Mercedes mine and the associated royalty payments. Management of Versamet used the updated R&R as released by Bear Creek as a basis for the production expected from the remaining life of mine. Significant assumptions used in the discounted cash flow included the gold price (based on consensus gold prices) and an 8% discount rate. A $100 drop in the gold price used in the model would result in an increased impairment of approximately $0.3 million. A 1% increase in the discount rate would have increased the impairment expense by approximately $0.1 million. Management determined that as at December 31, 2024 the recoverable amount of the Mercedes royalty interest was $6.2 million, resulting in an impairment charge of $8.4 million during the year ended December 31, 2024.

During the year ended December 31, 2025, no impairment charges were recorded.

[**Table of Contents**](#TOC)

&nbsp;&nbsp;&nbsp;&nbsp;**7.** **Credit Facilities** 

On September 24, 2025, the Company amended its credit facility agreement to increase its revolving credit facility to $100.0 million with a $25.0 million accordion feature (the "RCF") and added a new $80.0 million term loan facility (the "TL") (together the "Credit Facilities") arranged by Bank of Montreal ("BMO"), as lead arranger, and National Bank of Canada ("NBC"). Amounts drawn on the Credit Facilities are subject to interest at SOFR plus 2.25% to 3.50% per annum, and the undrawn portion of the RCF is subject to a standby fee of 0.5063% to 0.7875% per annum, both of which are dependent on the Company's leverage ratio (as defined in the Credit Facilities agreement). The TL is repayable in quarterly instalments of $7.5 million commencing on March 31, 2026, with a final bullet payment of $20.0 million at maturity on March 31, 2028. The RCF matures on April 30, 2028. Unamortized deferred financing costs on the Credit Facilities will be amortized over the remainder of the RCF and TL terms. The Credit Facilities are secured by the Company's present and future acquired assets.

On March 4, 2026, the Company amended the Credit Facilities agreement to upsize the RCF to $200.0 million with a $25.0 million accordion feature (the "Upsized RCF") and retire the TL, which was fully repaid (note 17). The interest rates and standby fees on the Upsized RCF remain unchanged from the RCF. The Upsized RCF matures on March 4, 2029.

Under the Credit Facilities, the Company is required to maintain certain leverage and interest coverage ratios and minimum liquidity amounts. As at December 31, 2025, the Company was in compliance with all of the covenants related to the Credit Facilities.

#### A continuity of the amount outstanding under the Credit Facilities is as follows:

---

| | |
|:---|:---|
| **In $000s** | **$** |
| **Balance — December 31, 2023** | 19712 |
| Accrued Interest | 1039 |
| Interest paid | (1323) |
| Accretion of discount | 180 |
| Repayment | (19000) |
| **Balance — December 31, 2024** | **608** |
| Drawdown | 181000 |
| Repayment | (11000) |
| Accrued interest | 5070 |
| Interest paid | (5075) |
| Accretion of discount | 48 |
| Fees reclassified to deferred financing costs | 349 |
| **Balance — December 31, 2025** | **171000** |
| Less: Current portion, December 31, 2025 | (30000) |
| **Non-current portion, December 31, 2025** | **141000** |

---

The Company capitalized $1.5 million of deferred financing costs during the year ended December 31, 2025, which relates to $1.2 million of commitment and other fees and $0.3 million of prior period unamortized costs which were reclassified. Amortization of the deferred financing costs for the year ended December 31, 2025 were $0.3 million ($nil for the comparable periods in 2024).

&nbsp;&nbsp;&nbsp;&nbsp;**8.** **Convertible Debt** 

On October 31, 2023, Versamet entered into a $16.0 million (the C$22.2 million) convertible loan with Beedie Capital Investments Ltd ("Beedie Capital") (the "Beedie Convertible Loan"). The Beedie Convertible Loan was denominated in Canadian dollars, had a term of 5 years and was scheduled to mature on October 31, 2028. Interest on the Beedie Convertible Loan consisted of an 8% base interest rate and a 1.5% paid-in-kind ("PIK") rate, with the PIK rate reducing to 1.0% upon the public listing of the Company. The Company had the option to pay 25-50% of the base interest rate in common shares of the Company, subject to certain conditions. Amounts outstanding under the Beedie Convertible Loan could be converted into common shares of the Company, at the option of Beedie Capital, at a price of C$4.20 per common share. The Company had the option to prepay the Beedie Convertible Loan, subject to certain fees.

[**Table of Contents**](#TOC)

On April 30, 2025, the Company exercised its prepayment option and repaid and canceled the Beedie Convertible Loan. On repayment, Beedie Capital elected not to convert amounts outstanding into common shares of the Company. Consequently, the Company repaid the full amount of the loan and accrued interest outstanding in cash which resulted in a derecognition of both the Beedie Convertible Loan and the Convertible debt derivative liability related to the conversion option. The derecognition of the Convertible debt derivative liability of $3.2 million resulted in an equivalent gain in the Statement of Income (Loss) and Comprehensive Income (Loss). As a result of the revised repayment date, the Company recognized an increase in the carrying amount of the Beedie Convertible Loan of $3.3 million due to the accelerated recording of the accretion expense with a corresponding increase in finance expense. The Company also incurred $2.4 million of non-recurring prepayment fees which were recognized in finance and interest expense during the year ended December 31, 2025.

#### A continuity of the Beedie Convertible Loan and the Beedie Derivative Liability is as follows:

---

| | |
|:---|:---|
| **In $000s** | **$** |
| **Balance — December 31, 2023** | 12568 |
| Accrued Interest | 1301 |
| Interest paid | (1301) |
| Accrued PIK interest | 246 |
| Accretion of discount | 564 |
| Foreign exchange gain | (1044) |
| **Balance — December 31, 2024** | **12334** |
| Accrued Interest | 417 |
| Interest paid | (417) |
| Accrued PIK interest | 79 |
| Accretion of discount | 204 |
| Foreign exchange loss | 518 |
| Accelerated accretion of discount due to revised repayment date | 3255 |
| Repayment | (16390) |
| **Balance — December 31, 2025** | **—** |
| **Amount allocated to Derivative Liability** | **$** |
| **Balance — December 31, 2023** | **3685** |
| Change in FVTPL | (400) |
| **Balance — December 31, 2024** | **3285** |
| Change in FVTPL | (112) |
| Derecognition on repayment | (3173) |
| **Balance — December 31, 2025** |  |

---

During the year ended December 31, 2025, the Company settled $0.2 million of interest owed to Beedie through issuance of 55,615 common shares (2024: 176,370 common shares were issued to settle interest owed of $0.5 million).

&nbsp;&nbsp;&nbsp;&nbsp;**9.** **Share Capital and Reserves** 

#### Authorized, Issued and Outstanding
The Company is authorized to issue an unlimited number of common shares without par value.

On September 12, 2025, the Company consolidated its issued and outstanding common shares on the basis of five (5) pre-consolidation common shares for each one (1) post-consolidation common share (the "Share Consolidation"). As a result of the Share Consolidation, the 466,836,693 pre-consolidation common shares were consolidated to 93,367,340 post-consolidation common shares. The number of common shares issuable, issue prices and exercise price, where applicable, under the Company's stock option, restricted share unit and performance restricted share unit plans were proportionately adjusted based on the ratio of the Share Consolidation. All share and per share information in these financial statements has been adjusted to reflect the Share Consolidation.

[**Table of Contents**](#TOC)

On August 13, 2024, B2Gold subscribed for 2,556,562 Common Shares at C$4.00 per Common Share for total gross cash proceeds of $7.5 million in conjunction with the acquisition of the B2Gold Portfolio (note 5).

#### Share-based compensation
**During the years ended December 31, 2025 and 2024, the breakdown of the Company's share based compensation was as follows:**

---

| | | |
|:---|:---|:---|
| <br>**In $000s** | **Year ended**<br>**Dec. 31, 2025**<br>**$** | **Year ended**<br>**Dec. 31, 2024**<br>**$** |
| Stock options | 811 | 698 |
| Restricted Share Units | 942 | 1700 |
| Performance Restricted Share Units | (79) | 167 |
| **Total share-based compensation expense** | **1674** | **2565** |

---

STOCK OPTIONS

The Company has an omnibus equity incentive plan (the "Equity Plan") which allows the Company to grant stock options to eligible employees, officers, directors and consultants at an exercise price, expiry date, and vesting conditions to be determined by the Board of Directors. The maximum expiry term is ten years from the grant date. All options are equity settled. The Equity Plan provides for the issuance of up to 10% of the Company's issued Common shares as at the date of the grant.

#### A continuity schedule for stock options is as follows:

---

| | |
|:---|:---|
| **Stock Options** | **Number** |
| **Outstanding — December 31, 2023** | **1906000** |
| Granted  | 418786 |
| **Outstanding — December 31, 2024** | **2324786** |
| Granted  | 1253817 |
| Exercised | (36000) |
| Forfeited | (244571) |
| **Outstanding — December 31, 2025** | **3298032** |

---

The weighted average common share price at the time the stock options were exercised during the year ended December 31, 2025, was C$11.98. No stock options were exercised during the year ended December 31, 2024.

**The following are the weighted average assumptions used in the Black-Scholes Model to estimate the grant date fair value of the stock options granted:**

---

| | | |
|:---|:---|:---|
|  | **Year ended**<br>**Dec. 31, 2025** | **Year ended**<br>**Dec. 31, 2024** |
| Expected stock price volatility | 41.4% | 40.0% |
| Risk-free interest rate | 3.1% | 3.3% |
| Expected life of the options | 5 years | 5 years |
| Expected dividend yield | 0.0% | 0.0% |
| Forfeiture rate | 5.0% | 5.0% |
| **Grant date fair value per option** | $**1.09** | $**0.99** |

---

[**Table of Contents**](#TOC)

#### As at December 31, 2025, the Company had the following stock options outstanding:

---

| | | | | |
|:---|:---|:---|:---|:---|
| <br>**Number outstanding** | <br>**Exercisable** | <br>**Exercise Price per Share** | <br>**Expiry Date** | **Weighted average life**<br>**remaining (years)** |
| 1220000 | 1220000 | $3.50 | September 1, 2027 | 1.67 |
| 200000 | 200000 | $3.50 | November 28, 2026 | 0.91 |
| 150000 | 100000 | $3.50 | February 27, 2028 | 2.16 |
| 150000 | 100000 | $3.50 | March 20, 2028 | 2.22 |
| 150000 | 100000 | $3.50 | April 3, 2028 | 2.26 |
| 29375 | 29375 | $3.50 | November 28, 2026 | 0.91 |
| 330661 | 110220 | $3.50 | January 15, 2029 | 3.04 |
| 608996 | Nil | $4.00 | January 15, 2030 | 4.04 |
| 259000 | Nil | $4.00 | May 9, 2030 | 4.36 |
| 200000 | Nil | $4.00 | May 12, 2030 | 4.36 |
| **3298032** | **1859595** | $**3.66** | **—** | **2.64** |

---

RESTRICTED SHARE UNITS ("RSU")

The Company has a Restricted Share Unit ("RSU") incentive plan whereby the Company may grant RSUs to eligible employees, officers, directors and consultants with an expiry date and vesting conditions to be determined by the Board of Directors.

#### A continuity schedule for RSUs is as follows:

---

| | |
|:---|:---|
| **Restricted Share Units** | **Number** |
| **Outstanding — December 31, 2022 & 2023** | 400000 |
| Granted | 658826 |
| **Outstanding — December 31, 2024** | **1058826** |
| Granted | 651563 |
| Settled | (566750) |
| Forfeited | (144875) |
| **Outstanding — December 31, 2025** | **998764** |

---

The holders of the RSUs have the right to defer receipt of the common shares underlying the RSUs upon vesting. As at December 31, 2025, there were 464,771 RSUs which are exercisable and settlement has been deferred at the election of the holder.

The grant date fair value of the RSUs is determined using the market value of the underlying common shares at the date of the grant and is adjusted based on the number of RSUs expected to ultimately vest. The weighted average grant date fair value of the RSUs granted during the year ended December 31, 2025 was $2.70 per RSU.

PERFORMANCE RESTRICTED SHARE UNITS ("PRSU")

The Company has a Performance Restricted Share Unit ("PRSU") incentive plan whereby the Company may grant PRSUs to eligible employees, officers, directors and consultants with an expiry date and vesting conditions to be determined by the Board of Directors.

#### A continuity schedule for PRSUs is as follows:

---

| | |
|:---|:---|
| **Performance Restricted Share Units** | **Number** |
| **Outstanding — December 31, 2023 & 2024** | 400000 |
| Granted | 400000 |
| Forfeited | (400000) |
| **Outstanding — December 31, 2025** | **400000** |

---

[**Table of Contents**](#TOC)

On February 28, 2025, 400,000 PRSUs were forfeited upon the resignation of the CEO resulting in the reversal of $0.4 million of previously expensed share-based compensation.

On April 30, 2025, the Company granted 400,000 equity-settled PRSUs to the CEO which vest upon the achievement of the following two milestones: (a) the first anniversary of the date of grant, and (b) a 40-day volume weighted average share price for the Company of greater than or equal to C$7.00 at any time prior to April 1, 2028.

**The following assumptions were used in a Monte Carlo simulation to estimate the grant date fair value of the PRSUs:**

---

| | |
|:---|:---|
|  | **Year ended**<br>**Dec. 31, 2025** |
| Expected stock price volatility | 43.9% |
| Risk-free interest rate<sup>1</sup> | Various |
| Expected life of the options | 3 years |
| Expected dividend yield | 0.0% |
| Forfeiture rate | 0.0% |
| **Grant date fair value per PRSU** | $**1.49** |

---

&nbsp;&nbsp;&nbsp;&nbsp;1. The Risk-free rate was based on the Canadian Overnight Index Swap curve as at the grant date.

#### Earnings per share

#### Basic and diluted earnings (loss) per share is calculated based on the following:

---

| | | |
|:---|:---|:---|
| <br>**In $000s**<br>**(except for shares and per share amounts)** | **Year ended**<br>**Dec. 31, 2025**<br>**$** | **Year ended**<br>**Dec. 31, 2024**<br>**$** |
| Net income (loss) | 20332 | (2448) |
| Basic weighted average number of shares | 92771182 | 76201998 |
| **Basic earnings (loss) per share** | **0.22** | **(0.03)** |
| **Effect of dilutive securities** |  |  |
| Stock options | 1415687 |  |
| RSUs | 1047466 |  |
| PRSUs | 271769 |  |
| **Diluted weighted average number of common shares** | **95506104** | **76201998** |
| **Diluted earnings (loss) per share** | **0.21** | **(0.03)** |

---

The following table lists the number of potentially dilutive securities which were excluded from the computation of diluted earnings per share because the exercise prices plus any unamortized share-based compensation per share, if relevant, exceeded the average market value of the common shares during the year ending December 31, 2025 of C$6.98, or the Company was in a net loss position.

---

| | | |
|:---|:---|:---|
| <br>**Number** | **Year ended**<br>**Dec. 31, 2025** | **Year ended**<br>**Dec. 31, 2024** |
| Stock options |  | 174,487 |
| RSUs |  | 1,031,752 |
| Beedie Convertible Loan |  | 5,320,228 |

---

[**Table of Contents**](#TOC)

**10.** **Administrative Expenses by Nature**

---

| | | |
|:---|:---|:---|
| <br>**In $000s** | **Year ended**<br>**Dec. 31, 2025**<br>**$** | **Year ended**<br>**Dec. 31, 2024**<br>**$** |
| Business development expenses | 146 | 49 |
| Corporate administration | 742 | 392 |
| Professional fees | 911 | 503 |
| Salaries and benefits | 4167 | 2017 |
| **Administrative expenses before share-based compensation** | **5966** | **2961** |
| Share-based compensation | 1674 | 2565 |
| **Total administrative expenses** | **7640** | **5526** |

---

**11.** **Taxation**

#### The breakdown of the income tax expense during the following years is as follows:

---

| | | |
|:---|:---|:---|
| <br>**In $000s** | **Year ended**<br>**Dec. 31, 2025**<br>**$** | **Year ended**<br>**Dec. 31, 2024**<br>**$** |
| Current income tax expense | 560 | 509 |
| Deferred income tax expense | 8710 | 1065 |
| **Total income tax expense** | **9270** | **1574** |

---

The current tax expense was incurred as a withholding tax payable on the royalty revenue earned from certain foreign royalties.

#### Reconciliation of Effective Tax Rate
The income tax amounts disclosed below are based on the tax positions of the Company for the periods presented. The Company is subject to Canadian federal and provincial tax for the estimated assessable profit for the years ended December 31, 2025 and 2024 at a rate of 27%. The Company had no assessable profit in Canada for all periods disclosed.

**The tax expense at statutory rates for the Company can be reconciled to the reported income for the years as follows:**

---

| | | |
|:---|:---|:---|
| <br>**In $000s**<br>**(except for tax rate)** | **Year ended**<br>**Dec. 31, 2025**<br>**$** | **Year ended**<br>**Dec. 31, 2024**<br>**$** |
| Net income (loss) before income tax expense | 29602 | (874) |
| Statutory income tax rate | 27% | 27% |
| **Expected income tax expense (recovery) at the statutory rate** | **7993** | **(236)** |
| Withholding taxes on royalty revenue | 408 | 372 |
| Non-deductible expenses | 621 | 1693 |
| Recognition of temporary differences | 269 | (104) |
| Change in unrecognized tax assets | (21) | (151) |
| **Total income tax expense** | **9270** | **1574** |

---

[**Table of Contents**](#TOC)

#### Deferred Income Taxes

#### The following table summarizes the composition of the Company's deferred tax liabilities:

---

| | | |
|:---|:---|:---|
| <br>**In $000s** | **Year ended**<br>**Dec. 31, 2025**<br>**$** | **Year ended**<br>**Dec. 31, 2024**<br>**$** |
| Greenstone gold interest | (13977) | (5101) |
| Royalty, stream and other interests | (4961) | (1291) |
| Financing costs and other | 2401 | 764 |
| Non-capital losses | 6365 | 4166 |
| **Total recognized net deferred tax liabilities** | **(10172)** | **(1462)** |

---

As at December 31, 2025, the Company has deductible Canadian non-capital tax losses of $23.6 million that expire between 2042 to 2045.

#### The significant components of the Company's unrecognized deferred tax assets are as follows:

---

| | | |
|:---|:---|:---|
| <br>**In $000s** | **Year ended**<br>**Dec. 31, 2025**<br>**$** | **Year ended**<br>**Dec. 31, 2024**<br>**$** |
| Investments and other | 13 | 58 |
| Capital losses | 323 | 257 |
| Non-capital losses | 38 | 38 |
| **Total unrecognized deferred income tax assets** | **374** | **353** |

---

In assessing the recoverability of deferred tax assets other than deferred tax assets resulting from the initial recognition of assets and liabilities that do not affect accounting or taxable profit, management considers whether it is more likely than not that some portion or all of the deferred tax assets will be realized. The ultimate realization of deferred tax assets is dependent upon the generation of future taxable income during the periods in which those temporary differences become deductible.

Tax attributes are subject to revision and potential adjustment by tax authorities.

**12.** **Related Party Transactions**

Related parties are those persons having authority and responsibility for planning, directing and controlling the activities of the Company, either directly or indirectly. Related parties of the Company include the members of the Board of Directors, officers of the Company, close family members of these individuals, and any companies controlled by these individuals.

#### Sandstorm
Sandstorm was a related party of the Company as a result of it having significant influence through its share ownership in the Company and the ability to nominate for election a representative to the board of directors of the Company.

The Company had a convertible note outstanding with Sandstorm which was fully converted during the year ended December 31, 2024, leaving a remaining balance of nil at December 31, 2025.

On October 20, 2025, Sandstorm was acquired by Royal Gold Inc. ("Royal Gold") and Royal Gold became a related party through its acquired share ownership in the Company. Royal Gold subsequently sold its shares in Versamet to Tether Investments, S.A. de C.V. ("Tether") and Nemesia S.à.r.l ("Nemesia"), a company controlled by trusts of the Lundin family, and Royal Gold ceased to be a related party.

The Company entered a License agreement with Sandstorm for C$20,000 per month for rent and other shared office costs for total costs of C$0.2 million for the period between January 1, 2025 and October 20, 2025, when Royal Gold ceased to be a related party.

[**Table of Contents**](#TOC)

#### Equinox
Effective June 28, 2022, Equinox was considered to be a related party of the Company as a result of its share ownership in Versamet. Effective June 5, 2024, Equinox's share ownership percentage was reduced, and it was determined that it no longer had significant influence over the Company and accordingly effective June 5, 2024 is no longer considered to be a related party of Versamet.

The Company entered into the Greenstone gold interest with Equinox during the year ended December 31, 2023 (note 4).

#### B2Gold
Effective June 5, 2024, B2Gold was considered to be a related party of the Company as a result of Versamet being an associate of this entity (as a result of their share ownership in the Company) and the ability of B2Gold to nominate a representative to the board of directors of the Company.

#### Compensation of Key Management Personnel
Key management personnel include persons having the authority and responsibility for planning, directing, and controlling the activities of the Company as a whole. Versamet considers its Board of Directors, as well as the Chief Executive Officer ("CEO") and Chief Financial Officer ("CFO") to be key management personnel. Compensation for key management personnel of the Company was as follows:

---

| | | |
|:---|:---|:---|
| <br>**In $000s** | **Year ended**<br>**Dec. 31, 2025**<br>**$** | **Year ended**<br>**Dec. 31, 2024**<br>**$** |
| Salaries and benefits | 2005 | 850 |
| Share-based compensation | 810 | 1134 |
| **Total** | **2815** | **1984** |

---

**13.** **Segmented Information**

The Company's reportable operating segments, which are components of the Company's business where separate financial information is available and which are evaluated on a regular basis by the Company's CEO, who is the Company's chief operating decision maker, for the purpose of assessing performance, are summarized in the tables below. The Company's operating segments are considered to be its individual royalties, streams and the Greenstone gold interest and the segment measure of profit or loss is Income (loss) before taxes. The Company's head office and general corporate administration (including finance expenses and derivative fair value changes) are included within 'Corporate' to reconcile the reportable segments to the financial statements.

[**Table of Contents**](#TOC)

#### For the year ended December 31, 2025:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| <br>**Segment, Location (In $000s)** | <br>**Sales**<sup>3</sup><br>**$** | <br>**Royalty**<br>**revenue**<sup>3</sup><br>**$** | <br>**Cost of**<br>**sales** <sup>2</sup><br>**$** | <br>**Depletion**<br>**$** | **Change in**<br>**fair value of**<br>**Greenstone**<br>**gold interest**<br>**$** | **Income**<br>**(loss)**<br>**before**<br>**taxes**<br>**$** | **Cash flow**<br>**from**<br>**operating**<br>**activities**<sup>4</sup><br>**$** |
| Blackwater, Canada |  | 1209 |  | (321) |  | 888 | 1209 |
| Cuiú Cuiú, Brazil |  | 250 |  |  |  | 250 | 250 |
| Greenstone, Canada | 14425 |  | (14475) |  | 32922 | 32872 | 11530 |
| Kiaka, Burkina Faso |  | 8101 |  | (1592) |  | 6509 | 8101 |
| Kolpa, Peru | 3860 |  | (388) | (2227) |  | 1245 | 3473 |
| Mercedes, Mexico |  | 2090 |  | (910) |  | 1180 | 2090 |
| Rosh Pinah, Namibia | 2416 |  | (243) | (651) |  | 1522 | 2172 |
| Santa Rita, Brazil |  | 2410 |  | (476) |  | 1934 | 2410 |
| **Total segments** | **20701** | **14060** | **(15106)** | **(6177)** | **32922** | **46400** | **31235** |
| Operating expenses <sup>1</sup> |  |  |  |  |  | (7640) | (5966) |
| Foreign exchange loss |  |  |  |  |  | (548) | (25) |
| Finance and interest expense net of interest income |  |  |  |  |  | (11895) |  |
| Change in fair value of derivative liability |  |  |  |  |  | 3285 |  |
| Income tax paid |  |  |  |  |  |  | (559) |
| Movement in working capital |  |  |  |  |  |  | (7740) |
| **Total Corporate** |  |  |  |  | **—** | **(16798)** | **(14290)** |
| **Segments & Corporate total** | **20701** | **14060** | **(15106)** | **(6177)** | **32922** | **29602** | **16945** |

---

&nbsp;&nbsp;&nbsp;&nbsp;1. Includes all operating expenses from the Statement of Income (Loss) and Comprehensive Income (Loss) with the exception of impairment charges and the change in value of the Greenstone gold interest (and excludes share-based compensation and impairment charges from cash flow from operating activities).

&nbsp;&nbsp;&nbsp;&nbsp;2. Cost of sales include cost of sales for the Greenstone gold interest consisting of a $2.9 million cash payment to Equinox for gold delivered (at a cost per oz of gold equal to 20% of the prevailing market price) and a $11.6 million non-cash partial settlement of the Greenstone gold interest due to the gold delivered in the year.

&nbsp;&nbsp;&nbsp;&nbsp;3. Royalty revenue from the Blackwater, Kiaka, Mercedes and Santa Rita royalties are each considered to be from a single customer. The gold, silver and copper received from the Greenstone gold interest, Rosh Pinah stream and Kolpa stream were each sold to one customer.

&nbsp;&nbsp;&nbsp;&nbsp;4. Segment cash flows from operating activities are based on current year royalty revenues and adjusted for timing of cash receipts through movement in working capital adjustments.

#### For the year ended December 31, 2024:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| <br>**Segment, Location (In $000s)** | <br>**Sales**<sup>3</sup><br>**$** | <br>**Royalty**<br>**revenue**<sup>3</sup><br>**$** | <br>**Cost of**<br>**sales** <sup>2</sup><br>**$** | <br>**Depletion**<br>**$** | **Change in fair**<br>**value of**<br>**Greenstone**<br>**gold interest**<br>**$** | <br>**Impairment**<br>**$** | **Income**<br>**(loss)**<br>**before**<br>**taxes**<br>**$** | **Cash flow**<br>**from**<br>**operating**<br>**activities**<sup>4</sup><br>**$** |
| Greenstone, Canada | 9988 |  | (9989) |  | 14060 |  | 14059 | 7990 |
| Mercedes, Mexico |  | 2037 |  | (843) |  | (8350) | (7156) | 2036 |
| **Total segments** | **9988** | **2037** | **(9989)** | **(843)** | **14060** | **(8350)** | **6903** | **10026** |
| Operating expenses <sup>1</sup> |  |  |  |  |  |  | (5526) | (2961) |
| Foreign exchange loss |  |  |  |  |  |  | 780 | (16) |
| Finance and interest expense net of interest income |  |  |  |  |  |  | (3431) |  |
| Change in fair value of derivative liability |  |  |  |  |  |  | 400 |  |
| Income tax paid |  |  |  |  |  |  |  | (509) |
| Movement in working capital |  |  |  |  |  |  |  | 857 |
| **Total Corporate** | **—** | **—** | **—** | **—** | **—** | **—** | **(7777)** | **(2629)** |
| **Segments & Corporate total** | **9988** | **2037** | **(9989)** | **(843)** | **14060** | **(8350)** | **(874)** | **7397** |

---

&nbsp;&nbsp;&nbsp;&nbsp;1. Includes all operating expenses from the Statement of Income (Loss) and Comprehensive Income (Loss) with the exception of the change in value of the Greenstone gold interest (and excludes share-based compensation from cash flow from operating activities).

&nbsp;&nbsp;&nbsp;&nbsp;2. Cost of sales include cost of sales for the Greenstone gold interest consisting of a $2.0 million cash payment to Equinox for gold delivered (at a cost per oz of gold equal to 20% of the prevailing market price) and a $8.0 million non-cash partial settlement of the Greenstone gold interest due to the gold delivered in the year.

[**Table of Contents**](#TOC)

&nbsp;&nbsp;&nbsp;&nbsp;3. Royalty revenue from the Mercedes royalty is considered to be from one customer. The gold received from the Greenstone gold interest was sold to one customer.

&nbsp;&nbsp;&nbsp;&nbsp;4. Segment cash flows from operating activities are based on current year royalty revenues and adjusted for timing of cash receipts through movement in working capital adjustments.

#### Total Non-Current Assets by Segment

---

| | | |
|:---|:---|:---|
| <br>**In $000s** | **December 31, 2025**<br>**$** | **Dec. 31, 2024**<br>**$** |
| **Prepaid gold interest** |  |  |
| Greenstone gold interest | **72844** | **54658** |
| **Royalty, Stream & Other Assets** |  |  |
| Rosh Pinah, Namibia | 84752 |  |
| Kiaka, Burkina Faso | 57138 | 58730 |
| Santa Rita, Brazil | 38488 |  |
| Kolpa, Peru | 32863 |  |
| El Pilar, Mexico | 17490 | 17490 |
| Vittangi, Sweden | 15000 | 15000 |
| Hackett River, Nunavut | 14716 | 14716 |
| Toega, Burkina Faso | 11205 | 11205 |
| Mocoa, Colombia | 10000 | 10000 |
| Prairie Creek, Canada | 7514 | 7514 |
| Blackwater, Canada | 7217 | 7538 |
| Mercedes, Mexico | 5321 | 6231 |
| Mason, Nevada | 4876 | 4876 |
| Converse, Nevada | 4391 | 4391 |
| Pilar, Brazil | 3350 | 3350 |
| Cuiú Cuiú, Brazil | 2070 | 2070 |
| Primavera, Nicaragua | 1391 | 1391 |
| Other | 904 | 904 |
| **Total Royalty, stream & other interests** | **318686** | **165406** |
| **Total** | **391530** | **220064** |

---

#### Total Non-Current Assets by Geographic Region

---

| | | |
|:---|:---|:---|
| <br>**In $000s** | **December 31, 2025**<br>**$** | **Dec. 31, 2024**<br>**$** |
| North America | 134369 | 117414 |
| Africa | 153095 | 69935 |
| Central and South America | 88162 | 16811 |
| Europe | 15000 | 15000 |
| Other | 904 | 904 |
| **Total** | **391530** | **220064** |

---

**14.** **Supplemental Cash Flow Information**

---

| | | |
|:---|:---|:---|
| <br>**In $000s** | **Year ended**<br>**Dec. 31, 2025**<br>**$** | **Year ended**<br>**Dec. 31, 2024**<br>**$** |
| **Changes in non-cash working capital:** |  |  |
| Trade and other receivables and prepaid assets | (9324) | 76 |
| Trade and other payables | 1584 | 781 |
| **Net (decrease) increase in cash** | **(7740)** | **857** |
| **Significant non-cash transactions:** |  |  |
| Equity issued for royalty portfolio acquisition |  | 81860 |
| Settlement of convertible note in shares |  | 7629 |
| Settlement of interest payments in shares (note 8) | 155 | 487 |

---

[**Table of Contents**](#TOC)

**15.** **Financial Instruments**

As at December 31, 2025 and 2024, the Company's financial instruments consist of cash and cash equivalents, trade and other receivables, investments, the Greenstone gold interest, trade and other payables and the Credit Facilities. The Company classifies cash and cash equivalents and trade and other receivables as financial assets held at amortized cost; the Company holds its investments at FVTOCI. The Company classifies trade and other payables and the Credit Facilities as other financial liabilities held at amortized cost. The Greenstone gold interest is carried at FVTPL.

The fair value hierarchy establishes three levels to classify the inputs of valuation techniques used to measure fair value. The three levels of the fair value hierarchy are below:

**Level 1** — fair values based on unadjusted quoted prices in active markets for identical assets or liabilities;

**Level 2** — fair values based on inputs that are observable for the asset or liability, either directly or indirectly; and

**Level 3** — fair values based on inputs for the asset or liability that are not based on observable market data.

The following table sets forth the Company's financial assets and liabilities measured at fair value on a recurring basis by level within the fair value hierarchy as at December 31, 2025 and 2024:

#### As at December 31, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
| <br>**In $000s** | <br>**Total**<br>**$** | **Quoted prices in active** <br>**markets for identical** <br>**assets (Level 1)**<br>**$** | **Significant other** <br>**observable inputs**<br>**(Level 2)**<br>**$** | **Significant** <br>**unobservable inputs** <br>**(Level 3)**<br>**$** |
| Investments | 1011 | 1011 |  |  |
| Greenstone gold interest | 83628 |  |  | 83628 |
| **Total** | **84639** | **1011** | **—** | **83628** |

---

#### As at December 31, 2024:

---

| | | | | |
|:---|:---|:---|:---|:---|
| <br>**In $000s** | <br>**Total**<br>**$** | **Quoted prices in active** <br>**markets for identical** <br>**assets (Level 1)**<br>**$** | **Significant other** <br>**observable inputs** <br>**(Level 2)**<br>**$** | **Significant** <br>**unobservable inputs** <br>**(Level 3)**<br>**$** |
| Investments | 730 | 730 |  |  |
| Greenstone gold interest | 62286 |  |  | 62286 |
| Beedie Convertible Loan | 12334 |  | 12334 |  |
| Beedie Derivative Liability | 3285 |  |  | 3285 |
| **Total** | **78635** | **730** | **12334** | **65571** |

---

The fair value of the Company's other financial instruments, which include cash and cash equivalents, trade and other receivables, and trade and other payables, approximate their carrying values at December 31, 2025 and 2024, due to their short-term nature. The fair value of the Company's Credit Facilities, which is measured using Level 2 inputs, approximates its carrying value due to the nature of its market-based rate of interest. There were no transfers between the levels of the fair value hierarchy during the years ended December 31, 2025 and 2024.

The risk exposure arising from these financial instruments is summarized as follows:

#### Credit risk
Credit risk is the risk of potential loss to the Company if the counterparty to a financial instrument fails to meet its contractual obligations. The Company's credit risk is limited to the carrying value of its cash and cash equivalents and trade and other receivables. The Company's trade and other receivables are subject to the credit risk of the counterparties who own and operate the mines underlying Versamet's royalty, stream and other assets portfolio. In order to mitigate its exposure to credit risk, the Company monitors its financial assets and holds its cash with a highly rated Canadian financial institution.

[**Table of Contents**](#TOC)

#### Liquidity risk
Liquidity risk is the risk that the Company will not be able to meet its financial obligations as they become due. The Company's approach to managing liquidity risk is to have in place a planning and budgeting process to ensure that it will have sufficient liquidity to meet liabilities when due in the normal course of operations. In assessing liquidity risk, the Company takes into account its cash and expected income from royalties, stream and the Greenstone gold interest.

**The following table shows the Company's contractual obligations as they fall due as at December 31, 2025 and total at December 31, 2024:**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| <br>**In $000s** | <br>**Within 1 year**<br>**$** | <br>**1–5 years**<br>**$** | <br>**Over 5 years**<br>**$** | **Total**<br>**Dec. 31, 2025**<br>**$** | **Total**<br>**Dec. 31, 2024**<br>**$** |
| Trade and other payables | 2878 |  |  | 2878 | 1233 |
| Credit facilities <sup>1</sup> | 41711 | 153089 |  | 194800 | 1153 |
| Beedie Convertible Loan <sup>1</sup> |  |  |  |  | 21784 |
| **Total** | **44589** | **153089** | **—** | **197678** | **24170** |

---

&nbsp;&nbsp;&nbsp;&nbsp;1. The estimated interest amounts related to the Credit facilities and the Beedie Convertible Loan are included in the table above.

#### Market risk
Market risk is the risk that changes in market prices, such as commodity price risk, foreign exchange rates, interest rates and equity prices will affect the Company's income or the value of its holdings or financial instruments.

Commodity price risk is the risk that the fair value or future cash flows of the Company's financial instruments will fluctuate because of changes in market prices. Commodity prices can be subject to volatile price movements, which can be material and can occur over short periods of time and are affected by numerous factors, all of which are beyond the Company's control.

Financial instruments that impact net income and total comprehensive income of the Company due to currency fluctuations include cash and cash equivalents, investments, and trade and other payables denominated in Canadian dollars. Based on the Company's Canadian dollar monetary assets and monetary liabilities as at December 31, 2025, a 10% increase or decrease in the Canadian dollar relative to the United States dollar would have an approximate impact of $0.1 million on net income and $0.1 million on total comprehensive income as at December 31, 2025.

The Company is exposed to commodity price movements as a result of the Greenstone gold interest (note 4). The Company holds the Greenstone gold interest at FVTPL. The fair value is calculated using a series of inputs into a discounted cash flow including the gold price. A 10% increase or decrease in the gold price used in the valuation as at December 31, 2025 would increase or decrease net income and total comprehensive income by $7.6 million.

**16.** **Capital Management**

The Company manages its capital structure and adjusts it, based on the funds available to the Company, to support its' activities, continue as a going concern and maximize its return to stakeholders. The Company considers capital to be all accounts in equity and all borrowings of the Company. The Company is subject to certain covenants under the Credit Facilities (note 7); at December 31, 2025 the Company was in compliance with all covenants. The Board of Directors does not establish quantitative return on capital criteria for management but rather relies on the expertise of management to maintain an appropriate liquidity profile to allow management to execute on its strategic plan. Additional funds may be required to finance the Company's operations in the future.

[**Table of Contents**](#TOC)

**17.** **Subsequent events**

On January 2, 2026, the Company granted 185,200 RSUs to officers, employees, and consultants which vest in 3 equal tranches on the first, second and third anniversaries of the date of the grant. On January 2, 2026, the Company granted 50,000 RSUs to directors which vested on February 2, 2026.

On February 9, 2026, the Company completed a bought deal public offering (the "Offering"), pursuant to which the Company sold 10,300,000 common shares, at a price of C$13.75 per common share for gross proceeds of C$141.6 million. The Company paid the underwriters a cash fee of 5% of the aggregate gross proceeds of the Offering. Concurrently, the Company completed a non-brokered private placement with Tether Investments S.A. de C.V. ("Tether Investments"), to which the Company sold 1,575,712 common shares at a price of C$13.75 for proceeds of C$21.7 million, pursuant to the exercise of Tether Investment's participation rights in the Offering.

The Company repaid $126.0 million on amounts drawn on the Company's Credit Facilities (note 7) from proceeds from the Offering and private placement and cash on hand.

On March 4, 2026, the Company amended its credit facility agreement to upsize the RCF to $200.0 million with a $25.0 million accordion feature and retire the TL, which was fully repaid. The interest rates and standby fees on the Upsized RCF remain unchanged from those under the Credit Facilities agreement (note 7). The Upsized RCF matures on March 4, 2029.

On March 5, 2026, the Company's common shares commenced trading on the Nasdaq Capital Market ("Nasdaq") under the symbol "VMET".

## Exhibit 4.12

**Exhibit 4.12**

CERTAIN IDENTIFIED INFORMATION HAS BEEN EXCLUDED FROM THIS EXHIBIT BECAUSE IT IS BOTH (I) NOT MATERIAL AND (II) IS THE TYPE THAT THE REGISTRANT TREATS AS PRIVATE OR CONFIDENTIAL. REDACTED TERMS IN THIS EXHIBIT ARE DESIGNATED BY [\*].

**Execution Version**

**VERSAMET ROYALTIES CORPORATION**

**as Borrower**

**and**

**CERTAIN OF THE BORROWER'S SUBSIDIARIES**

**as Guarantors**

**and**

**THE LENDERS FROM TIME TO TIME**

**PARTY TO THIS AGREEMENT**

**as Lenders**

**and**

**BANK OF MONTREAL**

**in its capacity as Administrative Agent**

**and**

**BMO CAPITAL MARKETS and NATIONAL BANK CAPITAL MARKETS**

**in their capacities as Co-Lead Arrangers and Joint Bookrunners**

**US$400,000,000 Credit facilities**

**DATED AS OF APRIL 2, 2026**

![Graphic](tmb-20251231xex4d12001.jpg)

Fasken Martineau DuMoulin LLP

Toronto, Ontario

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**TABLE OF CONTENTS**

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| | | |
|:---|:---|:---|
| ARTICLE 1 INTERPRETATION | ARTICLE 1 INTERPRETATION | 1 |
| 1.1 | Definitions | 1 |
| 1.2 | Construction | 36 |
| 1.3 | Certain Rules of Interpretation | 36 |
| 1.4 | Terms Generally | 37 |
| 1.5 | Knowledge | 37 |
| 1.6 | Performance on Banking Days | 37 |
| 1.7 | Accounting Terms & Calculations | 37 |
| 1.8 | Change in Accounting Policies | 38 |
| 1.9 | Permitted Liens | 38 |
| 1.10 | Effect of this Amendment and Restatement | 38 |
| ARTICLE 2 THE CREDIT FACILITIES | ARTICLE 2 THE CREDIT FACILITIES | 39 |
| 2.1 | Establishment of Credit Facilities and Availment Options | 39 |
| 2.2 | Reborrowing | 39 |
| 2.3 | Use of the Credit Facilities | 39 |
| 2.4 | Term and Repayment | 40 |
| 2.5 | Mandatory Prepayments | 42 |
| 2.6 | Voluntary Prepayments | 42 |
| 2.7 | Interest Rates and Fees | 43 |
| 2.8 | Other Fees | 43 |
| 2.9 | Accordion Feature | 43 |
| ARTICLE 3 GUARANTEES | ARTICLE 3 GUARANTEES | 46 |
| 3.1 | Guarantees | 46 |
| 3.2 | Obligations Guaranteed by the Guarantees | 46 |
| ARTICLE 4 SECURITY | ARTICLE 4 SECURITY | 47 |
| 4.1 | Borrower's Security Documents | 47 |
| 4.2 | Guarantors' Security Documents | 48 |
| 4.3 | Additional Security Documents | 49 |
| ARTICLE 5 CLOSING CONDITIONS | ARTICLE 5 CLOSING CONDITIONS | 49 |
| 5.1 | Conditions Precedent to Closing and Future Advances | 49 |
| 5.2 | Conditions Precedent to all Advances | 52 |
| 5.3 | Conditions Precedent to Advance of the Second Restatement Drawdown | 53 |
| ARTICLE 6 ADVANCES | ARTICLE 6 ADVANCES | 53 |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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| | | |
|:---|:---|:---|
| 6.1 | Evidence of Indebtedness | 53 |
| 6.2 | Calculation and Other Matters Regarding Interest and Fees | 53 |
| 6.3 | Conversions, Rollovers, Renewals, Repayments and Reductions | 56 |
| 6.4 | Notice of Advances and Payments | 57 |
| 6.5 | Size and Term of Advances | 57 |
| 6.6 | Payment of Term Benchmark | 58 |
| 6.7 | Co-ordination of Base Rate and Term Benchmark | 58 |
| 6.8 | Alternate Rate of Interest | 59 |
| 6.9 | Illegality | 61 |
| 6.10 | Failure of Lender to Fund | 62 |
| 6.11 | Payments by the Borrower | 63 |
| 6.12 | Payments by Agent | 63 |
| ARTICLE 7 REPRESENTATIONS AND WARRANTIES | ARTICLE 7 REPRESENTATIONS AND WARRANTIES | 65 |
| 7.1 | Representations and Warranties | 65 |
| 7.2 | Survival of Representations and Warranties | 73 |
| ARTICLE 8 COVENANTS | ARTICLE 8 COVENANTS | 74 |
| 8.1 | Financial Covenants | 74 |
| 8.2 | Positive Covenants | 74 |
| 8.3 | Periodic Reports and Notices | 78 |
| 8.4 | Negative Covenants | 82 |
| ARTICLE 9 EVENTS OF DEFAULT | ARTICLE 9 EVENTS OF DEFAULT | 85 |
| 9.1 | Events of Default | 85 |
| 9.2 | Acceleration and Termination of Rights | 89 |
| 9.3 | Remedies | 90 |
| 9.4 | Saving | 90 |
| 9.5 | Perform Obligations | 90 |
| 9.6 | Third Parties | 90 |
| 9.7 | Remedies Cumulative | 91 |
| 9.8 | Suspension of Lenders' Obligations | 91 |
| 9.9 | Set-Off or Compensation | 91 |
| 9.10 | Application of Payments After an Event of Default | 92 |
| ARTICLE 10 AGENCY PROVISIONS | ARTICLE 10 AGENCY PROVISIONS | 92 |
| 10.1 | Appointment of BMO as Agent | 92 |
| 10.2 | Rights as a Lender | 93 |

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| | | |
|:---|:---|:---|
| 10.3 | Exculpatory Provisions | 93 |
| 10.4 | Reliance by Agent | 94 |
| 10.5 | Delegation of Duties | 94 |
| 10.6 | Direct Payments | 94 |
| 10.7 | Administration of the Credit Facilities | 95 |
| 10.8 | Rights of Agent | 98 |
| 10.9 | Acknowledgements, Representations and Covenants of Lenders | 99 |
| 10.10 | Collective Action of the Lenders | 100 |
| 10.11 | Successor Agent | 100 |
| 10.12 | No Other Duties etc. | 101 |
| 10.13 | Reference Lenders | 101 |
| 10.14 | Provisions Operative Between Lenders and Agent Only | 102 |
| 10.15 | Erroneous Payments | 102 |
| ARTICLE 11 ADDITIONAL LENDERS, SUCCESSORS AND ASSIGNS | ARTICLE 11 ADDITIONAL LENDERS, SUCCESSORS AND ASSIGNS | 106 |
| 11.1 | Successors and Assigns | 106 |
| 11.2 | Assignments by Lenders | 106 |
| 11.3 | Register | 107 |
| 11.4 | Participations | 108 |
| 11.5 | Certain Pledges | 108 |
| ARTICLE 12 SUCCESSOR COMPANIES AND ADDITIONAL OBLIGORS | ARTICLE 12 SUCCESSOR COMPANIES AND ADDITIONAL OBLIGORS | 108 |
| 12.1 | Certain Requirements in Respect of Merger, Etc. | 108 |
| 12.2 | Vesting of Powers in Successor | 110 |
| ARTICLE 13 MISCELLANEOUS PROVISIONS | ARTICLE 13 MISCELLANEOUS PROVISIONS | 110 |
| 13.1 | Severability, Etc. | 110 |
| 13.2 | Amendment, Supplement or Waiver | 111 |
| 13.3 | Governing Law | 111 |
| 13.4 | Conflicts | 112 |
| 13.5 | Judgment Currency | 112 |
| 13.6 | Liability of Lenders | 113 |
| 13.7 | Expenses and Indemnity | 113 |
| 13.8 | Taxes | 114 |
| 13.9 | Increased Costs etc. | 115 |
| 13.10 | Indemnity Relating to Credits | 117 |
| 13.11 | Mitigation Obligations; Replacement of Lenders | 117 |

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| | | |
|:---|:---|:---|
| 13.12 | Illegality | 118 |
| 13.13 | Notices | 118 |
| 13.14 | Time of the Essence | 119 |
| 13.15 | Term of Agreement | 119 |
| 13.16 | Counterparts and Facsimile | 120 |
| 13.17 | Waiver of Jury Trial, Consequential Damages Etc. | 120 |
| 13.18 | Treatment of Certain Information: Confidentiality | 121 |
| 13.19 | Discharge of Guarantees and Security | 122 |
| 13.20 | Anti-Money Laundering Legislation | 122 |
| 13.21 | Entire Agreement | 123 |
| SCHEDULE 1 LENDERS' APPLICABLE PERCENTAGES | SCHEDULE 1 LENDERS' APPLICABLE PERCENTAGES | 128 |
| SCHEDULE 2 FORM OF ASSIGNMENT AND ASSUMPTION | SCHEDULE 2 FORM OF ASSIGNMENT AND ASSUMPTION | 129 |
| SCHEDULE 3 TL AMORTIZATION SCHEDULE | SCHEDULE 3 TL AMORTIZATION SCHEDULE | 134 |
| SCHEDULE 2.6 | SCHEDULE 2.6 | 135 |
| APPLICABLE MARGIN | APPLICABLE MARGIN | 135 |
| SCHEDULE 4 COMPLIANCE CERTIFICATE | SCHEDULE 4 COMPLIANCE CERTIFICATE | 136 |
| SCHEDULE 3.1(B) AGREEMENT OF NEW OBLIGOR SUPPLEMENT TO CREDIT AGREEMENT | SCHEDULE 3.1(B) AGREEMENT OF NEW OBLIGOR SUPPLEMENT TO CREDIT AGREEMENT | 138 |
| SCHEDULE 5 ACCORDION AGREEMENT | SCHEDULE 5 ACCORDION AGREEMENT | 140 |
| SCHEDULE 6 MATERIAL SUBSIDIARIES | SCHEDULE 6 MATERIAL SUBSIDIARIES | 142 |
| SCHEDULE 6.5(A) NOTICE OF ADVANCE, PAYMENT, ROLLOVER OR CONVERSION | SCHEDULE 6.5(A) NOTICE OF ADVANCE, PAYMENT, ROLLOVER OR CONVERSION | 143 |
| SCHEDULE 7.1(O) PLACES OF BUSINESS / LOCATIONS OF TANGIBLE PERSONAL PROPERTY | SCHEDULE 7.1(O) PLACES OF BUSINESS / LOCATIONS OF TANGIBLE PERSONAL PROPERTY | 146 |
| SCHEDULE 7.1(P) MATERIAL AGREEMENTS | SCHEDULE 7.1(P) MATERIAL AGREEMENTS | 147 |
| SCHEDULE 7.1(Q) ORGANIZATIONAL CHART | SCHEDULE 7.1(Q) ORGANIZATIONAL CHART | 148 |
| SCHEDULE 7.1(T) REAL PROPERTY INTERESTS | SCHEDULE 7.1(T) REAL PROPERTY INTERESTS | 149 |
| SCHEDULE 7.1(Y) INSURANCE POLICIES | SCHEDULE 7.1(Y) INSURANCE POLICIES | 150 |
| SCHEDULE 13.18(C) INFORMATION THAT MAY BE DISCLOSED | SCHEDULE 13.18(C) INFORMATION THAT MAY BE DISCLOSED | 151 |

---

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**SECOND AMENDED AND RESTATED CREDIT AGREEMENT** dated as of April 2nd, 2026.

**BETWEEN:**

**VERSAMET ROYALTIES CORPORATION**

**(formerly known as Sandbox Royalties Corp.)**

 **as Borrower**

**- and -**

**CERTAIN OF THE BORROWER'S SUBSIDIARIES**

**as Guarantors**

**- and -**

**THE LENDERS FROM TIME TO TIME PARTY**

**TO THIS AGREEMENT**

**as Lenders**

**- and -**

**BANK OF MONTREAL**

**in its capacity as Administrative Agent**

**RECITALS:**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. **WHEREAS** the Borrower, the Guarantors, the Agent and certain financial institutions as lenders entered into an amended and restated credit agreement dated as of September 24, 2025, as amended prior to the date hereof by a first amending agreement dated as of November 11, 2025 and a second amending agreement dated as of March 4, 2026 (as so amended, the "**Existing Credit Agreement** ");

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. **AND WHEREAS** the parties have agreed to amend and restate the Existing Credit Agreement on the terms and subject to the conditions set forth herein.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C. **NOW THEREFORE THIS AGREEMENT WITNESSES** that, in consideration of the premises, the covenants herein contained and other valuable consideration, the Parties agree as follows:

**Article 1**

**INTERPRETATION**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.1** **Definitions** 

In this Agreement (and in any other Loan Document unless otherwise defined therein), unless the context otherwise requires:

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"**Accepting Lender Notice**" is defined in Section 2.4(c).

"**Accepting Lenders**" means, for the purposes of Section 2.4, the Lenders that accept a request to extend the RCF Maturity Date under Section 2.4(c).

"**Accordion Agreement**" means an agreement in the form of Schedule 5 (or in such other form to substantially similar effect as the Agent may accept), duly completed, executed and delivered by or on behalf of the Borrower and the Agent pursuant to Section 2.9(c).

"**Accordion Lender**" means an Increasing Lender or a New Accordion Lender.

"**Accordion Limit**" means $100,000,000.

"**Acquisition**" means (1) any transaction, or any series of related transactions, consummated after the date hereof, by which any Person directly or indirectly, by means of a take-over bid, tender offer, amalgamation, reorganization, merger, purchase of assets or otherwise, whether in a single step or transaction or series of steps or transactions, (a) acquires any Property of any Person constituting all or any part of a business, unit, line, office or division, (b) acquires Equity Interests of a Person engaged in a business representing more than 50% of the ordinary voting power for the election of directors or other governing position if the business affairs of such Person are managed by a board of directors or other governing body, (c) acquires more than 50% of the Equity Interests in any Person engaged in any business that is not managed by a board of directors or other governing body, or (d) acquires *de facto* Control of any Person by contract or otherwise or (2) the entry into or acquisition of a Commodity Purchase Contract, Royalty Agreement or Other Commodity Agreement.

"**Acquisition Deadline**" is defined in Section 2.4(f)(i)(A).

"**Acquisition Notice**" is defined in Section 2.4(f)(i)(A).

"**Acquisition Request Notice**" is defined in Section 2.4(f)(i).

"**Adjusted Term SOFR Rate**" means, for any calculation with respect to a Term Benchmark Advance, **[Redacted – Commercially Sensitive Information]** per annum; provided, in each case, that if the Adjusted Term SOFR Rate as so determined would be less than the Floor, such rate shall be deemed to be equal to the Floor for the purposes of this Agreement.

"**Advance**" means an availment of the Credit Facilities by the Borrower by way of Base Rate Advance, or Term Benchmark Advance, including deemed advances and conversions, renewals and rollovers of existing Advances. Any reference to the amount of Advances is a reference to the sum of all outstanding Base Rate Advances and Term Benchmark Advances and the amount of any Advance for which the Borrower has failed to provide for payment under Section 6.6.

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"**Advance Date**" means the date, which shall be a Banking Day, of any Advance.

"**Affiliate**" means, with respect to a specified Person, another Person that directly, or indirectly through one or more intermediaries, Controls or is Controlled by or is under common Control with the Person specified.

"**Agency Fee Letter**" means the fee letter agreement dated as of the Original Closing Date between BMO and the Borrower which provides for, *inter alia*, the payment of an agency fee by the Borrower to BMO, as Agent.

"**Agent**" means Bank of Montreal in its role as administrative agent for the Lenders, and any successor administrative agent appointed in accordance with this Agreement.

"**Agreement**" means this Second Amended and Restated Credit Agreement, including all Schedules to this Second Amended and Restated Credit Agreement.

"**Agreement Currency**" is defined in Section 13.5.

"**Applicable Law**" means (a) any domestic or foreign statute, law (including common and civil law), treaty, code, ordinance, rule, regulation, restriction or by-law (zoning or otherwise); (b) any judgement, order, writ, injunction, decision, ruling, decree or award; (c) any regulatory policy, practice, guideline or directive; or (d) any franchise, licence, qualification, authorization, consent, exemption, waiver, right, permit or other approval of any Governmental Authority, binding on or affecting the Person referred to in the context in which the term is used or binding on or affecting the property of such Person, in each case whether or not having the force of law, but if not having the force of law, compliance with which is reasonable and customary by those to whom it applies.

"**Applicable Margin**" means the aggregate of: (i) the applicable interest rate margin or fee rate, as the case may be, expressed as a percentage per annum as set forth in the table in Schedule 2.6 hereto plus, and (ii) at all times during the continuance of an Event of Default, the Applicable Margin shall, in each case, to the extent permitted by Applicable Law, be determined in accordance with Section 2.7(e). Notwithstanding the foregoing, the Applicable Margin shall be set at no lower than Level VII in Schedule 2.6 hereto for the period commencing on the Second Restatement Date up to and including the date on which the Borrower delivers to the Agent a Compliance Certificate for the Fiscal Quarter ended June 30, 2026 in accordance with Section 8.3(a)(iii).

"**Applicable Percentage**" means with respect to any Lender, the percentage of the total Commitments represented by such Lender's Commitment. If the Commitments have terminated or expired, the Applicable Percentage shall be the percentage of the total outstanding Advances represented by such Lender's outstanding Advances. Each Lender's Applicable Percentage as of the date of this Agreement is specified on Schedule 1.

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"**Arm's Length**" has the meaning ascribed thereto for the purposes of the Tax Act in effect as of the date hereof.

"**Artemis**" means Artemis Gold Inc.

"**Artemis Royalty Agreement**" means, collectively, (i) the Option Agreement dated May 8, 2009 among Richfield Ventures Corp., as optionee, and Jane Roderick, Rebekah Antkow, David Rozek, Benjamin Rozek and John Blackwell (the "**Optionors**"), (ii) the Royalty Purchase Agreement dated November 26, 2020 among certain Optionors (the "**Vendors**") and Nomad Royalty Company Ltd. ("**Nomad**") and (iii) the Royalty Assignment and Assumption Agreement dated January 11, 2021 among the Vendors, as assignors, and the Nomad, as assignee.

"**Assignment and Assumption**" means an agreement in substantially the form of Schedule 2 or any other form approved by the Agent.

"**Authorization**" means, with respect to any Person, any order, permit, approval, grant, licence, consent, right, franchise, privilege, certificate, exemption, waiver, registration or other authorization of any Governmental Authority having jurisdiction over such Person or the property and assets of such Person.

"**Available Amount**" is defined in Section 2.4(f)(i)(A).

"**Available Tenor**" means, as of any date of determination and with respect to the then-current Benchmark, as applicable, any tenor for such Benchmark (or component thereof) or payment period for interest calculated with reference to such Benchmark (or component thereof), as applicable, that is or may be used for determining the length of an Interest Period for any term rate or otherwise, for determining any frequency of making payments of interest calculated pursuant to this Agreement as of such date and not including, for the avoidance of doubt, any tenor for such Benchmark that is then-removed from the definition of "Interest Period" pursuant to clause (e) of ‎Section 6.8.

"**B2Gold Purchase Agreement**" means the Royalty Sale and Purchase Agreement dated as of June 4, 2024 between B2Gold Corp., as vendor, and the Borrower, as purchaser.

"**Banking Day**" means a day of the year, other than a Saturday or a Sunday, on which:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the Agent is open for normal banking business at its executive offices in Toronto, Canada and its principal office in Toronto, Canada;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) with respect to Base Rate Advances, the Agent is open for normal banking business at its principal offices in New York City or Chicago, U.S.A.; and

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) with respect to notices, determinations, payments or advances relating to Term Benchmark Advances, the Agent is open for normal banking business at its principal offices in New York City or Chicago, U.S.A.;

except that, in connection with making or repaying an Advance, if banks are open in some but not all of these locations on a particular day and the Agent determines that the closing of those banks on that day will not adversely affect completion of relevant transactions in accordance with customary banking market and trading practices, the Agent may, on reasonable notice to the Borrower and the Lenders, specify that particular day to be a Banking Day.

"**Base Rate**" means, on any day, the greatest of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the annual rate of interest announced by the Agent on that day as its reference rate for commercial loans made by it in Canada in US Dollars;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the Federal Funds Effective Rate plus **[Redacted – Commercially Sensitive Information]**; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Adjusted Term SOFR Rate plus **[Redacted – Commercially Sensitive Information]**.

"**Base Rate Advance**" means an Advance in US Dollars bearing interest based on the Base Rate, and includes deemed Base Rate Advances.

"**Basel III**" means: (a) the agreements on capital requirements, leverage ratio and liquidity standards contained in "Basel III: A global regulatory framework for more resilient banks and banking systems", "Basel III: International framework for liquidity risk measurement standards and monitoring" and "Guidance for national authorities operating the countercyclical capital buffer" published by the Basel Committee on Banking Supervision in December 2010, each as amended, supplemented or restated; and (b) any further guidance or standards published by the Basel Committee on Banking Supervision relating to "Basel III".

"**Benchmark**" means, initially, with respect to any Term Benchmark Advance, the Term SOFR Rate; provided that if a Benchmark Transition Event, and the related Benchmark Replacement Date have occurred with respect to the Term SOFR Rate, or the then-current Benchmark, then "**Benchmark**" means the applicable Benchmark Replacement to the extent that such Benchmark Replacement has replaced such prior benchmark rate pursuant to clause (b) of Section 6.8.

"**Benchmark Replacement**" means, for any Available Tenor, the sum of: (a) the alternate benchmark rate that has been selected by the Agent and the Borrower as the replacement for the then-current Benchmark for the applicable Corresponding Tenor giving due consideration to (i) any selection or recommendation of a replacement benchmark rate or the mechanism for determining such a rate by the Relevant Governmental Body or (ii) any evolving or then-prevailing market convention for determining a benchmark rate as a replacement for the then-current

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Benchmark for dollar-denominated syndicated credit facilities at such time in the United States and (b) the related Benchmark Replacement Adjustment.

If the Benchmark Replacement as determined pursuant to the above would be less than the Floor, the Benchmark Replacement will be deemed to be the Floor for the purposes of this Agreement and the other Loan Documents.

"**Benchmark Replacement Adjustment**" means, with respect to any replacement of the then-current Benchmark with an Unadjusted Benchmark Replacement for any applicable Interest Period and Available Tenor for any setting of such Unadjusted Benchmark Replacement, the spread adjustment, or method for calculating or determining such spread adjustment, (which may be a positive or negative value or zero) that has been selected by the Agent and the Borrower for the applicable Corresponding Tenor giving due consideration to (i) any selection or recommendation of a spread adjustment, or method for calculating or determining such spread adjustment, for the replacement of such Benchmark with the applicable Unadjusted Benchmark Replacement by the Relevant Governmental Body on the applicable Benchmark Replacement Date and/or (ii) any evolving or then-prevailing market convention for determining a spread adjustment, or method for calculating or determining such spread adjustment, for the replacement of such Benchmark with the applicable Unadjusted Benchmark Replacement for dollar-denominated syndicated credit facilities at such time.

"**Benchmark Replacement Conforming Changes**" means, with respect to any Benchmark Replacement and/or any Term Benchmark Advance, any technical, administrative or operational changes (including changes to the definition of "Banking Day," the definition of "U.S. Government Securities Business Day," the definition of "Interest Period," timing and frequency of determining rates and making payments of interest, timing of borrowing requests or prepayment, conversion or rollover notices, length of lookback periods, the applicability of breakage provisions, and other technical, administrative or operational matters) that the Agent reasonably determines may be appropriate to reflect the adoption and implementation of such Benchmark and to permit the administration thereof by the Agent in a manner substantially consistent with market practice (or, if the Agent determines that adoption of any portion of such market practice is not administratively feasible or if the Agent determines that no market practice for the administration of such Benchmark exists, in such other manner of administration as the Agent determines is reasonably necessary in connection with the administration of this Agreement and the other Loan Documents).

"**Benchmark Replacement Date**" means, with respect to any Benchmark, the earliest to occur of the following events with respect to such then-current Benchmark:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1)in the case of clause (1) or (2) of the definition of "Benchmark Transition Event," the later of (a) the date of the public statement or publication of information referenced therein and (b) the date on which the administrator of such Benchmark

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(or the published component used in the calculation thereof) permanently or indefinitely ceases to provide all Available Tenors of such Benchmark (or such component thereof); or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2)in the case of clause (3) of the definition of "Benchmark Transition Event," the first date on which such Benchmark (or the published component used in the calculation thereof) has been determined and announced by the regulatory supervisor for the administrator of such Benchmark (or such component thereof) to be no longer representative; provided, that such non-representativeness will be determined by reference to the most recent statement or publication referenced in such clause (c) and even if any Available Tenor of such Benchmark (or such component thereof) continues to be provided on such date.

For the avoidance of doubt, (i) if the event giving rise to the Benchmark Replacement Date occurs on the same day as, but earlier than, the Reference Time in respect of any determination, the Benchmark Replacement Date will be deemed to have occurred prior to the Reference Time for such determination and (ii) the "Benchmark Replacement Date" will be deemed to have occurred in the case of clause (1) or (2) with respect to any Benchmark upon the occurrence of the applicable event or events set forth therein with respect to all then-current Available Tenors of such Benchmark (or the published component used in the calculation thereof).

"**Benchmark Transition Event**" means, with respect to any Benchmark, the occurrence of one or more of the following events with respect to such then-current Benchmark:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) a public statement or publication of information by or on behalf of the administrator of such Benchmark (or the published component used in the calculation thereof) announcing that such administrator has ceased or will cease to provide all Available Tenors of such Benchmark (or such component thereof), permanently or indefinitely, provided that, at the time of such statement or publication, there is no successor administrator that will continue to provide any Available Tenor of such Benchmark (or such component thereof);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) a public statement or publication of information by the regulatory supervisor for the administrator of such Benchmark (or the published component used in the calculation thereof), the Federal Reserve Board, the NYFRB, the Term SOFR Administrator, an insolvency official with jurisdiction over the administrator for such Benchmark (or such component), a resolution authority with jurisdiction over the administrator for such Benchmark (or such component) or a court or an entity with similar insolvency or resolution authority over the administrator for such Benchmark (or such component), in each case, which states that the administrator of such Benchmark (or such component) has ceased or will cease to provide all Available Tenors of such Benchmark (or such

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component thereof) permanently or indefinitely; provided that, at the time of such statement or publication, there is no successor administrator that will continue to provide any Available Tenor of such Benchmark (or such component thereof); or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) a public statement or publication of information by the regulatory supervisor for the administrator of such Benchmark (or the published component used in the calculation thereof) announcing that all Available Tenors of such Benchmark (or such component thereof) are no longer, or as of a specified future date will no longer be, representative.

For the avoidance of doubt, a "Benchmark Transition Event" will be deemed to have occurred with respect to any Benchmark if a public statement or publication of information set forth above has occurred with respect to each then-current Available Tenor of such Benchmark (or the published component used in the calculation thereof).

"**Benchmark Unavailability Period**" means, with respect to any Benchmark, the period (if any) (x) beginning at the time that a Benchmark Replacement Date pursuant to clauses (1) or (2) of that definition has occurred if, at such time, no Benchmark Replacement has replaced such then-current Benchmark for all purposes hereunder and under any Loan Document in accordance with Section 6.8 and (y) ending at the time that a Benchmark Replacement has replaced such then-current Benchmark for all purposes hereunder and under any Loan Document in accordance with Section 6.8.

"**BMO**" means Bank of Montreal, a bank listed on Schedule I of the Bank Act (Canada).

"**Borrower**" means Versamet Royalties Corporation (formerly known as Sandbox Royalties Corp.).

"**Borrower's Security Documents**" is defined in Section 4.1.

"**Branch of Account**" means the office of the Agent at 100 King Street West, Toronto, Ontario or such other office of the Agent in Canada as the Agent may from time to time designate in writing to the Borrower and the Lenders.

"**Canadian Dollar**" and "**C$**" each means the lawful currency of Canada.

"**Capital Lease Obligation**" means an obligation that would have been required to be classified and accounted for as a capitalized lease for financial reporting purposes in accordance with GAAP as in effect as of December 31, 2018, excluding, for the avoidance of doubt, any lease that would not constitute a Capital Lease Obligation prior to the adoption of IFRS 16 "Leases." The amount of Debt represented by such obligation will be the capitalized amount of such obligation at the time and determination thereof is to be made as determined in accordance with IFRS as in effect as of December 31, 2018, excluding, for the avoidance of doubt,

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any lease that would not constitute a Capital Lease Obligation prior to the adoption of IFRS 16 "Leases," in accordance with the foregoing sentence, and the stated maturity thereof will be the date of the last payment of rent or other amount due under such lease prior to the first date such lease may be terminated without penalty.

"**Cash**" means cash and Cash Equivalents of the Borrower determined on a consolidated basis.

"**Cash Collateral**" means a deposit of cash or a letter of credit in a form and from an issuer satisfactory to the Required Lenders or any combination thereof.

"**Cash Equivalents**" means (a) securities issued or directly and fully guaranteed or insured by the government of any Permitted Jurisdictions or any agency or instrumentality thereof with maturities of 12 months or less from the date of acquisition, (b) certificates of deposit and time deposits with maturities of one year or less from the date of acquisition, bankers' acceptances with maturities not exceeding one year and overnight bank deposits, in each case with any Lender or any other commercial bank incorporated in a Permitted Jurisdiction having capital and surplus in excess of C$1,000,000,000 or the Equivalent Amount thereof, (c) repurchase obligations for underlying securities of the types described in clauses (a) and (b) entered into with any financial institution meeting the qualifications specified in clause (b) above, (d) commercial paper rated by any two of Moody's, S&P or DBRS and having been assigned a rating of at least A-1 by S&P or the equivalent thereof by Moody's or DBRS (as applicable) and in each case maturing within one year after the date of acquisition, and (e) readily marketable direct obligations issued by any state or province of any Permitted Jurisdiction or any political subdivision thereof having one of the two highest rating categories obtainable from any two of Moody's, S&P or DBRS with maturities of 12 months or less from the date of acquisition.

"**Change in Law**" means the occurrence, after the date of this Agreement, of any of the following: (a) the adoption or taking effect of any Applicable Law, (b) any change in any Applicable Law or in the administration, interpretation or application thereof by any Governmental Authority, or (c) the making or issuance of any Applicable Law by any Governmental Authority. Without limiting the generality of the foregoing, (x) the Dodd-Frank Wall Street Reform and Consumer Protection Act and all requests, rules, regulations, guidelines, requirements and directives thereunder, issued in connection therewith or in implementation thereof, and (y) all requests, rules, regulations, guidelines or directives whether concerning capital adequacy or liquidity promulgated by the Bank for International Settlements, the Basel Committee on Banking Supervision (or any successor or similar authority) or the United States or foreign regulatory authorities, in each case pursuant to Basel III, shall, in each case, be deemed a "Change in Law" regardless of the date enacted, adopted, applied or issued.

"**Change of Control**" means the occurrence of any of the following: (a) the acquisition by a Person or group of Persons acting jointly or in concert of voting

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control or direction over 50% or more of the outstanding voting shares of the Borrower; (b) the consolidation or merger of the Borrower with or into another Person as a result of which the holders of the voting shares of the Borrower immediately prior to such transaction, directly or indirectly, hold less than 50% of voting control or direction over the Person carrying on the business of the Borrower following such transaction; (c) any Person or group of Persons acting jointly or in concert succeed in having a sufficient number of nominees elected to the board of directors such that those nominees, when added to any existing director remaining on the board of directors of the Borrower who is a nominee of such Person, will constitute a majority of the board of directors of the Borrower; or (d) the sale, assignment, transfer or other disposition of all or substantially all of the Consolidated Assets of the Borrower to another Person in which the holders of the voting shares of the Borrower immediately prior to such transaction, directly or indirectly, hold less than 50% of voting control or direction over the other Person following such transaction. Notwithstanding the foregoing, a Change of Control shall be deemed to not have occurred where Equinox and/or Sandstorm (i) acquires voting control or direction over 50% or more of the outstanding voting shares of the Borrower and/or (ii) such parties are acting jointly or in concert in respect of any of the foregoing.

"**Claims**" is defined in Section 7.1(i).

"**Code**" means the US Internal Revenue Code of 1986, as amended from time to time and all regulations and rulings promulgated thereunder.

"**Collateral**" means any and all Property in which the Agent has or shall have or is intended to have a Lien pursuant to any Loan Document.

"**Commitment**" means, in respect of each Lender from time to time, the agreement to make Advances to the Borrower in the Lender's Applicable Percentage of the maximum amount under the applicable Credit Facility and, where the context requires, the maximum amount of Advances which the Lender has agreed to make under such Credit Facility.

"**Commodity Purchase Contracts**" means the metal or other mineral purchase contracts entered into or acquired from time to time by any Obligor pursuant to which the relevant Obligor has the right to purchase metals or other minerals extracted or derived from a mine or other source of minerals or processed by a processing facility (or based on or by reference to the production from a particular mine or processing facility) located in a Permitted Jurisdiction, and "**Commodity Purchase Contract**" means any of the Commodity Purchase Contracts.

"**Compliance Certificate**" means a certificate in the form of Schedule 4.

"**Consolidated Assets**" means, on any particular date, the value of the Borrower's consolidated total assets, as such amounts would appear on a consolidated balance

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sheet of the Borrower prepared as of the last day of the most recently completed Fiscal Quarter in accordance with GAAP.

"**Consolidated Revenue**" means, on any particular date, the value of the Borrower's consolidated total revenues, as such amounts would appear on a consolidated income statement of the Borrower prepared as of the last day of the most recently completed Fiscal Quarter in accordance with GAAP.

"**Constating Documents**" means, with respect to any Person, its articles and/or certificate of incorporation, amendment, amalgamation or continuance, memorandum of association, charter, by-laws, declaration of trust and other constating documents (in the case of a trust), partnership agreement, limited liability company agreement or other similar document, and all unanimous shareholder agreements, other shareholder agreements, voting trust agreements and similar arrangements applicable to the Person's Equity Interests, all as in effect from time to time.

"**Contract**" means any agreement, contract, indenture, lease, deed of trust, deed, indenture, licence, option, undertaking, promise or any other commitment or obligation, whether oral or written, expressed or implied that is binding upon a Person or its property.

"**Contributing Lenders**" and "Contributing Lender" are defined in Section 6.10(b).

"**Control**", and its derivatives, means the possession, directly or indirectly, of the power to direct or cause the direction of the management or policies of a Person, whether through the ability to exercise voting power, by contract or otherwise.

"**Corresponding Tenor**" with respect to any Available Tenor means, as applicable, either a tenor (including overnight) or an interest payment period having approximately the same length (disregarding business day adjustment) as such Available Tenor.

"**Credit Facilities**" means, collectively, the RCF and the TL, and "**Credit Facility**" means either one of the Credit Facilities, as the context requires.

"**Credit Limit**" means, as the context requires, the RCF Credit Limit or the TL Credit Limit.

"**DBRS**" means DBRS Limited or any successor by merger or consolidation to its business.

"**Debt**" means, as to any Person and without duplication:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) indebtedness created, issued or incurred by such Person for borrowed money (whether by way of loan or the issuance and sale of debt securities or the prepaid sale of Property and whether current, short term or long term

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and whether payable in cash or other Property) and premiums (if any) and capitalized interest (if any) in respect thereof;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) obligations of such Person for the deferred purchase price of property or services represented by a note or other evidence of indebtedness (other than trade payables and other current liabilities incurred in the Ordinary Course);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) indebtedness of such Person which is evidenced by a note, debenture, prepaid or similar instrument;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) reimbursement obligations of such Person in respect of any letter of credit, bank guarantee or surety bond;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Capital Lease Obligations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) all liabilities upon which interest charges are customarily paid by that Person, other than liabilities for Taxes;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) the negative or "out of the money" mark to market value of any liabilities due and owing in respect of any Derivative and other similar off balance sheet liabilities after giving effect to any netting arrangements permitted under the applicable Derivative;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) all Debt Guaranteed; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) any Equity Interest of that Person (or of any Subsidiary of that Person that is not held by that Person or by a Subsidiary of that Person that is wholly owned, directly or indirectly) which Equity Interest, by its terms (or by the terms of any security into which it is convertible or for which it is exchangeable at the option of the holder), or upon the happening of any event, matures or is mandatorily redeemable, pursuant to a sinking fund obligation or otherwise, or is redeemable at the option of the holder thereof, in whole or in part, on or before, or within one year after, the RCF Maturity Date as extended from time to time, for cash or securities constituting Debt.

"**Debt Guaranteed**" by any Person means all Debt of the kinds referred to in the definition of Debt which is, directly or indirectly, guaranteed (except by way of endorsement of a negotiable instrument made in the ordinary course of such Person's business) by such Person or which such Person has agreed (contingently or otherwise) to purchase or otherwise acquire or in respect of which such Person has otherwise assured a creditor against loss.

"**Declining Lenders**" means, for the purposes of Section 2.4, Lenders that decline a request to extend the RCF Maturity Date under Section 2.4(c) or do not respond to the request within the time periods referred to in Section 2.4 (for which they shall have no liability) and are thereby deemed to have declined the request.

"**deemed interest period**" is defined in Section 6.2(c).

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"**Default**" means any event or condition that constitutes an Event of Default or that would constitute an Event of Default with the giving of any notice, passage of time, or both.

"**Defaulting Lender**" means any Lender that (a) has failed to fund any portion of the Advances within three Banking Days of the date it is required to do so, unless the failure has been cured, (b) has otherwise failed to pay over to the Agent or any other Lender any other amount required to be paid by it under this Agreement within three Banking Days of when due, unless the payment is the subject of a good faith dispute or unless the failure has been cured, (c) has been determined by a court of competent jurisdiction or regulator to be insolvent or is unable to meet its obligations or pay its debts as they generally become due, (d) is the subject of a bankruptcy or insolvency proceeding, or (e) is subject to or is seeking the appointment of an administrator, regulator, conservator, liquidator, receiver, trustee, custodian or other similar official over any portion of its assets or business.

"**Derivative**" means (a) any transaction now existing or hereafter entered into (i) which is a rate swap transaction, swap option, basis swap, forward rate transaction, commodity swap, commodity option, equity or equity index swap, equity or equity index option, bond option, interest rate option, foreign exchange transaction, cap transaction, floor transaction, collar transaction, currency swap transaction, cross-currency rate swap transaction, currency option, credit protection transaction, credit swap, credit default swap, credit default option, total return swap, credit spread transaction, repurchase transaction, reverse repurchase transaction, buy/sell-back transaction, securities lending transaction, weather index transaction or forward purchase or sale of a security, commodity or other financial instrument or interest (including any option with respect to any of these transactions) or (ii) a transaction that is similar to any transaction referred to in clause (i) above that is currently, or in the future becomes, recurrently entered into in the financial markets (including terms and conditions incorporated by reference in such agreement) and which is a forward, swap, future, option or other derivative on one or more rates, currencies, commodities, equity securities or other equity instruments, debt securities or other debt instruments, economic indices or measures of economic risk or value, or other benchmarks against which payments or deliveries are to be made, and (b) any combination of these transactions.

"**Designated Account**" means, in respect of any Advance, the account or accounts maintained by the Borrower at a branch of the Agent in Canada that the Borrower designates in its notice requesting an Advance.

"**Desired Acquisition Amount**" is defined in Section 2.4(f)(i)(A).

"**Disposition**" means, with respect to any asset of any Person, any direct or indirect sale, lease (where such Person is the lessor of such asset), assignment, cession, transfer (including any transfer of title or possession), exchange, conveyance, release or gift of such asset, including by means of a securitization transaction, or any reorganization, consolidation, amalgamation or merger of such Person pursuant

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to which such asset becomes the property of any other Person, and "**Dispose**" and "**Disposed**" have meanings correlative thereto.

"**Distribution**" means, with respect to any Person, any cash payment by such Person: (a) of any dividends on any of its Equity Interests; (b) on account of, or for the purpose of setting apart any property for a sinking or other analogous fund for, the purchase, redemption, retirement or other acquisition of any of its Equity Interests or any warrants, options or rights to acquire any such Equity Interests, or the making by such Person of any other distribution in respect of any of its Equity Interests; (c) of any principal of or interest or premium on any Debt of such Person to a holder of Equity Interests of such Person where such Debt is primarily held by holders of Equity Interests of such Person excluding Debt issued on an Arm's Length basis and on a widely held basis, or (d) of any management, consulting or similar fee or any bonus payment or comparable payment, or by way of cash gift or other cash gratuity, to any Affiliate of such Person or to any director, officer or consultant thereof (excluding reasonable consulting fees, reasonable director compensation and reasonable officer compensation).

"**EBITDA**" means, for any period and without duplication, the consolidated net income of the Borrower for such period:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) increased by the sum of, without duplication,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Interest Expenses for such period;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the Borrower's consolidated income tax expenses for such period;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) the Borrower's consolidated depletion, depreciation and other like expenses in respect of fixed assets and amortization of goodwill and intangible assets for such period;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) the Borrower's consolidated losses incurred in connection with any Disposition (provided such Disposition was not made in the Ordinary Course) during such period permitted under the terms of this Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) the Borrower's consolidated extraordinary or non-recurring losses and expenses and unrealized losses for such period;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) the Borrower's other consolidated non-cash expenses and losses incurred during such period, including non-cash stock expenses relating to stock-based compensation (including, for certainty, unrealized losses incurred in connection with Derivatives incurred in compliance with Section 8.4(c) during such period);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) the Borrower's extraordinary, unusual and non-recurring charges, expenses or losses, including, without limitation, reasonable

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integration, severance, retention, restructuring and one-time business optimization expenses;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii) the Borrower's non-recurring transaction costs and expenses (including, without limitation, reasonable professional fees) relating to this Agreement and other amendments or amendments and restatements of this Agreement from time to time; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ix) transaction costs and expenses in connection with Permitted Acquisitions and Dispositions permitted under this Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) decreased by the sum of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the Borrower's consolidated gains realized in connection with any Disposition (provided such Disposition was not made in the Ordinary Course) during such period;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the Borrower's consolidated interest received or receivable in respect of such period; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) the Borrower's consolidated extraordinary or non-recurring gains and income and unrealized gains for such period (including, for certainty, unrealized gains incurred in connection with Derivatives incurred in compliance with Section 8.4(c) during such period);

provided that such amounts shall only increase or decrease the net income of the Borrower for such period in accordance with this definition if such amount was included in the calculation of consolidated net income. If EBITDA is determined to be negative at any relevant time for purposes of calculating the financial covenants set forth in this Agreement, it shall be deemed to be zero for such purposes.

"**Effective Time**" shall have the meaning ascribed thereto in Section 5.1.

"**Eligible Assignee**" means any Person other than: (a) a natural person, (b) an Obligor, or (c) any Affiliate of an Obligor.

"**Employee Plan**" means a Pension Plan, a Welfare Plan or both.

"**Environmental Laws**" means any and all Applicable Laws, in effect at the relevant time, relating to pollution or the protection of the environment, human health or safety or natural resources, and all such Applicable Law regulating or imposing liability or standards of conduct with respect to (a) emissions, discharges, releases or threatened releases of pollutants, contaminants, chemicals or industrial, toxic or hazardous substances or wastes, (b) the use of pollutants, contaminants, chemicals or industrial, toxic or hazardous substances or wastes, (c) human exposure to chemicals, contaminants, additives or hazardous materials or conditions or (d) occupational safety and health requirements.

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"**Equinox**" means Equinox Gold Corp.

"**Equinox Buydown Option**" means the Buydown Option (as defined in the Equinox GPSA), which Equinox may choose to exercise from time to time in accordance with the terms of the Equinox GPSA.

"**Equinox GPSA**" means that certain gold purchase and sale agreement between the Borrower and Equinox dated as of August 29, 2023, in respect of which the Borrower has agreed to pay the Advance Payment (as defined therein) in exchange for delivery of Refined Gold equal to the Payable Gold, as such agreement may be amended, modified, amended and restated from time to time.

"**Equinox Transaction Documents**" means, collectively, the Equinox GPSA and all guarantee and security documents from time to time entered into in connection with the foregoing.

"**Equity Interests**" means, with respect to any Person, any and all present and future shares, units, trust units, partnership or other interests, participations or other equivalent rights in the Person's equity or capital, however designated and whether voting or non-voting and any and all rights, warrants, options or other rights (including, for certainty, convertible notes, convertible debentures or other convertible debt) exchangeable or convertible into any of the foregoing.

"**Equity Offering**" means a private placement or public offering for cash by the Borrower of its common shares, or options, warrants or rights with respect to its common shares, other than (a) any issuances pursuant to employee benefit plans or otherwise in compensation to officers, directors or employees, (b) an issuance to any Subsidiary or (c) any offering of common shares issued in connection with a transaction that constitutes a Change of Control.

"**Equivalent Amount**" means, with respect to an amount in one currency, the amount in another currency that could be purchased by the amount in the first currency determined by reference to the Exchange Rate at the time of determination.

"**Erroneous Payment**" has the meaning assigned to it in Section 10.15(a).

"**Erroneous Payment Deficiency Assignment**" has the meaning assigned to it in Section 10.15(d)(i).

"**Erroneous Payment Impacted Class**" has the meaning assigned to it in Section 10.15(d)(i).

"**Erroneous Payment Return Deficiency**" has the meaning assigned to it in Section 10.15(d)(i).

"**Erroneous Payment Subrogation Rights**" has the meaning assigned to it in Section 10.15(e).

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"**Eskay Creek ICA**" means the intercreditor agreement dated on or about the date of the Second Restatement Drawdown, between, among others, Computershare Advantage Trust of Canada, in its capacity as notes collateral agent, Computershare Trust Company, N.A., in its capacity as the trustee, Computershare Advantage Trust of Canada, in its capacity as the stream agent, OMF Fund IV SPV H LLC, in its capacity as Purchasers' Agent, Skeena Resources Limited, as issuer, and Eskay Creek Streaming Ltd., as seller under the Eskay Creek Stream Agreement, as amended, supplemented or otherwise modified as of the Second Restatement Date.

"**Eskay Creek Purchase Agreement**" means the purchase and sale agreement dated on or about the Second Restatement Date, between OMF Fund IV SPV H LLC and Selwyn Lower Holdings (CYM) L.P., as sellers, and the Borrower, as purchaser, pursuant to which the terms and conditions of the Eskay Creek Stream Transaction are set forth.

"**Eskay Creek Stream Agreement**" means the amended and restated purchase and sale agreement (gold) dated as of December 19, 2024 between, among others, Eskay Creek Streaming Ltd., as seller, Skeena Resources Limited, and OMF Fund IV SPV H LLC, as a purchaser, as amended, supplemented or otherwise modified as of the Second Restatement Date.

"**Eskay Creek Stream Transaction**" means the arrangements set forth in the Eskay Creek Purchase Agreement whereby, among other things, OMF Fund IV SPV H LLC and Selwyn Lower Holdings (CYM) L.P. agreed to sell all of their respective rights, title and obligations under the Eskay Creek Stream Agreement to the Borrower, subject to the terms and conditions set forth in the Eskay Creek Purchase Agreement.

"**Event of Default**" is defined in Section 9.1.

"**Exchange Rate**" means, with respect to any two currencies, the amount obtained in one such currency ("**first currency**") when an amount in the other currency is converted into the first currency using the Bank of Canada closing rate on the previous Banking Day for the conversion of the applicable amount of the other currency into the first currency with respect to which such computation is required for the purpose of this Agreement provided that if no such rate is quoted, using the spot rate of exchange quoted for wholesale transactions by the Agent in Toronto, Ontario in accordance with its normal practice.

"**Excluded Taxes**" means, with respect to the Agent, any Lender, or any other recipient of any payment to be made by or on account of any obligation of an Obligor hereunder, (a) taxes imposed on or measured by its taxable income or taxable capital, and franchise taxes imposed on it (in lieu of net income taxes), by the jurisdiction (or any political subdivision thereof) under the laws of which such recipient is organized or in which its principal office is located or, in the case of any Lender, in which its applicable Lending Office is located, (b) any capital and branch profits taxes or any similar tax imposed by any jurisdiction in which the

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Lender is located and (c) in the case of a Foreign Lender (other than (i) an assignee pursuant to a request by the Borrower under Section 13.10, (ii) an assignee pursuant to an Assignment and Assumption made when an Event of Default has occurred and is continuing, or (iii) any other assignee to the extent that the Borrower has expressly agreed that any withholding tax shall be an Indemnified Tax), to the extent any withholding tax that is required by Applicable Law to be withheld or paid in respect of any amount payable hereunder or under any Loan Document to such Foreign Lender because: (x) of such Foreign Lender's failure or inability (other than as a result of a Change in Law) to comply with Section 13.8(e), except to the extent that such Foreign Lender (or its assignor, if any) was entitled, at the time of designation of a new Lending Office (or assignment), to receive additional amounts from an Obligor with respect to such withholding tax pursuant to Section 13.8(e); or (y) such Foreign Lender does not deal at arm's length (as such term is understood for purposes of the Tax Act) with any Obligor or is a "specified shareholder" (as defined in the Tax Act) of any Obligor.

"**Existing Credit Agreement**" has the meaning assigned thereto in the recitals hereof.

"**Federal Funds Effective Rate**" means, for any period, a fluctuating interest rate per annum equal, for each day during the period, to the weighted average of the rates on overnight federal funds transactions with members of the Federal Reserve System arranged by Federal Funds brokers as published for the day (or, if the day is not a Banking Day, for the first preceding Banking Day) by the Federal Reserve Bank of New York or, for any day on which that rate is not published for that day by the Federal Reserve Bank of New York, the average of the quotations for that day for such transactions received by the Agent from three Federal Funds brokers of recognized standing, in each case calculated on the basis of a 360-day year for the actual number of days elapsed.

"**Federal Reserve Board**" means the Board of Governors of the Federal Reserve System of the United States of America.

"**Fee Letters**" means (i) the Agency Fee Letter and (ii) the Lender Fee Letter.

"**Fiscal Quarter**" means each successive three-month period of the Borrower's Fiscal Year ending on or about March 31, June 30, September 30 and December 31.

"**Fiscal Year**" means a twelve-month period ending on December 31 of any year, as such date may be changed with the consent of the Required Lenders.

"**Floor**" means the benchmark rate floor, if any, provided in this Agreement initially (as of the execution of this Agreement, the modification, amendment or renewal of this Agreement or otherwise) with respect to the Adjusted Term SOFR Rate. For the avoidance of doubt the initial Floor for the Adjusted Term SOFR Rate shall be 0%.

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"**Foreign Lender**" means any Lender that is not organized under the laws of the Canada for tax purposes and that is not otherwise considered or deemed in respect of any amount payable to it hereunder or under any Loan Document to be resident for income tax or withholding tax purposes in Canada for tax purposes by application of the laws of Canada.

"**Freely Transferrable Material Agreement**" means a Material Agreement: (a) over which a Lien may be granted to the Agent pursuant to the Security Documents; and (b) that may be assigned to the Agent or any other Person in connection with an enforcement of the Security Documents, in each case pursuant to its terms without the consent of the counterparty thereto and without any further action by the assignee other than the giving of notice or the entry into of a customary assumption agreement or both. For the avoidance of doubt, a Material Agreement that contains no restrictions on transferability is a Freely Transferrable Material Agreement.

"**GAAP**" means the international financial reporting standards ("**IFRS**") as issued by the International Accounting Standards Board as in effect from time to time (other than with respect to Capital Lease Obligations), applied on a consistent basis. For purposes of this Agreement, (1) all references to codified accounting standards specifically named in this Agreement shall be deemed to include any successor, replacement, amended or updated accounting standard under IFRS and (2) for the avoidance of doubt, the determination as to whether a lease constitutes a Capital Lease Obligation shall be made in accordance with the definition of "Capital Lease Obligations."

"**Governmental Authority**" means the government of Canada or any other nation, or of any political subdivision thereof, whether state, provincial or local, and any agency, authority, ministry, instrumentality, regulatory body, board, court, central bank or other entity exercising executive, legislative, judicial, taxing, regulatory or administrative powers or functions of or pertaining to government, including any supra-national bodies such as the European Union or the European Central Bank and including a Minister of the Crown, Superintendent of Financial Institutions or other comparable authority or agency.

"**Guarantees**" means the guarantees given by the Guarantors from time to time as described in Section 3.1.

"**Guarantors**" means each present and future Material Subsidiary of the Borrower. The restrictions contained in the Loan Documents shall apply to each Material Subsidiary as if it were an Obligor notwithstanding that it may not yet have become a Party to this Agreement in accordance with Section 3.1.

"**Guarantors' Security Documents**" is defined in Section 4.2.

"**Hazardous Materials**" means any pollutant, contaminant or hazardous, deleterious, toxic or, dangerous waste, substance or material, as defined in or

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regulated by any Applicable Law or Governmental Authority from time to time, including friable asbestos and poly chlorinated biphenyls or any tailings, residual materials, waste, substance or other material which does or may cause harm or adverse effect to human health or the environment.

"**Increase Request**" has the meaning attributed to such term in Section 2.9(a).

"**Increasing Lender**" has the meaning attributed to such term in Section 2.9(a).

"**Indemnified Taxes**" means Taxes other than Excluded Taxes.

"**Indemnitee**" is defined in Section 13.7(b).

"**Intellectual Property**" means domestic and foreign: (a) patents, applications for patents and reissues, divisions, continuations, renewals, extensions and continuations-in-part of patents or patent applications; (b) proprietary and non-public business information, including inventions (whether patentable or not), invention disclosures, improvements, discoveries, trade secrets, confidential information, know-how, methods, processes, designs, technology, technical data, schematics, formulae, customer lists, data bases, documentation, registrations and franchises relating to any of the foregoing; (c) copyrights, copyright registrations and applications for copyright registration; (d) mask works, mask work registrations and applications for mask work registrations; (e) designs, design registrations, design registration applications and integrated circuit topographies; (f) trade names, business names, corporate names, domain names, website names and world wide web addresses, common law trade-marks, trade-mark registrations, trade mark applications, trade dress and logos, and the goodwill associated with any of the foregoing; (g) computer software and programs (both source code and object code form), all proprietary rights in the computer software and programs and all documentation and other materials related to the computer software and programs; (h) any other intellectual property and industrial property; and (i) all additions and improvements to the foregoing.

"**Interbank Reference Rate**" means, in respect of any currency, the interest rate expressed as a percentage per annum which is determined by the Agent at any time in accordance with banking industry rules on interbank compensation for use when calculating interest due by it or owing to it arising from correction of errors in transactions in that currency between it and other banks.

"**Intercompany Debt**" means Debt owing by one Obligor to another Obligor that is either unsecured or that is the subject of a Postponement and Subordination Agreement in form and substance satisfactory to the Agent.

"**Interest Coverage Ratio**" means, for any Fiscal Quarter, the ratio of (a) Rolling EBITDA for such Fiscal Quarter to (b) Rolling Interest Expense (excluding any Interest Expense paid in shares or Equity Interests of the Borrower) for such Fiscal Quarter.

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"**Interest Expense**" means, for any period, the Borrower's consolidated interest expense, plus, to the extent not included in such total consolidated interest expense, and to the extent incurred by the Borrower or its Subsidiaries, (a) interest expense attributable to Capital Lease Obligations, (b) amortization of debt discount, (c) capitalized interest, (d) commissions, discounts and other fees and charges owed with respect to letters of credit and bankers' acceptance financing, (e) net cash payments associated with Derivatives relating to interest rates (including amortization of fees), and (f) interest actually paid by a Obligor on any Debt of any other Person.

"**Interest Payment Date**" means:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)in the case of interest on Term Benchmark Advances, the last day of each Interest Period applicable to such Advance; that, in the case of Interest Periods of a duration longer than three months, accrued interest shall be paid no less frequently than every three months from the first day of such Interest Period during the term of such Interest Period, and the RCF Maturity Date or the TL Maturity Date, as applicable; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)for all Advances being repaid or prepaid pursuant to Section 2.5 or Sections 6.3(b) and (c), respectively, on the date of any mandatory repayment pursuant to Section 2.5 and any voluntary prepayment pursuant to Sections 6.3(b) and (c) (or such other date or dates as the Borrower and the Agent may agree in writing).

"**Interest Period**" means with respect to any Term Benchmark Advance, the period commencing on the date of the Advance of such Term Benchmark Advance and ending on the numerically corresponding day in the calendar month that is one (1), three (3) or six (6) months thereafter (in each case, subject to the availability), as the Borrower may elect; provided, that (i) if any Interest Period would end on a day other than a Banking Day, such Interest Period shall be extended to the next succeeding Banking Day unless such next succeeding Banking Day would fall in the next calendar month, in which case such Interest Period shall end on the next preceding Banking Day, (ii) any Interest Period that commences on the last Banking Day of a calendar month (or on a day for which there is no numerically corresponding day in the last calendar month of such Interest Period) shall end on the last Banking Day of the last calendar month of such Interest Period and (iii) no tenor that has been removed from this definition pursuant to clause (e) of Section 6.8 shall be available for specification in any such request for an Advance or conversion, continuation or prepayment of a Term Benchmark Advance. For purposes hereof, the date of an Advance of a Term Benchmark Advance initially shall be the date on which such Advance is made and thereafter shall be the effective date of the most recent conversion or continuation of such Term Benchmark Advance.

"**Investment**" in any Person means any direct or indirect (a) acquisition of any Equity Interest of such Person, or (b) loan or advance made to such Person. In determining the amount of any Investment involving a transfer of any Property

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other than cash, such Property shall be valued at its fair market value at the time of such transfer. For greater certainty, an Acquisition shall not be treated as an Investment.

"**Kolpa Purchase Agreement**" means the Copper Purchase Agreement dated as of April 1, 2025 between Kolpa Canada Ltd., as seller, Endeavour Silver Corp., as parent, and the Borrower, as purchaser, pursuant to which the terms and conditions of the Kolpa Stream Transaction are set forth.

"**Kolpa Stream Transaction**" means the arrangements set forth in the Kolpa Purchase Agreement whereby, among other things, Kolpa Canada Ltd. agreed to sell and deliver refined copper to the Borrower, subject to the terms and conditions set forth therein.

"**Lender Fee Letter**" means the fee letter agreement dated as of April 2, 2026 between BMO, NBF and the Borrower which provides for, *inter alia*, the payment of certain fees by the Borrower to the Lenders.

"**Lenders**" means each of the Persons listed on Schedule 1 and other lenders that from time to time become Lenders in accordance with Article 11, and "**Lender**" means any one of them (including, for greater certainty, each New Accordion Lender). Notwithstanding the foregoing, references in this Agreement to the Lenders in the context of the Agent holding Guarantees or any Lien for the benefit or on behalf of the Lenders shall be interpreted as including Affiliates of Lenders who may hold Other Secured Obligations from time to time.

"**Lending Office**" means, as to any Lender, the office or offices from which it makes Advances and receives payments pursuant to this Agreement from time to time.

"**Leverage Ratio**" means, for any Fiscal Quarter, the ratio of: (a) the Net Debt of the Borrower as at the last day of its most recently completed Fiscal Quarter to (b) Rolling EBITDA for such Fiscal Quarter.

"**Lien**" means, with respect to any Property, any hypothec, mortgage, prior claim, privilege, lien, pledge, charge, security interest, encumbrance or royalty of any kind in respect of such Property. For purposes of this Agreement, a Person shall be deemed to own subject to a Lien any Property that it has acquired or holds subject to the interest of a vendor or lessor under any conditional sale agreement, capital lease or other title retention agreement relating to such Property.

"**Loan Documents**" means this Agreement, any Accordion Agreement, the Guarantees, the Security Documents, any Postponement and Subordination Agreement, the Fee Letters and all other documents relating to the Credit Facilities.

"**Material Adverse Change**" means any event, fact or circumstance or series of events, facts or circumstances affecting the condition, properties, business or results of operations of the Obligors, taken as a whole, that either individually or in the

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aggregate materially adversely affects or could materially adversely affect: (a) the business, affairs, property, liabilities or financial condition of the Obligors taken as a whole; (b) the ability of the Obligors, taken as a whole, to observe, perform or comply with their respective material obligations under any of the Loan Documents, in each case in accordance with the respective terms thereof; or (c) the rights and remedies of, as applicable, the Agent or any of the Lenders under, or the enforceability of, any of the Loan Documents.

"**Material Agreements**" means, unless otherwise agreed to by the Required Lenders, (i) the agreements set forth in Schedule 7.1(p) and (ii) during any prior 12 month period (including, for greater certainty, if such period preceded the acquisition of such Material Agreement) any and all other present and future Royalty Agreements, Commodity Purchase Contracts, long term metals purchase agreements, streaming agreements and similar Contracts that are executed from time to time by or on behalf of or otherwise made or issued in favour of the Borrower or any Material Subsidiary that, individually: (a) generated annual revenue of greater than **[Redacted]**; (b) is acquired for a purchase price of **[Redacted]**or more; or (c) contains terms and conditions which, upon breach, termination, non-renewal or non-performance, would result in or could reasonably be expected to result in a Material Adverse Change.

"**Material Subsidiary**" means any direct or indirect Subsidiary of the Borrower: (a) the total assets of which exceed 10% of the Consolidated Assets of the Borrower or the total revenue of which exceeds 10% of the Consolidated Revenue of the Borrower (which, for certainty, shall be determined on a rolling four-quarter basis, inclusive of any historic EBITDA generation attributed to any Permitted Acquisition); (b) that is party to a Material Agreement; or (c) that holds any Equity Interests of a Material Subsidiary; provided that the aggregate of the Borrower and all Material Subsidiaries is at all times at a minimum of 85% of the Consolidated Assets or Consolidated Revenue of the Borrower. As of the Second Restatement Date, the Material Subsidiaries are set forth in Schedule 6.

"**Mercedes Project**" means Bear Creek's gold and silver mining development project located in Sonora, Mexico.

"**Moody's**" means Moody's Investors Service, Inc. or any successor by merger or consolidation to its business.

"**NBF**" means National Bank of Canada, a bank listed on Schedule I of the Bank Act (Canada).

"**Net Debt**" means, at any particular time, Total Debt at such time less an amount equal to all Unrestricted Cash at such time.

"**New Accordion Lender**" has the meaning attributed to such term in Section 2.9(b).

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"**New Lenders**" means one or more other financial institutions that are identified by the Borrower (with the assistance of the Agent, if requested) and that are acceptable to the Accepting Lenders, acting reasonably.

"**Newly Cash Flowing Contract**" means, for any particular Fiscal Quarter, any Royalty Agreement, Commodity Purchase Contract, long term metals purchase agreement, streaming agreement and similar Contracts which for the first time generated positive revenue for an Obligor at any time in the prior Fiscal Quarter.

"**Non-Funding Lender**" is defined in Section 6.10(b).

"**NYFRB**" means the Federal Reserve Bank of New York.

"**NYFRB's Website**" means the website of the NYFRB at http://www.newyorkfed.org, or any successor source.

"**Obligations**" means, with respect to any Obligor, all of its present and future indebtedness, liabilities and obligations of any and every kind, nature or description whatsoever (whether direct or indirect, joint or several or joint and several, absolute or contingent, matured or unmatured, in any currency and whether as principal debtor, guarantor, surety or otherwise, including without limitation any interest that accrues thereon after or would accrue thereon but for the commencement of any case, proceeding or other action, whether voluntary or involuntary, relating to the bankruptcy, insolvency or reorganization whether or not allowed or allowable as a claim in any such case, proceeding or other action) to each of the Agent, the Lenders (and their Affiliates), and any of them under, in connection with, relating to or with respect to each of the Loan Documents.

"**Obligors**" means, collectively, the Borrower and the Guarantors.

"**OFAC**" means The Office of Foreign Assets Control of the US Department of the Treasury.

"**Ordinary Course**" means, with respect to an action taken by a Person, that the action is consistent with the past practices of the Person or is taken in the usual course of the normal day-to-day operations of the Person or its business.

"**Original Closing Date**" means October 31, 2023.

"**Other Commodity Agreements**" means agreements, other than Commodity Purchase Contracts or Royalty Agreements, providing for the acquisition of an interest in metals or minerals, including, without limitation, net profit interests and synthetic joint venture agreements.

"**Other Secured Obligations**" is defined in Section 3.2(a)(ii).

"**Other Taxes**" means all present or future stamp or documentary taxes or any other excise or property taxes, charges or similar levies arising from any payment made

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hereunder or under any other Loan Document or from the execution, delivery or enforcement of, or otherwise with respect to, this Agreement or any other Loan Document.

"**Participant**" is defined in Section 11.4(a).

"**Parties**" means, collectively, the Borrower, the other Obligors, the Lenders and the Agent.

"**Payment Recipient**" has the meaning assigned to it in Section 10.15(a).

"**Pension Plan**" means (a) a "pension plan" or "plan" within the meaning of the applicable pension benefits legislation in any jurisdiction of Canada, that is organized and administered to provide pensions, pension benefits or retirement benefits for employees and former employees of any Obligor, or (b) any other pension benefit plan or similar arrangement applicable to employees and former employees of any Obligor, except a Welfare Plan or a Statutory Plan.

"**Perfection Certificate**" means the consolidated certificate of a senior officer of each Obligor, addressed to the Agent, in form and substance satisfactory to the Agent and pursuant to which certain factual matters relating to such Obligor and the Collateral of such Obligors are certified true and correct, together with all schedules and exhibits attached thereto or referred to therein, as the same may be updated pursuant to Section 8.3(a)(iii).

"**Period End Date**" means the last day of an Interest Period.

"**Permits**" means franchises, licences, qualifications, authorizations, consents, certificates, registrations, exemptions, waivers, filings, grants, notifications, privileges, rights, orders, judgments, rulings, directives, permits and other approvals, obtained from or required by a Governmental Authority.

"**Permitted Acquisitions**" means any Acquisition:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) for which the business of the Person being acquired or the Property being acquired are used in or related to a business engaged in the purchase and sale of precious or base metals or critical minerals and/or the purchase and sale of streams, royalties or similar interests relating to precious or base metals or critical minerals, together with any other business reasonably ancillary thereto;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) for which the Borrower has provided to the Lenders a certificate demonstrating that after giving effect to such Acquisition, the Borrower will be in compliance with the financial covenants in and pursuant to the terms of Section 8.1;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) that, if applicable, complies with Section 12.1;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) that is not a hostile or unsolicited take-over bid; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) that is of Property located in, or a Person whose Property is located or shares were issued in, (or, in the case of an Acquisition by way of a Commodity Purchase Contract, Royalty Agreement or Other Commodity Agreement, the mine, mining project or processing facility from which metal or other minerals are purchased or referenced pursuant to such Commodity Purchase Contract or Other Commodity Agreement, or from which a royalty is derived pursuant to such Royalty Agreement is located in), any Permitted Jurisdiction.

"**Permitted Debt**" means:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the Obligations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the Other Secured Obligations to the extent they constitute Debt;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Intercompany Debt;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) (i) unsecured Debt of the Borrower in respect of Derivatives incurred in compliance with Section 8.4(c), (ii) Debt of the Borrower in respect of Derivatives incurred in compliance with Section 8.4(c) which are secured by marketable securities or cash collateral and (iii) Debt of the Borrower existing as of the Second Restatement Date in respect of Derivatives incurred in compliance with Section 8.4(c) which, as of the Second Restatement Date, are secured by cash collateral;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) (i) Capital Lease Obligations and Debt secured by Purchase Money Obligations incurred in connection with the leasing or financing in the Ordinary Course of office furniture and equipment, including without limitation, photocopiers, telephones and computer equipment, and (ii) Capital Lease Obligations and Debt secured by Purchase Money Obligations which do not exceed at any time the aggregate of US$5,000,000 or its Equivalent Amount in another currency; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) Debt of a Subsidiary of the Borrower Acquired after the Second Restatement Date in an Acquisition permitted by this Agreement and Debt assumed in connection with the Acquisition of Property permitted by this Agreement, which Debt in each case exists at the time of such Acquisition and is not created in contemplation of such Acquisition; provided that: (i) no Default or Event of Default shall have occurred and be continuing or would result therefrom; and (ii) immediately after giving effect to such Acquisition, the assumption and incurrence of any such Debt and related transactions, the Borrower shall be in compliance with the financial covenants set forth in Section 8.1 on a pro forma basis.

"**Permitted Investments**" means:

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Investments existing on the Second Restatement Date;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Investments in cash and Cash Equivalents;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Investments in Obligors;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Investments by the Borrower solely derived from the use of proceeds of Equity Offerings by the Borrower (in amounts not exceeding such Equity Offering); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Investments held by Obligors which in the aggregate do not exceed US$5,000,000 (such calculation to be made at each such time any particular Investment is proposed to be made).

"**Permitted Jurisdiction**" means any country or jurisdiction other than:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Venezuela, Haiti, Cuba, Iran, Iraq, Syria, Libya, Yemen, Somalia, Tajikistan, Turkmenistan, Russia, Sudan, South Sudan, North Korea, Pakistan, Afghanistan, Myanmar, Uzbekistan, Equatorial Guinea, Burundi, Democratic Republic of Congo, Chad, Nigeria, or Angola; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) any country or jurisdiction subject to Sanctions.

"**Permitted Liens**" means:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) [intentionally deleted];

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Liens granted pursuant to the Security Documents;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Liens granted to secure Capital Lease Obligations and Debt secured by Purchase Money Obligations as contemplated in paragraph (e) of the definition of Permitted Debt;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Liens granted to secure Permitted Debt only and as permitted pursuant to a Postponement and Subordination Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Liens imposed by any Governmental Authority for Taxes not yet due and delinquent or which are being contested in good faith and by appropriate proceedings if adequate reserves with respect thereto are maintained on the books of the Borrower in accordance with GAAP, and, during such period during which such Liens are being so contested, such Liens shall not be executed on any Property of any Obligor;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) statutory Liens incurred or pledges or deposits made under worker's compensation, employment insurance and other social security legislation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) undetermined or inchoate Liens and charges arising or potentially arising under statutory provisions which have not at the time been filed or

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registered in accordance with Applicable Law or of which written notice has not been duly given in accordance with Applicable Law or which although filed or registered, relate to obligations not due or delinquent;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) Liens arising solely by virtue of any statutory or common law provision relating to banker's liens, rights of combination of accounts or similar rights in the ordinary course of conducting day-to-day banking business in relation to deposit accounts or other funds maintained with a creditor depository institution;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Liens arising from the right of distress enjoyed by landlords or Liens otherwise granted to landlords, in either case, to secure the payment of arrears of rent in respect of leased properties;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) Liens over marketable securities held by the Borrower to secure Derivatives as contemplated in paragraph (d)(ii) of the definition of Permitted Debt;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) Liens over cash collateral granted by the Borrower to secure Derivatives as contemplated in paragraph (d)(iii) of the definition of Permitted Debt;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) contractual rights of setoff granted to creditor depositing institutions in the ordinary course of business in relation to deposit savings and brokerage accounts;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m) Liens consented to by the Required Lenders; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n) any extension, renewal or replacement of any of the foregoing; provided, however, that the Liens permitted hereunder shall not be extended to cover any additional Debt or additional Property (other than a substitution of like Property).

"**Person**" means any natural person, corporation, limited liability company, trust, joint venture, association, company, partnership, Governmental Authority or other entity.

"**Postponement and Subordination Agreement**" means any agreement that may be entered into from time to time to provide for the subordination of any other Debt in relation to the Obligations or the Other Secured Obligations.

"**Property**" means, with respect to any Person, any or all of its undertaking, property and assets, whether tangible, intangible, real or personal, and includes rights under Contracts and Authorizations.

"**Purchase Money Obligation**" means, in respect of any Person, any Lien charging property acquired by such Person, which is granted or assumed by such Person, reserved by the transferor or which arises by operation of Applicable Law in favour of the transferor concurrently with and for the purpose of the acquisition of such property, in each case where: (a) the principal amount secured by such security

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interest is not in excess of the cost to such Person of the property acquired and costs associated with such acquisition; and (b) such security interest extends only to the property acquired and the proceeds therefrom.

"**Purchasers' Agent**" has the meaning assigned to such term in the Eskay Creek ICA.

"**RCF**" is defined in Section 2.1(a)(i).

"**RCF Unavailability Period**" means the period commencing immediately following the Advances of the Second Restatement Drawdown up to and including the earlier of (a) the date on which the Borrower delivers to the Agent a compliance certificate, in form and substance satisfactory to the Agent in accordance with Section 8.3(a)(iii), for the Fiscal Quarter ended June 30, 2026, and (b) the TL Cancellation Date.

"**RCF Commitments**" means, in respect of each RCF Lender, the agreement to make Advances to the Borrower in the Lender's Applicable Percentage of the maximum amount under the RCF and, where the context requires, the maximum amount of Advances which the RCF Lender has agreed to make under the RCF, all in accordance with the terms and subject to the conditions set forth herein.

"**RCF Credit Limit**" means, subject to increases pursuant to Section 2.9 and/or reductions pursuant to Sections 2.5 and 6.3(c), US$250,000,000. For the avoidance of doubt, the RCF Credit Limit will not be impacted by the exercise of the right of first refusal by Artemis under the Artemis Royalty Agreement, if applicable.

"**RCF Facility Increase**" has the meaning attributed to such term in Section 2.9(d).

"**RCF Lenders**" means the financial institutions set forth in Schedule 1 with a Commitment under the RCF.

"**RCF Maturity Date**" means March 4, 2029, or such later date as may be agreed in accordance with the terms of this Agreement.

"**Reference Lender**" means a Lender that is a Schedule I Lender and that has been designated as or deemed to be a Reference Lender pursuant to Section 10.13.

"**Reference Time**" with respect to any setting of the then-current Benchmark means (1) if such Benchmark is the Term SOFR Rate, 5:00 a.m. (New York City time) on the day that is two Banking Days preceding the date of such setting, or (2) if such Benchmark is not the Term SOFR Rate, the time determined by the Agent in its reasonable discretion.

"**Register**" is defined in Section 11.3.

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"**Related Parties**" means, with respect to any Person, such Person's Affiliates and the directors, officers, employees, agents and advisors of such Person and of such Person's Affiliates.

"**Relevant Governmental Body**" means, the Federal Reserve Board and/or the NYFRB, the Term SOFR Administrator, as applicable, or a committee officially endorsed or convened by the Federal Reserve Board and/or the NYFRB or, in each case, any successor thereto.

"**Representatives**" means, with respect to any Party, its Affiliates and, if applicable, its and their respective directors, officers, employees, agents, insurers, reinsurers and other representatives and advisors.

"**Required Lenders**" means Lenders holding, in the aggregate, a minimum of 66⅔% of the Commitments. Notwithstanding the foregoing, at any time there are less than three Lenders, "**Required Lenders**" shall mean all Lenders.

"**Restatement Date**" means September 24, 2025.

"**Rolling EBITDA**" means, for any Fiscal Quarter, the sum of the aggregate amount of EBITDA (exclusive of any portion thereof attributable to Rolling Permitted Acquisition EBITDA or Rolling Newly Cash Flowing Contract EBITDA) for such Fiscal Quarter and for the three immediately preceding Fiscal Quarters *plus* any Rolling Permitted Acquisition EBITDA for such Fiscal Quarter *plus* any Rolling Newly Cash Flowing Contract EBITDA for such Fiscal Quarter.

"**Rolling Interest Expense**" means, for any Fiscal Quarter, the sum of the aggregate amount of Interest Expense (exclusive of any portion thereof attributable to Rolling Permitted Acquisition Interest Expense) for such Fiscal Quarter and for the three immediately preceding Fiscal Quarters *plus* any Rolling Permitted Acquisition Interest Expense for such Fiscal Quarter.

"**Rolling Newly Cash Flowing Contract EBITDA**" means, for any Fiscal Quarter as concerns any Newly Cash Flowing Contract with respect to which four complete Fiscal Quarter ends or less have occurred since the date any such Contract became a Newly Cash Flowing Contract:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) for the Fiscal Quarter during which such date occurs (the "**First Flowing Fiscal Quarter** "), EBITDA attributable to such Newly Cash Flowing Contract during such Fiscal Quarter multiplied by four;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) for the first Fiscal Quarter following the First Flowing Fiscal Quarter, the aggregate amount of EBITDA attributable to such Newly Cash Flowing Contract during such Fiscal Quarter and the First Flowing Fiscal Quarter EBITDA multiplied by two;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) for the second Fiscal Quarter following the First Flowing Fiscal Quarter, the aggregate amount of EBITDA attributable to such Newly Cash

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Flowing Contract during such Fiscal Quarter and the immediately preceding Fiscal Quarter and the First Flowing Fiscal Quarter EBITDA multiplied by 4/3; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) for the third Fiscal Quarter following the First Flowing Fiscal Quarter, the aggregate amount of EBITDA attributable to such Newly Cash Flowing Contract during such Fiscal Quarter and the two immediately preceding Fiscal Quarters and the First Flowing Fiscal Quarter EBITDA.

"**Rolling Permitted Acquisition EBITDA**" means, for any Fiscal Quarter as concerns any Permitted Acquisition with respect to which four Fiscal Quarter ends or less have occurred since the date of completion of such Permitted Acquisition:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) for the Fiscal Quarter during which such date occurs (the "**First Fiscal Quarter** "), EBITDA attributable to such Permitted Acquisition during such Fiscal Quarter multiplied by a fraction the numerator of which is the number of days in the First Fiscal Quarter and the denominator of which is the number of days remaining in the First Fiscal Quarter following the completion of such Permitted Acquisition (such product, the "**First Fiscal Quarter EBITDA**") multiplied by four;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) for the first Fiscal Quarter following the First Fiscal Quarter, the aggregate amount of EBTDA attributable to such Permitted Acquisition during such Fiscal Quarter and the First Fiscal Quarter EBITDA multiplied by two;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) for the second Fiscal Quarter following the First Fiscal Quarter, the aggregate amount of EBITDA attributable to such Permitted Acquisition during such Fiscal Quarter and the immediately preceding Fiscal Quarter and the First Fiscal Quarter EBITDA multiplied by 4/3; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) for the third Fiscal Quarter following the First Fiscal Quarter, the aggregate amount of EBITDA attributable to such Permitted Acquisition during such Fiscal Quarter and the two immediately preceding Fiscal Quarters and the First Fiscal Quarter EBITDA.

"**Rolling Permitted Acquisition Interest Expense**" means, for any Fiscal Quarter as concerns any Permitted Acquisition, to the extent included in the calculation of Rolling Permitted Acquisition EBITDA, with respect to which four Fiscal Quarter ends or less have occurred since the date of completion of such Permitted Acquisition:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) for the Fiscal Quarter during which such date occurs (the "**Initial Fiscal Quarter** "), Interest Expense attributable to such Permitted Acquisition during such Fiscal Quarter multiplied by a fraction the numerator of which is the number of days in the Initial Fiscal Quarter and the denominator of which is the number of days remaining in the Initial Fiscal Quarter following the completion of such Permitted Acquisition (such

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product, the "**Initial Fiscal Quarter Interest Expense**") multiplied by four;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) for the first Fiscal Quarter following the Initial Fiscal Quarter, the aggregate of Interest Expense attributable to such Permitted Acquisition during such Fiscal Quarter and the Initial Fiscal Quarter Interest Expense multiplied by two;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) for the second Fiscal Quarter following the Initial Fiscal Quarter, the aggregate of Interest Expense attributable to such Permitted Acquisition during such Fiscal Quarter and the immediately preceding Fiscal Quarter and the Initial Fiscal Quarter Interest Expense multiplied by 4/3; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) for the third Fiscal Quarter following the Initial Fiscal Quarter, the aggregate of Interest Expense attributable to such Permitted Acquisition during such Fiscal Quarter and the two immediately preceding Fiscal Quarters and the Initial Fiscal Quarter Interest Expense.

"**Rosh Pinah Stream Transaction**" means the arrangements set forth in (a) the Rosh Pinah Purchase Agreement whereby, among other things, RP FC (Jersey) Ltd agreed to sell and deliver refined silver to the Borrower by way of the sale by RP SP (Jersey) Ltd to the Borrower of its interest in the silver stream agreement dated as of November 22, 2024, between RP SP (Jersey) Ltd, as original purchaser, and RP FC (Jersey) Ltd, as seller, and (b) the Rosh Pinah Supplemental Stream Agreement whereby, among other things, RP SP (Jersey) Ltd agreed to sell and deliver a top-up silver amount to the Borrower, in each case subject to the terms and conditions set forth therein.

"**Rosh Pinah Supplemental Stream Agreement**" means the supplemental silver stream agreement dated as of September 24, 2025, between the Borrower, as purchaser, and RP SP (Jersey) Ltd, as seller.

"**Royalty Agreements**" means the royalty agreements entered into or acquired from time to time by any Obligor for royalty or similar payments based on or by reference to production, revenues, profits (including net profit interests) or other metrics relating to metals or other minerals extracted or derived from a mine or other source of minerals or processed by a processing facility located in a Permitted Jurisdiction, and "**Royalty Agreement**" means any of the Royalty Agreements.

"**Royalty Purchase Agreement**" means the royalty purchase agreement dated as of October 31, 2023, among the Borrower, as purchaser, Sandstorm Gold Ltd. and Nomad Royalty Company Ltd.

"**S&P**" means Standard & Poor's Rating Services or any successor by merger or consolidation to its business.

"**Sanctioned Entity**" means (a) a country or a government of a country, (b) an agency of the government of a country, (c) an organization directly or indirectly

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controlled by a country or its government, (d) a Person resident in or determined to be resident in a country, in each case, that is subject to a country sanctions program administered and enforced by OFAC.

"**Sanctioned Person**" means a person named on the list of Specially Designated Nationals maintained by OFAC.

"**Sanction(s)**" means any international economic or financial sanctions administered or enforced by the United States Government (including without limitation, OFAC), the United Nations Security Council, the European Union (or any member state thereof), His Majesty's Treasury, the Government of Canada or other relevant sanctions authority.

"**Sandstorm**" means Sandstorm Gold Ltd.

"**Santa Rita Purchase Agreement**" means the royalty sale and purchase agreement dated as of September 24, 2025, among Appian Natural Resources Fund II LP and Appian Natural Resources (UST) Fund II LP, as sellers, and the Borrower, as buyer.

"**Santa Rita Royalty Transaction**" means the arrangements set forth in the Santa Rita Purchase Agreement whereby, among other things, AMH (Jersey) Limited agreed to pay to the Borrower a royalty by way of the sale by Appian Natural Resources Fund II LP and Appian Natural Resources (UST) Fund II LP to the Borrower of its interest in the royalty agreement dated as of March 25, 2025, among, among others, AMH (Jersey) Limited, as grantor, and Appian Natural Resources (UST) Fund II LP, as royalty holder, subject to the terms and conditions set forth therein.

"**Schedule I Lender**" means a bank which is chartered under the *Bank Act* (Canada) and named in Schedule I thereto.

"**Second Restatement Date**" means the date upon which all the conditions precedent set forth in Section Article 5 are fully satisfied as determined by the Agent, unless as otherwise waived by the Agent.

"**Second Restatement Drawdown**" means the drawdown under the Credit Facilities to be made by the Borrower upon satisfaction of the conditions precedent set forth in Section 5.3 in an amount as set forth in the Second Restatement Sources and Uses which is to be used by the Borrower for the purpose of partially financing the Eskay Creek Stream Transaction.

"**Second Restatement Sources and Uses**" is defined in Section 5.1(f)(ix).

"**Security Documents**" means, collectively, the Borrower's Security Documents and the Guarantors' Security Documents.

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"**SOFR**" means a rate equal to the secured overnight financing rate as administered by the Federal Reserve Bank of New York (or a successor administrator of the secured overnight financing rate).

"**Specified Purpose Equity Offering**" means an Equity Offering in respect of which the subject offering document or prospectus specifies that the Borrower will apply the proceeds thereof for a specific purpose such as, by way of example, a specific Acquisition or a specific Distribution.

"**Standby Fee**" is defined in Section 2.7(c).

"**Statutory Plan**" means any benefit plan that an Obligor is required by statute to participate in or contribute to in respect of any current or former employee, director, officer, shareholder, consultant or independent contractor of that Obligor, or any dependent of any of them, including the Canada Pension Plan, the Quebec Pension Plan and plans administered pursuant to applicable legislation regarding health, tax, workers' compensation insurance and employment insurance.

"**Subsidiary**" of a Person means any Person directly or indirectly Controlled by the first Person.

"**Successor Corporation**" is defined in Section 12.1.

"**Tax Act**" means the *Income Tax Act* (Canada).

"**Taxes**" means all present or future taxes, levies, imposts, duties, deductions, withholdings, assessments, fees or other charges imposed by any Governmental Authority, including any interest, additions to tax or penalties applicable thereto, and "**Tax**" has a corresponding meaning.

"**Term Benchmark Advance**" means an Advance made under a Credit Facility by way of loan in US Dollars upon which the interest rate shall be calculated in accordance with the applicable provisions of this Agreement with reference to Adjusted Term SOFR Rate and which matures on or before the RCF Maturity Date or the TL Maturity Date, as applicable.

"**Term Benchmark Basis**" means an interest rate equal to the sum of (a) the Adjusted Term SOFR Rate and (b) the Applicable Margin applicable to Term Benchmark Advances. The Term Benchmark Basis shall apply to the Interest Periods and, once determined, shall remain unchanged during the applicable Interest Period, except for changes to reflect adjustments, if applicable, to the Applicable Margin pursuant to the definition thereof. The Term Benchmark Basis for any Term Benchmark Advance shall be adjusted as of the effective date of any change in the Applicable Margin.

"**Term SOFR Administrator**" means CME Group Benchmark Administration Limited (or a successor administrator of the Term SOFR Reference Rate selected by the Agent in its reasonable discretion).

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"**Term SOFR Determination Day**" has the meaning assigned to it under the definition of Term SOFR Reference Rate.

"**Term SOFR Rate**" means, with respect to any Advance of a Term Benchmark Advance and for any tenor comparable to the applicable Interest Period, the Term SOFR Reference Rate at approximately 5:00 a.m., New York City time, two U.S. Government Securities Business Days prior to the commencement of such tenor comparable to the applicable Interest Period, as such rate is published by the Term SOFR Administrator.

"**Term SOFR Reference Rate**" means, for any day and time (such day, the "**Term SOFR Determination Day**"), with respect to any Advance of a Term Benchmark Advance and for any tenor comparable to the applicable Interest Period, the rate per annum determined by the Agent as the forward-looking term rate based on SOFR. If by 5:00 pm (New York City time) on such Term SOFR Determination Day, the "Term SOFR Reference Rate" for the applicable tenor has not been published by the Term SOFR Administrator and a Benchmark Replacement Date with respect to the Term SOFR Rate has not occurred, then the Term SOFR Reference Rate for such Term SOFR Determination Day will be the Term SOFR Reference Rate as published in respect of the first preceding U.S. Government Securities Business Day for which such Term SOFR Reference Rate was published by the Term SOFR Administrator, so long as such first preceding Banking Day is not more than five (5) Banking Days prior to such Term SOFR Determination Day.

"**TL**" is defined in Section 2.1(a)(ii).

"**TL Cancellation Date**" means the date on which all indebtedness, liabilities and obligations under the TL have been repaid in full in accordance with the terms of this Agreement and the Commitments with respect to the TL have been permanently cancelled.

"**TL Credit Limit**" means, subject to reductions pursuant to Sections 2.5 and 6.3(c), US$150,000,000. For the avoidance of doubt, the TL Credit Limit will not be impacted by the exercise of the right of first refusal by Artemis under the Artemis Royalty Agreement, if applicable.

"**TL Lenders**" means the financial institutions set forth in Schedule 1 with a Commitment under the TL.

"**TL Maturity Date**" means March 31, 2028.

"**Total Debt**" means, at any particular time, the total consolidated Debt of the Borrower at such time.

"**U.S. Government Securities Business Day**" means any day except for (i) a Saturday, (ii) a Sunday or (iii) a day on which the Securities Industry and Financial Markets Association recommends that the fixed income departments of its

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members be closed for the entire day for purposes of trading in United States government securities.

"**Unadjusted Benchmark Replacement**" means the applicable Benchmark Replacement excluding the related Benchmark Replacement Adjustment.

"**Unrestricted Cash**" means, at any particular time, aggregate of all Cash of the Obligors at such time which (A) is not listed on the Borrower's consolidated balance sheet as restricted cash (or other designation of similar effect) and (B) is in a deposit account with, and is subject to a Lien in favour of Lender (or the Agent for and on behalf of the Lenders).

"**US Dollars**" and "**US$**" mean the lawful currency of the United States of America.

"**USA Patriot Act**" means the anti-money laundering provisions of the Uniting and Strengthening America by Providing Appropriate Tools Required to Intercept and Obstruct Terrorism, Act of 2001, Public Law 107-56 (October 26, 2001) amending the Bank Secrecy Act, 31 U.S.C. Section 5311 et seq.

"**Welfare Plan**" means any deferred compensation, bonus, share option or purchase, savings, retirement savings, retirement benefit, profit sharing, medical, health, hospitalization, insurance or any other benefit, program, agreement or arrangement, funded or unfunded, formal or informal, written or unwritten, that is applicable to any current or former employee, director, officer, shareholder, consultant or independent contractor of any Obligor, or any dependent of any of them, except a Pension Plan or a Statutory Plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.2** **Construction** 

The Loan Documents have been negotiated by each Party with the benefit of legal representation, and any rule of construction to the effect that any ambiguities are to be resolved against the drafting party shall not apply to the construction or interpretation of the Loan Documents.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.3** **Certain Rules of Interpretation** 

In this Agreement:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the division into articles and sections and the insertion of headings and a table of contents in any Loan Document are for convenience of reference only and shall not affect the construction or interpretation of the Loan Document;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) unless specified otherwise or the context otherwise requires, in any Loan Document:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) "the aggregate of", "the total of", "the sum of", or a phrase of similar meaning means "the aggregate (or total or sum), without duplication, of"; and

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) all references to specific times are references to Toronto, Ontario time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.4** **Terms Generally** 

The definitions of terms in any Loan Document shall apply equally to the singular and plural forms of the terms defined. Whenever the context may require, any pronoun shall include the corresponding masculine, feminine and neuter forms. The words "include", "includes" and "including" shall be deemed to be followed by the phrase "without limitation". The word "will" shall be construed to have the same meaning and effect as the word "shall". Unless the context requires otherwise (a) any definition of or reference to any agreement, instrument or other document in any Loan Document (including any reference to this Agreement) shall be construed as referring to such agreement, instrument or other document as from time to time amended, supplemented, restated or otherwise modified (subject to any restrictions on such amendments, supplements, restatements or modifications in any Loan Document), (b) any reference in any Loan Document to any Person shall be construed to include such Person's successors and permitted assigns, (c) the words "herein", "hereof" and "hereunder", and words of similar import, shall be construed to refer to this Agreement (or the other Loan Document in which the words appear) in its entirety and not to any particular provision hereof or thereof, (d) all references in a Loan Document to Articles, Sections, Exhibits and Schedules shall be construed to refer to Articles and Sections of, and Exhibits and Schedules to, the Loan Document in which the references appear, (e) any reference to any law or regulation in any Loan Document shall, unless otherwise specified, refer to such law or regulation as amended, modified or supplemented from time to time, and (f) the words "asset" and "property" shall be construed to have the same meaning and effect and to refer to any and all Property, including cash, securities, accounts and contract rights.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.5** **Knowledge** 

In any Loan Document, any reference to the knowledge of any Party means to the best of the knowledge, information and belief of the Party after reviewing all relevant records and making due inquiries regarding the relevant matter.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.6** **Performance on Banking Days** 

If any action is required to be taken pursuant to any Loan Document on or by a specified date that is not a Banking Day, the action is valid if taken on or by the next Banking Day.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.7** **Accounting Terms & Calculations** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) In any Loan Document, unless specified otherwise, each accounting term has the meaning assigned to it under GAAP.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) For greater clarity and unless otherwise specifically provided herein, the consolidated financial results of the Borrower prepared in accordance with GAAP shall be used for the purposes of calculating EBITDA and Interest Expense (and all components thereof).

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.8** **Change in Accounting Policies** 

Whereas the Borrower may adopt new accounting policies from time to time, whether such adoption is compelled by accounting or regulatory bodies having jurisdiction or at its own discretion, and whereas these accounting changes may result in a material change in the calculation of the financial covenants or financial covenant thresholds or terms used in this Agreement or any other Loan Document, then the Borrower, the Agent and the Lenders agree to enter into negotiations in good faith and in a timely manner in order to amend such provisions of this Agreement or such Loan Document, as applicable, so as to equitably reflect such accounting changes with the desired result that the criteria for evaluating the Borrower's or any of its Subsidiaries' financial condition, financial covenants, financial covenant thresholds or terms used in this Agreement or any other Loan Document shall be the same after such accounting changes as if such accounting changes had not been made; provided, however, that the agreement of the Required Lenders to any required amendments of such provisions shall be sufficient to bind all Lenders. If the Borrower and the Required Lenders cannot agree upon the required amendments immediately prior to the date of implementation of any accounting policy change, then all calculations of financial covenants, financial covenant thresholds or terms used in this Agreement or any other Loan Document shall be prepared and delivered without reflecting the accounting policy change.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.9** **Permitted Liens** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.10** **Effect of this Amendment and Restatement** 

As of the Effective Time, this Agreement shall amend and restate the Existing Credit Agreement in its entirety and the Existing Credit Agreement as so amended and restated is hereby ratified and confirmed by the parties hereto. This Agreement is not intended by the parties to, and shall not constitute, a payment, discharge, satisfaction or novation of the whole or any item or part of the Obligations (as defined in the Existing Credit Agreement) remaining outstanding and owing to the Lenders until paid in full in accordance with the provisions of this Agreement. The parties hereto agree that, at the Effective Time, the Advances (as defined in the Existing Credit Agreement) outstanding under the Existing Credit Agreement shall become outstanding hereunder as advances of the same type. Each Obligor hereby confirms to and agrees with the Lenders that its Obligations (as defined in the Existing Credit Agreement) shall continue in full force and effect in accordance with their respective terms (amended and restated, as applicable, by this Agreement). With respect to the outstanding Advances (as defined in the Existing Credit Agreement) at the Effective Time (but prior to giving effect to any drawdown under the Credit Facilities hereunder), the Lenders shall make such payments among themselves (as calculated by the Agent) so as to ensure that the aggregate amount of credit outstanding under all Advances shall be owing to the Lenders in accordance with their respective pro rata share. All references to the term "Credit Agreement" as defined and contained in the Loan Documents delivered in connection with the Existing Credit Agreement shall, from and after the

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Second Restatement Date, be deemed to refer to this Agreement without the need for any amendment to such Loan Document. All references to one or more provisions of the Existing Credit Agreement contained in the Loan Documents shall, from and after the Second Restatement Date, be deemed to refer to the corresponding provisions of this Agreement, without the need for any amendment to such Loan Documents.

**Article 2**

**THE CREDIT FACILITIES**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.1** **Establishment of Credit Facilities and Availment Options** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Subject to the terms and conditions of this Agreement (including, without limitation, Section 2.9), the Lenders shall provide, severally (not jointly and not jointly and severally):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) a revolving credit facility (the "**RCF**") for the use of the Borrower from time to time (except during the RCF Unavailability Period) in the aggregate amount of up to the RCF Credit Limit. Each Lender's obligation shall be limited to its respective Applicable Percentage of the RCF; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) a non-revolving term credit facility (the "**TL**") for the use of the Borrower in the aggregate amount of up to the TL Credit Limit. Each Lender's obligation shall be limited to its respective Applicable Percentage of the TL.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Subject to the terms and conditions of this Agreement, at the option of the Borrower, all or a portion of the Credit Facilities may be used by requesting the Lenders to make Base Rate Advances and/or Term Benchmark Advances.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The aggregate of all Advances shall not, at any time, exceed the Credit Limit.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) For greater certainty and notwithstanding any other provision of this Agreement, the Borrower shall not be permitted to access the RCF during the RCF Unavailability Period.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.2** **Reborrowing** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The RCF is a revolving credit facility and the principal amount of any Advance under the RCF that is repaid may be re-borrowed, if the Borrower is otherwise entitled to an Advance under the RCF in accordance with the terms hereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The TL is a non-revolving credit facility and the principal amount of any Advance under the TL that is repaid may not be re-borrowed.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.3** **Use of the Credit Facilities** 

The Credit Facilities may, subject to the last sentence of this Section 2.3, be used (a) to finance working capital requirements, (b) to make Acquisitions and Investments under and pursuant to the terms of the Equinox GPSA and the Royalty Purchase Agreement, (c) to

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make Permitted Acquisitions and Permitted Investments, (d) in accordance with the Second Restatement Sources and Uses and (e) for general corporate requirements of the Borrower, but references in this Section to the use of the Credit Facilities shall not in any way modify other provisions of this Agreement. The Borrower shall not (A) use any part of the proceeds of any Advance under the Credit Facilities (x) in violation of any Sanctions, (y) in any manner which will result in the imposition of Sanctions against any Person (including any Person participating in the transactions contemplated hereby, whether as Lender or otherwise) or (z) for any payments in breach of Anti-Corruption Laws, Anti-Money Laundering Legislation, or Anti-Terrorist Financing Laws nor (B) shall the Borrower drawdown credit under the Credit Facilities solely for the purpose of accumulating cash in deposit or investment accounts outside the ordinary course of business.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.4** **Term and Repayment** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The TL shall be repaid in full and cancelled on or before the TL Maturity Date. The TL shall be repaid by the Borrower to the Lenders in consecutive quarterly instalments in the amounts and on the instalment dates set forth in Schedule 3. Amounts which are repaid under the TL may not be reborrowed.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The RCF shall be repaid in full and cancelled on or before the RCF Maturity Date. If no Default has occurred and is continuing, the Borrower may request that the RCF Maturity Date be extended on each request in accordance with the procedures specified in this Section 2.4.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Borrower shall, if it wishes to extend the RCF Maturity Date, make a request to each Lender by written notice given to the Agent not more than once per calendar year. Each Lender shall provide a written response to that request to the Agent within 30 days of such request being made. Promptly thereafter, the Agent shall notify the Borrower of the response of the Lenders, and shall include the names of all Declining Lenders (such notice, the "**Accepting Lender Notice** ").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) If all of the Lenders agree to extend the RCF Maturity Date, the RCF Maturity Date shall be extended by 365 days from the then applicable RCF Maturity Date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) If the aggregate amount of the Commitments of the Accepting Lenders under the RCF is less than 66⅔% of the aggregate RCF Commitments of all Lenders under the RCF then in effect, the RCF Maturity Date shall not be extended.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) If the aggregate amount of the Commitments of the Accepting Lenders under the RCF are equal to or greater than 66⅔% but less than 100% of the aggregate Commitments of all Lenders under the RCF, unless the Borrower elects not to extend the RCF Maturity Date by giving a further written notice to the Agent to that effect within 10 days after the Agent notifies the Borrower of the Lenders' response, the RCF Maturity Date shall be extended by 365 days from the then applicable RCF Maturity Date, provided that the Borrower has, before the then applicable RCF Maturity Date, replaced or cancelled the RCF Commitments of all Declining Lenders in the following manner:

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) The Borrower may, at any time on or before the 10th Banking Day following the receipt of the Accepting Lender Notice, by written request to the Agent (each, an "**Acquisition Request Notice** "), a copy which shall be provided by the Agent to each Lender within one Banking Day of the Agent receiving same, request that the rights and obligations of the Declining Lenders be assigned in accordance with this Section 2.4 and the following shall apply:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) Any Accepting Lender may, at its option, acquire all or any portion of the rights and obligations of the Declining Lenders under the Loan Documents (all of such rights and obligations being herein called the "**Available Amount**") by giving written notice to the Agent (an "**Acquisition Notice**") of the portion of the Available Amount which it is prepared to acquire (the "**Desired Acquisition Amount** "). Such Acquisition Notice shall be given within 10 days following the giving of the Acquisition Request Notice by the Borrower to the Agent (such deadline being herein called the "**Acquisition Deadline** "). If only one Accepting Lender gives an Acquisition Notice to the Agent or if more than one Accepting Lender gives an Acquisition Notice to the Agent but the aggregate of their Desired Acquisition Amounts is less than or equal to the Available Amount, then each such Accepting Lender shall be entitled to acquire its Desired Acquisition Amount of the rights and obligations of the Declining Lenders under the Loan Documents. If more than one Accepting Lender gives an Acquisition Notice to the Agent and the aggregate of the Desired Acquisition Amounts is greater than the Available Amount, then each such Accepting Lender shall be entitled to acquire a pro rata share of the rights and obligations of the Declining Lenders under the Loan Documents, such pro rata share being determined based on the relative Desired Acquisition Amount of each such Accepting Lender.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) Promptly following the Acquisition Deadline, the Agent shall give to the Borrower and each Lender a written notice identifying the Available Amount of each Declining Lender and the portion thereof to be acquired by each Accepting Lender. Each of such acquisitions shall be completed on the date which is five Banking Days following the Acquisition Deadline, in accordance with the procedures set out in Section 11.2.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(C) If the Available Amount is not completely acquired by the Accepting Lenders, the Borrower may locate New Lenders to acquire all or a portion of the balance of the rights and obligations of the Declining Lenders under the Loan Documents on the date which is 20 Banking Days following the Acquisition Deadline, in accordance with the procedures set out in Section 11.2.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(D) Any outstanding Commitment of the Declining Lenders which is not acquired by Accepting Lenders or New Lenders under Sections 2.4(f)(i)(B) or 2.4(f)(i)(C) shall be repaid by the Borrower, and the Commitments of the Declining Lenders not so acquired shall be cancelled on the then applicable RCF Maturity Date and the amount of the RCF Credit Limit shall thereupon be reduced by the aggregate of the Commitments so cancelled, if any.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.5** **Mandatory Prepayments** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) If at any time Equinox exercises the Equinox Buydown Option, the Borrower shall immediately pay to the Agent upon such exercise, an amount equal to the lesser of: (i) the outstanding Obligations under the RCF; and (ii) the net proceeds received by the Borrower from disposing of its portion of the Buydown Gold Ounces and the Buydown Premium (each as defined in the Equinox GPSA), and such amount shall be applied by the Agent against the outstanding Obligations under the RCF. For the avoidance of doubt, (i) the RCF Credit Limit shall be permanently reduced by the amount set out in this Section 2.5(a) following each exercise of the Equinox Buydown Option up to a cumulative maximum of US$15,000,000, so that the RCF Credit Limit shall not be reduced to an amount that is less than US$235,000,000 pursuant to this Section 2.5(a), and (ii) a prepayment under this Section 2.5(a) shall not affect the terms of Section 2.9 hereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) If at any time the Borrower or any other Obligor receives net proceeds from (i) any Equity Offering or (ii) the incurrence or issuance of any Debt (in each case, other than (A) any Debt incurred under this Agreement and (B) any such Equity Offering or Debt offering the net proceeds of which are not received in cash), then the Borrower shall, within 30 days after the receipt of any such net proceeds, pay to the Agent for the account of the Lenders an amount equal to such net proceeds, which amount shall be applied to prepay the TL in inverse order of maturity. If, at any time, any such mandatory prepayment exceeds the amount outstanding under the TL at such time, the Borrower shall be permitted to retain such excess amount. All amounts prepaid in accordance with this Section 2.5(b) shall permanently reduce the TL Credit Limit by an amount equal to such prepayment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.6** **Voluntary Prepayments** 

Subject to Section 6.4, the Borrower shall be entitled to prepay all or any portion of the outstanding Advances under a Credit Facility at any time, without penalty, provided that Section 13.10 shall be complied with in connection with any such prepayment and any such prepayment of all or any portion of any Advances shall be in an amount of no less than $1,000,000 and otherwise in integral multiples of $500,000 in excess thereof. Amounts under the TL which have been prepaid as aforesaid may not be re-borrowed and any such prepayments shall be applied in inverse order of maturity. Amounts under the RCF which have been prepaid as aforesaid may be re-borrowed. Other than any payments required pursuant to Section 13.10, there are no premiums, penalties or other additional payments associated with any voluntary prepayments under this Section 2.6.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.7** **Interest Rates and Fees** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Interest shall accrue and be payable on Base Rate Advances at the Base Rate plus Applicable Margin. Interest shall accrue and be payable on Term Benchmark Advances at the Term Benchmark Basis.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Borrower shall pay interest and fees at the applicable rate specified in Schedule 2.6 to the Agent at the Branch of Account on Advances outstanding from time to time. The Borrower shall pay interest on Base Rate Advances on each Interest Payment Date. The Borrower shall pay interest on each Term Benchmark Advance on the applicable Interest Payment Date, and, in addition, if the Interest Period for a Term Benchmark Advance exceeds three months, interest on such Term Benchmark Advance shall also be due and payable in arrears on every three-month anniversary of the beginning of such Interest Period. In respect of each type of Advance, interest on each such Advance then outstanding shall be due and payable in US Dollars on the RCF Maturity Date or the TL Maturity Date, as applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Borrower shall pay a standby fee (the "**Standby Fee**") on the daily unadvanced portion of the RCF (which for clarity shall, for the purposes of this Section 2.7(c), be equal to the RCF Credit Limit less any amounts outstanding hereunder) at the rate per annum equal to the Applicable Margin on the RCF. The Standby Fee shall be calculated daily beginning on the date hereof and shall be payable quarterly in arrears on the first Banking Day following each Fiscal Quarter. On final payment of the Obligations, the Borrower shall also pay any accrued but unpaid Standby Fees.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The Agent shall distribute interest and fees for the Credit Facilities to the Lenders based on their respective Applicable Percentages.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) The Applicable Margin and all other interest rates and fees (other than standby fees) shall be increased by 2% per annum at all times that a Default has occurred and is continuing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.8** **Other Fees** 

The Borrower shall, concurrently with the execution of this Agreement, pay non-refundable fees as set out in the Lender Fee Letter. The Borrower shall also pay agency fees to the Agent in accordance with the Agency Fee Letter.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.9** **Accordion Feature** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Except during the RCF Unavailability Period, the Borrower may, at any time and from time to time following the TL Cancellation Date<sup>1</sup>, request that the amount of the RCF be increased by an amount up to the Accordion Limit (each an "**Increase Request** "); provided in each case that: (a) the aggregate principal amount of all

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<sup>1</sup> NTD: The TL Cancellation Date should remain a condition precedent to accessing the accordion.

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increases to RCF pursuant to this Section 2.9(a) shall not exceed the Accordion Limit in the aggregate for all Increase Requests, (b) no Default or Event of Default shall have occurred and be continuing or would result therefrom, (c) the Borrower shall be in compliance with the Financial Covenants set forth in Section 8.1 on a *pro forma* basis at the time of any such Increase Request (after giving effect to any draw contemplated in connection therewith), and (d) at the time of any such Increase Request, the provisions of the Security Documents are effective to continue to create, in favour of the Agent for the benefit of the Lenders, a legal, valid and enforceable first priority Lien on all of the Property purported to be covered thereby, and all necessary recordings and filings have been made in all necessary public offices, and all other necessary and appropriate action has been taken, so that each such Security Document continues to create a perfected Lien on all right, title and interest of the Obligor which is a party thereto in the Property covered thereby, prior and superior to all other Liens and all necessary consents to the creation, perfection and enforcement of such Liens, if required, have been obtained from each of the parties to the Material Agreements, as applicable. The Agent shall promptly send a copy of the Increase Request to each RCF Lender. Each of the existing RCF Lenders shall be given the opportunity to increase their respective Commitments under the RCF prior to any solicitation by the Borrower for an initial Commitment from a Person that is not an existing RCF Lender. If all RCF Lenders agree to participate in the increase to the RCF, the Commitment of each RCF Lender with respect to the RCF shall be increased in accordance with their respective Applicable Percentage. For certainty, a new RCF Lender may only be proposed by the Borrower to participate in a proposed increase to the RCF if the full amount of the proposed increase pursuant to the subject Increase Request is not completely acquired by Persons that are already RCF Lenders. No RCF Lender shall have any obligation, express or implied, to offer to increase or accept the Borrower's offer to increase its Commitment with respect to the RCF. Only the consent of each RCF Lender which agrees to increase its Commitment with respect to the RCF (each such Lender, an "**Increasing Lender**") shall be required to provide the applicable increase in such Lender's Commitment pursuant to this Section 2.9(a). No RCF Lender which declines to increase its Commitment with respect to the RCF may be replaced with respect to its Commitment as a result thereof without such RCF Lender's consent.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Each Increasing Lender shall as soon as practicable after each Increase Request is submitted by the Borrower to the Agent in accordance with the provisions of Section 2.9(a), specify in writing to the Borrower and the Agent the amount of the proposed increase that it is willing to assume under the RCF. The Borrower (in consultation with the Agent) may accept some or all of the offered amounts or designate new lenders (on terms that are no more favourable than those offered to the Lenders except with respect to the allocation of any accordion or commitment fee) that qualify as an Eligible Assignee under this Agreement, as additional RCF Lenders (each such new lender being a "**New Accordion Lender** "), which New Accordion Lenders may assume all or a portion of the increase in the RCF; provided that such New Accordion Lenders must be approved by the Agent.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Upon delivery to the Agent of an Accordion Agreement executed by the Obligors and an Accordion Lender, the Agent shall promptly execute and deliver such Accordion Agreement whereupon this Agreement and each other Loan Document shall, subject to Sections 2.9(a) and 2.9(b), henceforth be read and construed as if such Accordion Lender were party to this Agreement as a RCF Lender having all of the rights and obligations of a RCF Lender expressed herein with respect to the Commitment of such Accordion Lender, and all references to any Lenders in any Loan Document shall (to the extent the context so admits) be construed accordingly. Subsequent thereto, Schedule 1 hereto shall be deemed to be amended to add the Commitment of such Accordion Lender. Each Lender irrevocably appoints, authorizes and directs the Agent, as its attorney and agent, with full power of substitution and delegation, to complete and execute on its behalf, each Accordion Agreement relating to each Accordion Lender. Each Lender agrees that it will be bound by the terms of each such Accordion Agreement so completed and executed by the Agent.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The Agent shall promptly notify the Borrower and the RCF Lenders of any increased Commitment with respect to the RCF arising pursuant to Sections 2.9(b) and 2.9(c) (each such increase being a "**RCF Facility Increase**") and shall deliver an updated Schedule 1 to all Lenders reflecting such increase. Upon delivery of such updated Schedule 1, this Agreement shall be deemed to be amended to reflect such updated Schedule without the need of any further action on the part of any party hereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) No increase in the amount of the RCF pursuant to an Increase Request shall be:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) permitted at any time during the RCF Unavailability Period;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) permitted at any time prior to the TL Cancellation Date;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) permitted at any time that a Default or Event of Default has occurred and is continuing or if any Default or Event of Default would arise as a result of an increase to the RCF Credit Limit as a result of the exercise of any such Increase Request; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) effective until (i) the Borrower has brought down the representations and warranties set forth in Article 7 hereof pursuant to an officer certificate addressed to the Agent duly executed by senior officers of the Borrower, and (ii) if required by the Agent, acting reasonably, each Obligor shall have executed and delivered to the Agent a confirmation of its Obligations, in form and substance acceptable to the Lenders, acting reasonably, under each Loan Document to which it is a party and acknowledging and confirming that the relevant Accordion Lender benefits from such Loan Documents.

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**Article 3**

**GUARANTEES**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.1** **Guarantees** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Borrower shall (i) deliver an unconditional guarantee of the Other Secured Obligations of each Obligor (other than itself) and (ii) deliver, or cause the delivery of unconditional guarantees of the Obligations and the Other Secured Obligations by each of the Material Subsidiaries as of the date of this Agreement, in each case in favour of the Agent for the benefit of the Lenders.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) If at any time the Borrower establishes or acquires a Material Subsidiary, or a Subsidiary that was not previously a Material Subsidiary becomes a Material Subsidiary, the Borrower shall promptly cause that Subsidiary to become an Obligor, adopt this Agreement by delivering an agreement in the form of Schedule 3.1(b) so as to be bound by all of the terms applicable to Obligors as if it had executed this Agreement as a Guarantor and deliver a Guarantee as required by Section 3.1(a) and deliver Guarantors' Security Documents as required by Section 4.2.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.2** **Obligations Guaranteed by the Guarantees** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Unless otherwise agreed by the Lenders among themselves, the Guarantees (and any security that may be held from time to time by or for the benefit of the Lenders) shall support the following obligations *pari passu* with each other:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the Obligations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the present and future debts, liabilities and obligations of a Obligor to the Agent, any Lender or Affiliate of a Lender (collectively, the "**Other Secured Obligations**") under or in connection with (i) cash management arrangements, (ii) other transactions not made under this Agreement if it is agreed in writing after the date of this Agreement by the Obligors and the Agent acting on the instructions of the Required Lenders that such debts, liabilities and obligations shall be guaranteed, and (iii) Derivatives that are permitted under this Agreement; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) notwithstanding that any Person ceases to be a Lender for any reason, Other Secured Obligations shall not cease to be guaranteed (and secured by any security that may be held from time to time by or for the benefit of the Lenders) without the prior written consent of the applicable former Lender or Affiliate to whom the Other Secured Obligations are owed. Notwithstanding the foregoing, Other Secured Obligations owing to a Person who has ceased to be a Lender or its Affiliates shall not include any such Other Secured Obligations incurred on or after the date such Person has ceased to be a Lender for any reason. If the Obligations have been indefeasibly paid in full and the Commitments have been cancelled, the Lenders and Affiliates shall release their interest in the Guarantees (and any

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such security) on receiving Cash Collateral to secure the Other Secured Obligations, in an amount satisfactory to the Lenders and Affiliates to whom Other Secured Obligations are owed.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Notwithstanding the rights of Lenders and Affiliates to benefit from the Guarantees in respect of the Other Secured Obligations, all decisions concerning the Guarantees (and any security that may be held from time to time by or for the benefit of the Lenders) and the enforcement thereof shall be made by the Lenders or the Required Lenders in accordance with this Agreement and no Lender or Affiliate holding Other Secured Obligations from time to time shall have any additional right to influence the Guarantees (or any such security) or their enforcement as a result of holding Other Secured Obligations as long as this Agreement remains in force. Notwithstanding the termination of this Agreement by reason of payment of the Credit Facilities, or for any other reason (but subject always to the last sentence of Section 3.2(a)(iii)), the Other Secured Obligations shall continue to be guaranteed by the Guarantees (and secured if applicable), except as to former Lenders or their Affiliates as provided in Section 3.2(a)(iii). After the termination of this Agreement, decisions concerning the Guarantees (and any such security) shall be made by the holders of Other Secured Obligations as they may determine among themselves.

**Article 4**

**Security**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.1** **Borrower's Security Documents** 

As security for all Obligations and Other Secured Obligations, to the extent applicable, the Borrower shall deliver, or cause to be delivered, to the Agent, as agent for the Lenders, the following documents (collectively, the "**Borrower's Security Documents**"):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) a general security agreement on all the then present and future, personal property, fixed assets, equipment, accounts receivable, Contracts, Intellectual Property and all other assets and undertaking of the Borrower, including Equity Interests of all of its Subsidiaries;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) share pledge agreements in respect of all then present and future Equity Interests of all Material Subsidiaries in which it has a direct interest;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) a specific assignment of certain Material Agreements, as specified by the Agent, to which the Borrower is a party;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) a Postponement and Subordination Agreement in respect of any secured Intercompany Debt in existence on or after the Original Closing Date;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) to the extent applicable, consent and acknowledgement agreements from the counterparties to Material Agreements which are not Freely Transferable Material Agreements to which the Borrower is a party;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) subject to Section 8.2(h), blocked accounts agreements or account control agreements, as applicable, in respect of the primary operating bank account(s) maintained by the Borrower with any financial institution other than the Agent;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) securities account control agreements in respect of the Borrower's securities trading and brokerage accounts; and

in each case in form and substance satisfactory to the Agent.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.2** **Guarantors' Security Documents** 

As security for all Obligations and Other Secured Obligations, including all its liability and indebtedness under the Guarantees and each other Loan Document, each of the Guarantors shall deliver to the Agent, as agent for the Lenders, the following documents (collectively, the "**Guarantors' Security Documents**"):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) a general security agreement on all the then present and future, personal property, fixed assets, equipment, accounts receivable, Contracts, Intellectual Property and all other assets and undertaking of such Guarantor, including Equity Interests of all of its Subsidiaries;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) a specific assignment of certain Material Agreements, as specified by the Agent, to which such Guarantor is a party;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) a Postponement and Subordination Agreement in respect of any secured Intercompany Debt in existence on or after the Original Closing Date;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) to the extent applicable, consent and acknowledgement agreements from the counterparties to Material Agreements which are not Freely Transferable Material Agreements to which the Guarantor is a party;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) subject to Section 8.2(h), blocked accounts agreements in respect of the primary operating bank account(s) maintained by such Guarantor with any financial institution other than the Agent;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) securities account control agreements in respect of such Guarantor's securities trading and brokerage accounts; and

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in each case in form and substance satisfactory to the Agent.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.3** **Additional Security Documents** 

The Borrower and each Guarantor shall execute all such further documentation as may be reasonably necessary from time to time to permit the Agent, on behalf of the Lenders, to take, register and perfect and maintain security interests to which the Lenders are entitled pursuant to Sections 4.1 or 4.2 in any property or assets presently owned or hereafter acquired by any of them or as necessary following any restructuring or merger, amalgamation or reorganization permitted pursuant to Article 12.

**Article 5**

**CLOSING CONDITIONS**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.1** **Conditions Precedent to Closing and Future Advances** 

In addition to the conditions precedent specified set forth in Section 5.2, the obligation of the Lenders to make any Advance or for this Agreement to be effective is subject to the conditions precedent specified in this Section 5.1 being satisfied, unless waived by all of the Lenders (the "**Effective Time**"). Where delivery of documents is referred to, the documents shall be delivered to the Agent, for and on behalf of the Lenders, and shall be, where applicable, duly executed by all parties thereto and otherwise in full force and effect and in form and substance satisfactory to the Lenders.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Due Diligence.</u> The Lenders and the Agent shall have made such investigation of the assets, business and affairs of the Obligors (including, without limitation, an assessment of the Material Agreements and the Borrower's financial forecast) and the security to be provided to the Agent under the Loan Documents as the Agent and each Lenders deems appropriate (and the Borrower shall have cooperated with the Agent and the Lenders in such investigation) and the Agent and the Lenders, in their sole and individual discretion, shall be satisfied with the results thereof;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Credit Agreement, Loan Documents and Other Documents</u>. The Agent shall have received:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) duly executed copy of this Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) duly executed copies of the other Loan Documents (which, in the case of previously executed Loan Documents, shall be limited to a confirmation delivered in respect thereof from each applicable Obligor and such other amendments deemed necessary or advisable by the Agent's counsel, acting reasonably, having regard for the increased credit and extended term hereunder), duly registered as required, together with any confirmations of security reasonably requested by the Agent;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) to the extent applicable, the duly executed and delivered consent and acknowledgment agreements from counterparties to the Material Agreements, as described in Section 8.2(g); and

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) to the extent applicable, the share certificates representing all issued and outstanding Equity Interests of each Guarantor, each such share certificate being accompanied by a duly executed transfer power of attorney.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Corporate and Other Information</u>. The Agent shall have received:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) a certificate of the Borrower and each Guarantor, certifying as to its Constating Documents (copies of which are attached to that certificate) and such other corporate information as the Agent may reasonably require;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) a certificate of the Borrower and each Guarantor, certifying (i) a list of certain of its officers and directors who may execute Loan Documents on its behalf, specimens of those officers' and directors' signatures, and the corporate proceedings taken to authorize it to execute, deliver and perform its obligations under the Loan Documents; and (ii) each of the Material Agreements;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) a certificate of status, compliance, good standing or similar certificate for the jurisdiction of incorporation of the Borrower and each Guarantor and for each jurisdiction where the Borrower and each Guarantor carries on business;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) an updated Perfection Certificate signed by an officer of each Obligor; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) evidence that the execution and delivery of Loan Documents will not contravene Applicable Law governing financial assistance or other similar subjects that affect the Loan Documents.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) <u>Opinions</u>. The Agent shall have received customary legal opinions of counsel to the Borrower and each Guarantor, addressed to the Agent and the Lenders, in form and substance satisfactory to the Lenders, relating to the status and capacity of such Obligor, the due authorization, execution and delivery and the validity and enforceability of the Loan Documents to which such Obligor is a party in the jurisdiction of incorporation of such Obligor and in the jurisdiction governing the relevant Loan Document, perfection of security, choice of law and reciprocal enforcement and such other matters as the Lenders may reasonably request.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) <u>Insurance</u>. The Agent shall have received (A) updated certificates of insurance or other evidence that the covenants and conditions of the Loan Documents concerning insurance coverage are being complied with and endorsements naming the Agent, on behalf of the Lenders, as an additional insured under all insurance policies to be maintained by the Obligors, and (B) to the extent applicable, endorsements naming the Agent, on behalf of the Lenders, as loss payee, as the case may be, under all insurance policies to be maintained with respect to the Property of the Obligors.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) <u>Other Matters</u>. The following conditions must be satisfied:

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the Agent must have received payment of all fees payable to the Agent, the Lenders or any of them on the dates specified in the Fee Letters, and the reimbursement of all documented expenses incurred and reimbursable by the Borrower pursuant to Section 13.7 including legal fees;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the representations and warranties set forth in Section 7.1 and each of the other Loan Documents shall be true and correct in all respects on and as of the Second Restatement Date, both before and after giving effect to any drawdown of an Advance and to the application of proceeds therefrom on such date, by reference to the facts and circumstances then existing (except to the extent such representations and warranties relate to a different date, in which case such representations and warranties shall be true and correct in all material respects on and as of such date) and the Borrower shall have delivered an officer's certificate to the Agent to such effect;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) no Default or Event of Default shall have occurred and be continuing and the Borrower shall have delivered an officer's certificate to the Agent to such effect;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) nothing shall have occurred (nor shall the Agent or any Lender become aware of any facts not previously known), which the Lenders determine is reasonably likely to have a Material Adverse Change since December 31, 2025;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) the Collateral is subject to the perfected first priority Lien in favour of the Agent entered on or as of the Second Restatement Date (to the extent not previously entered prior to the Second Restatement Date), established pursuant to the Security Documents;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) to the extent not previously delivered to the Agent, the Agent shall have received a certified copy of each Material Agreement in effect as of the Second Restatement Date;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii) the Agent shall have received an executed copy of the Eskay Creek Purchase Agreement and shall be satisfied that the Eskay Creek Purchase Agreement is a Freely Transferrable Material Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ix) the Agent shall have received a sources and uses statement (including any related flow of funds) evidencing sources and uses in relation to the Eskay Creek Stream Transaction, in form and substance satisfactory to the

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Lenders, acting reasonably (such satisfactory form, the "**Second Restatement Sources and Uses**");

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(x) the Agent shall have received documentation and other information required by bank regulatory authorities under applicable "*know your customer*" and anti-money laundering rules and regulations, including the USA Patriot Act, in each case in form and substance reasonably satisfactory to the Agent, and such other information as may reasonably be requested by the Agent;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xi) the Agent and its counsel shall be satisfied, acting reasonably, that (i) all necessary Permits have been given in respect of this Agreement and the Security Documents and (ii) that no litigation, proceedings or investigations have been commenced or threatened in writing which contest the consummation of the Credit Facilities or Collateral, or would reasonably be expected to have a Material Adverse Change; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xii) the Agent shall have received such other documents as the Lenders may reasonably require.

The conditions set forth in this Section 5.1 are inserted for the sole benefit of the Lenders and may only be waived as specified in Section 10.7(c).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.2** **Conditions Precedent to all Advances** 

In addition to the other conditions precedent to effectiveness of this Agreement set forth in Section 5.1, the obligation of the Lenders to make any Advance is subject to the following conditions precedent:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the Agent has received timely notice as required under Section 6.4;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the representations and warranties set forth in Section 7.1 shall be deemed to have been given on the date of any Advance and shall be, *mutatis mutandis*, true and correct in all material respects on and as of such date, both before and after giving effect to the drawdown of such Advance and to the application of proceeds therefrom (except to the extent such representations and warranties specifically relate to a different date, in which case such representations and warranties shall be true and correct in all material respects on and as of such date); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) no Default or Event of Default shall have occurred and be continuing, nor shall any such event occur as a result of making such Advance or the application of proceeds therefrom.

The conditions set forth in this Section 5.2 are inserted for the sole benefit of the Lenders and may only be waived as specified in Section 10.7(b).

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.3** **Conditions Precedent to Advance of the Second Restatement Drawdown** 

In addition to satisfaction of the other conditions precedent to all Advances set forth in Section 5.2, the obligation of the Lenders to make the Advances of the Second Restatement Drawdown shall also be subject to the following conditions precedent:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the Agent shall have received satisfactory evidence that the exercise of the Buy-Down Right (as defined in the Eskay Creek Stream Agreement) has been completed;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the Agent shall have received satisfactory evidence that the Eskay Creek Stream Transaction has been consummated in all material respects in accordance with the Eskay Creek Purchase Agreement; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) the Agent shall have received satisfactory evidence that all powers, rights and obligations of the Purchasers' Agent under the Eskay Creek ICA have been transferred and/or assigned to the Borrower, as applicable.

The conditions set forth in this Section 5.3 are inserted for the sole benefit of the Lenders and may only be waived as specified in Section 10.7(b).

**Article 6**

**ADVANCES**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.1** **Evidence of Indebtedness** 

The Agent shall maintain records concerning the Obligations and each Lender shall maintain records concerning those Advances it has made. The records maintained by the Agent and the Lenders shall constitute *prima facie* evidence of the Obligations and all related details, absent manifest error. The failure of the Agent or any Lender to correctly record any detail relating to an Advance shall not, however, adversely affect the obligation of the Borrower to pay any of the Obligations in accordance with this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.2** **Calculation and Other Matters Regarding Interest and Fees** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) All interest on Base Rate Advances, and Term Benchmark Advance, as applicable, shall accrue from day to day and shall be payable in arrears, calculated on the actual number of days elapsed from and including the applicable Advance Date or the previous date on which interest was due in accordance with Section 2.5, as the case may be, to but excluding the date on which interest is due. If interest is not paid on the date it is due, the principal amount shall continue to bear interest at the rate that is applicable to the particular type of Advance from time to time in accordance with Section 2.7(a), both before and after maturity, default and judgment, and overdue interest shall bear interest at the same rate, compounded monthly, and be payable on demand.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Borrower requesting an Advance by way of a Term Benchmark Advance shall specify in the notice pursuant to Schedule 6.5(a), the duration of the Interest Period provided that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Interest Periods for Term Benchmark Advance shall have a duration of one month, three months or six months, subject to availability, provided that in the event the Borrower fails to specify an Interest Period for any Term Benchmark Advance in the notice pursuant to Schedule 6.5(a), the Borrower shall be deemed to have selected an Interest Period of one month;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the first Interest Period for a Term Benchmark Advance shall commence on and include the Advance Date of such Term Benchmark Advance and each subsequent Interest Period applicable thereto shall commence on and include the date of the expiry of the immediately preceding Interest Period applicable thereto; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) if any Interest Period would end on a day which is not a Banking Day, such Interest Period shall be extended to the next succeeding Banking Day unless such next succeeding Banking Day falls in the next calendar month, in which case such Interest Period shall be shortened to end on the immediately preceding Banking Day.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Interest and fees shall be calculated on the basis of a calendar year unless otherwise specified. Interest calculated with reference to the Adjusted Term SOFR Rate shall be calculated on the basis of a year of 360 days. Any rate that is calculated with reference to a period (the "**deemed interest period**") that is less than the actual number of days in the calendar year of calculation is, for the purposes of the *Interest Act* (Canada), equivalent to a rate based on a calendar year calculated by multiplying that rate of interest by the actual number of days in the calendar year of calculation and dividing by the number of days in the deemed interest period. All calculations of interest and fees under the Loan Documents shall be made on the basis of the nominal rates described in this Agreement and not on the basis of effective yearly rates or on any other basis that gives effect to the principle of deemed reinvestment. The Parties acknowledge that there is a material difference between the stated nominal rates and effective yearly rates taking into account reinvestment, and that they are capable of making the calculations required to determine effective yearly rates.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) THE BORROWER CONFIRMS THAT IT FULLY UNDERSTANDS AND IS ABLE TO CALCULATE THE RATE OF INTEREST APPLICABLE UNDER THE LOAN DOCUMENTS BASED ON THE METHODOLOGY FOR CALCULATING PER ANNUM RATES PROVIDED FOR IN SECTION 6.2(c). The Agent agrees that if requested in writing by the Borrower it shall calculate the nominal and effective per annum rate of interest on any Advance outstanding at any time and provide such information to the Borrower promptly following such request; provided that any error in any such calculation, or any failure to provide such information on request, shall not relieve the Borrower of any of its obligations

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under this Agreement or any other Loan Document, nor result in any liability to the Agent or any Lender. THE BORROWER HEREBY IRREVOCABLY AGREES NOT TO PLEAD OR ASSERT, WHETHER BY WAY OF DEFENCE OR OTHERWISE, IN ANY PROCEEDING RELATING TO THE LOAN DOCUMENTS, THAT THE INTEREST PAYABLE UNDER THE LOAN DOCUMENTS AND THE CALCULATION THEREOF HAS NOT BEEN ADEQUATELY DISCLOSED TO THE BORROWER, WHETHER PURSUANT TO SECTION 4 OF THE *INTEREST ACT* (CANADA) OR ANY OTHER APPLICABLE LAW OR LEGAL PRINCIPLE.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) In this Section 6.2, any reference to a "calendar year" means the calendar year in which the period for which the calculation in question falls. If the period falls in two calendar years, one of which is a leap year, the calculation shall be done separately for the parts of the period that fall in each calendar year and the calculated amounts for each period shall be added.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) The Standby Fee shall be calculated daily on the undrawn amount of the RCF at the rate for calculation of the Standby Fee specified in Section 2.7, beginning on the date of this Agreement, and each payment shall cover the period from and including the date of this Agreement or the previous date on which the Standby Fee was due in accordance with Section 2.7, as the case may be, to but excluding the date on which the standby fee is due.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) If the Borrower fails to pay when due any amount payable under any Loan Document for which interest is not otherwise provided in this Agreement or another relevant Loan Document, the Borrower shall, on demand, pay interest on the overdue amount to the Agent from and including the due date up to but excluding the date of actual payment, both before and after demand, default or judgment, at the rate of interest determined from time to time in accordance with Section 2.7(a) that is applicable to Base Rate Advances, in each case compounded monthly.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) If the Borrower deposits cash as Cash Collateral pursuant to a requirement under this Agreement, the Agent or the Lender or Lenders holding the cash shall pay the Borrower interest on the cash while it continues to be held as Cash Collateral at the rate offered by the relevant Lenders from time to time for deposits in the relevant currency of comparable size and term.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) The Parties intend to comply with Applicable Law relating to usury. Notwithstanding any other provision of this Agreement or any other Loan Document, in no event shall any Loan Document require the payment or permit the collection of interest or other amounts in an amount or at a rate in excess of the amount or rate that is permitted by Applicable Law or in an amount or at a rate that would result in the receipt by the Lenders or the Agent of interest at a criminal rate, as the terms "interest" and "criminal rate" are defined under the *Criminal Code* (Canada). Where more than one Applicable Law applies to any Obligor, that Obligor shall not be obliged to make payment in an amount or at a rate higher than the lowest permitted amount or rate. If from any circumstance whatever, fulfilment

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of any provision of any Loan Document would result in exceeding the highest rate or amount permitted by Applicable Law for the collection or charging of interest, the obligation to be fulfilled shall be reduced to reflect the highest permitted rate or amount. If from any circumstance the Agent or the Lenders shall ever receive anything of value as interest or deemed interest under any Loan Document that would result in exceeding the highest lawful rate or amount of interest permitted by Applicable Law, the amount that would be excessive interest shall be applied to the reduction of the principal amount of the Credit Facilities, and not to the payment of interest, or if the excessive interest exceeds the unpaid principal balance of the Credit Facilities, the amount exceeding the unpaid balance shall be refunded to the Borrower. For the purposes of the *Criminal Code* (Canada), the effective annual rate of interest shall be determined in accordance with generally accepted actuarial practices and principles and if there is any dispute, the determination of a Fellow of the Canadian Institute of Actuaries appointed by the Agent shall be conclusive.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.3** **Conversions, Rollovers, Renewals, Repayments and Reductions** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Subject to the other terms of this Agreement, the Borrower may from time to time:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) convert all or any part of the outstanding amount of any Term Benchmark Advance into a Base Rate Advance in the same principal amount, or *vice versa*;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) rollover all or any part of the outstanding amount of any Term Benchmark Advance at the end of the Interest Period as a new Term Benchmark Advance; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) in circumstances not mentioned in items (i) and (ii) immediately above, concurrently repay one Advance and obtain a different type of Advance.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Subject to giving notice required by Section 6.4, the Borrower may from time to time repay Advances outstanding under the Credit Facilities without penalty, except that Term Benchmark Advances may not be paid or converted before the end of the applicable Interest Periods unless the Borrower indemnifies the relevant Lenders for any loss or expense that the Lenders incur as a result, including any breakage costs.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Borrower may from time to time, by giving not less than three Banking Days notice to the Agent in the case of Term Benchmark Advance and paying all accrued and unpaid Standby Fees on the amount to be cancelled or reduced to the effective date of cancellation or reduction, irrevocably notify the Agent of the cancellation of a Credit Facility or of the permanent reduction of the committed amount of a Credit Facility by an amount that must be a minimum of US$1,000,000 and a whole multiple of US$100,000. Any reduction shall be applied *pro rata* to the respective Commitments of the Lenders under the applicable Credit Facility. The Borrower shall have no right to any reinstatement of any previously committed amount of the applicable Credit Facility after any cancellation or reduction thereof.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Prepayments of Term Benchmark Advances must be made on its current Period End Date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.4** **Notice of Advances and Payments** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Borrower shall give the Agent irrevocable written notice, in the form attached as Schedule 6.5(a), of any request for any Advance to it. The Borrower shall also give the Agent irrevocable written notice in the same form of any payment by it of any Advance (whether resulting from repayment, prepayment, rollover or conversion).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Notice for Base Rate Advance shall be given not later than the first Banking Day before the Advance Date or date of payment. Notices for Term Benchmark Advances shall be given not later than the third Banking Day before the Advance Date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Notices shall be given not later than 10:00 a.m. (Toronto time) on the date for notice. Payments (except those being made solely from the proceeds of rollovers and conversions) must be made before 11:00 a.m. (Toronto time) on the date for payment. If a notice or payment is not given or made by those times, it shall be deemed to have been given or made on the next Banking Day, unless all Lenders affected by the late notice or payment agree, in their sole discretion, to accept a notice or payment at a later time as being effective on the date it is given or made.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.5** **Size and Term of Advances** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Subject to Section 6.6(b), each Base Rate Advance shall be in an aggregate minimum amount of US$1,000,000, and in a whole multiple of US$100,000.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Subject to Section 6.6(b), each Term Benchmark Advance shall be in a minimum amount of US$1,000,000 and in a whole multiple of US$100,000. In its notice requesting a Term Benchmark Advance, the Borrower shall select an Interest Period of one, three or six months to apply to such particular Term Benchmark Advance.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Terms of Interest Periods of lengths other than those specified in Sections 6.5(b) shall also be available at the discretion of the Lenders from time to time and the Agent may, in circumstances of market disruption or illiquidity, restrict the term or maturity dates of Term Benchmark Advance. There shall not at any time be Term Benchmark Advances outstanding under the Credit Facilities with more than 4 different maturity dates. No Interest Period may end on a date that is not a Banking Day, after the RCF Maturity Date or the TL Maturity Date, as applicable, or after a date on which a Credit Facility is required to be reduced if that would adversely affect the Borrower's ability to make the reduction.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.6** **Payment of Term Benchmark** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Subject to Section 9.2, the Borrower shall provide for payment to the Agent at the Branch of Account of the amount of each Term Benchmark Advance for value on the last day of the applicable Interest Period by giving notice under Section 6.4 requesting a rollover or conversion if the Borrower is otherwise entitled to an Advance, or by delivery of payment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) If the Borrower fails to provide for payment in accordance with Section 6.6(a), the Agent shall deem a Base Rate Advance to have been made in the case of failure to provide for a Term Benchmark Advance. The Agent shall immediately give notice of a deemed Advance to the Borrower and the Lenders. The minimum amounts set out in Section 6.5(a) shall not apply to any such deemed Advance.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.7** **Co-ordination of Base Rate and Term Benchmark** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Agent shall advise each Lender of its receipt of a notice pursuant to Section 6.4 requesting a Base Rate Term Benchmark Advance on the day that notice is received from the Borrower and shall, as soon as possible, advise each Lender of that Lender's share of the Advance and the Credit Facility under which such Advance has been requested. Each Lender's share shall be based on its Applicable Percentage, but if the Agent determines that a Lender's Applicable Percentage would result in its share of an Advance not being a whole multiple of C$1,000 or US$1,000, as the case may be, the Agent may increase or reduce the amount to be advanced by that Lender in the Agent's sole discretion to the extent necessary to make the amount a whole multiple.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Interest Period applicable to a Term Benchmark Advance shall be identical for each Lender.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Each Lender shall deliver its share of the Advance to the Agent not later than 1:00 p.m. (Toronto time) on the Advance Date, for value on that date. Unless the Agent otherwise notifies a Lender, the amount to be delivered by such Lender shall be net of the amount required to repay other Advances it has made that are being repaid, rolled over or converted on that date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) If the Agent determines that all the conditions precedent to an Advance specified in this Agreement have been met, it shall advance to the Borrower the amount delivered by each Lender by crediting the Designated Account before 2:00 p.m. (Toronto time) on the Advance Date, but if the conditions precedent to the Advance are not met by 2:00 p.m. (Toronto time) on the Advance Date, the Agent shall return the funds to the Lenders or invest them in an overnight investment as orally instructed by each Lender until the Advance is made.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Any difference between the actual proceeds of an Advance and the amount required to repay any Advance that is concurrently being repaid and any difference between the actual proceeds of an Advance and the amount required to fulfill any specific use of the proceeds that the Borrower has directed the Agent to make, shall be paid

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by the Borrower to the Agent from its own resources by 1:00 p.m. (Toronto time) on the Advance Date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.8** **Alternate Rate of Interest** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Subject to clauses (b), (c), (d), (e) and (f) of this‎ Section 6.8, if:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the Agent determines (which determination shall be conclusive absent manifest error) prior to the commencement of any Interest Period for a Term Benchmark Advance, that adequate and reasonable means do not exist for ascertaining the Adjusted Term SOFR Rate or the Term SOFR Rate (including because the Term SOFR Reference Rate is not available or published on a current basis), for such Interest Period; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the Agent is advised by the Required Lenders that prior to the commencement of any Interest Period for a Term Benchmark Advance, the Adjusted Term SOFR Rate for such Interest Period will not adequately and fairly reflect the cost to such Lenders of making or maintaining their Advances included in such Term Benchmark Advance for such Interest Period;

then the Agent shall give notice thereof to the Borrower and the Lenders by telephone, telecopy or electronic mail as promptly as practicable thereafter and, until (x) the Agent notifies the Borrower and the Lenders that the circumstances giving rise to such notice no longer exist with respect to the relevant Benchmark and (y) the Borrower deliver a new notice pursuant to Schedule 6.5(a), as applicable, in accordance with the terms hereof, (1) any request for a conversion of any Advance to, or rollover of any Advance as, a Term Benchmark Advance and any notice pursuant to Schedule 6.5(a) that requests an Advance of a Term Benchmark Advance shall instead be deemed to be a request for a conversion or rollover of or request for an Advance of a Base Rate Advance; provided that if the circumstances giving rise to such notice affect only one type of Advance, then all other types of Advances shall be permitted. Furthermore, if any Term Benchmark Advance is outstanding on the date of the Borrower's receipt of the notice from the Agent referred to in this Section 6.8(a) with respect to an Adjusted Term SOFR Rate applicable to such Term Benchmark Advance, then until (x) the Agent notifies the Borrower and the Lenders that the circumstances giving rise to such notice no longer exist with respect to the relevant Benchmark and (y) the Borrower delivers a new notice pursuant to Schedule 6.5(a), as applicable, in accordance with the terms hereof, any Term Benchmark Advance shall on the last day of the Interest Period applicable to such Term Benchmark Advance (or the next succeeding Banking Day if such day is not a Banking Day), be converted by the Agent to, and shall constitute a Base Rate Advance.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Notwithstanding anything to the contrary herein or in any other Loan Document, if a Benchmark Transition Event and its related Benchmark Replacement Date have occurred prior to the Reference Time in respect of any setting of the then-current

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Benchmark, then such Benchmark Replacement will replace such Benchmark for all purposes hereunder and under any Loan Document in respect of any Benchmark setting at or after 5:00 p.m. (New York City time) on the fifth (5th) Banking Day after the date notice of such Benchmark Replacement is provided to the Lenders without any amendment to, or further action or consent of any other party to, this Agreement or any other Loan Document so long as the Agent has not received, by such time, written notice of objection to such Benchmark Replacement from Lenders comprising the Required Lenders.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) In connection with the use, administration, adoption or implementation of a Benchmark Replacement, the Agent will have the right to make Benchmark Replacement Conforming Changes from time to time and, notwithstanding anything to the contrary herein or in any other Loan Document, any amendments implementing such Benchmark Replacement Conforming Changes will become effective without any further action or consent of any other party to this Agreement or any other Loan Document.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The Agent will promptly notify the Borrower and the Lenders of (i) any occurrence of a Benchmark Transition Event, (ii) the implementation of any Benchmark Replacement, (iii) the effectiveness of any Benchmark Replacement Conforming Changes, (iv) the removal or reinstatement of any tenor of a Benchmark pursuant to clause (f) below and (v) the commencement or conclusion of any Benchmark Unavailability Period. Any determination, decision or election that may be made by the Agent or, if applicable, any Lender (or group of Lenders) pursuant to this‎ Section 6.8, including any determination with respect to a tenor, rate or adjustment or of the occurrence or non-occurrence of an event, circumstance or date and any decision to take or refrain from taking any action or any selection, will be conclusive and binding absent manifest error and may be made in its or their sole discretion and without consent from any other party to this Agreement or any other Loan Document, except, in each case, as expressly required pursuant to this‎ Section 6.8.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Notwithstanding anything to the contrary herein or in any other Loan Document, at any time (including in connection with the implementation of a Benchmark Replacement), (i) if the then-current Benchmark is a term rate (including the Term SOFR Rate) and either (A) any tenor for such Benchmark is not displayed on a screen or other information service that publishes such rate from time to time as selected by the Agent in its reasonable discretion or (B) the regulatory supervisor for the administrator of such Benchmark has provided a public statement or publication of information announcing that any tenor for such Benchmark is or will be no longer representative, then the Agent may modify the definition of "Interest Period" for any Benchmark settings at or after such time to remove such unavailable or non-representative tenor and (ii) if a tenor that was removed pursuant to clause (i) above either (A) is subsequently displayed on a screen or information service for a Benchmark (including a Benchmark Replacement) or (B) is not, or is no longer, subject to an announcement that it is or will no longer be representative for a Benchmark (including a Benchmark Replacement), then the Agent may modify

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the definition of "Interest Period" for all Benchmark settings at or after such time to reinstate such previously removed tenor.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) Upon the Borrower's receipt of notice of the commencement of a Benchmark Unavailability Period, the Borrower may revoke any request for a Term Benchmark Advance of, conversion to or continuation of Term Benchmark Advances to be made, converted or continued during any Benchmark Unavailability Period and, failing that, the Borrower will be deemed to have converted any request for a Term Benchmark Advance into a request for an Advance of or conversion to a Base Rate Advance. If any Term Benchmark Advance is outstanding on the date of the Borrower's receipt of notice of the commencement of a Benchmark Unavailability Period with respect to an Adjusted Term SOFR Rate applicable to such Term Benchmark Advance, then until such time as a Benchmark Replacement is implemented pursuant to this‎ Section 6.8, (1) any Advance of a Term Benchmark Advance shall on the last day of the Interest Period applicable to such Advance (or the next succeeding Banking Day if such day is not a Banking Day), be converted by the Agent to, and shall constitute a Base Rate Advance.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.9** **Illegality** 

If after the date hereof, the adoption of any Applicable Law, or any change in any Applicable Law (whether adopted before or after the Second Restatement Date), or any change in interpretation or administration thereof by any Governmental Authority, central bank or comparable agency charged with the interpretation or administration thereof, or compliance by any Lender with any directive (whether or not having the force of law) of any such authority, central bank or comparable agency, shall make it unlawful or impossible for any Lender to make, maintain or fund its portion of Term Benchmark Advances, such Lender shall so notify the Agent, and the Agent shall forthwith give notice thereof to the other Lenders and the Borrower. Before giving any notice to the Agent pursuant to this Section 6.9, such Lender shall designate a different lending office if such designation will avoid the need for giving such notice and will not, in the sole reasonable judgment of such Lender, be otherwise materially disadvantageous to such Lender. Upon receipt of such notice, notwithstanding anything contained in this Agreement, the Borrower shall repay in full the then outstanding principal amount of such Lender's portion of each affected Term Benchmark Advance, together with accrued interest thereon, on either (a) the Interest Payment Date applicable to such affected Term Benchmark Advances if such Lender may lawfully continue to maintain and fund its portion of such Term Benchmark Advance to such day or (b) immediately if such Lender may not lawfully continue to fund and maintain its portion of such affected Term Benchmark Advances to such day. Concurrently with repaying such portion of each affected Term Benchmark Advance, the Borrower may borrow a Base Rate Advance from such Lender, whether or not it would have been entitled to effect such borrowing and such Lender shall make such Advance of a Base Rate Advance, if so requested, in an amount such that the outstanding principal amount of the affected Advance made by such Lender shall equal the outstanding principal amount of such Advance immediately prior to such repayment. The obligation of

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such Lender to make Term Benchmark Advances is suspended only until such time as it is once more possible and legal for such Lender to fund and maintain Term Benchmark Advances.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.10** **Failure of Lender to Fund** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Unless the Agent has received notice from a Lender before the proposed date of any Advance that such Lender will not make available to the Agent such Lender's share of such Advance, the Agent may assume that such Lender has made such share available on such date in accordance with the provisions of this Agreement concerning funding by Lenders and may, in reliance upon such assumption, make available to the Borrower a corresponding amount. If a Lender has not in fact made its full share of the applicable Advance available to the Agent, then the applicable Lender shall pay to the Agent forthwith on demand such corresponding amount with interest thereon, for each day from and including the date such amount is made available to the Borrower to but excluding the date of payment to the Agent, at a rate determined by the Agent in accordance with prevailing banking industry practice on interbank compensation. If such Lender pays such amount to the Agent, then such amount shall constitute such Lender's Advance. If the Lender does not pay such amount forthwith, the Borrower shall pay to the Agent forthwith on demand such corresponding amount with interest thereon at the interest rate applicable to the Advance in question. Any payment by the Borrower shall be without prejudice to any claim the Borrower may have against a Lender that has failed to make such payment to the Agent.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Notwithstanding Section 6.10(a), if any Lender fails to make available to the Agent its Applicable Percentage of any Advance (that Lender being the "**Non-Funding Lender** "), the Agent shall forthwith give notice of that failure by the Non-Funding Lender to the Borrower and the other Lenders. The Agent shall then forthwith give notice to the other Lenders that any Lender may make available to the Agent all or any portion of the Non-Funding Lender's Applicable Percentage of that Advance (but in no way shall any other Lender or the Agent be obliged to do so) in the place of the Non-Funding Lender. If more than one Lender gives notice that it is prepared to make funds available in the place of a Non-Funding Lender in those circumstances and the aggregate of the funds which those Lenders (collectively the "**Contributing Lenders**" and individually the "**Contributing Lender**") are prepared to make available exceeds the amount of the Advance which the Defaulting Lender failed to make, then each Contributing Lender shall be deemed to have given notice that it is prepared to make available its Applicable Percentage of that Advance based on the Contributing Lenders' relative commitments to advance in those circumstances. If any Contributing Lender makes funds available in the place of a Non-Funding Lender in those circumstances, then the Non-Funding Lender shall pay to any Contributing Lender making the funds available in its place, forthwith on demand, any amount advanced on its behalf together with interest thereon at the rate applicable to that Advance from the date of advance to the date of payment, against payment by the Contributing Lender making the funds available of all interest received in respect of the Advance from the Borrower. The

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failure of any Lender to make available to the Agent its Applicable Percentage of any Advance as required herein shall not relieve any other Lender of its obligations to make available to the Agent its Applicable Percentage of any Advance as required herein.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.11** **Payments by the Borrower** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) All payments made by or on behalf of the Borrower pursuant to this Agreement shall be made to and received by the Agent and shall be distributed by the Agent to the Lenders as soon as possible upon receipt by the Agent. Except as required to make payments in respect of the Other Secured Obligations or as otherwise provided in this Agreement (including Section 6.11(b)), the Agent shall distribute:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) repayments of principal in accordance with each Lender's Applicable Percentage of the Credit Facilities on a pro rata basis;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) all other payments received by the Agent, including amounts received on the enforcement of Guarantees or Security Documents, in accordance with each Lender's Applicable Percentage of the Credit Facilities except that with respect to proceeds of enforcement, no Lender shall receive an amount in excess of the amounts owing to it in respect of the Obligations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) If the Agent does not distribute a Lender's share of a payment made by the Borrower to that Lender for value on the day that payment is made or deemed to have been made to the Agent, the Agent shall pay to the Lender on demand an amount equal to the product of (i) the Interbank Reference Rate per annum, multiplied by (ii) the Lender's share of the amount received by the Agent from or on behalf of the Borrower and not so distributed, multiplied by (iii) a fraction, the numerator of which is the number of days that have elapsed from and including the date of receipt of the payment by the Agent to but excluding the date on which the payment is made by the Agent to such Lender and the denominator of which is 365. The Agent shall be entitled to withhold any Tax applicable to any payment as required by Applicable Law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.12** **Payments by Agent** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) For greater certainty, the following provisions shall apply to any and all payments made by the Agent to the Lenders hereunder:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the Agent shall be under no obligation to make any payment (whether in respect of principal, interest, fees or otherwise) to any Lender until an amount in respect of that payment has been received by the Agent from the Borrower;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) if the Agent receives less than the full amount of any payment of principal, interest, fees or other amount owing by the Borrower under this Agreement, the Agent shall have no obligation to remit to each Lender any amount other

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than such Lender's Applicable Percentage of that amount which is the amount actually received by the Agent;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) if any Lender advances more or less than its Applicable Percentage of a Credit Facility, that Lender's entitlement to that payment shall be increased or reduced, as the case may be, in proportion to the amount actually advanced by such Lender;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) except as specified in any applicable Assignment and Assumption, if a Lender's Applicable Percentage of an Advance has been advanced, or a Lender's Commitment has been outstanding, for less than the full period to which any payment (other than a payment of principal) by the Borrower relates, that Lender's entitlement to that payment shall be reduced in proportion to the length of time such Lender's Applicable Percentage under such Credit Facility or such Lender's Commitment under such Credit Facility, as the case may be, has actually been outstanding;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) the Agent acting reasonably and in good faith shall, after consultation with the Lenders in the case of any dispute, determine in all cases the amount of all payments to which each Lender is entitled and that determination shall, in the absence of manifest error, be binding and conclusive;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) the Agent shall be entitled to round any Lender's Applicable Percentage of any payments received from the Borrower to the nearest C$1,000 or US$1,000, as applicable; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) on written request from any Lender, the Agent shall deliver to the Lenders a statement detailing any of the payments to the Lenders referred to herein.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Unless the Agent has received written notice from the Borrower before the date on which any payment is due to the Agent for the account of any Lender that the Borrower will not make such payment, the Agent may assume that the Borrower has made such payment on such date in accordance herewith and may, in reliance upon such assumption, distribute the amount due to the Lenders. In that event, if the Borrower has not in fact made such payment, then each of the Lenders severally agrees to repay to the Agent forthwith on demand the amount so distributed to such Lender with interest thereon, for each day from and including the date such amount is distributed to it to but excluding the date of payment to the Agent, at a rate determined by the Agent in accordance with prevailing banking industry practice on interbank compensation.

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**Article 7**

**REPRESENTATIONS AND WARRANTIES**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7.1** **Representations and Warranties** 

Each Obligor represents and warrants to the Agent and each Lender, acknowledging and confirming that the Agent and each Lender is relying thereon without independent inquiry in entering into this Agreement and providing Advances hereunder, that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Incorporation and Qualification.</u> Each Obligor is duly incorporated or existing, continued, amalgamated or constituted, as the case may be, and validly existing under the laws of the jurisdiction of its incorporation or creation, and each is duly qualified, licensed or registered to carry on business under Applicable Laws in all jurisdictions in which the nature of its Property or business makes such qualification necessary.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Power and Authority</u>. Each Obligor has all requisite corporate or other power and authority to (i) own and operate its Property and to carry on its business as now conducted and (ii) enter into and perform its obligations under this Agreement and the other Loan Documents to which it is a party.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Authorization, Government Approvals, etc.</u> The execution and delivery of each of the Loan Documents by each Obligor which is a party thereto and the performance by each such Obligor of its respective obligations hereunder and thereunder have been duly authorized by all necessary corporate action and no registration, qualification, permit, designation, declaration or filing with any Governmental Authority is or was necessary therefor or to perfect the same, except as are in full force and effect, unamended, at the date hereof (or as may become necessary subsequent to the date hereof and notice of which has been given to the Agent).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) <u>Absence of Conflict.</u> The execution and delivery of the Loan Documents by each Obligor which is a party thereto and the performance by each Obligor of its respective obligations thereunder and compliance with the terms, conditions and provisions thereof, will not (i) conflict with or result in a breach of any of the terms, conditions or provisions of (A) its Constating Documents or by-laws or any unanimous shareholder agreement relating to it, (B) any resolution of its security holders, directors or committee of directors (or any equivalent body), (C) any Applicable Law, (D) any contractual restriction binding on or affecting it or its Property (including any Material Agreement), or (E) any judgment, injunction, determination or award which is binding on it or its Property; or (ii) result in, require or permit (A) the imposition of any Lien in, on or with respect to the Property now owned or hereafter acquired by it (other than pursuant to the Security Documents or which is a Permitted Lien), (B) the acceleration of the maturity of any Debt binding on or affecting it, or (C) any third party to terminate or acquire any rights adverse to the applicable Obligor under any Material Agreement.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) <u>No Restrictions in Constating Documents.</u> Neither the Constating Documents of any Obligor nor any joint venture or similar document or agreement to which it is a party restricts the power of its directors to borrow money (in the case of the Borrower only), give financial assistance by way of loan, guarantee or otherwise (in the case of the Guarantors only) or create any Lien on any or all of its present and future Property to secure the Obligations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) <u>Execution and Binding Obligation.</u> This Agreement and the other Loan Documents have been duly executed and delivered by each Obligor which is a party thereto and constitute legal, valid and binding obligations of such Obligor, enforceable against it in accordance with their respective terms, subject only to any limitation under Applicable Laws relating to (i) bankruptcy, insolvency, reorganization, moratorium or creditors' rights generally, (ii) general equitable principles including the discretion that a court may exercise in the granting of equitable remedies and (iii) any necessary stamping and registration requirements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) <u>Compliance with Laws.</u> None of the Obligors has violated or failed to comply in any material respect with any Applicable Law, or any judgment, decree or order of any court, applicable to its business. The conduct of the business of each of the Obligors is in conformity in all material respects with Applicable Law. None of the Obligors has received any notice to the effect that, or otherwise been advised that, it is not in material compliance with any Applicable Law, and none of the Obligors knows of any currently existing circumstances that are likely to result in the material violation of any Applicable Law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) <u>No Default.</u> No Default or Event of Default has occurred and is continuing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) <u>Litigation.</u> As of the date of execution of this Agreement, other than as disclosed to the Agent, there are no suits, actions, disputes, investigations, claims, orders, arbitration, legal or other proceedings, appeals or applications for review, at law, in equity or before any Governmental Authority, or industrial or labour disputes (collectively, "**Claims** "), in each case pending or outstanding, or, to the knowledge of the Borrower, threatened against any Obligor that, either individually or in the aggregate, if determined adversely, could result in a Material Adverse Change. To its knowledge, other than as disclosed to the Agent, there is not any factual or legal basis on which any such Claim might be commenced with any reasonable likelihood of success.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) <u>Financial Statements.</u> Complete copies of the current annual audited (and, if applicable, consolidated) and unaudited interim quarterly consolidated financial statements of the Borrower have been provided to the Agent and the Lenders and present fairly in all material respects the assets, liabilities (whether accrued, absolute, contingent or otherwise) and the financial position of the Borrower on a consolidated basis as of the dates referred to therein and the results of operation of the Borrower on a consolidated basis for the periods covered thereby in accordance with GAAP consistently applied except in the case of quarterly financial

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statements, notes to the statements and normal year-end audit adjustments required by GAAP are not included.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) <u>Business Plans, etc.</u> All projections, including forecasts, budgets, pro formas and business plans provided to the Agent or the Lenders by or on behalf of any Obligor, or any of them, were prepared in good faith based on assumptions which were believed to be reasonable and are believed to be reasonable estimates of the prospects of the businesses referred to therein.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) <u>Disclosed Liabilities.</u> The Obligors have no liabilities (whether absolute, accrued, contingent) or other obligations of the type required to be included in the (and, if applicable, consolidated) financial statements of the Borrower in accordance with GAAP that are not fully included on the Borrower's audited (and, if applicable, consolidated) financial statements provided to the Agent and the Lenders for its most recently-completed Fiscal Year or the Borrower's consolidated unaudited financial statements for its most recently-completed Fiscal Quarter, other than liabilities and obligations incurred after such Fiscal Year end or Fiscal Quarter end in the Ordinary Course, none of which could reasonably be expected to result in a Material Adverse Change.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m) <u>Existing Debt</u>. No Obligor is an obligor in respect of any Debt other than Permitted Debt. As of the date hereof, no Obligor is in default and no waiver of default is currently in effect, in the payment of any principal or interest on any Debt of any Obligor and no event or condition exists with respect to any Debt of any Obligor that would permit (or that with notice or the lapse of time, or both, would permit) one or more Persons to cause such Debt to become due and payable before its stated maturity or before its regularly scheduled dates of payment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n) <u>Ownership of Property.</u> Each Obligor has good and marketable title to its Property, in each case free and clear of all Liens other than Permitted Liens.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(o) <u>Location of Business.</u> As of the date hereof, the only jurisdictions in which any Obligor has any place of business or stores any material tangible personal property are as set forth in Schedule 7.1(o).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(p) <u>Material Agreements.</u> Schedule 7.1(p) accurately sets out, as of the date hereof, all Material Agreements. A true and complete copy of each such Material Agreement has been delivered to the Agent. All Material Agreements are in full force and effect, unamended, and no Obligor or, to the Borrower's knowledge, any other party to any such agreement is in material default with respect thereto, nor, to the Borrower's knowledge has any event or circumstance occurred which with the giving notice or the passage of time or both would give rise to such a default. The Material Agreements set forth in Schedule 7.1(p) are Freely Transferrable Material Agreements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(q) <u>Equity Interests</u>.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Schedule 7.1(q) is a complete and accurate organizational chart for the Obligors as of the Second Restatement Date. The organizational chart for the Obligors most recently delivered pursuant to Section 8.3(d) (if any) is an accurate and complete organizational chart for the Obligors.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) The outstanding capital stock or other ownership interests, as applicable, of each of the Obligors is validly issued, fully paid and non-assessable and is owned (excluding of the Borrower) as set forth in Schedule 7.1(q), free and clear of all Liens (other than those arising under or contemplated in connection with the Security Documents and Permitted Liens). No Obligor (excluding the Borrower) has outstanding any securities convertible into or exchangeable for its capital stock nor does any such Person have outstanding any rights to subscribe for or to purchase or any options for the purchase of, or any agreements providing for the issuance (contingent or otherwise) of, or any calls, commitments or claims of any character relating to its capital stock.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) All Permits required to carry on the business of the Obligors are in full force and effect and no Obligor is in default of such Permit, except where the absence of such Permit, failure to maintain such Permit in full force and effect, or the default thereunder could not reasonably be expected to result in a Material Adverse Change. No Obligor is in violation of any agreement, mortgage, franchise, licence, judgment, decree, order, statute, statutory trust, rule or regulation relating in any way to itself or to the operation of its business or to its property or assets and which could reasonably be expected to have a Material Adverse Change.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) There is no present or threatened (in writing) expropriation or condemnation of the property or assets of any Obligor of which any Obligor has been informed or otherwise has knowledge of.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(r) <u>Intellectual Property.</u> Each Obligor owns or is licensed or otherwise has the right to use all Intellectual Property that is necessary for the operation of its business without conflict with the rights of any other Person other than any conflict which could not reasonably be expected to result in a Material Adverse Change.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(s) <u>Pension Plans.</u> No Obligor maintains, sponsors, funds or is subject to any Pension Plan or any other plan or arrangement that provides for retiree benefits or for benefits for retired employees or to the beneficiaries or dependants of retired employees.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(t) <u>Real Property.</u> Other than as set out in Schedule 7.1(t), none of the Obligors owns nor has agreed to acquire any real property or interest in real property. Other than as set out in Schedule 7.1(t), none of the Obligors leases nor has agreed to lease any real property or interest in real property.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) <u>Environmental Matters</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Having made due inquiry, except to the extent the Applicable Laws are complied with or no Material Adverse Change would occur individually or in the aggregate, (A) there are no active or abandoned storage tanks located on any real property which any Obligor occupies or controls, (B) there are no Hazardous Materials located on, above, below or from any real property that any Obligor occupies or controls (including contained in the soil or water constituting such real property), (C) no release, spill, leak, emission, discharge, leaching, dumping or disposal of Hazardous Materials has occurred on or from such real property, and (D) no real property that any Obligor occupies or controls has been used as a landfill or waste disposal site.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) The business and Property of each Obligor (both current and former) have been and are being owned, occupied and operated in substantial compliance with Applicable Laws intended to protect human health, natural resources and the environment (including, without limitation, Applicable Laws respecting the rehabilitation, restoration, disposal or emission of Hazardous Materials), there are no breaches thereof and no enforcement actions or third party claims in respect thereof are threatened or pending which, in any such case, could result in a Material Adverse Change,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(w) <u>Taxes and Withholdings</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Each Obligor has (A) in all material respects duly filed on a timely basis all returns in respect of Taxes and reports required to be filed by it and has paid, collected and remitted all Taxes due and payable, collectible or remittable by it, except for such Taxes as are being contested in good faith and for which adequate reserves have been made on its books in accordance with GAAP and (B) made adequate provision for Taxes payable by it for the current period and any previous period for which tax returns are not yet required to be filed, except for such Taxes as are being contested in good faith and for which adequate reserves have been made on its books in accordance with GAAP. Except as disclosed in writing to the Agent from time to time, there are no actions, proceedings or claims pending or, to the Borrower's knowledge, threatened, against any Obligor in respect of Taxes that would result in a Material Adverse Change or that would be required to

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be reflected in the financial statements of the Borrower in accordance with GAAP.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Each Obligor has (A) withheld from each payment made to any of its past or present employees, officers or directors, and to any non-resident of the country in which it is resident, or accrued for, the amount of all material Taxes and other deductions required to be withheld therefrom and has paid the same to the proper Governmental Authority or other receiving officers within the time required under any Applicable Laws and (B) collected and remitted to the appropriate Governmental Authority when required by Applicable Law to do so all material amounts collectible and remittable in respect of goods and services tax and similar provincial or state Taxes, and has paid all such material amounts payable by it on account of sales Taxes including goods and services and value-added taxes.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(x) <u>Employee Plans and Statutory Plans.</u> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Except for matters that, individually or in the aggregate, could not reasonably be expected to have a Material Adverse Change, (i) each Employee Plan is, and has been, established, registered, qualified, administered and invested in compliance in all respects with its terms and all Applicable Law, (ii) all employer and employee payments, contributions and premiums required to be remitted or paid to or in respect of any Employee Plan or Statutory Plan have been remitted or paid in a timely fashion to or in respect of the Employee Plan or the Statutory Plan in accordance with their respective terms and all Applicable Law, (iii) all obligations of any Obligor that are required to be performed under each applicable Employee Plan and Statutory Plan have been satisfied, (iv) there is no claim by any Governmental Authority or by any Person pending or, to its knowledge, threatened in respect of any Employee Plan (except routine claims for payment of benefits), (v) no event has occurred that has given rise to or could reasonably be expected to give rise to any liability on the part of any Obligor under any Employee Plan except those disclosed in the financial statements required to be provided pursuant to this Agreement, (vi) with respect to any Employee Plan that is registered under any Applicable Law, no event has occurred and no condition exists that has resulted or could reasonably be expected to result in that Employee Plan having its registration revoked, or entitle any Person (except a Obligor) to terminate or wind up that Employee Plan (in whole or in part), or result in that Employee Plan being placed under the administration of any Governmental Authority, or result in a Obligor being required to pay any Taxes or penalties under any Applicable Law; (vii) no change has occurred in respect of the funding or financial condition of any Pension Plan since the date of the most recent financial statements, accounting statements, actuarial reports and other materials required to be provided pursuant to this Agreement, and (viii) each Pension Plan is fully funded, on a going concern

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basis and a solvency basis, in accordance with the terms of the Pension Plan and the requirements of Applicable Law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Except for matters that, individually or in the aggregate, could not reasonably be expected to have a Material Adverse Change, during the last twelve consecutive months, (i) no steps have been taken by a Obligor or by a Governmental Authority to terminate or wind up an Employee Plan (wholly or in part) that could result in a Obligor being required to make additional contributions to the Employee Plan, and (ii) no condition exists and no event has occurred with respect to any Employee Plan or Statutory Plan that might result in an increase in the amount of a Obligor's liability over, or the incurrence by it of any liability in addition to, its liability before the existence of the condition or the occurrence of the event, or that might result in it incurring any fine or penalty.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) All contributions or premiums required to be made or paid by the Obligor to a Pension Plan have been made on a timely basis in accordance with the terms of such Pension Plan and all Applicable Law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(y) <u>Solvency.</u> Each of the Obligors is able to meet its obligations as they generally become due and has not ceased paying its current obligations in the Ordinary Course as they generally become due.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(z) <u>Use of Credit.</u> No advances under the Credit Facilities will be used for any purpose other than for the purposes set out in Section 2.3.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(aa) <u>Insurance.</u> Each Obligor or the Borrower on behalf of itself and all other Obligors maintains insurance which is in full force and effect that complies with all of the requirements of this Agreement. Schedule 7.1(y) lists all existing insurance policies maintained by the Obligors as of the date hereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(bb) <u>Non-Arm's Length Transactions.</u> There are no agreements, arrangements or transactions between any Obligor, on the one hand, and any Affiliate of or other Person not dealing at Arm's Length with such Obligor (other than another Obligor or an Affiliate and other than Ordinary Course arrangements with any employee, officer or director of an Obligor), on the other hand, in existence as of the date hereof, other than as disclosed in the Borrower's consolidated financial statements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(cc) <u>Full Disclosure.</u> All information and data concerning the Obligors (other than projections) that has been prepared by any Obligor or any of its representatives or advisors and that has been made available to the Agent and/or the Lenders by the Borrower or any of its Subsidiaries was, at the time such information and data (other than projections) was made available, true and correct in all material respects, and, at the time such information and data was made available, did not, taken as a whole, contain any untrue statement of a material fact, or omit to state a material fact necessary in order to make the statements contained in such information and data

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(other than projections) not misleading in any material respect in light of the circumstances under which such statements were made.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(dd) <u>OFAC</u>. It is not in violation of any of the country or list based economic and trade sanctions applicable to it and administered and enforced by OFAC. No Obligor (i) is a Sanctioned Person or a Sanctioned Entity, (ii) has any of its assets located in Sanctioned Entities, or (iii) derives any of its revenues from investments in, or transactions with Sanctioned Persons or Sanctioned Entities. If any Obligor obtains actual knowledge or receives any written notice that any Obligor, any Affiliate of any Obligor is named on the then current OFAC SDN List (such occurrence, an "**OFAC Event** "), such Obligor shall promptly (i) give written notice to the Agent of such OFAC Event, and (ii) comply in all material respects with all Applicable Laws with respect to such OFAC Event (regardless of whether the party included on the OFAC SDN List is located within the jurisdiction of the United States of America), and each Obligor hereby authorizes and consents to the Agent taking any and all steps the Agent deems necessary, in its sole but reasonable discretion, to avoid violation of all Applicable Laws with respect to any such OFAC Event, including the requirements of the Sanctioned Entities (including the freezing and/or blocking of assets and reporting such action to OFAC).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ee) <u>Anti-Corruption Laws</u>. No part of the proceeds of the Advances shall be used, directly or indirectly: (a) to offer or give anything of value to any official or employee of any foreign government department or agency or instrumentality or government-owned entity, to any foreign political party or party official or political candidate or to any official or employee of a public international organization, or to anyone else acting in an official capacity (collectively, "**Foreign Official** "), in order to obtain, retain or direct business by (i) influencing any act or decision of such Foreign Official in his official capacity, (ii) inducing such Foreign Official to do or omit to do any act in violation of the lawful duty of such Foreign Official, (iii) securing any improper advantage or (iv) inducing such Foreign Official to use his influence with a foreign government or instrumentality to affect or influence any act or decision of such government or instrumentality; (b) to cause any Lender to violate the U.S. Foreign Corrupt Practices Act of 1977 or any other similar laws in Canada; or (c) to cause any Lender to violate any other anti-corruption law applicable to such Lender (all laws referred to in clauses (b) and (c) being "**Anti-Corruption Laws** ").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ff) <u>Sanctions Laws</u>. No Obligor and to the knowledge of the Obligors, no Affiliate or broker or other agent of any Obligor acting or benefiting in any capacity in connection with the Advances is any of the following (a "**Restricted Person** "): (i) a Person that is listed in the annex to, or is otherwise subject to the provisions of, Executive Order No. 13224 on Terrorist Financing, effective September 24, 2001 (the "**Executive Order** "); (ii) a Person that is named as a "specially designated national and blocked person" on the most current list published by OFAC at its official website or any replacement website or other replacement official publication of such list or similarly named by any similar foreign governmental authority; (iii) a Person that is owned 50 percent or more by any Person described

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in Section 7.1(x)(ii); (iv) any other Person with which any Obligor is prohibited from dealing under any Sanctions laws applicable to such Obligor; or (v) a Person that derives any of its annual revenue from investments in or transactions with any Person described in Section 7.1(x)(i), (ii) or (iii). Further, none of the proceeds from the Advances shall be used to finance or facilitate, directly or indirectly, any transaction with, investment in, or any dealing for the benefit of, any Restricted Person or any transaction, investment or dealing in which the benefit is received in a country for which such benefit is prohibited by any Sanctions laws applicable to any Obligor.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(gg) <u>No Material Adverse Change</u>. There has been no Material Adverse Change since December 31, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(hh) <u>Perfection Certificate</u>. All information in each Perfection Certificate is true and correct in all material respects as at the date of delivery of such Perfection Certificate.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) <u>Intercorporate Obligations</u>. Each Obligor which is a creditor of an Obligor has executed and delivered to the Agent a Postponement and Subordination Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(jj) <u>Security Documents</u>. On and after the Second Restatement Date, the provisions of the Security Documents are effective to create, in favour of the Agent for the benefit of the Lenders, a legal, valid and enforceable first priority Lien on all of the Property purported to be covered thereby, and all necessary recordings and filings have been made, or shall be made on the Second Restatement Date, in all necessary public offices, and all other necessary and appropriate action has been taken, so that each such Security Document creates a perfected Lien on all right, title and interest of the Obligor which is a party thereto in the Property covered thereby, prior and superior to all other Liens and all necessary consents to the creation, perfection and enforcement of such Liens, if required, have been obtained from each of the parties to the Material Agreements, as applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(kk) <u>Asset Coverage</u>. The Obligors account for greater than 85% of Consolidated Assets and greater than 85% of Consolidated Revenue.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7.2** **Survival of Representations and Warranties** 

Unless expressly stated to be made as of a specific date, the representations and warranties made in this Agreement shall survive the execution of this Agreement and all other Loan Documents, and shall be deemed to be repeated as of the date of each Advance (including any deemed Advance) and as of the date of delivery of each Compliance Certificate, subject to modifications made by the Borrower to the Lenders in writing and accepted by the Required Lenders, acting reasonably. Each Lender shall be deemed to have relied upon such representations and warranties at each time it makes an Advance under this Agreement as a condition of making an Advance under this Agreement or continuing to extend the Credit Facilities.

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**Article 8**

**COVENANTS**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**8.1** **Financial Covenants** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Subject to Section 8.1(b), the Borrower shall maintain the Leverage Ratio at less than or equal to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) 6.00:1.00 from and including June 30, 2026;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) 5.00:1.00 from and including December 31, 2026;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) 4.00:1.00 from and including June 30, 2027; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) 3.50:1.00 from and including September 30, 2027,

and shall calculate the Leverage Ratio as at the last day of each Fiscal Quarter beginning with the Fiscal Quarter ended June 30, 2026.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Notwithstanding Section 8.1(a), with effect from and after the end of the first Fiscal Quarter following the TL Cancellation Date, Section 8.1(a) shall cease to apply and the Borrower shall thereafter maintain the Leverage Ratio at less than or equal to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) 4.00:1.00 from and including the end of the first Fiscal Quarter following the TL Cancellation Date; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) 3.50:1.00 from and including the quarter ended March 31, 2027 and at all times thereafter.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Borrower shall maintain the Interest Coverage Ratio at greater than or equal to 3.00:1.00 and shall calculate the Interest Coverage Ratio as at the last day of each Fiscal Quarter beginning with the Fiscal Quarter ended December 31, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**8.2** **Positive Covenants** 

During the term of this Agreement, each Obligor shall perform the covenants specified in this Section 8.2.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Payment and Operation of Business.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) It shall do or cause to be done all things necessary to preserve, renew and keep in full force and effect its legal existence.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) It shall duly pay the Obligations when due, either as Borrower or in accordance with its Guarantee, at the times and places and in the manner required by the terms of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) It shall keep proper books of account and records, maintain its corporate status in all jurisdictions where it carries on business, operate its business in

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accordance with sound business practices and in compliance in all material respects with all Applicable Laws (including those regarding ownership of Persons carrying on the type of business that it carries on).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) It shall continue its business, except as the board of directors of the Borrower may otherwise, in good faith, determine is in the best interests of the Obligors, and could not reasonably be expected to result in a Material Adverse Change.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) It shall manage its business in a proper, prudent and efficient manner (as the board of directors of the Borrower may determine in good faith) in all material respects.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) It shall, and shall cause each Obligor to, comply with all Applicable Laws, either related to bribery or anti-corruption or the non-compliance with which could reasonably be expected to result in a Material Adverse Change and the Borrower shall, and shall cause each of its Subsidiaries to, make such filings with, any Governmental Authority as may be necessary to carry on their respective businesses, to own, lease and operate their respective Property and to enable them to enter into and perform its obligations under each of the Loan Documents to which they are expressed to be a party or to render each such Loan Document legal, valid, binding or enforceable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) It shall, and shall cause each Obligor to, comply in all material respects with and perform its obligations under all leases (whether real or personal property) and Contracts, including all Material Agreements to which it is a party or by which it is bound.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii) It shall, and shall cause each Obligor to, use all commercially reasonable efforts to ensure that all Material Agreements entered into on and after the Second Restatement Date (excluding, for the avoidance of doubt, Material Agreements that are acquired by way of assignment pursuant to a Permitted Acquisition) expressly permit assignments of the benefits of such agreements as collateral security to the Agent.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Use of Credit.</u> The Borrower shall only use advances under the Credit Facilities for the purposes set out in Section 2.3.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Inspection.</u> It shall, and shall cause each other Obligor to, at all reasonable times and from time to time on reasonable notice, permit representatives of the Agent and/or the Lenders to inspect any of its Property, and to examine and take extracts from its financial books, accounts and records, including but not limited to accounts and records stored in computer data banks and computer software systems, and to discuss its financial condition with its senior officers and (in the presence of such of its Representatives as it may designate) its auditors, the reasonable expense of all of which in respect of one visit per fiscal year or any visit during the continuance of an Event of Default shall be paid by the Borrower provided that the Agent and

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the Lenders maintain the confidentiality of all confidential information they receive in accordance with usual requirements of banker/customer confidentiality, and do not disclose or use it except for the purposes of the Loan Documents.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) <u>Insurance.</u> It shall, and shall cause each Obligor to, maintain, or cause to be maintained, insurance with responsible and reputable insurance companies or associations in such amounts and covering such risks as would be prudent and reasonable for companies engaged in similar businesses and owning similar Property in the same general areas in which the Obligors (as the case may be) operate. The Obligors shall pay and cause each of the other Obligors to pay all premiums necessary for such purpose as the same shall become due and provide particulars of all such policies and all renewals thereof to the Agent upon written request.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) <u>Taxes and Withholdings</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Each Obligor shall pay all material Taxes as they become due and payable unless they are being contested in good faith by appropriate proceedings and it has made adequate provision for payment of the contested amount.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Each Obligor shall withhold from each payment made to any of its past or present employees, officers or directors, and to any non-resident of the country in which it is resident, or accrued for, the amount of all material Taxes and other deductions required to be withheld therefrom and pay the same to the proper tax or other receiving officers within the time required under any Applicable Law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) Each Obligor shall collect from all Persons the amount of all material Taxes required to be collected from them and remit the same to the proper Governmental Authority or other receiving officers within the time required under any Applicable Law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) <u>Share Certificates</u>. It shall deliver to the Agent all share certificates or other evidences of ownership of all of the Equity Interests of each Guarantor.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) <u>Material Agreements</u>. Each Obligor shall, within 90 days of the date of the acquisition of such Material Agreement, use commercially reasonable efforts to obtain consent and acknowledgement agreements from counterparties to Material Agreements which are not Freely Transferrable Material Agreements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) <u>Account Control / Blocked Account Agreements</u>. Each Obligor shall, in the case of its primary operating bank account(s) maintained within Canada or the United States, if applicable, obtain blocked account agreements or account control agreements, as applicable, from each financial institution (other than BMO or another Lender) which maintains such account(s), within 30 days of such Obligor depositing (or causing the deposit of) any funds into such account.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) <u>Reimbursement of Expenses</u>. The Borrower shall (i) reimburse the Agent, on demand, for all reasonable and documented out-of-pocket costs, charges and expenses incurred by or on behalf of the Agent (including the reasonable and documented fees, disbursements and other charges of one primary counsel and any local or special counsel to the Agent in connection with its due diligence as well as the negotiation, preparation, execution, delivery, syndication, participation, administration and interpretation of the Loan Documents and the closing documentation ancillary to the completion of the transactions contemplated hereby and thereby and any amendments, consents and waivers hereto and thereto (whether or not consummated or entered into)), the charges of Syndtrack and any lien search fees and lien registration fees and (ii) reimburse the Agent and the Lenders, on demand, for all out-of-pocket costs, charges and expense incurred by or on behalf of any of them (including the fees, disbursements and other charges of counsel) in connection with the enforcement of the Loan Documents.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) <u>Other Matters</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) It shall, and shall cause each other Obligor to, (A) observe and comply in all material respects at all times with the provisions of all Applicable Laws (including Environmental Laws) relating to Hazardous Materials, human health, natural resources and the environment; and (B) provide such evidence of compliance in all material respects with such Applicable Laws (including Environmental Laws) and any standards thereunder as the Required Lenders may reasonably require from time to time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) It shall and shall cause all of the other Obligors to perform all of its obligations under and in respect of each Employee Plan, Statutory Plan and any Pension Plan and shall remit or pay all payments, contributions and premiums that it is required to remit or pay to or in respect of each Employee Plan, Statutory Plan and any Pension Plan in a timely way in accordance with the terms of the applicable plan and all Applicable Law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) It shall promptly provide all such information, including information concerning its directors, officers, direct and indirect holders of Equity

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Interests and other Persons exercising Control over it and including supporting documentation and other evidence, as may be reasonably requested by the Agent, any Lender or any prospective assignee or participant of a Lender, in order to comply with policies and procedures relating to Applicable Law regarding anti-money laundering, anti-terrorist financing, government sanction and "know your client" matters, including the *Proceeds of Crime (Money Laundering) and Terrorist Financing Act* (Canada).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) It shall, promptly upon having knowledge thereof, cure or cause to be cured any defects in the execution and delivery of any of the Loan Documents or any of the other agreements, instruments or documents contemplated hereby and thereby or executed pursuant hereto and thereto or any defects in the validity or enforceability of any of the Loan Documents and execute and deliver or cause to be executed and delivered all such agreements, instruments and other documents as the Agent may consider reasonably necessary or desirable for the foregoing purposes.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) It shall, and shall cause each Obligor at all times to, take all action and supply the Agent and the Lenders with all information necessary to maintain the Liens granted pursuant to the Security Documents as valid and perfected first ranking Liens charging the Property charged thereby, subject only to Permitted Liens.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) It shall, and shall cause each Obligor to, execute and deliver, upon request by the Agent, such further instruments and do and cause to be done such further acts as may be necessary or proper in the reasonable opinion of the Agent to carry out more effectually the provisions and purposes of the Loan Documents.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**8.3** **Periodic Reports and Notices** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) During the term of this Agreement, the Borrower shall deliver or cause the delivery of the items listed below. All financial statements and other reports shall be in a form satisfactory to the Lenders.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) The Borrower shall, as soon as practicable and in any event within 60 days following the end of each Fiscal Quarter (excluding the fourth Fiscal Quarter), cause to be prepared and delivered to the Agent and the Lenders, its interim unaudited (and if applicable, consolidated) financial statements as at the end of such quarter, in each case prepared in accordance with GAAP (subject to year-end adjustments and excluding footnotes), in each case consisting of a statement of financial position, a statement of changes in equity, a statement of cash flows, a statement of income (loss) and comprehensive income (loss) and management's discussion and analysis for the period commencing with the end of the previous Fiscal Quarter and ending with the end of such Fiscal Quarter, together with figures for the

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year-to-date and setting forth in each case, in comparative form, the figures for the corresponding portion of the previous Fiscal Year.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) The Borrower shall, as soon as practicable and in any event within 120 days following the end of each of its Fiscal Years, cause its annual audited consolidated financial statements to be prepared in accordance with GAAP and delivered to the Agent and the Lenders in each case consisting of a statement of financial position, a statement of changes in equity, a statement of cash flows, a statement of income (loss) and comprehensive income (loss), in each case setting forth the corresponding figures for the previous Fiscal Year in comparative form, together with management's discussion and analysis, and the report thereon of an independent auditor of recognized national standing (without qualification) to the effect that the consolidated financial statements present fairly, in all material respects, the consolidated financial position of the Borrower, as of the end of such Fiscal Year and the consolidated results of the operations and changes in cash flow for such Fiscal Year in conformity with GAAP, consistently applied.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) The Borrower shall, concurrently with the delivery of its financial statements referred to in Sections 8.3(a)(i) and 8.3(a)(ii), provide the Agent and the Lenders with a Compliance Certificate and written notification of any change in the information certified in the Perfection Certificate which change would result in the Lien in favour of the Agent on such Collateral becoming unperfected or, in the case of any after acquired asset, such asset not being subject to a Lien under a Security Document.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) From and including the date of the initial RCF Facility Increase, the Borrower shall, as soon as practicable and in any event not later than 120 days following the end of each of its Fiscal Years, cause to be prepared and delivered to the Agent and the Lenders, the Borrower's forecasts (for the remainder of the then existing Fiscal Year and for the immediately following Fiscal Year) of revenues, expenses, operating costs, financial covenant calculations and EBITDA on a consolidated basis, and such other information as may reasonably be requested by the Agent to provide the Agent and the Lenders a proper understanding thereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) The Borrower shall, annually to the extent such forecast is available, cause to be delivered to the Agent and the Lenders a multi-year forecast for the duration for the then current life of mine plan for the producing and material development properties underlying the Material Agreements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) The Borrower shall promptly provide the Agent and each of the Lenders with all other information reasonably requested by the Agent or any of the Lenders from time to time concerning the business, financial condition and Property of the Obligors.

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If there is any change in a subsequent period from the accounting policies, practices and calculation methods used by the Borrower in preparing its financial statements for its Fiscal Year ended December 31, 2024, or components thereof, provided that they are voluntarily adopted by the Borrower, the Borrower shall provide the Agent and the Lenders with all information that the Agent and the Lenders reasonably require (without restating financial information for past periods) for them to ensure that reports provided to the Agent and the Lenders after any change are comparable to previous reports. In addition, if the changed policies, practices and methods would materially affect the results of calculations made for the purposes of the Loan Documents, those calculations shall continue to be made based on the accounting policies, practices and calculation methods that were used in preparing the Borrower's financial statements for its Fiscal Year ended December 31, 2024 unless and until the Borrower and the Required Lenders agree on amendments to the calculations and/or covenant compliance levels to reflect the changes.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Borrower shall deliver to the Agent:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) as soon as practicable and in any event within three Banking Days after becoming aware of the occurrence of each Default or Event of Default, a statement of a senior officer of the Borrower setting forth the details of such Default or Event of Default and the action which the Borrower proposes to take or has taken with respect thereto;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) promptly, and in any event within five Banking Days after any Obligor receives notice of or becomes aware of any suit, proceeding or similar action commenced or threatened by any Governmental Authority or other Person which could reasonably result in a Material Adverse Change, a statement setting forth the details of such suit, proceeding or action;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) certified copies of all Material Agreements entered into after the date hereof;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) promptly, and in any event within five Banking Days after any Obligor receives notice of or becomes aware of any termination, cancellation or non-renewal of any Material Agreement where such termination, cancellation or non-renewal could reasonably result in a Material Adverse Change, a statement setting forth the details of such notice, termination, cancellation or non-renewal;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) notification of any material default, event of default, acceleration or enforcement proceeding with respect to any agreements to which any Obligor is party with respect to any Debt in excess of US$5,000,000 within three Banking Days of the occurrence of such default, event of default, acceleration or commencement of such enforcement proceeding;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) notification of any notice received from, or other action taken by or proposed to be taken by, any creditor (other than the Lenders) of any

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Obligor which could reasonably be expected to result in a Material Adverse Change;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) promptly upon the issuance thereof, copies of all annual reports, annual information forms and material change reports filed with any stock exchange, securities commission or similar regulatory body in any jurisdiction (except for, without limitation of or derogation from the Borrower's obligations under this Section 8.3(b), any material change report filed on a confidential basis with any securities commission or stock exchange); provided that, except for the financial statements referred to in Sections 8.3(a)(i) and (ii) (copies of which, for certainty, shall be delivered to the Agent in accordance with those Sections), all annual reports, annual information forms, material change reports and other reports referred to above that are filed on SEDAR shall be deemed to have been delivered to the Agent when made available to the public on SEDAR;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii) notification of any change in its auditors;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ix) notification within 15 days after an Obligor changes its name, adopts a French form of name or changes its chief executive office, principal place of business or the location at which it issues accounts or maintains its books and records;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(x) notification within 15 days after an Obligor changes its jurisdiction of incorporation or formation without providing the Agent with 30 days' prior written notice thereof, provided that the Borrower may not change its jurisdiction of incorporation or formation to a place outside of Canada or the United States without the prior written consent of the Required Lenders; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xi) such other information respecting the condition, operations, financial or otherwise, of the business of the Borrower or its Subsidiaries as the Agent may from time to time reasonably request.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Borrower shall, as soon as practicable and in any event within five Banking Days, notify the Agent and the Lenders on becoming aware of the occurrence of any claim or other circumstance affecting any Obligor, the result of which could reasonably be expected to result in a Material Adverse Change, and shall from time to time provide the Agent and the Lenders with all reasonable information requested by any of the Agent or the Lenders concerning the status thereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The Borrower shall promptly inform the Agent in writing of any change to the organizational chart in Schedule 7.1(q).

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**8.4** **Negative Covenants** 

During the term of this Agreement, the Obligors shall not, and shall not permit any other Obligor to, do any of the things specified in this Section 8.4 without the prior written consent of the Required Lenders.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Liens</u>. No Obligor shall create, incur or assume or suffer to exist or cause or permit any Lien upon or in respect of any of its Property, except for Permitted Liens.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Restrictions on Debt.</u> No Obligor shall create, incur, assume or permit the existence of any Debt, other than Permitted Debt.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Derivatives.</u> No Obligor shall:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) enter into Derivatives of any kind after the date of this Agreement unless: (A)(i) the Derivatives are entered into with Lenders or Affiliates of Lenders, or (ii) with Persons (other than Lenders or Affiliates of Lenders) on an unsecured basis; and (iii) the Derivatives are entered into in the Ordinary Course (but not speculative purposes) to hedge or mitigate *bona fide* interest rate, currency, commodity or other financial risks to which the Obligors are exposed in the conduct of their business or the management of their liabilities; or (B) such Derivatives are permitted pursuant to paragraph (d)(ii) of Permitted Debt and are not for speculative purposes; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) enter into Derivatives that permit margin calls, unless such Derivatives are otherwise permitted pursuant to paragraph (d)(ii) of Permitted Debt.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) <u>Business and Property</u>. No Obligor shall:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) carry on any business other than the acquisition of and investment in precious metals royalty, streaming and similar agreements;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) permit any Disposition of the whole or any part of its Property except for:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) Dispositions of obsolete or redundant equipment in the Ordinary Course;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) any Disposition of Property which has been consented to by the Required Lenders;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(C) any Disposition of Property by an Obligor to any other Obligor;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(D) any Disposition permitted pursuant to Section 8.4(e)(i);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(E) any Disposition by an Obligor of Property consisting of real property rights (whether fee simple, leasehold, mining leases, patented or unpatentented mining claims and other similar interests) in exchange for consideration consisting of, whether in whole or in

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part, a royalty or stream (or an option therefor) in respect of future mining activities undertaken on or in respect of the real property right so Disposed of;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(F) any Disposition by an Obligor of Permitted Investments that constitute marketable securities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(G) a Disposition of up to 30% of the economic interest in the Equinox GPSA to a third party purchaser;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(H) a Disposition resulting from Equinox's exercise of the Equinox Buydown Option provided the Borrower complies with Section 2.5 hereof;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(I) any Disposition of any metals received under the terms of any royalty, streaming or similar agreement made in the Ordinary Course; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(J) any other Dispositions of Property (other than Intercompany Debt), if the aggregate fair market value of the Property being Disposed of does not exceed, in any Fiscal Year, 10% of the consolidated book value of all assets of the Borrower, calculated using the annual audited consolidated financial statements of the Borrower as of the end of the most recently completed Fiscal Year at the time of any such Disposition,

provided, in each case, that no Default or Event of Default exists at the time of such proposed Disposition and no Default or Event of Default would exist immediately after the implementation of the Disposition.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) <u>Corporate Matters.</u> No Obligor shall:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) directly or indirectly, Dispose of all or substantially all of its Property and shall not merge or amalgamate pursuant to statutory authority or otherwise with any other Person except upon compliance with Article 12;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) change its fiscal year end without providing the Agent with at least 30 days' prior written notice thereof; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) change its auditors, except for a change to another "big four" Canadian accounting firm.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) <u>Acquisitions.</u> No Obligor shall, nor shall it permit any of its Subsidiaries to, make any Acquisition other than a Permitted Acquisition provided no Default or Event of Default exists at the time of such proposed Acquisition and no Default or Event of Default would exist immediately after the implementation of any such proposed Acquisition.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) <u>Investments.</u> No Obligor shall, nor shall it permit any of its Subsidiaries to, make any Investments other than Permitted Investments provided no Default or Event of Default exists at the time of such proposed Investment and no Default or Event of Default would exist immediately after the implementation of any such proposed Investment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) <u>Distributions</u>. No Obligor shall make any Distribution other than:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) an Obligor may make a Distribution to another Obligor;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) [intentionally deleted];

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) the Borrower may make a Distribution funded entirely by the proceeds of a Specified Purpose Equity Offering;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) an Obligor may make payments pursuant to and in accordance with equity based compensation plans, bonus plans, stock or other benefit plans or employment or consulting contracts for its officers, consultants or employees; provided no Default or Event of Default exists at the time of such proposed Distribution and no Default or Event of Default would exist immediately after the implementation of any such proposed Distribution;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) cash payments to Sandstorm or Nomad Royalty Corp. contemplated by the Royalty Purchase Agreement as in effect as of the Restatement Date; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) ordinary course payments in respect of the shared services arrangement between the Borrower and Sandstorm pursuant to which Sandstorm provides the Borrower with shared office space and IT, marketing and office administration services, provided that such payments are on an Arm's Length basis or at prices and conditions not less favourable to the Borrower than could be obtained on an Arm's Length basis from unrelated third parties.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) <u>Restriction on Non-Arm's Length Transactions.</u> No Obligor shall enter into any transaction or agreement with any Person not at Arm's Length with such Obligor other than (i) in the ordinary course of business at prices and on terms and conditions not less favourable to the Borrower or such other Obligor than could be obtained on an Arm's Length Basis from unrelated third parties; and (ii) any Debt, Investment, Acquisition or Distribution permitted hereunder, provided that such restriction shall not restrict the Obligors from carrying out good faith internal Tax structuring transactions among the Obligors, provided that any such Tax structuring does not impair the Lenders' security interests pursuant to the Security Documents and are not otherwise materially adverse to the Lenders.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) <u>Consensual Limitations.</u> No Obligor shall create, incur, assume or suffer to exist, or permit any of its Subsidiaries to create, incur, assume or suffer to exist, any consensual limitation or restriction on its ability to make any payments to the Agent or the Lenders, or provide the security contemplated in the Guarantees or the

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Security Documents to the Agent, or perform or observe any of its other covenants or agreements under any of the Loan Documents, as and when required hereunder and thereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) <u>Amendments to Organizational Documents.</u> No Obligor shall amend, nor permit any of its Subsidiaries to amend, its Constating Documents in a manner that would be prejudicial to the interests of the Agent or any of the Lenders under the Loan Documents or which could reasonably be expected to result in a Material Adverse Change.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) <u>Amendments to Intercompany Debt.</u> No Obligor shall amend any Intercompany Debt in a manner that would be prejudicial to the interests of the Agent or any of the Lenders under the Loan Documents.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m) <u>No Change in Accounting Treatment or Reporting Practices.</u> No Obligor shall, and shall not permit any of its Subsidiaries to, make any material change in its accounting or reporting or financial reporting practices (i) except as required from time to time by GAAP or by Applicable Law or otherwise (ii) except as required in order to conform with the accounting practices of the Borrower (subject always to conformity with GAAP), provided in each of the foregoing cases, any such changes are promptly disclosed to the Agent.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n) <u>Material Subsidiaries</u>. Each Obligor shall ensure that no Material Subsidiary that has not yet become an Obligor in accordance with Section 3.1 breaches any covenant contained in the Loan Documents.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(o) <u>Amendments to Material Agreements</u>. No Obligor shall amend, nor permit any of its Subsidiaries to amend, any Material Agreement in a manner that would be prejudicial to the interests of the Agent or any of the Lenders under the Loan Documents or which could reasonably be expected to result in a Material Adverse Change.

**Article 9**

**events of DEFAULT**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**9.1** **Events of Default** 

The occurrence of any one or more of the following events (each such event and the expiry of the cure period, if any, provided in connection herewith, being herein referred to as an "**Event of Default**") shall constitute an event of default under this Agreement:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) if the Borrower fails to pay any amount of principal of any Advance when due and payable;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) if any Obligor fails to pay any amount of interest when due or, to pay fees or other Obligations (other than principal and interest) within two Banking Days of when due;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) if any Obligor makes any certification, representation or warranty under or pursuant to any of the Loan Documents which is incorrect, misleading or incomplete in any material respect when made or deemed to be made and the same is not remedied within 30 days of the earlier of the Borrower's receipt of notice from the Agent identifying the incorrect, misleading or incomplete certification, representation or warranty and requiring the Borrower to remedy the same or the Borrower becoming aware of the same;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) if any Obligor:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) becomes insolvent, or generally does not or becomes unable to pay its debts or meet its liabilities as the same become due, or admits in writing its inability to pay its debts generally, or declares any general moratorium on its indebtedness (or a moratorium is otherwise declared in respect of any of its indebtedness), or proposes a compromise or arrangement between it or any class of its creditors;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) commits an act of bankruptcy under the *Bankruptcy and Insolvency Act* (Canada) or under analogous foreign law, or makes an assignment of its property for the general benefit of its creditors under such Act or under analogous foreign law, or makes a proposal (or files a notice of its intention to do so) under such Act or under analogous foreign law;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) institutes any proceeding seeking to adjudicate it an insolvent, or seeking liquidation, dissolution, winding-up, reorganization, compromise, arrangement, adjustment, protection, moratorium, relief, stay of proceedings of creditors generally (or any class of creditors), or composition of its or its debts or any other relief, under any federal, provincial, state or foreign law now or hereafter in effect relating to bankruptcy, winding-up, insolvency, reorganization, receivership, plans of arrangement or relief or protection of debtors (including the *Bankruptcy and Insolvency Act* (Canada), the *Companies' Creditors Arrangement Act* (Canada) and any applicable corporations legislation) or at common law or in equity, or files an answer admitting the material allegations of a petition filed against it in any such proceeding;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) applies for the appointment of, or the taking possession by, a receiver, interim receiver, receiver/manager, sequestrator, conservator, custodian, administrator, trustee, liquidator or other similar official for it or any substantial part of its property; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) threatens to do any of the foregoing, or takes any action, corporate or otherwise, to approve, effect, consent to or authorize any of the actions described in this Section 9.1(d) or otherwise acts in furtherance thereof or fails to act in a timely and appropriate manner in defence thereof;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) any petition is filed, application made or other proceeding instituted against or in respect of any Obligor:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) seeking to adjudicate it an insolvent;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) seeking a receiving order against it under the *Bankruptcy and Insolvency Act* (Canada) or under analogous foreign law;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) seeking liquidation, dissolution, winding-up, reorganization, compromise, arrangement, adjustment, protection, moratorium, relief, stay of proceedings of creditors generally (or any class of creditors), or composition of it or its debts or any other relief under any federal, provincial or foreign law now or hereafter in effect relating to bankruptcy, winding-up, insolvency, reorganization, receivership, plans of arrangement or relief or protection of debtors (including the *Bankruptcy and Insolvency Act* (Canada), the *Companies' Creditors Arrangement Act* (Canada) and any applicable corporations legislation or at common law or in equity); or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) seeking the entry of an order for relief or the appointment of, or the taking of possession by, a receiver, interim receiver, receiver/manager, sequestrator, conservator, custodian, administrator, trustee, liquidator or other similar official for it or any substantial part of its property;

and such petition, application or proceeding continues undismissed, or unstayed and in effect, for a period of 30 days after the institution thereof, provided that if an order, decree or judgment is granted or entered (whether or not entered or subject to appeal) against such Person thereunder in the interim, such grace period will cease to apply, and provided further that if such Person files an answer admitting the material allegations of a petition filed against it in any such proceeding, such grace period will cease to apply;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) any corporate action, resolution or other procedure or step is taken:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) seeking any of the events referred to in Section 9.1(e)(iii) in respect of any Obligor;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) for the appointment of, or the taking of possession by, a receiver, interim receiver, receiver/manager, sequestrator, conservator, custodian, administrator, trustee, liquidator or other similar official for or to any Obligor or any substantial part of its property; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) for the enforcement of any Lien over any property of any Obligor;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) any other event occurs which, under the laws of any applicable jurisdiction, has an effect equivalent to any of the events referred to in Sections 9.1(d), 9.1(e) or 9.1(f) and if the event is equivalent to the event referred to in Section 9.1(e), the 30-day grace period will apply as set out in Section 9.1(e);

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) if the Obligors shall, or shall permit any of their Subsidiaries, as the case may be, to, default in the observance or performance of any agreement, covenant or condition contained in Article 4 and Sections 8.1, 8.4 and 12.1;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) if any one or more of the Obligors shall fail to pay the principal of (or lease payments on), or premium or interest on, any Debt outstanding in a principal amount which, when aggregated with the principal amount of all other Debt in respect of which any of them has failed to pay the principal of, or premium or interest on, exceeds US$2,500,000 (or the Equivalent Amount in any other currency) (excluding Debt due to the Lenders hereunder and Intercompany Debt) (whether by scheduled maturity, required prepayment, acceleration, demand or otherwise) and such failure shall continue after the applicable grace period, if any, specified in the agreement or instrument relating to such Debt, or any other event of default or early termination event (howsoever described or designated) shall occur or condition shall exist, and shall continue after the applicable grace period, if any, specified in any agreement or instrument relating to any such Debt and the effect of such event is to accelerate, or permit the acceleration of, Debt of any of them in a principal amount which, when aggregated with the principal amount of all other Debt of any of them which is, or may be, declared due and payable prior to its specified maturity as a result of an event of default, exceeds US$2,500,000 (or the Equivalent Amount in any other currency);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) [intentionally deleted];

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) if (i) the obligations of any Obligor hereunder or under the other Loan Documents shall cease to constitute the legal, valid and binding obligations of such Obligor, (ii) any Loan Document shall cease to be in full force and effect, or (iii) any Obligor shall have contested the validity of the Loan Documents or denied that it had any liability thereunder;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) if any judgment or order or series of judgments or orders (whether or not related) for the payment of money in an aggregate amount in excess of US$2,500,000 (or the Equivalent Amount in any other currency), other than any judgment or order for which one or more of the Obligors will recover under a policy of insurance, shall be rendered against any one or more of the Obligors and: (i) such judgment or order or series of judgments and/or orders are final with no further right of appeal and the Borrower has not satisfied the Required Lenders, acting reasonably, that the Borrower or any other Obligor (as applicable) is able to satisfy such judgment or order or series of judgments and/or orders; or (ii) enforcement proceedings shall have been commenced by any creditor upon such judgment or order or series of judgments and/or orders, as the case may be; or (iii) there shall be any period of 30 consecutive days during which a stay of enforcement of such judgment or order or series of judgments and/or orders, as the case may be, by reason of a pending appeal or otherwise, shall not be in effect;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m) the occurrence of a Material Adverse Change;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n) if the security interest in favour of the Agent pursuant to the any of the Security Documents shall cease to constitute a perfected first priority Lien, subject only to Permitted Liens, in favour of the Agent;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(o) if a Change of Control shall occur; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(p) if any Obligor shall default in the observance or performance of any agreement, covenant or condition contained in any Loan Document to which it is a party (other than a covenant or condition whose breach or default in performance is elsewhere in this Section 9.1 specifically dealt with) and such default (if capable of remedy) shall remain unremedied for 30 days.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**9.2** **Acceleration and Termination of Rights** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Upon the occurrence of an Event of Default and at any time thereafter while an Event of Default is continuing, the Agent may, in consultation with the Lenders (and, if so instructed by the Required Lenders, shall), by written notice to the Borrower:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) declare the Advances to be immediately due and payable (whereupon the same shall become so payable together with accrued interest thereon and any other sums then owed by the Borrower hereunder or under any other Loan Document) or declare such Advances to be due and payable on demand of the Agent; and/or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) declare that all of the Commitments shall be cancelled, whereupon the same shall be cancelled and the Commitment of each Lender shall be reduced to zero; and/or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) exercise any or all of its rights, remedies or powers under or pursuant to the Loan Documents.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) If, pursuant to this Section 9.2, the Agent declares any Advances to be due and payable on demand, then, and at any time thereafter, the Agent may (and, if so instructed by the Required Lenders, shall) by written notice to the Borrower call for repayment of such Advances on such date or dates as it may specify in such notice (whereupon the same shall become due and payable on such date together with accrued interest thereon and any other sums then owed by the Borrower hereunder or under any other Loan Document and the provisions of Section 9.7 shall apply) or withdraw its declaration with effect from such date as it may specify in such notice.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Notwithstanding subsection (a), if an Event of Default under Section 9.1(d), 9.1(e), 9.1(f) or 9.1(g) occurs and is continuing, then without prejudice to the other rights of the Lenders as a result of any such event, without any notice or action of any kind by the Agent or the Lenders (all of which are hereby expressly waived by the Borrower), and without presentment, demand or protest (all of which are hereby expressly waived by the Borrower), the Lenders' obligations to make Advances

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shall immediately terminate and the Obligations shall immediately become due and payable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**9.3** **Remedies** 

If an Event of Default has occurred and is continuing such that the entire principal amount of the Advances then outstanding and all accrued and unpaid interest thereon and all other payments due hereunder by the Borrower which are unmatured shall become due and payable in accordance with the provisions of Section 9.2, the Guarantees and the Security Documents shall become enforceable and Agent may, in consultation with the Lenders (and if so instructed by the Required Lenders, shall) take such action or proceedings on behalf of the Lenders and in compliance with Applicable Law as is or may be expedient to enforce the same, all without any additional notice, presentment, demand, protest or other formality, all of which are hereby expressly waived by the Obligors.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**9.4** **Saving** 

Neither the Agent nor any Lender shall be under any obligation to the Obligors or any other Person to realize any collateral or enforce the Guarantees, the Security Documents or any part thereof or to allow any collateral to be sold, dealt with or otherwise disposed of. Neither the Agent nor any Lender shall be responsible or liable to the Obligors or any other Person for any loss or damage upon the realization or enforcement of, the failure to realize or enforce the Guarantees, the Security Documents or any part thereof or the failure to allow any collateral to be sold, dealt with or otherwise disposed of or for any act or omission on their respective parts or on the part of any director, officer, agent, servant or adviser in connection with any of the foregoing, except that the Agent or a Lender may be responsible or liable for any loss or damage (excluding incidental, consequential or special damages) arising from its wilful misconduct or gross negligence.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**9.5** **Perform Obligations** 

If an Event of Default has occurred and is continuing, the Agent may, in consultation with the Lenders (and if so instructed by the Required Lenders, shall) perform any such covenants or agreements in any manner deemed fit by the Agent without thereby waiving any rights to enforce the Loan Documents. All expenses (including any legal costs) paid by the Agent and/or the Lenders in respect of the foregoing shall form part of the Obligations and shall be guaranteed by the Guarantees and secured by the Security Documents.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**9.6** **Third Parties** 

No Person dealing with the Agent or any Lender or any other agent of the Lenders shall be concerned to inquire whether the Loan Documents have become enforceable, or whether the powers which the Agent or the Lenders or such other agent are purporting to exercise have become exercisable, or whether any Obligations remain outstanding, or as to the necessity or expediency of the stipulations and conditions subject to which any action shall be taken, or otherwise as to the propriety or regularity of any action that is proposed.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**9.7** **Remedies Cumulative** 

It is expressly understood and agreed that the rights and remedies of the Lenders and the Agent hereunder or under any other Loan Document or other instrument executed pursuant to this Agreement are cumulative and are in addition to and not in substitution for any rights or remedies provided by law or by equity; and any single or partial exercise by the Lenders or the Agent of any right or remedy for a default or breach of any term, covenant, condition or agreement contained in this Agreement or any other Loan Document shall not be deemed to be a waiver of or to alter, affect or prejudice any other right or remedy or other rights or remedies to which the Lenders or the Agent may be lawfully entitled for such default or breach. Any waiver by the Lenders or the Agent of the strict observance, performance or compliance with any term, covenant, condition or other matter contained herein and any indulgence granted, either expressly or by course of conduct, by the Lenders or the Agent shall be effective only in the specific instance and for the purpose for which it was given and shall be deemed not to be a waiver of any rights and remedies of the Lenders or the Agent under this Agreement or any other Loan Document as a result of any other default or breach hereunder or thereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**9.8** **Suspension of Lenders' Obligations** 

Without prejudice to the rights which arise out of this Agreement or by law, the occurrence of a Default or Event of Default shall, while such Default or Event of Default shall be continuing, relieve the Lenders of all obligations to make any Advances hereunder (whether or not any notice in respect of any such Advance shall have been received by the Agent prior to the occurrence of a Default or Event of Default) or to accept or comply with any notice or to convert any Advance into a Term Benchmark Advance (except, provided no Event of Default has occurred and is continuing, a conversion permitted by the Agent in its discretion in accordance with the provisions of Section 6.3) or to accept any notice in respect of a rollover of a Term Benchmark Advance.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**9.9** **Set-Off or Compensation** 

If an Event of Default has occurred and is continuing, each of the Agent and the Lenders and each of their respective Affiliates is hereby authorized at any time and from time to time to set off and apply any and all deposits (general or special, time or demand, provisional or final, in whatever currency) at any time held and other obligations (in whatever currency) at any time owing by such Lender or any such Affiliate to or for the credit or the account of any Obligor against any and all of the obligations of the Borrower now or hereafter existing under this Agreement or any other Loan Document to the Agent and/or such Lender, irrespective of whether or not the Agent and/or such Lender has made any demand under this Agreement or any other Loan Document and although such obligations of such Obligor may be contingent or unmatured or are owed to a branch or office of the Agent and/or such Lender different from the branch or office holding such deposit or obligated on such indebtedness. The rights of the Agent and/or each of the Lenders and their respective Affiliates under this Section 9.9 are in addition to other rights and remedies (including other rights of setoff, consolidation of accounts and bankers' lien) that the Agent and/or the Lenders or their respective Affiliates may have. The Agent and

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each Lender agrees to promptly notify the Borrower and the Agent (or in the case of the Agent, the Lenders) after any such setoff and application, but the failure to give such notice shall not affect the validity of such setoff and application. If any Affiliate of the Agent or a Lender exercises any rights under this Section 9.9, it shall share the benefit received in accordance with Section 10.6 as if the benefit had been received by the Lender of which it is an Affiliate.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**9.10** **Application of Payments After an Event of Default** 

If any Event of Default shall occur and be continuing such that the entire principal amount of the Advances then outstanding and all accrued and unpaid interest thereon and all other payments due hereunder by the Borrower which are unmatured shall become immediately due and payable in accordance with the provisions of Section 9.2, all payments made by the Borrower hereunder or payments made pursuant to any of the provisions of any of the Guarantees shall be applied in the following order:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) to amounts due hereunder as costs and expenses of the Agent;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) to amounts due hereunder as costs and expenses of the Lenders;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) to amounts due hereunder as fees;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) to amounts due hereunder as interest;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) rateably to amounts due hereunder as principal and amounts due in respect of any Other Secured Obligations with the Lenders or any of their Affiliates; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) any balance to the Borrower or as a court of competent jurisdiction shall determine.

**Article 10**

**AGENCY PROVISIONS**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**10.1** **Appointment of BMO as Agent** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Each of the Lenders hereby irrevocably appoints BMO as the Agent to act on its behalf as the Agent hereunder and under the other Loan Documents and authorizes the Agent to take such actions on its behalf and to exercise such powers as are delegated to the Agent by the terms hereof or thereof, together with such actions and powers as are reasonably incidental thereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Without limiting Section 10.1(a), each of the Lenders grants to the Agent:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) a power of attorney, for the purposes of Applicable Laws in respect of the Guarantees and Security Documents to sign documents comprising the Guarantees and the Security Documents from time to time (as the party accepting the grant of the Guarantees and the Security Documents); and

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the right to delegate its authority as attorney to any other Person, whether or not an officer or employee of the Agent.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**10.2** **Rights as a Lender** 

The Person serving as the Agent hereunder shall have the same rights and powers in its capacity as a Lender as any other Lender and may exercise the same as though it were not the Agent and the term "Lender" or "Lenders" shall, unless otherwise expressly indicated or unless the context otherwise requires, include the Person serving as the Agent hereunder in its individual capacity. Such Person and its Affiliates may accept deposits from, lend money to, act as the financial advisor or in any other advisory capacity for and generally engage in any kind of business with any Obligor or any Affiliate thereof as if such Person were not the Agent and without any duty to account to the Lenders.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**10.3** **Exculpatory Provisions** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Agent shall not have any duties or obligations except those expressly specified herein and in the other Loan Documents. Without limiting the generality of the foregoing, the Agent:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) shall not have any duty to take any discretionary action or exercise any discretionary powers, except discretionary rights and powers expressly contemplated hereby or by the other Loan Documents that the Agent is required to exercise as directed in writing by the Required Lenders (or such other number or percentage of the Lenders as shall be expressly provided for in the Loan Documents), but the Agent shall not be required to take any action that, in its opinion or the opinion of its counsel, may expose the Agent to liability or that may be contrary to any Loan Document or Applicable Law; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) shall not, except as expressly specified herein and in the other Loan Documents, have any duty to disclose, and shall not be liable for the failure to disclose, any information relating to the Borrower or any of its Affiliates that is communicated to or obtained by the Person serving as the Agent or any of its Affiliates in any capacity.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Agent shall not be liable for any action taken or not taken by it (i) with the consent or at the request of the Required Lenders (or such other number or percentage of the Lenders as is necessary, or as the Agent believes in good faith is necessary, under the provisions of the Loan Documents) or (ii) in the absence of its own gross negligence or wilful misconduct. The Agent shall be deemed not to have knowledge of any Default or Event of Default unless and until notice describing the Default or Event of Default is given to the Agent by the Borrower or a Lender.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Except as otherwise expressly specified in this Agreement, the Agent shall not be responsible for or have any duty to ascertain or inquire into (i) any statement, warranty or representation made in or in connection with this Agreement or any other Loan Document, (ii) the contents of any certificate, report or other document

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delivered hereunder or thereunder or in connection herewith or therewith, (iii) the performance or observance of any of the covenants, agreements or other terms or conditions herein or therein or the occurrence of any Default or Event of Default, (iv) the validity, enforceability, effectiveness or genuineness of this Agreement, any other Loan Document or any other agreement, instrument or document, or (v) the satisfaction of any condition specified in this Agreement, other than to confirm receipt of items expressly required to be delivered to the Agent.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**10.4** **Reliance by Agent** 

The Agent shall be entitled to rely upon, and shall not incur any liability for relying upon, any notice, request, certificate, consent, statement, instrument, document or other writing (including any electronic message, internet or intranet posting or other distribution) believed by it to be genuine and to have been signed, sent or otherwise authenticated by the proper Person. The Agent also may rely upon any statement made to it orally or by telephone and believed by it to have been made by the proper Person, and shall not incur any liability for relying thereon. In determining compliance with any condition hereunder to the making of an Advance that by its terms must be fulfilled to the satisfaction of a Lender, the Agent may presume that such condition is satisfactory to such Lender unless the Agent has received notice to the contrary from such Lender before the making of such Advance. The Agent may consult with legal counsel (who may be counsel for the Borrower), independent accountants and other experts selected by it, and shall not be liable for any action taken or not taken by it in accordance with the advice of any such counsel, accountants or experts.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**10.5** **Delegation of Duties** 

The Agent may perform any and all of its duties and exercise its rights and powers hereunder or under any other Loan Document by or through any one or more sub-agents appointed by the Agent from among the Lenders (including the Person serving as Agent) and their respective Affiliates. The Agent and any such sub-agent may perform any and all of its duties and exercise its rights and powers by or through their respective Related Parties. The provisions of this Article and other provisions of this Agreement for the benefit of the Agent shall apply to any such subagent and to the Related Parties of the Agent and any such sub-agent, and shall apply to their respective activities in connection with the syndication of the Credit Facilities as well as activities as Agent.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**10.6** **Direct Payments** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) If any Lender, by exercising any right of setoff or counterclaim or otherwise, obtains any payment or other reduction that might result in such Lender receiving payment or other reduction of a proportion of the aggregate amount of its Advances and accrued interest thereon or other Obligations greater than its *pro rata* share thereof as provided herein, then the Lender receiving such payment or other reduction shall (a) notify the Agent of such fact and (b) purchase (for cash at face value) participations in the Advances and such other Obligations of the other Lenders, or make such other adjustments as shall be equitable, so that the benefit

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of all such payments shall be shared by the Lenders rateably in accordance with the aggregate amount of principal of and accrued interest on their respective Advances and other amounts owing them, provided that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) if any such participations are purchased and all or any portion of the payment giving rise thereto is recovered, such participations shall be rescinded and the purchase price restored to the extent of such recovery, without interest;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the provisions of this Section 10.6(a) shall not be construed to apply to (A) any payment made by any Obligor pursuant to and in accordance with the express terms of this Agreement or (B) any payment obtained by a Lender as consideration for the assignment of or sale of a participation in any of its Advances to any assignee or participant, other than to any Obligor or any Affiliate of an Obligor (as to which the provisions of this Section 10.6(a) shall apply); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) the provisions of this Section 10.6(a) shall not be construed to apply to (A) any payment made while no Event of Default has occurred and is continuing in respect of obligations of the Borrower to such Lender that do not arise under or in connection with the Loan Documents, (B) any payment made in respect of an obligation that is secured by a Permitted Lien or that is otherwise entitled to priority over the Borrower's obligations under or in connection with the Loan Documents, (C) any reduction arising from an amount owing to an Obligor upon the termination of Derivatives entered into between the Obligor and such Lender except for a net amount available after the termination of all Derivatives entered into between the Obligors and such Lender and the setoff of resulting amounts owing by the Obligors and to the Obligors, or (D) any payment to which such Lender is entitled as a result of any form of credit protection obtained by such Lender.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Obligors consent to the foregoing and agree, to the extent they may effectively do so under Applicable Law, that any Lender acquiring a participation pursuant to the foregoing arrangements may exercise against each Obligor rights of setoff and counterclaim and similar rights of Lenders with respect to such participation as fully as if such Lender were a direct creditor of each Obligor in the amount of such participation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**10.7** **Administration of the Credit Facilities** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Unless otherwise specified herein, the Agent shall perform the following duties under this Agreement:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) before an Advance, ensure that all conditions precedent have been fulfilled in accordance with the terms of this Agreement, subject to Section 13.2 and any other applicable terms of this Agreement;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) take delivery of each Lender's Applicable Percentage of an Advance and make all Advances hereunder in accordance with the procedures in Section 6.7;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) use reasonable efforts to collect promptly all sums due and payable by the Borrower pursuant to this Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) make all payments to the Lenders in accordance with the provisions of this Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) hold the Guarantees and any security or collateral as agent on behalf of the Lenders;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) hold all legal documents relating to the Credit Facilities, maintain complete and accurate records showing all Advances made by the Lenders, all remittances and payments made by the Borrower to the Agent, all remittances and payments made by the Agent to the Lenders and all fees or any other sums received by the Agent and, except for accounts, records and documents relating to the fees payable under the Fee Letter, allow each Lender and its advisors to examine such accounts, records and documents at its own expense, and provide any Lender, upon reasonable notice, with such copies thereof as such Lender may reasonably require from time to time at the Lender's expense;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) except as otherwise specifically provided for in this Agreement, promptly advise each Lender on receipt of each notice and deliver to each Lender, promptly upon receipt, all other written communications furnished by the Obligors to the Agent on behalf of the Lenders pursuant to this Agreement, including without limitation copies of financial reports and certificates which are to be furnished to the Agent;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii) forward to each of the Lenders, on request and at the expense of the Lender so requesting (other than customary record books which shall be provided at the expense of the Borrower), copies of this Agreement, the Guarantees and other Loan Documents (other than the Agency Fee Letter); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ix) promptly forward to each Lender, on request, an up-to-date loan status report.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Agent may take the following actions only with the prior consent of the Required Lenders, unless otherwise specified in this Agreement:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) subject to Section 10.7(c), exercise any and all rights of approval conferred on the Lenders by this Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) give written notice to the Obligors in respect of any matter in respect of which notice may be required, permitted, necessary or desirable in accordance with or pursuant to this Agreement, promptly after receiving the

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consent of the Required Lenders, except that the Agent shall, without direction from the Lenders, immediately give the Borrower notice of any payment that is due or overdue under the terms of this Agreement unless the Agent considers that it should request the direction of the Required Lenders, in which case the Agent shall promptly request that direction;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) amend, modify or waive any of the terms of this Agreement, including waiver of a Default, if such action is not otherwise provided for in Section 10.7(c);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) declare an Event of Default or take action to enforce performance of the Obligations and the Guarantees and/or pursue any other legal remedy necessary;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) decide to accelerate the amounts outstanding under the Credit Facilities; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) pay insurance premiums, taxes and any other sums as may be reasonably required to protect the interests of the Lenders.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Agent may take the following actions only if the prior unanimous consent of the Lenders is obtained, unless otherwise specified herein:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) amend, modify, discharge, terminate or waive any of the provisions of Section 5.1;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) amend, modify, discharge, terminate or waive any of the terms of the Guarantees or the Security Documents or release any security other than as expressly contemplated in the Loan Documents (including Section 13.19);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) amend, modify, discharge, terminate or waive any of the terms of this Agreement if such amendment, modification, discharge, termination or waiver would change the amount of a Credit Facility, amend the purpose of a Credit Facility, reduce the interest rates and similar charges applicable to a Credit Facility, reduce the fees payable with respect to a Credit Facility, extend any date fixed for payment of principal, interest or any other amount relating to a Credit Facility or extend the term of a Credit Facility; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) amend the definition of "Required Lenders" or this Section 10.7(c).

For greater certainty, no Lender's Commitment or Applicable Percentage may be amended without the consent of that Lender. Provided further that no amendment, waiver or consent, unless in writing and signed by the Agent in addition to the Lenders required herein above to take such action, reflects the rights or duties of the Agent under any Loan Documents or in respect of any Advance.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Notwithstanding Sections 10.7(b) and 10.7(c), the Agent may, without the consent of the Lenders, make amendments to the Loan Documents that are for the sole purpose of curing any immaterial or administrative ambiguity, defect or

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inconsistency, but shall immediately notify the Lenders of any such action. The Agent may also discharge any Guarantee or Security Document and the other obligations under the Loan Documents of any Obligor except the Borrower to the extent necessary to allow any Obligor to complete any sale or other disposition of Property permitted by this Agreement or any consent or waiver pursuant to this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) As between the Obligors, on the one hand, and the Agent and the Lenders, on the other hand:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) all statements, certificates, consents and other documents which the Agent purports to deliver on behalf of the Lenders or the Required Lenders shall be binding on each of the Lenders, and the Obligors shall not be required to ascertain or confirm the authority of the Agent in delivering such documents;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) all certificates, statements, notices and other documents which are delivered by the Obligors to the Agent in accordance with this Agreement shall be deemed to have been duly delivered to each of the Lenders; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) all payments which are delivered by the Borrower to the Agent in accordance with this Agreement shall be deemed to have been duly delivered to each of the Lenders.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) Except in its own right as a Lender, the Agent shall not be required to advance its own funds for any purpose, and in particular, shall not be required to pay with its own funds insurance premiums, taxes or public utility charges or the cost of repairs or maintenance with respect to any Property that is the subject matter of any security, nor shall it be required to pay with its own funds the fees of solicitors, counsel, auditors, experts or agents engaged by it as permitted hereby.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) Without limiting any other provision contained in this Section 10.7, the parties hereto agree that Section 3.2 of this Agreement may not be amended, modified or waived without the prior written consent of the Agent, each Lender, its Affiliates and any former Lender (or any of its Affiliates) to whom Other Secured Obligations are owed and which are guaranteed or subject to any Lien granted pursuant the Collateral as contemplated in Section 3.2.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**10.8** **Rights of Agent** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) In administering the Credit Facilities, the Agent may retain, at the expense of the Lenders if such expenses are not recoverable from the Borrower, such solicitors, counsel, auditors and other experts and agents as the Agent may select, in its sole discretion, acting reasonably and in good faith after consultation with the Lenders.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Agent shall be entitled to rely on any communication, instrument or document believed by it to be genuine and correct and to have been signed by the proper individual or individuals, and shall be entitled to rely and shall be protected in

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relying as to legal matters upon opinions of independent legal advisors selected by it. The Agent may also assume that any representation made by the Borrower is true and that no Default has occurred unless the officers or employees of the Lender acting as Agent, active in their capacity as officers or employees responsible for the Borrower's account, have actual knowledge to the contrary or have received notice to the contrary from any other Party.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Agent shall be entitled to receive a fee for acting as Agent as set out in the Agency Fee Letter.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**10.9** **Acknowledgements, Representations and Covenants of Lenders** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Each Lender acknowledges that it has, independently and without reliance upon the Agent or any other Lender or any of their Related Parties and based on such documents and information as it has deemed appropriate, made its own credit analysis and decision to enter into this Agreement. Each Lender also acknowledges that it will, independently and without reliance upon the Agent or any other Lender or any of their Related Parties and based on such documents and information as it shall from time to time deem appropriate, continue to make its own decisions in taking or not taking action under or based upon this Agreement, any other Loan Document or any related agreement or any document furnished hereunder or thereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Each Lender represents and warrants that it has the legal capacity to enter into this Agreement pursuant to its Constating Documents and any Applicable Law and has not violated its Constating Documents or any Applicable Law by so doing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Each Lender agrees to indemnify the Agent and hold it harmless (to the extent not reimbursed by the Borrower), rateably according to its Applicable Percentage (and not jointly or jointly and severally) from and against any and all losses, claims, damages, liabilities and related expenses, including the fees, charges and disbursements of any counsel, which may be incurred by or asserted against the Agent in any way relating to or arising out of the Loan Documents or the transactions therein contemplated. However, no Lender shall be liable for any portion of such losses, claims, damages, liabilities and related expenses resulting from the Agent's gross negligence or wilful misconduct. The Agent shall not be required to take or continue any action unless the Agent has received sufficient funds or arrangements satisfactory to it for indemnification to cover the cost of the proposed action.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) To the extent that the Borrower for any reason fails to indefeasibly pay any amount required under Sections 13.7(a) and 13.7(b) to be paid by it to the Agent (or any subagent or Related Party thereof), each Lender severally agrees to pay to the Agent (or any sub-agent or Related Party) such Lender's Applicable Percentage (determined as of the time that the applicable unreimbursed expense or indemnity payment is sought) of such unpaid amount, provided that the unreimbursed expense or indemnified loss, claim, damage, liability or related expense, as the case may be,

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was incurred by or asserted against the Agent (or any such sub-agent) in its capacity as such, or against any Related Party of any of the foregoing acting for the Agent (or any such subagent) in connection with such capacity. The obligations of the Lenders under this Section 10.9 are subject to the other provisions of this Agreement concerning several liability of the Lenders.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Each of the Lenders acknowledges and confirms that in the event that the Agent does not receive payment in accordance with this Agreement, it shall not be the obligation of the Agent to maintain the Credit Facilities in good standing, nor shall any Lender have recourse to the Agent in respect of any amounts owing to such Lender under this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) Each Lender acknowledges and agrees that its obligation to advance its Applicable Percentage of Advances in accordance with the terms of this Agreement is independent and in no way related to the obligation of any other Lender hereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) Each Lender acknowledges receipt of a copy of this Agreement and the Guarantees and any Postponement and Subordination Agreement existing as of the date of this Agreement and acknowledges that it is satisfied with the form and content of such documents.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**10.10** **Collective Action of the Lenders** 

Each of the Lenders hereby acknowledges that to the extent permitted by Applicable Law, the remedies provided under the Loan Documents to the Lenders are for the benefit of the Lenders collectively and acting together and not severally and further acknowledges that its rights hereunder and under the Guarantees, the Security Documents and any security are to be exercised not severally, but by the Agent in accordance with the Loan Documents. Accordingly, notwithstanding any of the provisions contained in any Loan Document, each of the Lenders hereby covenants and agrees that it shall not be entitled to take any action hereunder or thereunder, including any declaration of default hereunder or thereunder but that any such action shall be taken only by the Agent in accordance with the Loan Documents. Each of the Lenders hereby further covenants and agrees that upon any such written agreement being given, it shall co-operate fully with the Agent to the extent requested by the Agent. Notwithstanding the foregoing, in the absence of instructions from the Lenders and where in the sole opinion of the Agent, acting reasonably and in good faith, the exigencies of the situation warrant such action, the Agent may without notice to or consent of the Lenders take such action on behalf of the Lenders as it deems appropriate or desirable in the interest of the Lenders.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**10.11** **Successor Agent** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Agent may at any time give notice of its resignation to the Lenders and the Borrower. Upon receipt of any such notice of resignation, the Required Lenders shall have the right to appoint a successor, which shall be a Lender having an office in Toronto, Ontario or an Affiliate of any such Lender with an office in Toronto. The Agent may also be removed at any time by the Required Lenders upon 30 days'

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notice to the Agent and the Borrower as long as the Required Lenders appoint and obtain the acceptance of a successor within such 30 days of such notice being given, which shall be a Lender having an office in Toronto or an Affiliate of any such Lender with an office in Toronto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) If no such successor has been so appointed by the Required Lenders and has accepted such appointment within 30 days after the retiring Agent gives notice of its resignation, then the retiring Agent may on behalf of the Lenders appoint a successor Agent meeting the qualifications specified in the immediately preceding paragraph, provided that if the Agent notifies the Borrower and the Lenders that no qualifying Person has accepted such appointment, then such resignation shall nonetheless become effective in accordance with such notice and (a) the retiring Agent shall be discharged from its duties and obligations hereunder and under the other Loan Documents (except that the retiring Agent shall continue to hold the Guarantees and any security held by the Agent on behalf of the Lenders until such time as a successor Agent is appointed) and (b) all payments, communications and determinations provided to be made by, to or through the Agent shall instead be made by or to each Lender directly, until such time as the Required Lenders appoint a successor Agent as provided for in the preceding paragraph.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Upon a successor's appointment as Agent hereunder, such successor shall succeed to and become vested with all of the rights, powers, privileges and duties of the former Agent, and the former Agent shall be discharged from all of its duties and obligations hereunder or under the other Loan Documents (if not already discharged therefrom as provided in the preceding paragraph). The fees payable by the Borrower to a successor Agent shall be the same as those payable to its predecessor unless otherwise agreed between the Borrower and such successor. The Borrower shall pay all costs and expenses associated with the appointment of a successor Agent, including fees and disbursements of the Lenders' legal counsel. After the termination of the service of the former Agent, the provisions of this Article 10 and of Section 13.7 shall continue in effect for the benefit of the former Agent, its sub-agents and their respective Related Parties in respect of any actions taken or omitted to be taken by any of them while the former Agent was acting as Agent.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**10.12** **No Other Duties etc.** 

Notwithstanding anything herein to the contrary, no Bookrunner, Arranger or holder of a similar title specified in this Agreement shall have any powers, duties or responsibilities under this Agreement or any of the other Loan Documents, except in its capacity, as applicable, as the Agent or a Lender hereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**10.13** **Reference Lenders** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) If more than one Lender is a Schedule I Lender, the Agent shall be a Reference Lender and the Borrower shall irrevocably designate a different Lender that is a Schedule I Lender for the purpose of providing quotations to the Agent to be used in determining rates as required by this Agreement.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) If any Reference Lender ceases to be a Lender, the Person that originally designated that Reference Lender shall have the right to designate, prior to such Reference Lender ceasing to be a Lender, another Lender that is a Schedule I Lender, failing which the applicable rate shall be determined on the basis of the quotation provided by the notice from the remaining Reference Lender.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) If only one Lender is a Schedule I Lender, that Lender shall be deemed to be the Reference Lender and any applicable rate shall be determined on the basis of the quotation provided by that Lender.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**10.14** **Provisions Operative Between Lenders and Agent Only** 

Except for the provisions of Sections 10.7(b), 10.7(e), 10.9(b), 10.9(f), 10.10, 10.11, 10.12, 10.13, 10.14 and 10.15, the provisions of this Article relating to the rights and obligations of the Lenders and the Agent *inter se* shall be operative as between the Lenders and the Agent only, and the Obligors shall not have any rights or obligations under or be entitled to rely for any purpose on such provisions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**10.15** **Erroneous Payments** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) If the Agent (x) notifies a Lender or any Person who has received funds on behalf of a Lender (any such Lender or other recipient (and each of their respective successors and assigns), a "**Payment Recipient**") that the Agent has determined in its reasonable discretion (whether or not after receipt of any notice under immediately succeeding clause (b)) that any funds (as set forth in such notice from the Agent) received by such Payment Recipient from the Agent or any of its Affiliates were erroneously or mistakenly transmitted to, or otherwise erroneously or mistakenly received by, such Payment Recipient (whether or not known to such Lender or other Payment Recipient on its behalf) (any such funds, whether transmitted or received as a payment, prepayment or repayment of principal, interest, fees, distribution or otherwise, individually and collectively, an "**Erroneous Payment**") and (y) demands in writing the return of such Erroneous Payment (or a portion thereof) (provided, that, without limiting any other rights or remedies (whether at law or in equity), the Agent may not make any such demand under this clause (a) with respect to an Erroneous Payment unless such demand is made within 5 Banking Days of the date of receipt of such Erroneous Payment by the applicable Payment Recipient), such Erroneous Payment shall at all times remain the property of the Agent pending its return or repayment as contemplated below in this Section 10.15(a) and held in trust for the benefit of the Agent, and such Lender shall (or, with respect to any Payment Recipient who received such funds on its behalf, shall cause such Payment Recipient to) promptly, but in no event later than two Banking Days thereafter (or such later date as the Agent may, in its sole discretion, specify in writing), return to the Agent the amount of any such Erroneous Payment (or portion thereof) as to which such a demand was made, in same day funds (in the currency so received), together with interest thereon (except to the extent waived in writing by the Agent) in respect of each day from and including the date such Erroneous Payment (or portion thereof) was received by

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such Payment Recipient to the date such amount is repaid to the Agent in same day funds at the rate determined by the Agent in accordance with banking industry rules on interbank compensation from time to time in effect. A notice of the Agent to any Payment Recipient under this clause (a) shall be conclusive, absent manifest error.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Without limiting immediately preceding clause (a), each Lender or any Person who has received funds on behalf of a Lender and each of their respective successors and assigns, agrees that if it receives a payment, prepayment or repayment (whether received as a payment, prepayment or repayment of principal, interest, fees, distribution or otherwise) from the Agent (or any of its Affiliates) (x) that is in a different amount than, or on a different date from, that specified in this Agreement or in a notice of payment, prepayment or repayment sent by the Agent (or any of its Affiliates) with respect to such payment, prepayment or repayment, (y) that was not preceded or accompanied by a notice of payment, prepayment or repayment sent by the Agent (or any of its Affiliates), or (z) that such Lender or other such recipient, otherwise becomes aware was transmitted, or received, in error or by mistake (in whole or in part), then in each such case:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) it acknowledges and agrees that (A) in the case of immediately preceding clauses (x) or (y), an error and mistake shall be presumed to have been made (absent written confirmation from the Agent to the contrary) or (B) an error and mistake has been made (in the case of immediately preceding clause (z)), in each case, with respect to such payment, prepayment or repayment; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) such Lender shall cause any other recipient that receives funds on its respective behalf to promptly (and, in all events, within one Banking Day of its knowledge of the occurrence of any of the circumstances described in immediately preceding clauses (x), (y) and (z)) notify the Agent of its receipt of such payment, prepayment or repayment, the details thereof (in reasonable detail) and that it is so notifying the Agent pursuant to this Section 10.15(b).

For the avoidance of doubt, the failure to deliver a notice to the Agent pursuant to this Section 10.15(b) shall not have any effect on a Payment Recipient's obligations pursuant to Section 10.15(a) or on whether or not an Erroneous Payment has been made.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Each Lender hereby authorizes the Agent to set off, net and apply any and all amounts at any time owing to such Lender under any Loan Document, or otherwise payable or distributable by the Agent to such Lender under any Loan Document with respect to any payment of principal, interest, fees or other amounts, against any amount that the Agent has demanded to be returned under immediately preceding clause (a).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) ------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) In the event that an Erroneous Payment (or portion thereof) is not recovered by the Agent for any reason, after demand therefor in accordance with immediately preceding clause (a), from any Lender that has received such Erroneous Payment (or portion thereof) (and/or from any Payment Recipient who received such Erroneous Payment (or portion thereof) on its respective behalf) (such unrecovered amount, an "**Erroneous Payment Return Deficiency** "), upon the Agent's notice to such Lender at any time, then effective immediately (with the consideration therefor being acknowledged by the parties hereto), (A) such Lender shall be deemed to have assigned its Advances (but not its Commitments) with respect to which such Erroneous Payment was made (the "**Erroneous Payment Impacted Class**") in an amount equal to the Erroneous Payment Return Deficiency (or such lesser amount as the Agent may specify) (such assignment of the Advances (but not Commitments) of the Erroneous Payment Impacted Class, the "**Erroneous Payment Deficiency Assignment**") (on a cashless basis and such amount calculated at par plus any accrued and unpaid interest (with the assignment fee to be waived by the Agent in such instance)), and is hereby (together with the Borrower) deemed to execute and deliver an Assignment and Assumption with respect to such Erroneous Payment Deficiency Assignment, and such Lender shall deliver any notes evidencing such Advances to the Borrower or the Agent (but the failure of such Person to deliver any such notes shall not affect the effectiveness of the foregoing assignment), (B) the Agent as the assignee Lender shall be deemed to have acquired the Erroneous Payment Deficiency Assignment, (C) upon such deemed acquisition, the Agent as the assignee Lender shall become a Lender, as applicable, hereunder with respect to such Erroneous Payment Deficiency Assignment and the assigning Lender shall cease to be a Lender, as applicable, hereunder with respect to such Erroneous Payment Deficiency Assignment, excluding, for the avoidance of doubt, its obligations under the indemnification provisions of this Agreement and its applicable Commitments which shall survive as to such assigning Lender, (D) the Agent and the Borrower shall each be deemed to have waived any consents required under this Agreement to any such Erroneous Payment Deficiency Assignment, and (E) the Agent will reflect in the Register its ownership interest in the Advances subject to the Erroneous Payment Deficiency Assignment. For the avoidance of doubt, no Erroneous Payment Deficiency Assignment will reduce the Commitments of any Lender and such Commitments shall remain available in accordance with the terms of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Subject to Section 11.2 (but excluding, in all events, any assignment consent or approval requirements (whether from the Borrower or otherwise)), the Agent may, in its discretion, sell any Advances acquired pursuant to an Erroneous Payment Deficiency Assignment and upon receipt of the proceeds of such sale, the Erroneous Payment Return Deficiency owing by the applicable Lender shall be reduced by the net proceeds of the sale of such Advance (or portion thereof), and the Agent shall retain all other rights,

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remedies and claims against such Lender (and/or against any recipient that receives funds on its respective behalf). In addition, an Erroneous Payment Return Deficiency owing by the applicable Lender (x) shall be reduced by the proceeds of prepayments or repayments of principal and interest, or other distribution in respect of principal and interest, received by the Agent on or with respect to any such Advances acquired from such Lender pursuant to an Erroneous Payment Deficiency Assignment (to the extent that any such Advances are then owned by the Agent) and (y) may, in the sole discretion of the Agent, be reduced by any amount specified by the Agent in writing to the applicable Lender from time to time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) The parties hereto agree that (x) irrespective of whether the Agent may be equitably subrogated, in the event that an Erroneous Payment (or portion thereof) is not recovered from any Payment Recipient that has received such Erroneous Payment (or portion thereof) for any reason, the Agent shall be subrogated to all the rights and interests of such Payment Recipient (and, in the case of any Payment Recipient who has received funds on behalf of a Lender to the rights and interests of such Lender or Secured Party, as the case may be) under the Loan Documents with respect to such amount (the "**Erroneous Payment Subrogation Rights**") (provided that the Obligations under the Loan Documents in respect of the Erroneous Payment Subrogation Rights shall not be duplicative of such Obligations in respect of Advances that have been assigned to the Agent under an Erroneous Payment Deficiency Assignment) and (y) an Erroneous Payment shall not pay, prepay, repay, discharge or otherwise satisfy any Obligations owed by the Borrower or any other Obligor; provided that this Section 10.15(e) shall not be interpreted to increase (or accelerate the due date for), or have the effect of increasing (or accelerating the due date for), the Obligations of the Borrower relative to the amount (and/or timing for payment) of the Obligations that would have been payable had such Erroneous Payment not been made by the Agent; provided, further, that for the avoidance of doubt, immediately preceding clauses (x) and (y) shall not apply to the extent any such Erroneous Payment is, and solely with respect to the amount of such Erroneous Payment that is, comprised of funds received by the Agent from the Borrower for the purpose of making such Erroneous Payment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) To the extent permitted by applicable law, no Payment Recipient shall assert any right or claim to an Erroneous Payment, and hereby waives, and is deemed to waive, any claim, counterclaim, defense or right of set-off or recoupment with respect to any demand, claim or counterclaim by the Agent for the return of any Erroneous Payment received, including, without limitation, any defense based on "discharge for value" or any similar doctrine.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) Each party's obligations, agreements and waivers under this Section 10.15 shall survive the resignation or replacement of the Agent, any transfer of rights or obligations by, or the replacement of, a Lender, the termination of the Commitments and/or the repayment, satisfaction or discharge of all Obligations (or any portion thereof) under any Loan Document.

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**Article 11**

**ADDITIONAL LENDERS,**

 **SUCCESSORS AND ASSIGNS**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**11.1** **Successors and Assigns** 

The provisions of this Agreement shall be binding upon and inure to the benefit of the parties hereto and their respective successors and assigns permitted hereby, except that no Obligor may assign or otherwise transfer any of its rights or obligations hereunder without the prior written consent of the Agent and each Lender and no Lender may assign or otherwise transfer any of its rights or obligations hereunder except (i) to an Eligible Assignee in accordance with the provisions of Section 11.2, (ii) by way of participation in accordance with the provisions of Section 11.4, or (iii) by way of pledge or assignment of a security interest subject to the restrictions of Section 11.5 (and any other attempted assignment or transfer by any party hereto shall be null and void). Nothing in this Agreement, expressed or implied, shall be construed to confer upon any Person (other than the Parties, their respective successors and assigns permitted hereby, subagents contemplated hereby, Participants to the extent provided in Section 11.4 and, to the extent expressly contemplated hereby, the Related Parties of each of the Agent, any sub-agent and the Lenders) any legal or equitable right, remedy or claim under or by reason of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**11.2** **Assignments by Lenders** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Any Lender may at any time assign to one or more Eligible Assignees all or a portion of its rights and obligations under this Agreement (including all or a portion of its Commitment and the Advances at the time owing to it), provided that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) except if an Event of Default has occurred and is continuing or in the case of an assignment of the entire remaining amount of the assigning Lender's Commitment and the Advances at the time owing to it or in the case of an assignment to a Lender or an Affiliate of a Lender, the aggregate amount of the Commitment being assigned (which for this purpose includes Advances outstanding thereunder) subject to each such assignment (determined as of the date the Assignment and Assumption with respect to such assignment is delivered to the Agent or, if "Trade Date" is specified in the Assignment and Assumption, as of the Trade Date) shall not be less than US$5,000,000, unless each of the Agent and, so long as no Default has occurred and is continuing, the Borrower otherwise consent to a lower amount (each such consent not to be unreasonably withheld or delayed);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) each partial assignment shall be made as an assignment of a proportionate part of all the assigning Lender's rights and obligations under this Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) any assignment must be approved by the Agent (such approval not to be unreasonably withheld or delayed) unless:

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) the proposed assignee is itself already a Lender, or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) the proposed assignee is a bank whose senior, unsecured, non-credit enhanced, long term debt is rated at least A3, A- or A low by at least two of Moody's, S&P and DBRS, respectively;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) any assignment must be approved by the Borrower (such approval not to be unreasonably withheld or delayed) unless the proposed assignee is itself already a Lender or a Default has occurred and is continuing; provided that the Parties acknowledge and agree that the consent of the Borrower shall not be considered to have been unreasonably withheld if it is withheld as a result of any proposed assignment to a Foreign Lender where as a result of such assignment any withholding taxes would be exigible in respect of such Foreign Lender; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) the parties to each assignment shall execute and deliver to the Agent an Assignment and Assumption, together with a processing and recordation fee of US$5,000 and the Eligible Assignee, if it is not a Lender, shall deliver any administrative questionnaire required by the Agent.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Subject to acceptance and recording thereof by the Agent pursuant to Section 11.3, from and after the effective date specified in each Assignment and Assumption, the Eligible Assignee thereunder shall be a party to this Agreement and, to the extent of the interest assigned by such Assignment and Assumption, have the rights and obligations of a Lender under this Agreement and the other Loan Documents, and the assigning Lender thereunder shall, to the extent of the interest assigned by such Assignment and Assumption, be released from its obligations under this Agreement (and, in the case of an Assignment and Assumption covering all of the assigning Lender's rights and obligations under this Agreement, such Lender shall cease to be a party hereto) but shall continue to be entitled to the benefits of Sections 13.7, 13.8 and 13.9, and shall continue to be liable for any breach of this Agreement by such Lender, in each case with respect to facts and circumstances occurring before the effective date of such assignment. Any assignment or transfer by a Lender of rights or obligations under this Agreement that does not comply with this paragraph shall be treated for purposes of this Agreement as a sale by such Lender of a participation in such rights and obligations in accordance with Section 11.4. Any payment by an assignee to an assigning Lender in connection with an assignment or transfer shall not be or be deemed to be a repayment by the Borrower or a new Advance to the Borrower.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**11.3** **Register** 

The Agent shall maintain at one of its offices in Toronto, Ontario a copy of each Assignment and Assumption delivered to it and a register for the recordation of the names and addresses of the Lenders, and the Commitments of, and principal amounts of the Advances owing to, each Lender pursuant to the terms hereof from time to time (the "**Register**"). The entries in the Register shall be conclusive, absent manifest error, and the

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Borrower, the Agent and the Lenders may treat each Person whose name is recorded in the Register pursuant to the terms hereof as a Lender hereunder for all purposes of this Agreement, notwithstanding notice to the contrary. The Register shall be available for inspection by the Borrower and any Lender, at any reasonable time and from time to time upon reasonable prior notice.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**11.4** **Participations** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Any Lender may at any time without the consent of, or notice to, the Borrower or the Agent, sell participations to any Eligible Assignee (each, a "**Participant**") in all or a portion of such Lender's rights and/or obligations under this Agreement (including all or a portion of its Commitment and/or the Advances owing to it). However, (i) the Lender's obligations under this Agreement shall remain unchanged, (ii) the Lender shall remain solely responsible to the other parties hereto for the performance of its obligations, and (iii) the Borrower, the Agent and the other Lenders shall continue to deal solely and directly with such Lender in connection with such Lender's rights and obligations under this Agreement. Any payment by a Participant to a Lender in connection with a sale of a participation shall not be or be deemed to be a repayment by the Borrower or a new Advance to the Borrower.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Subject to the immediately following paragraph, the Borrower agrees that each Participant shall be entitled to the benefits of Sections 13.8 and 13.9 to the same extent as if it were a Lender and had acquired its interest by assignment pursuant to Section 11.2. To the extent permitted by Applicable Law, each Participant also shall be entitled to the benefits of Section 9.9 as though it were a Lender, provided such Participant agrees to be subject to Section 10.6 as though it were a Lender.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) A Participant that would be a Foreign Lender if it were a Lender shall not be entitled to the benefits of Section 13.8.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**11.5** **Certain Pledges** 

Any Lender may at any time pledge or assign a security interest in all or any portion of its rights under this Agreement to secure obligations of such Lender, but no such pledge or assignment shall release such Lender from any of its obligations hereunder or substitute any such pledgee or assignee for such Lender as a party hereto.

**Article 12**

**SUCCESSOR COMPANIES AND**

**ADDITIONAL OBLIGORS**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**12.1** **Certain Requirements in Respect of Merger, Etc.** 

The Obligors shall not enter into any transaction (whether by way of reconstruction, reorganization, consolidation, amalgamation, merger, transfer, sale or otherwise) whereby all or substantially all of its undertaking, property and assets would become the property of any other Person or, in the case of any such amalgamation, of the continuing company

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resulting therefrom, or whereby the obligation of the Borrower or any other Obligor to pay amounts under this Agreement or any other Loan Document would become subject to novation or assumed or undertaken by any other such Person or continuing company, provided that it may do so and such Person or continuing company (the "**Successor Corporation**") shall become a party to this Agreement and/or a Guarantee, as the case may be, and the other Loan Documents, if:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the Successor Corporation is a Guarantor, the Successor Corporation is a Subsidiary of the Borrower;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) any of the predecessors of the Successor Corporation was the Borrower, the Successor Corporation is the Borrower and it shall be organized under the laws of Canada or the United States or any political subdivision thereof;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) any of the predecessors of the Successor Corporation was a Guarantor, the Successor Corporation is a Guarantor or the Borrower;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) the Successor Corporation shall execute and/or deliver to the Agent an agreement supplemental hereto in form reasonably satisfactory to the Agent and execute and/or deliver such other instruments, if any, which to the reasonable satisfaction of the Agent and in the opinion of counsel to the Borrower addressed to the Agent and the Lenders are necessary to evidence (i) the assumption by the Successor Corporation of liability under each Loan Document to which it is a party for the due and punctual payment of all money payable by any of the Obligors, as the case may be, thereunder, (ii) the covenant of the Successor Corporation to pay the same and (iii) the agreement of the Successor Corporation to observe and perform all the covenants and obligations of such Obligor, as the case may be, under each Loan Document and to be bound by all the terms of each Loan Document so far as they relate to such Obligor, which instruments, if any, shall be in form reasonably satisfactory to the Agent; provided there shall be no obligation to deliver such instruments if the Successor Corporation is not an Obligor;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) such transaction shall, to the reasonable satisfaction of the Agent and the Required Lenders, be upon such terms as to preserve and not to impair any of the rights and powers of the Agent, the Lenders and each of them;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) all Other Taxes payable as a result of such transaction have been paid by such Successor Corporation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) such transaction will not result in any claim for increased costs pursuant to Section 13.9 or result in any Tax being levied on or payable by the Agent or any Lender (except for Excluded Taxes);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) such transaction will not cause, or have the result of the Agent, the Lenders or any of them being in default under, non-compliance with, or violation of, any Applicable Law;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) if the Successor Corporation is an Obligor, an opinion of counsel to the Successor Corporation substantially in the form and as to matters addressed in the opinion of counsel delivered pursuant to Section 5.1(d) shall have been delivered to the Agent;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) if the predecessors of the Successor Corporations are not all Obligors, each of the covenants set forth in Section 8.1 shall be satisfied on an actual and *pro forma* basis;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) the Successor Corporation does not carry on any material business other than the acquisition of and investment in precious metals royalty, streaming and similar agreements;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) such transaction does not result in a Change of Control;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m) such transactions will not, in the opinion of the Agent acting reasonably, result in a Material Adverse Change; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n) no Default or Event of Default shall have occurred and be continuing or will occur as a result of such transaction.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**12.2** **Vesting of Powers in Successor** 

Except in the case of an amalgamation or other transaction pursuant to which the Successor Corporation is liable for all of the obligations of the Borrower or a Guarantor, as the case may be, by operation of law, whenever the conditions of Section 12.1 above have been duly observed and performed, the Agent and each of the Lenders shall execute and deliver the supplemental agreement provided for in Section 12.1(d) and thereupon the Successor Corporation shall possess and from time to time may exercise each and every right and power of an Obligor, as applicable, under this Agreement and the Loan Documents in its own name or in the name of one of the Borrower or the Guarantors, as the case may be, or otherwise and any act or proceeding by any provision of this Agreement required to be done and performed with like force and effect by the like directors or officers of the Successor Corporation.

**Article 13**

**MISCELLANEOUS PROVISIONS**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**13.1** **Severability, Etc.** 

If, in any jurisdiction, any provision of this Agreement or its application to any Party or circumstance is restricted, prohibited or unenforceable, that provision shall, as to such jurisdiction, be ineffective only to the extent of such restriction, prohibition or unenforceability without invalidating the remaining provisions of this Agreement, without affecting the validity or enforceability of such provision in any other jurisdiction and, if applicable, without affecting its application to the other Parties or circumstances.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**13.2** **Amendment, Supplement or Waiver** 

No amendment, supplement or waiver of any provision of any Loan Document, nor any consent to any departure by an Obligor therefrom, shall in any event be effective unless it is in writing, makes express reference to the provision affected thereby and is signed by the Agent for and on behalf of the Lenders or the Required Lenders, as the case may be, and then that waiver or consent shall be effective only in the specific instance and for the specific purpose for which given. In addition, any amendment or supplement shall require the written consent of the other parties to the Loan Document in question. No waiver or act or omission of the Agent, the Lenders, or any of them, shall extend to or be taken in any manner whatsoever to affect any subsequent Default or breach by an Obligor of any provision of any Loan Document or the rights resulting therefrom.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**13.3** **Governing Law** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Each of the Loan Documents, except for those which expressly provide otherwise, shall be conclusively deemed to be a contract made under, and shall for all purposes be governed by and construed in accordance with, the laws of the Province of British Columbia and the laws of Canada applicable in British Columbia. Each Obligor irrevocably and unconditionally submits, for itself and its Property, to the non-exclusive jurisdiction of the courts of the Province of British Columbia, and any appellate court from any of those courts, in any action or proceeding arising out of or relating to this Agreement or any other Loan Document, or for recognition or enforcement of any judgment, and each of the parties hereto irrevocably and unconditionally agrees that all claims in respect of any such action or proceeding may be heard and determined in such court. Each of the parties hereto agrees that a final judgment in any such action or proceeding shall be conclusive and may be enforced in other jurisdictions by suit on the judgment or in any other manner provided by Applicable Law. Nothing in this Agreement or in any other Loan Document shall affect any right that the Agent or any Lender may otherwise have to bring any action or proceeding relating to this Agreement or any other Loan Document against any Obligor or its Property in the courts of any jurisdiction. Each Obligor irrevocably and unconditionally waives, to the fullest extent permitted by Applicable Law, any objection that it may now or hereafter have to the laying of venue of any action or proceeding arising out of or relating to this Agreement or any other Loan Document in any court of the Province of British Columbia. Each of the parties hereto hereby irrevocably waives, to the fullest extent permitted by Applicable Law, the defence of an inconvenient forum to the maintenance of such action or proceeding in any such court.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Each Obligor (excluding the Borrower) hereby nominates, constitutes and appoints the Borrower as its agent for service, to act as such and as such to sue and be sued, plead and be impleaded in any court in British Columbia, and generally on its behalf to accept service of process and to receive all notices and to do all acts and to execute all deeds and other instruments relating to proceedings in any court in British Columbia. This appointment shall be irrevocable without the prior consent of the Required Lenders upon the appointment of a substitute agent acceptable to

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the Required Lenders acting reasonably and, until that time, service of process or of papers and notices relating to proceedings in any court in British Columbia upon the Borrower shall be sufficient service on all Obligors. The Borrower by its execution of this Agreement accepts that appointment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**13.4** **Conflicts** 

In the event of a conflict in or between the provisions of this Agreement and the provisions of any Schedule annexed hereto or any of the other Loan Documents then, notwithstanding anything contained in such Schedule or other Loan Document, the provisions of this Agreement will prevail and the provisions of such Schedule or other Loan Document will be deemed to be amended to the extent necessary to eliminate such conflict. In particular, if any act or omission of an Obligor is expressly permitted under this Agreement but is expressly prohibited under any Schedule annexed hereto or another Loan Document, such act or omission shall be permitted. If any act or omission is expressly prohibited under any Schedule annexed hereto or a Loan Document (other than this Agreement), but this Agreement does not expressly permit such act or omission, or if any act is expressly required to be performed under such Schedule or such Loan Document but this Agreement does not expressly relieve the applicable Obligor from such performance, such circumstance shall not constitute a conflict in or between the provisions of this Agreement and the provisions of such Schedule or Loan Document.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**13.5** **Judgment Currency** 

To the extent permitted by Applicable Law, if any judgment or order is rendered and expressed in a currency other than the currency (the "**Agreement Currency**") in which amounts are payable under the Credit Facilities (i) for the payment of any amount owing by the Borrower in respect of the Credit Facilities or this Agreement, or (ii) in respect of a judgment or order of another court for the payment of any amount described in (i) above, the Agent and the Lenders, after recovery in full of the aggregate amount to which the Agent and the Lenders are entitled pursuant to the judgment or order, will be entitled to receive immediately from the Borrower the amount of any shortfall in the Agreement Currency received by the Agent or the Lenders as a consequence of sums paid in such other currency and will refund promptly to the Borrower any excess of the Agreement Currency received by the Lender as a consequence of sums paid in such other currency if such shortfall or such excess arises or results from any variation between the rate of exchange at which the Agreement Currency is converted into the currency of the judgment or order for the purposes of such judgment or order and the rate of exchange at which the Agent or the Lenders are able, acting in a reasonable manner and in good faith in converting the currency received into the Agreement Currency, to purchase the Agreement Currency with the amount of the currency of the judgment or order actually received by the Lender. The term "rate of exchange" includes, without limitation, any premiums and costs of exchange payable in connection with the purchase of or conversion into the Agreement Currency. Any amount due from the Borrower under the provisions of this Section 13.5 shall be due as a separate debt and shall not be affected by judgment being obtained for any other amounts due under or in respect of the Credit Facilities or this Agreement.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**13.6** **Liability of Lenders** 

The liability of the Lenders in respect of all matters relating to this Agreement and the other Loan Documents is several and not joint or joint and several. Without limiting that statement, the obligations of the Lenders to make Advances is limited to their respective Applicable Percentages of any Advance that is requested under a Credit Facility, and, in the aggregate, to their respective Applicable Percentages of the total amounts of such Credit Facility.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**13.7** **Expenses and Indemnity** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Borrower shall pay (i) all reasonable out-of-pocket expenses incurred by the Agent, its Affiliates and the Lenders, including the fees, charges and disbursements of counsel for the Agent, in connection with the syndication of the Credit Facilities, the preparation, negotiation, execution, delivery and administration of this Agreement and the other Loan Documents or any amendments, modifications or waivers of the provisions hereof or thereof (whether or not the transactions contemplated hereby or thereby are consummated) and (ii) all out-of-pocket expenses incurred by the Agent or any Lender, including the fees, charges and disbursements of counsel, in connection with the enforcement or protection of its rights in connection with this Agreement and the other Loan Documents, including its rights under this Section 13.7, or in connection with the Advances made hereunder, including all such out-of-pocket expenses incurred during any workout, restructuring or negotiations in respect of such Advances.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Borrower shall indemnify the Agent (and any sub-agent thereof), each Lender and each Related Party of any of the foregoing Persons (each such Person being called an "**Indemnitee**") against, and hold each Indemnitee harmless from, any and all losses, Claims, damages, liabilities and related expenses, including the fees, charges and disbursements of any counsel or expert consultation for any Indemnitee, incurred by any Indemnitee or asserted against any Indemnitee by any third party or by any Obligor arising out of, in connection with, or as a result of (i) the execution or delivery of this Agreement, any other Loan Document or any agreement or instrument contemplated hereby or thereby, the performance or non-performance by the parties hereto of their respective obligations hereunder or thereunder or the consummation or non-consummation of the transactions contemplated hereby or thereby, (ii) any Advance or the use or proposed use of the proceeds therefrom, (iii) any actual or alleged presence or release, spill, leakage, emission, deposit, discharge, leaching, migration or disposition of any Hazardous Materials in, on, under or from any real property as defined in or regulated by any Applicable Law or Governmental Authority from time to time on or from any Property owned or operated by any Obligor, or any remedial, rehabilitation or other restoration action taken by the Agent or Lender with respect thereto or any actual or alleged breach of Applicable Law with respect to environmental or natural resource matters or human health that is related in any way to any Obligor, or (iv) any actual or prospective claim, litigation, investigation or proceeding relating to any of the foregoing, whether based on contract, tort or any other theory, whether

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brought by a third party or by an Obligor and regardless of whether any Indemnitee is a party thereto, provided that such indemnity shall not, as to any Indemnitee, be available to the extent that such losses, claims, penalties, fines, damages, liabilities or related expenses (x) are determined by a court of competent jurisdiction by final and non-appealable judgment to have resulted from the gross negligence or wilful misconduct of such Indemnitee or (y) result from a claim brought by any Obligor against an Indemnitee for breach in bad faith of such Indemnitee's obligations hereunder or under any other Loan Document, if the Obligor has obtained a final and non-appealable judgment in its favour on such claim as determined by a court of competent jurisdiction, nor shall it be available in respect of matters specifically addressed in Sections 13.7(a), 13.8 and 13.9.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) All amounts due under this Section 13.7 shall be payable promptly after demand therefor. A certificate of the Agent or a Lender setting forth the amount or amounts owing to the Agent, Lender or a sub-agent or Related Party, as the case may be, as specified in this Section 13.7, including reasonable detail of the basis of calculation of the amount or amounts, and delivered to the Borrower shall be conclusive absent manifest error.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**13.8** **Taxes** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) If any Obligor, the Agent or any Lender is required by Applicable Law to deduct or pay any Indemnified Taxes (including any Other Taxes) in respect of any payment by or on account of any obligation of an Obligor hereunder or under any other Loan Document, then (i) the sum payable shall be increased by that Obligor when payable as necessary so that after making or allowing for all required deductions and payments (including deductions and payments applicable to additional sums payable under this Section 13.8) the Agent or Lender, as the case may be, receives an amount equal to the sum it would have received had no such deductions or payments been required, (ii) the Obligor shall make any such deductions required to be made by it under Applicable Law, and (iii) the Obligor shall timely pay the full amount required to be deducted to the relevant Governmental Authority in accordance with Applicable Law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Without limiting the provisions of the immediately preceding paragraph, the Borrower shall timely pay any Other Taxes to the relevant Governmental Authority in accordance with Applicable Law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Borrower shall indemnify the Agent and each Lender, within 10 days after demand therefor, for the full amount of any Indemnified Taxes or Other Taxes (including Indemnified Taxes or Other Taxes imposed or asserted on or attributable to amounts payable under this Section 13.8) paid by the Agent or such Lender and any penalties, interest and reasonable expenses arising therefrom or with respect thereto, whether or not such Indemnified Taxes or Other Taxes were correctly or legally imposed or asserted by the relevant Governmental Authority. A certificate as to the amount of such payment or liability delivered to the Borrower by a Lender

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(with a copy to the Agent), or by the Agent on its own behalf or on behalf of a Lender, shall be *prima facie* evidence of the amount.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) As soon as practicable after any payment of Indemnified Taxes or Other Taxes by an Obligor to a Governmental Authority, the Obligor shall deliver to the Agent the original or a certified copy of a receipt issued by such Governmental Authority evidencing such payment, a copy of the return reporting such payment or other evidence of such payment reasonably satisfactory to the Agent.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Any Foreign Lender that is entitled to an exemption from or reduction of withholding tax under the law of Canada, or any treaty to which Canada is a party, with respect to payments hereunder or under any other Loan Document shall, at the request of the Borrower or the Agent, deliver to the Borrower (with a copy to the Agent), at the time or times reasonably requested by the Borrower or the Agent, such properly completed and executed documentation prescribed by Applicable Law as will permit such payments to be made without withholding or at a reduced rate of withholding.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) If the Agent or a Lender determines, in its sole discretion, that it has received a refund of any Taxes or Other Taxes as to which it has been indemnified by the Borrower or with respect to which an Obligor has paid additional amounts pursuant to this Section 13.8 or that, because of the payment of such Taxes or Other Taxes, it has benefited from a reduction in Excluded Taxes otherwise payable by it, it shall pay to the Borrower or the Obligor, as applicable, an amount equal to such refund or reduction (but only to the extent of indemnity payments made, or additional amounts paid, by such Borrower or Obligor under this Section 13.8 with respect to the Taxes or Other Taxes giving rise to such refund or reduction), net of all out-of-pocket expenses of the Agent or such Lender, as the case may be, and without interest (other than any net after-Tax interest paid by the relevant Governmental Authority with respect to such refund). Each Borrower or Obligor, as applicable, upon the request of the Agent or such Lender, agrees to repay the amount paid over to such Borrower or Obligor (plus any penalties, interest or other charges imposed by the relevant Governmental Authority) to the Agent or such Lender if the Agent or such Lender is required to repay such refund or reduction to such Governmental Authority. This paragraph shall not be construed to require the Agent or any Lender to make available its tax returns (or any other information relating to its Taxes that it deems confidential) to the Borrower or any other Person, to arrange its affairs in any particular manner or to claim any available refund or reduction.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**13.9** **Increased Costs etc.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) If any Change in Law shall:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) impose, modify or deem applicable any reserve, special deposit, compulsory loan, insurance charge or similar requirement against assets of, deposits with or for the account of, or credit extended or participated in by, any Lender;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) subject any Lender to any Tax of any kind whatsoever with respect to this Agreement or any Advance made by it, or change the basis of taxation of payments to such Lender in respect thereof, except for Indemnified Taxes or Other Taxes covered by Section 13.8 and the imposition, or any change in the rate, of any Excluded Tax payable by such Lender; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) impose on any Lender or any applicable interbank market any other condition, cost or expense affecting this Agreement or Advances made by such Lender;

and the result of any of the foregoing shall be to increase the cost to such Lender of making or maintaining any Advance (or of maintaining its obligation to make any such Advance), or to reduce the amount of any sum received or receivable by such Lender hereunder (whether of principal, interest or any other amount), then upon request of such Lender the Borrower will pay to such Lender such additional amount or amounts as will compensate such Lender for such additional costs incurred or reduction suffered.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) If any Lender determines that any Change in Law affecting such Lender or any Lending Office of such Lender or such Lender's holding company, if any, regarding capital requirements has or would have the effect of reducing the rate of return on such Lender's capital or on the capital of such Lender's holding company, if any, as a consequence of this Agreement, the Commitments of such Lender or the Advances made by such Lender, to a level below that which such Lender or its holding company could have achieved but for such Change in Law (taking into consideration such Lender's policies and the policies of its holding company with respect to capital adequacy), then from time to time the Borrower will pay to such Lender such additional amount or amounts as will compensate such Lender or its holding company for any such reduction suffered.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) A certificate of a Lender setting forth the amount or amounts necessary to compensate such Lender or its holding company, as the case may be, as specified in this Section 13.9, including reasonable detail of the basis of calculation of the amount or amounts, and delivered to the Borrower shall be conclusive absent manifest error. The Borrower shall pay such Lender the amount shown as due on any such certificate within 10 days after receipt thereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Failure or delay on the part of any Lender to demand compensation pursuant to this Section 13.9 shall not constitute a waiver of such Lender's right to demand such compensation, except that the Borrower shall not be required to compensate a Lender pursuant to this Section 13.9 for any increased costs incurred or reductions suffered more than nine months before the date that such Lender notifies the Borrower of the Change in Law giving rise to such increased costs or reductions and of such Lender's intention to claim compensation therefor, unless the Change in Law giving rise to such increased costs or reductions is retroactive, in which case the nine-month period referred to above shall be extended to include the period of retroactive effect thereof.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**13.10** **Indemnity Relating to Credits** 

Upon notice from the Agent to the Borrower (which notice shall be accompanied by a detailed calculation of the amount to be paid by the Borrower), the Borrower shall pay to the Agent such amount or amounts as will indemnify and compensate the Agent or the Lenders for any loss, cost or expense incurred by them in the liquidation or redeposit of any funds acquired by the Lenders to fund or maintain any portion of an Advance as a result of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the failure of the Borrower to borrow or make repayments on the dates specified under this Agreement or in any notice from the Borrower to the Agent (provided that if any notice specifies the repayment of a Term Benchmark Advance at any time other than its maturity date, then the Borrower shall be responsible for any loss, costs or expenses referred to above); or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the repayment or prepayment of any amounts on a day other than the payment dates prescribed herein or in any notice from the Borrower to the Agent (provided that if any notice specifies the repayment of a Term Benchmark Advance at any time other than its maturity date, then the Borrower shall be responsible for any loss, costs or expenses referred to above).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**13.11** **Mitigation Obligations; Replacement of Lenders** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) If any Lender requests compensation under Section 13.9, or requires the Borrower to pay any additional amount to any Lender or any Governmental Authority for the account of any Lender pursuant to Section 13.8, then such Lender shall use reasonable commercial efforts to designate a different Lending Office for funding or booking its Advances hereunder or to assign its rights and obligations hereunder to another of its offices, branches or affiliates, if, in the judgment of such Lender, such designation or assignment (i) would eliminate or reduce amounts payable pursuant to Section 13.8 or 13.9, as the case may be, in the future and (ii) would not subject such Lender to any unreimbursed cost or expense and would not otherwise be disadvantageous to such Lender. The Borrower hereby agrees to pay all reasonable costs and expenses incurred by any Lender in connection with any such designation or assignment unless the Borrower has repaid or replaced the Lender in accordance with Section 13.11(b).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) If any Lender requests compensation under Section 13.9, if the Borrower is required to pay any additional amount to any Lender or any Governmental Authority for the account of any Lender pursuant to Section 13.8, if any Lender's obligations are suspended pursuant to Section 13.12 or if any Lender defaults in its obligation to fund Advances hereunder, then the Borrower may, at its sole expense and effort, upon 10 days' notice to such Lender and the Agent, either (i) repay all Obligations to the Lender and reduce the amount of the Credit Facilities by an amount equal to the Lender's Commitment or (ii) require such Lender to assign and delegate, without recourse (in accordance with and subject to the restrictions contained in, and consents required by, Section 11.2), all of its interests, rights and

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obligations under this Agreement and the related Loan Documents to an assignee that shall assume such obligations (which assignee may be another Lender, if a Lender accepts such assignment), provided that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) in the case of an assignment, the Borrower pays the Agent the assignment fee specified in Section 11.2(a)(v);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the Lender receives payment of an amount equal to the outstanding principal of its Advances, accrued interest thereon, accrued fees and all other amounts payable to it hereunder and under the other Loan Documents (including any breakage costs and amounts required to be paid under this Agreement as a result of prepayment to a Lender) from any assignee and/or the Borrower;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) in the case of any assignment resulting from a claim for compensation under Section 13.9 or payments required to be made pursuant to Section 13.8, such assignment will result in a reduction in such compensation or payments thereafter; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) any assignment does not conflict with Applicable Law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) A Lender shall not be required to make any such assignment or delegation or accept repayment if, prior thereto, as a result of a waiver by such Lender or otherwise, the circumstances entitling the Borrower to require such assignment and delegation or repayment cease to apply.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**13.12** **Illegality** 

If any Lender determines that any Applicable Law has made it unlawful, or that any Governmental Authority has asserted that it is unlawful, for any Lender or its applicable Lending Office to make or maintain any Advance (or to maintain its obligation to make any Advance), or to determine or charge interest rates based upon any particular rate, then, on notice thereof by such Lender to the Borrower through the Agent, any obligation of such Lender with respect to the activity that is unlawful shall be suspended until such Lender notifies the Agent and the Borrower that the circumstances giving rise to such determination no longer exist. Upon receipt of such notice, the Borrower shall, upon demand from such Lender (with a copy to the Agent), prepay or, if conversion would avoid the activity that is unlawful, convert any Advances. Upon any such prepayment or conversion, the Borrower shall also pay accrued interest on the amount so prepaid or converted. Each Lender agrees to designate a different Lending Office if such designation will avoid the need for such notice and will not, in the good faith judgment of such Lender, otherwise be materially disadvantageous to such Lender.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**13.13** **Notices** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Except in the case of notices and other communications expressly permitted to be given by telephone (and except as provided in Section 13.13(c)), all notices and other communications provided for herein shall be in writing and shall be delivered by hand or overnight courier service, mailed by certified or registered mail or sent

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by telecopier to the addresses or telecopier numbers specified beside the respective signatures of the parties to this Agreement or on any Assignment and Assumption or, if to an Obligor other than the Borrower, in care of the Borrower.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Notices sent by hand or overnight courier service, or mailed by certified or registered mail, shall be deemed to have been given when received; notices sent by telecopier shall be deemed to have been given when sent (except that, if not given on a Banking Day between 9:00 a.m. and 5:00 p.m. local time where the recipient is located, shall be deemed to have been given at 9:00 a.m. on the next Banking Day for the recipient). Notices delivered through electronic communications to the extent provided in Section 13.13(c), shall be effective as provided in that Section.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Notices and other communications to the Lenders hereunder may be delivered or furnished by electronic communication (including e-mail and Internet or intranet websites) pursuant to procedures approved by the Agent, provided that the foregoing shall not apply to notices to any Lender of Advances to be made if such Lender has notified the Agent that it is incapable of receiving notices under such Article by electronic communication. The Agent or the Borrower may, in its discretion, agree to accept notices and other communications to it hereunder by electronic communications pursuant to procedures approved by it, provided that approval of such procedures may be limited to particular notices or communications.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Unless the Agent otherwise prescribes, (i) notices and other communications sent to an email address shall be deemed received upon the sender's receipt of an acknowledgement from the intended recipient (such as by the "return receipt requested" function, as available, return e-mail or other written acknowledgement), provided that if such notice or other communication is not sent during the normal business hours of the recipient, such notice or communication shall be deemed to have been sent at the opening of business on the next Banking Day for the recipient, and (ii) notices or communications posted to an Internet or intranet website shall be deemed received upon the deemed receipt by the intended recipient at its e-mail address as described in the foregoing cluse (i) of notification that such notice or communication is available and identifying the website address therefor.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Any Party may change its address or telecopier number for notices and other communications hereunder by notice to the other Parties.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**13.14** **Time of the Essence** 

Time is of the essence of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**13.15** **Term of Agreement** 

Except as otherwise provided herein, this Agreement shall remain in full force and effect until the indefeasible payment and performance in full in cash of all of the Obligations. The obligations of the Obligors in Sections 13.7, 13.8 and 13.9 and of the Lenders in Section 10.9(c) shall continue for the benefit of those to whom the obligations are owed

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notwithstanding the termination of this Agreement or the termination of any particular Person's role as Obligor, Agent or Lender.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**13.16** **Counterparts and Facsimile** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) This Agreement may be executed in counterparts (and by different parties hereto in different counterparts), each of which shall constitute an original, but all of which when taken together shall constitute a single contract. Except as provided in Article 5, this Agreement shall become effective when it has been executed by the Agent and when the Agent has received counterparts hereof that, when taken together, bear the signatures of each of the other Parties. Delivery of an executed counterpart of a signature page of this Agreement by telecopy or by sending a scanned copy by electronic mail shall be effective as delivery of a manually executed counterpart of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The words "**execution** ", "**signed** ", "**signature**," and words of like import in any Assignment and Assumption shall be deemed to include electronic signatures or the keeping of records in electronic form, each of which shall be of the same legal effect, validity or enforceability as a manually executed signature or the use of a paper-based recordkeeping system, as the case may be, to the extent and as provided for in any Applicable Law, including Parts 2 and 3 of the *Personal Information Protection and Electronic Documents Act* (Canada), the *Electronic Transactions Act* (British Columbia) and other similar federal or provincial laws based on the Uniform Electronic Commerce Act of the Uniform Law Conference of Canada or its Uniform Electronic Evidence Act, as the case may be.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**13.17** **Waiver of Jury Trial, Consequential Damages Etc.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Each Party hereby irrevocably waives, to the fullest extent permitted by Applicable Law, any right it may have to a trial by jury in any legal proceeding directly or indirectly arising out of or relating to this Agreement or any other Loan Document or the transactions contemplated hereby or thereby (whether based on contract, tort or any other theory).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) To the fullest extent permitted by Applicable Law, the Obligor shall not assert, and hereby waive, any claim against any Indemnitee, on any theory of liability, for indirect, consequential, punitive, aggravated or exemplary damages (as opposed to direct damages) arising out of, in connection with, or as a result of, this Agreement, any other Loan Document or any agreement or instrument contemplated hereby (or any breach thereof), the transactions contemplated hereby or thereby, any Advance or the use of the proceeds thereof. No Indemnitee shall be liable for any damages arising from the use by unintended recipients of any information or other materials distributed by it through telecommunications, electronic or other information transmission systems in connection with this Agreement or the other Loan Documents or the transactions contemplated hereby or thereby.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Borrower acknowledges and agree that none of the Agent or the Lenders shall have any liability to it in relation to any due diligence investigations conducted by any of them in connection with the transactions contemplated hereby or be under any obligation whatsoever to disclose to them any information received or facts disclosed by any such investigations. The Borrower further acknowledges and agrees that it is not relying, will not rely, and will not be deemed, in any respect whatsoever, to have relied upon the facts received by and information disclosed to any of the Agent or the Lenders under or in connection with such due diligence investigations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Each Party (i) certifies that no representative, agent or attorney of any other Person has represented, expressly or otherwise, that such other Person would not, in the event of litigation, seek to enforce the foregoing waiver and (ii) acknowledges that it and the other parties hereto have been induced to enter into this Agreement and the other Loan Documents by, among other things, the mutual waivers and certifications in this Section 13.17.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**13.18** **Treatment of Certain Information: Confidentiality** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Each of the Agent and the Lenders agrees to maintain the confidentiality of Information, except that Information may be disclosed (i) to it, its Affiliates and its and its Affiliates' respective partners, directors, officers, employees, agents, advisors and representatives (it being understood that the Persons to whom such disclosure is made will be informed of the confidential nature of such Information and instructed to keep such Information confidential), (ii) to the extent requested by any regulatory authority or Governmental Authority purporting to have jurisdiction over it (including any self-regulatory authority), (iii) to the extent required by Applicable Laws or regulations or by any subpoena or similar legal process, (iv) to any other Party, (v) in connection with the exercise of any remedies hereunder or under any other Loan Document or any action or proceeding relating to this Agreement or any other Loan Document or the enforcement of rights hereunder or thereunder, (vi) subject to an agreement containing provisions substantially the same as those of this Section 13.18, to (A) any assignee of or Participant in, or any prospective assignee of or Participant in, any of its rights or obligations under this Agreement or (B) any actual or prospective counterparty (or its advisors) to any swap, Derivative, credit-linked note or similar transaction relating to the Borrower and the Obligations, (vii) with the consent of the Borrower, or (viii) to the extent such Information (A) becomes publicly available other than as a result of a breach of this Section 13.18 or (B) becomes available to the Agent or any Lender on a non- confidential basis from a source other than an Obligor.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) For purposes of this Section 13.18, "**Information**" means all information received in connection with this Agreement from any Obligor relating to any Obligor or any of its Subsidiaries or any of their respective businesses, other than any such information that is available to the Agent or any Lender on a non-confidential basis. Any Person required to maintain the confidentiality of Information as provided in this Section 13.18 shall be considered to have complied with its obligation to do so

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if such Person has exercised the same degree of care to maintain the confidentiality of such Information as such Person would accord to its own confidential information. In addition, the Agent may disclose to any agency or organization that assigns standard identification numbers to loan facilities such basic information describing the Credit Facilities as is necessary to assign unique identifiers (and, if requested, supply a copy of this Agreement), it being understood that the Person to whom such disclosure is made will be informed of the confidential nature of such Information and instructed to make available to the public only such Information as such Person normally makes available in the course of its business of assigning identification numbers.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) In addition, and notwithstanding anything herein to the contrary, the Agent may provide the information described on Schedule 13.17(c) concerning the Borrower and the Credit Facilities to Loan Pricing Corporation and/or other recognized trade publishers of information for general circulation in the loan market.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**13.19** **Discharge of Guarantees and Security** 

To the extent a sale or other Disposition of the Collateral is permitted pursuant to the provisions hereof, the Lenders hereby authorize and direct the Agent to execute and deliver, and the Agent will execute and deliver at the request of, and at the cost and expense of, the Borrower, such releases, discharges and other instruments which are necessary for the purposes of releasing and discharging the Collateral therein or for the purposes of recording the provisions or effect thereof in any office where the Security Documents may be registered or recorded.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**13.20** **Anti-Money Laundering Legislation** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Obligors acknowledge that, pursuant to the *Proceeds of Crime (Money Laundering) and Terrorist Financing Act* (Canada) and other applicable anti-money laundering, anti-terrorist financing, government sanction and "know your client" Applicable Laws (collectively, including any guidelines or orders thereunder, "**AML Legislation** "), the Lenders and the Agent may be required to obtain, verify and record information regarding the Obligors, their directors, authorized signing officers, direct or indirect shareholders or other Persons in control of the Obligors, and the transactions contemplated hereby. The Obligors shall promptly provide all such information, including supporting documentation and other evidence, as may be reasonably requested by any Lender or the Agent, or any prospective assignee or participant of a Lender or the Agent, in order to comply with any applicable AML Legislation, whether now or hereafter in existence.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) If the Agent has ascertained the identity of any Obligor or any authorized signatories of a Obligor for the purposes of applicable AML Legislation, then the Agent:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) shall be deemed to have done so as an agent for each Lender, and this Agreement shall constitute a "written agreement" in such regard between

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each Lender and the Agent within the meaning of applicable AML Legislation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) shall provide to each Lender copies of all information obtained in such regard without any representation or warranty as to its accuracy or completeness.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Notwithstanding the preceding sentence and except as may otherwise be agreed in writing, each of the Lenders agrees that the Agent has no obligation to ascertain the identity of any Obligor or any authorized signatories of the Obligors on behalf of any Lender, or to confirm the completeness or accuracy of any information it obtains from the Borrower or any such authorized signatory in doing so.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**13.21** **Entire Agreement** 

This Agreement and the other Loan Documents constitute the entire agreement between the Parties pertaining to the subject matter of this Agreement and supersede all prior correspondence, agreements, negotiations, discussions and understandings, written or oral. Except as specifically specified in this Agreement or any other Loan Document, there are no representations, warranties, conditions or other agreements or acknowledgments, whether direct or collateral, express or implied, written or oral, statutory or otherwise, that form part of or affect this Agreement or the agreements referred to herein, or which induced any Party to enter into this Agreement or the agreements referred to herein or on which reliance is placed by any Party.

***[Signature pages follow]***

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IN WITNESS WHEREOF, the Parties have duly executed this Agreement as of the date first above written.

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| | | | |
|:---|:---|:---|:---|
| **Address for Notice** | **Address for Notice** |  |  |
|  |  | **VERSAMET ROYALTIES CORPORATION**, as Borrower | **VERSAMET ROYALTIES CORPORATION**, as Borrower |
| Versamet Royalties Corporation | Versamet Royalties Corporation |  |  |
| 733 Seymour Street, Suite 3200 | 733 Seymour Street, Suite 3200 |  |  |
| Vancouver, British Columbia | Vancouver, British Columbia | By: | (*Signed*) |
| V6B 0S6 | V6B 0S6 |  | Name: |
|  |  |  | Title: |
| Attention: | **[Redacted – Personal Information]** |  |  |
| Email: | **[Redacted – Personal Information]** | By: | (*Signed*) |
|  |  |  | Name: |
|  |  |  | Title: |

---

------

---

| | | | |
|:---|:---|:---|:---|
| **Address for Notice** | **Address for Notice** |  |  |
|  |  | **BANK OF MONTREAL**, as Administrative Agent | **BANK OF MONTREAL**, as Administrative Agent |
| Bank of Montreal | Bank of Montreal |  |  |
| 100 King Street West | 100 King Street West |  |  |
| 1 First Canadian Place | 1 First Canadian Place |  |  |
| Toronto, Ontario M5X 1A1 | Toronto, Ontario M5X 1A1 | By: | (*Signed*) |
|  |  |  | Name: |
|  |  |  | Title: |
| Attention: | **[Redacted – Personal Information]** |  |  |
| Email: | **[Redacted – Personal Information]** | By: | (*Signed*) |
|  |  |  | Name: |
|  |  |  | Title: |

---

------

---

| | | | |
|:---|:---|:---|:---|
| **Address for Notice** | **Address for Notice** | **BANK OF MONTREAL**, as Lender | **BANK OF MONTREAL**, as Lender |
| Bank of Montreal | Bank of Montreal | By: | (*Signed*) |
| 100 King Street West | 100 King Street West |  | Name: |
| 1 First Canadian Place | 1 First Canadian Place |  | Title: |
| Toronto, Ontario M5X 1A1 | Toronto, Ontario M5X 1A1 |  |  |
| Attention: | **[Redacted – Personal Information]** | By: | (*Signed*) |
| Email: | **[Redacted – Personal Information]** |  | Name: |
|  |  |  | Title: |

---

------

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| | | | |
|:---|:---|:---|:---|
| **Address for Notice** | **Address for Notice** | **NATIONAL BANK OF CANADA**, as Lender | **NATIONAL BANK OF CANADA**, as Lender |
| National Bank of Canada | National Bank of Canada | By: | (*Signed*) |
| 130 King Street West, 8th Floor | 130 King Street West, 8th Floor |  | Name: |
| Toronto, ON M5X 1J9 | Toronto, ON M5X 1J9 |  | Title: |
| Attention: | **[Redacted – Personal Information]** | By: | (*Signed*) |
| Fax: | **[Redacted – Personal Information]** |  | Name: |
| Telephone: | **[Redacted – Personal Information]** |  | Title: |
| Email: | **[Redacted – Personal Information]** |  |  |

---

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**Schedule 1**

**Lenders' Applicable Percentages**

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| | | |
|:---|:---|:---|
| **RCF** | **RCF** | **RCF** |
| **Lender** | **RCF Commitment** | **Applicable Percentage** |
| Bank of Montreal | **[Redacted – Commercially Sensitive Information]** | **[Redacted – Commercially Sensitive Information]** |
| National Bank of Canada | **[Redacted – Commercially Sensitive Information]** | **[Redacted – Commercially Sensitive Information]** |
| Total | **[Redacted – Commercially Sensitive Information]** | **[Redacted – Commercially Sensitive Information]** |

---

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| | | |
|:---|:---|:---|
| **TL** | **TL** | **TL** |
| **Lender** | **TL Commitment** | **Applicable Percentage** |
| Bank of Montreal | **[Redacted – Commercially Sensitive Information]** | **[Redacted – Commercially Sensitive Information]** |
| National Bank of Canada | **[Redacted – Commercially Sensitive Information]** | **[Redacted – Commercially Sensitive Information]** |
| Total | **[Redacted – Commercially Sensitive Information]** | **[Redacted – Commercially Sensitive Information]** |

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**Schedule 2**

**Form of Assignment and Assumption**

This Assignment and Assumption (the "**Assignment and Assumption**") is dated as of the Effective Date set forth below and is entered into by and between [*Insert name of Assignor*] (the "**Assignor**") and [*Insert name of Assignee*] (the "**Assignee**"). Capitalized terms used but not defined herein shall have the meanings given to them in the Credit Agreement identified below (the "**Credit Agreement**"), receipt of a copy of which is hereby acknowledged by the Assignee. The Standard Terms and Conditions set forth in Annex 1 attached hereto are hereby agreed to and incorporated herein by reference and made a part of this Assignment and Assumption as if set forth herein in full.

For an agreed consideration, the Assignor hereby irrevocably sells and assigns to the Assignee, and the Assignee hereby irrevocably purchases and assumes from the Assignor, subject to and in accordance with the Standard Terms and Conditions and the Credit Agreement, as of the Effective Date inserted by the Agent as contemplated below (i) all of the Assignor's rights and obligations in its capacity as a Lender under the [TL] [RCF] [Credit Facilities] (the "**Credit**") and any other documents or instruments delivered pursuant thereto to the extent related to the amount and percentage interest identified below of all of such outstanding rights and obligations of the Assignor under the Credit identified below and (ii) to the extent permitted to be assigned under Applicable Law, all claims, suits, causes of action and any other right of the Assignor (in its capacity as a Lender) against any Person, whether known or unknown, arising under or in connection with the Credit Agreement, any other documents or instruments delivered pursuant thereto or the loan transactions governed thereby or in any way based on or related to any of the foregoing, including, but not limited to, contract claims, tort claims, malpractice claims, statutory claims and all other claims at law or in equity related to the rights and obligations sold and assigned pursuant to clause (i) above (the rights and obligations sold and assigned pursuant to clauses (i) and (ii) above being referred to herein collectively as, the "**Assigned Interest**"). Such sale and assignment is without recourse to the Assignor and, except as expressly provided in this Assignment and Assumption, without representation or warranty by the Assignor.

(1) Assignor:

(2) Assignee:

(3) Relevant Credit Facility: [TL] and/or [RCF]

(4) Borrower: Versamet Royalties Corporation

(5) Agent: Bank of Montreal, as the Administrative Agent under the Credit Agreement

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(6) Credit Agreement: The US$400,000,000 Second Amended and Restated Credit Agreement dated as of April 2, 2026 among Versamet Royalties Corporation, as Borrower, certain of the Borrower's Subsidiaries, as Guarantors, the Lenders parties thereto and Bank of Montreal, as Agent, as amended, supplemented, restated or otherwise modified from time to time

(6) Assigned Interest:

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| | |
|:---|:---|
| Aggregate<br>Amount of<br>Commitments /<br>Advances for all<br>Lenders<sup>1</sup><br>| Percentage<br>Assigned of<br>Commitment /<br>Advances<sup>3</sup><br>|
| $| $%<br>|
| $| $%<br>|
| $| $%<br>|

---

(7)[Trade Date:&nbsp;&nbsp;&nbsp;&nbsp; ]

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<sup>2</sup>Amount to be adjusted by the counterparties to take into account any reductions made between the Trade Date and the Effective Date.

<sup>3</sup> Set forth, to at least 9 decimals, as a percentage of the Commitments / Advances of all Lenders thereunder.

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Effective Date:&nbsp;&nbsp;&nbsp;&nbsp; , 20 <u>&nbsp;&nbsp;&nbsp;&nbsp;</u> [TO BE INSERTED BY AGENT AND WHICH SHALL BE THE EFFECTIVE DATE OF RECORDATION OF TRANSFER IN THE REGISTER THEREFOR.]

The terms set forth in this Assignment and Assumption are hereby agreed to:

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| | | | |
|:---|:---|:---|:---|
|  |  | **ASSIGNOR** | **ASSIGNOR** |
|  |  | By: |  |
|  |  |  | Name: |
|  |  |  | Title: |
|  |  | **ASSIGNEE** | **ASSIGNEE** |
|  |  | By: |  |
|  |  |  | Name: |
|  |  |  | Title: |
| [Consented to and] Accepted: | [Consented to and] Accepted: |  |  |
| **BANK OF MONTREAL, as Agent** | **BANK OF MONTREAL, as Agent** |  |  |
| By: |  |  |  |
|  | Name: |  |  |
|  | Title: |  |  |
| [Consented to:] | [Consented to:] |  |  |
| **[NAME OF RELEVANT PARTY]** | **[NAME OF RELEVANT PARTY]** |  |  |
| By: |  |  |  |
|  | Name: |  |  |
|  | Title: |  |  |

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**ANNEX 1 to Assignment and Assumption**

**STANDARD TERMS AND CONDITIONS FOR**

**ASSIGNMENT AND ASSUMPTION**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Representations and Warranties.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.1 <u>Assignor</u>. The Assignor: (a) represents and warrants that (i) it is the legal and beneficial owner of the Assigned Interest, (ii) the Assigned Interest is free and clear of any Lien and (iii) it has full power and authority, and has taken all action necessary, to execute and deliver this Assignment and Assumption and to consummate the transactions contemplated hereby; and (b) assumes no responsibility with respect to (i) any statements, warranties or representations made in or in connection with the Credit Agreement or any other Loan Document, (ii) the execution, legality, validity, enforceability, genuineness, sufficiency or value of the Loan Documents or any collateral thereunder, (iii) the financial condition of the Borrower, any of its Subsidiaries or Affiliates or any other Person obligated in respect of any Loan Document or (iv) the performance or observance by the Borrower, any of its Subsidiaries or Affiliates or any other Person of any of their respective obligations under any Loan Document.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.2 <u>Assignee.</u> The Assignee (a) represents and warrants that (i) it has full power and authority, and has taken all action necessary, to execute and deliver this Assignment and Assumption and to consummate the transactions contemplated hereby and to become a Lender under the Credit Agreement, (ii) from and after the Effective Date, it shall be bound by the provisions of the Credit Agreement as a Lender thereunder and, to the extent of the Assigned Interest, shall have the obligations of a Lender thereunder, (iii) it has received a copy of the Credit Agreement, together with copies of the most recent financial statements delivered pursuant to Section 8.3(a) thereof, as applicable, and such other documents and information as it has deemed appropriate to make its own credit analysis and decision to enter into this Assignment and Assumption and to purchase the Assigned Interest on the basis of which it has made such analysis and decision independently and without reliance on the Agent or any other Lender, and (iv) if it is a Foreign Lender, attached to the Assignment and Assumption is any documentation required to be delivered by it pursuant to Section 13.8(e) of the Credit Agreement, duly completed and executed by the Assignee; and (b) agrees that (i) it will, independently and without reliance on the Agent, the Assignor or any other Lender, and based on such documents and information as it shall deem appropriate at the time, continue to make its own credit decisions in taking or not taking action under the Loan Documents, and (ii) it will perform in accordance with their terms all of the obligations which by the terms of the Loan Documents are required to be performed by it as a Lender.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. <u>Payments.</u> From and after the Effective Date, the Agent shall make all payments in respect of the Assigned Interest (including payments of principal, interest, fees and other amounts) to the Assignee whether such amounts have accrued prior to, on or after the Effective Date. The Assignor and the Assignee shall make all appropriate adjustments in payments by the

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Agent for periods prior to the Effective Date or with respect to the making of this assignment directly between themselves.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. <u>General Provisions.</u> This Assignment and Assumption shall be binding upon, and inure to the benefit of, the parties hereto and their respective successors and permitted assigns. This Assignment and Assumption may be executed in any number of counterparts, which together shall constitute one instrument. Delivery of an executed counterpart of a signature page of this Assignment and Assumption by telecopy or by sending a scanned copy by electronic mail shall be effective as delivery of a manually executed counterpart of this Assignment and Assumption. This Assignment and Assumption shall be governed by, and construed in accordance with, the law governing the Credit Agreement.

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**Schedule 3**

**TL AMORTIZATION SCHEDULE**

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| | |
|:---|:---|
| <u>Instalment Date</u> | <u>Amount Payable</u> |
| June 30, 2026 | US$10,000,000 |
| September 30, 2026 | US$10,000,000 |
| December 31, 2026 | US$10,000,000 |
| March 31, 2027 | US$15,000,000 |
| June 30, 2027 | US$15,000,000 |
| September 30, 2027 | US$25,000,000 |
| December 31, 2027 | US$25,000,000 |
| TL Maturity Date | (x) the remaining principal amount outstanding under the TL, (y) all accrued and unpaid interest thereon and (z) all accrued and unpaid fees with respect thereto. |

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**SCHEDULE 2.6**

**APPLICABLE MARGIN**

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| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Total Leverage Ratio** | &nbsp;&nbsp;**Adjusted Term SOFR margin per annum** | &nbsp;&nbsp;**Base Rate Canada Loan margin per annum** | &nbsp;&nbsp;**Standby Fee per annum** |
| &nbsp;&nbsp;Level I | &nbsp;&nbsp;**[Redacted – Commercially Sensitive Information]** | &nbsp;&nbsp;**[Redacted – Commercially Sensitive Information]** | &nbsp;&nbsp;**[Redacted – Commercially Sensitive Information]** | &nbsp;&nbsp;**[Redacted – Commercially Sensitive Information]** |
| &nbsp;&nbsp;Level II | &nbsp;&nbsp;**[Redacted – Commercially Sensitive Information]** | &nbsp;&nbsp;**[Redacted – Commercially Sensitive Information]** | &nbsp;&nbsp;**[Redacted – Commercially Sensitive Information]** | &nbsp;&nbsp;**[Redacted – Commercially Sensitive Information]** |
| &nbsp;&nbsp;Level III | &nbsp;&nbsp;**[Redacted – Commercially Sensitive Information]** | &nbsp;&nbsp;**[Redacted – Commercially Sensitive Information]** | &nbsp;&nbsp;**[Redacted – Commercially Sensitive Information]** | &nbsp;&nbsp;**[Redacted – Commercially Sensitive Information]** |
| &nbsp;&nbsp;Level IV | &nbsp;&nbsp;**[Redacted – Commercially Sensitive Information]** | &nbsp;&nbsp;**[Redacted – Commercially Sensitive Information]** | &nbsp;&nbsp;**[Redacted – Commercially Sensitive Information]** | &nbsp;&nbsp;**[Redacted – Commercially Sensitive Information]** |
| &nbsp;&nbsp;Level V | &nbsp;&nbsp;**[Redacted – Commercially Sensitive Information]** | &nbsp;&nbsp;**[Redacted – Commercially Sensitive Information]** | &nbsp;&nbsp;**[Redacted – Commercially Sensitive Information]** | &nbsp;&nbsp;**[Redacted – Commercially Sensitive Information]** |
| &nbsp;&nbsp;Level VI | &nbsp;&nbsp;**[Redacted – Commercially Sensitive Information]** | &nbsp;&nbsp;**[Redacted – Commercially Sensitive Information]** | &nbsp;&nbsp;**[Redacted – Commercially Sensitive Information]** | &nbsp;&nbsp;**[Redacted – Commercially Sensitive Information]** |
| &nbsp;&nbsp;Level VII | &nbsp;&nbsp;**[Redacted – Commercially Sensitive Information]** | &nbsp;&nbsp;**[Redacted – Commercially Sensitive Information]** | &nbsp;&nbsp;**[Redacted – Commercially Sensitive Information]** | &nbsp;&nbsp;**[Redacted – Commercially Sensitive Information]** |

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**Schedule 4**

**Compliance Certificate**

TO:THE LENDERS (as defined in the Credit Agreement referred to below)

AND TO:BANK OF MONTREAL, as Administrative Agent

Bank of Montreal

100 King Street West

1 First Canadian Place

Toronto, Ontario M5X 1A1

Attention:**[Redacted – Personal Information]**

Email:**[Redacted – Personal Information]**

We refer to Section 8.3(a)(iii) of the second amended and restated credit agreement dated as of April 2, 2026 between Versamet Royalties Corporation (formerly known as Sandbox Royalties Corp.), as Borrower, certain Subsidiaries of the Borrower, as Guarantors, Bank of Montreal, as Agent, and the Lenders named therein, as amended, supplemented, restated or replaced from time to time (the **"Credit Agreement"**). All capitalized terms used in this certificate and defined in the Credit Agreement have the meanings defined in the Credit Agreement. This Compliance Certificate relates to fiscal **[quarter/year]** ended ■ (the "**[Quarter/Year]** End").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The Borrower hereby certifies that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the representations and warranties made in Section 7.1 of the Credit Agreement and each of the other Loan Documents, other than those expressly stated to be made as of a specific date, were true and correct on the **[Quarter/Year]** End and are true on and as of the date hereof with the same effect as if such representations and warranties had been made on and as of the **[Quarter/Year]** End and date hereof;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) no Default or Event of Default had occurred and was continuing as of the **[Quarter/Year]** End; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) no Default or Event of Default has occurred and is continuing on the date hereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. The Borrower hereby certifies that, as of the **[Quarter/Year]** End:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the Leverage Ratio was ■ to 1 and the maximum Leverage Ratio permitted under the Credit Agreement was less than **[6.00:1/5:00:1/4:00:1/3.50:1]**;<sup>4</sup> and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the Interest Coverage Ratio was ■ :1 and the minimum Interest Coverage Ratio permitted under the Credit Agreement was greater than 3.00:1.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Appendix A attached sets out the calculations of the ratios etc. referred to in item 2 above.

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<sup>4</sup> Refer to Sections 8.1(a) and (b) of the Credit Agreement.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. Appendix B attached sets out a complete, detailed and accurate list of all Equity Interests, Debt or other securities owned or held by any Obligor in any Person who is not a Subsidiary of such Obligor as at the **[Quarter/Year]** End.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. Appendix C attached sets out a complete and accurate list of Material Agreements that in the aggregate accounted for not less than 85% of the Borrower's Consolidated Revenue (which determination, for the avoidance of the doubt, will only include the consolidated royalty revenue from the Material Agreements) as at the **[Quarter/Year]** End. Except as indicated in Appendix C, all such Material Agreements are Freely Transferrable Material Agreements or consent and acknowledgement agreements from the counterparties thereto have been executed and delivered to the Agent in accordance with the terms of the Credit Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. Appendix D attached sets out a complete and accurate list of the Material Subsidiaries as at the as at **[Quarter/Year]** End.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. Attached hereto is

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) supplemental disclosure in respect of the Perfection Certificate to the extent mandated pursuant to Section 8.3(a)(iii); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) to the extent that the organizational chart most recently provided is inaccurate, an organizational chart setting out the corporate structure of the Borrower and indicating intercorporate share ownership.

DATED <u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u> , 20 <u>&nbsp;&nbsp;&nbsp;&nbsp;</u> .

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| | |
|:---|:---|
| **VERSAMET ROYALTIES CORPORATION** | **VERSAMET ROYALTIES CORPORATION** |
| By: |  |
|  | Name: |
|  | Title: |
| By: |  |
|  | Name: |
|  | Title: |

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**Schedule 3.1(B)**

 **AGREEMENT OF NEW OBLIGOR**

**SUPPLEMENT TO CREDIT AGREEMENT**

THIS AGREEMENT supplements the second amended and restated credit agreement dated as of April 2, 2026 between Versamet Royalties Corporation (formerly known as Sandbox Royalties Corp.), as Borrower, certain Subsidiaries of the Borrower, as Guarantors, Bank of Montreal, as Agent, and the Lenders named therein, as amended, supplemented, restated or replaced from time to time (the "**Credit Agreement**").

RECITALS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. Capitalized terms used and not defined in this Agreement have the meanings defined in the Credit Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. The Credit Agreement contemplates that further Subsidiaries of the Borrower shall become Obligors in certain circumstances.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C. ■ (the "**New Subsidiary**") is required by the Credit Agreement to become an Obligor.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;D. Documents required by Section 3.1(b) of the Credit Agreement have been delivered by or in respect of the New Subsidiary.

THEREFORE, for value received, and intending to be legally bound by this Agreement, the parties agree as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The New Subsidiary hereby acknowledges and agrees to the terms of the Credit Agreement and agrees to be bound by all obligations of an Obligor under the Credit Agreement as if it had been an original signatory thereto. Without limiting the foregoing, the New Subsidiary certifies that all representations concerning Obligors in the Credit Agreement and each other Loan Document are true and correct with respect to the New Subsidiary as of the date of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. The Agent, on behalf of the Lenders, acknowledges that the New Subsidiary shall be an Obligor as of the date of this Agreement.

------

IN WITNESS OF WHICH, the undersigned have executed this Agreement as of ■.

---

| | |
|:---|:---|
| **BANK OF MONTREAL,** as Administrative Agent | **BANK OF MONTREAL,** as Administrative Agent |
| By: |  |
|  | Name: |
|  | Title: |
| **[NEW SUBSIDIARY]** | **[NEW SUBSIDIARY]** |
| By: |  |
|  | Name: |
|  | Title: |

---

------

**Schedule 5**

**Accordion Agreement**

Reference is made to the second amended and restated credit agreement dated as of April 2, 2026 between Versamet Royalties Corporation (formerly known as Sandbox Royalties Corp.), as Borrower, certain Subsidiaries of the Borrower, as Guarantors, Bank of Montreal, as Agent, and the Lenders named therein, as amended, supplemented, restated or replaced from time to time (the "**Credit Agreement**"). All capitalized terms not defined in this certificate have the meanings given to such terms in the Credit Agreement.

**RECITALS:**

Pursuant to Section 2.9 of the Credit Agreement, the Borrower wishes to designate the Accordion Lender (as defined below) as a Lender under the Credit Agreement.

**NOW, THEREFORE**, for good and valuable consideration, the receipt and sufficiency of which are acknowledged, the Obligors, the Agent (for and on behalf of itself and the Lenders as of the date hereof) and <@> (the "**Accordion Lender**"), hereby agree as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The Credit Agreement shall, henceforth from the date of the execution and delivery of this Accordion Agreement, but subject always to Sections **[2.8(a) and 2.8(b)]** of the Credit Agreement, be read and construed as if the Accordion Lender were party to the Credit Agreement having all the rights and obligations of a Lender under the Credit Agreement having the Commitment set out in paragraph 2 below. Accordingly, all references in any Loan Documents to (a) any "Lender" shall be treated as including a reference to the Accordion Lender and (b) the Credit Agreement shall be treated as a reference to the Credit Agreement as supplemented by this Accordion Agreement to the intent that this Accordion Agreement and the Credit Agreement shall be read and construed together as one single agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. The Lender's Commitment with respect to the Accordion Lender shall be $<@> and Schedule 1 of the Credit Agreement shall be deemed to be amended accordingly.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. The Accordion Lender represents and warrants to each of the other parties to the Credit Agreement that it has been provided with a copy of the Credit Agreement and all other Loan Documents.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. The Accordion Lender irrevocably authorizes and directs the Agent, as its attorney and agent, with full power of substitution and delegation, to complete, execute and deliver on behalf of the Accordion Lender each Loan Document to be executed by it or on its behalf and each agreement, document and instrument to be executed by it or on its behalf pursuant to each Loan Document, and to take such action on its behalf as may be authorized or directed pursuant to any such Loan Document.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. The Borrower hereby (i) represents and warrants to the Agent and the Accordion Lender that no Default or Event of Default has occurred and is continuing nor will any Default or Event of Default arise as a result of an increase to the Credit Limit as a result of the

------

effectiveness of this Accordion Agreement and (ii) repeats each of the representations and warranties set forth in Article 7 hereof as of the date hereof and acknowledges that the Agent and the Accordion Lender are relying on such representations and warranties in entering into this Accordion Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. This Accordion Agreement may be executed in any number of counterparts and by different parties hereto in separate counterparts, each of which when so executed and delivered (which may be done by facsimile or electronic transmission) shall be deemed to be an original and all of which taken together shall constitute but one and the same instrument.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. This Accordion Agreement shall be governed by, and interpreted in accordance with, the laws of the Province of British Columbia and the federal laws of Canada applicable therein.

**IN WITNESS WHEREOF**, the parties hereto have caused this Accordion Agreement to be executed and delivered by their respective officers thereunto duly authorized as of the <u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u> day of <u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u> , <u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u>.

---

| | | | |
|:---|:---|:---|:---|
| **THE BANK OF MONTREAL**,<br>as Agent, for and on behalf of itself and the Lenders | **THE BANK OF MONTREAL**,<br>as Agent, for and on behalf of itself and the Lenders | <@>,<br>as Accordion Lender | <@>,<br>as Accordion Lender |
| by |  | by |  |
|  | Name: |  | Name: |
|  | Title: |  | Title: |
|  | Name: |  | Name: |
|  | Title: |  | Title: |

---

---

| |
|:---|
| **VERSAMET ROYALTIES CORPORATION** |
| By: |
| Name: |
| Title: |
| By: |
| Name: |
| Title: |

---

------

**Schedule 6**

**MATERIAL SUBSIDIARIES**

NIL.

------

**SCHEDULE 6.5(A)**

 **NOTICE OF ADVANCE, PAYMENT, ROLLOVER OR CONVERSION**

TO: Bank of Montreal, as Administrative Agent

100 King Street West

1 First Canadian Place

Toronto, Ontario M5X 1A1

Attention:**[Redacted – Personal Information]**

Email:**[Redacted – Personal Information]**

We refer to Section 6.4(a) of the second amended and restated credit agreement dated as of April 2, 2026 between Versamet Royalties Corporation, as Borrower, certain Subsidiaries of the Borrower, as Guarantors, Bank of Montreal, as Agent, and the Lenders named therein, as amended, supplemented, restated or replaced from time to time (the "**Credit Agreement**"). All capitalized terms used in this certificate and defined in the Credit Agreement have the meanings defined in the Credit Agreement.

<u>Request for Advance</u>

The Borrower hereby irrevocably requests as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) an Advance under the following Credit Facility *[check one]*:

◻TL (Term Loan Credit Facility)

◻RCF (Revolving Credit Facility)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the requested Advance represents the following *[check one or more]*:

◻increase in Advances under the applicable Credit Facility

◻rollover of existing Advances under the applicable Credit Facility

◻conversion of existing Advances to another type of Advance

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) the Advance Date shall be <u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) the Advance shall be in the form of *[check one or more and complete details]*:

◻Base Rate Advance <u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u> 

Amount: <u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u> 

◻Term Benchmark Advance <u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u> 

Amount: <u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) for the Term Benchmark Advance, if applicable, the Interest Period shall be *[check one]*:

◻one month

◻three months

◻six months

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) the proceeds of the Advance shall be deposited in *[specify Designated Account]* 

The Borrower hereby confirms as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) the representations and warranties made in Section 7.1 of the Credit Agreement and each of the other Loan Documents, other than those expressly stated to be made as of a specific date, are true on and as of the date hereof with the same effect as if such representations and warranties had been made on and as of the date hereof;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) no Default or Event of Default has occurred and is continuing on the date hereof or will result from the Advance(s) requested herein;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the Borrower will immediately notify you if it becomes aware of the occurrence of any event which would mean that the statements in the immediately preceding clauses (a) and (b) would not be true if made on the Advance Date; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) all other conditions precedents in Sections Article 5, 5.2 and 5.3 of the Credit Agreement have been fulfilled.

<u>Notice of Payment, Rollover or Conversion</u>

The Borrower hereby irrevocably notifies you of the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) the payment, rollover or conversion represents the following *[check one or more]*:

◻reduction in Advances under Credit

◻rollover of existing Advances as the same

type of Advance under Credit

◻conversion of existing Advances to another

type of Advance under Credit

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) the payment, rollover or conversion date shall be ■ , 20 ■ .

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m) the Advance to be paid, rolled over or converted shall be in the form of *[check one or more and complete details]*:

◻Base Rate Advance

Amount: US$ <u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u> 

<u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u> 

◻Term Benchmark Advance

Amount: US$ <u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u> 

DATED <u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u> , 20 <u>&nbsp;&nbsp;&nbsp;&nbsp;</u> .

---

| | |
|:---|:---|
| **VERSAMET ROYALTIES CORPORATION** | **VERSAMET ROYALTIES CORPORATION** |
| By |  |
|  | Name: |
|  | Title: |

---

------

---

| |
|:---|
| Name: |
| Title: |

---

------

**SCHEDULE 7.1(O)**

**PLACES OF BUSINESS / LOCATIONS OF TANGIBLE PERSONAL PROPERTY**

<u>Address of the Obligor's place of business or, if more than one, the Obligor's chief executive office:</u>

**[Redacted – Commercially Sensitive Information]**

<u>Address(es) where the books and records of the Obligor are located:</u>

**[Redacted – Commercially Sensitive Information]**

<u>Address at which senior management of the Obligor are located and conduct their deliberations and make their business decisions with respect to the business of the Obligor:</u>

**[Redacted – Commercially Sensitive Information]**

<u>Address(es) from which the invoices and accounts of the Obligor are issued:</u>

**[Redacted – Commercially Sensitive Information]**

<u>Other places where tangible Collateral is located:</u>

Nil.

------

**SCHEDULE 7.1(P)**

 **MATERIAL AGREEMENTS**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| <br><BORDER_TOP> | &nbsp;&nbsp;**Property**<br><BORDER_TOP> | &nbsp;&nbsp;**Jurisdiction**<br><BORDER_TOP> | &nbsp;&nbsp;**Material Agreements**<br><BORDER_TOP> | **Freely Transferable<br>Material Agreements**<br><BORDER_TOP> | **Consent &<br>Acknowledgement<br>Obtained?**<br><BORDER_TOP> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.** | &nbsp;&nbsp;**Greenstone Project** | &nbsp;&nbsp;British Columbia | &nbsp;&nbsp;**[Redacted]** | Yes | N/A |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.** | &nbsp;&nbsp;**Huachocolpa Uno Project** | &nbsp;&nbsp;Peru | &nbsp;&nbsp;**[Redacted]** | Yes | N/A |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.** | &nbsp;&nbsp;**Kiaka Gold Project** | &nbsp;&nbsp;Burkina Faso | &nbsp;&nbsp;**[Redacted]** | Yes | N/A |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.** | &nbsp;&nbsp;**Toega Deposit** | &nbsp;&nbsp;Burkina Faso | &nbsp;&nbsp;**[Redacted]** | Yes | N/A |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.** | &nbsp;&nbsp;**Mocoa Project** | &nbsp;&nbsp;Colombia | &nbsp;&nbsp;**[Redacted]** | Yes | N/A |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.** | &nbsp;&nbsp;**Santa Rita Project** | &nbsp;&nbsp;Brazil | &nbsp;&nbsp;**[Redacted]** | Yes | N/A |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7.** | &nbsp;&nbsp;**Rosh Pinah Project** | &nbsp;&nbsp;Namibia | &nbsp;&nbsp;**[Redacted]** | Yes<br>Yes | N/A<br>N/A |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**8.** | &nbsp;&nbsp;**Eskay Creek Project** | &nbsp;&nbsp;British Columbia | &nbsp;&nbsp;**[Redacted]** | Yes | N/A |

---

------

**SCHEDULE 7.1(Q)**

**ORGANIZATIONAL CHART**

N/A.

------

**SCHEDULE 7.1(T)**

 **REAL PROPERTY INTERESTS**

NIL.

------

**SCHEDULE 7.1(Y)**

 **INSURANCE POLICIES**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Vendor** | **Description** | **Policy #** | **Coverage Period** <br>**(Start)** | **Coverage Period** <br>**(End)** |
| **[Redacted – Commercially Sensitive Information]** | **[Redacted – Commercially Sensitive Information]** | **[Redacted – Commercially Sensitive Information]** | **[Redacted – Commercially Sensitive Information]** | **[Redacted – Commercially Sensitive Information]** |
| **[Redacted – Commercially Sensitive Information]** | **[Redacted – Commercially Sensitive Information]** | **[Redacted – Commercially Sensitive Information]** | **[Redacted – Commercially Sensitive Information]** | **[Redacted – Commercially Sensitive Information]** |
| **[Redacted – Commercially Sensitive Information]** | **[Redacted – Commercially Sensitive Information]** | **[Redacted – Commercially Sensitive Information]** | **[Redacted – Commercially Sensitive Information]** | **[Redacted – Commercially Sensitive Information]** |
| **[Redacted – Commercially Sensitive Information]** | **[Redacted – Commercially Sensitive Information]** | **[Redacted – Commercially Sensitive Information]** | **[Redacted – Commercially Sensitive Information]** | **[Redacted – Commercially Sensitive Information]** |
| **[Redacted – Commercially Sensitive Information]** | **[Redacted – Commercially Sensitive Information]** | **[Redacted – Commercially Sensitive Information]** | **[Redacted – Commercially Sensitive Information]** | **[Redacted – Commercially Sensitive Information]** |
| **[Redacted – Commercially Sensitive Information]** | **[Redacted – Commercially Sensitive Information]** | **[Redacted – Commercially Sensitive Information]** | **[Redacted – Commercially Sensitive Information]** | **[Redacted – Commercially Sensitive Information]** |

---

------

**SCHEDULE 13.18(c)**

 **INFORMATION THAT MAY BE DISCLOSED**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Borrower:** | **Borrower:** | Versamet Royalties Corporation | Versamet Royalties Corporation | Versamet Royalties Corporation |
| **City and Province:** | **City and Province:** | Vancouver, British Columbia | Vancouver, British Columbia | Vancouver, British Columbia |
| **SECOND RESTATEMENT Date:** | **SECOND RESTATEMENT Date:** | April 2, 2026 | April 2, 2026 | April 2, 2026 |
| **Total Deal Size (US$):** | **Total Deal Size (US$):** | US$400,000,000 | US$400,000,000 | US$400,000,000 |
| **Tranche(s)** | **Tranche(s)** | **Tranche(s)** | **Tranche(s)** | **Tranche(s)** |
| **facility Description:** | **facility Description:** | **facility Description:** | **Size** | **Tenor** |
| **Purpose:** | **Purpose:** | **Purpose:** |  |  |
| **Lender Group:** | **League Table Credit:** | **League Table Credit:** | **Roles:** | **Roles:** |

---

------

## Exhibit 4.13

**Exhibit 4.13**

CERTAIN IDENTIFIED INFORMATION HAS BEEN EXCLUDED FROM THIS EXHIBIT BECAUSE IT IS BOTH (I) NOT MATERIAL AND (II) IS THE TYPE THAT THE REGISTRANT TREATS AS PRIVATE OR CONFIDENTIAL. REDACTED TERMS IN THIS EXHIBIT ARE DESIGNATED BY [\*].

**Filing Version**

**AMENDED AND RESTATED PURCHASE AND SALE AGREEMENT (GOLD)**

**AMONG**

**ESKAY CREEK STREAMING LTD.**

**as Seller**

**– and –**

**SKEENA RESOURCES LIMITED**

**as Skeena**

**– and –**

**THE OTHER GUARANTORS PARTY HERETO FROM TIME TO TIME**

**as Guarantors**

**– and –**

**OMF FUND IV SPV H LLC**

**AND EACH OF THE OTHER PURCHASERS**

**FROM TIME TO TIME PARTY HERETO**

**as Purchasers**

**– and –**

**OMF FUND IV SPV H LLC**

**as Purchasers' Agent**

**– and –**

**BNY TRUST COMPANY OF CANADA**

**as Stream Collateral Agent**

**December 19, 2024**

------

**TABLE OF CONTENTS**

---

| | | |
|:---|:---|:---|
|  |  | **Page** |
| Article 1 INTERPRETATION | Article 1 INTERPRETATION | 2 |
| 1.1 | Definitions | 2 |
| 1.2 | Certain Rules of Interpretation | 37 |
| 1.3 | Accounting Principles | 38 |
| 1.4 | Paramountcy | 38 |
| 1.5 | Interest Act | 38 |
| 1.6 | Maximum Rate of Interest | 38 |
| 1.7 | No Subordination | 39 |
| 1.8 | Conditions Precedent to Effective Date | 39 |
| 1.9 | Schedules | 41 |
| Article 2 PURCHASE AND SALE | Article 2 PURCHASE AND SALE | 41 |
| 2.1 | Purchase and Sale of Refined Gold | 41 |
| 2.2 | Product Specifications | 42 |
| 2.3 | Delivery Obligations | 42 |
| 2.4 | Delivery Notifications and Invoicing | 43 |
| 2.5 | Purchase Price | 44 |
| 2.6 | Payment | 44 |
| 2.7 | Buy-Down Right | 44 |
| 2.8 | Adjustment for Minimum Delivery | 45 |
| Article 3 DEPOSIT PAYMENT | Article 3 DEPOSIT PAYMENT | 45 |
| 3.1 | Deposit | 45 |
| 3.2 | Additional Deposit | 47 |
| 3.3 | Use of Deposit | 47 |
| 3.4 | Conditions Precedent to First Deposit | 47 |
| 3.5 | Conditions Precedent to the Second Deposit | 48 |
| 3.6 | Conditions Precedent to the Third Deposit | 50 |
| 3.7 | Conditions Precedent to the Fourth Deposit | 50 |
| 3.8 | Conditions Precedent to the Fifth Deposit | 51 |
| 3.9 | Conditions Precedent to all Deposits (Other than First Deposit)  | 51 |
| 3.10 | Satisfaction of Conditions | 52 |
| Article 4 TERM | Article 4 TERM | 52 |
| 4.1 | Term | 52 |
| 4.2 | Survival | 53 |
| Article 5 REPORTING; BOOKS AND RECORDS; INSPECTIONS | Article 5 REPORTING; BOOKS AND RECORDS; INSPECTIONS | 53 |
| 5.1 | Monthly Reporting | 53 |
| 5.2 | Quarterly Reporting | 53 |
| 5.3 | Annual Reporting | 54 |

---

- i -

------

**TABLE OF CONTENTS**

(continued)

---

| | | |
|:---|:---|:---|
|  |  | **Page** |
| 5.4 | Books and Records | 54 |
| 5.5 | Inspections | 55 |
| Article 6 COVENANTS | Article 6 COVENANTS | 56 |
| 6.1 | Conduct of Operations | 56 |
| 6.2 | Corporate Documents.  | 58 |
| 6.3 | Other Reports.  | 58 |
| 6.4 | Material Contracts, Material Project Authorizations.  | 58 |
| 6.5 | Financial Covenants | 59 |
| 6.6 | Negative Covenants | 59 |
| 6.7 | Anti-Corruption | 62 |
| 6.8 | ESIA | 62 |
| 6.9 | Changes to Accounting Policies | 62 |
| 6.10 | Offtake Agreements; Processing; Commingling | 62 |
| 6.11 | Environmental and Social Matters | 63 |
| 6.12 | E&S Non-Compliance Dispute Mechanism.  | 65 |
| 6.13 | Transparency | 67 |
| 6.14 | Preservation of Corporate Existence | 67 |
| 6.15 | Maintenance of Property; Encumbrances | 68 |
| 6.16 | Insurance | 68 |
| 6.17 | Indebtedness and Encumbrances | 70 |
| 6.18 | Confidentiality | 72 |
| 6.19 | Additional Deposit Option Fee | 74 |
| 6.20 | Notifications to the Purchasers | 74 |
| 6.21 | Reorganization Plan | 76 |
| Article 7 TRANSFERS OF INTERESTS | Article 7 TRANSFERS OF INTERESTS | 77 |
| 7.1 | Prohibition on Sale of Production Interests | 77 |
| 7.2 | Prohibition on Transfers and Change of Control | 77 |
| 7.3 | Permitted Transfers | 77 |
| 7.4 | Abandonment | 81 |
| Article 8 GUARANTEES AND SECURITY | Article 8 GUARANTEES AND SECURITY | 81 |
| 8.1 | Guarantees and Security Documents | 81 |
| 8.2 | Additional Security from New Subsidiaries | 83 |
| 8.3 | Additional Security – New Project Real Property | 83 |
| 8.4 | Further Assurances – Security | 83 |
| 8.5 | Security Effective Notwithstanding Date of Deposit | 84 |
| 8.6 | No Merger | 84 |
| 8.7 | Release of Security | 84 |
| 8.8 | Stockpiling | 85 |
| 8.9 | Consent to Refinancing Facility and Agreement to Subordinate | 85 |

---

- ii -

------

**TABLE OF CONTENTS**

(continued)

---

| | | |
|:---|:---|:---|
|  |  | **Page** |
| Article 9 REPRESENTATIONS AND WARRANTIES | Article 9 REPRESENTATIONS AND WARRANTIES | 85 |
| 9.1 | Representations and Warranties of Skeena and the Project Entities | 85 |
| 9.2 | Representations and Warranties of the Purchaser | 86 |
| 9.3 | Survival of Representations and Warranties | 86 |
| 9.4 | Knowledge | 86 |
| Article 10 SELLER EVENTS OF DEFAULT | Article 10 SELLER EVENTS OF DEFAULT | 86 |
| 10.1 | Events of Default | 86 |
| 10.2 | Remedies | 89 |
| Article 11 PURCHASER EVENTS OF DEFAULT | Article 11 PURCHASER EVENTS OF DEFAULT | 90 |
| 11.1 | Events of Default | 90 |
| 11.2 | Remedies | 90 |
| Article 12 TECHNICAL COMMITTEE | Article 12 TECHNICAL COMMITTEE | 91 |
| 12.1 | Establishment of Technical Committee | 91 |
| 12.2 | Responsibilities | 91 |
| 12.3 | Meeting Procedures | 92 |
| Article 13 THE PURCHASERS AND THE PURCHASERS' AGENT | Article 13 THE PURCHASERS AND THE PURCHASERS' AGENT | 93 |
| 13.1 | Decision-Making | 93 |
| 13.2 | Purchasers' Obligations Several; No Partnership | 94 |
| 13.3 | Intercreditor Agreement | 94 |
| 13.4 | Purchasers' Agent | 94 |
| 13.5 | Sharing of Information | 95 |
| 13.6 | Amendments to this Article | 95 |
| 13.7 | Adjustments Among Purchasers | 95 |
| Article 14 STREAM COLLATERAL AGENT | Article 14 STREAM COLLATERAL AGENT | 96 |
| 14.1 | Appointment of Stream Collateral Agent | 96 |
| 14.2 | Limitation of Duties | 96 |
| 14.3 | Delegation or Employment of Agents | 97 |
| 14.4 | Knowledge of Events of Default; Actions; Permitted Encumbrances and Dispositions | 98 |
| 14.5 | Requests for Instructions | 98 |
| 14.6 | Reliance | 99 |
| 14.7 | Restrictions on Actions | 99 |
| 14.8 | Rights of the Stream Collateral Agent | 100 |
| 14.9 | Indemnification by the Project Entities | 101 |
| 14.10 | Indemnification by the Purchasers | 101 |
| 14.11 | Waiver of Consequential Damages | 101 |

---

- iii -

------

**TABLE OF CONTENTS**

(continued)

---

| | | |
|:---|:---|:---|
|  |  | **Page** |
| 14.12 | No Obligation to Act | 102 |
| 14.13 | Force Majeure | 102 |
| 14.14 | Stream Collateral Agent Resignation | 102 |
| 14.15 | Compliance with AML Legislation | 103 |
| 14.16 | Conflict of Interest | 103 |
| Article 15 ADDITIONAL PAYMENT TERMS | Article 15 ADDITIONAL PAYMENT TERMS | 103 |
| 15.1 | Payments | 103 |
| 15.2 | Taxes | 103 |
| 15.3 | Overdue Payments | 106 |
| 15.4 | Set-Off | 106 |
| Article 16 GENERAL | Article 16 GENERAL | 106 |
| 16.1 | Disputes and Arbitration | 106 |
| 16.2 | Further Assurances | 108 |
| 16.3 | Affiliates | 108 |
| 16.4 | No Joint Venture | 108 |
| 16.5 | Governing Law; Waiver of Jury Trial | 108 |
| 16.6 | Notices | 109 |
| 16.7 | Electronic Means | 110 |
| 16.8 | Press Releases | 112 |
| 16.9 | Amendments | 112 |
| 16.10 | Beneficiaries | 112 |
| 16.11 | Entire Agreement | 112 |
| 16.12 | Amendment and Restatement | 112 |
| 16.13 | Waivers | 112 |
| 16.14 | Assignment | 113 |
| 16.15 | Severability | 114 |
| 16.16 | Costs and Expenses | 114 |
| 16.17 | Counterparts | 115 |
| 16.18 | Liability Limit | 115 |

---

- iv -

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**THIS AMENDED AND RESTATED PURCHASE AND SALE AGREEMENT (GOLD)** dated as of December 19, 2024

**AMONG:**

**ESKAY CREEK STREAMING LTD.**, a corporation existing under the laws of the Province of British Columbia (the "**Seller**")

– and –

**SKEENA RESOURCES LIMITED**, a corporation existing under the laws of the Province of British Columbia ("**Skeena**")

– and –

**THE OTHER GUARANTORS FROM TIME TO TIME PARTY HERETO**

– and –

**OMF FUND IV SPV H LLC** and **EACH OF THE OTHER PURCHASERS FROM TIME TO TIME PARTY HERETO**

– and –

**OMF FUND IV SPV H LLC**, a limited liability company existing under the laws of the State of Delaware, in its Capacity as Purchasers' Agent

– and –

**BNY TRUST COMPANY OF CANADA**, a trust company existing under the laws of Canada, in its capacity as Stream Collateral Agent

**WITNESSES THAT:**

**WHEREAS** pursuant to the Original Stream Agreement, Skeena, in its capacity as seller, agreed to sell to the Purchasers, and the Purchasers agreed to purchase from Skeena, Refined Gold referenced to production from the Project Real Property subject to and in accordance with the terms and conditions of such Original Stream Agreement;

**AND WHEREAS** immediately prior to the entry into this Agreement by the Parties, the obligations of Skeena under the Original Stream Agreement were assigned from Skeena to the Seller pursuant to an assignment agreement dated as of the date hereof between Skeena and the Seller in accordance with Section 6.22 of the Original Stream Agreement;

**AND WHEREAS** following the assignment of the Original Stream Agreement, the Parties hereto have agreed to amend and restate the Original Stream Agreement on and subject to the terms and conditions set forth herein in order to give effect to Section 6.22 of the Original Stream Agreement;

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**NOW THEREFORE** in consideration of the mutual covenants and agreements herein contained and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged by the Parties hereto, the Parties mutually agree as follows:

**Article 1**

**INTERPRETATION**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.1** **Definitions** 

For the purposes of this Agreement (including the recitals hereto and the Schedules), unless the context otherwise requires, the following terms shall have the respective meanings given to them, as set out below, and grammatical variations of such terms shall have corresponding meanings:

"**Abandonment Property**" has the meaning ascribed to such term in Section 7.4.

"**Acquisition**" means, with respect to any Person, any purchase or other acquisition by such Person, regardless of how accomplished or effected (including any such purchase or other acquisition effected by way of amalgamation, merger, arrangement, business combination or other form of corporate reorganization or by way of purchase, lease or other acquisition arrangements), of: (a) any other Person (including any purchase or acquisition of such number of the issued and outstanding securities of, or such portion of an Equity Interest in, such other Person so that such other Person becomes a Subsidiary of the purchaser or of any of its Affiliates) or of all or substantially all of the property of any other Person, or (b) any division, business, project, operation or undertaking of any other Person or of all or substantially all of the property of any division, business, project, operation or undertaking of any other Person.

"**Additional Amounts**" has the meaning ascribed to such term in Section 15.2(b).

"**Additional Deposit**" has the meaning ascribed to such term in Section 3.2.

"**Affected Persons**" means any community or worker located in the area of influence of the Project and who is affected by the Project.

"**Affiliate**" means, with respect to any Person, any other Person which directly or indirectly, through one or more intermediaries, Controls, or is Controlled by, or is under common Control with, such Person.

"**Agreement**" means this amended and restated purchase and sale agreement and all attached schedules, in each case as the same may be amended, restated, amended and restated, supplemented, modified or superseded from time to time in accordance with the terms hereof.

"**AML Legislation**" means any Applicable Law concerning or relating to terrorism or money laundering, including, without limitation, United States Executive Order No. 13224, the USA Patriot Act, the laws comprising or implementing the Bank Secrecy Act (United States), the laws administered by OFAC and the U.S. State Department, the Criminal Code (Canada), the Proceeds of Crime (Money Laundering) and Terrorist

------

Financing Act (Canada), the Regulations Implementing the United Nations Resolutions on the Suppression of Terrorism (Canada), the United Nations Al-Qaida and Taliban Regulations (Canada) and the Anti-terrorism Act (Canada), as any of the foregoing laws may from time to time be amended, renewed, extended, or replaced.

"**Annual Forecast Report**" means a written report in relation to a fiscal year with respect to the Project, to be prepared by or on behalf of the Seller in the form of Schedule A.

"**Anti-Corruption Laws**" means any Applicable Law concerning or relating to bribery or corruption, including, without limitation, the Corruption of Foreign Public Officials Act (1999) (Canada), the Foreign Corrupt Practices Act of 1977 (United States) and the Bribery Act 2010 (United Kingdom), and any analogous or similar law of any other applicable country, including as may be applicable to any Group Member, as any of the foregoing laws may from time to time be amended, renewed, extended, or replaced.

"**Anti-Corruption Policy**" means the anti-bribery and anti-corruption policy of the Group Members adopted by the Board, as the same may be amended, revised, supplemented or replaced from time to time in accordance with this Agreement, a copy of which has been provided to the Purchasers.

"**Applicable Law**" means the common law and any law, any international or other treaty, any domestic or foreign constitution or any multinational, federal, provincial, territorial, state, municipal, county, local or other statute, law, ordinance, code, rule, regulation, Order (including any securities laws or requirements of stock exchanges and any consent, decree or administrative Order), or Authorization of a Governmental Body in any case applicable to the Project or any specified Person, property, transaction or event, or any such Person's property or assets.

"**Arbitration Rules**" means the International Arbitration Rules of the International Centre for Dispute Resolution.

"**Area of Interest**" means the area within a 500 meter outside boundary around the existing Project Real Property on the Original Effective Date, which is depicted on the map attached hereto as Schedule B (but excluding Mineral Claim 252352 which is not part of the Project).

"**Associate**" has the meaning ascribed to such term in the *Securities Act* (Ontario), as in effect on the date of this Agreement.

"**Authorization**" means any authorization, approval, consent, concession, exemption, license, lease, grant, permit, franchise, right, privilege or no-action letter from any Governmental Body having jurisdiction with respect to any specified Person, property, transaction or event, or with respect to any of such Person's property or business and affairs (including any zoning approval, mining permit, development permit or building permit) or from any Person in connection with any easements, contractual rights or other matters.

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"**BCFM**" means Skeena's life of mine base case financial model for the Project as included in the Definitive Feasibility Study, and as further updated as provided for herein, and which details, on a Fiscal Quarter basis:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Project physicals including (i) gold tonnes mined; (ii) grade of ore mined; (iii) ore tonnes and grade processed; (iv) metallurgical recoveries and gold produced; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Project-level expenses including (i) net working capital; (ii) operating and capital costs (including any estimated contingency amounts); (iii) administration costs; (iv) Taxes payable, government charges and royalties;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Project general and administrative expenses;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Project setup costs;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) sustainability for the Project general and administrative expenses;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) payments to Indigenous Groups;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) corporate general and administrative expenses;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) Project revenue and cash flows;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) expenses, including (i) the Credit Agreement; (ii) administration costs; and (iii) Taxes payable;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) cash flows, including (i) drawdown requirements; (ii) interest and principal repayments; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) calculation of the financial covenants set forth in Section 6.5.

"**Board**" means the board of directors of Skeena.

"**Blocked Account Agreement**" means a blocked accounts control agreement, deposit account control agreement or other control agreement among any of Skeena, the Seller or the Guarantors (as applicable), the Stream Collateral Agent and the applicable account bank, in respect of any bank accounts of any of Skeena, the Seller and the Guarantors.

"**Bulk Sample Permit**" means the bulk sampling permit from the applicable Governmental Body, as required for the Project in accordance with the Definitive Feasibility Study.

"**Business**" means the business of the Project Entities, taken as a whole, as described in the Public Disclosure Documents, including, without limitation, the development, construction, and operation of, and extraction of mineral resources from, the Project.

"**Business Day**" means any day, other than a Saturday, Sunday or statutory holiday in any one of Toronto, Ontario, New York City, New York, or Vancouver, British Columbia, or a day on which banks are generally closed in any one of those cities.

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"**Buy-Down Amount**" means an amount necessary to yield an aggregate IRR of 18% on 66.67% of the Deposit advanced.

"**Canadian Securities Authorities**" means any of the securities commissions or similar securities regulatory authorities in each of the provinces and territories of Canada in which Skeena is a reporting issuer (or analogous status).

"**Canadian Securities Laws**" means all applicable Canadian securities Laws, the respective regulations, rules and orders made thereunder, and all applicable policies and notices issued by the Canadian Securities Authorities in the applicable jurisdictions in Canada.

"**Capital Expenditure**" means, for any period, any expenditure made by the Project Entities for the purchase, lease, license, acquisition, erection, development, improvement or construction of capital assets, including any such expenditure financed by way of Capitalized Lease Obligations or any other expenditure required to be capitalized, all as determined on a consolidated basis in accordance with IFRS.

"**Capitalized Lease Obligation**" means, for any Person, any payment obligation of such Person under an agreement for the lease, license or rental of, or providing such Person with the right to use, property that, in accordance with IFRS, is required to be capitalized.

"**Cash Purchase Price**" means, in respect of each delivery of Refined Gold by the Seller to the Purchasers hereunder, 10% of the Gold Market Price on the day that is three days prior to the Date of Delivery of such Refined Gold.

"**CFADS**" means in respect of a period, the amount determined by deducting from the Revenue for that period, the aggregate of the following amounts (without double-counting) actually paid by the Seller, Skeena, or any Project Entity, as applicable, in each case, on a consolidated basis during that period:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Operating Costs;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) corporate overhead costs and administrative costs;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) net amounts required to be paid under or in relation to any hedging arrangements;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) any Taxes paid or required to be paid, including without limitation (i) income tax, provincial or territorial sales tax, goods and services tax or harmonized sales tax (or similar value-added taxes), and whether paid directly to a Governmental Body or to third parties which are ultimately required to be remitted to Governmental Bodies, (ii) any Tax deduction, and (iii) any royalties paid to a Governmental Body in respect of Minerals;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) cost of Minerals purchased in the market to deliver under this Agreement or any Permitted Prepay, if applicable;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) amounts paid in such period in respect of Debt referred to in paragraph (i) of the definition thereof;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) amounts deposited in such period as cash collateral to any Person other than the Stream Collateral Agent, or the Credit Collateral Agent or any collateral agent under a Refinancing Facility;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) the aggregate amount of financing charges (including original issue discount), fees, commissions and other expenses (other than interest and principal payments) paid in cash on account of such period with respect to Debt, other than in respect of Capitalized Lease Obligations or Purchase Money Obligations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Capital Expenditures, other than Capital Expenditures funded with the proceeds of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) the Equity Financings (as defined in the Credit Agreement);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) the Deposits;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) the advances under the Facility, any Refinancing Facility or Debt permitted to be incurred pursuant to Section 6.17(b); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) all other costs and expenses paid in cash in such period,

provided that, if "CFADS" is to be used for determining the Projected DSCR for purposes of Section 6.17(b), "CFADS" will be determined by reference to Skeena or the applicable Project Entity, on a consolidated basis, with respect to all of its operations (and not only the Project), and all operating costs and other costs and expenditures referred to above of such Person (and, if any of the foregoing items would be otherwise limited, not only those relating to the Project), and each of the foregoing clauses (a) through (j), and each the other defined terms used in this definition will be interpreted accordingly, *mutatis mutandis*.

"**Change in Law**" has the meaning ascribed to such term in Section 15.2(g).

"**Change of Control**" of a Person (the "**Subject Person**") means the consummation of any transaction, including any consolidation, arrangement, amalgamation or merger or any issue, Transfer or acquisition of securities, the result of which is that any other Person or group of other persons acting jointly or in concert for purposes of such transaction acquires control, directly or indirectly, of the Subject Person; provided that following the completion of the Reorganization Plan, a Change of Control of any Project Entity shall not include a change in the beneficial ownership of voting securities of Skeena, or acquisition of control of Skeena, if the common shares of Skeena were listed on a public securities exchange immediately prior to the completion of such transaction, where, prior to the Completion Date, the Person acquiring Control of Skeena is a Qualified Project Operator.

"**Collateral**" means the Project Property and all the presently held and future acquired undertaking, property and assets of each Project Entity, including for certainty the equity

------

interests of each Guarantor in any Project Entity, but excluding the Excluded Assets and the Excluded Subsidiaries.

"**Commitment**" means, in respect of each Lender, the amount specified with respect to such Lender in Schedule A to the Credit Agreement (which will be amended and distributed to all parties by the Credit Administrative Agent from time to time to reflect any changes thereto), as such amount may be reduced from time to time by such Lender's Applicable Percentage thereunder of the amount of any prepayments or repayments required or made thereunder or by the cancellation of any unused portion of the Facility.

"**Common Shares**" means the common shares in the capital of Skeena which Skeena is authorized to issue.

"**Completion**" means, in relation to the Project, the satisfaction or fulfillment of each of the completion tests in the manner set forth in Schedule C.

"**Completion Certificate**" means a certificate of the Chief Executive Officer or the Chief Financial Officer of Skeena in the form set out in Schedule D.

"**Completion Date**" means the date on which Completion occurs.

"**Completion Outside Date**" means [**REDACTED – Commercially Sensitive Information]**

"**Completion Target Date**" means September 30, 2027.

"**Confidential Information**" has the meaning set out in Section 6.18(a).

"**Consolidated Basis**" means, in respect of any calculations or determinations hereunder in respect of a Person, the consolidated financial position or results of operations, as the case may be, of such Person and all of its Subsidiaries determined on a consolidated basis in accordance with IFRS.

"**Contract**" means any agreement, contract, lease, license, mineral claim, permit, option, indenture, mortgage, deed of trust, debenture, note or other instrument, arrangement, understanding or commitment.

"**Control**" means, in respect of a particular Person, the possession, directly or indirectly, of the power to direct or cause the direction of the management or policies of such Person, whether through the ability to exercise voting power, by contract or otherwise. "**Controlling**" and "**Controlled**" have meanings correlative thereto.

"**Copper Exploration Concessions**" means any the mining concessions relating to the exploration of copper listed on Schedule E.

"**Corrective Action Plan**" means a written plan from Skeena to correct and remedy all damage and adverse consequences caused by any material failure by the Project to comply with any applicable Environmental and Social Requirements, including a time schedule,

------

for implementing such proposed action to remedy the identified damage and adverse consequences, which comprises the start date, the end date and (if any) the key milestones.

"**Cost to Complete Certificate**" means a certificate in the form of Schedule F.

"**Credit Administrative Agent**" means BNY Trust Company of Canada, in its capacity as Credit Administrative Agent under the Credit Agreement, and its successors and permitted assigns.

"**Credit Agreement**" means that certain amended and restated credit agreement dated as of the date hereof among Skeena, as borrower, the Credit Administrative Agent, the Credit Collateral Agent and the lenders party thereto from time to time as lenders, as may be amended, restated, supplemented, replaced or otherwise modified from time to time.

"**Credit Collateral Agent**" means BNY Trust Company of Canada, in its capacity as collateral agent under the Credit Agreement, and its successors and permitted assigns.

"**Date of Delivery**" has the meaning ascribed to such term in Section 2.3(a).

"**Debt**" means, at any time, with respect to any Person on a Consolidated Basis, without duplication and without regard to any interest component thereof (whether actual or imputed) that is not due and payable, the aggregate of all indebtedness of that Person at that time that according to IFRS are required to appear in that Person's financial statements as such including without limitation the following amounts, each calculated in accordance with IFRS:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) all obligations, including by way of overdraft and drafts or orders accepted representing extensions of credit, that would be considered to be indebtedness for borrowed money, and all obligations, whether or not with respect to the borrowing of money, that are evidenced by bonds, debentures, notes or other similar instruments;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the face amount of all bankers' acceptances and similar instruments;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) all liabilities upon which interest charges are customarily paid by that Person, other than liabilities for Taxes;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) any capital stock of that Person, or of any Subsidiary of that Person, which capital stock, by its terms or by the terms of any security into which it is convertible or for which it is exchangeable at the option of the holder, or upon the happening of any event, matures or is mandatorily redeemable, pursuant to a sinking fund obligation or otherwise, or is redeemable at the option of the holder thereof, in whole or in part;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) all Capitalized Lease Obligations, synthetic lease obligations, obligations under Sale-Leasebacks and Purchase Money Obligations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) letters of credit and similar instruments;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) accounts payable and accruals that are over ninety (90) days past due;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) the mark-to-market amount (to the extent "under water" from the perspective of such Person) of any hedging, swap, forward or other derivative transaction where such amount has been accelerated or has otherwise become due and payable;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) contingent liabilities in respect of performance bonds, surety bonds and product warranties, and any other contingent liability, in each case only to the extent that the contingent liability is required by IFRS to be treated as a liability on a balance sheet of the Person contingently liable; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) the amount of the contingent liability under any Guarantee in any manner of any part or all of an obligation of another Person of the type included in items (a) through (i) above.

"**Debt Service**" for a period means, on a consolidated basis, the sum of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) interest and fees (including original issue discount and availability fees under the Refinancing Facility and Debt incurred pursuant to Section 6.17(b)) paid or payable in respect of the Loans or Commitments thereunder for a period,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) all scheduled principal payments in respect of the advances under the Refinancing Facility and Debt incurred pursuant to Section 6.17(b) for a period,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) all payments required to be made in such period in respect of Capitalized Lease Obligations or Purchase Money Obligations.

Where a payment identified above would be payable on a date within a period (the "**calculation period**") that is not a Business Day (the "**original date**") and as a result becomes payable on a date that is no longer within such calculation period, Debt Service for such calculation period shall be calculated as if such payment was payable on the original date.

"**Debt Service Coverage Ratio**" for a period, means the ratio of CFADS for such period to Debt Service for such period.

"**Defined Benefit Provision**" has the same meaning ascribed that term in subsection 147.1(1) of the Tax Act.

"**Definitive Feasibility Study**" means the Definitive Feasibility Study in respect of the Project prepared in accordance with NI 43-101 and approved and adopted by the Board in respect of the development of the Project with an effective date of November 14, 2022 and filed on December 22, 2023, provided to the Purchasers' Agent, as amended by the Project Financing Rebaseline, except that the financial model set out in such Definitive Feasibility Study (i) is superseded and will be deemed to be replaced by the Project Financing

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Rebaseline and (ii) will be disregarded for all purposes of this Agreement and as the same may be amended from time to time in accordance with Section 6.6(n).

"**Development Plan**" means a comprehensive plan for the construction and development of the Project consistent with the Definitive Feasibility Study, to be delivered to and agreed upon by the Purchasers in accordance with the terms of this Agreement, and including the Integrated Master Schedule, definitive construction and operating budgets, the source and application of funds required to achieve Completion and to thereafter operate and maintain the Project in accordance with the Mine Plan, as such plan may be amended from time to time in accordance with this Agreement.

"**Deposit**" means the Initial Deposit, and, if advanced, the Additional Deposit.

"**Deposit Date**" means the date on which any installment of the Initial Deposit is paid following satisfaction or waiver of all of the applicable conditions precedent set forth in Sections 3.4 to 3.9.

"**Disposition**" means any sale, assignment, transfer, conveyance, lease, license, granting of an option or other disposition (or agreement to dispose) of any nature or kind whatsoever of any property or of any right, title or interest in or to any property in accordance with this Agreement, but does not include the payment of a dividend, and the verb "**Dispose**" has a correlative meaning.

"**Early Termination Amount**" means the aggregate amount that would need to be paid to the Purchasers on a particular date, after taking into account all deliveries made by the Seller to the Purchasers pursuant to Section 2.3, to yield an IRR of **[REDACTED – Commercially Sensitive Information]** on the Deposit, after taking into account any exercise of the Buy-Down Right in accordance with Section 2.7.

"**Effective Date**" means the date upon which this Agreement became effective, which shall be the later of (i) the date hereof and (ii) the date upon which this Agreement becomes effective in accordance with Section 1.8.

"**Electronic Means**" means the following communications methods: e-mail, secure electronic transmission containing applicable authorization codes, passwords and/or authentication keys issued by the Purchasers' Agent or Stream Collateral Agent, as the case may be, or another method or system (including the CDSX System or such similar system used by a global depository) specified by the Purchasers' Agent or Stream Collateral Agent, as the case may be, as available for use in connection with its services hereunder.

"**Eligible Transferee**" means a Qualified Project Operator, or a Person whose obligations are fully and unconditionally guaranteed by a Qualified Project Operator pursuant to an instrument in writing executed and delivered by such Person in favour of the Purchasers (in form and substance satisfactory to the Purchasers' Agent acting reasonably).

"**Employee Benefit Plans**" means all employee benefit plans of any kind or nature, but excluding statutory plans including, for the avoidance of doubt, the Canada Pension Plan.

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"**Encumbrance**" means any mortgage, debenture, pledge, hypothec, lien, charge, assignment by way of security, contractual right of set-off, consignment, lease, hypothecation, security interest, including a purchase money security interest, or other security agreement, trust or arrangement having the effect of security for the payment of any debt, liability or obligation, and "**Encumbrances**", "**Encumbrancer**", "**Encumber**" and "**Encumbered**" shall have corresponding meanings.

"**Environmental and Social Action Plan**" or "**ESAP**" means a plan that describes and prioritizes the actions needed to address any gaps in the ESMPs, the ESMS, or Stakeholder Engagement process documentation to bring the Project in line with applicable standards as defined in the Equator Principles and in accordance with Section 6.11.

"**Environmental and Social Impact Assessment**" or "**ESIA**" means a comprehensive document of the Project's potential environmental and social risks and impacts, which may be amended, revised, supplemented or replaced from time to time in accordance with this Agreement, which for greater certainty includes the draft Environmental Assessment to be submitted to the applicable Governmental Body by the Fiscal Quarter ending September 30, 2024 and to be replaced by the Environmental Assessment approved by such Governmental Body.

"**Environmental and Social Management Plan**" or "**ESMP**" means plans that summarize Skeena's commitments to address and mitigate risks and impacts identified as part of the ESIA, through avoidance, minimization, and compensation and offset, which may be supplemented, amended or modified from time to time in accordance with the frameworks set out in such plans and this Agreement.

"**Environmental and Social Laws**" means, to the extent binding on the Project or Skeena, all applicable statutes, laws, regulations, orders, by-laws, decrees or orders of any applicable Governmental Body, any international treaty, convention or rule applicable to the Project and any administrative or judicial decisions, judgements or orders and in each case having the force of law at the time and relating to pollution, the protection of the environment, preservation or reclamation of natural resources, human health and safety, Hazardous Substances, the assessment of environmental and social impacts of, or the rehabilitation or reclamation and closure of lands used in connection with the Project or Business, or the management, Release or threat of Release of any harmful or deleterious substances.

"**Environmental and Social Management System**" or "**ESMS**" means the overarching environmental, social, health and safety management system in place for the Project for the implementation of the environmental and social management and monitoring requirements of this Agreement and as set out in the ESMPs.

"**Environmental and Social Requirements**" means all Environmental and Social Laws, all environmental Authorizations, conformance with the Equator Principles, and the Canadian Dam Association tailings standards and dam safety reviews consistent with Good Industry Practice, in each case as applicable to the then current phase of the Project.

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"**Environmental Laws**" means all Applicable Laws relating to pollution, the protection of the environment, preservation or reclamation of natural resources, human health and safety, Hazardous Substances, the assessment of environmental and social impacts or the rehabilitation, reclamation and closure of lands used in connection with the Project or Business, or the management, Release or threat of Release of any harmful or deleterious substances.

"**Environmental Liability**" means any liability, fixed or contingent, (including any liability for damages, costs of environmental remediation, fines, penalties or indemnities) resulting from or based upon (a) violation of any Environmental Law, (b) the generation, use, handling, transportation, storage or treatment of any Hazardous Substances, (c) exposure to any Hazardous Substances, (d) the imposition of any environmental Encumbrance, (e) the Release or threatened Release of any Hazardous Substances or (f) any contract, agreement or other consensual arrangement pursuant to which liability is assumed or imposed with respect to any of the foregoing.

"**Equator Principles**" means those principles so entitled and described in "The 'Equator Principles – July 2020' - A financial industry benchmark for determining, assessing and managing social and environmental risk in Projects" and available at: http://equator-principles.com/about/, as adopted as at the date of this Agreement, and including all applicable IFC EHS guidelines required therein.

"**Equity Interests**" means, with respect to any Person, shares in the capital of (or other ownership or profit interests in) such Person, warrants, options or other rights for the purchase or acquisition from such Person of shares in the capital of (or other ownership or profit interests in) such Person, securities convertible into or exchangeable for shares in the capital of (or other ownership or profit interests in) such Person or warrants, rights or options for the purchase or acquisition from such Person of such shares (or such other interests), and all of the other ownership or profit interests in such Person (including, without limitation, partnership, member or trust interests therein), whether voting or non-voting, and whether or not such shares, warrants, options, rights or other interests are outstanding on any date of determination.

"**Exchanges**" means, together, the TSX and NYSE.

"**Excluded Assets**" means (i) the Snip Project, (ii) any Copper Exploration Concessions which are not Project Real Property and which are held by Excluded Subsidiaries following the Reorganization, (iii) any assets located in Mexico and which are held by Excluded Subsidiaries following the Reorganization, and (iv) the Excluded Subsidiaries and their property and assets from time to time provided that such property and assets shall at no time include any Project Property.

"**Excluded Subsidiaries**" means (i) Golden Triangle Transport Corp., Skeena Mexico S.A. de C.V., QuestEx Copper & Gold Ltd., Colorado Exploration Inc., Colorado Gold S.A. de C.V., Rosegold Exploration Ltd. and Newquest Exploration Ltd., and (ii) any Subsidiary formed after the Original Effective Date that is not a Project Entity and that the Majority Purchasers agree is an Excluded Subsidiary, and (iii) any Subsidiary acquired pursuant to

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a Permitted Acquisition that is deemed pursuant to the definition thereof to be an Excluded Subsidiary.

"**Excluded Taxes**" means:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) any Taxes imposed or collected by a jurisdiction by reason of a Purchaser (or any assignee of such Purchaser pursuant to Section 16.14, but with respect only to the interest of such assignee) being incorporated or resident in that jurisdiction, carrying on business in, or having a permanent establishment, principal office or a connection in that jurisdiction or participating in a transaction separate from this Agreement in that jurisdiction, in each case determined by application of the laws of that jurisdiction;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) any Taxes which arise because of a change in the Purchaser or any change in the jurisdiction in which the Purchaser is resident or incorporated;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) U.S. withholding tax imposed under FATCA; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Taxes solely attributable to a Purchaser's failure to comply with Section 15.2(d),

provided, however, that "Excluded Taxes" shall not include: (x) any Taxes of any kind arising solely as a result of a Purchaser entering into, or performing its obligations under, this Agreement or any other Stream Document, or receiving deliveries or payments under this Agreement or any other Stream Document, or making payments under this Agreement (including the Deposit) or (y) any Taxes arising solely as a result of a Purchaser enforcing rights under this Agreement or any other Stream Document.

"**Expropriation Event**" means an expropriatory act or series of expropriatory acts, comprising confiscation, nationalization, requisition, deprivation, sequestration and/or similar acts, by law, order, executive or administrative action or otherwise of any Governmental Body, the result of which expropriatory act or series of expropriatory acts is that (a) all or substantially all of the rights, privileges and benefits pertaining to or associated with all or any material part of the Project cease being for the benefit or entitlement of the Project Entities, whether as a result of ceasing to own such part of the Project or otherwise; or (b) a Governmental Body condemns, nationalizes, seizes, confiscates, or otherwise expropriates, all or any material portion of the share capital of any of the Project Entities, or assumes custody or control of all or any material portion of the share capital of any of the Project Entities owned, directly or indirectly, by any of the other Project Entities.

"**Facility**" means the $350,000,000 multi-draw senior secured term facility provided by the Lenders under the Credit Agreement, as may be increased or reduced pursuant to the terms thereof.

"**FATCA**" means Sections 1471 through 1474 of the United States Internal Revenue Code ("**IRC**") ‎as of the Original Effective Date (or any amended or successor version that is

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substantively comparable ‎and not materially ‎more onerous to comply with), any current or future regulations or official ‎interpretations thereof, any ‎agreement entered into pursuant to Section 1471(b)(i) of the IRC, or ‎any fiscal or regulatory legislation, treaty, ‎rules or practices adopted pursuant to any intergovernmental ‎agreement entered into in connection with ‎the implementation of such Sections of the IRC.

"**Fifth Deposit**" has the meaning set out in Section 3.1(a)(v).

"**Fifth Deposit Deadline**" means March 31, 2026.

"**Financial Assistance**" given by any Person (the "**Financial Assistance Provider**") to or for the account or benefit of any other Person (the "**Financial Assistance Recipient**") means any direct or indirect financial assistance of any nature, kind or description whatsoever (by means of loan, Guarantee or otherwise) of or from such Financial Assistance Provider, or of or from any other Person with recourse against such Financial Assistance Provider or any of its property, to or for the account or benefit of the Financial Assistance Recipient (including Investments in a Financial Assistance Recipient, Acquisitions from a Financial Assistance Recipient, and gifts or gratuities to or for the account or benefit of a Financial Assistance Recipient).

"**Financial Statements**" means the audited consolidated financial statements of Skeena as at and for the year ended December 31, 2023, including the notes thereto, together with the auditor's report thereon, and the unaudited consolidated interim financial statements of Skeena as at and for the three-month period ended March 31, 2024, and each subsequent set of audited annual financial statements (including the notes thereto, together with the auditor's report thereon) and unaudited interim financial statement of Skeena which are delivered to the Purchasers' Agent or the Purchasers or which form part of the Public Disclosure Documents.

"**First Deposit Date**" means the date set forth in Section 3.1.

"**Fiscal Quarter**" means each calendar quarter ending on the last day of March, June, September and December of each year.

"**Fiscal Year**" means the period of January 1 to December 31 of each year.

"**Fourth Deposit**" has the meaning set out in Section 3.1(a)(iv).

"**Fourth Deposit Deadline**" means January 31, 2026.

"**Framework Documents**" means the HSEC Policy, the ESMS, ESMPs and any applicable Corrective Action Plan.

"**Gold Market Price**" means, with respect to any day, the daily per ounce LBMA AM Gold Price in U.S. dollars quoted by the London Bullion Market Association (currently in partnership with CME Group and Thomson Reuters) for Refined Gold on such day or, if such day is not a trading day, the immediately preceding trading day; provided that, if the LBMA AM Gold Price is no longer quoted by the London Bullion Market Association, the

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Gold Market Price shall be determined by reference to the price of Refined Gold in the manner endorsed by the London Bullion Market Association, failing which the Gold Market Price will be determined by reference to the price of Refined Gold on a commodity exchange mutually acceptable to the Seller and the Purchasers' Agent, acting reasonably.

"**Good Industry Practice**" means, in relation to any decision or undertaking, the exercise of that degree of diligence, skill, care, prudence, oversight, economy and stewardship which is commonly observed or would reasonably be expected to be observed by skilled and experienced professionals in the Canadian mining industry engaged in the same type of undertaking under the same or similar circumstances.

"**Governmental Body**" means any domestic or foreign federal, provincial, regional, state, municipal or other government, governmental department, agency, authority or body (whether administrative, legislative, executive or otherwise), court, tribunal, commission or commissioner, bureau, minister or ministry, board or agency, or other regulatory authority, including any securities regulatory authorities or stock exchange.

"**Group Members**" means, collectively, Skeena and its Subsidiaries from time to time, including, for greater certainty, the Seller and the Project Entities, and "**Group Member**" means any one of them.

"**Guarantee**" means, with respect to any Person, any direct or indirect liability, contingent or otherwise, of such Person with respect to any indebtedness, letter of credit, lease, dividend or other obligation of another, including any such obligation directly or indirectly guaranteed, endorsed (otherwise than for collection or deposit in the ordinary course of business) or discounted or sold with recourse by such Person, or in respect of which such Person is otherwise directly or indirectly liable, including any such obligation in effect guaranteed by such Person through any agreement (contingent or otherwise) to purchase, repurchase or otherwise acquire such obligation or any security therefor, or to provide funds for the payment or discharge of such obligation (whether in the form of loans, advances, stock purchases, capital contributions or otherwise), or to maintain the solvency or any balance sheet or other financial condition of the obligor of such obligation (including keep-well covenants), or to make payment for any products, materials or supplies or for any transportation or services regardless of the non-delivery or non-furnishing thereof, in any such case if the purpose or intent of such agreement is to provide assurance that such obligation will be paid or discharged, or that any agreements relating thereto will be complied with, or that the lender of such obligation will be protected against loss in respect thereof. The amount of any guarantee shall be equal to the outstanding principal amount of the obligation guaranteed or such lesser amount to which the maximum exposure of the guarantor shall have been specifically limited.

"**Guarantors**" means, collectively, all Project Entities (other than the Seller) and "**Guarantor**" means any one of them.

"**Hazardous Substances**" means any substance, material or waste defined, regulated, listed or prohibited by Environmental Laws, including pollutants, contaminants, chemicals, deleterious substances, dangerous goods, hazardous or industrial toxic wastes or

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substances, tailings, wasterock, radioactive materials, flammable substances, explosives, petroleum and petroleum products, polychlorinated biphenyls, chlorinated solvents and asbestos.

"**HSEC Policy**" means the integrated health, safety, environmental and community policies and operating guidelines for the Project adopted by Skeena's board of directors and delivered to the Purchasers' Agent, and if applicable, the IESC, pursuant to this Agreement, as amended from time to time in accordance with this Agreement.

"**IFRS**" means the International Financial Reporting Standards adopted by the International Accounting Standards Board from time to time.

"**Inchoate Lien**" means, with respect to any property or asset of any Person, the following liens:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) any lien for Taxes, assessments or governmental charges not yet due or being contested in good faith by appropriate proceedings and for which a reasonable reserve has been made in accordance with IFRS; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) undetermined or inchoate liens, privileges or charges incidental to current operations which have not been filed (or are not required to be filed) pursuant to law against such Person's property or assets or which relate to obligations not due or delinquent.

"**Indemnified Other Tax**" has the meaning ascribed to it in Section 15.2(c).

"**Indemnified Tax**" means any Indemnified Other Tax or Indemnified Withholding Tax.

"**Indemnified Withholding Tax**" has the meaning ascribed to it in Section 15.2(b).

"**Independent Engineer**" means an internationally recognized mine engineering firm nominated by Skeena and acceptable to the Majority Purchasers, acting reasonably.

"**Independent Environmental and Social Consultant**" or "**IESC**" means a qualified independent firm or consultant (not directly tied to the client), nominated by Skeena and acceptable to the Majority Purchasers, acting reasonably.

"**Indigenous Group**" means any First Nation, Métis or Inuit indigenous and/or aboriginal band, group, band council, tribal council or other governing body of indigenous peoples of Canada, or any similar indigenous, aboriginal or tribal group of the United States with asserted or established rights in Canada.

"**Indigenous Group's Claims**" means any written claims, assertions or demands, whether proven or unproven, made by any Indigenous Group to the Project Entities or a Governmental Body, or any representatives thereof, in respect of asserted or proven aboriginal rights, aboriginal title, treaty rights or any other aboriginal or indigenous interest in or to all or any portion of the Project or the Project Real Property.

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"**Indigenous Group's Information**" means any and all written and material communications and documentation of which the Project Entities have knowledge (or, assuming due and reasonable inquiry, ought to know) and in their possession, including electronic or other form related to any (i) Indigenous Group's Claims; (ii) Indigenous Group making any Indigenous Group's Claims; (iii) Indigenous Group agreement, or (iv) any Governmental Body, or representatives thereof (including the issuance of required permits, licences and other governmental authorizations) involving any Indigenous Group's Claims or Indigenous Group in relation to the Project or the Project Real Property.

"**Indigenous Group Royalty Agreement**" means a net smelter return royalty agreement or similar interest granted by a Project Entity to an Indigenous Group pursuant to an impact benefit agreement relating to the Project.

"**Initial Deposit**" has the meaning ascribed to such term in Section 3.1(a).

"**Initial Equity Investment**" means the purchase of 3,418,702 Common Shares of Skeena by the Subscriber pursuant to the Subscription Agreement plus 12,021,977 Common Shares of Skeena pursuant the Purchase Agreement.

"**Initial Term**" has the meaning ascribed to such term in Section 4.1(a).

"**Integrated Master Schedule**" means the comprehensive Level 3 development, construction and commissioning schedule for the Project to be delivered and agreed upon by the Purchasers in accordance with the terms of this Agreement as the same may be amended, revised, supplemented or replaced from time to time in accordance with the terms of this Agreement.

"**Intercreditor Agreement**" means the intercreditor agreement dated as of December 19, 2024 among, *inter alios*, the Credit Administrative Agent, on behalf of the Lenders, the Purchasers' Agent, the Credit Collateral Agent, the Stream Collateral Agent, the Seller and the Guarantors, as the same may be amended, restated, modified, supplemented or replaced from time to time.

"**Investment**" means, with respect to any Person, the making by such Person of: (a) any direct or indirect investment in or purchase or other acquisition of the securities of or an Equity Interest in any other Person, (b) any loan or advance to, or arrangement for the purpose of providing funds or credit to (excluding extensions of trade credit in the ordinary course of business in accordance with customary commercial terms), any other Person, or (c) any capital contribution to (whether by means of a transfer of cash or other property or any payment for property or services for the account or use of) any other Person; provided that, for greater certainty, an Acquisition shall not be treated as an Investment.

"**IRR**" means the aggregate annualized internal rate of return, compounded annually, realized by Purchasers (expressed as a percentage) as of a given date, after taking into account:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the amount and timing of (i) the payment of any applicable Deposit by the Purchasers and (ii) the delivery of, and payment for, any Refined Gold;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) any exercise of the Buy-Down Right (if applicable); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) the assumed sale by the Purchaser of Refined Gold delivered hereunder at the Gold Market Price three days prior to the applicable Date of Delivery,

and without taking into account the Additional Deposit Option Fee described in Section 6.19. All calculations shall employ the "XIRR" function as calculated in Microsoft Excel or, if such function is no longer in usage at the time of such calculation, a substantially equivalent function.

"**Key Transaction Agreements**" means, collectively the Stream Documents, the Credit Agreement and the Subscription Agreement.

"**Lenders**" means the lenders party to the Credit Agreement from time to time, and their respective successors and permitted assigns.

"**Liquidity**" **[REDACTED – Commercially Sensitive Information]**

"**Loan**" means any extension of credit by the Lenders under the Credit Agreement.

"**Losses**" means any and all damages, claims, losses, diminution of value, liabilities, fines, injuries, costs, penalties and expenses (including reasonable legal fees). Losses shall not include consequential, special, exemplary, indirect, incidental or punitive damages or loss of profits or opportunity except to the extent such losses are awarded to a third party in connection with a claim by a third party.

"**Majority Purchasers**" means, at any time, one or more Purchasers holding a Purchaser's Share greater than 50.1% in the aggregate.

"**Material Adverse Effect**" means any change, event, occurrence, circumstance, fact or effect that, when taken individually or together with all other events, occurrences, changes, circumstances, facts or effects has, or could reasonably be expected to have, a material adverse effect on:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the business, affairs, capitalization, assets, liabilities, results of operations, condition (financial or otherwise) and obligations (contingent or otherwise), of the Group Members, taken as a whole;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the development, construction or operation of the Project, including (i) the ability of the Project Entities to develop and operate such Project substantially in accordance with the Definitive Feasibility Study, Development Plan and Mine Plan in effect at the time of the occurrence of such change, event, occurrence, circumstance, fact or effect, or (ii) any significant decrease to expected overall gold production from such Project based on the Mine Plan in effect at the time of the occurrence of such change, event, occurrence, circumstance, fact or effect;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) the ability of any Project Entity to perform its obligations under any Stream Document to which it is a party, the legality, validity, binding effect or enforceability against any Project Entity of any Stream Document to which it is a party, or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) the rights and remedies of the Purchasers' Agent or Purchasers under the Stream Documents,

provided, in each case, that it shall not include any event, change, circumstance, fact or effect resulting exclusively from (x) the announcement of the execution of this Agreement or any other Key Transaction Agreement; (y) any change in the price of the publicly listed stock of Skeena; or (z) any change in gold prices (it being understood that the underlying effects, events, facts or occurrences giving rise to any of (x), (y) or (z) that are not otherwise excluded by this proviso may be determined to constitute, or give rise to, a Material Adverse Effect).

"**Material Contracts**" means (a) the Contracts listed in Schedule G, (b) any Contract involving the payment or receipt by the Project Entities in excess of C$25,000,000, (c) any impact benefit agreement, (d) any Indigenous Group Royalty Agreement, and (e) any other Contract the breach, loss or termination of which would reasonably be expected to result in a Material Adverse Effect.

"**Material Project Authorization**" means (a) the Project Authorizations listed in Schedule H, and (b) any other Project Authorization, the breach, loss or termination of which would, or could reasonably be expected to, be material to the development and ongoing operation of commercial production.

"**Mine Plan**" means the proposed operating plan for the Project consistent with the Project Financing Rebaseline, including without limitation the design throughput of the processing facilities, to be delivered to and agreed upon by the Purchasers in accordance with the terms of this Agreement, as the same may be amended, revised supplemented or replaced from time to time in accordance with the terms of this Agreement.

"**Minerals**" means any and all marketable metal bearing material in whatever form or state that is mined, produced, extracted, processed at or otherwise recovered from any Project Real Property and including any such material derived from any processing or reprocessing of any tailings, waste rock or other waste products originally derived from any Project Real Property and including ore and any other products resulting from the further milling, processing or other beneficiation of Minerals, including doré.

"**Minimum Delivery Amount**" means **[REDACTED – Commercially Sensitive Information]**

"**Mining Rights**" means mineral claims, prospecting licences, exploration licenses, mining or mineral licenses or leases, mineral concessions and other forms of tenure or other rights to minerals or to work upon land for the purpose of exploring for, developing or extracting minerals under any form of title recognized under the Applicable Laws, whether contractual, statutory or otherwise, or any interest therein.

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"**Multi-Employer Plan**" means a "multi-employer plan" within the meaning of subsection 147.1(1) of the Tax Act, subsection 1(1) of the *Pension Benefits Act* (Ontario) or as such similar terms are defined in similar pension standards legislation of Canada or a province.

"**National Instrument 43-101**" means National Instrument 43-101 – *Standards of Disclosure for Mineral Projects* of the Canadian Securities Administrators and the companion policy thereto in effect from time to time.

"**Net Proceeds**" means, with respect to the receipt of insurance proceeds under Sections 6.16(b) and 6.16(c), the aggregate net cash proceeds of insurance received by any Group Member in respect of any loss, damage to or destruction of any of the Project Property after payment of reasonable expenses (including legal and accounting fees) incurred in connection therewith, and for certainty, shall not include any insurance proceeds received on account of business interruption insurance or any substantially similar policy of any Group Member.

"**NPV of the Project**" means the net present value of the Project Entities' interests in the Project based on the Project NPV Criteria set forth on Schedule J.

"**NPV of the Remaining Stream**" means the net present value of the Purchasers' rights under this Agreement based on the NPV of the Remaining Stream Criteria set forth on Schedule K.

"**NYSE**" means the New York Stock Exchange and any successor thereto.

"**OFAC**" means The Office of Foreign Assets Control of the US Department of the Treasury.

"**Offtake Agreement**" means any agreement entered into by a Project Entity with any Person (i) for the sale of Minerals to such Person, or (ii) for the smelting, refining or other beneficiation of Minerals by such Person for the benefit of the Project Entity.

"**Offtaker**" means any Person that enters into an Offtake Agreement with a Project Entity.

"**Offtaker Charges**" means any and all refining charges, treatment charges, penalties, insurance charges, transportation charges, settlement charges, premiums, financing charges, Taxes, price participation charges, deductions based on a payable metal percentage, and/or other similar charges, deductions or expenses charged or deducted by an Offtaker and/or charged or deducted in respect of delivery to the Offtaker or to the final customer of a Project Entity, as the case may be (or charged to the Project Entity as and by way of royalty payments) regardless of whether such charges or deductions are expressed as a specific metal deduction in each case.

"**Offtaker Delivery**" means the delivery of a Parcel to an Offtaker or the transfer of the entitlement to or benefit of a Parcel to an Offtaker.

"**Offtaker Settlement**" means (a) with respect to Minerals purchased by an Offtaker from a Project Entity, the receipt by such Project Entity of payment or other consideration from

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the Offtaker, whether provisional or final, or other consideration from the Offtaker in respect of any Minerals refined, smelted, or otherwise beneficiated by an Offtaker for the benefit of the Project Entity, including amounts received in respect of warehouse holding certificates, and (b) with respect to Minerals refined, smelted or otherwise beneficiated by an Offtaker on behalf of the Project Entity, the receipt by the Project Entity of marketable gold or other minerals in accordance with the applicable Offtake Agreement.

"**Operating Costs**" means those cash expenditures in connection with the development, construction and operation of the Project, all as determined in accordance with IFRS.

"**Operations Monthly Report**" means, a written report prepared by or on behalf of the Seller in relation to a calendar month with respect to the Project in the form of Schedule N.

"**Order**" means any order, directive, decree, judgment, ruling, award, injunction, direction or request of any Governmental Body or other decision-making authority of competent jurisdiction.

"**Original Effective Date**" means June 24, 2024.

"**Original Stream Agreement**" means that certain purchase and sale agreement (gold) dated June 24, 2024 among Skeena, as seller, OMF Fund IV SPV H LLC, as purchasers' agent, and the purchasers party thereto from time to time, as purchasers, as amended by a waiver and first amending agreement dated November 15, 2024 and a waiver and second amending agreement dated December 6, 2024.

"**Other Minerals**" means any and all marketable metal bearing material in whatever form or state (including ore) that is mined, produced, extracted or otherwise recovered from any location that is not within the Project Real Property.

"**Other Rights**" means all licenses, approvals, authorizations, consents, rights (including surface rights, access rights and rights of way), privileges, concessions, unpatented mining claims or franchises held by a Project Entity or required to be obtained from any Person (other than a Governmental Body) for exploration, development, construction and operation of the Project, as such exploration, development, construction and operation is contemplated by the Planning Documents.

"**Parcel**" means the applicable quantity of Minerals delivered or shipped or to be delivered or shipped to an Offtaker of a particular type of product under a single shipment or delivery pursuant to the relevant Offtake Agreement.

"**Parties**" means the parties to this Agreement.

"**Payable Gold**" means, in respect of each Parcel means the Stream Percentage of the Reference Gold.

"**Payment**" has the meaning ascribed to it in Section 15.2(a).

"**Payor**" has the meaning ascribed to it in Section 15.2(b).

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"**Permitted Acquisition**" means, (i) prior to the Completion Date, an Acquisition completed with the prior written consent of the Majority Purchasers, and (ii) following the Completion Date, an Acquisition that meets the following criteria:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) such Acquisition is not a hostile acquisition;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the Acquisition is of a business similar to the business of the Project Entities; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) the purchase price for such Acquisition is funded by:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the issuance of Equity Interests by Skeena; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) up to $10,000,000 that is cash on hand of the Project Entities; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) cash on hand of the Excluded Subsidiaries; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) a combination of the foregoing,

provided that, (x) if any of the funding for such Acquisition includes cash on hand of the Project Entities then the target of such Acquisition (including any assets acquired and the Equity Interests and assets of any Person acquired, as well as its Subsidiaries) shall be required to become Project Entities in accordance with Section 8.2, and (y) if any such Acquisition is completed by an Excluded Subsidiary without the use of cash on hand of the Project Entities, then the target of such Acquisition shall be an Excluded Subsidiary

"**Permitted Asset Disposition**" means, as at any particular time, a sale, transfer or other disposition of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) property and assets to one or more wholly-owned Subsidiaries of Skeena (that are not Excluded Subsidiaries) pursuant to and in accordance with the Reorganization Plan;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) tangible personal property that is no longer required in the conduct of the business of the Project Entities or is being replaced;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) assets of one Project Entity to another Project Entity, provided that they are subject at all time to the Security;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) assets of the Project Entities that are not Project Property, including any Excluded Assets, provided that any disposition of such assets is made on arm's length terms for a purchase price consisting solely of cash and/or publicly-traded securities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Minerals, in accordance with this Agreement, Permitted Prepay, or otherwise in the ordinary course of business pursuant to one or more sales contracts with third party purchasers, which are on arm's length terms and in compliance with the terms of this Agreement; and

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) Abandonment Property as permitted under this Agreement.

"**Permitted Encumbrances**" means, in respect of any Collateral, any of the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Encumbrances arising from court or arbitral proceedings or any judgment rendered, claim filed or registered related thereto, provided that the judgment or claim secured thereby are being contested in good faith by such Person, adequate reserves with respect thereto are maintained on the books of such Person in accordance with IFRS, execution thereon has been stayed and continues to be stayed and such Encumbrances do not result in a Seller Event of Default or materially impair the operation of the Business of any Project Entity;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) good faith deposits made in the ordinary course of business to secure the performance of bids, tenders, contracts (other than for the repayment of borrowed money), leases, surety, customs, performance bonds and other similar obligations, provided such Encumbrances do not materially impair the operation of the Business of any Project Entity;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Encumbrances made or incurred in the ordinary course of business to secure (i) workers' compensation, surety or appeal bonds, letters of credit, costs of litigation when required by law, Order, and public and statutory obligations, or (ii) the discharge of Encumbrances or claims incidental to construction and mechanics', miners' warehouseman's, carriers' and other similar liens or construction and mechanics' and other similar Encumbrances, provided such Encumbrances do not materially impair the operation of the Business of any Project Entity;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) any development or similar agreements concerning real property of such Person entered into with a Governmental Body or public utility from time to time which do not and will not in the aggregate materially and adversely affect the Security or materially detract from the value of such property or materially impair its use in the operation of the business of such Person, and which are not violated in any material respect;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) any Inchoate Lien;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) such minor defects as may be revealed by an up to date plan of survey of any property and any minor registered or unregistered encumbrances, including, without limitation, easements, rights of way, encroachments, restrictive covenants, servitudes or other similar rights in land granted to or reserved by other Persons, rights of way for sewers, electric lines, telephone lines and other similar purposes, or zoning by-laws or other restrictions as to the use of real property which defects, encumbrances, easements, servitudes, rights of way and other similar rights and restrictions do not in the aggregate materially detract from the value of the said properties or materially impair their use in the operation of the business of such Person;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) security or deposits given to a public utility or any Governmental Body when required by such utility or Governmental Body pursuant to any Project Property Agreement, or in connection with the operations of such entities and in the ordinary course of their business;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) the Security;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Encumbrances securing Purchase Money Obligations and Capitalized Lease Obligations relating solely to the acquisition of mobile equipment necessary for the development, construction or operation of the Project, provided that the aggregate of the Debt outstanding at any time in respect of the Purchase Money Obligations and Capitalized Lease Obligations referred to in this paragraph (i) shall not exceed the amount provided for in the Planning Documents; and provided that such Encumbrances extend only to the property clearly and individually identified as acquired or financed thereby (including the proceeds of such property) and no recourse is available to any other assets of any Project Entity;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) Encumbrances for Taxes, assessments or governmental charges or levies not at the time due or delinquent provided that the claims secured thereby are being contested in good faith by such Person and adequate reserves with respect thereto are maintained on the books of such Person in accordance with IFRS and such Encumbrances do not result in a Seller Event of Default or materially impair the operation of the Business of any Project Entity;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) Encumbrances and charges incidental to construction or current operations (including, without limitation, carrier's warehouseman's, mechanics', miners', materialmen's and repairmen's liens) that have not at such time been filed pursuant to law or which relate to obligations not due or delinquent provided that the claims secured thereby are being contested in good faith by such Person and adequate reserves with respect thereto are maintained on the books of such Person in accordance with IFRS and such Encumbrances do not result in a Seller Event of Default or materially impair the operation of the Business of any Project Entity;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) the right reserved to or vested in any Governmental Body by the terms of any lease, licence, franchise, grant or permit acquired by a Project Entity or by any statutory provision, to terminate any such lease, licence, franchise, grant or permit, or to require annual or other payments as a condition to the continuance thereof, provided such Encumbrances do not result in a Seller Event of Default or materially impair the operation of the Business of any Project Entity;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m) the restrictions, exceptions, reservations, limitations, provisos and conditions, if any, expressed in any original patents or grants from any Governmental Body and such Encumbrances do not result in a Seller Event

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of Default or materially impair the operation of the Business of any Project Entity;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n) prior rights granted by any Governmental Body to third parties, or the rights reserved to or vested in any Governmental Body by the terms of any lease, licence, franchise, grant, permit or statutory provision to grant rights to third parties in the future, which rights may overlap or exist concurrently with the rights of any Project Entity, provided that such grants do not prevent or materially interfere with the development, construction or operation of the Project;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(o) Encumbrances on concentrates or Minerals or the proceeds of sale of such concentrates or Minerals arising or granted pursuant to a processing or refining arrangement entered into in the ordinary course and upon usual market terms, securing only the payment of Skeena's or any Subsidiary of Skeena's respective portion of the fees, costs and expenses attributable to the processing of such concentrates or Minerals under any such processing or refining arrangement, but only insofar as such Encumbrances relate to obligations which are at such time not past due or the validity of which are being contested in good faith by appropriate proceedings and adequate reserves with respect thereto are maintained on the books of such Person in accordance with IFRS and such Encumbrances do not result in a Seller Event of Default or materially impair the operation of the Business of any Project Entity;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(p) Encumbrances necessary to give effect to any Project Lease Transaction;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(q) cash collateral securing letters of credit required to be posted in connection with the Project including reclamation obligations, as provided for and consistent with the Planning Documents;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(r) cash collateral in favour of The Bank of Nova Scotia and/or Export Development Canada to secure a letter of credit supporting a power interconnection agreement, as provided for and consistent with the Planning Documents;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(s) up to $350,000 cash collateral to secure corporate credit cards;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(t) Encumbrances comprising a net smelter royalty or similar interest (an "**Indigenous Group Royalty Interest**") granted to Indigenous Groups pursuant to any impact benefit agreement, as provided for and consistent with the Planning Documents;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(u) cash collateral to secure currency hedging in the ordinary course of business and commodity hedging of raw materials to be used in construction and development of the Project in each case not for speculative purposes and in accordance with Skeena's hedging policy that has been approved by the Purchasers' Agent;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) Encumbrances securing the obligations under the Credit Agreement or any Refinancing Facility, provided that such Encumbrances are subject to the Intercreditor Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(w) from and after the Security Release Date, Encumbrances securing Debt under Section 6.17(b); or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(x) other Encumbrances agreed to in writing by the Purchasers' Agent,

provided, however, that no Encumbrance described in (a) through (g) or (j) through (n) above shall constitute a Permitted Encumbrance if it was incurred in connection with the borrowing of money.

"**Permitted Prepay**" means a Mineral prepay agreement that meets the following criteria:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) it is entered into no later than 12 months after the Completion Outside Date;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) it covers no more than three (3) months' worth of Mineral production by the Project;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) it is unsecured; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) it provides for a floor price for Minerals of no less than 92.5% of the market price for such Minerals at the time of entry into such agreement.

"**Permitted Update**" means an amendment, supplement, or other modification to the Planning Documents (or any component thereof) that would not reasonably be expected to, together with any previous or planned amendment, supplement or other modification (including any previous Permitted Update and including any excess expenditure pursuant to Section 6.6(f)) (i) result in an increase to the construction budget of more than **[REDACTED – Commercially Sensitive Information]**, (ii) result in a delay in the construction schedule of more than 3 months, (iii) result in the Completion Date not occurring by the Completion Outside Date, (iv) result in the Integrated Master Schedule no longer being considered Level 3, (v) result in Skeena not being able to comply with the financial covenants set forth in Section 6.5, or (vi) otherwise be materially prejudicial to the Purchasers or materially adversely impact the development, construction or operation of the Project.

"**Person**" means and includes individuals, corporations, bodies corporate, limited or general partnerships, joint stock companies, limited liability companies, joint ventures, associations, companies, trusts, banks, trust companies, Governmental Bodies or any other type of organization or entity, whether or not a legal entity.

"**Planning Documents**" means the Development Plan, the Integrated Master Schedule and the Mine Plan.

"**Potential E&S Non-Compliance Event**" means, in relation to the Project an event or condition: that: (a) could reasonably be expected to result in a Serious E&S Non-

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Compliance Event; (b) is of an environmental or social nature that requires the notification by Skeena of such event or condition to an applicable governmental or regulatory body; or (c) is a series of events of non-compliance with the Environmental and Social Requirements of a similar nature to (a) or (b), which Skeena or the IESC reasonably believes is an event not representing immediate or material social or environmental damage and which Skeena is able to correct in accordance with the ESMP or ESMS, provided that in each case, such event is a New Event.

"**Pre-Completion Monthly Report**" means, a written report prepared by or on behalf of the Seller in relation to a calendar month with respect to the Project in the form of Schedule I.

"**Processing Facilities**" means the processing facilities to be located on the Project Real Property and owned by the Project Entities.

"**Production Interest**" means any royalty, stream, participation or production interest, or any agreements that are similar to a royalty, stream, participation or production interest agreement, in each case in respect of any Minerals and for great certainty shall not be construed to include any Offtake Agreement which meets the requirements of Section 6.10(b).

"**Project**" means collectively, all properties, assets and other rights (including, without limitation, with respect to electricity, water, access and land), whether real or personal, tangible or intangible, which assets are used in connection with, or form part of, the mining project in the Golden Triangle of British Columbia, Canada described more fully in the Technical Report and commonly known as the Eskay Creek Project.

"**Project Authorizations**" means all Authorizations and Other Rights (including environmental Authorizations) necessary, at the applicable time, for executing mining activities in a determined mining stage in accordance with the Canadian federal, provincial, territorial and local regulations.

"**Projected CFADS**" for a period means the projected CFADS for such period based on the then current Development Plan and BCFM.

"**Projected Debt Service**" for a period means the projected Debt Service for such period based on the then current Development Plan and BCFM and after giving effect to the proposed Refinancing Facility.

"**Projected DSCR**" for a period, means the ratio of Projected CFADS for such period divided by the Projected Debt Service for such period.

"**Project Entity**" means Skeena, the Seller, Eskay Creek Mining Ltd. and any other Person (now or hereafter formed or acquired) that holds or acquires a direct or indirect interest in (i) any of the Project Property, and (ii) any Equity Interests or Subordinated Intercompany Debt of any Project Entity, other than any holder of Equity Interests of Skeena or any acquiror or successor of Skeena whose Equity Interests are publicly traded.

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"**Project Financing Rebaseline**" means the project scenario provided to the Purchasers' Agent on June 5, 2024 that is generally reflective of the Definitive Feasibility Study sequence, execution approach, and operating plan, though considers an extended construction timeline resulting in a date of commercial production of July 1, 2027 and the following expenditures:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) a total-pre production project spend of **[REDACTED – Commercially Sensitive Information]** including total project capital, pre-production stockpile inventory costs, and contingency, plus general and administrative expenses of the Project of **[REDACTED – Commercially Sensitive Information]** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) payments or other compensation to Indigenous Groups under or pursuant to impact benefit agreements of **[REDACTED – Commercially Sensitive Information]**; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) corporate general and administrative expenditures of Skeena and its Subsidiaries (unrelated to the Project) of **[REDACTED – Commercially Sensitive Information]**.

"**Project Lease Transaction**" means lease-to-own and sale-leaseback transaction arrangements for power transmission line, personnel camp facilities, water treatment plant and certain related infrastructure, as expressly provided for in, and consistent with, and the Planning Documents.

"**Project Property**" means all of the property, assets, undertaking and rights of the Project Entities in and relating to the Project, whether now owned or existing or hereafter acquired or arising, including real property, personal property and mineral interests, and specifically including, but not limited to: (a) the Project Real Property; (b) all accounts, instruments, chattel paper, deposit accounts, documents, intangibles, goods (including inventory, equipment and fixtures), money, letter of credit rights, supporting obligations, claims, causes of action and other legal rights and investment property; (c) all products, proceeds (including proceeds of proceeds), rents and profits of the foregoing; and (d) all books and records of any of the Project Entities related to any of the foregoing.

"**Project Property Agreements**" means all Contracts of the Project Entities relating to (a) the ownership, lease or use of the Project or the Project Property, (b) the development, construction and mining operations of the Project, (c) the sale or disposition of mineral production from the Project, including Production Interests and other similar arrangements, and (d) any option, right of first refusal in relation to a Production Interest or right, title, interest, reservation, claim, rent, royalty, or payment in the nature of rent or royalty, or right capable of becoming an option, right of first refusal or right, title, interest, reservation, claim, rent, royalty, or payment in the nature of rent or royalty, in respect of the Project Property, or the mineral production or proceeds therefrom, in each case, whether entered into prior to or after the date of this Agreement.

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"**Project Real Property**" means all real property interests (including rents and leases), all mineral claims, mineral leases and other mineral rights, mineral claims and interests, undersurface rights and surface access rights held by any of the Project Entities relating to the Project (which as of the date hereof, are as set forth in Schedule L), and all buildings, structures, improvements, appurtenances and fixtures thereon or attached thereto, whether created privately or by the action of any Governmental Body. "Project Real Property" shall also include any term extension, renewal, replacement, conversion or substitution of any such real property interests, mineral claims, mineral leases, mineral rights, mineral claims or interests, and surface access rights, owned or in respect of which an interest is held, directly or indirectly, in the Area of Interest by any Project Entities at any time during the term of this Agreement, whether or not such ownership or interest is held continuously.

"**Public Disclosure Documents**" means, collectively, all of the documents which have been filed by or on behalf of Skeena with the relevant Securities Regulators pursuant to the requirements of Securities Laws, including all documents publicly available on Skeena's SEDAR+ profile.

"**Purchase Agreement**" means the purchase agreement entered into on June 24, 2024 among the Subscriber and Wealth Creation Preservation & Donation Inc.

"**Purchase Money Obligations**" means the outstanding balance of the purchase price of real and/or personal property, title to which has been acquired or will be acquired upon payment of such purchase price, or indebtedness to non-vendor third parties incurred to finance the acquisition of such new and not replacement real and/or personal property, or any refinancing of such indebtedness or outstanding balance.

"**Purchase Price**" has the meaning set out in Section 2.5.

"**Purchaser's Share**" means, at any given time, in respect of each Purchaser, the percentage obtained by dividing the amount set out beside such Purchaser's name in Schedule M, as amended from time to time in accordance with this Agreement, by the amount of the Deposit; provided that such Purchaser's entitlement to receive any payment or delivery from the Seller or any other Group Member shall be reduced or increased, as applicable in accordance with the terms of the Agreement, on account of any Taxes applicable to such Purchaser, such that the amounts received by the other Purchasers is not affected thereby.

"**Purchasers**" means the Purchasers party hereto from time to time as set forth in Schedule M as may be updated from time to time in accordance with this Agreement and "Purchaser" means any one of them, as the context so requires.

"**Purchasers' Agent**" means OMF Fund IV SPV H LLC, in its capacity as agent for the Purchasers under this Agreement, or any successor Purchasers' Agent appointed by the Majority Purchasers in accordance with Section 13.4.

"**Qualified Project Operator**" means **[REDACTED – Commercially Sensitive Information]**

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"**Real Property**" means the Project Real Property and all other real property interests, mineral claims, mineral leases and other mineral rights, concessions and interests, and all surface access rights held by any Project Entity and all buildings, structures, improvements, appurtenances and fixtures thereon or attached thereto, whether created privately or by the action of any Governmental Body (which, as of the date hereof, to the extent (x) constituting Collateral and (y) not constituting Project Real Property, are as set forth in Schedule O).

"**Receiving Party**" has the meaning set out in Section 6.18(a).

"**Reference Gold**" means any and all gold in whatever form or state that is contained in Minerals in a Parcel which has been sold and delivered to an Offtaker, without giving effect to any Offtaker Charges applied by the Offtaker pursuant to the relevant Offtake Agreement, giving effect to a fixed payability factor of **[REDACTED – Commercially Sensitive Information]**.

"**Refinancing Facility**" means any credit facility, bonds, debentures, notes or other similar instruments, the net proceeds of which are used to replace, refinance, defease or discharge the Facility (or any other Refinancing Facility), provided that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the principal amount of such Debt available under such Refinancing Facility does not exceed the principal amount of the Debt and/or the commitments (including the aggregate undrawn Commitments under the Facility and the unused Additional Deposit) so replaced, refinanced, defeased or discharged (plus the amount of all fees, and expenses and premiums incurred in connection therewith);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) after giving effect to such Refinancing Facility, Skeena would have a Projected DSCR of not less than 1.25:1 for each period of four Fiscal Quarters from the first principal repayment date in respect of such Refinancing Facility until the Completion Outside Date;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) other than in connection with the refinancing of the Facility, such Refinancing Facility has an effective interest rate which is equal to or lower than the effective interest rate of the Debt being replaced, refinanced, defeased or discharged, in each case, including any original issue discount, commitment or upfront fees and other financing charges; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) such Refinancing Facility is secured against no more of the Collateral than the Debt being replaced, refinanced, defeased or discharged, and, if such Refinancing Facility is secured against the Collateral, the lenders or holders thereunder have agreed to be bound by an intercreditor agreement with the Purchasers which is (x) substantially on the same terms and conditions as the Intercreditor Agreement or (y) otherwise at least as favourable to the Purchasers (as determined by the Purchasers' Agent acting reasonably) as the Intercreditor Agreement.

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"**Refined Gold**" means marketable metal bearing material in the form of gold bars or coins that is refined to standards meeting or exceeding 995 parts per 1,000 fine gold, and otherwise conforming to the London Bullion Market Association specifications for good delivery.

"**Related Party**" means, with respect to any Person (the "**first named Person**"), any Person that does not deal at arm's length with the first named Person or is an Associate of the first named Person and, in the case of any Group Member, includes: (a) any director, officer, employee or Associate of the Seller or any of its Affiliates, (b) any Person that does not deal at arm's length with the Seller or any of its Affiliates, and (c) any Person that does not deal at arm's length with, or is an Associate of, a director, officer, employee or Associate of the Seller or any of its Affiliates.

"**Release**" means any release, spill, emission, leaking, pumping, injection, deposit, disposal, discharge, dispersal, leaching or migration into the indoor or outdoor environment, including the movement of Hazardous Substances through ambient air, soil, surface water, ground water, wetlands, land or subsurface strata.

"**Reorganization Plan**" means the reorganization plan set out in Schedule P, which includes the assignment of the Project Assets to Eskay Creek Mining Ltd., a newly formed directly wholly owned subsidiary of Skeena.

"**Retirement Plan**" means any Employee Benefit Plan providing pensions, superannuation benefits, retirement savings, top up or supplemental pensions, including any "registered retirement savings plans" (as defined in the Tax Act), "registered pension plans" (as defined in the Tax Act) or "retirement compensation arrangements" (as defined in the Tax Act).

"**Restricted Payment**" means, with respect to any Project Entity, any payment by such Person to any other Person (other than from one Project Entity to another Project Entity to the extent permitted by the Subordination and Postponement of Claims), (a) as it relates only to Skeena, of any cash dividends or any other cash distribution on any shares of its capital or other Equity Interests, (b) on account of, or for the purpose of setting apart any property for a sinking or other analogous fund for, the purchase, redemption, retirement or other acquisition of any shares of its capital or other Equity Interests or any warrants, options or rights to acquire any such shares, (c) of any principal of, or interest or premium on, or of any amount in respect of a sinking or analogous fund or defeasance fund for, any Debt of such Person ranking in right of payment, pari passu with or subordinate to the Stream Obligations, or (d) of any management, consulting or similar fee, or any material bonus or comparable payment, or material payment by way of gift or other gratuity, to any Related Party, unless such payment is to a director, officer or employee of such Project Entity in that capacity and consists of (x) reimbursement for reasonable and ordinary course expenses related to the Business incurred by such director, officer or employee in accordance with the policies in effect governing such reimbursements, or (y) ordinary course remuneration (including ordinary course bonuses) consistent with the Good Industry Practice taking into account the stage of development and operation of the Project.

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"**Revenue**" for any period, means the aggregate of the following amounts actually received (or, in the case of the determination of Projected DSCR, projected to be received) by Skeena or the applicable Project Entity on a consolidated basis during that period:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) moneys received from the proceeds of the sale of Minerals (including cash received in respect of this Agreement for the delivery price, but excluding for certainty any credits against the deposit thereunder); provided that, for determining Projected DSCR for purposes of Section 6.17(b), all projected cash receipts on account of revenue from operations of Skeena or the applicable Project Entity will be included in this clause (a);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) interest income;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) the cash proceeds of any Permitted Asset Disposition;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) cash insurance proceeds (including for certainty on account of business interruption insurance or comparable policies), except in each case where those amounts are required hereunder to be applied as a mandatory prepayment of the Obligations; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) refunds of Taxes,

but excluding:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) the proceeds of Debt and any other financial accommodation made available by a lender or other creditor; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) insurance proceeds in respect of liabilities to third parties or otherwise required to be paid to third parties;

"**Royalties**" means the royalties set forth in Schedule Q.

"**Sale-Leaseback**" means an arrangement under which title to any property or an interest therein is transferred by or on the direction of a Person ("**X**") to another Person which leases or otherwise grants the right to use such property, asset or interest (or other property, which X intends to use for the same or a similar purpose) to X (or nominee of X), whether or not in connection therewith X also acquires a right or is subject to an obligation to acquire the property, asset or interest, and regardless of the accounting treatment of such arrangement.

"**Sanctioned Entity**" means (a) a country or a government of a country, (b) an agency of the government of a country or (c) an organization directly or indirectly controlled by a country or its government in each case, that is on the list published and maintained by the United Nations Security Council, OFAC, Global Affairs Canada, Public Safety Canada, or the analogous organization of any other applicable country (including as may be applicable to the Project Entities, the Project or any Lender) as being a "sanctioned country".

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"**Sanctioned Person**" means (a) any Person listed in any sanctions-related list of designated Persons published and maintained by Global Affairs Canada or Public Safety Canada, (b) any Person named on the list of Specially Designated Nationals published and maintained by OFAC, or (c) a Person named on the Consolidated List of individuals published and maintained by United Nations Security Council.

"**Sanctions**" means economic or financial sanctions or trade embargoes imposed, administered or enforced by the United Nations Security Council, the European Union, the HM Treasury, the US Government (including, without limitation, OFAC), Global Affairs Canada, Public Safety Canada or any analogous organization of any other applicable country including as may be applicable to the Project Entities, the Project or any Purchaser.

"**Second Deposit**" has the meaning set forth in Section 3.1(a)(ii).

"**Second Deposit Deadline**" means June 30, 2025.

"**Securities Laws**" means Canadian Securities Laws, U.S. Securities Laws and all applicable securities laws and the respective regulations made thereunder, together with applicable published fee schedules, prescribed forms, policy statements, notices, orders, blanket rulings and other regulatory instruments of the Securities Regulators, and all rules and policies of the Exchanges and any other stock exchange on which securities of Skeena are traded.

"**Securities Regulators**" means, collectively, the Canadian Securities Authorities, the U.S. Securities Authorities and the securities regulators or other securities regulatory authorities in any other jurisdictions whose Securities Laws are applicable to Skeena.

"**Security**" means the Encumbrances granted in favour of the Stream Collateral Agent pursuant to the Security Documents.

"**Security Documents**" means any Guarantees granted in favour of the Stream Collateral Agent on behalf of the Purchasers in respect of the Stream Obligations and any other security documents held from time to time by the Stream Collateral Agent securing or intended to secure payment and performance of the Stream Obligations, including the security described in Section 8.1.

"**Security Release Date**" means the later of (a) and (b); where (a) is the first date on which the Purchasers have received an aggregate amount that would need to be paid to the Purchasers on a particular date, after taking into account all deliveries made by the Seller to the Purchasers pursuant to Section 2.3, **[REDACTED – Commercially Sensitive Information]** on the Deposit, and (b) is the earlier of the date on which (i) the Obligations under and as defined in the Credit Agreement have been repaid in full or (ii) the Purchasers and their Affiliates are no longer Lenders under the Credit Agreement.

"**SEDAR+**" means the System for Electronic Document Analysis and Retrieval of the Canadian Securities Administrators.

"**Seller**" means has the meaning set out in the preamble.

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"**Seller Event of Default**" has the meaning set out in Section 10.1.

"**Serious E&S Non-Compliance Event**" means an identified event of material non-compliance with Environmental and Social Requirements by Skeena or with respect to the Project which Skeena or the IESC reasonably believes is an event representing material environmental or social damage which would necessitate an emergency shutdown of the Project or would be reasonably likely to result in very severe damage.

"**Settlement Sheets**" means in respect of each Parcel, the Seller's final invoice and sale documentation (or if such final documents are not available in the case of provisional payment, the relevant documents on which provisional payments have been determined) evidencing at least the amount and, if applicable, grade of gold in such Parcel.

"**Share Pledge Agreements**" means one or more agreements pursuant to which a Project Entity pledges its Equity Interests in any Person in favour of the Stream Collateral Agent.

"**Skeena**" has the meaning set out in the preamble.

"**Snip Project**" means the Snip Mine located approximately 100 km northwest of Stewart, B.C. comprising the mining concessions listed on Schedule R.

"**Stakeholder Engagement**" means the IFC Standards provisions on external communication, environmental and social information disclosure, participation, informed consultation, and grievance mechanisms and the overall requirements described under Equator Principle 5.

"**Stream Collateral Agent**" means BNY Trust Company of Canada, in its capacity as collateral agent for the Purchasers, and its successors and permitted assigns.

"**Stream Documents**" means this Agreement, the Security Documents, the Intercreditor Agreement, any Subordination and Postponement of Claims and all other agreements, instruments and documents from time to time (both before and after the date of this Agreement) delivered to the Purchasers, the Purchasers' Agent for the benefit of the Purchasers or the Stream Collateral Agent in connection with this Agreement or the other Stream Documents.

"**Stream Obligations**" means all indebtedness, liabilities and other obligations owed to the Purchasers' Agent, the Purchasers and the Stream Collateral Agent hereunder or under any other Stream Document, whether actual or contingent, direct or indirect, matured or not, now existing or hereafter arising.

"**Stream Percentage**" means, subject to adjustment in accordance with Section 2.7, (i) a percentage amount equal to (w) 200,000,000 less any installment of the Initial Deposit which was required, but not funded by the Purchasers, upon request by the Seller in accordance with Section 3.2 to which the Seller has satisfied the conditions precedent in respect of such installment in accordance with Article 3, divided by (x) 200,000,000, and (y) multiplied by 10.55 and, provided that in the event that Completion has not occurred

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on or before the Completion Target Date, then following the Completion Target Date, the Stream Percentage will be increased as follows until Completion is achieved:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) from the end of the first Fiscal Quarter in which the Completion Target Date occurs, until the end of the following Fiscal Quarter, the Stream Percentage will be an amount equal to the Stream Percentage plus an additional 0.15;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) at the commencement of the next Fiscal Quarter, the Stream Percentage will become an amount equal to the Stream Percentage, as adjusted in the preceding Fiscal Quarter pursuant to clause (a) above, plus an additional 0.15;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) at the commencement of the next Fiscal Quarter, the Stream Percentage will become an amount equal to the Stream Percentage, as adjusted in the preceding Fiscal Quarter pursuant to clause (b) above, plus an additional 0.15; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) at the commencement of each subsequent Fiscal Quarter the Stream Percentage will become an amount equal to X+0.40, where X was the Stream Percentage in the preceding Fiscal Quarter, as adjusted pursuant to clause (c) above or this clause (d), as the case may be,

and (ii) if an Additional Deposit has occurred, the Stream Percentage shall be increased, for each such Additional Deposit, by an additional percentage amount equal to (x) the total amount funded under such Additional Deposit divided by 100,000,000, and (y) multiplied by 50% of such Stream Percentage.

"**Subordinated Intercompany Debt**" means any debts, liabilities or obligations owing by Skeena or another Project Entity to any other Project Entity, on any account and in any capacity, subordinated in accordance with the provisions of the Subordination and Postponement of Claims.

"**Subordination and Postponement of Claims**" means a subordination and postponement of claims in favour of the Purchasers' Agent and/or Stream Collateral Agent in respect of Debt of Skeena or another Project Entity owing to any other Project Entity pursuant to which, among other things, the holder of such Debt agrees that such Debt will be subordinated and postponed to the Stream Obligations, and which shall be in form and substance satisfactory to the Majority Purchasers, acting reasonably.

"**Subscriber**" means OMF Fund IV SPV G LLC, in its capacity as subscriber under the Subscription Agreement and its successors and assigns.

"**Subscription Agreement**" means the subscription agreement entered into on June 24, 2024 between Skeena and the Subscriber pursuant to which Skeena agreed to issue, and the Subscriber agreed to subscribe for, 3, 418,702 Common Shares on terms and conditions set forth therein.

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"**Subsidiary**" means with respect to any Person, any other Person which is Controlled directly or indirectly by that Person, and "**Subsidiaries**" means all of such other Persons.

"**Tangible Net Worth**" means, with respect to a Person, the aggregate value of all assets of such Person after eliminating from the calculation intangible assets (which includes, without limitation, all assets classified as intellectual property, goodwill or licences on the balance sheet of such Person) and future income tax benefits less the aggregate of all liabilities of such Person.

"**Tax Act**" means the *Income Tax Act* (Canada), as amended from time to time.

"**Tax Returns**" means all returns, declarations, reports, estimates, information returns and statements required to be filed in respect of any Taxes, including any schedule or attachment thereto or amendment thereof.

"**Taxes**" means all present and future taxes (including, for certainty, real property taxes), levies, imposts, stamp taxes, duties, deductions, withholdings, assessments, fees or other charges imposed by any Governmental Body, including any interest, additions to tax or penalties applicable thereto and "**Tax**" shall have a corresponding meaning.

"**Technical Committee**" means a committee consisting of (i) two Persons appointed by Skeena as Skeena may determine, (ii) a representative of the Lenders appointed in accordance with the Credit Agreement, (iii) a representative of the Purchasers appointed by (x) if the initial Purchaser continues to hold at least 25% of the Purchasers Share, the initial Purchaser, or (y) otherwise, by the Majority Purchasers, and (iv) the Independent Engineer.

"**Term**" has the meaning set out in Section 4.1(a).

"**Third Deposit Deadline**" means October 31, 2025.

"**Time of Delivery**" has the meaning set out in Section 2.3(a).

"**Transfer**" means to, directly or indirectly, sell, transfer, assign, convey, dispose or otherwise grant a right, title or interest (including expropriation or other transfer required or imposed by law or any Governmental Body), whether voluntary or involuntary, provided that, for greater certainty a Transfer shall not include a change of beneficial ownership of voting securities of Skeena.

"**TSX**" means the Toronto Stock Exchange.

"**Unanimous Purchasers**" means, at any time, all of the Purchasers at such time.

"**Uncredited Balance**" means, at any time, the uncredited balance of the Deposit determined in accordance with this Agreement.

"**USA Patriot Act**" means the Uniting and Strengthening America by Providing Appropriate Tools Required to Intercept and Obstruct Terrorism Act of 2001 (Title III of

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Pub. L. No. 107-56 (signed into law October 26, 2001)), as amended or modified from time to time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.2** **Certain Rules of Interpretation** 

Except as may be otherwise specifically provided in this Agreement and unless the context otherwise requires:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The terms "Agreement", "this Agreement", "the Agreement", "hereto", "hereof", "herein", "hereby", "hereunder" and similar expressions refer to this Agreement in its entirety and not to any particular provision hereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) References to an "Article", "Section" or "Schedule" followed by a number or letter refer to the specified Article or Section of or Schedule to this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Headings of Articles and Sections are inserted for convenience of reference only and shall not affect the construction or interpretation of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) References to a Party in this Agreement mean the Party or its successors or permitted assigns.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Where the word "including" or "includes" is used in this Agreement, it means "including without limitation" or "includes without limitation".

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) The language used in this Agreement is the language chosen by the Parties to express their mutual intent, and no rule of strict construction shall be applied against any Party.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) Words importing the singular include the plural and vice versa and words importing gender include all genders.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) A reference to an agreement includes all schedules, exhibits and other appendices attached thereto and shall include all subsequent amendments and other modifications thereto, but only to the extent such amendments and other modifications are not prohibited by the terms of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) A reference to a statute includes all regulations made pursuant to and rules promulgated under such statute and, unless otherwise specified, any reference to a statute or regulation includes the provisions of any statute or regulation which amends, supplements or supersedes any such statute or any such regulation from time to time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) Time is of the essence in the performance of the Parties' respective obligations under this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) In this Agreement a period of days shall be deemed to begin on the first day after the event which began the period and to end at 5:00 p.m. (New York City time) on the last day of the period. Whenever any payment is required to be made, action is

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required to be taken or period of time to expire on a day other than a Business Day, such payment shall be made, action shall be taken or period shall expire on the next following Business Day.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) Unless specified otherwise in this Agreement, all statements or references to dollar amounts in this Agreement are to the lawful currency of the United States of America.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m) References to an "ounce" are to a troy ounce (being equal to 31.1034768 grams).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.3** **Accounting Principles** 

Where the character or amount of any asset or liability or item of revenue or expense is required to be determined, or any consolidation or other accounting computation is required to be made, for the purposes of this Agreement, including the contents of any certificate to be delivered hereunder, such determination, consolidation or computation shall, unless the Parties otherwise agree or the context otherwise requires, be made in accordance with IFRS.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.4** **Paramountcy** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) If there is any inconsistency between the terms of this Agreement and the other Stream Documents (other than the Intercreditor Agreement), the provisions hereof shall prevail to the extent of the inconsistency.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) In the event of any conflict or inconsistency between the provisions of this Agreement and the provisions of the Intercreditor Agreement, the provisions of the Intercreditor Agreement shall prevail and be paramount. If any covenant, representation, warranty or event of default contained in any other Stream Document is in conflict with or is inconsistent with a provision of this Agreement relating to the same specific matter, such covenant, representation, warranty or event of default shall be deemed to be amended to the extent necessary to ensure that it is not in conflict with or inconsistent with the provision of this Agreement relating to the same specific matter.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.5** **Interest Act** 

For the purposes of the *Interest Act* (Canada) and disclosure under such statute, whenever interest to be paid under this Agreement or any other Stream Document is to be calculated on the basis of a year of three-hundred sixty (360) days or any other period of time that is less than a calendar year, the yearly rate of interest to which the rate determined pursuant to such calculation is equivalent is the rate so determined multiplied by the actual number of days in the calendar year in which the same is to be ascertained and divided by 360 or such other period of time, as the case may be.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.6** **Maximum Rate of Interest** 

Notwithstanding anything herein or in any of the other Stream Documents to the contrary, in the event that any provision of this Agreement or any other Stream Document would oblige the Seller

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to make any payment of interest or other amount payable to the Purchasers in an amount or calculated at a rate which would be prohibited by law or would result in a receipt by the Purchasers of interest at a criminal or prohibited rate (as such terms are construed under the *Criminal Code* (Canada) or any other Applicable Law), then, notwithstanding such provision, such amount or rate shall be deemed to have been adjusted with the same effect as if adjusted at the Effective Date to the maximum amount or rate of interest, as the case may be, as would not be so prohibited by law or so result in a receipt by the Purchasers of interest at a criminal or prohibited rate, such adjustment to be effected to the extent necessary in each case, as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) by reducing any fees and other amounts which would constitute interest for the purposes of Section 347 of the *Criminal Code* (Canada) or any other Applicable Law;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) by reducing the amount or rate of interest exigible under Section 15.3; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) any amount or rate of interest referred to in this Section 1.6 shall be determined in accordance with generally accepted actuarial practices and principles over the maximum term of this Agreement (or over such shorter term as may be required by Section 347 of the *Criminal Code* (Canada) or any other Applicable Law) and, in the event of a dispute, a certificate of a Fellow of the Canadian Institute of Actuaries appointed by the Purchasers' Agent shall be conclusive for the purposes of such determination, absent manifest error.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.7** **No Subordination** 

The use of the term "Permitted Encumbrances" to describe any interests and Encumbrances permitted hereunder shall mean that they are permitted to exist (whether in priority to or subsequent in priority to the Security, as determined by Applicable Law), and shall not be interpreted as meaning that such interests and Encumbrances are entitled to priority over the Security.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.8** **Conditions Precedent to Effective Date** 

This Agreement shall become effective upon the satisfaction of each of the following conditions precedent, which conditions precedent are for the sole and exclusive benefit of the Purchasers, and which may be waived in writing by the Purchasers in their sole discretion, in whole or in part.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) no Seller Event of Default shall have occurred and be continuing, and no event shall have occurred which with notice or lapse of time or both would reasonably be expected to become a Seller Event of Default, nor shall there be any such Seller Event of Default after giving effect to this Agreement and the Credit Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Skeena, the Seller and the Guarantors shall have performed and complied with all covenants and agreements required by this Agreement to be performed or complied with by them on or prior to the Effective Date;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) all representations and warranties of Skeena, the Seller and the Guarantors applicable as of the Effective Date made in or pursuant to this Agreement shall be

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true and correct on the Effective Date (except to the extent such representations and warranties expressly relate to an earlier date, and in such case, shall be true and correct on and as of such earlier date);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) since December 31, 2023, there shall have been no event, change or effect which, individually or in the aggregate, has had, or would reasonably be expected to have, a Material Adverse Effect;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) the Seller shall have delivered, or cause to be delivered to the Purchasers' Agent and the Stream Collateral Agent, all of the following (in each case in form and substance satisfactory to each Purchaser);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) certificates from duly authorized officers of Skeena, the Seller and the Guarantors certifying (A) the articles and notice of articles (or equivalent) of such Person, as applicable, (B) the incumbency of signing officers of such Person, and (C) the corporate resolutions (or equivalent) of such Person, as applicable, approving the execution, delivery and performance of such Person's obligations under this Agreement and the consummation of the transactions contemplated hereunder;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) a customary legal opinion dated the Effective Date addressed to the Purchasers' Agent, the Stream Collateral Agent and the Purchasers, in form and substance satisfactory to the Purchasers' Agent and Purchasers' counsel, acting reasonably, from counsel to Skeena, the Seller and the Guarantors with respect to this Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) the Credit Agreement and any other documents required thereby to be executed or delivered on or before the Effective Date, duly executed and delivered by each party thereto;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) the Parent Guarantee contemplated by Section 8.1(a)(i); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) such other documentation as the Purchasers' Agent may reasonably request in form and substance satisfactory to the Purchasers, acting reasonably (including, without limitation, all documents and other information required by each Purchaser and the Stream Collateral Agent to comply with its "know your customer" and other checks);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) all Orders and Authorizations required to be obtained on or prior to that date for the completion of the transactions contemplated by the Key Transaction Agreements shall have been obtained, and no Order or Applicable Law shall be in effect, which restrains, enjoins, prohibits or otherwise makes illegal the consummation of the transactions contemplated by the Key Transaction Agreements; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) no action or proceeding (including any appeal), at law or in equity, shall be pending or threatened by any Person or Governmental Body to restrain, enjoin or prohibit the development, construction or operation of the Project in accordance with the Planning Documents and the Definitive Feasibility Study or the granting of any

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Project Authorization in respect thereof, where pursuant to an injunction or similar order of a court of competent jurisdiction or an Order by the relevant Governmental Body that has not been stayed and is binding on the Project Entities, the Project Entities are prohibited from continuing to engage in the development, construction or operation of the Project in accordance with the Planning Documents.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.9** **Schedules** 

The following schedules are attached to and form part of this Agreement:

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| | | |
|:---|:---|:---|
| Schedule A | - | Annual Forecast Report |
| Schedule B | - | Area of Interest |
| Schedule C | - | Completion Test |
| Schedule D | - | Form of Completion Certificate |
| Schedule E | - | Copper Exploration Concessions |
| Schedule F | - | Cost to Complete Certificate |
| Schedule G | - | Material Contracts |
| Schedule H | - | Material Project Authorizations |
| Schedule I | - | Pre-Completion Monthly Report |
| Schedule J | - | Project NPV Criteria |
| Schedule K | - | NPV of the Remaining Stream Criteria |
| Schedule L | - | Project Real Property |
| Schedule M | - | Purchaser's Share and Purchasers |
| Schedule N | - | Operations Monthly Report |
| Schedule O | - | Real Property |
| Schedule P | - | Reorganization Plan |
| Schedule Q | - | Royalties |
| Schedule R | - | Snip Project Mining Concessions |
| Schedule S | - | Existing Investments |
| Schedule T | - | Representations and Warranties of Skeena and the Project Entities |
| Schedule U | - | Representations and Warranties of the Purchaser |
| Schedule V | - | Purchaser Assignment Agreement |

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**Article 2**

**PURCHASE AND SALE**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.1** **Purchase and Sale of Refined Gold** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Subject to and in accordance with the terms of this Agreement, the Seller hereby agrees to sell to each Purchaser, and each Purchaser hereby agrees to purchase from

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the Seller, an amount of Refined Gold equal to the Purchasers' Share of the Payable Gold with respect to each Offtaker Delivery, free and clear of all Encumbrances.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Purchasers shall not be responsible for any Offtaker Charges in respect of the Refined Gold purchased by it hereunder, all of which shall be for the account of the Seller (or other Project Entity).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.2** **Product Specifications** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Refined Gold delivered by the Seller to the Purchasers pursuant to this Agreement need not come from gold physically produced at the Project, provided that the Seller shall not sell or deliver to the Purchasers (for the purposes of this Agreement and at any time during the Term) any Refined Gold that has been directly or indirectly purchased on a commodity exchange.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Refined Gold to be delivered by the Seller to the Purchasers pursuant to this Agreement shall conform in all respects with the London Bullion Market Association specifications for good delivery, and the Purchasers shall not be required to purchase any Refined Gold that does not meet such specifications.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) If the London Bullion Market Association ceases to exist or ceases to publish rules for the good delivery of gold or such rules should no longer be internationally recognized as the basis for good delivery of gold, the Purchasers' Agent may, acting reasonably, designate, for purposes of this Agreement, a new basis for determining good delivery of Refined Gold. Until the Purchasers' Agent makes such designation, deliveries of Refined Gold by the Seller to the Purchasers under this Agreement shall conform to the last set of rules for good delivery in effect under this Agreement immediately prior to the time such rules ceased to be published or recognized.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.3** **Delivery Obligations** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) On the date of each Offtaker Settlement in respect of a Parcel the Seller shall sell and deliver to the Purchasers the Refined Gold in respect of such Parcel as determined in accordance with Section 2.1. The applicable amount of Refined Gold shall be delivered to each of the Purchasers by way of credit (in metal) to the respective metal account or accounts in London designated by the Purchasers pursuant to Section 2.3(g). Delivery by the Seller of the applicable amount of Refined Gold to the Purchasers shall be deemed to have been made at the time and on the date Refined Gold is credited to the designated metal accounts of the Purchasers (the "**Time of Delivery**" on the "**Date of Delivery** ").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Where, as a result of a delivery to the Purchasers made on the basis of a provisional payment from an Offtaker, there is an over-delivery of Refined Gold to the Purchasers for a given delivery, the amount of such excess, once determined by the Seller, will be set off and deducted from the next delivery to the Purchasers hereunder and, if no further deliveries are to be made, the Purchasers shall pay to the Seller the Purchase Price for such excess, in cash.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Where, as a result of a delivery to the Purchasers made on the basis of a provisional payment from an Offtaker, there is an under-delivery of Refined Gold to the Purchasers for a given delivery, the amount of such deficiency, once determined by the Seller, will be added to the next delivery to the Purchasers hereunder and, if no further deliveries are to be made, the Seller shall pay to the Purchasers the Purchase Price for such deficiency, in cash.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Title to, and risk of loss of, Refined Gold shall pass from the Seller to the applicable Purchaser at the Time of Delivery.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Except as otherwise provided in this Agreement, all costs and expenses pertaining to each delivery of Refined Gold to the Purchasers shall be borne by the Seller.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) The Seller hereby represents and warrants to and covenants with the Purchasers that, immediately prior to the Time of Delivery (i) the Seller will be the sole legal and beneficial owner of the Refined Gold credited to a metal account of a Purchaser, (ii) the Seller will have good, valid and marketable title to such Refined Gold, and (iii) such Refined Gold will be free and clear of all Encumbrances (other than the Security or Permitted Encumbrances specified in clause (o) of that definition).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) Each Purchaser shall designate a metal account or accounts in London for the purpose of receiving deliveries of Refined Gold from the Seller hereunder. The designation shall be made by electronic communication to the Seller, which designation shall be effective until changed by the relevant Purchaser. Any such change shall be made at least 10 Business Days prior to a delivery of Refined Gold in order to be effective for such delivery.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.4** **Delivery Notifications and Invoicing** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) On the date of each Offtaker Settlement, the Seller shall deliver an invoice to each Purchaser that shall include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) a calculation of the number of ounces of Refined Gold to be sold to each Purchaser and, in accordance with Sections 2.4(a)(iv) and 2.6, the estimated net number of ounces of Refined Gold to be credited to each Purchaser on the Date of Delivery;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the Date of Delivery and Time of Delivery;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) the Purchase Price for Refined Gold sold and delivered to such Purchaser;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) reference to the Offtake Agreements relating to the Parcels in respect of which Offtaker Delivery was made;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) a copy of the Settlement Sheets on which the calculation in Section 2.4(a)(i) is based, where applicable, including, after such are available and/or prepared, copies of all documents, certificates and instruments pertaining to each delivery of Minerals to an Offtaker, including all invoices, credit notes,

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bills of lading, and any and all documentation prepared or produced by the Offtaker in respect of the Minerals; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) such other information as may be reasonably requested by the Purchaser to allow such Purchaser to verify all aspects of the delivery of Refined Gold reflected in such invoice.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The calculation required by Section 2.4(a) shall be final and binding unless the Purchaser provides written objection to the Seller within twenty (20) Business Days after receipt of the applicable invoice. The foregoing shall in no way limit the Purchaser's audit rights under Section 5.4(b) and any adjustments or recoveries arising therefrom; provided that no such adjustment or recovery shall be permitted therefrom unless a written objection is received within 18 months following the end of the calendar year in which the applicable invoice was received.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.5** **Purchase Price** 

The purchase price (the "**Purchase Price**") for each ounce of Refined Gold sold and delivered by the Seller to the Purchasers under this Agreement shall be equal to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) until the Uncredited Balance has been reduced to nil, the Gold Market Price on the day that is three days prior to the Date of Delivery of such Refined Gold, payable as follows: (i) an amount equal to the Cash Purchase Price payable in cash or by wire transfer, and (ii) the balance payable by crediting an amount equal to the difference between the Gold Market Price on the day that is three days prior to the Date of Delivery of such Refined Gold and the Cash Purchase Price against the Deposit in order to reduce the Uncredited Balance until it has been credited and reduced to nil; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) after the Uncredited Balance has been reduced to nil, the Cash Purchase Price, payable in cash or by wire transfer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.6** **Payment** 

Payment by each Purchaser of the aggregate Purchase Price for each delivery of Refined Gold to such Purchaser shall be made (a) by the fifth Business Day following the Date of Delivery, and (b) to a bank account of the Seller designated in accordance with Section 15.1, provided that, at any time, any Purchaser may provide notice to the Seller with respect to one or more deliveries that any cash payments required to be made by such Purchaser hereunder shall instead be offset against the applicable delivery of Refined Gold by the Seller to such Purchaser. Such notice by a Purchaser to the Seller shall be made no later than three Business Days prior to the Date of Delivery. Any such offsets pursuant to this Section 2.6 shall be at the Gold Market Price on the third day prior to the Date of Delivery.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.7** **Buy-Down Right** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) At any time during the 12 month period following the Completion Date, provided that no Seller Event of Default has occurred and is continuing and no event shall

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have occurred which with notice or lapse of time or both would reasonably be expected to become a Seller Event of Default, the Seller shall have the right (the "**Buy-Down Right**") to reduce the Stream Percentage by an amount equal to 66.67% in respect of any Offtaker Delivery following the Buy-Down Effective Date. The Seller may exercise the Buy-Down Right once, by providing written notice of such exercise to the Purchasers at least 30 days prior to the end of a calendar quarter (the "**Buy-Down Quarter**"). The exercise of the Buy-Down Right shall be irrevocable once such notice is delivered to the Purchasers.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) If the Seller has provided notice of the exercise of the Buy-Down Right, the Seller shall pay the Buy-Down Amount to the Purchasers (pro rata based on their respective Purchaser's Share) on or before the last Business Day of the Buy-Down Quarter (the "**Buy-Down Effective Date** ").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Upon the Buy-Down Amount being received by the Purchasers, the Uncredited Balance shall be reduced by an amount equal to 66.67% of the Uncredited Balance outstanding in respect of the Deposit, and the Uncredited Balance shall be deemed to have been reduced by such amount.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.8** **Adjustment for Minimum Delivery** 

In the event that the Purchasers have not received deliveries in respect of Offtaker Settlements relating to 2,614.2 koz of Reference Gold on or before the thirteenth anniversary of the earlier of April 1, 2027 and the date of first gold production, then no later than the 30th day following such anniversary date, the Seller shall make a delivery in accordance with Section 2.3(a) to the Purchasers of Refined Gold in an amount equal to the Minimum Delivery Amount divided by the Gold Market Price on the date that is 3 days prior to the date of Delivery of such amount of Refined Gold.

**Article 3**

**DEPOSIT PAYMENT**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.1** **Deposit** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) In consideration for the respective promises and covenants of Skeena, the Seller and the Guarantors contained herein, including the sale and delivery by the Seller to the Purchasers of Refined Gold, the Purchasers hereby agree to pay, and the Seller hereby agrees to accept, a cash deposit in the amount of up to $200,000,000 (the "**Initial Deposit**") against, and as a prepayment of, the Purchase Price. Subject to the satisfaction or waiver of the conditions in Sections 3.4 to 3.9, the Deposit shall be paid to the Seller by the Purchasers (based on their respective Purchaser's Share) in five installments as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the first deposit (the "**First Deposit**") in the amount of $5,000,000 shall be paid by the Purchaser's on the date of closing of the Initial Equity Investment (the "**First Deposit Date** "), subject to the satisfaction of the conditions set forth in Sections 3.4 and 3.9;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the second deposit (the "**Second Deposit**") in the amount of $45,000,000 shall be paid by the Purchasers (based on their respective Purchaser's Share) on a date after December 29, 2024 but not later than the Second Deposit Deadline, which date may be selected by the Seller upon at least three Business Days' written notice to the Purchasers, subject to the satisfaction of the conditions set forth in Sections 3.5 and 3.9;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) the third deposit (the "**Third Deposit**") in the amount of $50,000,000 shall be paid by the Purchasers (based on their respective Purchaser's Share) on a date after March 31, 2025 but in any event not later than the Third Deposit Deadline which date may be selected by the Seller upon at least 30 days' written notice to the Purchasers, subject to the satisfaction of the conditions set forth in Sections 3.6 and 3.9;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) the fourth deposit (the "**Fourth Deposit**") in the amount of $50,000,000 shall be paid by the Purchasers (based on their respective Purchaser's Share) on a date after June 30, 2025 but in any event not later than the Fourth Deposit Deadline which date may be selected by the Seller upon at least 30 days' written notice to the Purchasers, subject to the satisfaction of the conditions set forth in Section 3.9; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) the fifth deposit (the "**Fifth Deposit**") in the amount of $50,000,000 shall be paid by the Purchasers (based on their respective Purchaser's Share) on a date after August 31, 2025 but in any event not later than the Fifth Deposit Deadline which date may be selected by the Seller upon at least 30 days' written notice to the Purchasers, subject to the satisfaction of the conditions set forth in Section 3.9.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) In the event that any of the Second Deposit, the Third Deposit, the Fourth Deposit or the Fifth Deposit have not been requested on 30 days prior written notice prior the applicable deadline date for such installment of the Initial Deposit, or the conditions precedent to be satisfied in connection with such installment of the Initial Deposit in accordance with Article 3 below have not been met, then the Seller may not request any of the subsequent installments of the Initial Deposit, and the Purchasers will not be required to fund any remaining installment of the Initial Deposit.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) In the event that any of the Second Deposit, the Third Deposit, the Fourth Deposit or the Fifth Deposit have been requested on 30 days prior written notice prior to the applicable deadline date for such installment of the Initial Deposit and the Seller has satisfied the conditions precedent to be satisfied in connection with such installment of the Initial Deposit in accordance with Article 3 below but the Purchasers have failed to fund such installment, then the Stream Percentage will be adjusted accordingly as set forth in the definition of "Stream Percentage" and this shall be the Project Entities' sole remedy for such a failure to pay an installment.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) No interest will be payable by the Seller on or in respect of the Deposit except as expressly provided in this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) The Seller shall, at all times, maintain a record of the Uncredited Balance, reflecting each credit against or reduction of the Deposit and the dates of such payments, credits and reductions. The Seller shall, upon request of any Purchaser, provide such Purchaser with a copy of such record.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.2** **Additional Deposit** 

At any time following the payment of all of the installments of the Initial Deposit and the making of the fourth advance under the Credit Agreement, but only prior to the Completion Target Date, the Seller will have the right to request additional deposits from the Purchasers, each such deposit to be at least an amount equal to $25,000,000 and no greater than $100,000,000 (each, an "**Additional Deposit**"), up to an aggregate amount of $100,000,000 for all Additional Deposits. At the time of any such deposit request, the Parties shall agree to such amendments to this Agreement as are reasonably necessary or desirable to give effect to such Additional Deposit. Any Additional Deposit shall also provide for a 2% option fee payable to the Purchasers at the time of the payment of the Additional Deposit. The Purchasers' obligation to fund an Additional Deposit shall be subject to satisfaction of the conditions set forth in Section 3.9 (with references to the Deposit and the Deposit Date in such sections being deemed to be references to the Additional Deposit and the funding date for such Additional Deposit, respectively, and references to this Agreement, the Stream Documents and the Key Transaction Agreements being deemed to be references to this Agreement, the Stream Documents and the Key Transaction Agreements, as amended as at the funding date for the Additional Deposit). The Seller shall have the right to irrevocably reduce its rights under this Section 3.2, and corresponding proportion of its obligation in Section 6.19, on prior written notice to the Purchasers' Agent, by terminating the obligation in increments of not less than $25,000,000.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.3** **Use of Deposit** 

The Seller shall use the entire Deposit to fund first (a) the development, construction and working capital requirements of the Project in accordance with, in all material respects, the Development Plan, including exploration, infill drilling, technical and environmental programs and studies, permitting and community social relations programs, and thereafter (b) general corporate and administrative expenses of the Project Entities in respect of the Project in accordance with the Development Plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.4** **Conditions Precedent to First Deposit** 

The obligations of the Purchasers to fund the First Deposit pursuant to Section 3.1 shall be subject to the following conditions having been satisfied:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the Purchasers' Agent shall have received a certificate of status, good standing or compliance (or equivalent) for each Project Entity issued by the relevant Governmental Body dated not earlier than the third Business Day prior to the First Deposit Date (or such earlier date as may be acceptable to the Purchasers);

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) a senior officer of each Project Entity shall have executed a certificate, in form and substance satisfactory to the Purchasers' Agent, acting reasonably, dated as of the First Deposit Date and addressed to the Purchasers, as to (i) its constating documents; (ii) the resolutions of its board of directors (or equivalent) authorizing the execution, delivery and performance of this Agreement and the other Stream Documents to which it is party and the transactions contemplated hereby and thereby; and (iii) the names, positions and true signatures of the persons authorized to sign this Agreement and the other Stream Documents on its behalf;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) the Purchasers' Agent shall have received a legal opinion, in form and substance satisfactory to Purchasers' Agent, acting reasonably, of legal counsel addressed to the Purchasers relating to (i) the legal status of each Project Entity, (ii) the corporate power and authority of Skeena, the Seller and the Guarantors to execute, deliver and perform this Agreement and the other Stream Documents to which each is a party, as applicable, (iii) the authorization, execution and delivery of this Agreement and the other Stream Documents by Skeena, the Seller and the Guarantors, as applicable, (iv) the enforceability of this Agreement and the other Stream Documents against Skeena, the Seller and the Guarantors, as applicable, and (v) any other customary matters relating to this Agreement and the other Stream Documents and the transactions contemplated hereby and thereby;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) all Orders and Authorizations required to be obtained on or prior to that date for the completion of the transactions contemplated by the Key Transaction Agreements shall have been obtained;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) no Order or Applicable Law, which restrains, enjoins, prohibits or otherwise makes illegal either (i) the consummation of the transactions contemplated by the Key Transaction Agreements, or (ii) the development of the Project in accordance with the Development Plan and the operation of the Project in accordance with the Mine Plan, shall be in effect;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) there is no order in respect of the granting or continuing of any Authorization which would result in the company ceasing the development or construction of the Project in accordance with the Development Plan and the operation of the Project in accordance with the Mine Plan;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) all of the conditions precedent to the effectiveness of the Credit Agreement shall have been satisfied or waived and such documents will be in full force and effect; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) the Initial Equity Investment shall have been completed in accordance with the Subscription Agreement and Purchase Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.5** **Conditions Precedent to the Second Deposit** 

The obligations of the Purchasers to fund the Second Deposit pursuant to Section 3.1 shall be subject to the following conditions having been satisfied:

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) a senior officer of each Project Entity shall have executed a certificate, in form and substance satisfactory to the Purchasers' Agent, acting reasonably, dated as of the Deposit Date and addressed to the Purchasers, as to (i) its constating documents; (ii) the resolutions of its board of directors (or equivalent) authorizing the execution, delivery and performance of this Agreement and the other Stream Documents to which it is party and the transactions contemplated hereby and thereby; (iii) confirmation of matters in Section 3.5(i); and (iv) the names, positions and true signatures of the persons authorized to sign this Agreement and the other Stream Documents on its behalf;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the applicable Project Entity will have received the Bulk Sample Permit consistent with the Development Plan;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) the Purchasers' Agent shall have received an update copy of the Development Plan, BCFM and Mine Plan, in each case in form and substance satisfactory to the Purchasers;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) the Purchasers' Agent and the Stream Collateral Agent shall have received a legal opinion, in form and substance satisfactory to the Purchasers' Agent and the Stream Collateral Agent, each acting reasonably, of legal counsel addressed to the Purchasers and the Stream Collateral Agent relating to (i) the legal status of each Project Entity, (ii) the corporate power and authority of Skeena, the Seller and the Guarantors to execute, deliver and perform this Agreement and the other Stream Documents to which each is a party, as applicable, (iii) the authorization, execution and delivery of this Agreement and the other Stream Documents by Skeena, the Seller and the Guarantors, as applicable, (iv) the enforceability of this Agreement and the other Stream Documents against Skeena, the Seller and the Guarantors, as applicable, (v) the due registration or filing of the Security Documents and the perfection of the security interest of the Purchasers under the Security Documents and the results of the usual searches that would be conducted in connection with the Security created pursuant to the Security Documents, and (vi) any other customary matters relating to this Agreement and the other Stream Documents and the transactions contemplated hereby and thereby;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) the Purchasers' Agent and Stream Collateral Agent shall have received a customary updated title opinion or opinions, in form and substance satisfactory to the Purchasers' Agent, the Purchasers' counsel and the Stream Collateral Agent, each acting reasonably, of Skeena's legal counsel addressed to the Purchasers' Agent, the Purchasers and the Stream Collateral Agent relating to the Project Real Property, including real property parcels occupied by the facilities and appurtenant improvements and access thereto;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) Skeena will have completed steps 1 and 3 of the Reorganization Plan (for greater certainty, other than steps 1(b)(i) through 1(b)(iv) of the Reorganization Plan) in accordance with the Reorganization Plan to the reasonable satisfaction of the Purchasers' Agent;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) the Security Documents, other than any Blocked Account Agreement, shall have been executed and delivered by Skeena, the Seller and the other Guarantors, in form and substance satisfactory to the Purchasers' Agent, acting reasonably, and the Security Documents shall have been registered, filed or recorded in all offices, and all actions shall have been taken, that may be prudent or necessary to preserve, protect or perfect the security interest of the Stream Collateral Agent, for the benefit of the Purchasers, under the Security Documents;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) the Parties shall have entered into an Intercreditor Agreement on terms acceptable to the Purchasers, acting reasonably; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) an amount equal to **[REDACTED – Commercially Sensitive Information]** for the construction and development of the Project as set forth in the Development Plan shall have been incurred in accordance with the Development Plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.6** **Conditions Precedent to the Third Deposit** 

The obligations of the Purchasers to fund the Third Deposit pursuant to Section 3.1 shall be subject to the following conditions having been satisfied:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) an amount equal to **[REDACTED – Commercially Sensitive Information]** for the construction and development of the Project as set forth in the Development Plan shall have been incurred in accordance with the Development Plan;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Skeena will have completed step 2 of the Reorganization Plan (which, for greater certainty, includes steps 1(b)(i) through 1(b)(iv) of the Reorganization Plan) in accordance with the Reorganization Plan to the reasonable satisfaction of the Purchasers' Agent;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) the Purchasers' Agent and the Stream Collateral Agent shall have received certificates of insurance evidencing compliance with Section 6.16(a) in form and substance satisfactory to the Purchasers;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) a Blocked Account Agreement in respect of the bank accounts of each of Skeena, the Seller and the Guarantors shall have been executed and delivered by the Skeena, the Seller and the other Guarantors, in form and substance satisfactory to the Purchasers' Agent, acting reasonably.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.7** **Conditions Precedent to the Fourth Deposit** 

The obligations of the Purchasers to fund the Fourth Deposit pursuant to Section 3.1 shall be subject to the following conditions having been satisfied:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) an amount equal to **[REDACTED – Commercially Sensitive Information]** for the construction and development of the Project as set forth in the Development Plan shall have been incurred in accordance with the Development Plan.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.8** **Conditions Precedent to the Fifth Deposit** 

The obligations of the Purchasers to fund the Fifth Deposit pursuant to Section 3.1 shall be subject to the following conditions having been satisfied:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) an amount equal to **[REDACTED – Commercially Sensitive Information]** expenditures for the construction and development of the Project as set forth in the Development Plan shall have been incurred in accordance with the Development Plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.9** **Conditions Precedent to all Deposits (Other than First Deposit)** 

The obligations of the Purchasers to fund any portion of the Deposit pursuant to Section 3.1 shall be subject to the following conditions having been satisfied (other than the First Deposit):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) as at the applicable Deposit Date:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) all of the representations and warranties made by Skeena and the other Project Entities pursuant to this Agreement shall be true and correct on the Deposit Date (except to the extent the representations and warranties expressly relate to an earlier date, and in such case, shall be true and correct on and as of such earlier date), as if made on and as of the Deposit Date; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) no Seller Event of Default (or event which with notice or lapse of time or both would become a Seller Event of Default) shall have occurred and be continuing;

and a senior officer of Skeena shall have executed a certificate, in form and substance satisfactory to the Purchasers' Agent, acting reasonably, dated as of the Deposit Date and addressed to the Purchasers, as to the items set forth above;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the Independent Engineer will have delivered a certificate to each Purchaser certifying as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Completion Date is forecast by the Seller, as confirmed by the Independent Engineer, to be reached ahead of the Completion Outside Date;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) all Material Project Authorizations required for the current stage of development and construction of the Project in accordance with the Planning Documents have been obtained and the Project Entities have complied in all material respects with all conditions provided for therein;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) the development and construction of the Project shall be in substantial conformance with the Planning Documents, and the Purchasers' Agent shall have received an officer's certificate from a senior officer of Seller confirming the same;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) the Purchasers' Agent shall have received and be satisfied, acting reasonably, with a Cost to Complete Certificate signed by the Independent Engineer evidencing sufficient funding available to reach the Completion Date, including to cover all forecast expenses of the Project Entities due before the Completion Date;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) the Purchasers' Agent shall have received a certificate of status, good standing or compliance (or equivalent) for each Project Entity issued by the relevant Governmental Body dated not earlier than the third Business Day prior to the Deposit Date (or such earlier date as may be acceptable to the Purchasers);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) the Purchasers' Agent shall have received a copy of all Material Project Authorizations and Material Contracts that have been obtained or entered into as of the Deposit Date;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) the Purchasers' Agent shall have received a copy of the current Definitive Feasibility Study, the Development Plan, BCFM and Mine Plan, or any amendments thereto as the case may be;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) all Orders and Authorizations required to be obtained on or prior to that date for the completion of the transactions contemplated by the Key Transaction Agreements shall have been obtained, and no Order or Applicable Law shall be in effect, which restrains, enjoins, prohibits or otherwise makes illegal the consummation of the transactions contemplated by the Key Transaction Agreements; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) **[Redacted – Commercially Sensitive Information]**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.10** **Satisfaction of Conditions** 

Each of the conditions set forth in Section 3.4 to Section 3.9 is for the exclusive benefit of the Purchasers and may be waived by the Purchasers in their sole discretion, in whole or in part in writing.

**Article 4**

**TERM**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.1** **Term** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The term of this Agreement shall commence on the Original Effective Date and, subject to Section 4.1(d), shall continue until the date that is 20 years after the Original Effective Date (the "**Initial Term** "). The term of this Agreement shall automatically be extended beyond the Initial Term for successive 10-year periods (each an "**Additional Term**" and, together with the Initial Term, the "**Term** "), unless there has been no active mining operations on any Project during the final 10 years of the Initial Term or throughout such Additional Term, as applicable, in which case this Agreement shall terminate at the end of the Initial Term or such Additional Term, as applicable.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Notwithstanding Section 4.1(a), if at least 30 days prior to the end of the Initial Term or Additional Term, as applicable, the Purchasers' Agent, upon the instruction of the Unanimous Purchasers, has given notice to the Seller and the Purchasers of termination at the end of such term, this Agreement shall terminate at the end of the Initial Term or such Additional Term, as applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) If by the expiry of the Term, the Seller has not sold and delivered to the Purchasers an amount of Refined Gold sufficient to reduce the Uncredited Balance of the Deposit to nil, as calculated in accordance with Section 3.1(e), then a refund of the Uncredited Balance shall be due and owing by the Seller to the Purchasers. If a refund of the Uncredited Balance shall be due and owing by the Seller to the Purchasers, the Seller shall, on the expiry date of the Term, pay the amount of the Uncredited Balance to the Purchasers (*pro rata* based upon their respective Purchaser's Share).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) This Agreement may also be terminated prior to the expiry of the Term (i) by the Parties on mutual written consent, or (ii) by the Purchasers upon a Seller Event of Default in accordance with Article 10.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.2** **Survival** 

The following provisions shall survive termination of this Agreement: Section 2.6 (in respect of any Refined Gold delivered prior to such termination), Section 5.4 (in respect of any periods prior to such termination), Section 6.18, Article 15, Article 16, and such other provisions of this Agreement as are required to give effect thereto.

**Article 5**

**REPORTING; BOOKS AND RECORDS; INSPECTIONS**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.1** **Monthly Reporting** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Until the Completion Date, within 15 Business Days of the end of each calendar month, the Seller or Skeena shall provide to the Purchasers' Agent a Pre-Completion Monthly Report in respect of such calendar month; provided that for the Pre-Completion Monthly Report delivered in respect of each month up to and including March 2025, the requirement for the delivery of a Pre-Completion Monthly Report may be delayed until the date that is 45 days following the end of such calendar month.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Following the Completion Date only, within 15 Business Days of the end of each calendar month, the Seller or Skeena shall provide to the Purchasers' Agent an Operations Monthly Report in respect of such calendar month.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.2** **Quarterly Reporting** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) As soon as available and in any event within 60 days after the end of each Fiscal Quarter, as it relates to all Fiscal Quarters other than the Fiscal Quarter ended

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December 31, and within 75 days for the Fiscal Quarter ended December 31, of each Fiscal Year, the Seller or Skeena shall deliver to the Purchasers:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) for all Fiscal Quarters other than the Fiscal Quarters ended December 31, a copy of Skeena's quarterly unaudited consolidated financial statements for such Fiscal Quarter and the parties agree that the making of such documents publicly available on Skeena's SEDAR+ profile satisfies the delivery requirements under this Section 5.2(a)(i); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) for Fiscal Quarters ended December 31, a copy of Skeena's draft annual consolidated financial statements for such Fiscal Year, prior to completion of the annual audit, together with unaudited unconsolidated statements of Skeena for such Fiscal Year, a Cost to Complete Certificate signed by the Independent Engineer, evidencing sufficient funding available to reach the Completion Date, including to cover all forecast expenses of Skeena due or incurred before the Completion Date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.3** **Annual Reporting** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) As soon as available and in any event within 120 days after the end of each Fiscal Year, the Seller or Skeena shall deliver to the Purchasers a copy of Skeena's audited annual consolidated financial statements for such Fiscal Year, and the parties agree that the making of documents publicly available on Skeena's SEDAR+ profile satisfies the delivery requirements under this Section 5.3.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) On or before November 15 of each calendar year following the Effective Date, the Seller or Skeena shall deliver to the Purchasers an Annual Forecast Report in respect of the upcoming Fiscal Year.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.4** **Books and Records** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Project Entities shall keep true, complete and accurate books and records of all of their respective operations and activities with respect to the Project and this Agreement, including the mining and production of all Minerals and Other Minerals from the Project Real Property and the mining, treatment, processing, milling, transportation and sale or refining of all Minerals and Other Minerals from the Project Real Property, and all operating or capital costs.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Project Entities shall permit each of the Purchasers and its authorized representatives and agents to perform audits or other reviews and examinations of their books and records and other information relevant to the production, delivery and determination of Refined Gold under this Agreement and compliance with this Agreement from time to time at reasonable times at the Purchaser's sole risk and expense and not less than three Business Days' notice, provided that each Purchaser and its respective authorized representatives and agents will not exercise such rights more often than once during any calendar year absent the existence of a Seller Event of Default, or absent a material deficiency identified during a previous audit or review, in which case such rights may be exercised at such periods

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as may be reasonably determined by the Purchasers (and in any event at least once during any calendar quarter) until no material deficiencies are identified during four consecutive audits or reviews, at which point each Purchaser will once again be limited to exercising such rights once per calendar year. The Purchasers shall use their commercially reasonable efforts to diligently complete any audit or other examination permitted hereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) If a Purchaser or its Affiliates are required by Applicable Law to prepare a technical report (or similar report) in respect of Project Real Property, as determined by a Purchaser acting reasonably, the Project Entities shall cooperate with and allow such Purchaser and its authorized representatives to access technical information pertaining to Project Real Property and complete site visits at Project Real Property so as to enable the Purchaser or its Affiliates, as the case may be, to prepare the technical report (or similar report) in accordance with National Instrument 43-101 (or any other applicable Canadian and/or U.S. and/or stock exchange rules and policies governing the disclosure obligations of the Purchaser or any of its Affiliates) at the sole cost and expense of the Purchaser. At reasonable times and with the prior consent of Skeena (not to be unreasonably withheld or delayed), at the sole risk and expense of the Purchasers, the Purchasers and their authorized representatives shall have a right of access to all surface and subsurface portions of the Project, to any mill, smelter, concentrator or other processing facility owned or operated by any Project Entity that is used to process Minerals and to any related operations for the purpose of enabling the Purchasers to comply with the obligations of the Purchasers or any of their Affiliates under National Instrument 43-101 (or any other applicable Canadian and/or U.S. Securities Laws and/or stock exchange rules and policies governing the disclosure obligations of the Purchasers or any of their Affiliates), as determined by the Purchasers acting reasonably. The Purchasers severally agree to indemnify and save the Project Entities and their respective directors, officers, employees and agents harmless from and against any and all Losses suffered or incurred by any of them as a result of the actions of such Purchaser or its representatives or agents during any such visit or access except to the extent that such Losses arise from the gross negligence or willful misconduct of such indemnified persons.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.5** **Inspections** 

Upon no less than ten Business Days' notice to Skeena and subject at all times to the workplace rules and supervision of the applicable Project Entity, the Project Entities shall grant to the Purchasers and their representatives, consultants, agents, potential financiers or permitted assignees at reasonable times and at the Purchaser's sole risk and expense, the right to access Project Real Property and other facilities of the Project, in each case to monitor the mining, processing and infrastructure operations relating to the Project and compliance with this Agreement. The Purchasers shall use their commercially reasonable efforts to not interfere with exploration, development, mining or processing work conducted on Project Real Property. The Purchasers severally agree to indemnify and save the Project Entities and their respective directors, officers, employees and agents harmless from and against any and all Losses suffered or incurred by any of them as a result of the actions of such Purchaser or its representatives or agents during

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any such visit except to the extent that such Losses arise from the gross negligence or willful misconduct of such indemnified persons.

**Article 6**

**COVENANTS**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.1** **Conduct of Operations** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Except as otherwise provided herein, all decisions regarding the Project, including any decisions concerning (i) the methods, extent, times, procedures and techniques of any exploration, development and mining related to the Project or any portion thereof, (ii) milling, processing, or extraction, and (iii) decisions to operate or continue to operate the Project or any portion thereof, including with respect to closure and care and maintenance, shall be made by the applicable Project Entity or operator in its sole discretion.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Project Entities shall operate the Project on a commercial basis as though it has the equivalent economic interest in the gold produced from the Project in the absence of this Agreement and as if it and the other Project Entities were entitled to receive the Gold Market Price for all gold produced. The Project Entities shall ensure that all cut-off grade, short term mine planning, longer term planning and production decisions, and all resource and reserve calculations, concerning the Project shall be based on gold prices consistent with normal industry practice.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Project Entities shall develop the Project in a good and workmanlike manner and in accordance, in all material respects, with the budgets, timelines, plans and specifications set forth in the Planning Documents and Definitive Feasibility Study;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Commencing with the Fiscal Quarter ending December 31, 2024, the Project Entities shall provide to the Purchasers' Agent within 30 days of the end of each Fiscal Quarter, a draft update to the BCFM and the Planning Documents, provided that any such updates to the Planning Documents (other than a Permitted Update) shall only become effective upon approval by the Majority Purchasers, acting reasonably;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) The Seller and the Guarantors shall obtain, as and when required, and preserve and maintain, all Authorizations (including environmental Authorizations), Other Rights and Material Contracts which are required to permit the Seller and the Guarantors to (i) own, operate and maintain the Business and the Project accordance with the Planning Documents, (ii) develop the Project as contemplated by the Planning Documents, (iii) perform their obligations under the Key Transaction Agreements to which they are a party, and/or (iv) grant the assignment, mortgage, transfer and any other Encumbrance in connection with the Collateral secured by the Security in favour of the Stream Collateral Agent from time to time;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) The Seller and the Guarantors shall pay all Taxes as they become due and payable unless they are being contested in good faith by appropriate legal proceedings and,

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with respect to Taxes which are overdue, make arrangements satisfactory to the Purchasers' Agent regarding adequate provision for their payment;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) The Seller and the Guarantors shall conduct all environmental remedial activities in accordance with Good Industry Practice for which a Person acting in a commercially reasonably manner would perform in the circumstances and in accordance with Environmental and Social Requirements, to meet its environmental responsibilities and conduct and pay for any environmental investigations, assessments or remedial activities with respect to any of the Real Property required by Applicable Law;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) Until the Security Release Date, the Seller and the Guarantors shall ensure that each of the Security Documents will at all times constitute valid and perfected security over all Collateral, in accordance with their terms, subject only to Permitted Encumbrances, and at all times take all actions necessary or requested by the Stream Collateral Agent or the Purchasers to create, perfect and maintain the Encumbrances granted pursuant to the Security Documents as valid and perfected security over all Collateral (subject only to Permitted Encumbrances);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) The Seller and the Guarantors shall ensure that the Independent Engineer has sufficient access to the Project, Project-related information and personnel as may be reasonably necessary to, without limitation:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) visit the Project on a schedule satisfactory to the Purchasers' Agent, acting reasonably, to observe construction activities until the Completion Date;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) review and evaluate the Cost to Complete certificates contemplated by Section 3.9(d);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) identify any material deviations from the Planning Documents and provide advice to the Purchasers with regard to any remedial action and certify the quarterly updates to the Development Plan, BCFM and Mine Plan;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) review the BCFM and provide advice to the Purchasers with regard to the appropriateness of the assumptions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) review the Pre-Completion Monthly Reports and Operations Monthly Reports and any notable updates referenced therein;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) produce a Pre-Completion Monthly Report to the Purchasers' Agent summarizing key observations and any issues related to the progress of construction and development of the Project, and identifying any actions the Project Entities intend to take to remediate any departure from the Planning Documents; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) certify that the Completion Date has occurred.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) Not later than 3 months after the First Deposit Date, the Seller shall have provided the Purchasers with: (i) a snow management plan, (ii) updated tailings slope engineering design with corresponding slope stability assessments, (iii) a life of mine (LoM) water management plan that includes (x) site wide water balance with water supply options; (y) updated surface water management structure designs; and (z) a demonstration that remedial actions address seasonal and ongoing water quality concerns.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) within 30 days of the Effective Date, deliver to the Stream Collateral Agent, in form and substance satisfactory to the Purchasers' Agent, each of the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) a Blocked Account Agreement in respect of the bank accounts of each of Skeena, the Seller and the Guarantors; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) certificates of insurance evidencing compliance with Section 6.16(a).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.2** **Corporate Documents.** 

Skeena shall deliver to the Purchasers, contemporaneously with delivery of the same to Skeena's shareholders, a copy of each management information circular and other notices issued to its shareholders. The parties agree that the making of documents publicly available on Skeena's SEDAR+ profile satisfies the delivery requirements under this Section 6.2.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.3** **Other Reports.** 

The Seller shall promptly deliver or furnish, or cause to be delivered or furnished, to the Purchasers' Agent a copy of any material reports, certificates, documents and notices relating to the Project which are delivered by the Seller or any Guarantor under other Key Transaction Agreements to the extent not already delivered to the Purchasers' Agent and the Purchasers, as applicable, under the Stream Documents.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.4** **Material Contracts, Material Project Authorizations.** 

The Seller shall promptly deliver to the Purchasers' Agent a copy of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) any new Material Contract or any amendment or revision to any existing Material Contract (provided that Section 6.6(m) shall also apply), and in respect of any such new Material Contract, unless otherwise advised in writing by the Purchasers' Agent, acting reasonably, shall use reasonable efforts to require the counterparty thereof, to enter into a direct agreement in favour of the Purchasers' Agent in a form and in substance satisfactory to the Purchasers' Agent, acting reasonably;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) any new Material Project Authorization or any amendment, revision, reissuance or replacement of any existing Material Project Authorization;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) in addition to the Project Financing Rebaseline, any new technical reports or updated mineral reserve and mineral resource estimates produced that pertain to the Project Real Property and Mining Rights;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) any material amendment, revision, replacement or supplement to the Planning Documents, BCFM, Definitive Feasibility Study or Project Financing Rebaseline, (provided that any amendment, revision or supplement thereto shall, if applicable, be subject to Section 6.6(o));

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) any material reports, certificates, documents and notices relating to the Project which are delivered to the Seller or any Guarantor by or on behalf of any third-party consultant or contractor.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.5** **Financial Covenants** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Until the Security Release Date, to be tested as of the last day of each Fiscal Quarter commencing with the first full Fiscal Quarter following the Completion Date, Skeena shall maintain a Debt Service Coverage Ratio of no less than **[REDACTED – Commercially Sensitive Information]** for the six-month period ending on the last day of each Fiscal Quarter.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Until the Security Release Date, following the full drawdown or cancellation of the commitments under the Facility and the Additional Deposit, Skeena shall maintain at all times Liquidity of at least **[REDACTED – Commercially Sensitive Information]**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.6** **Negative Covenants** 

Except as otherwise provided in this Agreement, until the Security Release Date, Skeena, the Seller and the Guarantors shall not, and shall not permit any other Project Entity to, without the prior written consent of the Majority Purchasers:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) (i) use, or authorize the use of, any corporate funds for any unlawful contribution, gift, entertainment or other unlawful expenses relating to political activity; (ii) make, or authorize the making of, any direct or indirect unlawful bribe, rebate, payoff, influence payment, kickback or other unlawful payment to any domestic or foreign government official or employee from corporate funds; (iii) allow a Group Member to violate any provision of AML Legislation, Anti-Corruption Laws or any applicable Sanctions applicable to such Group Member; (iv) fund or facilitate any activities of or business with any Person who, at the time of such funding or facilitation, is the subject or target of Sanctions; (v) fund or facilitate any activities of or business with any Sanctioned Entity; or (vi) act in any other manner that will result in a violation of Sanctions by any Person or cause the Purchasers' Agent or Stream Collateral Agent to commit any action that will result in a violation of Sanctions by any Person;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) use the proceeds of the Deposit to finance, maintain or develop or otherwise advance in any respect, any Excluded Assets;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) except in accordance with Article 7, dispose of, transfer or abandon all or any part of the Collateral (including for avoidance of doubt, any Project Real Property,

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Mining Rights and/or Project Property) except pursuant to a Permitted Asset Disposition;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) except the delivery of Minerals pursuant to this Agreement, an Indigenous Group Royalty Interest, an Offtake Agreement which meets the requirements of Section 6.10(b), or a Permitted Prepay, or otherwise in the ordinary course of business pursuant to sales contracts with arm's length parties in accordance with this Agreement, transfer a Production Interest relating to Minerals;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) make any payment of amounts in respect of a Production Interest (other than a Key Transaction Agreement) or enter into any Production Interest or similar agreement with any other Person in relation to the Project Real Property other than this Agreement, an Indigenous Group Royalty Agreement, a Permitted Prepay and any other sales contract resulting in a Permitted Asset Disposition;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) make any expenditure (including any Capital Expenditure) or payment that would, or could reasonably be expected to, cause the construction budget in the Planning Documents to be exceeded by more than **[Redacted – Commercially Sensitive Information]**;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) make any Restricted Payment, except as otherwise expressly permitted herein;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) enter into any agreement or arrangement or take any action which restricts or purports to restrict the ability of (i) any Project Entity to pay dividends or make any other distributions to Skeena or repay Debt owing to Skeena, or (ii) the Seller to deliver Minerals or perform its other obligations under this Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) unless the Project Entities on a consolidated basis have Liquidity, both before and on a pro forma basis after such establishment or acquisition, of not less than **[REDACTED – Commercially Sensitive Information]**, establish or acquire any Retirement Plan containing a Defined Benefit Provision, Multi-Employer Plan or post-employment health, life or other welfare benefits for current or former employees, directors or officers, or any dependent, survivor, beneficiary or estate thereof (except for (x) benefits required to be provided after termination of employment without cause pursuant to Applicable Laws relating to employment standards, (y) benefits which are only triggered following a change of control or (z) those existing as of the Original Effective Date) or acquire an interest in any Person if such Person sponsors, administers, maintains or contributes to, or has any liability in respect of, any Retirement Plan containing a Defined Benefit Provision, Multi-Employer Plan or post-employment health, life or other welfare benefits for current or former employees, directors or officers, or any dependent, survivor, beneficiary or estate thereof (except for (x) benefits required to be provided after termination of employment without cause pursuant to Applicable Laws relating to employment standards), (y) benefits which are only triggered following a Change of Control or (z) those existing prior to and not established in contemplation of such acquisition;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) except as otherwise expressly contemplated by this Agreement or extensions of trade credit by the Project Entities to its customers in the ordinary course of business and in accordance with customary commercial terms, or unless the Project Entities on a consolidated basis have Liquidity, both before and on a pro forma basis after the provision of any such Financial Assistance, of not less than **[REDACTED – Commercially Sensitive Information]**, provide Financial Assistance, either directly or indirectly, to any Person, except Financial Assistance in favour of another Project Entity;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) unless the Project Entities on a consolidated basis have Liquidity, both before and on a pro forma basis after the making of any such Investment, of not less than **[REDACTED – Commercially Sensitive Information]**, make any Investments, except (i) Investments in the Seller or another Project Entity, provided if such Investment is by way of Debt, such Debt must be Subordinated Intercompany Debt; (ii) short term Investments in United States or Canadian money market instruments with remaining maturities of 12 months or less at the date of purchase including securities issued by government agencies of the United States or Canada, and term deposits and bank accounts with financial institutions provided that such short-term Investments are readily convertible to cash; (iii) Investments existing as of the Original Effective Date as set out in Schedule S; (iv) Investments that are Debt permitted by Section 6.17(a)(xi);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) make any Acquisitions except:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) Permitted Acquisitions; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) Project Lease Transactions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m) enter into, amend in any material respect, waive any material provision of, or terminate any Material Contract (save and except, where there is or will be a replacement Material Contract on terms substantially similar to those in the existing Material Contract and with a substantially similar reputable and credit-worthy counterparty (a "**Replacement Material Contract** ")) or assign any Material Contract (other than as contemplated under the Stream Documents) or give notice of termination (save and except, where there is or will be a Replacement Material Contract) or assignment of any Material Contract or waive or grant indulgences in respect of any event of default or material default under any Material Contract;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n) materially amend, revise, supplement or replace the Planning Documents, Definitive Feasibility Study or the Project Financing Rebaseline, other than a Permitted Update or with the consent of the Majority Purchasers;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(o) change in any material respect the nature of its business or operations from the Business, nor engage directly or indirectly in any material business activity, or purchase or otherwise acquire any material property, in either case, not related to or in furtherance of the conduct of the Business, or initiate any construction project other than the Project;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(p) transfer or assign any Debt owed to a Project Entity to any Person other than another Project Entity;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(q) directly or indirectly purchase, acquire or lease any property from, or sell, transfer or otherwise Dispose of any property to, or otherwise deal or enter into any agreement with, any Related Party (other than another Project Entity), except (i) in the ordinary course of and pursuant to the reasonable requirements of such Person's business and (ii) upon fair and reasonable terms that are no less favourable to the Project Entities than those that could be obtained in an arm's length transaction with a Person that is not a Related Party;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(r) change its Fiscal Year; change its legal or operating name, or the location of its chief executive office or location of its assets except with at least 15 days' prior written notice to the Purchasers' Agent (which notice period the Purchasers' Agent may shorten or waive without the need for consent of the Purchasers); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(s) **[REDACTED – Commercially Sensitive Information]**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.7** **Anti-Corruption** 

The Seller and Skeena shall, and the Seller and Skeena shall cause all of the Group Members to at all times comply with the Anti-Corruption Policy, and shall immediately notify the Purchasers' Agent upon becoming aware of any breach or suspected breach of the Anti-Corruption Policy. Skeena shall not, without prior written consent of the Purchasers' Agent, acting reasonably, amend, terminate, replace or otherwise vary the Anti-Corruption Policy except as required to comply with Applicable Law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.8** **ESIA** 

The Project Entities shall ensure that the development, construction and operation of the Project complies in all material respects with the ESIA in effect from time to time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.9** **Changes to Accounting Policies** 

If there is any material change in a period to the accounting policies, practices and calculation methods used by Skeena in preparing its financial statements or components thereof as compared to any previous period, Skeena and the Seller shall provide the Purchasers with all information which the Purchasers reasonably require relating to the impact of any such material change on the comparability of the reports provided to the Purchasers after any such material change to previous reports.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.10** **Offtake Agreements; Processing; Commingling** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Project Entities shall not, without the prior written consent of the Purchasers' Agent (at the direction of the Majority Purchasers):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) sell unprocessed Minerals;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) process Minerals other than through the Processing Facilities; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) sell Minerals to any Person other than to an Offtaker pursuant to an Offtake Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Project Entities shall ensure that all Offtake Agreements are on commercially reasonable terms and conditions for Offtake Agreements similar in make-up and quality to those derived from Minerals and that would be obtained from an arm's length third party and shall include industry standard reporting and payment settlement protocols and provisions that require the delivery of Settlement Sheets.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Project Entities shall provide the Purchasers with a final signed copy of each Offtake Agreement, subject to any redactions required in order to comply with confidentiality provisions, promptly after the execution thereof. Each Project Entity shall take all commercially reasonable steps to enforce its rights and remedies under each such Offtake Agreement with respect to any material breaches of the terms thereof relating to the timing and amount of Offtaker Settlements to be made thereunder. Skeena and the Seller shall promptly notify the Purchasers in writing of any dispute in respect of a material matter arising out of or in connection with an Offtake Agreement and shall provide the Purchasers with timely updates of the status of any such dispute and the final decision and award of the court or arbitration panel with respect to such dispute, as the case may be.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The Project Entities shall not process Other Minerals through the Processing Facilities in priority to or in place of, or commingle Other Minerals with, Minerals, unless: (i) the Project Entity has adopted and employs commercially reasonable practices and procedures for weighing, determining moisture content, sampling and assaying and determining recovery factors (a "**Commingling Plan** "), such Commingling Plan to ensure the division of Other Minerals and Minerals for the purposes of determining the quantum of the Refined Gold to be delivered hereunder; (ii) the Purchasers shall not be disadvantaged as a result of the processing of Other Minerals in place of, in priority to, or concurrently with, Minerals; (iii) the Purchasers' Agent has approved the Commingling Plan and any changes to such plan which may be proposed from time to time, such approval not to be unreasonably withheld; and (iv) the Project Entities keep all books, records, data and samples required by the Commingling Plan and make such books, records, data and samples available to the Purchasers in accordance with Section 5.4(b).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.11** **Environmental and Social Matters** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Within 60 days of the Original Effective Date, Skeena will engage an independent third-party consultant with relevant expertise to perform and will provide the Purchasers' Agent with a desktop analysis of the gaps in the then current development plan and operations to bring the Project in line with applicable standards as defined in the Equator Principles, and which shall be performed to the satisfaction of the IESC.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Skeena will deliver to the Purchasers' Agent an initial ESAP (the "**Initial ESAP**") as soon as practicable and in any event no later than 60 days after the Original Effective Date, which shall have been reviewed by the IESC. The ESAP shall conform to the Equator Principles, and include the following aspects:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) developing a permit plan and schedule tracking tool, stakeholder engagement plan, resettlement action plan (considering Free, Prior and Informed Consent guidance), comprehensive grievance mechanism (employees and community), and labour management plan;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) conducting a physical climate risk assessment consistent with the Task Force on Climate-related Financial Disclosures ()"**TCFD**") guidance and considering community impacts; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) providing for an annual IESC assessment and report and updated ESAP for conformance to EP4 and as otherwise provided herein.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) By November 30th of each year, Skeena shall have an IESC conduct an Independent Review of the assessment process including the ESMPs, the ESMS, and the Stakeholder Engagement process documentation in order to assist the Purchasers' due diligence to confirm that the Project conforms with the Equator Principles. The IESC will also propose or opine on a suitable annual ESAP capable of conforming the Project with the Equator Principles.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Annually following the delivery of the Initial ESAP, on or before March 31<sup>st</sup>, Skeena shall deliver substantially an updated ESAP (the "**Annual ESAP**") reflecting Skeena's actions for such Fiscal Year in respect of Environmental and Social Requirements and complying with Environmental and Social Requirements for the purpose of allowing the Purchasers to monitor the Project Entities' continued compliance with the same. Skeena shall not amend the ESAP, either on its own initiation or following the recommendation of the IESC, without the prior consent of the Majority Purchasers, which consent shall not be unreasonably withheld or conditioned.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Skeena covenants and agrees that it shall comply and shall ensure that all operations in respect of the Project, as applicable, comply with: (i) all applicable Environmental and Social Laws, including all material Authorizations, in each case then applicable; (ii) all other Environmental and Social Requirements in all material respects, (provided, for greater certainty, that the requirement to comply with the Equator Principles from the Original Effective Date to the Initial ESAP will be satisfied by compliance with Section 6.11(a) and 6.11(b)); and (iii) each ESAP, each ESMP and each Corrective Action Plan in all material respects.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) Skeena covenants and agrees to implement procedures to monitor compliance by the Project Entities with, and prevent material liability under, the Environmental and Social Requirements (provided, for greater certainty, that the requirement to comply with the Equator Principles from the Original Effective Date to the Initial

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ESAP will be satisfied by compliance with Section 6.11(a) and 6.11(b)), and the ESAP, each ESMP and each Corrective Action Plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) Skeena shall periodically review the Framework Documents in consultation with the IESC. If, following a review, any material revision of any of the Framework Documents is necessary to ensure that each of them is materially consistent with Environmental and Social Requirements, Skeena shall apply for the Majority Purchasers' consent to such revision without delay.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) Skeena shall deliver to the Purchasers' Agent, an environmental and social monitoring report annually for each Fiscal Year containing such additional information (to be promptly delivered) as is reasonably requested by the IESC to enable the IESC to produce any of its own reports, including any changes or proposed changes to the HSEC Policy, ESMS, ESMPs and any applicable Corrective Action Plan to ensure, among other things, compliance in all material respects with the Environmental and Social Requirements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Skeena shall ensure that the Project is decommissioned as and when required in accordance with Applicable Laws.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.12** **E&S Non-Compliance Dispute Mechanism.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Subject to Section 6.12(b) and Section 6.12(c) if any Potential E&S Non-Compliance Event, other than a Serious E&S Non-Compliance Event, is identified, Skeena shall propose a resolution of such Potential E&S Non-Compliance Event to the Purchasers' Agent and the IESC in writing; and, provided that (i) if the Purchasers' Agent (acting in consultation with the IESC) does not raise questions, objections or recommendations with respect to the proposal within fifteen (15) Business Days from its receipt of Skeena's proposal ()"**IESC Review Period** "), Skeena shall, in a timely manner, implement Skeena's proposal; or (ii) if the Purchasers' Agent (acting in consultation with the IESC) does raise questions, objections or recommendations with respect to the proposal during the IESC Review Period, Skeena shall, in a timely manner, implement the recommendations of the Purchasers' Agent and the IESC, in each case, to the satisfaction of the Majority Purchasers, acting reasonably.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) If a Potential E&S Non-Compliance Event occurs which could have immediate negative impacts on the environment or human beings or to comply with Applicable Law, Skeena shall take such immediate interim action as is necessary to rectify such Potential E&S Non-Compliance Event or to comply with Applicable Law prior to the expiry of the IESC Review Period or, if such event will in due course become an E&S Non-Compliance Event, until such time that a Corrective Action Plan is being implemented in relation to such matter.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) If agreement on a resolution to any Potential E&S Non-Compliance Event (other than a Serious E&S Non-Compliance Event) cannot be reached between Skeena and the Purchasers' Agent (acting in consultation with the IESC) (an "**E&S** 

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**Dispute**"), Skeena shall serve a notice (with copy to each ECA) ("**E&S Dispute Notice**") on the Purchasers' Agent (acting in consultation with the IESC) and the Majority Purchasers (acting reasonably) or the Purchasers' Agent shall serve a notice on the Purchasers (for the purposes of this Section 6.12(c), Skeena and the Purchasers' Agent, each a "**Dispute Party**"). Upon any Dispute Party serving any E&S Dispute Notice to the other Dispute Party, each Dispute Party shall together endeavour to resolve the dispute within thirty (30) Business Days. If such persons agree on a resolution of the matter, they shall sign a statement setting out their resolution, and Skeena shall fully and promptly carry such resolution into effect. If such persons do not agree upon a resolution of the matter, then the provisions of Section 6.12(d) shall apply.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) If (i) the Purchasers' Agent (acting in consultation with the IESC) determines that Skeena's proposal or the Purchasers' Agent or the IESC's recommendations as agreed with Skeena, in each case, in accordance with Section 6.12 are not being implemented in a reasonable timeframe with satisfactory results by Skeena, or (ii) a Serious E&S Non-Compliance Event has occurred; and (iii) an agreement cannot be reached on an E&S Dispute within the thirty (30) Business Day time period referred to in Section 6.12(c), the event will become an "E&S Non-Compliance Event" which will require Skeena:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) to notify the Purchasers' Agent and the Majority Purchasers;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) to: (A) prepare, and provide the Purchasers' Agent with a copy of, a Corrective Action Plan, which has been prepared in consultation with the Purchasers' Agent and the IESC, to set forth the proposed actions to correct or to remedy damage and adverse consequences caused by such E&S Non-Compliance Event, including timeframes for the implementation of such actions, (B) conduct all such actions within such timeframes and (C) where relevant, upon the request of the Purchasers' Agent, acting reasonably, provide the Purchasers' Agent with any information relating to measures or monitoring undertaken by it consistent with Environmental and Social Requirements or under any Corrective Action Plan; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) subject to receiving consent in accordance with Section 6.11(a), amend the ESAP.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) If a Serious E&S Non-Compliance Event occurs, Skeena shall take such immediate action as necessary to rectify such Serious E&S Non-Compliance Event prior to the development and implementation of any Corrective Action Plan. During the period in which the Serious E&S Non-Compliance Event is ongoing, the Purchasers shall be entitled to require the IESC visit the site of the Project Real Property in person. Without limiting the foregoing, the Purchasers shall also be entitled to require the IESC to visit the site of the Project Real Property in person if Skeena has failed to comply with any Corrective Action Plan.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) For greater clarity, the Project Entities shall not be in breach of Sections 6.11(a) through 6.11(i) while the Project Entities work to rectify an E&S Non-Compliance Event in consultation with the Majority Purchasers and IESC, as applicable, pursuant to Sections 6.12 through 6.12(e).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.13** **Transparency** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) In accordance with Equator Principle 10, Skeena shall, once the ESIA is approved, make available on Skeena's public website a summary of the ESIA.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) After commencement of commercial production at the Project, Skeena shall publicly report emissions (combined (i) direct greenhouse gas emissions from the facilities owned or controlled within the physical Project boundary and (ii) indirect greenhouse gas emissions associated with the offsite production of energy used by the Project) during the operational phase on an annual basis. Quantification of the greenhouse gas emissions will be conducted by Skeena in line with the GHG Protocol and the reporting methodology shall be in accordance with host country regulatory requirements, or in accordance with internationally recognized methodologies, in each case where such reporting includes emissions at the Project level and is reasonably acceptable to the Purchasers.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Skeena shall use reasonable efforts, to the extent such information is commercially non-sensitive and has been collected as required under Applicable Law, share, on an annual basis, Project specific biodiversity data with the Global Biodiversity Information Facility, and relevant national and global data repositories.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Skeena, the Seller, the Purchasers, the Purchasers' Agent and the Stream Collateral Agent each consent to the reporting of the Project name pursuant to annex B of the Equator Principles on any publicly available internet website maintained by any such Person.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.14** **Preservation of Corporate Existence** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Each of the Project Entities shall at all times from and after the Original Effective Date do and cause to be done all things necessary or advisable to maintain its corporate or other existence, including the making of all required filings in connection therewith, and to obtain, and, once obtained, maintain all qualifications necessary to carry on its business and own its assets in each jurisdiction in which it carries on business or in which its assets are located. Skeena and the Seller shall not, and shall not permit any Project Entity to, merge, amalgamate or consolidate with another Project Entity, or change or reorganize its capital structure or amend its articles, by-laws or any other constating documents, if it would adversely impact the Purchasers' rights under the Stream Documents.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Skeena and the Seller shall not, and shall not permit any of the Project Entities to consolidate, amalgamate with, or merge with or into, or Transfer all or substantially all of its assets to, or reorganize, reincorporate or reconstitute into or as, another entity, or continue to any other jurisdiction, unless such action is in compliance

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with Article 7 and at the time of such consolidation, amalgamation, merger, reorganization, reincorporation, reconstitution, Transfer, or continuance, the resulting, surviving or transferee entity assumes in favour of the Purchasers all the obligations of such Project Entity under the Stream Documents, as applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.15** **Maintenance of Property; Encumbrances** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Each Project Entity shall at all times do or cause to be done all things necessary to maintain Project Real Property and Mining Rights in good standing, including paying or causing to be paid all Taxes owing in respect thereof, performing or causing to be performed all required assessment work thereon, paying or causing to be paid all claim, permit and license maintenance fees in respect thereof, paying or causing to be paid all rents and other payments in respect of leased properties forming a part thereof or otherwise payable under any purchase, option or similar agreements relating thereto and otherwise maintaining the Project Real Property and Mining Rights in accordance with Applicable Laws.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Each Project Entity shall at all times warrant and defend the right, title and interest of the Project Entities in and to any Project Property, and every part thereof, against the claims of any Person, subject only to Permitted Encumbrances.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Purchasers, at their own expense, may undertake such investigation of the title and status of the Project Real Property as they shall deem necessary. If that investigation should reveal material defects in the title (which shall not include Permitted Encumbrances), Skeena and the Seller shall forthwith proceed to cure, or cause the Project Entities to cure, such title defects to the satisfaction of the Purchasers' Agent, acting reasonably. If Skeena and the Seller fail to so cure or cause to be cured such material defects within 30 days of such notice from the Purchasers Agent (or such longer period thereafter during which Skeena and the Seller are continuing to diligently pursue, or cause to be pursued, the curing of such material defects): (i) the Purchasers' Agent may proceed to cure such title defects; (ii) any costs and expenses incurred (including reasonable legal fees and costs) by the Purchasers' Agent in connection with curing such title defects shall be promptly reimbursed by Skeena and the Seller; and (iii) the Purchasers' Agent may lien such properties for such amounts until Skeena and the Seller reimburse the Purchasers' Agent in full.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.16** **Insurance** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Project Entities shall keep the Project Property and the Project insured with financially sound and reputable insurance companies, in amounts and against losses or damages, including property damage and public liability, on a basis consistent with insurance obtained by reasonably prudent participants in comparable businesses in the relevant jurisdictions and on or prior to the date of the Second Deposit, cause the policies of insurance referred to above to (i) not be amended in any manner which is prejudicial to the Purchasers and (ii) contain customary endorsements for the benefit of the Purchasers, all in a form acceptable to the

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Purchasers' Agent and the Stream Collateral Agent, acting reasonably, and use commercially reasonable efforts to include a provision that such policies will not be cancelled without 30 days' prior written notice being given to the Purchasers' Agent and the Stream Collateral Agent by the issuers thereof. Skeena and the Seller shall cause the Stream Collateral Agent to be named as a loss payee (as its interests may appear) with respect to property insurance and the Stream Collateral Agent, the Purchasers' Agent and the Purchasers to be named as additional insureds with respect to public liability insurance. Skeena and the Seller shall provide, or cause to be provided, to the Purchasers' Agent and the Stream Collateral Agent, as applicable, promptly with such evidence of insurance as any Purchaser may from time to time reasonably require.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Prior to the Security Release Date and subject to Section 6.16(d) and the terms of any applicable intercreditor agreement to which the Purchaser is a party, to the extent one or more Project Entities receive in the aggregate:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Net Proceeds in an amount equal to $25,000,000 or less, then the full amount of such Net Proceeds received by the Project Entities shall be used (or contractually committed to be used) within 180 days of receipt to repair, replace or otherwise mitigate the loss or damage giving rise to such Net Proceeds, provided that the Seller shall make a repayment to the Purchasers within five (5) Business Days of the earlier of (i) the expiry of such 180 days, and (ii) the Seller's or Independent Engineer's reasonable determination that such replacement, repair or mitigation is not feasible, in the amount of such Net Proceeds that exceeds $5,000,000; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Net Proceeds in excess of $25,000,000, the Seller shall make a repayment to the Purchasers in an amount equal to the full amount of such Net Proceeds received by the Project Entities within five (5) Business Days of the receipt of such Net Proceeds.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Following the Security Release Date and subject to Section 6.16(d) and the terms of any applicable intercreditor agreement to which the Purchaser is a party, to the extent any Project Entity receives Net Proceeds, then:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the amount of such Net Proceeds received by the Project Entities that is less than $25,000,000 in aggregate in any fiscal year shall either (A) be used by the Project Entities to repair and/or replace the property that is the subject of such Net Proceeds, or (B) to the extent not so used (or contractually committed to be used) to repair and/or replace property within 365 days of receipt, shall (subject to the Intercreditor Agreement) be paid to the Purchasers; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Net Proceeds received by the Project Entities that are more than $25,000,000 in aggregate in any fiscal year shall (subject to the Intercreditor Agreement) be paid over to the Stream Collateral Agent to hold, and such funds shall be held by the Stream Collateral Agent: (A) if in the Purchasers'

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Agent's reasonable opinion, the property that is the subject of such Net Proceeds can be adequately repaired and/or replaced in a manner and timeframe such that there will not be a Material Adverse Effect, then at the Seller's option such property may be repaired and/or replaced (or contractually committed to be repaired or replaced) within 365 days of receipt, and the Stream Collateral Agent (at the direction of Purchasers' Agent) shall pay over such funds upon payment being due for such repairs and/or replacement, or (B) if the Purchasers' Agent is not of such opinion, the Purchasers' Agent is of such opinion and the Seller elects not to so repair and/or replace or the repair and/or replacement is not completed (or contractually committed to be carried out) within 365 days, such funds shall (subject to the Intercreditor Agreement) be paid to the Purchasers.

The amount of any such Net Proceeds payable to the Purchasers under Section 6.16(b) or Section 6.16(c) shall be equal to the Purchasers' Applicable Percentage multiplied by the Net Proceeds and, upon payment of any such Net Proceeds to the Purchasers, an amount of the Deposit equal to the amount of such Net Proceeds paid to the Purchasers shall be deemed to have been returned to the Purchasers and the total amount of the Deposit shall be deemed to be reduced for all purposes under this Agreement. For purposes of Section 6.16(b) or this Section 6.16(c), "**Applicable Percentage**" means the Purchasers' share of the Net Proceeds of such insurance payment received by any Project Entity, the Purchasers' share being calculated as the ratio of (i) the NPV of the Remaining Stream to (ii) the NPV of the Project.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The Project Entities will ensure that each shipment from the Project of Minerals containing gold is adequately insured in such amounts and with such coverage as is customary in the mining industry, until the time that risk of loss and damage for such gold is transferred to the Offtaker. Where any Project Entity has received payment under an insurance policy in respect of a shipment of Minerals to the Offtaker that is lost or damaged after leaving Project Real Property and before the risk of loss or damage is transferred to the Offtaker, the Seller shall use the Net Proceeds received by the Project Entity in respect thereof that is attributable to gold contained in the Minerals (as determined by reference to the insurance settlement documents) to acquire Refined Gold and shall sell and deliver to each Purchaser (without duplication to the extent previously sold and delivered to the Purchasers by the Seller) the Purchasers' Share of the Payable Gold at the Purchase Price, and upon such delivery to the Purchasers, the applicable deduction from the Deposit, if any, shall be made in accordance with Section 3.1(e).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.17** **Indebtedness and Encumbrances** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Prior to the Security Release Date, the Seller and Skeena shall and shall not permit any Project Entity to create, incur, assume, or otherwise become directly or indirectly liable upon or in respect of, or suffer to exist, any Debt other than;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the Stream Obligations;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) obligations under the Credit Agreement or any Refinancing Facility;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) deposits received from customers in the ordinary course of business;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) obligation under a Permitted Prepay;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) credit card indebtedness up to $350,000;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) indebtedness in respect of letters of credit, bonding arrangements, surety arrangements, guarantees to third parties (such as Export Development Canada) made in connection with such third party's guarantee or backstop on a Project Entity's behalf, in each case to the extent required to be provided in connection with the Project, including for reclamation obligations, and to the extent provided for, and in accordance with, the Planning Documents;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) hedging of currency risk and raw materials for construction and development not for speculative purposes and in accordance with the Seller's hedging policy that has been approved by the Purchasers' Agent, acting reasonably;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii) deferred payment arrangements in connection with inventory and supplies during construction and development of the Project on terms not exceeding 180 days in a maximum amount outstanding at any time of $5,000,000, provided that the further incurrence of such indebtedness under such arrangements shall cease to be permitted if and for so long as any such arrangements are in default or overdue;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ix) Project Lease Transactions to the extent constituting indebtedness;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(x) Debt secured by Encumbrances permitted pursuant to paragraph (i) of the definition of Permitted Encumbrances;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xi) Subordinated Intercompany Debt;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xii) unsecured trade payables and other unsecured accrued liabilities (which do not comprise borrowed money) incurred in the ordinary course of business;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xiii) Debt in respect of surety or completion bonds, standby letters of credit or letters of guarantee securing mine closure, asset retirement and environmental reclamation obligations of a Project Entity to the extent required by Applicable Laws or Governmental Body;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xiv) Debt in respect of deferred payment arrangements owing to Coast Copper Corp. in connection with an asset purchase agreement dated as of August 3, 2022, which remaining payment obligations shall not exceed $500,000;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xv) Debt in respect of surety or completion bonds, standby letters of credit or letters of guarantee securing mine closure, asset retirement and environmental reclamation obligations in respect of the Snip Project and the Copper Exploration Concessions up to an aggregate amount of $7,000,000 to the extent required by Applicable Laws or Governmental Body;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xvi) a Guarantee or other contingent obligations of Debt incurred by a Project Entity and enumerated in clauses (i) through (xv) above; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xvii) any other Debt of any Project Entity permitted in writing by the Majority Purchasers.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) From and after the Security Release Date, the Project Entities shall be permitted to create, incur, assume or otherwise become directly or indirectly liable for, or suffer to exist any Debt, whether secured or unsecured, provided that the Project Entities on a consolidated basis would have a Projected DSCR of not less than 1.25:1 for each period of four Fiscal Quarters from the date such Debt is incurred (giving effect to any required amortization thereunder) until the maturity date of such Debt, provided further that, the Project Entities (or the applicable Project Entity) may assume for purposes of Projected DSCR test, that such Debt will be refinanced at maturity so long as the Projected DSCR for each period of four Fiscal Quarters for the two years following such maturity date, and assuming such Debt is otherwise refinanced on the same terms as the Debt that is maturing, is not less than 1.25:1; provided that, if requested by the Purchasers, such additional Debt shall be subject to an acknowledgement agreement in form and substance reasonably satisfactory to the Purchasers.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Seller and Skeena shall not, and shall not permit any Project Entity to, create, incur, assume or suffer to exist any Encumbrance upon all or any of the Project Property, whether now owned or hereafter acquired, other than Permitted Encumbrances.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.18** **Confidentiality** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Each Party (a "**Receiving Party**") agrees that it shall maintain as confidential and shall not disclose, and shall cause its Affiliates, employees, officers, directors, advisors and representatives to maintain as confidential and not to disclose, the terms contained in this Agreement and all information (whether written, oral or in electronic format) received or reviewed by it as a result of or in connection with this Agreement (collectively, the "**Confidential Information** "), provided that a Receiving Party may disclose Confidential Information in the following circumstances:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) to its auditor, legal counsel, lenders, underwriters and investment bankers and to persons with which it is considering or intends to enter into a transaction for which such Confidential Information would be relevant (and to advisors and representatives of any such person), provided that such

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persons are advised of the confidential nature of the Confidential Information, undertake to maintain the confidentiality of it and are strictly limited in their use of the Confidential Information to those purposes necessary for such persons to perform the services for which they were, or are proposed to be, retained by the Receiving Party or to consider or effect the applicable transaction, as applicable;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) subject to Section 16.7, where that disclosure is necessary to comply with Applicable Laws, court order or regulatory request, provided that such disclosure is limited to only that Confidential Information so required to be disclosed and, where applicable, that the Receiving Party will have availed itself of the full benefits of any laws, rules, regulations or contractual rights as to disclosure on a confidential basis to which it may be entitled;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) for the purposes of the preparation and conduct of any arbitration or court proceeding commenced under Section 16.1;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) where such information is already available to the public other than by a breach of the confidentiality terms of this Agreement or is known by the Receiving Party prior to the entry into of this Agreement or obtained independently of this Agreement and the disclosure of such information would not breach any other confidentiality obligations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) with the consent of the disclosing Party;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) to its Affiliates and those of its and its Affiliates' directors, officers, employees, advisors and representatives who need to have knowledge of the Confidential Information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) in the case of a Purchaser and its Affiliates, to any limited partner or co-investor or prospective limited partner or co-investor in or with a private equity fund managed by the Purchaser or Affiliates of the Purchaser, to the extent such information is reasonably relevant to the current investment or future investment decision of any such limited partner or co-investor or prospective limited partner or co-investor, provided that such persons undertake to maintain the confidentiality of it and are strictly limited in their use of the confidential information for the purpose of making an investment decision in or with respect to the Purchaser or Affiliates of the Purchaser.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Each Party shall ensure that its Affiliates and its and its Affiliates' employees, directors, officers, advisors and representatives and those persons listed in Section 6.18(a)(i) and 6.18(a)(vii) are made aware of this Section 6.18 and comply with the provisions of this Section 6.18. Each Party shall be liable to the other Party for any improper use or disclosure of such terms or information by such persons.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) It is acknowledged that the Seller is required to file a copy of this Agreement on SEDAR+ and agreed that no Party shall file this Agreement on SEDAR+ without reasonable prior consultation with the other Parties and the Parties shall consult

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with each other with respect to any proposed redactions to this Agreement in compliance with Applicable Laws before it is filed on SEDAR+.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.19** **Additional Deposit Option Fee** 

In addition to any option fee payable pursuant to Section 3.2 on the payment of the Additional Deposit, the Seller shall pay to the Purchasers in accordance with their respective Purchasers' Share, a quarterly option payment in an aggregate amount equal to 1% per annum calculated daily in respect of the undrawn portion of the maximum Additional Deposit available under this Agreement (after giving effect to any reduction of the maximum available Additional Deposit pursuant to Section 3.2), payable quarterly on the last Business Day of every Fiscal Quarter until the earlier of (a) Completion Target Date, (b) the Deposit Date for the Additional Deposit; and (c) cancellation of the Additional Deposit commitment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.20** **Notifications to the Purchasers** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Seller and Skeena shall promptly notify the Purchasers' Agent of the occurrence of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) any Seller Event of Default;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) any default by any party under or termination or threatened termination (in writing) of any Material Contract of which it becomes aware;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) if any event or circumstance occurs as a result of which it could reasonably be expected that the Project could not be developed, constructed and operated substantially in accordance with the Planning Documents;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) the loss of or material non-compliance with the terms of, or any threat (in writing) by a Governmental Body to revoke or suspend, any Material Project Authorization;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) all material actions, suits and proceedings before any Governmental Body or arbitrator pending, or to the Seller's knowledge, threatened, against or directly affecting any Project Entity or the Project, including any actions, suits, claims, notices of violation, hearings, investigations or proceedings pending, or to the Seller's knowledge threatened, against or affecting any Project Entity, or with respect to the ownership, use, maintenance and operation of the Project;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) any violation or suspected violation of any Applicable Law by the Seller or any Project Entity in any material respect;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) any non-compliance by any Group Member with the Anti-Corruption Policy or non-compliance by any Project Entity with the ESIA, in each case, in any material respect or any Potential E&S Non-Compliance Event;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii) any material damage suffered to the Project, and whether any Project Entity has made, or plans to make, any insurance claim;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ix) any material disputes or disturbances involving Affected Persons or local communities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(x) any event, circumstance or fact that would reasonably be expected to give rise to a default under the Credit Agreement, or any other agreement in respect of Debt or any Project Entity in the case of such Debt in a principal amount of **[REDACTED – Commercially Sensitive Information]** or more without giving effect to any amendments or waivers from the creditor party thereunder;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xi) any other condition or event which has resulted, or that would reasonably be expected to result, in a Material Adverse Effect, in each case, accompanied by a written statement by a senior officer of Skeena setting forth details of the occurrence referred to therein;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xii) promptly (and in any event within 30 days) after the preparation thereof, provide to the Purchasers' Agent a copy of each Corrective Action Plan and, promptly (and in any event within 30 days) after the actions contained in it have been fully implemented and completed evidence of such implementation and completion;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xiii) provide a report of annual expenditures in respect of Excluded Assets;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xiv) any material non-compliance with any Environmental and Social Requirement (except for such gaps in compliance with the Equator Principles to be identified and in the Initial ESAP); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xv) any material non-compliance with the ESAP or any ESMP or Corrective Action Plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Seller and Skeena shall promptly notify the Purchasers' Agent, including in the notification the intended action to be taken by it, upon:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) learning of any material claim, complaint, notice or order under any Environmental or Social Law affecting it;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) learning of the existence of Hazardous Substances located on, above or below the surface of any land which any Project Entity occupies or controls, except those being stored, used or otherwise handled in compliance with Environmental Law, or contained in the soil or water constituting such land, in each case which would reasonably be expected to have a material impact on any Project Entity's ability to develop, construct or operate the Project and carry on the Business;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) the occurrence of any reportable Release of Hazardous Substances that has occurred on or from such land which would reasonably be expected to have a material impact on the Project Entity's ability to develop, construct or operate the Project and carry on the Business;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) the occurrence of any change in business activity conducted by it which involves the storage, use or handling of Hazardous Substances or wastes or increases its Environmental Liability in any material manner; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) any proposed change in the use or occupation of the Project Real Property which may have a material impact on the Project Entities' ability to develop, construct or operate the Project and carry on the Business.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Seller shall provide the Purchasers' Agent not less than 10 Business Days prior notice of any change in name or change in jurisdiction of incorporation or chief executive office of any Project Entity, provided that the Purchasers' Agent may waive or shorten such notice period without the consent of the Purchasers.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The Seller shall promptly notify the Purchasers' Agent of (i) the acquisition by any Project Entity of any Real Property (including mineral rights or claims), whether owned or leased, (ii) any new locations of material tangible assets of any Project Entity (other than inventory in transit), (iii) any pending new Material Contracts or any amendment or revision to any existing Material Contract (provided that Section 6.6(m) shall also apply), and (iv) any new Material Project Authorization or any amendment, revision, reissuance or replacement of any existing Material Project Authorization, and in the case of (iii) and (iv) above, forthwith provide a true and complete copy of the same to the Purchasers' Agent in accordance with Section 6.4.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) As soon as practicable following a request thereof from the Purchasers' Agent, the Seller shall provide any financial information, financial statements, budgets, forecasts, projections, lists of property and accounts and other statements as the Purchasers' Agent may reasonably request from time to time, including copies of any Tax Returns and any other elections, remittance forms or other documents filed by any Project Entity pursuant to any legislation which requires an Project Entity to pay, withhold, collect, or remit material amounts.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) The Seller shall notify the Purchasers' Agent immediately of any Serious E&S Non-Compliance Event.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.21** **Reorganization Plan** 

As soon as practicable after the date hereof, and in any event within the timeframe set forth in the Reorganization Plan, Skeena will give effect to the Reorganization Plan. The Reorganization Plan provided for in this Section 6.21 shall occur in a manner that does not adversely affect, in any material respect, the rights or obligations of the Purchasers hereunder or the tax treatment of the Purchasers in connection therewith, as determined by the Purchasers, acting reasonably. Skeena shall provide written notice to the Purchasers, including copies of any documents related to the

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subject step of the Reorganization Plan, at least 10 Business Days prior to effecting such subject step thereof, for review and comment by the Purchasers.

**Article 7**

**TRANSFERS OF INTERESTS**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7.1** **Prohibition on Sale of Production Interests** 

Prior to the Security Release Date, Skeena and the Seller shall not, and shall not permit any Group Member to, Transfer a Production Interest relating to Minerals, or otherwise amend, modify or vary any existing Production Interest (including the Royalties) which would have the effect of increasing or accelerating any interest in the Minerals to the owner of such Production Interest.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7.2** **Prohibition on Transfers and Change of Control** 

Except as set out in Section 7.3 or 7.4 or with the prior written consent of the Purchasers' Agent (at the direction of the Majority Purchasers), Skeena and the Seller shall not, and shall ensure that none of the Project Entities, give effect to, approve or enter into any agreement, arrangement or understanding that would cause or otherwise support, allow or permit to occur:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Transfer, in whole or in part, directly or indirectly, the Project Property or other Collateral, other than a Permitted Asset Disposition or Permitted Encumbrance; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) a Change of Control of any Project Entity.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7.3** **Permitted Transfers** 

Section 7.2 shall not prohibit a Transfer or Change of Control of a Project Entity if:

<u>Transfer of the Project Property</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) in the case of a Transfer of the Project Property to a Person that is not a Project Entity:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the Seller shall have provided the Purchasers with at least 30 days prior written notice of the proposed Transfer;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the Project Entity or any Person from which the Project Property has been transferred in accordance with Section 7.3(c), transfers all, but not less than all, of the Project Property (other than leased personal property that is not material to the Project that, by the terms of the lease, may not be transferred) to the same transferee, or to transferees wholly-owned by the same ultimate parent owner, (each such transferee or ultimate parent owner, for the purposes of this Section 7.3, the "**New Project Entity** ");

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) the Seller assigns all its rights and obligations under this Agreement to an Affiliate of the New Project Entity (who must be a direct or indirect wholly-owned subsidiary of the same ultimate parent of the New Project Entity)

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concurrently with any such transfer of Project Property (so as to maintain the same corporate structure), and the Affiliate of the New Project Entity assumes in favour of the Purchasers all of the Seller's obligations under this Agreement pursuant to an agreement in form and substance satisfactory to the Purchasers' Agent, acting reasonably (upon such assumption and agreement and completion of the transfer of Project Property in accordance with this Section 7.3(a), the Seller shall automatically be released from its obligations hereunder except for any obligations that remain outstanding or for any rights that have accrued to the Purchasers prior to such assumption and agreement);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) the New Project Entity and each Person that has a direct or indirect interest in the Project Property, enters into such documents, including Guarantees, and grants such charges and security interests in, to and over the Project Property and other collateral as to achieve the functionally equivalent security as contemplated by the Security Documents entered into by the Project Entities pursuant to Article 8 (upon the execution and delivery of Security Documents, including Guarantees, and completion of the transfer of Project Property in accordance with this Section 7.3(a), the Project Entities shall automatically be released from their respective obligations thereunder, except for any obligations that remain outstanding or for any rights that have accrued to the Purchasers prior to such execution and delivery);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) the Persons referred to subsections (ii), (iii) and (iv) above satisfy the conditions set forth in Sections 3.9(e), 3.5(a) (disregarding "with respect to the Second Deposit only"), 3.5(d) (disregarding "with respect to the Second Deposit only"), 3.6(c) (disregarding "with respect to the Third Deposit only") and, if any such Person holds any Project Real Property that it did not hold prior to such Transfer, 3.5(e) as if the provisions applied to them, with appropriate modifications;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) all necessary consents and approvals of any Governmental Body or other Person are obtained or satisfied with respect to such Transfer;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) there is no Seller Event of Default (or an event which with notice or lapse of time or both would become a Seller Event of Default) that has occurred and is continuing;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii) the Purchasers' Agent does not reasonably expect such Transfer to have a Material Adverse Effect (where, in the definition of "Material Adverse Effect", references to the "Seller", "Project Entities" shall instead refer to the Persons referred to in subsections (ii), (iii) and (iv) above, as applicable);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ix) the Purchasers' Agent is satisfied that the New Project Entity is an Eligible Transferee; and

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(x) if the Persons referred to in subsections (ii), (iii) and (iv) above, or any of their Affiliates, have any outstanding Debt secured by the same assets secured under the Security Documents, their secured lenders shall have entered into an intercreditor agreement with the Purchasers on terms not less favourable to the Purchasers than those in the Intercreditor Agreement;

<u>Change of Control</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) in the case of a Change of Control of any Project Entity or any Person to which a direct or indirect interest in Project Property has been transferred in accordance with Section 7.3(c):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the Seller shall have provided the Purchasers with at least 30 days prior written notice of the proposed Change of Control;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the Person acquiring an interest in such Project Entity will own, immediately following such Change of Control, directly or indirectly, all of the equity and voting interests in the subject Project Entity and each other Project Entity (or the Person acquiring an interest in such Project Entity will have an ultimate parent owner that will own directly or indirectly, all of the equity interests in the subject Project Entity and each other Project Entity);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) the Seller assigns all of its rights and obligations under this Agreement to the Person acquiring control of any such Person if it is the ultimate parent owner or otherwise to the ultimate parent owner if it is a Subsidiary of the ultimate parent owner (such ultimate parent owner, for the purposes of this clause (b), the "**New Parent**") (or a Subsidiary thereof) concurrently with any such Change of Control and the New Parent (or Subsidiary thereof) assumes in favour of the Purchasers all of the Seller's obligations under this Agreement pursuant to an agreement in form and substance satisfactory to the Purchasers' Agent, acting reasonably (upon such assumption and agreement and completion of the Change of Control in accordance with this Section 7.3(b), the Seller shall automatically be released from its obligations hereunder except for any obligations that remain outstanding or for any rights that have accrued to the Purchasers prior to such assumption and agreement);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) the New Parent and each Person that, as a result of the Change of Control, acquires a direct or indirect interest in Project Property (being a New Project Entity) enters into such documents, including Guarantees, and grants such charges and security interests in, to and over Project Property and other collateral as to achieve the functionally equivalent security as contemplated by the Security Documents entered into by the Project Entities pursuant to Article 8 (upon the execution and delivery of Security Documents, including Guarantees, and completion of the Change of Control in accordance with this Section 7.3(b), the former Project Entities shall automatically be released from their respective obligations thereunder,

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except for any obligations that remain outstanding or for any rights that have accrued to the Purchasers prior to such execution and delivery);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) the Project Entities which will continue to hold a direct or indirect interest in Project Property following the Change of Control shall grant the same security interests in, to and over any shares of the New Project Entity and the Project Entity held by them that would be required to be granted by a minority interest holder;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) the Persons referred to in subsections (ii), (iv) and (v) above satisfy the conditions set forth in Sections 3.9(e), 3.5(a), 3.6(c), 3.5(d) and, if any such Person holds any Project Real Property that it did not hold prior to such Change of Control, 3.5(e) as if the provisions applied to them, with appropriate modifications;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) all necessary consents and approvals of any Governmental Body or other Person are obtained or satisfied with respect to such Change of Control;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii) there is no Seller Event of Default (or an event which with notice or lapse of time or both would become a Seller Event of Default) that has occurred and is continuing;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ix) the Purchasers' Agent does not reasonably expect such Change of Control to have a Material Adverse Effect (where, in the definition of "Material Adverse Effect", references to the "Seller", "Project Entities" or "Project Entity" shall instead refer to the Persons referred to in subsections (ii), (iv) and (v) above, as applicable);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(x) the Purchasers' Agent is satisfied that the New Project Entity is an Eligible Transferee, unless such Transfer occurs after the Security Release Date and during the Project's final year of mine life based on the then current mineral reserves and Mine Plan; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xi) if the Persons referred to in subsections (ii), (iv) and (v) above have any outstanding Debt secured by the same assets secured under the Security Documents, their secured lenders shall have entered into an intercreditor agreement with the Purchasers on terms not less favourable to the Purchasers than those in the Intercreditor Agreement;

<u>Inter-corporate Transfers</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) in the case of a Transfer of Project Property or other Collateral to a Project Entity that is not the Seller (including by way of the issuance of shares of a Project Entity):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the Seller shall have provided the Purchasers with at least 10 days prior written notice of the proposed Transfer;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the Seller provides a confirmation in writing in favour of the Purchasers that its obligations under this Agreement shall continue in full force and effect despite any such Transfer;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) the provisions of Sections 7.3(a)(iv), 7.3(a)(v), 7.3(a)(vi), 7.3(a)(vii) and 7.3(a)(viii) are complied with *mutatis mutandis*;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) the transferee shall have no Debt other than Debt permitted under Section 6.17; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) if, following such Transfer, any Project Entity has any outstanding Debt secured by the same assets secured under the Security Documents, its secured lenders shall have entered into an intercreditor agreement with the Purchasers on terms not less favourable to the Purchasers than those in the Intercreditor Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7.4** **Abandonment** 

If a Project Entity intends to abandon, surrender, relinquish or let lapse any of the Project Real Property including by way of ceasing to maintain Project Authorizations or the validity of mineral claims, leases or exploration licenses (the "**Abandonment Property**"), Skeena shall (a) have determined, acting in a commercially reasonable manner, that it is not economical to mine minerals from the Abandonment Property, and (b) first give notice of such intention to the Purchasers' Agent at least 30 days in advance of the proposed date of abandonment. If: (i) not later than 10 days before the proposed date of abandonment, the Seller receives from the Purchasers' Agent written notice that one or more of the Purchasers desire the Seller to convey or cause the conveyance of the Abandonment Property to such Purchasers or an assignee, and (ii) the Abandonment Property is not subject to any restrictions that would restrict the transfer of such Abandonment Property to the Purchasers; then the Seller shall, without additional consideration, convey or cause the conveyance of the Abandonment Property to such Purchasers on an as is where is basis and at the sole cost, risk and expense of such Purchasers and shall thereafter have no further obligation to maintain the title to the Abandonment Property. If the Purchasers' Agent does not give such notice to the Seller within the prescribed period of time, a Project Entity may abandon the Abandonment Property and shall thereafter have no further obligation to maintain the title to the Abandonment Property; provided, however, that if any Group Member reacquires a direct or indirect interest in any of the ground covered by the Abandonment Property at any time within seven years following abandonment, the production of gold from such property shall be subject to this Agreement. The Seller shall give written notice to the Purchasers' Agent within ten days of any such reacquisition.

**Article 8**

**GUARANTEES AND SECURITY**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**8.1** **Guarantees and Security Documents** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) As security for the due and punctual payment of all of the Stream Obligations:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Skeena shall deliver, on the date hereof concurrently with the execution of this Agreement, a British Columbia law governed Guarantee in favour of

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the Stream Collateral Agent, in form and substance satisfactory to the Purchasers, acting reasonably, guaranteeing the payment and performance, when due, of all Stream Obligations (the "**Parent Guarantee**"); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Skeena and the Seller shall cause each of the Guarantors to deliver, on the date hereof concurrently with the execution of this Agreement, a British Columbia law governed Guarantee in favour of the Stream Collateral Agent, in form and substance satisfactory to the Purchasers, acting reasonably, guaranteeing the payment and performance, when due, of all Stream Obligations (the "**Project Entity Guarantees** ").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) As security for the due and punctual payment of all of the Stream Obligations, the Seller shall, and as security for the Parent Guarantee by Skeena and the Project Entity Guarantee by each of the Guarantors, Skeena and the Seller shall cause each of the Guarantors to, on or prior to the Deposit Date for the Second Deposit, grant a continuing security interest and a valid and perfected Encumbrance in favour of the Stream Collateral Agent over all of the Collateral (subject only to Permitted Encumbrances), and in furtherance thereof shall deliver or cause to be delivered to the Stream Collateral Agent, for the benefit of the Purchasers, in form and substance satisfactory to Purchasers' counsel, acting reasonably:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) a general security agreement from each of the Seller and the Guarantors;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) a Share Pledge Agreement from each of the Seller and the Guarantors of the Equity Interests owned in any Person other than the Excluded Subsidiaries;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) a Blocked Account Agreement in respect of the bank accounts of each of the Seller and the Guarantors;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) an assignment of each Material Contract, other than any permits, licenses of occupation or timber licenses, from each of the Seller and the Guarantors, as applicable;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) using commercially reasonable efforts, an acknowledgment and consent agreement from each applicable Material Contract counterparty in respect of each Material Contract;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) an assignment of insurance in relation to all insurance policies of each of the Seller and the Guarantors;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) a mortgage and assignment of rights or debenture, as determined by the Purchasers' Agent, over any Project Real Property of each of the Seller and the Guarantors, including, without limitation, any Project Real Property of each of the Seller and the Guarantors obtained after the date of this Agreement from time to time;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii) all share certificates, stock powers of attorney, documentation, consents or authorizations necessary in order to make valid and effective the

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aforementioned agreements which have not been delivered under the security securing the obligations under the Credit Agreement or any Permitted Refinancing therefor; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ix) such other security documents as the Purchasers' Agent, Stream Collateral Agent or the Purchasers may at any time reasonably request having for the purposes of granting, protecting or ensuring a valid and perfected (subject only to Permitted Encumbrances) perfected Encumbrance in favour of the Stream Collateral Agent, for the benefit of the Purchasers, in the Collateral.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**8.2** **Additional Security from New Subsidiaries** 

Prior to the Security Release Date, the Seller shall cause each Person that becomes a Project Entity (by way of Acquisition or otherwise), other than an Excluded Subsidiary, to promptly deliver (but in any event within forty-five (45) days of such Person first becoming a Project Entity) (a) to the Stream Collateral Agent, a Guarantee of the Stream Obligations, (b) to the Stream Collateral Agent, security over the undertaking, property and assets of such Subsidiary (other than Excluded Assets) substantially to the same effect as the Security provided for in Section 8.1, (c) to the Stream Collateral Agent, the Purchasers' Agent and the Purchasers, a legal opinion from the Seller's counsel concerning such Project Entity, its Guarantee and security, and (d) subject to the terms of the Intercreditor Agreement or any other applicable intercreditor agreement, all share or membership certificates (to the extent shares can reasonably be certificated), share transfer forms, stock powers of attorney, consents, authorizations, registrations (or evidence of the filing of the same with the applicable authority for the purposes of registration) and supporting documentation (including updates to disclosure schedules hereto) in respect thereof as necessary in order to make valid and effective the aforementioned agreements and perfect the Encumbrances provided for therein.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**8.3** **Additional Security – New Project Real Property** 

Prior to the Security Release Date, Skeena and the Seller shall, and shall cause any Project Entity acquiring new Project Real Property to, provide the Purchasers' Agent with at least ten (10) days' written notice thereof and provide the Stream Collateral Agent with such security documents and agreements relating to such new Project Real Property as required by Section 8.4.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**8.4** **Further Assurances – Security** 

Each Project Entity shall take or cause to be taken such action and execute and deliver or cause to be executed and delivered to the Stream Collateral Agent such agreements, documents and instruments as the Stream Collateral Agent shall reasonably request, and register, file or record the same (or a notice or financing statement in respect thereof) in all offices or registries where such registration, filing or recording is, in the reasonable opinion of the Purchasers' Agent, the Stream Collateral Agent or Purchasers' counsel, necessary or advisable to provide notice thereof or to constitute, perfect and maintain the Security Documents referred to in Section 8.1 or 8.2 as valid and perfected Encumbrances of the Person granting such Encumbrances, subject only to the Permitted Encumbrances, in all jurisdictions reasonably required by the Purchasers' Agent or the Stream Collateral Agent within a reasonable time after the request therefor by the Purchasers'

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Agent or the Stream Collateral Agent, and in each case, in form and substance satisfactory to Purchasers' counsel, acting reasonably. For the avoidance of doubt, Excluded Assets shall not form part of the Collateral at any time. Notwithstanding anything contained herein to the contrary, neither the Stream Collateral Agent nor the Purchasers' Agent shall be responsible or liable for the preparation, filing, continuation or correctness of any financing statements or the validity of the Security.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**8.5** **Security Effective Notwithstanding Date of Deposit** 

The Security shall be effective and the undertakings in this Agreement and the other Stream Documents with respect thereto shall be continuing, whether the monies hereby or thereby secured or any part thereof shall be advanced before or after or at the same time as the creation of any such Security or before or after or upon the date of execution of this Agreement. The Security shall not be affected by any payments under this Agreement or any of the other Stream Documents, but shall constitute continuing security to and in favour of the Stream Collateral Agent, for the benefit of the Purchasers, for the Stream Obligations from time to time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**8.6** **No Merger** 

The Security shall not merge in any other security. No judgment obtained by or on behalf of the Purchasers shall in any way affect any of the provisions of this Agreement, the other Stream Documents or the Security. For greater certainty, no judgment obtained by or on behalf of the Purchasers shall in any way affect the obligation of the Seller to deliver Refined Gold or to pay any amounts at the rates, times and in the manner provided in this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**8.7** **Release of Security** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Subject to Section 8.7(b) and 8.7(c), following indefeasible payment and performance in full of all Stream Obligations under this Agreement and the other Stream Documents, the Purchasers' Agent will promptly, at the request, cost and expense of the Seller, direct the Stream Collateral Agent to release and discharge the right and interest of the Purchasers' Agent, the Stream Collateral Agent and the Purchasers in the Collateral.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Subject to the Intercreditor Agreement, if any Collateral is disposed of as permitted by this Agreement or is otherwise released from the Security at the direction or with the consent of the Purchasers' Agent, at the request, cost and expense of the Seller (on satisfaction, or on being assured of concurrent satisfaction, of any condition to or obligation imposed with respect to such disposition), the Purchasers' Agent shall direct the Stream Collateral Agent to discharge, other than the obligations of Skeena and the Guarantors under the Parent Guarantee and the Project Entity Guarantees, such Collateral from the Security and deliver and re-assign to the relevant Project Entity (without any representation or warranty) any of such Collateral as is then in the possession of the Stream Collateral Agent.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) As soon as practicable following the Security Release Date, and provided there is no Seller Event of Default and no event shall have occurred which with notice or lapse of time or both would become a Seller Event of Default, the Purchasers'

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Agent will, at the request, cost and expense of the Seller, direct the Stream Collateral Agent to release and discharge, other than the obligations of Skeena under this Agreement and the Guarantee of any Project Entity holding a direct interest in Project Property (which Guarantee of any such Project Entity shall become an unsecured Guarantee from and after the Security Release Date): (i) the right and interest of the Purchasers' Agent and the Purchasers in the Collateral and (ii) re-assign to the relevant Project Entity (without any representation or warranty) any such Collateral as is then in the possession of the Stream Collateral Agent.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**8.8** **Stockpiling** 

If the Project Entity intends to stockpile, store, warehouse or otherwise place Minerals or other minerals forming part of the Collateral off the Project Real Property, before doing so, such entity shall obtain from the property owner, operator or both, as applicable, where such stockpiling, storage, warehousing or other placement occurs, to provide in favour of the Stream Collateral Agent a written acknowledgement in form and substance satisfactory to the Purchasers' Agent, acting reasonably, which provides that the Project Entity's and/or its Affiliates', as applicable, rights to the Minerals or other minerals forming part of the Collateral shall be preserved and which acknowledges the Purchasers' Encumbrances thereon and provides the Stream Collateral Agent with a right of access in the event of enforcement by the Stream Collateral Agent of the Security Documents.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**8.9** **Consent to Refinancing Facility and Agreement to Subordinate** 

If any Project Entity enters into a Refinancing Facility prior to the Security Release Date, the Stream Collateral Agent will subordinate the Security, on terms and conditions satisfactory to the Purchasers' Agent, acting reasonably to the security interests of the third party lenders under the Refinancing Facility, provided that such Refinancing Facility is subject to an intercreditor agreement on substantially similar terms and conditions as the Intercreditor Agreement and agree that in connection with the Seller or such other Project Entity entering into any Refinancing Facility the Purchasers' Agent and the Stream Collateral Agent shall enter into such an intercreditor agreement with the lenders under such Refinancing Facility (or an agent on behalf of such lenders).

**Article 9**

**REPRESENTATIONS AND WARRANTIES**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**9.1** **Representations and Warranties of Skeena and the Project Entities** 

Skeena, as to itself and as to each of its Subsidiaries, and each other Project Entity, acknowledging that the other Parties are entering into this Agreement in reliance thereon, hereby jointly and severally make, on and as of the date of this Agreement, the representations and warranties set forth in Schedule T to the other Parties.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**9.2** **Representations and Warranties of the Purchaser** 

Each Purchaser, acknowledging that the other Parties are entering into this Agreement in reliance thereon, makes, on and as of the date of this Agreement, the representations and warranties set forth in Schedule U to the other Parties.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**9.3** **Survival of Representations and Warranties** 

The representations and warranties set forth in Schedule T and Schedule U shall survive the execution and delivery of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**9.4** **Knowledge** 

Where any representation or warranty contained in this Agreement is expressly qualified by reference to the "knowledge" of the Seller, it shall be deemed to refer to the actual knowledge of any officer, director or member of management of any Project Entity and all information which ought to have been known by any of them after conducting a reasonable inquiry into the matters in question, whether or not any such inquiry was actually made.

**Article 10**

**SELLER EVENTS OF DEFAULT**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**10.1** **Events of Default** 

Each of the following events or circumstances constitutes an event of default by the Seller (each, a "**Seller Event of Default**"):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the Seller fails to sell and deliver Refined Gold to the Purchasers on the terms and conditions set forth in this Agreement within two Business Days of the date upon which sale and delivery is required hereunder;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the Seller is in breach of its obligations under Section 3.3;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) other than as provided in Sections 10.1(a) and 10.1(b), the Seller or any Guarantor is in breach or default of any terms or conditions, or any of its covenants or obligations, set forth in this Agreement or any other Stream Document, which breach or default is not remedied within a period of 15 Business Days after the earlier of (i) delivery by the Purchasers' Agent to the Seller or any Guarantor, as applicable, of written notice of such breach or default, and (ii) such Person becoming aware of such breach;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) the Seller or any Guarantor makes any representation or warranty under any Stream Document which is, in any material respect (or in any respect in the case of representations and warranties that are qualified by materiality), incorrect or incomplete when made or deemed to be made or, to the extent such representation or warranty is not already qualified by materiality, such representation or warrant is incorrect or incomplete in any material respect when made or deemed to be made and provided that if such representation or warranty is capable of being cured, such

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incorrect or incomplete representation or warranty has not been remedied within **[REDACTED – Commercially Sensitive Information]** after receipt of written notice from the Purchasers' Agent;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) the Seller or any Guarantor ceases or threatens to cease to carry on its business or admits its inability, or fails, to pay its debts generally as they become due;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) any Seller or Guarantor becomes bankrupt, whether voluntarily or involuntarily, or becomes subject to any proceeding seeking liquidation, arrangement, monitorship, relief of creditors or the appointment of a receiver or trustee over any of the Collateral, and such proceeding is not contested by the Seller or Guarantor, as applicable, diligently, in good faith and on a timely basis and dismissed or stayed within **[REDACTED – Commercially Sensitive Information]** of its commencement or issuance (for greater certainty, such **[REDACTED – Commercially Sensitive Information]** grace period shall not apply if the Seller or Guarantor, as applicable, becomes bankrupt voluntarily or any such proceedings are initiated by the Seller or a Subsidiary thereof);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) an order is made or a resolution is passed for the winding up, liquidation or dissolution of the Seller or any Guarantor;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) any Stream Document (other than the Security following the Security Release Date) is repudiated or contested by the Seller or any Guarantor in whole or in part, ceases to be in full force and effect, or is invalidated or rendered unenforceable by any act, regulation or governmental action or is determined to be invalid by a court or other judicial entity;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the Seller is in breach or default of its obligations under Section 7.1 or 7.2, or the Seller or any Guarantor takes or seeks to take any action to (a) cease to carry on its business or to abandon all or any material portion of the Collateral, or (b) abandon the development of the Project;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) (i) any Governmental Body directly or indirectly condemns, expropriates, nationalizes, seizes or appropriates any interest in any Project Entity or any material property which relates to or forms part of the Collateral or (ii) and Expropriation Event has otherwise occurred;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) it is or becomes unlawful, or any action taken by a Governmental Body makes it impractical or impossible, for the Seller or any Guarantor to perform any of its obligations in any material respect under any Stream Document;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) (i) any Group Member, or any director or officer of any Group Member, has breached, or is charged with breaching, any AML Legislation, any Anti-Corruption Laws or any Sanctions, or (ii) any employee or agent of any Group Member has breached, or is charged with breaching, any AML Legislation, any Anti-Corruption Laws or any Sanctions, unless either (A) such Group Member's relationship with such employee or agent is terminated within 10 days of acquiring actual knowledge of such breach or charge, or (B) such Group Member takes such other action to

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remedy such breach or charge as may be acceptable to the Purchasers' Agent within 10 days of acquiring actual knowledge of such breach or charge and thereafter continues to take such action as may be acceptable to the Purchasers' Agent;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m) any Material Project Authorization that has been previously obtained by a Project Entity is suspended, cancelled, revoked, forfeited, surrendered, refused renewal or terminated (whether in whole or in part) or otherwise is not, or ceases to be, in full force and effect at any time;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n) a Project Entity fails to obtain, or loses the right to, or benefit of, a Material Project Authorization (except, pursuant to a Transfer or Change of Control completed in accordance with Article 7 and another Project Entity concurrently obtains the full right and title of the Material Project Authorization);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(o) the occurrence of a Material Adverse Effect;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(p) (i) a material default by a Project Entity occurs and is continuing under any Material Contract after giving effect to any cure period thereunder, (ii) except in the circumstances of clause (iii) below, any Material Contract is terminated other than at scheduled maturity or with the prior written consent of the Majority Purchasers, acting reasonably, or (iii) any Material Contract is terminated as a result of a material default by an arm's length counterparty and the relevant Project Entity fails to obtain a Replacement Material Contract within **[REDACTED – Commercially Sensitive Information]** days from such termination;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(q) the occurrence of any "Event of Default", as defined under the Credit Agreement or any Refinancing Facility;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(r) the Seller is unable to deliver the Cost to Complete Certificate required by Section 5.2 and such failure is not remedied within **[REDACTED – Commercially Sensitive Information]** of the date due;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(s) Completion has not occurred by the Completion Outside Date as confirmed by a Completion Certificate delivered to the Purchaser by the Completion Outside Date; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(t) the failure on the part of the Obligors to obtain the Mines Act Permit and Environmental Act Permit for the Project by December 31, 2027.

In addition to the foregoing, until the Security Release Date, each of the following events or circumstances shall also constitute a Seller Event of Default:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(u) the Seller or any Guarantor (i) fails to make any payment when such payment is due and payable to any Person in relation to any Debt having a principal amount in excess of **[REDACTED – Commercially Sensitive Information]** prior to the Completion Date or **[REDACTED – Commercially Sensitive Information]** after the Completion Date, and any applicable grace period in relation thereto has expired (without giving effect to any extension granted in relation to such grace period), or

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) defaults in the observance or performance of any other agreement or condition in relation to any such Debt or contained in any instrument or agreement evidencing, securing or relating thereto, or any other event occurs or condition exists after in all instances the expiration of any applicable cure period and provided that such default or other event has not been waived, the effect of which default or other condition would be to cause, or to permit the holder of such Debt to declare such Debt to become due prior to its stated maturity date;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) a final judgment, order, writ of execution, garnishment or attachment or similar process for an amount in excess of **[REDACTED – Commercially Sensitive Information]**; prior to the Completion Date or **[REDACTED – Commercially Sensitive Information]**; after the Completion Date is issued or levied against the Seller or any Guarantor or any material portion of the Collateral, and the same remains unsatisfied for more than **[REDACTED – Commercially Sensitive Information]**;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(w) all or any portion of the Collateral is sold, transferred, Encumbered or assigned without the consent of the Purchasers (other than pursuant to a Permitted Asset Disposition or other disposition permitted hereunder or Permitted Encumbrance, as applicable);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(x) an Encumbrancer or any other Person takes possession of any of the Collateral by appointment of a receiver, receiver and manager, or otherwise;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(y) any of the Security is repudiated or contested by the Seller or any Guarantor in whole or in part, ceases to be in full force and effect, or is invalidated or rendered unenforceable by any act, regulation or governmental action or is determined to be invalid by a court or other judicial entity or to not constitute valid and perfected security over all Collateral (subject only to Permitted Encumbrances); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(z) the applicable Project Entity takes or seeks to take any action to (i) put the Project on care and maintenance, or (ii) otherwise suspend mining operations at the Project (other than temporary suspensions for sound operational reasons not to exceed three months).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**10.2** **Remedies** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) If a Seller Event of Default occurs and is continuing, the Purchasers shall have the right, upon written notice from the Purchasers' Agent (at the direction of the Majority Purchasers) to the Seller, at their option and in addition to and not in substitution for any other remedies available to the Purchasers hereunder or at law or equity, to take any or all of the following actions:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) demand all amounts and deliveries owing by each of Skeena, the Seller and the Guarantors to the Purchasers;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) provide written notice to the Seller to: (1) without limiting Section 10.2(a)(i), demand all Losses suffered or incurred as a result of the

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occurrence of such Seller Event of Default and termination, including the greater of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) the Early Termination Amount; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) the NPV of the Remaining Stream, provided that for the purposes of this Section 10.2(a)(ii)(B) only, a 5% discount rate will be applied; and

and (2) terminate this Agreement upon receipt of payments in respect of such Losses.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) direct the Stream Collateral Agent to enforce the Security.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Parties hereby acknowledge and agree that (i) the Purchasers will be damaged by a Seller Event of Default; (ii) it would be impracticable or extremely difficult to fix the actual damages resulting from a Seller Event of Default; (iii) any sums payable in accordance with Section 10.2(a)(ii) with respect to a Seller Event of Default are in the nature of liquidated damages, not a penalty, and are fair and reasonable; and (iv) the amount payable in accordance with Section 10.2(a)(ii) with respect to a Seller Event of Default represents a reasonable estimate of fair compensation for the losses that may reasonably be anticipated from such Seller Event of Default in full and final satisfaction of all amounts owed in respect of such Seller Event of Default.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) For greater certainty, if the Majority Purchasers do not exercise their termination right under Section 10.2(a)(ii), the obligations of the Seller or any successors following a realization hereunder shall continue in full force and effect.

**Article 11**

**PURCHASER EVENTS OF DEFAULT**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**11.1** **Events of Default** 

Each of the following events or circumstances constitutes an event of default by a Purchaser (each, a "**Purchaser Event of Default**"):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) **[REDACTED – Commercially Sensitive Information]**; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) such Purchaser makes any representation or warranty under any Stream Document which is, in any material respect (or in any respect in the case of representations and warranties that are qualified by materiality), incorrect or incomplete when made or deemed to be made.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**11.2** **Remedies** 

The Seller shall have no right to terminate this Agreement. However, if a Purchaser Event of Default has occurred and is continuing, the Seller shall be entitled to all other remedies available

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to it under this Agreement (including Sections 15.3 and 15.4) or at law or in equity, provided that the sole remedy for a failure to pay the Second Deposit, Third Deposit, Fourth Deposit or Fifth Deposit installments shall be an adjustment to the Stream Percentage as set forth in Section 3.1(c).

**Article 12**

**TECHNICAL COMMITTEE**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**12.1** **Establishment of Technical Committee** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) From and after the date of this Agreement, the Technical Committee shall be established and maintained by Skeena having the roles and responsibilities as set out in this Article 12. For greater certainty there will be one Technical Committee acting pursuant to each of this Agreement and the Credit Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The members of the Technical Committee shall appoint one of the members to act as chair of the Technical Committee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) In carrying out its responsibilities, the Technical Committee shall co-ordinate and consult with Skeena's board of directors and management; provided, however, that the Technical Committee shall not constitute a part of the board of directors of Skeena and will not have authority to direct the management of Skeena or any other Project Entity.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The Technical Committee shall establish such procedures as it considers necessary or advisable and, without limiting the generality of the foregoing, in order to encourage open and candid reporting, the Technical Committee may, as it considers appropriate from time to time, exclude from any part of its meetings its members who are also members of the Board.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) The Technical Committee may invite such officers, directors and employees of, and advisors to, Skeena and any such other Persons as it considers appropriate from time to time, to attend its meetings and assist thereat.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**12.2** **Responsibilities** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The mandate of the Technical Committee shall include all technical, design, environmental, social, governance and operational aspects of the Project and the Technical Committee shall provide information to Skeena and the Purchasers with respect to all such matters. The duties of the Technical Committee shall include the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the Technical Committee shall review any material amendment to the Planning Documents proposed by Skeena and report thereon, such report to be provided to Skeena and the Purchasers prior to approval of such amendments by Skeena's board of directors;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the Technical Committee shall review and comment on the Definitive Feasibility Study, BCFM and Planning Documents, and any amendment to

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the same, proposed by Skeena and report thereon, such report to be provided to Skeena and the Purchasers prior to the approval of such documents or amendments, as the case may be, Skeena's board of directors;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) the Technical Committee shall review the results of all exploration and work programs and make recommendations with respect to work programs and testing;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) the Technical Committee shall review: (i) progress towards developing the ESIA; (ii) health, safety, and environmental incidents; (iii) Indigenous Group agreements and reports; (iv) Stakeholder Engagement plans and reports; (v) studies, reports, and assessments developed for the ESIA; and (vi) any changes to and progress towards meeting goals in the ESAP; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) the Technical Committee shall review and report on any other matter referred to it by Skeena or the Purchasers

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) In carrying out its responsibilities hereunder, the members of the Technical Committee shall be entitled to make semi-annual site visits to the Project Real Property and may request a periodic construction update report from the Independent Engineer, on such terms and conditions as the Technical Committee may decide (all at the continued cost of Skeena); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Any reports of the Technical Committee shall be provided simultaneously to Skeena and the Purchasers.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**12.3** **Meeting Procedures** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Technical Committee shall hold regular monthly meetings at such time and place (including by telephonic or electronic means) as mutually agreed to by its members or, failing such agreement, at the offices of Skeena, as well as additional meetings on a more frequent basis if and as decided by the members of the Technical Committee. The chair of the Technical Committee shall give seven days' written notice to the members of meetings. Additionally, any member may call a special meeting upon seven days' written notice to the members of the Technical Committee. In case of emergency, reasonable notice of a special meeting shall suffice.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) At any such meeting, there shall be a quorum if one of the Purchasers' appointee, the Independent Engineer and at least one member of management of Skeena is present. Matters to be determined by the Technical Committee shall be determined by a majority vote of the members present at the Technical Committee meeting.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) All reasonable Technical Committee costs and expenses are to be paid by Skeena. No members of the Technical Committee, other than the Independent Engineer, shall be remunerated or otherwise paid simply for their role as members of the Technical Committee.

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**Article 13**

**THE PURCHASERS AND THE PURCHASERS' AGENT**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**13.1** **Decision-Making** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Any amendment, waiver, discharge or termination with respect to this Agreement relating to the following matters shall be effective only if agreed between the Seller and the Unanimous Purchasers:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) any amount payable or deliverable by the Seller to the Purchasers, or any alteration in the currency or mode of calculation or computation of any amount payable or deliverable by the Seller to the Purchasers hereunder;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) any change to Article 10 or what constitutes a Seller Event of Default;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) any extension or reduction of the time for any payments or deliveries required to be made by the Seller to the Purchasers;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) any extension or reduction of the notice period required in connection with any payment or delivery by the Seller to the Purchasers;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) any material change in the nature and scope of the Security or any release or discharge of any material portion of the Security, except that the Stream Collateral Agent may from time to time without notice to or the consent of the Purchasers execute and deliver partial releases of the Security from time to time in respect of any item of the Collateral to the extent expressly permitted in this Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) any provision of this Article 13; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) the reduction or elimination of any rights of any Purchaser, acting alone or together with other Purchasers, to exercise any rights or receive any information.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Except for the matters described in this Section 13.1 above or otherwise expressly provided for in this Agreement, any amendment, waiver, discharge or termination with respect to this Agreement shall be effective only if agreed between the Seller and the Majority Purchasers, in writing and any such amendment, waiver, discharge or termination that is so agreed shall be final and binding upon all of the Purchasers. Subject to the other provisions of this Section 13.1, where the terms of this Agreement refer to any action to be taken hereunder or thereunder by the Purchasers or to any such action that requires the consent or other determination of the Purchasers, the action taken by and the consent or other determination given or made by the Majority Purchasers shall, except to the extent that this Agreement expressly provides to the contrary, constitute the action or consent or other determination of the Purchasers.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Purchasers' Agent shall: (i) provide the other Purchasers with copies of all amendments, waivers or consents provided by the Purchasers' Agent with respect to any provisions of this Agreement or other Stream Documents promptly upon execution thereof; (ii) subject to Section 13.4, provide the other Purchasers with copies of all notices or other materials received pursuant to this Agreement; and (iii) subject to Section 13.4, promptly notify the other Purchasers of any decision made or notice received by the Purchasers' Agent for or on behalf of the Purchasers hereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) To the extent that any of the Purchasers has an interest in the subject matter of any decision (other than the appointment of the Purchasers' Agent) requiring approval of the Purchasers and such interest is adverse in any material respect from the interest of any other Purchasers, in their capacity as Purchasers, such Purchaser's Share shall be disregarded in determining the approval of the Majority Purchasers or Unanimous Purchasers, as applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**13.2** **Purchasers' Obligations Several; No Partnership** 

Subject to the terms and conditions of this Agreement, each Purchaser agrees to fund its respective Purchaser's Share to the Seller. The obligations of each Purchaser under this Agreement are several and not joint or joint and several. No Purchaser shall be responsible for the obligations of any other Purchaser hereunder, nor shall any Purchaser be obligated to fund its portion of the Deposit unless it is satisfied, acting reasonably, that the other Purchasers will fund their respective portions of the Deposit. Neither the entering into of this Agreement nor the completion of any transactions contemplated herein shall constitute the Purchasers a partnership.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**13.3** **Intercreditor Agreement** 

The rights and obligations of the Stream Collateral Agent shall be governed by the provisions of the Intercreditor Agreement. The exercise of the Purchasers' Agent's rights under the Intercreditor Agreement, including appointment of the Stream Collateral Agent, shall, subject to Section 13.1, be taken at the direction of the Majority Purchasers.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**13.4** **Purchasers' Agent** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) From time to time, the Purchasers may authorize one of the Purchasers, or an Affiliate of one of the Purchasers to act as the Purchasers' Agent for taking the actions of the Purchasers' Agent specified under the Stream Documents. The Purchasers' Agent shall be OMF Fund IV SPV H LLC or as otherwise be designated from time to time by notice in writing from the Majority Purchasers to the other Parties.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) In exercising its duties hereunder, the Purchasers' Agent may engage and pay for the advice or services of any lawyers, accountants or other experts whose advice or services may to it seem necessary, expedient or desirable and rely upon any advice so obtained. The Purchasers' Agent may refrain from exercising any right, power or discretion vested in it under this Agreement which would or might in its opinion in its sole discretion be contrary to any Applicable Law or otherwise render it liable

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to any Person, and may do anything which is in its opinion in its sole discretion necessary to comply with any such Applicable Law. The Purchasers' Agent shall not be bound to disclose to any Person any information relating to any Group Member if such disclosure would or might in its opinion in its sole discretion constitute a breach of Applicable Law or be otherwise actionable at the suit of any Person.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Purchasers' Agent shall not accept any responsibility for the accuracy and/or completeness of any information supplied in connection herewith and the Purchasers' Agent shall not be under any liability to any Purchaser as a result of taking or omitting to take any action in relation to the Stream Documents save in the case of the Purchasers' Agent's gross negligence or wilful misconduct.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Each Purchaser shall, on demand by the Purchasers' Agent, indemnify the Purchasers' Agent *pro rata* (based on each Purchaser's Share), against any and all costs, claims, reasonable expenses (including legal fees) and liabilities which the Purchasers' Agent may incur (and which, where applicable, have not been reimbursed by the Seller) to the extent required hereunder, otherwise than by reason of its own gross negligence or wilful misconduct, in acting in its capacity as the Purchasers' Agent under the Stream Documents.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**13.5** **Sharing of Information** 

Notwithstanding Section 6.18, the Purchasers may share among themselves any information they may have from time to time concerning the Group Members whether or not such information is confidential; but shall have no obligation to do so, provided that any Confidential Information so shared will remain subject to the terms and conditions of Section 6.18. The Seller, on behalf of itself and each Group Member, authorizes the Purchasers to share among each other any information possessed by any of them regarding the Group Members, subject to the obligations of the Purchasers under Section 6.18.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**13.6** **Amendments to this Article** 

The Purchasers may amend any provision in this Article 13 (other than to remove the provision in Section 13.5 requiring that Confidential Information remain subject to Section 6.18) without prior notice to or the consent of the Seller, and the Purchasers shall provide a copy of any such amendment to the Seller reasonably promptly thereafter; *provided*, *however*, that if any such amendment would adversely affect any rights, entitlements, obligations or liabilities of any of Group Member (other than in a *de minimus* manner), such amendment shall not be effective until the Seller provides its written consent thereto, such consent not to be unreasonably withheld or delayed.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**13.7** **Adjustments Among Purchasers** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Each Purchaser agrees that it will at any time or from time to time, as required by any other Purchaser, purchase portions of the amounts due and owing to the other Purchasers and make any other adjustments which may be necessary or appropriate so that the amounts due and owing to each Purchaser, as adjusted under this Section,

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will, as nearly as possible, reflect each Purchaser's Share determined as at the date of the exercise of any such rights.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) For greater certainty, the Purchasers acknowledge and agree that, without limiting the generality of the provisions of Section 13.7(a), those provisions will have application if and whenever any Purchaser shall obtain any payment (whether voluntary, involuntary, through the exercise of any right of setoff, realization upon any Security or otherwise) on account of any money owing or payable by the Seller or a Guarantor to it in excess of the amounts to which it would otherwise be entitled under Section 13.7(a).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Seller agrees to be bound by and to do all things necessary or appropriate to give effect to any and all purchases and other adjustments made by and between the Purchasers under this Section 13.7.

**Article 14**

**STREAM COLLATERAL AGENT**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**14.1** **Appointment of Stream Collateral Agent** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Each Purchaser hereby appoints the Stream Collateral Agent to act as its collateral agent in Canada, as specified in this Agreement and in the Security and, except as may be specifically provided to the contrary in this Agreement, each Purchaser irrevocably authorizes the Stream Collateral Agent as the agent of such Purchaser, to take such action on its behalf under or in connection with the Security and to exercise such powers under the Security as are delegated to the Stream Collateral Agent by the terms of this Agreement and the Security and such other powers as are reasonably incidental thereto which may be necessary for the Stream Collateral Agent to exercise in order that the provisions of the Security are carried out, and the Stream Collateral Agent agrees to act in such capacity after written consent of the Purchasers. All Collateral held from time to time by the Stream Collateral Agent pursuant to the Security shall be subject to the terms and conditions of this Agreement. For greater certainty, each Purchaser acknowledges and agrees that the Stream Collateral Agent, for the purpose of holding any of the Security or any other security granted by any Person with respect to the liabilities of the debtors under the Security, holds such security on its behalf and in its name.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Each Purchaser hereby designates and appoints the Stream Collateral Agent to hold the Security for the benefit of the Purchasers.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Stream Collateral Agent hereby acknowledges receipt of this Agreement and the Security.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**14.2** **Limitation of Duties** 

The Stream Collateral Agent shall not have any duties or responsibilities except those expressly set forth in this Agreement and in the documents giving rise to the Security, and the Stream Collateral Agent shall have no obligation to recognize nor have any liability or responsibility

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arising under any other document or agreement to which it is not a party, notwithstanding that reference thereto may be made herein. The Stream Collateral Agent and its officers, directors, employees, affiliates, attorneys, counsel or agents shall not be liable for any action taken or omitted to be taken under or in connection with this Agreement or the Security, unless such act or omission constitutes its gross negligence or willful misconduct, as determined by a court of competent jurisdiction by a final and non-appealable judgment. The duties of the Stream Collateral Agent shall be mechanical and administrative in nature; the Stream Collateral Agent shall not have, by reason of this Agreement or the Security, a fiduciary relationship with the Purchasers and nothing in this Agreement or the Security, express or implied, is intended to or shall be construed as to impose upon the Stream Collateral Agent any obligation except as expressly set forth in this Agreement or the Security. The permissive rights of the Stream Collateral Agent enumerated herein shall not be construed as duties. The Stream Collateral Agent shall not have any discretionary action or exercise any discretionary powers, except discretionary rights and powers expressly contemplated hereby that the Stream Collateral Agent is instructed in writing to exercise by the Purchasers; provided that the Stream Collateral Agent shall not be required to take any action that, in its opinion or the opinion of its counsel, may expose the Stream Collateral Agent to liability or that is contrary to any Stream Document. The Stream Collateral Agent shall not be responsible for any recitals, statements, representations or warranties in any of the Security, or which may be contained in any other document subsequently received by the Stream Collateral Agent or the Purchasers from or on behalf of any of the debtors or for the authorization, execution, delivery, effectiveness, genuineness, validity, enforceability, registration or perfection of any of the Security, and the Stream Collateral Agent shall not be required to make any disclosure, inquiry concerning the performance or observance by any of the Project Entities of any of the terms, provisions or conditions of any of the Security.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**14.3** **Delegation or Employment of Agents** 

In the conduct of its duties under this Agreement and under the Security in connection with the enforcement of Security (otherwise than in relation to its right to make any declaration, determination or decision), instead of acting personally, the Stream Collateral Agent may employ and pay one or more agents or trustees (whether being a lawyer or other Person) to transact or concur in transacting any business and to do or concur in doing any acts required to be done by the Stream Collateral Agent (including executing collateral agreements on behalf of the Stream Collateral Agent, enforcement of collateral, and the receipt and payment of money) and to hold any Security and any such agent or trustee engaged in any profession or business shall be entitled to be paid all usual professional and other charges for such business transacted and acts done by it. All reasonable and documented costs paid by the Stream Collateral Agent pursuant to agency or trustee engagements hereunder shall be reimbursed by the Seller. The Stream Collateral Agent shall not be liable for the acts or omissions of such agents or trustees or for any loss or injury resulting from their actions or performance or lack of performance provided they have been chosen without gross negligence or willful misconduct, as determined by a court of competent jurisdiction by a final and non-appealable judgment. Each agent or trustee party to any Stream Document is an intended third-party beneficiary of the provisions of this Agreement and any Stream Document, including without limitation, this Article 14.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**14.4** **Knowledge of Events of Default; Actions; Permitted Encumbrances and Dispositions** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Stream Collateral Agent shall not be deemed to have knowledge or notice of the occurrence of any Seller Event of Default unless the Stream Collateral Agent has received written notice from the Purchasers' Agent, the Purchasers or the Seller specifying such Seller Event of Default and stating that such notice is given pursuant to this Agreement in order to constitute the Stream Collateral Agent's knowledge of the default. The Stream Collateral Agent shall take such action with respect to any Seller Event of Default as shall be directed by the Purchasers' Agent or the Purchasers to the Stream Collateral Agent in accordance with this Agreement; provided that, unless and until the Stream Collateral Agent shall have received such direction, the Stream Collateral Agent may, but shall not be obliged to, take such action, or refrain from taking such action, with respect to such Seller Event of Default as it shall deem advisable; and provided further that the Stream Collateral Agent in any case shall not be required to take any such action which it determines to be contrary to the Security or to any Applicable Law. For greater certainty, neither the Purchasers' Agent nor the Purchasers shall have any right individually to enforce any of the Security, it being understood that all such enforcement shall be taken by the Stream Collateral Agent for the benefit of the Purchasers' Agent and the Purchasers upon the terms of this Agreement and provided further that the Stream Collateral Agent shall not be required to exercise any remedy, including taking possession of any Collateral (including, without limitation, any Project Real Property), if such action subjects the Stream Collateral Agent to liability under any Environmental and Social Laws or require the approval of any Governmental Body which cannot reasonably be obtained.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) For the purposes of the Security, the Project Entities shall be permitted to create, incur, assume or permit to be outstanding only those Encumbrances with respect to the Collateral as are so permitted by this Agreement and all of the Security existing from time to time, and shall be permitted to sell and dispose of, and grant Encumbrances over, only such Collateral as is so permitted by this Agreement and all of the Security existing from time to time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**14.5** **Requests for Instructions** 

The Stream Collateral Agent may at any time request instructions from the Purchasers' Agent and/or the Purchasers with respect to any actions or approvals which, by the terms of this Agreement or any of the Security, the Stream Collateral Agent is permitted or required to take or to grant, and the Stream Collateral Agent shall be absolutely entitled to refrain from taking any such action or to withhold any such approval and shall not be under any liability whatsoever as a result thereof until it shall have received such instructions from the Purchasers' Agent and/or the Purchasers. The Purchasers' Agent and the Purchasers shall not have any right of action whatsoever against the Stream Collateral Agent as a result of the Stream Collateral Agent acting or refraining from acting under the Security in accordance with instructions from the Purchasers' Agent or the Purchasers. The Stream Collateral Agent shall in all cases be fully justified in failing or refusing to take or continue any action under the Security unless it shall have received further

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assurances to its satisfaction from the Purchasers of its indemnification obligations under Section 14.10 of this Agreement against any and all liability and expense which may be incurred by it by reason of taking or continuing to take such action, and unless it shall be secured in respect thereof as it may deem appropriate.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**14.6** **Reliance** 

The Stream Collateral Agent shall be entitled to conclusively act and rely upon as to the truth of the statements and correctness of the opinions expressed in, shall not be bound to make any investigation into the facts or matters of, and shall be fully protected from liability in acting or relying or refraining from acting upon any writing, notice, statement, certificate, resolution, statutory declaration, instrument, opinion, report, notice, request, direction, consent, order, bond, note, facsimile, telex or other paper or document or communication believed by it to be genuine and correct and to have been signed, sent or made by the proper Person or Persons, and, with respect to all legal matters pertaining to this Agreement and the Security and its duties under this Agreement and the Security, upon the advice of counsel selected by it.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**14.7** **Restrictions on Actions** 

The Purchasers' Agent and each Purchaser agree that, so long as any Stream Obligations are outstanding to the Purchasers, the provisions of this Agreement shall exclusively govern the exercise of all rights and remedies under the Stream Documents and that it will not, except as expressly permitted under this Agreement:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) take any action, judicial or otherwise, or exercise any other right or remedy under the Stream Documents; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) (A) sell or grant any participation or other interest in any Obligation to any Project Entity or any Affiliate of any Project Entity, or (B) accept or take any security for the Obligations, except the Collateral held on its behalf by the Stream Collateral Agent;

provided, however, that the foregoing shall not prevent the Purchasers' Agent or the Purchasers from raising any defenses in any action in which it has been made a party defendant or has been joined as a third party, except that the Stream Collateral Agent may, but shall not be obligated to, direct and control any defense directly relating to the Collateral or any one or more of the Stream Documents, subject to the provisions of this Agreement. Notwithstanding any provision contained in this Agreement, in the event that the Purchasers' Agent and/or the Purchasers become a judgment lien creditor in respect of any Collateral as a result of any proceedings, such judgment lien shall at all times (x) be subordinate in all respects to the Encumbrance granted to the Stream Collateral Agent pursuant to the Security, irrespective of the time of the execution, delivery or issuance of any of the Security or any of the orders, attachments or instruments evidencing or securing such judgment lien, or the filing or recording for perfection thereof or the filing of any financing statement or continuation statement relating to any thereof; and (y) be subject to the terms of this Agreement for all purposes.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**14.8** **Rights of the Stream Collateral Agent** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Stream Collateral Agent: (i) may consult with legal counsel (including the counsel to the Seller), independent public accountants and other experts of reputable standard selected by it, (ii) may rely conclusively on opinions, certificates and reports of such agents, and (iii) shall not be liable for any action taken or omitted to be taken without gross negligence or willful misconduct by it in accordance with the advice of such counsel, accountants or experts in respect of this Agreement or any other Stream Document;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) None of the provisions of this Agreement or the other Stream Documents to which the Stream Collateral Agent is a party shall require the Stream Collateral Agent to expend or risk its own funds or otherwise incur financial liability in the performance of any of its duties or in the exercise of any of its rights or powers nor shall the Stream Collateral Agent be so compelled pursuant to any provisions contained in this Agreement or any other document or agreement related thereto, and the Stream Collateral Agent shall not be required to give any bond or security in respect of the performance of its powers and duties hereunder or under the other Stream Documents;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Stream Collateral Agent shall not be liable for any error of judgment made without gross negligence or willful misconduct by it or an officer of the Stream Collateral Agent, unless it is proved by a court of competent jurisdiction by a final and non-appealable judgment that the Stream Collateral Agent was grossly negligent in ascertaining the pertinent facts;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The Stream Collateral Agent shall retain the right not to act and shall not be liable for refusing to act unless such omission constitutes its gross negligence or willful misconduct, as determined by a court of competent jurisdiction by a final and non-appealable judgment;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) The Stream Collateral Agent may request that the Purchasers' Agent and/or the Purchasers deliver certificates from duly authorized officers of the Purchasers' Agent and/or the Purchasers, as applicable, certifying the names and/or titles of Persons authorized at such time to take specified actions pursuant to this Agreement on behalf of the Purchasers' Agent and/or the Purchasers, including but not limited to providing instructions to the Stream Collateral Agent in accordance with Section 14.5 herein; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) Subject to Article 10 of this Agreement and related provisions herein, any funds held by the Stream Collateral Agent may be invested and reinvested in the name or under the control of the Stream Collateral Agent in investments which may be directed by the Seller and approved by the Purchasers' Agent and/or the Purchasers in writing. The Stream Collateral Agent shall, at any time and from time to time, solely on the written request of the Seller and written consent of the Purchasers' Agent and/or the Purchasers, invest and reinvest funds, but shall not be responsible for ensuring the rate of return on such investments and notwithstanding anything

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contained herein to the contrary, the Stream Collateral Agent shall have no investment discretion in respect of such investments. The Stream Collateral Agent shall be entitled to refrain from acting on such written requests without appropriate indemnities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**14.9** **Indemnification by the Project Entities** 

The Project Entities each hereby agree to jointly and severally indemnify the Stream Collateral Agent (to the extent not reimbursed by the Seller) and its officers, directors, employees, affiliates, attorneys, counsel or agents, from and against any and all liabilities, obligations, losses, damages, penalties, actions, judgments, suits, costs, expenses (including reasonable counsel fees and disbursements) or disbursements of any kind or nature whatsoever which may be imposed on, incurred by, or asserted against it or them in any way relating to or arising out of this Agreement or any other Stream Document or any action taken or admitted by the Stream Collateral Agent under or in respect of this Agreement or any other Stream Document; provided that none of the Project Entities shall be liable for any portion of such liabilities, obligations, damages, penalties, actions, judgments, suits, costs, expenses or disbursements resulting from the Stream Collateral Agent's gross negligence or willful misconduct as determined by a court of competent jurisdiction by a final and non-appealable judgment. Without limiting the generality of the foregoing, each of the Project Entities agrees to reimburse the Stream Collateral Agent promptly upon demand in the proportion specified herein in respect of any out of pocket expenses (including reasonable and documented counsel fees) incurred by the Stream Collateral Agent in connection with the preservation of any rights of the Stream Collateral Agent or the Project Entities under, or the enforcement of, or legal advice in respect of the rights or responsibilities under, this Agreement or any other Stream Document, to the extent that the Stream Collateral Agent is not reimbursed for such expenses by the Seller.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**14.10** **Indemnification by the Purchasers** 

To the extent the Stream Collateral Agent is not reimbursed and indemnified by the Project Entities, each Purchaser will jointly and severally reimburse and indemnify the Stream Collateral Agent and its officers, directors, employees, affiliates, attorneys, counsel or agents for and against any and all liabilities, obligations, losses, damages, penalties, actions, judgments, suits, costs, expenses (including reasonable counsel fees and disbursements) or disbursements of any kind or nature whatsoever which may be imposed on, incurred by or asserted against it or them in any way relating to or arising out of the Stream Collateral Agent performing its duties hereunder, or in any way relating to or arising out of this Agreement or any other Stream Document; provided that the Purchasers shall not be liable to the Stream Collateral Agent for any portion of such liabilities, obligations, losses, damages, penalties, actions, judgments, suits, costs, expenses or disbursements resulting from the Stream Collateral Agent's gross negligence or willful misconduct as determined by a court of competent jurisdiction by a final and non-appealable judgment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**14.11** **Waiver of Consequential Damages** 

To the fullest extent permitted by Applicable Law, each of the Project Entities and the Purchasers agree that they shall not assert, and hereby waive, any claim against the Stream Collateral Agent, on any theory of liability, for special, indirect, incidental, consequential, exemplary, aggravated or

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punitive damages or loss of profits, arising out of, in connection with, or as a result of this Agreement, any other Stream Document or any agreement or instrument contemplated hereby, the transactions contemplated hereby or thereby, or the use of proceeds thereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**14.12** **No Obligation to Act** 

The Stream Collateral Agent shall not be under any obligation to exercise any of the rights or powers vested in it by this Agreement at the request or direction of any party to this Agreement unless such party shall have offered to the Stream Collateral Agent sufficient funds and security or an indemnity sufficient to the Stream Collateral Agent against the costs, expenses and liabilities which might be incurred by it in compliance with any such request or direction.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**14.13** **Force Majeure** 

The Stream Collateral Agent shall not be liable to the other Parties hereto, or held in breach of this Agreement nor any Stream Document, if prevented, hindered, or delayed in the performance or observance of any provision contained herein or any Stream Document by reason of any act or provision of any present or future law or regulation or governmental authority, act of God, riots, terrorism, acts of war, pandemics, epidemics, governmental action or judicial order, earthquakes, or any other similar causes (including, but not limited to, mechanical, electronic or communication interruptions, disruptions or failures). Performance times for obligations of the Stream Collateral Agent under this Agreement and the Stream Documents shall be extended for a period of time equivalent to the time lost because of any delay that is excusable under this Section 14.13.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**14.14** **Stream Collateral Agent Resignation** 

The Stream Collateral Agent (a) may at any time resign upon ten (10) days' notice to the Purchasers' Agent, the Purchasers and the Seller or (b) if so directed by the Purchasers shall resign, upon ten (10) days' prior written notice (or such shorter period as agreed to by the Purchasers and Seller) by the Purchasers to such Stream Collateral Agent and the Seller. If the Stream Collateral Agent resigns under this Agreement and the other Stream Documents, then the Purchasers shall appoint a successor agent for the Purchasers which successor agent shall (unless a Seller Event of Default shall have occurred and be continuing) be subject to the approval by the Seller (which approval shall not be unreasonably withheld, conditioned or delayed) and following such approval, the Seller shall use commercially reasonable efforts to cause such successor agent to accept such appointment (including by paying customary agency fees to such successor agent), whereupon such successor agent shall succeed to the rights, powers and of the resigning Stream Collateral Agent, and the reference to the resigning Stream Collateral Agent means such successor agent effective upon such appointment and approval, and the former Stream Collateral Agent's rights, powers and duties as Stream Collateral Agent hereunder and under other Stream Documents shall be terminated, without any other or further act or deed on the part of such former Stream Collateral Agent or any of the parties to this Agreement or any holders of the Obligations or Stream Documents. If no successor shall have been so appointed by the Purchasers and shall have accepted such appointment within ten (10) days after the retiring Stream Collateral Agent gives notice of its resignation, then the retiring Stream Collateral Agent may, on behalf of the Purchasers, appoint a successor Stream Collateral Agent or petition a court of competent jurisdiction to appoint a successor agent at the sole cost and expense of the Seller. If no successor agent has accepted

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appointment as Stream Collateral Agent by the date that is ten (10) days following a retiring Stream Collateral Agent's notice of resignation, the retiring Stream Collateral Agent's resignation will nevertheless thereupon become effective, and the Purchasers' Agent will thereafter perform all the duties of such Stream Collateral Agent hereunder and/or under any other Stream Document until such time, if any, as the Purchasers appoint a successor Stream Collateral Agent. After any retiring or removed Stream Collateral Agent's resignation as Stream Collateral Agent hereunder and under the other Stream Documents, the provisions of this Article 14 and Section 14.14 shall inure to its benefit as to any actions taken or omitted to be taken by it while it was Stream Collateral Agent under this Agreement and the other Stream Documents.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**14.15** **Compliance with AML Legislation** 

The Stream Collateral Agent shall retain the right not to act and shall not be liable for refusing to act if, due to a lack of information or for any other reason whatsoever, the Stream Collateral Agent, in its sole judgment, acting reasonably, determines that such act might cause it to be in non-compliance with any AML Legislation. Further, should the Stream Collateral Agent, in its sole judgment, acting reasonably, determine at any time that its acting under this Agreement or the other Stream Documents has resulted in its being in non-compliance with any AML Legislation, then it shall have the right to resign on ten (10) days' prior written notice to the Purchasers' Agent, the Purchasers and the Seller, provided that: (i) the Stream Collateral Agent's written notice shall describe the circumstances of such non-compliance to the extent permitted under AML Legislation; and (ii) if such circumstances are rectified to the Stream Collateral Agent's satisfaction, acting reasonably, within such ten (10) day period, then such resignation shall not be effective.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**14.16** **Conflict of Interest** 

The Stream Collateral Agent represents to the Purchasers' Agent, the Purchasers' and the Seller that, to the best of its knowledge, at the time of the execution and delivery hereof, no material conflict of interest exists in its role hereunder, and it agrees that in the event of a material conflict of interest arising hereafter, it will, within 30 days after ascertaining that it has such material conflict of interest, either eliminate the same or resign its mandate hereunder.

**Article 15**

**ADDITIONAL PAYMENT TERMS**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**15.1** **Payments** 

All payments of funds due by one Party to another under this Agreement shall be made in U.S. dollars and shall be made by wire transfer in immediately available funds to the bank account or accounts designated by the receiving Party in writing from time to time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**15.2** **Taxes** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) All deliveries of Refined Gold and all payments and transfers of property of any kind made in respect of this Agreement or any other Stream Document (each such amount, a "**Payment**") shall be made in full without set-off or counterclaim, and

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free of and without deduction or withholding for any Taxes, other than Excluded Taxes, except to the extent otherwise required by Applicable Law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) If the payor of any Payment (the "**Payor**") is required by Applicable Law to deduct or withhold any Taxes, other than Excluded Taxes, from or in respect of any Payment (any such Tax withheld by the Payor, an "**Indemnified Withholding Tax**") to a Purchaser, then the amount otherwise payable to such Purchaser shall be increased by such amount ()"**Additional Amounts**") as may be necessary so that after making all required deductions or withholdings such Purchaser receives an amount equal to the sum it would have received if no deduction or withholding had been made from such Payment, and the Payor shall pay the full amount deducted to the relevant taxation or other authority in accordance with Applicable Law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) If a Purchaser becomes liable for any Tax on any Payment or in respect of the Reorganization Plan in any way, other than (i) any Excluded Taxes or (ii) any Indemnified Withholding Tax in respect of which the Purchaser has received Additional Amounts in accordance with Section 15.2(b) (any such other Tax, an "**Indemnified Other Tax** "), then the Payor shall indemnify such Purchaser for such Tax, and the indemnity payment shall be increased as may be necessary so that after the imposition of any Tax on the indemnity payment (including Tax in respect of any such increase in the indemnity payment), such Purchaser shall receive the full amount of Taxes for which it is liable, whether or not such Taxes were correctly or legally imposed or asserted by the relevant Governmental Body. A certificate as to the amount of such Indemnified Other Tax delivered to the Payor by such Purchaser shall be conclusive absent manifest error.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) If requested by the Seller, the Purchaser shall use reasonable commercial efforts to dispute the imposition or assertion by the relevant Governmental Body of any Indemnified Taxes, all at the Seller's expense; provided, however, that the Purchaser may refuse to do so if doing so would have an adverse impact on it (including by disputing the imposition or assertion of such Taxes if there is no reasonable basis to do so), as determined by the Purchaser, acting reasonably. In the event that the Purchaser proceeds with disputing the imposition or assertion of such Taxes, the Purchaser will have carriage of such dispute and any related communications and proceedings, provided that Purchaser shall (i) timely keep the Seller informed of any material developments relating to the dispute and proceedings, (ii) timely provide the Seller with copies of any written correspondence with the relevant Governmental Body relating to the dispute or proceedings, (iii) give due consideration to any suggestions by the Seller relating to the conduct of the dispute or proceedings, and (iv) not settle, compromise or otherwise resolve such dispute without the consent of the Seller, which consent shall not be unreasonably withheld, conditioned or delayed. Notwithstanding clause (iv) of the immediately foregoing sentence, the Purchaser shall be entitled to discontinue such dispute at any time that it determines, acting reasonably, that the continuation of such dispute would have an adverse impact on it. In no event shall the Purchaser have any liability whatsoever to the Seller for any decision by it to

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commence, settle, compromise, resolve or discontinue such dispute, the manner in which the Purchaser carries out such dispute or the results thereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) If a Purchaser receives a refund of any Indemnified Taxes, or the Purchaser, acting reasonably, determines that, because of the payment of such Indemnified Taxes, it has benefited from a reduction in Excluded Taxes otherwise payable by it, it shall pay to the Payor an amount equal to such refund or reduction (but only to the extent of indemnity payments made, or Additional Amounts paid, by the payor under this Section 15.2 with respect to the Taxes giving rise to such refund or reduction), net of all out-of-pocket expenses of such Purchaser, as the case may be, and without interest (other than any net after-Tax interest paid by the relevant Governmental Body with respect to such refund). The Payor, upon the request of a Purchaser, agrees to repay the amount paid over to the Payor to such Purchaser, without interest, if such Purchaser is required to repay such refund or reduction to such Governmental Body. This paragraph shall not be construed to require a Purchaser to make available its Tax Returns (or any other information relating to its Taxes that it deems confidential) to the Seller or any other Person, to arrange its affairs in any particular manner or to claim any available refund or reduction.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) Any Purchaser that is entitled to an exemption from or reduction of Taxes under the law of the jurisdiction in which the Seller or any Payor is resident for tax purposes, any treaty to which such jurisdiction is a party, or otherwise, with respect to any payments made in respect of this Agreement shall, at the request of the Seller, deliver to the Seller (with a copy to the Purchasers' Agent), at the time or times prescribed by Applicable Law or reasonably requested by the Seller or the Purchasers' Agent, such properly completed and executed documentation prescribed by Applicable Law (if any) or as reasonably requested by the Seller or the Purchasers' Agent as will permit such payments to be made without withholding or at a reduced rate of withholding Taxes. In addition, any Purchaser, if requested by the Seller or the Purchasers' Agent, shall deliver such other documentation prescribed by Applicable Law (if any) or reasonably requested by the Seller or the Purchasers' Agent as will enable the Seller or the Purchasers' Agent to determine whether or not such Purchaser is subject to withholding or information reporting requirements. Notwithstanding the foregoing, no Purchaser shall be required to deliver any documentation pursuant to this Section 15.2(f) that such Purchaser is not legally able to deliver.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) Following the execution and delivery of this Agreement, each of the parties hereto will co-operate reasonably with the other parties hereto in implementing any proposed adjustments to the structure or terms of this Agreement to facilitate the reduction of the Seller's or any other Group Member's obligations to pay any Additional Amounts or Indemnified Other Taxes pursuant to this Section 15.2 or for any other reasonable tax planning purpose of any party, provided that such adjustments have no material adverse impact on the non-proposing party and that the costs of such adjustments shall be paid for by the proposing party. For greater certainty, if, as a result of a change in Applicable Law or in the interpretation of any Applicable Law by a relevant Governmental Body (a "**Change in Law** "), the

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Seller or any other Group Member is required to pay any Indemnified Taxes pursuant to this Section 15.2 which are materially in excess of the Indemnified Taxes which would have been paid to a Purchaser prior to the Change in Law, the parties agree that, upon the request of the Seller, the parties shall negotiate in good faith to implement any proposed adjustments to the structure or terms of this Agreement and any other relevant agreement between the Parties so that the Seller is no longer materially and adversely affected by such Change in Law; provided that, notwithstanding anything in this Agreement to the contrary, no party shall be obligated to execute any such amendment if doing so would have an adverse impact on such party, as determined by such party in its sole and absolute discretion acting reasonably.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**15.3** **Overdue Payments** 

Unless otherwise provided herein (including pursuant to Section 2.3(c)), any payment or delivery not made by a Party on or by any applicable payment or delivery date referred to in this Agreement shall incur interest from the due date until such payment or delivery is paid or made in full at a per annum rate equal to 10% from and after the due date, calculated, and compounded monthly in arrears.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**15.4** **Set-Off** 

Any dollar amount or Refined Gold owing by a Party to any other Party under this Agreement may be set off against any dollar amount or Refined Gold owed to such Party by the other Party. Subject to Section 2.6: (a) any amount of Refined Gold set off and withheld against any non-payment by a Party shall be valued at the Gold Market Price as of the day that such amount of Refined Gold became deliverable to such Party and shall result in a reduction in the amount of Refined Gold otherwise to be delivered by that number of ounces equal to the dollar amount set off divided by such Gold Market Price; and (b) any payment set off and withheld against any non-delivery of Refined Gold by a Party shall value the Refined Gold at the Gold Market Price as of the day that such payment became payable to such Party and shall result in a reduction in the amount of Refined Gold otherwise to be delivered by such Party by that number of ounces equal to the dollar amount set off divided by such Gold Market Price.

**Article 16**

**GENERAL**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**16.1** **Disputes and Arbitration** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Subject to Sections 16.1(b) and 16.1(c):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Any dispute, controversy or claim arising out of or relating to this Agreement or the breach, termination or validity thereof which has not been resolved by the Parties within the time frames specified herein (or where no time frames are specified, within 15 days of the delivery of written notice by either Party of such dispute, controversy or claim) shall be referred to the chief executive officer, general counsel or other individual of similar seniority and authority of each applicable Party for prompt resolution.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Any such dispute, controversy or claim which cannot be resolved by such individuals within 15 days after it has been so referred to them hereunder, including the determination of the scope or applicability of this Agreement to arbitrate, shall be settled by binding arbitration administered by the International Center for Dispute Resolution, and any Party may so refer such dispute, controversy or claim to binding arbitration. Such referral to binding arbitration shall be to one qualified arbitrator in accordance with the Arbitration Rules, which Arbitration Rules shall govern such arbitration proceeding. The place of arbitration shall be Toronto, Ontario, and the language of arbitration shall be English. The determination of such arbitrator shall be final and binding upon the Parties and the costs of such arbitration shall be as determined by the arbitrator. Judgment on the award may be entered in any court having jurisdiction. The Parties covenant and agree that they shall conduct all aspects of such arbitration having regard at all times to expediting the final resolution of such arbitration.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) The arbitration, including any settlement discussions between the parties related to the subject matter of the arbitration shall be conducted on a private and confidential basis and any and all information exchanged and disclosed during the course of the arbitration shall be used only for the purposes of the arbitration and any appeal therefrom. Neither party shall communicate any information obtained or disclosed during the course of the arbitration to any third party except to those experts or consultants employed or retained by, or consulted about retention on behalf of, such party in connection with the arbitration and solely to the extent necessary for assisting in the arbitration, and only after such persons have agreed to be bound by these confidentiality conditions. In the event that disclosure of any information related to the arbitration is required to comply with Applicable Law or court order, the disclosing party shall promptly notify the other party of such disclosure, shall limit such disclosure to only that information so required to be disclosed and shall have availed itself of the full benefits of any laws, rules, regulations or contractual rights as to disclosure on a confidential basis to which it may be entitled.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) The award of the arbitrator and any reasons for the decision of the arbitrator shall also be kept confidential except (i) as may reasonably be necessary to obtain enforcement thereof; (ii) for either party to comply with its disclosure obligations under Applicable Law; (iii) to permit the parties to exercise properly their rights under the Arbitration Rules; and (iv) to the extent that disclosure is required to allow the parties to consult with their professional advisors.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any dispute, controversy or claim arising out of or relating to: (i) the enforcement of any remedies by the Purchasers under Article 10; or (ii) the Security Documents or any intercreditor agreement entered into by the Stream Collateral Agent on behalf of the Purchasers, including the Intercreditor Agreement, may, solely at the option of the Purchasers' Agent (at the direction of the Majority Purchasers), be

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settled by binding arbitration in accordance with Section 16.1(a). Unless the Purchasers' Agent shall have directed that any such dispute, controversy or claim be settled by arbitration, Section 16.1(a) shall not apply to any such dispute, controversy or claim. For greater certainty, no Group Member shall have any ability to direct that any such dispute, controversy or claim be settled by arbitration.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Section 16.1(a) shall not preclude the Parties from seeking provisional remedies in aid of arbitration from a court of competent jurisdiction.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Notwithstanding anything contained herein to the contrary, this Section 16.1 shall not apply to the Stream Collateral Agent. For greater certainty, the Stream Collateral Agent shall not be precluded from seeking remedies from a court of competent jurisdiction in lieu of arbitration.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**16.2** **Further Assurances** 

Each Party shall execute all such further instruments and documents and do all such further actions as may be necessary to effectuate the documents and transactions contemplated in this Agreement, in each case at the cost and expense of the Party requesting such further instrument, document or action, unless expressly indicated otherwise.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**16.3** **Affiliates** 

Each Party shall cause its Affiliates, as applicable, to take all necessary actions that are required to comply with any and all covenants, obligations, and undertakings of such party or its Affiliates under this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**16.4** **No Joint Venture** 

Nothing herein shall be construed to create, expressly or by implication, a joint venture, mining partnership, commercial partnership, agency relationship, fiduciary relationship, or other partnership relationship between the Purchasers and any Group Member.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**16.5** **Governing Law; Waiver of Jury Trial** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) This Agreement shall be governed by and construed under the laws of the Province of Ontario and the federal laws of Canada applicable therein (without regard to its laws relating to any conflicts of laws), and each Party irrevocably attorns and, subject to Section 16.1(a), submits to the non-exclusive jurisdiction of the courts of the Province of Ontario. The United Nations Vienna Convention on Contracts for the International Sale of Goods shall not apply to this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Each Party hereto hereby irrevocably and unconditionally waives trial by jury in any legal action or proceeding relating to this Agreement or any other Stream Document to which it is a party and for any counterclaim therein.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**16.6** **Notices** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Unless otherwise specifically provided in this Agreement, any notice or other communication required or permitted to be given hereunder shall be in writing and shall be delivered by hand to an officer or other responsible employee of the addressee or sent by electronic mail in PDF format, addressed to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) if to any Project Entity:

Skeena Resources Limited<br>1133 Melville Street<br>Suite 2600, The Stack<br>Vancouver, BC V6E 4E5

Attention:**[Redacted – Personal Information]**<br>Email:**[Redacted – Personal Information]**

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

Blake, Cassels & Graydon LLP<br>1133 Melville Street<br>Suite 3500, The Stack<br>Vancouver, BC V6E 4E5

Attention:**[Redacted – Personal Information]**<br>Email:**[Redacted – Personal Information]**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) if to the Purchasers' Agent:

OMF Fund IV SPV H LLC<br>c/o Orion Resource Partners (USA) LP<br>7 Bryant Park, 25th Floor<br>1045 Avenue of the Americas<br>New York, NY 10018

Attention: **[Redacted – Personal Information]**<br>Email: **[Redacted – Personal Information]**

with copies to (which shall not constitute notice):

Orion Resource Partners (USA) LP<br>7 Bryant Park, 25th Floor<br>1045 Avenue of the Americas<br>New York, NY 10018

Attention: **[Redacted – Personal Information]**<br>Email: **[Redacted – Personal Information]**

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and

Torys LLP<br>79 Wellington Street West, Suite 3000<br>Toronto, Ontario<br>M5K 1N2

Attention:**[Redacted – Personal Information]**<br>Email: [**Redacted – Personal Information]**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) if to the Purchasers, in accordance with the details specified in Schedule M, as amended from time to time in accordance with this Agreement,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) if to the Stream Collateral Agent:

BNY Trust Company of Canada

1 York Street, 6<sup>th</sup> Floor

Toronto, ON M5H 0B6

Attention:**[Redacted – Personal Information]**<br>Email:**[Redacted – Personal Information]**

or at such other address or email address as such Party from time to time directs in writing to the other Parties.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any notice or other communication given in accordance with this Section 16.6, if delivered by hand as aforesaid shall be deemed to have been validly and effectively given on the date of such delivery if such date is a Business Day and such delivery is received before 4:00 pm at of the place of delivery; otherwise, it shall be deemed to be validly and effectively given on the Business Day next following the date of delivery. Any notice of communication which is transmitted by facsimile transmission or electronic mail as aforesaid, shall be deemed to have been validly and effectively given on the date of transmission if such date is a Business Day and such transmission was received before 4:00 pm at the place of receipt; otherwise it shall be deemed to have been validly and effectively given on the Business Day next following such date of transmission.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Any notices and communications given in respect of this Agreement must be given in the English language, or if given in any other language, that notice or communication must be accompanied by an English translation of it, which must be certified as being a true and correct translation of the notice or communication.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**16.7** **Electronic Means** 

The Purchasers' Agent and Stream Collateral Agent shall have the right to accept and act upon instructions, including funds transfer instructions ("**Instructions**") given pursuant to this Agreement and other Stream Documents and delivered using Electronic Means; provided, however, that the Seller and/or the other Project Entities, as applicable, shall provide to the

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Purchasers' Agent and Stream Collateral Agent an incumbency certificate listing officers with the authority to provide such Instructions ("**Authorized Officers**") and containing specimen signatures of such Authorized Officers, which incumbency certificate shall be amended by the Seller and/or the other Project Entities, as applicable, whenever a person is to be added or deleted from the listing. If the Seller and/or the other Project Entities, as applicable, elects to give the Purchasers' Agent or Stream Collateral Agent, as the case may be, Instructions using Electronic Means and the Purchasers' Agent or Stream Collateral Agent, as the case may be in its discretion elects to act upon such Instructions, the Purchasers' Agent's or Stream Collateral Agent's, as applicable, understanding of such Instructions shall be deemed controlling. The Seller and the other Project Entities understand and agree that neither the Purchasers' Agent nor the Stream Collateral Agent can determine the identity of the actual sender of such Instructions and that both the Purchasers' Agent and Stream Collateral Agent shall conclusively presume that directions that purport to have been sent by an Authorized Officer listed on the incumbency certificate provided to the Purchasers' Agent and Stream Collateral Agent have been sent by such Authorized Officer. The Seller and the other Project Entities shall be responsible for ensuring that only Authorized Officers transmit such Instructions to the Purchasers' Agent or the Stream Collateral Agent, as applicable, and that the Seller, the other Project Entities and all Authorized Officers are solely responsible to safeguard the use and confidentiality of applicable user and authorization codes, passwords and/or authentication keys. The Purchasers' Agent and Stream Collateral Agent each shall not be liable for any losses, costs or expenses arising directly or indirectly from their reliance upon and compliance with such Instructions notwithstanding such directions conflict or are inconsistent with a subsequent written instruction, except to the extent that such losses, costs or expenses arise from the Purchasers' Agent's or Stream Collateral Agent's gross negligence or willful misconduct. The Seller and the other Project Entities agree: (i) to assume all risks arising out of the use of Electronic Means to submit Instructions to the Purchasers' Agent or the Stream Collateral Agent, as the case may be, including without limitation the risk of the Purchasers' Agent or the Stream Collateral Agent acting on unauthorized Instructions, and the risk of interception and misuse by third parties; (ii) that it is fully informed of the protections and risks associated with the various methods of transmitting Instructions to the Purchasers' Agent or the Stream Collateral Agent and that there may be more secure methods of transmitting Instructions than the method(s) selected by the Seller and/or the other Project Entities, as applicable; (iii) that the security procedures (if any) to be followed in connection with its transmission of Instructions provide to it a commercially reasonable degree of protection in light of its particular needs and circumstances; and (iv) to notify the Purchasers' Agent and the Stream Collateral Agent immediately upon learning of any compromise or unauthorized use of the security procedures. The Seller and/or the other Project Entities and/or the Purchasers acknowledge and agree that the Purchasers' Agent and the Stream Collateral Agent each shall have no liability for acting on or in connection with instructions or directions of the Purchasers provided to the Purchasers' Agent or the Stream Collateral Agent by the Purchasers (or their representative participant with a global depository) using Electronic Means. Notwithstanding anything contained herein to the contrary, neither the Purchasers' Agent nor the Stream Collateral Agent accept service of any notice or other communications by facsimile transmission, and any service using facsimile transmission shall be deemed void and ineffective.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**16.8** **Press Releases** 

The Parties shall jointly plan and co-ordinate, and shall cause their respective Affiliates to jointly plan and coordinate, any public notices, press releases, and any other publicity concerning the entering into of this Agreement and none of the Parties or its Affiliates shall act in this regard without reasonable prior consultation with the other Parties, unless such disclosure is required to meet timely disclosure obligations of such Parties or their Affiliates under Applicable Laws in circumstances where prior consultation with the other Parties is not practicable, and a copy of such disclosure shall be provided to the other Parties at such time as it is made publicly available.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**16.9** **Amendments** 

Except as otherwise provided herein, this Agreement may not be changed, amended or modified in any manner, except pursuant to an instrument in writing signed on behalf of each of the Parties.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**16.10** **Beneficiaries** 

Except as otherwise provided herein, this Agreement is for the sole benefit of the Parties and their successors and permitted assigns and nothing herein is intended to or shall confer upon any other Person any legal or equitable right, benefit or remedy of any nature or kind whatsoever under or by reason of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**16.11** **Entire Agreement** 

This Agreement, the other Stream Documents and the other Key Transaction Agreements together constitute the entire agreement between the Parties with respect to the subject matter hereof and thereof and cancel and supersede any prior understandings and agreements between the Parties with respect thereto. There are no representations, warranties, terms, conditions, opinions, advice, assertions of fact, matters, undertakings or collateral agreements, express, implied or statutory, with respect to the subject matter hereof and thereof by or between the Parties (or by any of their respective employees, directors, officers, representatives or agents) other than as expressly set forth in this Agreement, the other Stream Documents or the other Key Transaction Agreements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**16.12** **Amendment and Restatement** 

On and from the date hereof, this Agreement amends and restates the Original Stream Agreement. This Agreement does not constitute a novation of the Original Stream Agreement or any of the indebtedness, liabilities or obligations of the Seller thereunder. The amendment and restatement of the Original Stream Agreement hereby shall not be construed to discharge or otherwise affect any "Stream Obligations" (as defined in the Original Stream Agreement) of the Project Entities accrued or otherwise owing under the Original Stream Agreement, it being understood that such "Stream Obligations" (as defined in the Original Stream Agreement) shall continue as Stream Obligations hereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**16.13** **Waivers** 

Any waiver of, or consent to depart from, the requirements of any provision of this Agreement shall be effective only if it is in writing and signed by the Party giving it, and only in the specific

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instance and for the specific purpose for which it has been given. No failure on the part of any Party to exercise, and no delay in exercising, any right under this Agreement shall operate as a waiver of such right. No single or partial exercise of any such right shall preclude any other or further exercise of such right or the exercise of any other right.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**16.14** **Assignment** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) This Agreement and the other Stream Documents shall enure to the benefit of and shall be binding on and enforceable by the Parties and their respective successors and permitted assigns.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Except as otherwise provided herein, but subject to Section 16.14(f), the Seller shall not assign, in whole or in part, any of its rights, obligations or interest under this Agreement or the other Stream Documents without the prior written consent of the Purchasers' Agent (at the direction of the Majority Purchasers).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Prior to the earlier of (i) the date of the advance of the Fifth Deposit and (ii) date on which the obligations to make subsequent installments of the Initial Deposits is terminated pursuant to Section 3.1(b), but subject to Section 16.14(f), no Purchaser may assign, in whole or in part, any of its rights, obligations or interest under this Agreement and the other Stream Documents without the prior consent of the Seller unless a Seller Event of Default has occurred and is continuing. For greater certainty, after the Deposit has been advanced in full, or after a Seller Event of Default has occurred and is continuing, any Purchaser may assign, in whole or in part, any of its rights, obligations or interest under this Agreement without the consent of any other Party.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) An assignment by a Purchaser shall become effective when the Seller, the other Purchasers and the Stream Collateral Agent have received from the assignee (i) an agreement (addressed to all the parties to this Agreement) to be bound by this Agreement and to perform the obligations assigned to it, in substantially the form of Schedule V, and (ii) any documents required by local counsel and requested by the Purchasers' Agent to ensure the assignee receives the benefit of the Security. Any assignee shall be treated as a Purchaser for all purposes of this Agreement, shall be entitled to the full benefit hereof and shall be subject to the obligations of the assigning Purchaser to the same extent as if it were an original party in respect of the rights or obligations assigned to it, and the assigning Purchaser shall be released and discharged from its obligations hereunder (but not from any claims or damages arising from a breach of this Agreement prior to such date or resulting from such assigning Purchaser's gross negligence or wilful misconduct) from the date of assignment, accordingly and to the same extent.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Notwithstanding any other provision of this Agreement, each Purchaser shall have the right to grant a security interest, hypothecate or pledge, in whole or in part, its interest under this Agreement to one or more lenders providing financing to the Purchaser without notice to, or the consent of, any other Party. If any such lender enforces such security interest, hypothec or pledge, it will provide notice of such

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enforcement to the Seller, the Stream Collateral Agent and the other Purchasers, and, upon delivery of such notice (which notice shall confirm that such lender agrees to be bound by the terms and conditions of this Agreement and the other Stream Documents to the extent of such interest), such lender shall be entitled to the interest of such Purchaser under this Agreement and the other Stream Documents.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) Notwithstanding any other provision of this Agreement, no Party shall assign, in whole or in part, any of its rights, obligations or interest under this Agreement or the other Stream Documents to any Sanctioned Person or Sanctioned Entity.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**16.15** **Severability** 

If any provision of this Agreement is determined to be invalid, illegal or unenforceable in any respect, all other provisions of this Agreement shall nevertheless remain in full force and effect and the Parties shall negotiate in good faith to replace any provision that is invalid, illegal or unenforceable with such other valid provision that most closely replicates the economic effect and rights and benefits of such impugned provision.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**16.16** **Costs and Expenses** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Except as otherwise provided for in this Agreement and subject to the following provisions of this Section 16.16, all costs and expenses incurred by a Party shall be for its own account.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Seller shall pay to the Purchasers' Agent and the Purchasers on demand all reasonable and documented out of pocket due diligence expenses, including but not limited to documented legal and mining consultants' costs incurred by the Purchasers' Agent and the Purchasers on or prior to the date of this Agreement, including all reasonable and documented out of pocket costs associated with the drafting of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Seller shall pay to the Purchasers' Agent and the Purchasers on demand all reasonable and documented costs and expenses of the Purchasers' Agent and Purchasers and their agents, counsel, and any receiver or receiver-manager appointed by them or by a court (including all fees, expenses and disbursements of legal counsel) in connection with this Agreement and the other Stream Documents incurred after the date of this Agreement in connection with the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the closing and funding of this Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) any actual or proposed amendment or modification of the Stream Documents or any waiver thereunder and all instruments supplemental or ancillary thereto;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) the registration, maintenance and/or discharge of any of the Security in any public record office; and

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) the defence, establishment, protection or enforcement of any of the rights or remedies of the Purchasers under this Agreement or any of the other Stream Documents. The Purchasers shall be entitled to set-off any amounts owing by the Seller pursuant to this Section 16.16 from the amount of the Deposit or any cash portion of the Purchase Price to be paid to the Seller pursuant to this Agreement, provided prior consent is obtained from the Seller, such consent not to be unreasonably withheld.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**16.17** **Counterparts** 

This Agreement may be executed in one or more counterparts, and by the Parties in separate counterparts, each of which when executed shall be deemed to be an original, but all of which taken together shall constitute one and the same agreement. Delivery of an executed counterpart of a signature page to this Agreement by telecopy or electronic scan shall be effective as delivery of a manually executed counterpart of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**16.18** **Liability Limit** 

Without limiting any other term or provision of this Agreement, the Seller and the Guarantors hereby irrevocably waive the right to obtain any consequential, incidental, indirect, lost-profits, special, and/or punitive damages against the Purchasers, the Purchasers' Agent or the Stream Collateral Agent in any legal action, whether in contract, tort, or otherwise. The Seller and the Guarantors further irrevocably waive the right to seek to "pierce the corporate veil" of the Purchasers, the Purchasers' Agent or the Stream Collateral Agent by holding any direct or indirect Affiliate, officer, manager, member, direct, officer, partner, shareholder, employee, agent, or representative of the Purchasers, the Purchasers' Agent or the Stream Collateral Agent liable for any obligation thereof.

[*Signature pages follow.*]

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

---

| | |
|:---|:---|
| **ESKAY CREEK STREAMING LTD.** | **ESKAY CREEK STREAMING LTD.** |
| Per: | (signed) **[Redacted – Personal<br>Information]** |
|  | Name: |
|  | Title: |
| Per: | (signed) **[Redacted – Personal<br>Information]** |
|  | Name: |
|  | Title: |

---

---

| | |
|:---|:---|
| **SKEENA RESOURCES LIMITED** | **SKEENA RESOURCES LIMITED** |
| Per: | (signed) **[Redacted – Personal<br>Information]** |
|  | Name: |
|  | Title: |
| Per: | (signed) **[Redacted – Personal<br>Information]** |
|  | Name: |
|  | Title: |

---

---

| | |
|:---|:---|
| **ESKAY CREEK MINING LTD.** | **ESKAY CREEK MINING LTD.** |
| Per: | (signed) **[Redacted – Personal<br>Information]** |
|  | Name: |
|  | Title: |
| Per: | (signed) **[Redacted – Personal<br>Information]** |
|  | Name: |
|  | Title: |

---

[Purchase and Sale Agreement (Gold)]

------

---

| | |
|:---|:---|
| **OMF FUND IV SPV H LLC, in its<br>capacity as a Purchaser** | **OMF FUND IV SPV H LLC, in its<br>capacity as a Purchaser** |
| Per: | (signed) **[Redacted – Personal<br>Information]** |
|  | Name: |
|  | Title: |
| Per: | (signed) **[Redacted – Personal<br>Information]** |
|  | Name: |
|  | Title: |

---

---

| | |
|:---|:---|
| **OMF FUND IV SPV H LLC, in its<br>capacity as Purchasers' Agent** | **OMF FUND IV SPV H LLC, in its<br>capacity as Purchasers' Agent** |
| Per: | (signed) **[Redacted – Personal<br>Information]** |
|  | Name: |
|  | Title: |
| Per: | (signed) **[Redacted – Personal<br>Information]** |
|  | Name: |
|  | Title: |

---

[Purchase and Sale Agreement (Gold)]

------

---

| | |
|:---|:---|
| **BNY TRUST COMPANY OF<br>CANADA, in its capacity as Stream<br>Collateral Agent** | **BNY TRUST COMPANY OF<br>CANADA, in its capacity as Stream<br>Collateral Agent** |
| Per: | (signed) **[Redacted – Personal<br>Information]** |
|  | Name: |
|  | Title: |
| Per: | (signed) **[Redacted – Personal<br>Information]** |
|  | Name: |
|  | Title: |

---

[Purchase and Sale Agreement (Gold)]

------

**Schedule A**

**Annual Forecast Report**

"**Annual Forecast Report**" means a written report in relation to a Fiscal Year with respect to the Project, to be prepared by or on behalf of the Seller, including with reasonable details the following items:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. the amount and a description of planned operating and capital expenditure, including:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i. the amount and a description of planning exploration expenditures, including a breakdown by exploration target;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ii. the amount and, to the extent reasonably feasible, a description of planned development and other capital expenditures, including a breakdown of the major components thereof; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iii. a breakdown of other project development costs as such permitting, studies and CSR; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. to the degree not already delivered, a forecast based on the then current Mine Plan for the Project, for such the upcoming Fiscal Year on a month-by-month basis and over the remaining life of the mine on a year-by-year basis of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i. the estimated tonnes and grade of Minerals to be mined and stockpiled during the forecast period;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ii. the estimated tonnes and grade of Minerals to be processed and expected recoveries for gold, silver and other types of marketable minerals, and the operating costs and sustaining capital during the applicable forecast period;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iii. the estimated amount of Refined Gold during the forecast period; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iv. a statement setting out the reserves and resources for the Project and the assumptions used.

------

**Schedule B**

**Area of Interest**

![Graphic](tmb-20251231xex4d13001.jpg)

------

**Schedule C**

**Completion Test**

**[REDACTED – Commercially Sensitive Information]**

------

**Schedule D**

**Form of Completion Certificate**

---

| | |
|:---|:---|
| TO: | **OMF FUND IV SPV H LLC** (the "**Purchasers' Agent**") |
| RE: | Amended and Restated Purchase and Sale Agreement (Gold) dated as of [■], 2024 among Skeena Resources Limited, the Seller party thereto, the Guarantors party thereto, the Purchasers party thereto and the Purchasers' Agent (as it may be amended, supplemented or restated from time to time, the "**Stream Agreement**") |

---

We, <u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u> , the **[Chief Executive Officer]** of Skeena Resources Limited ("**Skeena**"), and <u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u> , the **[Chief Financial Officer]** of Skeena, hereby certify without personal liability on behalf of Skeena as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. This Certificate is furnished pursuant to the Stream Agreement and initially capitalized terms used in this Completion Certificate and not otherwise defined in this Completion Certificate shall have the respective meanings given to such terms in the Stream Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. We have made or caused to be made such examinations or investigations as are, in our opinion, necessary to furnish this Completion Certificate and we have furnished this Completion Certificate with the intent that it may be relied upon by the Purchasers as a basis for determining that, with respect to the Project, the Completion Date has occurred.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. For a period of 60 consecutive days ending on or prior to the date hereof, the Project has operated at an average rate of at least ■ %<sup>1</sup> of its design capacity.

*Remainder of page intentionally left blank.*

------

<sup>1</sup> Or at such lesser rate of production as may be specified in the operating plan of the Seller or its Affiliates as constituting the commencement of commercial production at that facility.

------

**DATED** the <u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u> day of <u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u> , 20<u>&nbsp;&nbsp;&nbsp;&nbsp; .</u>

---

| | |
|:---|:---|
| **SKEENA RESOURCES LIMITED** | **SKEENA RESOURCES LIMITED** |
| By: |  |
|  | Name: |
|  | Title: |
| By: |  |
|  | Name: |
|  | Title: |
| We have the authority to bind the Corporation. | We have the authority to bind the Corporation. |

---

------

**Schedule E**

**Copper Exploration Concessions**

The Copper Exploration Concessions registered to Skeena Resources Limited are:

Mineral Claims

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Tenure No.** | &nbsp;&nbsp;**Claim Name** | &nbsp;&nbsp;**Issue Date** | &nbsp;&nbsp;**Good to Date** |
| &nbsp;&nbsp;1. | &nbsp;&nbsp;606934 | &nbsp;&nbsp;RED CRIS 1 | &nbsp;&nbsp;2009/JUL/02 | &nbsp;&nbsp;2026/SEP/15 |
| &nbsp;&nbsp;2. | &nbsp;&nbsp;1060986 | &nbsp;&nbsp;Gin 1 | &nbsp;&nbsp;2018/JUN/06 | &nbsp;&nbsp;2025/SEP/15 |
| &nbsp;&nbsp;3. | &nbsp;&nbsp;1060987 | &nbsp;&nbsp;Gin | &nbsp;&nbsp;2018/JUN/06 | &nbsp;&nbsp;2025/SEP/15 |
| &nbsp;&nbsp;4. | &nbsp;&nbsp;1060988 | &nbsp;&nbsp;Gin 2 | &nbsp;&nbsp;2018/JUN/06 | &nbsp;&nbsp;2025/SEP/15 |
| &nbsp;&nbsp;5. | &nbsp;&nbsp;1089728 | &nbsp;&nbsp;GIN 4 | &nbsp;&nbsp;2022/JAN/21 | &nbsp;&nbsp;2025/SEP/15 |
| &nbsp;&nbsp;6. | &nbsp;&nbsp;546491 | &nbsp;&nbsp;BONANZA 6 | &nbsp;&nbsp;2006/DEC/04 | &nbsp;&nbsp;2030/MAY/31 |
| &nbsp;&nbsp;7. | &nbsp;&nbsp;546494 | &nbsp;&nbsp;BONANZA 7 | &nbsp;&nbsp;2006/DEC/04 | &nbsp;&nbsp;2030/MAY/31 |
| &nbsp;&nbsp;8. | &nbsp;&nbsp;407014 | &nbsp;&nbsp;BONANZA 1 | &nbsp;&nbsp;2003/NOV/27 | &nbsp;&nbsp;2030/JUN/30 |
| &nbsp;&nbsp;9. | &nbsp;&nbsp;407018 | &nbsp;&nbsp;BONANZA 2 | &nbsp;&nbsp;2003/NOV/27 | &nbsp;&nbsp;2030/JUN/30 |
| &nbsp;&nbsp;10. | &nbsp;&nbsp;407019 | &nbsp;&nbsp;BONANZA 3 | &nbsp;&nbsp;2003/NOV/27 | &nbsp;&nbsp;2030/JUN/30 |
| &nbsp;&nbsp;11. | &nbsp;&nbsp;407020 | &nbsp;&nbsp;BONANZA 4 | &nbsp;&nbsp;2003/NOV/27 | &nbsp;&nbsp;2030/JUN/30 |
| &nbsp;&nbsp;12. | &nbsp;&nbsp;546492 | &nbsp;&nbsp;BONANZA 5 | &nbsp;&nbsp;2006/DEC/04 | &nbsp;&nbsp;2030/JUN/30 |
| &nbsp;&nbsp;13. | &nbsp;&nbsp;546493 | &nbsp;&nbsp;BONANZA 8 | &nbsp;&nbsp;2006/DEC/04 | &nbsp;&nbsp;2030/JUN/30 |
| &nbsp;&nbsp;14. | &nbsp;&nbsp;600214 | &nbsp;&nbsp;BON BON | &nbsp;&nbsp;2009/MAR/03 | &nbsp;&nbsp;2030/JUN/30 |
| &nbsp;&nbsp;15. | &nbsp;&nbsp;1014422 |  | &nbsp;&nbsp;2012/NOV/11 | &nbsp;&nbsp;2030/JUN/30 |
| &nbsp;&nbsp;16. | &nbsp;&nbsp;1013232 | &nbsp;&nbsp;BONANZA 99 | &nbsp;&nbsp;2012/SEP/26 | &nbsp;&nbsp;2030/JUN/30 |
| &nbsp;&nbsp;17. | &nbsp;&nbsp;1080125 | &nbsp;&nbsp;BONANZA SOUTH | &nbsp;&nbsp;2020/DEC/19 | &nbsp;&nbsp;2025/JUN/30 |

---

------

**Schedule F**

**Cost to Complete Certificate**

---

| | |
|:---|:---|
| **To:** | OMF Fund IV SPV H LLC, as Purchasers' Agent (the "**Agent**") |
| **And To:** | the Purchasers (as defined below) |
| **Re:** | Amended and Restated Purchase and Sale Agreement (Gold) dated as of [■], 2024 among Skeena Resources Limited, the Seller party thereto, the Guarantors party thereto, the Purchasers party thereto and the Purchasers' Agent (as it may be amended, supplemented or restated from time to time, the "**Stream Agreement**") |
| **Date:** | [■] |

---

I, **[name]**, the **[title]** of **[Seller]** (the "**Seller**"), hereby certify that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. All capitalized terms used in this certificate and defined in the Stream Agreement have the meanings defined in the Stream Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. I am the duly appointed **[Chief Executive Officer/Chief Financial Officer]** of the Seller.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. I am familiar with and have examined the provisions of the Stream Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. To the best of my knowledge, information and belief and after due and diligent inquiry, I certify that as of the date hereof, the aggregate of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the undrawn and uncancelled Commitments; plus

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the unfunded remaining Deposit and Additional Deposit (as defined in the Stream Agreement) still available under the Stream Agreement; plus

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Unrestricted Cash,

is sufficient to pay all Remaining Estimated Funding Requirements. The calculation of the above is attached hereto as Schedule A.

For the purposes hereof:

"**Unrestricted Cash**" means, at any time, the aggregate of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) cash denominated in Dollars or C$ credited at such time to a bank account in the name of the Seller or a Guarantor and of which such Seller or Guarantor is the sole beneficiary and provided that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) such cash is repayable on demand;

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) the repayment of such cash is not contingent on the prior discharge of any Debt of any Person whatsoever or on the satisfaction of any other condition;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) there is no Encumbrance over such cash or account (other than an Encumbrance in favour of the Stream Collateral Agent for the benefit of the Purchasers pursuant to the Security Documents, an Encumbrance in favour of the collateral agent for the benefit of lenders pursuant to the security documents under the Credit Agreement and any Refinancing Facility, or customary account bank set-off rights securing up to a maximum of $5,000 in the aggregate for the Seller and Guarantors in the aggregate);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) ‎such cash is freely and immediately available to such Seller and/or Guarantors (subject only to the terms of the Blocked Account Agreement); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) such cash and such account are subject to a Blocked Account Agreement‎ in favour of the Stream Collateral Agent,

and further provided that Unrestricted Cash shall exclude all cash required or designated for bonding, reclamation or other similar obligations;

"**Remaining Estimated Funding Requirements**" means the remaining funding requirements ‎as contemplated by the Planning Documents in effect on the date hereof to pay all Project related development, construction and operating (net of ‎revenues and working capital adjustments) costs necessary to achieve Completion, along ‎with all other corporate and general and administrative expenses of the Seller and Guarantors, as reviewed and accepted by the Independent Engineer;

*[- Signature Page Follows -]*

------

DATED as of the first date written above.

---

| | |
|:---|:---|
| **[SELLER]** | **[SELLER]** |
| By: |  |
|  | Name: |
|  | Title: |

---

Acknowledged and Agreed by:

---

| | |
|:---|:---|
| **INDEPENDENT ENGINEER:** |  |
|  | Name: |
|  | Title: |

---

------

SCHEDULE A

CALCULATION OF COST TO COMPLETE

------

**Schedule G**

**Material Contracts**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Royalty purchase agreement dated as of December 18, 2023 between Skeena Resources Limited, as vendor, and Franco-Nevada Corporation, as purchaser.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Amended and restated royalty agreement dated as of December 18, 2023 between Skeena Resources Limited, as payor, and Franco-Nevada Corporation, as recipient (the "**Franco-Nevada Royalty** ").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Royalty agreement dated as of October 2, 2020 between Skeena Resources Limited and Barrick Gold Inc., assigned by Barrick Gold Inc. to Maverix Metals Inc.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. Supply of Sag and Ball Mills dated as of December 11, 2023 between Skeena Resources Limited and Citic HIC Australia Pty Ltd.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. Supply of Fine Grinding Mills dated December 18, 2023 between Skeena Resources Limited and Glencore Technology Pty Limited

------

**Schedule H**

**Material Project Authorizations**

**[REDACTED – Commercially Sensitive Information]**

------

**Schedule I**

**Pre-Completion Monthly Report**

**[REDACTED – Commercially Sensitive Information]**

------

**Schedule J**

**Project NPV Criteria**

**[REDACTED – Commercially Sensitive Information]**

------

**Schedule K**

**NPV of the Remaining Stream Criteria**

**[REDACTED – Commercially Sensitive Information]**

------

**Schedule L**

**Project Real Property**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **MINERAL CLAIMS** | **MINERAL CLAIMS** | **MINERAL CLAIMS** | **MINERAL CLAIMS** | **MINERAL CLAIMS** | **MINERAL CLAIMS** |
| No. | **Tenure Number** | **Claim Name** | **Issue Date** | **Good to Date** | **Area (ha)** |
| **Mineral Claims Owned by Canagold Resources Ltd. as to 33.33% and Skeena Resources Limited as to 66.67%** | **Mineral Claims Owned by Canagold Resources Ltd. as to 33.33% and Skeena Resources Limited as to 66.67%** | **Mineral Claims Owned by Canagold Resources Ltd. as to 33.33% and Skeena Resources Limited as to 66.67%** | **Mineral Claims Owned by Canagold Resources Ltd. as to 33.33% and Skeena Resources Limited as to 66.67%** | **Mineral Claims Owned by Canagold Resources Ltd. as to 33.33% and Skeena Resources Limited as to 66.67%** | **Mineral Claims Owned by Canagold Resources Ltd. as to 33.33% and Skeena Resources Limited as to 66.67%** |
|  | 252966 | CAL #2 | 1989/08/05 | 2034/JAN/15 | 500 |
|  | 252967 | CAL #3 | 1989/08/06 | 2034/JUN/22 | 400 |
| **Mineral Claimed Owned by Skeena Resources Limited as to 100%** | **Mineral Claimed Owned by Skeena Resources Limited as to 100%** | **Mineral Claimed Owned by Skeena Resources Limited as to 100%** | **Mineral Claimed Owned by Skeena Resources Limited as to 100%** | **Mineral Claimed Owned by Skeena Resources Limited as to 100%** | **Mineral Claimed Owned by Skeena Resources Limited as to 100%** |
|  | 252976 | IKS 2 | 1989/08/02 | 2026/FEB/12 | 500 |
|  | 300298 | P-1 | 1991/06/11 | 2025/MAY/20 | 25 |
|  | 300299 | P-2 | 1991/06/11 | 2025/MAY/20 | 25 |
|  | 300300 | P-3 | 1991/06/11 | 2025/MAY/20 | 25 |
|  | 300301 | P-4 | 1991/06/11 | 2025/MAY/20 | 25 |
|  | 329241 | MACK 23 | 1994/07/21 | 2027/JUN/25 | 500 |
|  | 329244 | MACK 1 | 1994/07/21 | 2027/JUN/25 | 25 |
|  | 329245 | MACK 2 | 1994/07/21 | 2027/JUN/25 | 25 |
|  | 329246 | MACK 3 | 1994/07/21 | 2027/JUN/25 | 25 |
|  | 329247 | MACK 4 | 1994/07/21 | 2027/JUN/25 | 25 |
|  | 329248 | MACK 5 | 1994/07/21 | 2027/JUN/25 | 25 |
|  | 329249 | MACK 6 | 1994/07/21 | 2027/JUN/25 | 25 |
|  | 329252 | MACK 9 | 1994/07/21 | 2027/JUN/25 | 25 |
|  | 329253 | MACK 10 | 1994/07/21 | 2027/JUN/25 | 25 |
|  | 329254 | MACK 11 | 1994/07/21 | 2027/JUN/25 | 25 |
|  | 329255 | MACK 12 | 1994/07/21 | 2027/JUN/25 | 25 |

---

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **MINERAL CLAIMS** | **MINERAL CLAIMS** | **MINERAL CLAIMS** | **MINERAL CLAIMS** | **MINERAL CLAIMS** | **MINERAL CLAIMS** |
| No. | **Tenure Number** | **Claim Name** | **Issue Date** | **Good to Date** | **Area (ha)** |
|  | 329256 | MACK 13 | 1994/07/21 | 2027/JUN/25 | 25 |
|  | 329257 | MACK 14 | 1994/07/21 | 2027/JUN/25 | 25 |
|  | 329258 | MACK 15 | 1994/07/21 | 2027/JUN/25 | 25 |
|  | 329259 | MACK 16 | 1994/07/21 | 2027/JUN/25 | 25 |
|  | 329260 | MACK 17 | 1994/07/21 | 2027/JUN/25 | 25 |
|  | 329261 | MACK 18 | 1994/07/21 | 2027/JUN/25 | 25 |
|  | 329262 | MACK 19 | 1994/07/21 | 2027/JUN/25 | 25 |
|  | 329263 | MACK 20 | 1994/07/21 | 2027/JUN/25 | 25 |
|  | 329264 | MACK 21 | 1994/07/21 | 2027/JUN/25 | 25 |
|  | 329265 | MACK 22 | 1994/07/21 | 2027/JUN/25 | 25 |
|  | 329363 | MACK 26 FR. | 1994/08/03 | 2027/JUN/25 | 25 |
|  | 352974 | STAR 21 | 1996/12/07 | 2028/JUN/22 | 250 |
|  | 352975 | STAR 22 | 1996/12/07 | 2027/JUN/25 | 150 |
|  | 365539 | KAY 1 | 1998/09/12 | 2025/OCT/06 | 25 |
|  | 365541 | KAY 3 | 1998/09/12 | 2025/OCT/06 | 25 |
|  | 365542 | KAY 4 | 1998/09/12 | 2025/OCT/06 | 25 |
|  | 365543 | KAY 5 | 1998/09/12 | 2025/OCT/06 | 25 |
|  | 365544 | KAY 6 | 1998/09/12 | 2025/OCT/06 | 25 |
|  | 365545 | KAY 7 | 1998/09/12 | 2025/OCT/06 | 25 |
|  | 365546 | KAY 8 | 1998/09/12 | 2025/OCT/06 | 25 |
|  | 365547 | KAY 9 | 1998/09/12 | 2025/OCT/06 | 25 |
|  | 365548 | KAY 10 | 1998/09/12 | 2025/OCT/06 | 25 |
|  | 512867 |  | 2005/05/17 | 2025/JUN/25 | 106.81 |

---

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **MINERAL LEASES** | **MINERAL LEASES** | **MINERAL LEASES** | **MINERAL LEASES** | **MINERAL LEASES** | **MINERAL LEASES** |
| No. | **Tenure Number** | **Claim Name** | **Issue Date** | **Good to Date** | **Area (ha)** |
|  | 512879 |  | 2005/05/18 | 2025/APR/06 | 35.58 |
|  | 512881 |  | 2005/05/18 | 2025/JUN/25 | 17.8 |
|  | 1037723 | NEW ESKAY CREEK 1 | 2015/08/04 | 2028/DEC/15 | 569.49 |
|  | 1037725 | ESKAY CREEK MAC 25 | 2015/08/04 | 2027/JUL/04 | 338.33 |
|  | 1040403 | ESKAY NORTH | 2015/12/05 | 2026/JUN/11 | 1297.69 |
|  | 1041101 | ESKEY CREEK TREND | 2016/01/09 | 2026/FEB/12 | 124.47 |
|  | 1041102 | ESKEY CREEK 1983 FILE | 2016/01/09 | 2026/JAN/10 | 88.90 |
|  | 1056639 | MELISSA | 2017/11/24 | 2026/FEB/12 | 53.36 |
|  | 1089698 | ESKAY 3 | 2022/01/21 | 2025/JAN/21 | 17.79 |
|  | 1089766 | ESKAY 1 | 2022/01/21 | 2026/JAN/21 | 35.56 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **MINERAL LEASES** | **MINERAL LEASES** | **MINERAL LEASES** | **MINERAL LEASES** | **MINERAL LEASES** |
| No. | **Tenure Number** | **Issue Date** | **Good to Date** | **Area (ha)** |
| **Mineral Leases Owned by Canagold Resources Ltd. as to 33.3333% and Skeena Resources Limited as to 66.6667%** | **Mineral Leases Owned by Canagold Resources Ltd. as to 33.3333% and Skeena Resources Limited as to 66.6667%** | **Mineral Leases Owned by Canagold Resources Ltd. as to 33.3333% and Skeena Resources Limited as to 66.6667%** | **Mineral Leases Owned by Canagold Resources Ltd. as to 33.3333% and Skeena Resources Limited as to 66.6667%** | **Mineral Leases Owned by Canagold Resources Ltd. as to 33.3333% and Skeena Resources Limited as to 66.6667%** |
|  | 316357 | 1994/04/30 | 2025/APR/30 | 276.7 |
|  | 316358 | 1994/04/30 | 2025/APR/30 | 367.7 |
|  | 316359 | 1994/04/30 | 2025/APR/30 | 278.7 |
| **Mineral Leases Owned by Skeena Resources Limited as to 100%** | **Mineral Leases Owned by Skeena Resources Limited as to 100%** | **Mineral Leases Owned by Skeena Resources Limited as to 100%** | **Mineral Leases Owned by Skeena Resources Limited as to 100%** | **Mineral Leases Owned by Skeena Resources Limited as to 100%** |
|  | 306627 | 1992/06/01 | 2025/JUN/01 | 355 |
|  | 306286 | 1991/08/13 | 2025/AUG/13 | 73.56 |
|  | 306611 | 1992/06/01 | 2025/JUN/01 | 41.8 |
|  | 254580 | 1990/12/17 | 2025/DEC/17 | 41.8 |
|  | 329944 | 1994/12/06 | 2025/DEC/06 | 395 |

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**Surface Leases**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Lease No. SK949997 dated for reference December 3, 2024 between His Majesty the King in Right of the Province of British Columbia and Skeena Resources Limited.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Lease No. SK949643 dated for reference August 30, 2024 between His Majesty the King in Right of the Province of British Columbia and Skeena Resources Limited.

![Graphic](tmb-20251231xex4d13003.jpg)

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**Schedule M**

**Purchaser's Share and Purchasers**

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| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Name of Purchaser** | &nbsp;&nbsp;**Notice Information** | &nbsp;&nbsp;**Commitment** |
| &nbsp;&nbsp;OMF Fund IV SPV H LLC | &nbsp;&nbsp;OMF Fund IV SPV H LLC<br>c/o Orion Resource Partners (USA) LP<br>7 Bryant Park, 25th Floor<br>1045 Avenue of the Americas <br>New York, NY 10018 <br>Attention: General Counsel <br>Email: **[REDACTED – Personal<br>Information]**<br>with copies to (which shall not constitute<br>notice):<br>Orion Resource Partners (USA) LP<br>7 Bryant Park, 25th Floor <br>1045 Avenue of the Americas <br>New York, NY 10018 <br>Attention: General Counsel <br>Email: **[REDACTED – Personal<br>Information]**<br>and<br>Torys LLP <br>79 Wellington Street West, Suite 3000<br>Toronto, Ontario M5K 1N2 <br>Attention: **[REDACTED – Personal Information]**<br>Email: **[REDACTED – Personal<br>Information]** | &nbsp;&nbsp;$300000000 |

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**Schedule N**

**Operations Monthly Report**

**[REDACTED – Commercially Sensitive Information]**

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**Schedule O**

**Real Property**

**Real Property**

In addition to the Project Real Property listed in Schedule 12, and excluding the Excluded Assets, the Company has the following Real Property:

Leases

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Sublease agreement dated as of September 12, 2022 between Ledcor Industries Inc. and Skeena Resources Limited regarding the property located at 1055 West Hastings Street, Vancouver, BC.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Sublease agreement dated as of November 15, 2022 between 642700 British Columbia Ltd. and Skeena Resources Limited regarding the property located at 1133 Melville Street, Vancouver, BC.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Lease agreement dated as of March 18, 2015 between Omers Realty Corporation, Guinness Tower Holdings Ltd. and 2073393 Ontario Inc. and Skeena Resources Limited regarding the property located at 1021 W Hastings.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. Lease agreement dated October 17, 2022 between Lubbers Contracting Ltd. and Skeena Resources Limited regarding the property located at 19th Ave, Smithers BC.

Encumbrances

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Amended and restated royalty agreement dated as of December 18, 2023 between Skeena Resources Limited, as payor, and Franco-Nevada Corporation, as recipient.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Royalty purchase agreement dated as of December 18, 2023 between Skeena Resources Limited and Franco-Nevada Corporation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Net smelter return royalty agreement dated as of May 9, 2022 between Skeena Resources Limited and Eagle Plains Resources Ltd.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. Net smelter returns royalty agreement dated as of June 30, 2021 between Skeena Resources Limited, as payor, and Joseph Vandervoort, as payee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. Royalty agreement dated as of October 2, 2020 between Skeena Resources Limited and Barrick Gold Inc., assigned by Barrick Gold Inc. to Maverix Metals Inc.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. Net smelter returns royalty agreement with option to purchase dated as of November 3, 2004 between Barrick Gold Inc. and David Javorsky.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. Option agreement dated as of August 3, 2020 between Barrick Gold Inc. and Skeena Resources Limited under which Skeena acquired rights and interest under the amended and

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restated Eskay Creek royalty agreement dated as of May 5, 1995 between Prime Resources Group Inc. and Euro-Nevada Mining Corporation Limited which was assigned to Skeena through the assignment, assumption and novation agreement dated as of September 15, 2020 among Franco-Nevada Corporation, Barrick Gold Inc. and Skeena Resources Limited.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. Transfer and assignment agreement dated as of December 22, 1994 among Prime Resources Group Inc., Stikine Resources Ltd. and Adrian Resources Ltd as it relates to the royalty deed dated as of August 1, 1990 between Adrian Resources Ltd. and Arc Resources Group Ltd.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9. Acknowledgement and agreement dated as of August 18, 2020 among Arc Resources Group Ltd., Canarc Resource Corp., Barrick Gold Inc. and Skeena Resources Limited in which Skeena acquired the rights and interest under the option and joint venture agreement dated as of November 4, 1988 between Canarc Resources Corp. and Calpine Resources Incorporated.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10. Net smelter return royalty agreement dated as of July 7, 2023 between Skeena and Eskay Mining Corp.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11. Certain overlapping road permits between Skeena and Seabridge Gold Inc., as detailed in the following map:

![Graphic](tmb-20251231xex4d13004.jpg)

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12. Mining Leases

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| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Tenure No.**  | &nbsp;&nbsp;**Issue Date** | &nbsp;&nbsp;**Lease Expiry** | &nbsp;&nbsp;**Title Owner(s)** |
| &nbsp;&nbsp;1. | &nbsp;&nbsp;316357 | &nbsp;&nbsp;1994/04/30 | &nbsp;&nbsp;2044/04/30 | &nbsp;&nbsp;Skeena Resources Limited – 66.7%<br>Canagold Resources Ltd – 33.3% |
| &nbsp;&nbsp;2. | &nbsp;&nbsp;316358 | &nbsp;&nbsp;1994/04/30 | &nbsp;&nbsp;2044/04/30 | &nbsp;&nbsp;Skeena Resources Limited – 66.7%<br>Canagold Resources Ltd – 33.3% |
| &nbsp;&nbsp;3. | &nbsp;&nbsp;316359 | &nbsp;&nbsp;1994/04/30 | &nbsp;&nbsp;2044/04/30 | &nbsp;&nbsp;Skeena Resources Limited – 66.7%<br>Canagold Resources Ltd – 33.3% |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13. Mineral Leases

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Tenure No.**  | &nbsp;&nbsp;**Claim Name** | &nbsp;&nbsp;**Issue Date** | &nbsp;&nbsp;**Good to Date** | &nbsp;&nbsp;**Title Owner(s)** |
| &nbsp;&nbsp;1. | &nbsp;&nbsp;252966 | &nbsp;&nbsp;CAL #2 | &nbsp;&nbsp;1989/08/05 | &nbsp;&nbsp;2034/01/15 | &nbsp;&nbsp;Skeena Resources Limited – 66.7%<br>Canagold Resources Ltd – 33.3% |
| &nbsp;&nbsp;2. | &nbsp;&nbsp;252967 | &nbsp;&nbsp;CAL #3 | &nbsp;&nbsp;1989/08/06 | &nbsp;&nbsp;2034/06/22 | &nbsp;&nbsp;Skeena Resources Limited – 66.7%<br>Canagold Resources Ltd – 33.3% |

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**Schedule P**

**Reorganization Plan**

**[REDACTED – Commercially Sensitive Information]**

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**Schedule Q**

**Royalties**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Amended and restated royalty agreement dated as of December 18, 2023 between Skeena Resources Limited, as payor, and Franco-Nevada Corporation, as recipient.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Royalty purchase agreement dated as of December 18, 2023 between Skeena Resources Limited and Franco-Nevada Corporation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Net smelter return royalty agreement dated as of July 7, 2023 between Skeena and Eskay Minding Corp.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. Net smelter return royalty agreement dated as of May 9, 2022 between Skeena Resources Limited and Eagle Plains Resources Ltd.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. Net smelter returns royalty agreement dated as of June 30, 2021 between Skeena Resources Limited, as payor, and Joseph Vandervoort, as payee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. Royalty agreement dated as of October 2, 2020 between Skeena Resources Limited and Barrick Gold Inc., assigned by Barrick Gold Inc. to Maverix Metals inc.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. Net smelter returns royalty agreement with option to purchase dated as of November 3, 2004 between Barrick Gold Inc. and David Javorsky.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. Option agreement dated as of August 3, 2020 between Barrick Gold Inc. and Skeena Resources Limited under which Skeena acquired rights and interest under the amended and restated Eskay Creek royalty agreement dated as of May 5, 1995 between Prime Resources Group Inc. and Euro-Nevada Mining Corporation Limited which was assigned to Skeena through the assignment, assumption and novation agreement dated as of September 15, 2020 among Franco-Nevada Corporation, Barrick Gold Inc. and Skeena Resources Limited.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9. Transfer and assignment agreement dated as of December 22, 1994 among Prime Resources Group Inc., Stikine Resources Ltd. and Adrian Resources Ltd as it relates to the royalty deed dated as of August 1, 1990 between Adrian Resources Ltd. and Arc Resources Group Ltd.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10. Acknowledgement and agreement dated as of August 18, 2020 among Arc Resources Group Ltd., Canarc Resource Corp., Barrick Gold Inc. and Skeena Resources Limited in which Skeena acquired the rights and interest under the option and joint venture agreement dated as of November 4, 1988 between Canarc Resources Corp. and Calpine Resources Incorporated.

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**Schedule R**

**Snip Project Mining Concessions**

**Mineral Claims**

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| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Tenure No.** | &nbsp;&nbsp;**Claim Name** | &nbsp;&nbsp;**Issue Date** | &nbsp;&nbsp;**Good to Date** |
| &nbsp;&nbsp;1. | &nbsp;&nbsp;222219 | &nbsp;&nbsp;SKY 3 | &nbsp;&nbsp;1982/09/13 | &nbsp;&nbsp;2029/07/15 |
| &nbsp;&nbsp;2. | &nbsp;&nbsp;222347 | &nbsp;&nbsp;SNIP 3 | &nbsp;&nbsp;1983/10/20 | &nbsp;&nbsp;2029/07/15 |
| &nbsp;&nbsp;3. | &nbsp;&nbsp;226132 |  | &nbsp;&nbsp;1989/07/21 | &nbsp;&nbsp;2025/07/21 |
| &nbsp;&nbsp;4. | &nbsp;&nbsp;300552 | &nbsp;&nbsp;JIM 1 | &nbsp;&nbsp;1986/07/22 | &nbsp;&nbsp;2029/07/15 |
| &nbsp;&nbsp;5. | &nbsp;&nbsp;300553 | &nbsp;&nbsp;JIM 2 | &nbsp;&nbsp;1986/07/22 | &nbsp;&nbsp;2029/07/15 |
| &nbsp;&nbsp;6. | &nbsp;&nbsp;1056547 | &nbsp;&nbsp;WESTSIDE | &nbsp;&nbsp;2017/11/21 | &nbsp;&nbsp;2029/05/22 |
| &nbsp;&nbsp;7. | &nbsp;&nbsp;1056548 | &nbsp;&nbsp;CLEA | &nbsp;&nbsp;2017/11/21 | &nbsp;&nbsp;2029/05/22 |
| &nbsp;&nbsp;8. | &nbsp;&nbsp;1056595 | &nbsp;&nbsp;PHIZGAP | &nbsp;&nbsp;2017/11/22 | &nbsp;&nbsp;2029/05/22 |
| &nbsp;&nbsp;9. | &nbsp;&nbsp;1069071 | &nbsp;&nbsp;SNIP 4 | &nbsp;&nbsp;2019/06/11 | &nbsp;&nbsp;2025/06/11 |
| &nbsp;&nbsp;10. | &nbsp;&nbsp;1095324 | &nbsp;&nbsp;TRAPPER DAVE | &nbsp;&nbsp;2022/04/24 | &nbsp;&nbsp;2025/04/24 |

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**Crown Grants**

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| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**PIN** | &nbsp;&nbsp;**Mining Division** | &nbsp;&nbsp;**District Lot** | &nbsp;&nbsp;**Lot ID** |
| &nbsp;&nbsp;1. | &nbsp;&nbsp;13557570 | &nbsp;&nbsp;LIARD | &nbsp;&nbsp;7017 | &nbsp;&nbsp;820586 |
| &nbsp;&nbsp;2. | &nbsp;&nbsp;13557600 | &nbsp;&nbsp;LIARD | &nbsp;&nbsp;7018 | &nbsp;&nbsp;820587 |
| &nbsp;&nbsp;3. | &nbsp;&nbsp;13557730 | &nbsp;&nbsp;LIARD | &nbsp;&nbsp;7019 | &nbsp;&nbsp;820588 |
| &nbsp;&nbsp;4. | &nbsp;&nbsp;13557860 | &nbsp;&nbsp;LIARD | &nbsp;&nbsp;7020 | &nbsp;&nbsp;820589 |

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**Schedule S**

**Existing Investments**

**Skeena Resources Limited**

Investments

As of December 18, 2024

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| | | | | |
|:---|:---|:---|:---|:---|
| **Held by** | **Investment** | **Quantity** | **Fair value** | **Total value** |
| Skeena | Goldstorm Metals Corp - Shares | 6352898 | 0.08 | 508231.84 |
| Skeena | Goldstorm Metals Corp - Warrants | 6352898 | - | - |

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**Schedule T**

**Representations and Warranties of Skeena and the Project**

**Entities**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. **Organization and Powers**. Each Project Entity: (a) has been duly incorporated or formed and is validly existing under the laws of its jurisdiction of existence, incorporation or formation, as applicable, and is in good standing (to the extent such concept is applicable in its jurisdiction); (b) has all requisite corporate power and authority or, if such entity is not a corporation, such other power and authority, to own and lease its property and assets and to carry on its business; (c) has all requisite corporate power and authority or, if such entity is not a corporation, such other power and authority, to enter into each of the Key Transaction Agreements to which it is or will become a party, and to perform its obligations thereunder; and (d) is duly qualified, licensed or registered to do business in each jurisdiction in which the nature of its business or the property or assets owned or leased by it make such qualification, licensing or registration necessary. No proceeding has been instituted or, to the Seller's knowledge, threatened in any such jurisdiction revoking, limiting or curtailing, or seeking to revoke, limit or curtail, such power and authority or qualification, licensing or registration. **[REDACTED – Commercially Sensitive Information]** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. **Authorization; No Conflict**. The execution and delivery by each Project Entity of the Key Transaction Agreements to which it is a party, and the performance by it of its obligations hereunder and thereunder, have been duly authorized by all necessary corporate or other action on its part (and such authorizations remain in full force and effect) and do not and will not: (a) contravene any provision of its constating documents or any resolution of its shareholders, partners or directors (or any committee thereof); (b) after obtaining the consents set out on Schedule 2 (which such proviso shall only apply prior to the First Advance), conflict with, result in a breach of, or constitute a default or an event creating rights of acceleration, termination, modification or cancellation or a loss of rights under (with or without the giving of notice or lapse of time or both), any Material Contract; (c) violate any Applicable Law in any material respect; or (d) other than as contemplated by the Key Transaction Agreements, result in, or require, the creation or imposition of any Encumbrance on any property or assets of an Project Entity other than a Permitted Encumbrance.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. **Execution; Binding Obligation**. Each Key Transaction Agreement to which a Project Entity is or will become a party: (a) has been, or when delivered under or in connection with this Agreement will be, duly executed and delivered by the applicable Project Entity; and (b) constitutes, or when delivered under or in connection with this Agreement will constitute, a legal, valid and binding agreement of such Project Entity, enforceable against such Project Entity in accordance with its terms, except to the extent enforcement may be affected by bankruptcy, insolvency, fraudulent transfer, reorganization, moratorium and similar Applicable Laws affecting creditors' rights generally and subject to the qualification that equitable remedies may be granted in the discretion of a court of competent jurisdiction.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. **Consents**. No Project Entity is required to give any notice to, make any filing with or obtain any Authorization, Order or other consent or approval of any Person in connection with the execution or delivery of or performance of its obligations under any Stream Document or the consummation of the transactions contemplated herein and therein, other than those that (a) have already been obtained and copies of which have been provided to the Purchasers or (b) are as set out on Schedule 4.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. **Subsidiaries; Other Ventures**. Schedule 5 sets forth the true and complete list of all Subsidiaries of the Seller, including the type and number of issued and outstanding shares or other Equity Interests of each such Subsidiary and the Person in whose name such shares or Equity Interests are registered, including whether such Subsidiary holds Collateral. Other than as set out in Schedule 5, no Person (other than the Seller or another Project Entity) has any option, warrant, right (pre-emptive, contractual or otherwise) or other security or conversion privilege of any kind that is exercisable or convertible into, or exchangeable for, or otherwise carries the right of the holder to purchase or otherwise acquire (whether or not subject to conditions) common shares or other Equity Interests of any Subsidiary of the Seller or common shares or other Equity Interests of the Seller. Save and except as disclosed in Schedule 5, no Project Entity is engaged in any joint purchasing arrangement, joint venture, partnership or other joint enterprise with any other Person. No Person has a direct or indirect ownership or other proprietary or beneficial interest in any Project Entity, the Project Real Property or the Project, other than the Project Entities, the shareholders of the Seller (in their capacity as shareholders of the Seller) or pursuant to the Stream Agreement, or another Permitted Encumbrance.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. **Chief Executive Office and Other Locations**. The principal place of business and chief executive office of each Project Entity as of the Effective Date is set out in Schedule 6. The minute books and material corporate records of each Project Entity are located at its registered office, and the only other offices and/or locations where it keeps tangible Collateral (except for inventory which is in transit) or conducts any of its business as of the Effective Date are set forth in Schedule 6.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. **Residence for Tax Purposes**. Each Project Entity is resident of the country set forth next to its name in Schedule 7 (and no other jurisdiction) for Tax purposes.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. **Solvency**. No Project Entity currently is or, after giving effect to the transactions contemplated hereunder and the making of the loans under the Credit Agreement, can reasonably be expected to become, insolvent as defined in the *Bankruptcy and Insolvency Act* (Canada).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9. **No Defaults; Material Contracts**. No event has occurred or circumstance exists that (with or without the giving of notice or lapse of time or both) has resulted in a violation or breach which has not been waived, cured or otherwise remedied, in any material respect of, or would give a Project Entity or any other Person the right to declare a default or exercise any remedy under, or to accelerate the maturity or performance of, or to cancel, terminate or modify any (x) Material Contract, (y) Material Project Authorization or (z) material Order to which it is a party or by which it or its properties and assets may be bound, and,

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to the knowledge of the Seller and the Guarantors, each other Person that is party thereto is in compliance in all material respects with the terms and requirements thereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) all Material Contracts as of the Effective Date are set out in Schedule G and true and complete copies thereof have been made available to the Purchasers;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) no Project Entity, nor, to the Seller's or any Guarantor's knowledge, any other Person, is in default or breach in the observance or performance of any material term, covenant or obligation to be performed by a Project Entity or such other Person under any Material Contract to which a Project Entity is a party or by which it is otherwise bound (including its property and assets) which has not been cured in accordance with the terms of such Material Contract and each such Material Contract is in good standing, constitutes a valid and binding agreement of each of the parties thereto, is in full force and effect and is enforceable in accordance with its terms, except to the extent enforcement may be affected by bankruptcy, insolvency, fraudulent transfer, reorganization, moratorium and similar Applicable Laws affecting creditors' rights generally and subject to the qualification that equitable remedies may be granted in the discretion of a court of competent jurisdiction; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) no Project Entity has any knowledge of the invalidity of or grounds for rescission, avoidance or repudiation of any such Material Contract and no Project Entity has received notice of any intention to terminate any such Material Contract or repudiate or disclaim any transaction contemplated thereby.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10. **Title to Real Property**. Schedule O set out a complete and accurate list and map of the Real Property in which any Project Entity has a right, title or interest as of the Effective Date. The Project Entities, subject to Permitted Encumbrances and Applicable Law:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) have valid recorded title to all Mining Rights and other mineral rights and interests included within the Real Property;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) have, pursuant to the Material Contracts, all surface and access rights necessary for the development of the Project as contemplated in the Planning Documents;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Such rights are free and clear of all Encumbrances other than Permitted Encumbrances. Except as disclosed in Schedule O as of the Effective Date, no Project Entity holds any freehold, leasehold or other real property interests or rights.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11. **Other Collateral**. Save and except for the Collateral covered by Schedule O, the Project Entities have good and valid title to all other Collateral, free and clear of all Encumbrances other than Permitted Encumbrances and Encumbrances disclosed in Section 10.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12. **Project Property**. Without limiting the generality of Section 10 and Section 11 of Schedule T:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) except as disclosed in Schedule 12 all of the Project Property is leased, held or owned by the Seller or another Project Entity, and no Person other than the Seller

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or another Project Entity has any rights to operate or exploit the Project, or has any rights or interests with respect to Mining Rights of, or Minerals from, the Project other than for and on behalf of the Seller and Project Entities or in connection with the Stream Agreement or another Permitted Encumbrance;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the Project Real Property constitutes all real property, Mining Rights, surface interests and ancillary rights necessary for the development, construction and mining operations of the Project, as currently operated and as contemplated to be developed and operated, substantially in accordance with the Planning Documents;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) other than the Stream Agreement or any other Permitted Encumbrance or Encumbrance disclosed in Schedule 12, none of the Project Real Property or any Minerals produced therefrom are subject to an option, right of first refusal or right, title, interest, reservation, claim, rent, royalty, or payment in the nature of a Production Interest; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) other than pursuant to the Stream Agreement, Project Authorizations, Permitted Encumbrances and Applicable Laws, there are no restrictions on the ability of the Project Entities to exploit the Project Real Property.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13. **Maintenance of Project Property**. All mineral claims fees, maintenance fees, recording fees, and Taxes payable in respect of the Project Property and all other material amounts with respect to the Project Property have been paid when due and payable and all other actions and all other obligations as are required to maintain the Project Property in good standing in all material respects, have been taken and complied with.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14. **No Expropriation**. No Collateral, nor any part thereof (other than immaterial or non-substantial portion of Collateral not forming the Project Property), has been taken or expropriated by any Governmental Body, nor has any notice been given or proceeding commenced by a Governmental Body in respect thereof nor, to the knowledge of the Seller or the Guarantors, is there any intent or proposal to give any such notice or commence any such proceeding.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15. **Insurance**. The Project Entities and the businesses and operations of the Project Entities (including the Project Property) are insured with reputable insurance companies (not Affiliates of the Seller) in such amounts, with such deductibles and covering such risks as is consistent with insurance carried by reasonably prudent participants in the mining industry in the relevant jurisdictions, and such coverage is in full force and effect, and no Project Entity has breached the terms and conditions of any policies in any material respect nor failed to promptly give any notice or present any material claim thereunder. There are no material claims by any Project Entity under any such policy as to which any insurer is denying liability or defending under a reservation of rights clause. To the knowledge of the Seller or the Guarantors, each of the Project Entities will be able to (a) renew existing insurance coverage as and when such policies expire or (b) obtain comparable insurance coverage from similar institutions. The insurance policies of the Project Entities are in conformance with the Insurance Requirements.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16. **Authorizations and Other Rights**. The Project Entities have obtained or been issued all such Authorizations and Other Rights as are necessary for the development, construction or operation of the Project, except for those Authorizations and Other Rights which, if not held, do not have and would not reasonably be expected to have a material impact on the Project Entities' ability to develop, construct or operate the Project or which are not required as of the Effective Date. Without limiting the foregoing, the Project Entities have obtained or been issued all Project Authorizations other than such Authorizations and Other Rights (x) that are not necessary on the date this representation and warranty is made or deemed made or repeated for the conduct of development activities as such activities are currently being conducted, but that are expected to be obtained, in the ordinary course of business, by the time they are necessary for the conduct of development activities and the eventual commencement and ongoing commercial production, as applicable, or (y) the failure of which to be obtained would not be material to the development and construction of the Project or the commencement and ongoing operation of commercial production (including the sale of Minerals resulting therefrom). **[REDACTED – Commercially Sensitive Information.]** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17. **Planning Documents**. The expenses identified in the Definitive Feasibility Study on the date thereof represented, and upon their delivery and approval in accordance with this Agreement, the Planning Documents will represent, the Seller's best estimate of projected expenses and schedule for the period covered thereby at the time the Planning Documents were prepared or at the time revised, replaced, supplemented, modified or amended in accordance with this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18. **Bank Accounts**. The Project Entities have no bank accounts other than as set out in Schedule 18. The Project Entities have no bank account outside of Canada or within the Province of Quebec. The Project Entities do not use or maintain any funds belonging to them in any bank account other than in their own name.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19. **Applicable Laws; Conduct of Operations**. The Project Entities, including in the conduct of exploration, development and operations at the Project, are and have been in compliance in all material respects with all Applicable Laws and, without limiting the generality of the foregoing, all exploration, development and operations have been conducted in accordance with Good Industry Practice and all material workers' compensation and health and safety regulations have been complied with in all material respects (provided that for any period prior to which any Group Member had an interest in the Project, such representation shall be qualified by the Group Members' knowledge). To the knowledge of the Seller there are no pending or proposed changes to Applicable Laws that would render illegal or materially restrict the development and construction of the Project or the conduct of operations at the Project, or that would otherwise reasonably be expected to result in a Material Adverse Effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20. **AML Legislation**. Without limiting the generality of Section 19, the Group Members are in compliance with, and have not been charged under, applicable AML Legislation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21. **Anti-Corruption and Sanctions**. Without limiting the generality of Section 19, the Group Members and their respective Affiliates, officers and employees and, to the knowledge of

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the Seller or the Guarantors, their directors and agents, are in compliance with, and have not been charged under, Anti-Corruption Laws and applicable Sanctions and are not knowingly engaged in any activity that would reasonably be expected to result in any Group Member being designated as a Sanctioned Person or Sanctioned Entity. To the knowledge of the Seller none of (a) the Group Members, to the knowledge of the Seller, any of their respective directors, officers or employees, or (b) any agent of any of Group Member that will act in any capacity in connection with or unlawfully benefit from the Facility, (i) has used, or authorized the use of, any corporate funds for any unlawful contribution, gift, entertainment or other unlawful expenses relating to political activity, (ii) made, or authorized the making of, any direct or indirect unlawful bribe, rebate, payoff, influence payment, kickback or other unlawful payment to any domestic or foreign government official or employee from corporate funds, (iii) is a Sanctioned Person, (iv) will fund or facilitate any activities of a business with any Person who, at the time of such funding or facilitation, is the subject or the target of Sanctions, (v) will fund or facilitate any activities of or business with any Sanctioned Entity, or (vi) will act in any other manner that will result in a violation of Sanctions by any Person or cause the Purchasers' Agent or Stream Collateral Agent to commit any action that will result in a violation of Sanctions by any Person. No payment of Deposit, advance, use of proceeds or other transaction contemplated by this Agreement will violate Anti-Corruption Laws or applicable Sanctions. This Section 21 of Schedule T shall not be interpreted or applied in relation to any Group Member and their respective officers and employees, their directors and agents, to the extent that such interpretation or application under this Section 21 of Schedule T would result in the Group Members violating or breaching the *Foreign Extraterritorial Measures Act* (Canada).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22. **Environmental and Social Compliance**. Without limiting the generality of Sections 16 and 19 of Schedule T and as appropriate for the phase of the Project:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the Project Entities, including without limitation the conduct of operations at the Project, have been and are in compliance in all material respects with: (i) all Environmental and Social Laws and Environmental and Social Requirements (except for such gaps in compliance with the Equator Principles to be identified in the Initial ESAP); and (ii) once entered, each ESMP, the ESAP and each Corrective Action Plan;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the Project Entities have obtained all Material Project Authorizations required under Environmental and Social Laws necessary given the then current stage of development, as contemplated by the Planning Documents;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) the Project Entities have not used or permitted to be used, except in material compliance with all Environmental and Social Laws, Environmental and Social Requirements (except for such gaps in compliance with the Equator Principles to be identified and in the Initial ESAP) and Material Project Authorizations, any of the Real Property to Release, dispose, recycle, generate, manufacture, process, distribute, use, treat, store, transport or handle any Hazardous Substance;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) except as disclosed on Schedule 22, there is no presence of any Hazardous Substance on, in or under any of the Real Property and no Hazardous Substances will be generated from the Seller's or any other Project Entity's use of such Real Property (including without limitation as a result of the conduct of operations at the Project) except in compliance in all material respects with all Environmental and Social Laws, Environmental and Social Requirements (except for such gaps in compliance with the Equator Principles to be identified and in the Initial ESAP) and Material Project Authorizations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) **[REDACTED – Commercially Sensitive Information]** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23. **Community Matters**. To date, the consultation and engagement with Indigenous Groups and Affected Persons with respect to the Project and the Project Real Property have complied with Applicable Law, Environmental and Social Requirements (except for such gaps in compliance with the Equator Principles, if any, as may be identified in the Initial ESAP), and related Good Industry Practice. **[REDACTED – Commercially Sensitive Information]**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24. **Employee and Labour Matters**. The Project Entities are in material compliance with all Applicable Laws respecting employment and employment practices, terms and conditions of employment, pay equity and wages; there is not currently any material labour disruption or conflict involving any Project Entity or directly affecting the Project and, to the knowledge of the Project Entities, no such labour disruption or conflict is imminent. None of the Project Entities are a party to a collective bargaining agreement and, to the knowledge of the Project Entities, no action has been taken to organize any employees of the Project Entities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25. **Security**. The Seller and the other Project Entities have implemented security practices and procedures at the Project consistent with Good Industry Practice.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26. **Employee Benefit Plans**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Each Employee Benefit Plan is in compliance in all material respects with its terms and Applicable Laws. All Employee Benefit Plans are and have been funded in accordance with Applicable Laws.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) None of the Employee Benefit Plans contain a Defined Benefit Provision. In respect of any Retirement Plans which are registered pension plans within the meaning of the *Income Tax Act* (Canada), no steps have been taken to terminate or wind up any such plans (wholly or in part), no unauthorized merger of such plans have occurred, no unauthorized withdrawal of funds from such plans have occurred and no improper contribution holidays have been taken in respect of such plans.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) No event has occurred and no condition or circumstance exists that has resulted in or could reasonably be expected to result in any Employee Benefit Plans being ordered, or required to be, terminated or wound up in whole or in part, having its registration under Applicable Laws refused or revoked, being placed under the

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administration of any trustee or receiver or Governmental Body or being required to pay any material taxes, penalties, payments or levies under Applicable Laws.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27. **Taxes**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) All Taxes due and payable by the Project Entities have been timely paid when due (other than those which are being contested in good faith by appropriate legal proceedings and for which adequate reserves are being maintained in accordance with IFRS). All assessments and reassessments received by any Project Entity in respect of Taxes have been paid when due (other than those which are being contested in good faith by appropriate legal proceedings and for which adequate reserves are being maintained in accordance with IFRS).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) All Tax Returns required by Applicable Law to be filed by or with respect to any Project Entity have been properly prepared and timely filed when due and all such Tax Returns (including information provided therewith or with respect thereto) are true, complete and correct in all material respects, and no material fact or facts have been omitted therefrom which would make any such Tax Returns misleading.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Adequate provision has been made by the Seller in the Financial Statements for all Taxes for any period for which Tax Returns are not yet required to be filed, or for which Taxes are not yet due or payable, up to the date of the most recent financial statements contained in the Public Disclosure Documents.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Since the date of the most recent financial statements contained in the Public Disclosure Documents, no Project Entity has incurred any material liability, whether actual or contingent, for Taxes or engaged in any transaction or event that would result in any material liability, whether actual or contingent, for Taxes, other than in the ordinary course of business.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Except as disclosed in Schedule 27, no audit or other proceeding by any Governmental Body is pending or, to the knowledge of the Seller or the Guarantors, threatened with respect to any Taxes due from or with respect to any Project Entity, and no Governmental Body has given written notice of any intention to assert any deficiency or claim for additional Taxes against any Project Entity. Except as disclosed in Schedule 27, there are no matters under audit or appeal or in dispute (save and except appeals or disputes in good faith by appropriate legal proceedings and for which adequate reserves are being maintained in accordance with IFRS) relating to Taxes.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) No Governmental Body of a jurisdiction in which a Project Entity does not file Tax Returns has made any written claim that any Project Entity is or may be subject to taxation by such jurisdiction. To the knowledge of the Seller or the Guarantors, there is no basis for a claim that any Project Entity is subject to Tax in a jurisdiction in which such Project Entity does not file Tax Returns.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) There are no outstanding agreements, waivers, objections or arrangements extending the statutory period of limitations applicable to any claim for Taxes due

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from or with respect to any Project Entity for any taxable period, nor has any such agreement, waiver, objection or arrangement been requested. No Project Entity is bound by any Tax sharing, allocation or indemnification or similar agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) The Project Entities have withheld or collected any Taxes that are required by Applicable Law to be withheld or collected and have paid or remitted, on a timely basis, the full amount of any Taxes that have been withheld or collected, and are due, to the applicable Governmental Body.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28. **Intellectual Property**. Each of the Project Entities owns, licenses or otherwise has the right to use all material licenses, Authorizations, patents, patent applications, trademarks, trademark applications, service marks, trade names, copyrights, copyright applications, franchises, authorizations and other intellectual property rights that are necessary for the operation of its business, without infringement upon or conflict with the rights of any other Person with respect thereto (other than any intellectual property the absence of which or any such infringement upon or conflict with respect to which would not have a material impact on the Project Entities' ability to develop, construct or operate the Project and carry on the Business in accordance with the Planning Documents and the Definitive Feasibility Study). No slogan or other advertising device, product, process, method, substance, part or other material now employed, or now contemplated to be employed, by a Project Entity infringes upon or conflicts with any rights owned by any other Person in any material respect. No claim or litigation regarding any of the foregoing is pending or, to the Seller's or the Seller's knowledge, threatened.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29. **Books and Records**. The minute books and corporate records of each Project Entity are true and correct in all material respects and contain all minutes of all meetings of the directors (or any committee thereof) and all resolutions of the shareholders or directors (or any committee thereof), as applicable, of the relevant Project Entity.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30. **Financial Statements**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Financial Statements have been prepared in accordance with IFRS applied on a consistent basis throughout and complied, as of their date of filing, with the applicable published rules and regulations of Securities Laws applicable to Skeena, and the Financial Statements present fairly, in all material respects, the financial condition of Skeena and its Subsidiaries, on a consolidated basis, as at the date specified therein and for the period then ended. Skeena does not intend to correct or restate, nor, to the knowledge of Skeena, is there any basis for any correction or restatement of, any aspect of the Financial Statements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) There are no off-balance sheet transactions, arrangements, obligations (including contingent obligations) or other relationships of Skeena or any of its Subsidiaries with unconsolidated entities or other Persons.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) KPMG LLP has been the auditor of Skeena since January 6, 2022 and is "independent" as required under Securities Laws. There has never been a "reportable event" (within the meaning of National Instrument 51-102 *Continuous* 

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*Disclosure Obligations of the Canadian Securities Administrators*) with the present or any former auditor of the Seller nor has there been any event which has led any of the Seller's current or former auditors to threaten to resign as auditors.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The Seller is in compliance with National Instrument 52-109 – *Certification of Disclosure in Issuers' Annual and Interim Filings* of the Canadian Securities Administrators.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Except as disclosed in the Public Disclosure Documents, there has been no change in accounting policies or practices of the Seller since December 31, 2023.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31. **Internal Controls**. The Seller maintains a system of internal accounting controls sufficient to provide reasonable assurance that: (a) transactions are executed in accordance with management's general or specific authorizations, (b) transactions are recorded as necessary to permit preparation of financial statements in conformity with IFRS, (c) access to assets is permitted only in accordance with management's general or specific authorization, and (d) the recorded book value for assets is compared with the existing assets at reasonable intervals and appropriate action is taken with respect to any difference in accordance with IFRS, (e) material information relating to the Project Entities is made known to those responsible for the preparation of the financial statements during the period in which the financial statements have been prepared and that such material information is disclosed to the public within the time periods required by Applicable Laws, and (f) all significant deficiencies and material weaknesses in the design or operation of such internal controls that could adversely affect the Seller's ability to disclose to the public information required to be disclosed by it in accordance with Applicable Law and all fraud, whether or not material, that involves management or employees that have a significant role in the Project Entities' internal controls have been disclosed to the audit committee of the Seller.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32. **Audit Committee**. The audit committee of the Seller is comprised and operates in accordance with the requirements of National Instrument 52-110 – Audit Committees.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33. **Absence of Change**. Except as disclosed in the Public Disclosure Documents as of the date hereof or as permitted by this Agreement after the date hereof, since December 31, 2023, there has been no event, change or effect which, individually or in the aggregate, has had, or would reasonably be expected to have, a Material Adverse Effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34. **Related Party Transactions**. Except as permitted by this Agreement after the date hereof, no Project Entity has: (a) made any payment or loan to, or borrowed any moneys from or otherwise been indebted to, any Related Party thereof (other than another Project Entity); or (b) been a party to any Contract with any Related Party thereof, other than independent contractor or indemnification agreements entered into with officers or directors of such Project Entity or unless such transactions between a Project Entity and a Related Party have been completed on reasonable commercial terms that, considered as a whole, are not less advantageous to such Project Entity, as the case may be, than if the transaction was with a Person dealing at arm's length with such Project Entity, as the case may be.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35. **No Liabilities**. No Project Entity has any material liabilities, contingent or otherwise, other than those reflected in the Financial Statements and those related to Stream Agreement or after the date hereof as otherwise permitted pursuant to the Stream Documents.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36. **Litigation**. There are no material Orders which remain unsatisfied against any Project Entity or material consent decrees or injunctions to which any Project Entity is subject. **[REDACTED – Commercially Sensitive Information]**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37. **Debt Instruments**. No Project Entity has any Debt other than Debt permitted to be incurred pursuant to Section 6.17 of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38. **No Subordination**. There is no Contract to which a Project Entity is a party or by which it or any of its properties or assets may be bound that requires the subordination in right of payment of any of the Obligations under the Key Transaction Agreements to any other obligation of it.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39. **Regulatory Compliance**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Skeena is a "reporting issuer" (or the equivalent) in each of the provinces of Canada (other than Quebec) and is not included on a list of defaulting reporting issuers maintained by the Securities Regulators. The Common Shares are registered under Section 12(b) of the U.S. Exchange Act and Skeena is in compliance in all material respects with applicable U.S. Securities Laws. Skeena has not taken any action to cease to be a reporting issuer in any jurisdiction in which it is a reporting issuer, and has not received any notification from a Securities Regulator seeking to revoke Skeena's reporting issuer status.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) All material filings and fees required to be made and paid by Skeena pursuant to Securities Laws have been made and paid when due.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Common Shares are listed and posted for trading on the Exchanges and no order ceasing or suspending trading in any securities of Skeena or prohibiting the sale or issuance of Common Shares or the trading of any of Skeena's issued securities has been issued and no (formal or informal) proceedings for such purpose are pending or, to the knowledge of Skeena, have been threatened. Skeena has not taken any action which would reasonably be expected to result in the delisting or suspension of the Common Shares on or from the Exchanges and Skeena is currently in compliance in all material respects with the rules and regulations of the Exchanges.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Since December 31, 2023, as of their respective filing dates, each of the Public Disclosure Documents complied with the requirements of applicable Securities Laws in all material respects and none of the Public Disclosure Documents contained any untrue statement of a material fact (as defined under Canadian Securities Laws) or omitted to state a material fact required to be stated therein or necessary to make the statements made therein, in light of the circumstances in which they were made, not misleading. There is no material change (as defined under Canadian Securities Laws) as of the date hereof relating to the Seller which

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has occurred and with respect to which the requisite material change report has not been filed with the Securities Regulators and made publicly available on SEDAR+. Skeena has not filed any confidential material change report or other confidential report with any Securities Regulator or the Exchanges which at the date hereof remains confidential.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40. **Technical Disclosure**. The most recent estimated measured, indicated and inferred mineral resources and proven and probable mineral reserves and technical reports disclosed in the Public Disclosure Documents for the Project, including the Technical Report, have been prepared and disclosed, in all material respects, in accordance with Good Industry Practice. Skeena is in compliance, in all material respects, with the requirements prescribed by National Instrument 43-101 – *Standards of Disclosure for Mineral Projects* (as in effect on the date of publication of the relevant report or information). Skeena has no knowledge that the mineral resources or mineral reserves (or any other material aspect of any technical reports) as disclosed in the Public Disclosure Documents were as of the dates of such disclosure inaccurate in any material respect. At the date hereof, there are no outstanding unresolved comments of the TSX or any Securities Regulator in respect of the technical disclosure made in the Public Disclosure Documents. To the knowledge of Skeena, there has been no material reduction in the aggregate amount of estimated mineral resources and reserves for the Project from the amounts last disclosed publicly by Skeena in the Public Disclosure Documents.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41. **No Default**. No Seller Event of Default has occurred and is continuing under any Key Transaction Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42. **Disclosure**. All information which has been prepared by or on behalf of the Seller relating to the Seller or the Guarantors and their respective businesses, properties and assets and disclosed in writing to the Purchasers' Agent, the Stream Collateral Agent or the Purchasers is, as of the date of such information, true and correct in all material respects, and no material fact or facts have been omitted therefrom which would make such information materially misleading. All forecasts, projections and budgets which have been prepared by or on behalf of the Seller relating to the Seller or the Guarantors and their respective businesses, properties and assets and delivered to the Purchasers' Agent, the Stream Collateral Agent or the Purchasers represent, in all material respects, the Seller's reasonable estimates and assumptions as to future performance, which the Seller believes to be fair and reasonable as of the time made in the light of the then current and reasonably foreseeable business conditions. To the knowledge of the Seller, there is no matter, thing, information, fact, data or interpretation thereof relative to the Seller or the Guarantors or their respective businesses, properties and assets which would reasonably be expected to have a Material Adverse Effect that has not been disclosed to the Purchasers' Agent, the Stream Collateral Agent or the Purchasers.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43. **Planning Documents**. The then current Planning Documents delivered to the Purchasers' Agent and the Purchasers from time to time in accordance with the terms of this Agreement are true, correct and complete copies which have been prepared in accordance with the requirements of this Agreement. The statements of opinion or belief, projections and forecasts in the then current Planning Documents and the assumptions on which they are

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based and the values given to those assumptions, were arrived at in good faith by the Seller, after due and careful consideration and enquiry and based on reasonable grounds at the time made, and were fair and reasonable in all material respects in the circumstances prevailing at the time of preparation. The Seller is not aware of any fact, event or circumstance the inclusion or omission of which makes or would be reasonably likely to make the then current Planning Documents inaccurate or misleading in any material respect. The development, construction and operation of the Project is substantially in compliance with the Planning Documents. For the purposes hereof, and any other place where substantial compliance with the Planning Documents is referenced, "substantially in compliance" means that if the Planning Documents were updated to reflect any non-compliance that is considered not substantial, such update would be a Permitted Update.

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**Schedule 2**

**Authorization; No Conflict**

Nil.

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**Schedule 4**

**Consents**

In connection with granting any security against the Project, a no-interest agreement with Franco-Nevada is required to be delivered pursuant to the terms of the Franco-Nevada Royalty.

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**Schedule 5**

**Corporate Structure**

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Subsidiary** | &nbsp;&nbsp;**Shareholder** | &nbsp;&nbsp;**Number and type of shares** | &nbsp;&nbsp;**Registered Owner <br>Percentage <br>ownership** |
| &nbsp;&nbsp;Golden Triangle Transport Corp. | &nbsp;&nbsp;Skeena Resources Limited  | &nbsp;&nbsp;100 Common Shares | &nbsp;&nbsp;100% |
| &nbsp;&nbsp;QuestEx Gold & Copper Ltd. | &nbsp;&nbsp;Skeena Resources Limited | &nbsp;&nbsp;56,106,434 Common Shares | &nbsp;&nbsp;100% |
| &nbsp;&nbsp;Rosegold Exploration Ltd. | &nbsp;&nbsp;QuestEx Gold & Copper Ltd. | &nbsp;&nbsp;100 Common Shares | &nbsp;&nbsp;100% |
| &nbsp;&nbsp;Skeena Mexico S.A. de C.V. | &nbsp;&nbsp;Skeena Resources Limited | &nbsp;&nbsp;50,000 Common Shares | &nbsp;&nbsp;100% |
| &nbsp;&nbsp;Colorado Gold S.A. de C.V. | &nbsp;&nbsp;QuestEx Gold & Copper Ltd. | &nbsp;&nbsp;49,999 Common Shares | &nbsp;&nbsp;100% |
| &nbsp;&nbsp;Colorado Exploration Inc.  | &nbsp;&nbsp;QuestEx Gold & Copper Ltd. | &nbsp;&nbsp;100 Common Shares | &nbsp;&nbsp;100% |
| &nbsp;&nbsp;Eskay Creek Mining Ltd. | &nbsp;&nbsp;Skeena Resources Limited  | &nbsp;&nbsp;1,158,250 Common Shares | &nbsp;&nbsp;100% |
| &nbsp;&nbsp;Snip Mining Ltd. | &nbsp;&nbsp;Skeena Resources Limited  | &nbsp;&nbsp;100 Common Shares | &nbsp;&nbsp;100% |
| &nbsp;&nbsp;Eskay Creek Streaming Ltd. | &nbsp;&nbsp;Skeena Resources Limited  | &nbsp;&nbsp;100 Common Shares | &nbsp;&nbsp;100% |
| &nbsp;&nbsp;NewQuest Exploration Ltd.  | &nbsp;&nbsp;QuestEx Gold & Copper Ltd. | &nbsp;&nbsp;100 Common Shares | &nbsp;&nbsp;100% |

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Other Options

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Certain remaining cash payments in an amount of $250,000 and share payments in an amount of $250,000 owing to Coast Copper Corp. pursuant to an asset purchase agreement dated as of August 4, 2022.

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Equity Awards

![Graphic](tmb-20251231xex4d13005.jpg)

![Graphic](tmb-20251231xex4d13006.jpg)

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**Schedule 6**

**Chief Executive Offices and Other Locations**

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Entity** | &nbsp;&nbsp;**Place of Business or Chief<br>Executive Office** |
| &nbsp;&nbsp;Skeena Resources Limited | &nbsp;&nbsp;2600 – 1133 Melville St. Vancouver, BC V6E 4E5 Canada<br> &nbsp;&nbsp;Eskay Creek Property, BC<br>Smithers Office:<br>3431 19<sup>th</sup> Avenue, Smithers,<br>BC V0J 2N0 |

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**Schedule 7**

**Residence for Tax Purposes**

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Entity** | &nbsp;&nbsp;**Jurisdiction** |
| &nbsp;&nbsp;Skeena Resources Limited | &nbsp;&nbsp;British Columbia, Canada |

---

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**Schedule 12**

**Project Real Property**

**Mining Leases**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Tenure No.** | &nbsp;&nbsp;**Issue Date** | &nbsp;&nbsp;**Lease Expiry** | &nbsp;&nbsp;**Title Owner(s)** |
| &nbsp;&nbsp;1. | &nbsp;&nbsp;316357 | &nbsp;&nbsp;1994/04/30 | &nbsp;&nbsp;2044/04/30 | &nbsp;&nbsp;Skeena Resources Limited – 66.7% Canagold Resources Ltd – 33.3% |
| &nbsp;&nbsp;2. | &nbsp;&nbsp;316358 | &nbsp;&nbsp;1994/04/30 | &nbsp;&nbsp;2044/04/30 | &nbsp;&nbsp;Skeena Resources Limited – 66.7% Canagold Resources Ltd – 33.3% |
| &nbsp;&nbsp;3. | &nbsp;&nbsp;316359 | &nbsp;&nbsp;1994/04/30 | &nbsp;&nbsp;2044/04/30 | &nbsp;&nbsp;Skeena Resources Limited – 66.7% Canagold Resources Ltd – 33.3% |

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**Mineral Claims**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Tenure No.** | &nbsp;&nbsp;**Claim Name** | &nbsp;&nbsp;**Issue Date** | &nbsp;&nbsp;**Good to Date** | &nbsp;&nbsp;**Title Owner(s)** |
| &nbsp;&nbsp;1. | &nbsp;&nbsp;252966 | &nbsp;&nbsp;CAL #2 | &nbsp;&nbsp;1989/08/05 | &nbsp;&nbsp;2034/01/15 | &nbsp;&nbsp;Skeena Resources Limited – 66.7% Canagold Resources Ltd – 33.3% |
| &nbsp;&nbsp;2. | &nbsp;&nbsp;252967 | &nbsp;&nbsp;CAL #3 | &nbsp;&nbsp;1989/08/06 | &nbsp;&nbsp;2034/06/22 | &nbsp;&nbsp;Skeena Resources Limited – 66.7% Canagold Resources Ltd – 33.3% |

---

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**Schedule 18**

**Bank Accounts**

**[REDACTED – Commercially Sensitive Information]**

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**Schedule 22(d)**

**Hazardous Substances**

Nil.

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**Schedule 22(e)**

**Human Health and Safety**

Nil.

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**Schedule 23**

**Community Matters**

**[REDACTED – Commercially Sensitive Information]**

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**Schedule 27**

**Taxes**

Skeena has a pending audit of the T2 corporation income tax return for audit for our subsidiary, QuestEx Gold & Copper Ltd, for the tax year ended December 31, 2022. This includes a standard review of our British Columbia Mining Exploration Tax Credit for the same period. The audit is considered routine and not material to the consolidated company as a whole. Skeena has recently received notice of the start of an audit of QuestEx Gold & Copper Ltd. pursuant to Part XIII, Regulation 102 and Regulation 105 of the Income Tax Regulations for the period April 1, 2020 to December 31, 2023. This is not expected to have a material impact on the Company. In addition, Skeena is undergoing a minor audit of BC Provincial Sales Tax related to sales-tax-refund-applications sent to Ministry of Finance dated July 30, 2024 and September 18, 2024.

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**Schedule U**

**Representations and Warranties of the Purchaser**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. **Organization and Powers**. Each Purchaser: (a) has been duly incorporated or formed and is validly existing under the laws of its incorporation or formation, as applicable; (b) has all requisite corporate power and authority or, if such entity is not a corporation, such other power and authority, to own and lease its property and assets and to carry on its business; and (c) has all requisite corporate power and authority or, if such entity is not a corporation, such other power and authority, to enter into each of the Stream Documents to which it is or will become a party, and to perform its obligations thereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. **Authorization; No Conflict**. The execution and delivery by each Purchaser of the Stream Documents to which it is a party, and the performance by it of its obligations hereunder and thereunder, have been duly authorized by all necessary corporate or other action on its part and do not and will not: (a) contravene any provision of its constating documents or any resolution of its shareholders, partners or directors (or any committee thereof); (b) conflict with, result in a breach of, or constitute a default or an event creating rights of acceleration, termination, modification or cancellation or a loss of rights under (with or without the giving of notice or lapse of time or both), any contract material to it; or (c) violate any Applicable Law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. **Execution; Binding Obligation**. Each Stream Document to which each Purchaser is or will become a party: (a) has been, or when delivered under or in connection with this Agreement will be, duly executed and delivered by it; and (b) constitutes, or when delivered under or in connection with this Agreement will constitute, a legal, valid and binding agreement of it, enforceable against it in accordance with its terms, except to the extent enforcement may be affected by bankruptcy, insolvency, fraudulent transfer, reorganization, moratorium and similar Applicable Laws affecting creditors' rights generally and subject to generally applicable principles of equity.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. **Consents**. Each Purchaser is not required to give any notice to, make any filing with or obtain any Authorization, Order or other consent or approval of any Person in connection with the execution or delivery of or performance of its obligations under any Stream Document or the consummation of the transactions contemplated herein and therein.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. **No Finders**. Each Purchaser is not party to any Contract that would give rise to a valid claim against any Project Entity for a brokerage commission, finder's fee or like payment in connection with the transactions contemplated by this Agreement.

------

**Schedule V**

**Purchaser Assignment Agreement**

This AGREEMENT is made as of the <u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u> day of <u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u>, <u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u> .

**B E T W E E N:**

[■]

(the "**Assignor**")

OF THE FIRST PART

AND:

[■]

(the "**Assignee**")

OF THE SECOND PART

**WHEREAS [SKEENA RESOURCES LIMITED]**, as Seller, [■], [■], [■], and [■], as guarantors, each of the Purchasers from time to time party thereto, and OMF Fund IV SPV H LLC, as Purchasers' Agent, are parties to a purchase and sale agreement dated [■] (as the same may be amended, restated, renewed or replaced from time to time, the "**Purchase Agreement**");

**AND WHEREAS** the Assignor wishes to assign to the Assignee in accordance with the terms hereof all or a portion of its Purchaser's Share pursuant to the Purchase Agreement and the Assignee wishes to accept such assignment and assume the obligations of the Assignor in respect of the Assigned Interest (as defined below) from and after the Assignment Date (as defined below);

**AND WHEREAS** this Agreement is being delivered to the other Parties in accordance with Section 16.14(d) of the Purchase Agreement.

**NOW THEREFORE** for good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged by the parties hereto, the parties hereby agree as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. **Terms Defined in the Purchase Agreement**. In this Agreement (including the recitals), words and expressions which are defined in the Purchase Agreement and which appear herein without definition shall have the respective meanings ascribed thereto in the Purchase Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. **Assignment of Assigned Interest**. The Assignor hereby irrevocably sells, assigns and transfers to the Assignee, effective as of <u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u> (the "**Assignment Date** "), all **[or specify portion]** of its Purchaser's Share pursuant to the Purchase Agreement, together with all its right, title and interest (to the extent related to such assigned Purchaser's Share) in and to the Purchase Agreement and all other

------

documents delivered pursuant thereto or in connection therewith (collectively, the "**Assigned Interest**"), and the Assignee hereby accepts such assignment and assumes all the Assignor's obligations with respect to the Assigned Interest from and after the Assignment Date. Notwithstanding the foregoing, and for greater certainty, if any payments or deliveries with respect to the Assigned Interest have accrued up to and including the Assignment Date but are payable or deliverable by the Seller thereafter, as between the Seller and the Assignor (but without prejudice to any other agreement between the Assignor and the Assignee in that regard) such amounts or deliveries shall be paid or delivered by the Seller to the Assignor when such amounts become payable or deliverable in accordance with the terms of the Purchase Agreement and the Assignor shall be liable to the Seller in connection with any such deliveries to the Assignor; and the parties agree to make any necessary adjustments in this regard. The Assignee agrees to be bound by the Purchase Agreement and perform the obligations assigned to it hereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. **Updated Purchasers' Schedule**. Attached hereto is an updated version of Schedule M (Purchasers' Share and Purchasers) to the Purchase Agreement ()"**Updated Purchasers' Schedule**") reflecting the assignment and assumption of the Assigned Interest pursuant to this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. **Purchase Price and Payment**. The Assignee hereby unconditionally and irrevocably agrees to pay US$ <u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u> (the "**Purchase Price**") to the Assignor on the Assignment Date as the purchase price for the Assigned Interest in immediately available same day funds to the Assignor's account, as follows:

**[particulars of account]**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. **Assignment Without Recourse**. The Assignee shall have no recourse to the Assignor in respect of the Assigned Interest or any failure of the Seller to observe and perform its obligations in respect thereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. **Representations and Warranties of the Assignor**. The Assignor represents and warrants to the Assignee as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the Assignor has the power to enter into, deliver and perform, and has duly authorized the execution and delivery by it of this Agreement and the performance of its obligations hereunder;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the Assignor has good and sufficient right, title and authority to assign the Assigned Interest to the Assignee; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) the Assigned Interest is free and clear of all security interests, liens, encumbrances and adverse claims whatsoever.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. **Representations and Warranties of the Assignee**. The Assignee represents, warrants and covenants to and in favour of the Assignor as follows:

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the Assignee has the power to enter into, deliver and perform, and has duly authorized the execution and delivery by it of this agreement and the performance of its obligations hereunder;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the Assignee has itself been, and will continue to be, solely responsible for making its own independent appraisal of, and investigation into, the financial condition, affairs, status and nature of the Project Entities and has not relied and will not hereafter rely on the Assignor to appraise or keep under review on its behalf the financial condition, affairs, status or nature of the Project Entities; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) the Assignee acknowledges and confirms that, except as otherwise expressly provided herein, the Assignor is making no representations or warranties whatsoever as to the legality, effectiveness, validity, sufficiency, value or enforceability of the Purchase Agreement or any other document or instrument delivered by the Assignor to the Assignee in connection herewith and is not responsible for the non-performance thereof by any person or party thereto (other than the Assignor) or for the financial condition of the Project Entities or any other person liable with respect to the Purchase Agreement or any other document or instrument entered into pursuant thereto or in connection therewith.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. **Notices**. Unless otherwise specifically provided in this Agreement, any notice or other communication required or permitted to be given hereunder shall be in writing and shall be delivered by hand to an officer or other responsible employee of the addressee or transmitted by facsimile transmission or sent by electronic mail in PDF format, addressed to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) to the Assignee:

[■]

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) to the Assignor:

[■]

Any notice or other communication given in accordance with this section, if delivered by hand as aforesaid shall be deemed to have been validly and effectively given on the date of such delivery if such date is a Business Day and such delivery is received before 4:00 pm at of the place of delivery; otherwise, it shall be deemed to be validly and effectively given on the Business Day next following the date of delivery. Any notice of communication which is transmitted by facsimile transmission or electronic mail as aforesaid, shall be deemed to have been validly and effectively given on the date of transmission if such date is a Business Day and such transmission was received before 4:00 pm at the place of receipt; otherwise it shall be deemed to have been validly and effectively given on the Business Day next following such date of transmission.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9. **Benefit of Agreement and Assignment**. This Agreement shall be binding upon and shall enure to the benefit of the parties hereto and their respective successors and permitted assigns.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10. **Severability**. If any provision of this Agreement is determined to be invalid, illegal or unenforceable in any respect, all other provisions of this Agreement shall nevertheless remain in full force and effect and the Parties shall negotiate in good faith to replace any provision that is invalid, illegal or unenforceable with such other valid provision that most closely replicates the economic effect and rights and benefits of such impugned provision.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11. **Further Assurances**. The parties shall, from time to time, take such action and execute and deliver such documents as may be reasonably necessary or appropriate to give effect to the terms, provisions and intent of this Agreement; provided that any such documents requested by the Assignee shall not be at the expense of the Assignor.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12. **Governing Law**. This Agreement shall be governed by and construed under the laws of the Province of Ontario and the federal laws of Canada applicable therein (without regard to its laws relating to any conflicts of laws). The United Nations Vienna Convention on Contracts for the International Sale of Goods shall not apply to this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13. **Counterparts**. This Agreement may be executed in one or more counterparts, and by the Parties in separate counterparts, each of which when executed shall be deemed to be an original, but all of which taken together shall constitute one and the same agreement. Delivery of an executed counterpart of a signature page to this Agreement by telecopy or electronic scan shall be effective as delivery of a manually executed counterpart of this Agreement.

**IN WITNESS WHEREOF** the parties have caused this Agreement to be duly executed as of the day and year first above written.

---

| | |
|:---|:---|
| **[**■**]** | **[**■**]** |
| By: |  |
|  | Name: |
|  | Title: |

---

---

| | |
|:---|:---|
| **[**■**]** | **[**■**]** |
| By: |  |
|  | Name: |
|  | Title: |

---

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**UPDATED VERSION OF [SCHEDULE M]**

To be attached.

------

**AGREEMENT AND UNDERTAKING BY ASSIGNEE**

Capitalized terms not otherwise defined herein have the meanings given thereto in that certain Assignment Agreement made as of the <u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u> day of <u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u> , <u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u> between [■], as assignor, and [■], as assignee (the "**Assignment Agreement**"), a copy of which is annexed hereto.

Pursuant to Section 16.14(d) of the Purchase Agreement, the Assignee hereby agrees and undertakes in favour of the Seller, the Guarantors, the Purchasers, the Purchasers' Agent and the Stream Collateral Agent to be bound by the Purchase Agreement and to perform the obligations assigned to it under the Assignment Agreement as if it were an original signatory thereto.

---

| | |
|:---|:---|
| **[**■**]** | **[**■**]** |
| By: |  |
|  | **[Name:]** |
|  | **[Title:]** |

---

------

**ACKNOWLEDGEMENT AND AGREEMENT BY SELLER**

Capitalized terms not otherwise defined herein have the meanings given thereto in that certain Assignment Agreement made as of the <u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u> day of <u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u> , <u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u> between [■], as assignor, and [■], as assignee (the "**Assignment Agreement**"), a copy of which is annexed hereto.

The Seller hereby acknowledges the assignment and assumption of the Assigned Interest pursuant to the Assignment Agreement, and the Seller agrees that effective upon the Assignment Date: (i) the Assigned Interest shall constitute the property of the Assignee; (ii) except to the extent contemplated in Section 3 of the Assignment Agreement, the Assignor shall be released from all of its obligations to the Seller under the Purchase Agreement in respect of the Assigned Interest; and (iii) the Assignee shall be one of the Purchasers under the Purchase Agreement to the same extent as if the Assignee had entered into the Purchase Agreement. The Seller hereby acknowledges receipt of the Updated Purchasers' Schedule as attached to the Assignment Agreement.

The Seller agrees to make, effective from and after the Assignment Date, any delivery of Refined Gold or any other payment or delivery that would otherwise be payable or deliverable in respect of the Assigned Interest to the Assignor under the Purchase Agreement to the Assignee.

---

| | |
|:---|:---|
| **[SKEENA RESOURCES LIMITED]** | **[SKEENA RESOURCES LIMITED]** |
| By: |  |
|  | **[Name:]** |
|  | **[Title:]** |

---

------

**ACKNOWLEDGEMENT AND AGREEMENT BY OTHER PARTIES**

Capitalized terms not otherwise defined herein have the meanings given thereto in that certain Assignment Agreement made as of the <u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u> day of <u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u> , <u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u> between [■], as assignor, and [■], as assignee (the "**Assignment Agreement**"), a copy of which is annexed hereto.

The Purchasers' Agent hereby consents to the assignment and assumption of the Assigned Interest pursuant to the Assignment Agreement (if required under the terms of the Purchase Agreement).

The undersigned hereby acknowledge receipt of the Assignment Agreement. The undersigned hereby acknowledge receipt of the Updated Purchasers' Schedule as attached to the Assignment Agreement and acknowledge that for all purposes it shall be a revised Schedule M under the Purchase Agreement.

---

| | |
|:---|:---|
| **[PURCHASERS' AGENT]** | **[PURCHASERS' AGENT]** |
| By: |  |
|  | **[Name:]** |
|  | **[Title:]** |

---

---

| | |
|:---|:---|
| **[OTHER PURCHASERS]** | **[OTHER PURCHASERS]** |
| By: |  |
|  | **[Name:]** |
|  | **[Title:]** |

---

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## Exhibit 4.14

**Exhibit 4.14**

CERTAIN IDENTIFIED INFORMATION HAS BEEN EXCLUDED FROM THIS EXHIBIT BECAUSE IT IS BOTH (I) NOT MATERIAL AND (II) IS THE TYPE THAT THE REGISTRANT TREATS AS PRIVATE OR CONFIDENTIAL. REDACTED TERMS IN THIS EXHIBIT ARE DESIGNATED BY [\*].

**Filing Version**

**FIRST AMENDING AGREEMENT** (this "**Amending Agreement**") dated April 3, 2026, with effect from March 31, 2026.

**BETWEEN:**

**ESKAY CREEK STREAMING LTD.** (as "**Seller**")

- and -

**SKEENA RESOURCES LIMITED** (as "**Skeena**")

- and -

**ESKAY CREEK MINING LTD.** (as "**Mining Guarantor**")

- and –

**SKEENA TATL'AH MINING LTD.** (as "**Skeena Guarantor**", and together with Mining Guarantor, the "**Guarantors**")

- and -

**OMF FUND IV SPV H LLC** (as a purchaser, "**OMF**")

- and -

**OMF FUND IV SPV H LLC** (as "**Purchasers' Agent**")

- and -

**SELWYN LOWER HOLDINGS (CYM) L.P.** (as a purchaser, and together with OMF, the "**Purchasers**")

- and -

**COMPUTERSHARE ADVANTAGE TRUST OF CANADA** (as "**Stream Collateral Agent**")

**WHEREAS** Seller, Skeena, Guarantors, Purchasers, Purchasers' Agent and Stream Collateral Agent are party to an amended and restated purchase and sale agreement (gold) dated as of December 19, 2024 (as may be amended, restated, supplemented, replaced or otherwise modified from time to time, the "**Stream Agreement**");

**AND WHEREAS** the Seller, Skeena and Guarantors have requested that the Stream Agreement be amended to, among other things, reflect certain desired amendments in contemplation of a prospective sale by the Purchasers of their respective interests under the Stream Agreement, and a proposed secured notes offering by Skeena pursuant to a note purchase agreement and a note indenture to be entered into following the date hereof (the "**Note Offering**"), and the Purchasers have agreed to effect such amendments subject to the terms and conditions below;

------

**AND WHEREAS** the Seller has concurrently with the execution of this Agreement delivered an irrevocable notice to effect the exercise of the Buy-Down Right, as defined in the Stream Agreement with the Buy-Down Effective Date being the closing date of the Note Offering;

**AND WHEREAS** the Seller, Skeena, Guarantors, Purchasers, Purchasers Agent and Stream Collateral Agent have entered into an amendment, termination and repayment agreement (the "**Amendment and Termination Agreement**") in respect of the termination and repayment of the Credit Agreement on the closing date of the Note Offering;

**AND WHEREAS** the parties hereto are all of the parties to the Stream Agreement as of the date hereof and wish to amend certain terms and conditions of the Stream Agreement pursuant to the terms hereof;

**NOW THEREFORE THIS AGREEMENT WITNESSES THAT** in consideration of the covenants and agreements contained herein and for other good and valuable considerations, the parties hereto agree to amend the Stream Agreement as provided herein:

**1.** **General**

In this Amending Agreement (including the recitals) unless otherwise defined or the context otherwise requires, all capitalized terms shall have the respective meanings specified in the Stream Agreement.

**2.** **To be Read with Stream Agreement**

This Amending Agreement is an amendment to the Stream Agreement. Unless the context of this Amending Agreement otherwise requires, the Stream Agreement and this Amending Agreement shall be read together and shall have effect as if the provisions of the Stream Agreement and this Amending Agreement were contained in one agreement. The term "Agreement" when used in the Stream Agreement means the Stream Agreement as amended, supplemented or modified from time to time.

**3.** **Conditions to Effectiveness of Amendments**

The effectiveness of the amendments set forth in this agreement will be conditional upon the satisfaction of each of the following conditions:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)the completion of the Note Offering on or before April 30, 2026 and the receipt on or before that date of net proceeds therefrom (the "**Note Proceeds**") sufficient to fund the payment of all obligations referenced in Sections 3(c) and 3(d) hereof;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)the execution and delivery of an intercreditor agreement between, *inter alios*, the Purchasers' Agent and the noteholder agent on behalf of the purchasers of notes in the Note Offering, in the form attached hereto as Exhibit 1;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)the termination and repayment of the Credit Agreement in accordance with the Amendment and Termination Agreement and repayment of the Obligations under the Credit Agreement substantially concurrent with completion of the Note Offering and forthwith upon receipt of the Note Proceeds; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)the completion of the exercise of the Buy-Down Right and the receipt by the Purchasers' Agent on behalf of the Purchasers of the Buy-Down Amount substantially concurrent with completion of the Note Offering and forthwith upon receipt of the Note Proceeds.

------

**4.** **Prospective Amendments**

Effective as of the date of and with immediate effect and conditional upon the satisfaction of the amendment conditions set forth in Section 3 of this Agreement (such date, the "**Second Effective Date**"):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Additional Deposit commitment is irrevocably cancelled and, for certainty, the option fee payable pursuant to Section 6.19 of the Stream Agreement will not be payable in respect of any period from and after the Second Effective Date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) All references to "BNY Trust Company of Canada" shall be replaced with "Computershare Advantage Trust of Canada".

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Paragraph (i) of the definition of "BCFM" set forth in Section 1.1 of the Stream Agreement is hereby deleted in its entirety and replaced with the following:

"(i) expenses, including (i) the Secured Notes; (ii) administration costs; and (iii) Taxes payable;".

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The definition of "Buy-Down Amount" set forth in Section 1.1 of the Stream Agreement is hereby deleted in its entirety and replaced with the following:

""**Buy-Down Amount**" means $184,000,000."

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Paragraph (g) of the definition of "CFADS" set forth in Section 1.1 of the Stream Agreement is hereby deleted in its entirety and replaced with the following:

---

| | |
|:---|:---|
| "(g) | amounts deposited in such period as cash collateral to any Person other than the Stream Collateral Agent, the Notes Collateral Agent or any collateral agent under a Refinancing Facility;". |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) Subclause (i)(1) of the definition of "CFADS" set forth in Section 1.1 of the Stream Agreement is hereby deleted in its entirety and replaced with the following:

"(1) the issuance of Equity Interests by Skeena from and after the Original Effective Date, including but not limited to the proceeds of the Initial Equity Investment;".

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) Subclause (i)(3) of the definition of "CFADS" set forth in Section 1.1 of the Stream Agreement is hereby deleted in its entirety and replaced with the following:

"(3) the Secured Notes, any Refinancing Facility or other Debt permitted to be incurred pursuant to Section 6.17(b);".

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) Paragraphs (a) and (b) of the definition of "Debt Service" set forth in Section 1.1 of the Stream Agreement is hereby deleted in its entirety and replaced with the following:

"(a) interest and fees (including original issue discount and availability fees under a Refinancing Facility and Debt incurred pursuant to Section 6.17(b)) paid or payable in respect of the Credit Agreement and Secured Notes thereunder for a period,

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) all scheduled principal payments in respect of the Secured Notes (or a Refinancing Facility) and other Debt incurred pursuant to Section 6.17(b) for a period,".

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) The definition of "Intercreditor Agreement" set forth in Section 1.1 of the Stream Agreement is hereby deleted in its entirety and replaced with the following:

""**Intercreditor Agreement**" means the intercreditor agreement dated on or about the Second Effective Date among, *inter alios*, Computershare Trust Company, N.A., as trustee on behalf of the holders of Secured Notes, the Purchasers' Agent, the Notes Collateral Agent, the Stream Collateral Agent, the Seller and the Guarantors, as the same may be amended, restated, modified, supplemented or replaced from time to time.".

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) The definition of "Liquidity" set forth in Section 1.1 of the Stream Agreement is hereby deleted in its entirety and replaced with the following:

""**Liquidity**" means **[REDACTED – Commercially Sensitive Information]**".

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) Paragraph (v) of the definition of "Permitted Encumbrances" set forth in Section 1.1 of the Stream Agreement is hereby deleted in its entirety and replaced with the following:

"(v) Encumbrances securing the obligations under the Secured Notes or any Refinancing Facility, provided that such Encumbrances are subject to an intercreditor agreement or arrangement on substantially the same terms as set forth in the Intercreditor Agreement;".

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) The definition of "Permitted Update" set forth in Section 1.1 of the Stream Agreement is hereby amended by deleting the reference [ **REDACTED – Commercially Sensitive Information]** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m) Paragraphs (a) and (c) of the definition of "Refinancing Facility" set forth in Section 1.1 of the Stream Agreement is hereby deleted in its entirety and replaced with the following:

---

| | |
|:---|:---|
| "(a) | the principal amount of such Debt available under such Refinancing Facility does not exceed the greater of (i) the principal amount of the Debt (in the case of the Secured Notes, including all outstanding obligations thereunder) and/or the Debt available under the commitments so replaced, refinanced, defeased or discharged (plus the amount of all fees, and expenses and premiums incurred in connection therewith) and (ii) U.S. $750,000,000; |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) such Refinancing Facility has an effective interest rate which is not greater than 1.50% higher than the effective interest rate of the Debt and/or the Debt available under the commitments being replaced, refinanced, defeased or discharged, in each case, including any original issue discount, commitment or upfront fees and other financing charges; and".

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n) The definition of "Security Release Date" set forth in Section 1.1 of the Stream Agreement is hereby deleted in its entirety and replaced with the following:

""**Security Release Date**" means the later of (a) and (b); where (a) is the first date on which the Purchasers have received an aggregate amount that would need to be paid to the Purchasers on a particular date, after taking into account all deliveries made by the Seller

------

to the Purchasers pursuant to Section 2.3, **[REDACTED – Commercially Sensitive Information]**, and (b) the Completion Date."

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(o) The definition of "Stream Percentage" set forth in Section 1.1 of the Stream Agreement is hereby deleted in its entirety and replaced with the following:

""**Stream Percentage**" means a percentage amount equal to 3.52; provided that in the event Completion has not occurred on or before the Completion Target Date, then following the Completion Target Date, the Stream Percentage will be as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) from the end of the first Fiscal Quarter in which the Completion Target Date occurs, until the end of the following Fiscal Quarter, the Stream Percentage will be an amount equal to the Stream Percentage plus an additional 0.05;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) at the commencement of the next Fiscal Quarter, the Stream Percentage will become an amount equal to the Stream Percentage, as adjusted in the preceding Fiscal Quarter pursuant to clause (a) above, plus an additional 0.05;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) at the commencement of the next Fiscal Quarter, the Stream Percentage will become an amount equal to the Stream Percentage, as adjusted in the preceding Fiscal Quarter pursuant to clause (b) above, plus an additional 0.05; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) at the commencement of each subsequent Fiscal Quarter the Stream Percentage will become an amount equal to X+0.13, where X was the Stream Percentage in the preceding Fiscal Quarter, as adjusted pursuant to clause (c) above or this clause (d), as the case may be.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(p) The definition of "Technical Committee" set forth in Section 1.1 of the Stream Agreement is hereby amended by deleting the text in subclause (ii) thereof and replacing it with "[Intentionally Deleted]".

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(q) Section 1.1 of the Stream Agreement is hereby amended by adding, in the appropriate alphabetical order thereto, the following definitions:

""**First Amending Agreement**" means the first amending agreement dated April 3, 2026 with effect from March 31, 2026 between the Seller, Skeena, the Guarantor, the Purchasers, the Purchasers' Agent and the Stream Collateral Agent.

"**Notes Collateral Agent**" means Computershare Advantage Trust of Canada, in its capacity as collateral agent on behalf of holders of the Secured Notes.

"**Notes Segregated Accounts**" means deposit accounts of Skeena established pursuant to the purchase agreement dated on or about the Second Effective Date to serve as a disbursement account and an interest reserve account in connection with the issuance of the Secured Notes and which are subject to deposit account control agreements in favour of the Notes Collateral Agent.

"**Second Effective Date**" has the meaning set forth in the First Amending Agreement.

------

"**Secured Notes**" means the senior secured notes in the principal amount of up to $750,000,000 issued or to be issued by Skeena in or about the month of April 2026.".

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(r) Section 2.7(b) of the Stream Agreement is hereby amended by adding, at the end of such Section after the period, the following: "As of the Second Effective Date, notwithstanding the Completion Date has not occurred, the Seller has provided irrevocable notice and has exercised the Buy-Down Right pursuant to this Section 2.7 (and the Purchasers have agreed to such exercise) such that the Second Effective Date is the Buy-Down Effective Date and the Buy-Down Right is no longer exercisable.". For greater certainty, the Buy-Down Right is exercised effective as of the Second Effective Date pursuant to Section 2.7(a) of the Stream Agreement and is no longer exercisable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(s) Section 2.8 of the Stream Agreement is hereby amended by adding, at the end of such Section before the period, the following: "without further payment by the Purchasers".

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(t) Section 6.1(k)(i) of the Stream Agreement is hereby amended by adding, at the end of such Section immediately before the semi-colon, the following: "other than the Notes Segregated Accounts".

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(u) Section 6.5(b) of the Stream Agreement and is hereby deleted in its entirety and replaced with the following:

"Until the Security Release Date, Skeena shall maintain at all times Liquidity of at least **[REDACTED – Commercially Sensitive Information]**".

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) Section 6.6(s) of the Stream Agreement is hereby deleted in its entirety and replaced with the following:

---

| | |
|:---|:---|
| "(s) | **[REDACTED – Commercially Sensitive Information]**". |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(w) Section 6.17(a)(ii) of the Stream Agreement is hereby amended by deleting the reference to "the Credit Agreement" therein and replacing the same with "the Secured Notes".

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(x) Section 6.20(a)(x) of the Stream Agreement is hereby amended by deleting the reference to "the Credit Agreement" therein and replacing the same with "the Secured Notes".

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(y) Section 8.1(b)(iii) of the Stream Agreement is hereby amended by adding at the end of such Section immediately prior to the semi-colon, the following: "other than the Notes Segregated Accounts".

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(z) Section 8.1(b)(viii) of the Stream Agreement is hereby amended by deleting the reference to "the Credit Agreement" therein and replacing the same with "the Secured Notes".

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(aa) Section 10.1(q) of the Stream Agreement is hereby amended by deleting the reference to "the Credit Agreement" therein and replacing the same with "the Secured Notes".

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(bb) Sections 10.2(a)(ii) and (iii) of the Stream Agreement are hereby deleted in their entirety and replaced with the following:

------

"(ii) provide written notice to the Seller to both: (1) without limiting Section 10.2(a)(i), demand all Losses suffered or incurred as a result of the occurrence of such Seller Event of Default and termination, including the greater of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) the Early Termination Amount; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) the NPV of the Remaining Stream, provided that for the purposes of this Section 10.2(a)(ii)(B) only, a 5% discount rate will be applied; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) terminate this Agreement upon receipt of payments in respect of such Losses; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) direct the Stream Collateral Agent to enforce the Security if and to the extent amounts payable by the Seller under clauses (i) and (ii) above are not paid in full upon demand.".

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(cc) Section 12.1(a) of the Stream Agreement is hereby amended by deleting the second sentence thereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(dd) Section 16.6(a)(iv) of the Stream Agreement is hereby deleted in its entirety and replaced with the following:

"(iv) if to the Stream Collateral Agent:

Computershare Advantage Trust of Canada

88A East Beaver Creek Road

Richmond Hill, ON L4B 4M8

---

| | |
|:---|:---|
| Attention: | **[REDACTED – Personal Information]** |

---

---

| | |
|:---|:---|
| Email: | **[REDACTED – Personal Information]** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ee) Schedule C to the Stream Agreement is hereby deleted in its entirety and replaced with Schedule C attached hereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ff) Schedule F to the Stream Agreement is hereby deleted in its entirety and replaced with Schedule F attached hereto.

**5.** **Representations and Warranties**

In order to induce the Purchasers and Purchasers' Agent to enter into this Amending Agreement, each of the Seller, Skeena and the Guarantors (collectively, the "**Seller Parties**" and each, a "**Seller Party**") represents and warrants to the Purchasers, Purchasers' Agent and Stream Collateral Agent as follows, which representations and warranties shall survive the execution and delivery hereof:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) such Seller Party (i) has been duly incorporated or formed and is validly existing under the laws of its jurisdiction of existence, incorporation or formation, as applicable, and is in good standing (to the extent such concept is applicable in its jurisdiction); (ii) has all requisite corporate power and authority or, if such entity is not a corporation, such other power and authority, to own and lease its property and assets and to carry on its business; (iii) has all requisite corporate power and authority or, if such entity is not a corporation, such other power and authority, to enter into this Amending Agreement and to perform its

------

obligations hereunder; and (iv) is duly qualified, licensed or registered to do business in each jurisdiction in which the nature of its business or the property or assets owned or leased by it make such qualification, licensing or registration necessary. **[REDACTED – Commercially Sensitive Information]**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the execution and delivery by each of the Seller Parties of this Amending Agreement, and the performance by it of its obligations hereunder, have been duly authorized by all necessary corporate or other action on its part (and such authorizations remain in full force and effect) and do not and will not: (i) contravene any provision of its constating documents or any resolution of its shareholders, partners or directors (or any committee thereof); (ii) conflict with, result in a breach of, or constitute a default or an event creating rights of acceleration, termination, modification or cancellation or a loss of rights under (with or without the giving of notice or lapse of time or both), any Material Contract; or (iii) violate any Applicable Law in any material respect;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) this Amending Agreement (i) has been duly executed and delivered by each of the Seller Parties; and (ii) constitutes a legal, valid and binding agreement of each of the Seller Parties, enforceable against the Seller Parties in accordance with its terms, except to the extent enforcement may be affected by bankruptcy, insolvency, fraudulent transfer, reorganization, moratorium and similar Applicable Laws affecting creditors' rights generally and subject to the qualification that equitable remedies may be granted in the discretion of a court of competent jurisdiction;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) the representations and warranties contained in Section 9.1 of the Stream Agreement and made by the Seller Parties are true and correct in all material respects, except representations and warranties which relate to an earlier date as specified in Section 9.1 of the Stream Agreement, which are be true and correct in all material respects as of such date; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) no Seller Event of Default has occurred and is continuing.

**6.** **Conditions Precedent**

This Amending Agreement shall be effective once the Purchasers and Purchasers' Agent are satisfied that the following terms and conditions have been fulfilled:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) this Amending Agreement shall have been executed and delivered by the Seller Parties, the Purchasers, Purchasers' Agent and the Stream Collateral Agent; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) all fees and expenses payable on the date hereof by the Seller to the Purchasers' Agent and the Purchasers, including the reasonable legal fees and out-of-pocket disbursements of counsel to the Purchasers' Agent and the Purchasers shall have been paid (or arrangements for such payments satisfactory to each of them shall have been made).

**7.** **Continuance of Stream Agreement and Security**

The Stream Agreement, as changed, altered, amended or modified by this Amending Agreement, shall be and continue in full force and effect and is hereby confirmed and the rights and obligations of all parties thereunder shall not be affected or prejudiced in any manner except as specifically provided for herein. The parties hereto confirm that no novation of any kind has occurred in connection with or as a result of this Amending Agreement, any novation being hereby expressly disclaimed.

------

**8.** **Counterparts**

This Amending Agreement may be executed and delivered by facsimile transmission or PDF via email and each of the parties hereto may rely on such signature as though such signature were an original signature. The Amending Agreement may be executed in any number of separate counterparts all of which when taken together shall constitute one and the same agreement. The words "executed," shall be deemed to include electronic signatures which shall be of the same legal effect, validity or enforceability as a manually executed signature.

**9.** **Governing Law**

This Amending Agreement will be governed by and construed in accordance with the laws of the Province of Ontario and the federal laws of Canada applicable therein (without regard to its laws relating to any conflicts of laws).

[*Remainder of page intentionally left blank.*]

------

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

---

| | |
|:---|:---|
| **ESKAY CREEK STREAMING LTD., as Seller** | **ESKAY CREEK STREAMING LTD., as Seller** |
| By: | (signed) **[REDACTED – Personal Information]** |
|  | Name: |
|  | Title: |
| **SKEENA RESOURCES LIMITED, as Skeena** | **SKEENA RESOURCES LIMITED, as Skeena** |
| By: | (signed) **[REDACTED – Personal Information]** |
|  | Name: |
|  | Title: |
| **ESKAY CREEK MINING LTD., as a Guarantor** | **ESKAY CREEK MINING LTD., as a Guarantor** |
| By: | (signed) **[REDACTED – Personal Information]** |
|  | Name: |
|  | Title: |
| **SKEENA TATL'AH MINING LTD., as a Guarantor** | **SKEENA TATL'AH MINING LTD., as a Guarantor** |
| By: | (signed) **[REDACTED – Personal Information]** |
|  | Name: |
|  | Title: |

---

[*First Amending Agreement*]

------

---

| | |
|:---|:---|
| **OMF FUND IV SPV H LLC, as Purchasers' Agent** | **OMF FUND IV SPV H LLC, as Purchasers' Agent** |
| By: | (signed) **[REDACTED – Personal Information]** |
|  | Name: |
|  | Title: |
| By: | (signed) **[REDACTED – Personal Information]** |
|  | Name: |
|  | Title: |

---

[*First Amending Agreement*]

------

---

| | |
|:---|:---|
| **OMF FUND IV SPV H LLC, as a Purchaser** | **OMF FUND IV SPV H LLC, as a Purchaser** |
| By: | (signed) **[REDACTED – Personal Information]** |
|  | Name: |
|  | Title: |
| By: | (signed) **[REDACTED – Personal Information]** |
|  | Name: |
|  | Title: |

---

[*First Amending Agreement*]

------

---

| | |
|:---|:---|
| **SELWYN LOWER HOLDINGS (CYM) L.P., by its general partner, BTO HOLDINGS MANAGER IV (CYM) L.L.C., by its sole member, BTOA IV (CYM) – NQ GP L.P. – NQ GP L.P., by its general partner, BTO GP – NQ L.L.C., as a Purchaser** | **SELWYN LOWER HOLDINGS (CYM) L.P., by its general partner, BTO HOLDINGS MANAGER IV (CYM) L.L.C., by its sole member, BTOA IV (CYM) – NQ GP L.P. – NQ GP L.P., by its general partner, BTO GP – NQ L.L.C., as a Purchaser** |
| By: | (signed) **[REDACTED – Personal Information]** |
|  | Name: |
|  | Title: |
| By: | (signed) **[REDACTED – Personal Information]** |
|  | Name: |
|  | Title: |

---

[*First Amending Agreement*]

------

---

| | |
|:---|:---|
| **COMPUTERSHARE ADVANTAGE TRUST OF CANADA, as Stream Collateral Agent** | **COMPUTERSHARE ADVANTAGE TRUST OF CANADA, as Stream Collateral Agent** |
| By: | (signed) **[REDACTED – Personal Information]** |
|  | Name: |
|  | Title: |
| By: | (signed) **[REDACTED – Personal Information]** |
|  | Name: |
|  | Title: |

---

[*First Amending Agreement*]

------

**SCHEDULE C**

**[REDACTED – Commercially Sensitive Information]**

------

**SCHEDULE F**

**Cost to Complete Certificate**

---

| | |
|:---|:---|
| **To:** | OMF Fund IV SPV H LLC, as Purchasers' Agent (the "**Agent**") |
| **And To:** | the Purchasers (as defined below) |
| **Re:** | Amended and Restated Purchase and Sale Agreement (Gold) dated as of December 19, 2024 among Skeena Resources Limited, the Seller party thereto, the Guarantors party thereto, the Purchasers party thereto and the Purchasers' Agent (as it may be amended, supplemented or restated from time to time, the "**Stream Agreement**") |
| **Date:** | [■] |

---

I, **[name]**, the **[title]** of **[Seller]** (the "**Seller**"), hereby certify that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. All capitalized terms used in this certificate and defined in the Stream Agreement have the meanings defined in the Stream Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. I am the duly appointed **[Chief Executive Officer/Chief Financial Officer]** of the Seller.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. I am familiar with and have examined the provisions of the Stream Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. To the best of my knowledge, information and belief and after due and diligent inquiry, I certify that as of the date hereof, the aggregate of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the unfunded remaining Deposits and Additional Deposits (as defined in the Stream Agreement) still available under the Stream Agreement; plus

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) funds representing proceeds of the Secured Notes held in the Notes Segregated Accounts, which are contractually required to be used for Debt Service or to fund Project costs; plus

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Unrestricted Cash,

is sufficient to pay all Remaining Estimated Funding Requirements. The calculation of the above is attached hereto as Schedule A.

For the purposes hereof:

"**Unrestricted Cash**" means, at any time, the aggregate of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) cash denominated in Dollars or C$ credited at such time to a bank account in the name of the Seller or a Guarantor and of which such Seller or Guarantor is the sole beneficiary and provided that:

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) such cash is repayable on demand;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) the repayment of such cash is not contingent on the prior discharge of any Debt of any Person whatsoever or on the satisfaction of any other condition;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) there is no Encumbrance over such cash or account (other than an Encumbrance in favour of the Stream Collateral Agent for the benefit of the Purchasers pursuant to the Security Documents, an Encumbrance in favour of the collateral agent (the "**Notes Collateral Agent**") for the benefit of holders of the Secured Notes and any Refinancing Facility, or customary account bank set-off rights securing up to a maximum of $5,000 in the aggregate for the Seller and Guarantors in the aggregate);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) ‎such cash is freely and immediately available to such Seller and/or Guarantors (subject only to the terms of the Blocked Account Agreement and/or a deposit account control agreement in favour of the Notes Collateral Agent); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) such cash and such account are subject to a Blocked Account Agreement‎ in favour of the Stream Collateral Agent and/or a deposit account control agreement in favour of the Notes Collateral Agent,

and further provided that Unrestricted Cash shall exclude all cash required or designated for bonding, reclamation or other similar obligations;

"**Remaining Estimated Funding Requirements"** means the remaining funding requirements ‎as contemplated by the Planning Documents in effect on the date hereof to pay all Project related development, construction and operating (net of ‎revenues and working capital adjustments) costs necessary to achieve Completion, along ‎with all other corporate and general and administrative expenses of the Seller and Guarantors, as reviewed and accepted by the Independent Engineer.

*[- Signature Page Follows -]*

------

DATED as of the first date written above.

---

| | |
|:---|:---|
| **SKEENA RESOURCES LIMITED** | **SKEENA RESOURCES LIMITED** |
| By: |  |
|  | Name: |
|  | Title: |

---

Acknowledged and Agreed by:

---

| | | |
|:---|:---|:---|
| **INDEPENDENT ENGINEER:** |  |  |
|  | By: |  |
|  |  | Name: |
|  |  | Title: |

---

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SCHEDULE A

CALCULATION OF COST TO COMPLETE

------

## Ex-11.(A)

**Exhibit 11(a)**

![Graphic](tmb-20251231xex11da001.jpg)

**THE WAY WE DO BUSINESS**

Versamet Royalties Corporation ("**Versamet**" or the "**Company**") is committed to the highest standards of governance, ethics and transparency in the way we conduct our business and deal with stakeholders. We have established clearly defined organizational roles and responsibilities, and we operate within a framework of moral principles and values which are the cornerstones of the Company's corporate governance and ethics practices. Achieving these high standards requires commitment and dedication from each and every one of our directors, officers, and employees.

Versamet has adopted a number of policies and guidelines that impart the way directors, officers and employees are expected to conduct themselves and the manner in which they should operate. Our Global Code of Ethical Conduct (the "**Code**") provides the foundation of these policies and guidelines and is applicable to all employees, officers, and directors. The Code sets out the ethical rules and standards to which each individual must comply and be accountable. The Code provides the fundamental tenets through which the Company can achieve its commitments to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· operate in a responsible manner that complies with applicable laws, rules and regulations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· promote the avoidance of conflicts of interest;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· promote the prompt reporting of violations of the Code;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· provide a safe and inclusive workplace;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· provide accountability for adherence to the Code; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· provide full, fair, true, timely and plain disclosure.

While the Code provides the formal framework for achieving our ethical rules, standards and commitments, the values and culture of the Company must be developed to respect these rules, standards and commitments. They must also embody their spirit. Ideally, the corporate values and culture should be engrained in the day to day business of Versamet and it is our objective to continually support and nurture such a model. In this respect, every employee and all of our service providers are expected to conduct themselves in a manner befitting these rules, standards and commitments.

The development of values and culture has been and continues to be supported through the promotion of compliance with legal and regulatory requirements, providing guidance to directors, officers and employees with respect to ethical behavior, and promoting open and honest communication at all levels, without fear of reprisal or retaliation.

Versamet takes violations of the Code seriously and is committed to investigating alleged violations and responding appropriately. Violations may result in dismissal or other disciplinary actions and, if warranted, the Company may also report the matter to the applicable authorities.

It is incumbent on Versamet and each of its directors, officers, employees and service providers to respect the Code and to take responsibility for their actions. It is our firm belief that in order to succeed, each of our directors, officers, employees, service providers and stakeholders must be proud of the fact that Versamet operates with the highest degree of honesty and integrity.

------

![Graphic](tmb-20251231xex11da002.jpg)

**GLOBAL CODE OF ETHICAL CONDUCT**

**PURPOSE OF THIS CODE**

Versamet has adopted this Global Code of Ethical Conduct (the "**Code**") in order to document the ethical rules and standards to be adhered to by the Company's directors, officers and employees, and to establish mechanisms for the reporting of unethical conduct.

The Company is committed to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· operating in a responsible manner that complies with applicable laws, rules and regulations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· promoting the avoidance of conflicts of interest;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· promoting the prompt reporting of violations of the Code;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· providing a safe and inclusive workplace

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· providing accountability for adherence to the Code; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· providing full, true, timely and plain disclosure;

and the Company requires its directors and officers to provide leadership and direction with respect to these commitments.

When used herein, "Versamet" and the "Company" shall refer to Versamet Royalties Corporation and to its subsidiaries, as applicable.

Note that in due course and when considered appropriate, the Board of Directors of the Company (the "**Board**") intends on establishing committees, including an Audit Committee, Nominating and Governance Committee, and Compensation Committee, however as of the date this Code was approved, it is the Board's intention that the duties of these committees will be administered by the Board as a whole. Therefore, any reference to a committee in the Code shall mean the Board as a whole until such committee is established.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.** **COMPLIANCE WITH THE CODE** 

This Code is a reflection of Versamet's commitment to the highest standards of governance and ethics. As such, directors, officers and employees of Versamet are required to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) Comply with the Code;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) Assist and co-operate with audits and investigations related to the Code; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c) Promptly report violations of the Code.

Directors, officers or employees of the Company who are found to have violated the Code will be subject to disciplinary measures. Such measures may include but are not limited to, taking corrective actions with respect to the violation, suspension, demotion and possible termination of their employment or

------

![Graphic](tmb-20251231xex11da002.jpg)

relationship with the Company. In addition, Versamet may, where appropriate, refer the matter to the applicable authorities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.** **COMPLIANCE WITH LAWS** 

Versamet expects everyone to comply with all applicable laws, rules and regulations in performing work for the Company, including without limitation, those dealing with public disclosure, insider trading, discrimination and harassment, and health and safety. Violations of laws, rules or regulations can lead to disciplinary measures under the Code and may result in civil or criminal liability for the Company and the person or persons involved.

As such, directors, officers and employees will:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) Comply with all laws, rules and regulations in connection with their work for the Company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) Seek clarification and advice if they are unsure about any law, rule or regulation or if they have questions related to any law, rule or regulation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c) Never commit or condone an illegal act in any way related to or during the course of their work for the Company, nor authorize or encourage others to act in an illegal manner; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d) Avoid conduct that could bring the reputation and integrity of the Company into question.

Versamet is committed to ensuring that its business operations are not used by others to facilitate illegal activity. In particular, the Company will strive to prevent its operations from being used in any manner to launder money or further the interests of terrorism.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.** **RECORD KEEPING AND CONTROL SYSTEMS** 

The Company's record keeping and control systems are critical components of its business and the integrity of such systems must be maintained at all times. As such, directors, officers and employees will:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) Strive to ensure that the Company's records (including financial and bookkeeping records, public disclosure documents, reports, presentations, safety documents, monitoring data and correspondence) are full, true, timely and plain, and provide assistance and information necessary to maintain them as such;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) Never use, authorize or encourage improper or deceptive accounting practices, such as falsification of books and records, that could, among other things, result in Versamet's operating results or performance being fallacious or misleading, or be intended to hide violations of this Code or any applicable rule, law or regulation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c) Never destroy, alter, or render unreadable Company records for an improper or illicit purpose and comply with the Company's records management processes, with special care being given to financial, bookkeeping and other accounting records;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d) Retain Versamet records as required by rule, law or regulation, and as otherwise notified by the Company's legal personnel; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;e) Return Versamet records to the Company and notify the appropriate management member as to the location of such records upon changing roles or ceasing employment with the Company.

Information, data, records, documents and communications (in any format) created or received in the ordinary course of business or in connection with a director's, officer's or employee's job function, are the property of Versamet.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.** **EMPLOYEE RELATIONS** 

Versamet believes that a strong, motivated workforce is critical to its success. The Company strives to ensure that all employees are treated fairly and recognizes that the work conditions of its employees, their wages and their job satisfaction have deep impacts not only on the employees themselves, but also on their families, the communities in which they live and on the environment. As such, the Company believes that it is in the best interest of all parties to work together in a respectful and understanding manner. Versamet is committed to providing a safe and inclusive workplace that is authentic, open and honest, and provides equal opportunities to its employees.

Directors, officers and employees will:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) Treat each other and members of the community in which the Company operates with respect and courtesy; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) Keep the workplace safe (both physically and psychologically) and inclusive, and free from harassment.

The Company does not condone the use of factors such as race, religion, color, sex, sexual orientation or ethnicity as the basis for decisions related to hiring, promotions, pay or terminations, nor should directors, officers or employees allow physical (or other) disabilities to form the basis of work-related decisions, unless the disability interferes with a person's ability to perform a job in a safe and effective manner and the disability cannot reasonably be accommodated.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.** **USE OF VERSAMET ASSETS AND PROPERTY** 

Directors, officers and employees must safeguard and, unless approved by the Chief Executive Officer or the Chair of the Board, not use corporate property to pursue private interests or the interests of a spouse, family members or a private corporation controlled by any of these individuals. Company property includes real and tangible items such as land, buildings, furniture, fixtures, equipment, supplies, and vehicles and also includes intangible items such as data, computer systems, reports, information, patents, trademarks, copyrights, logos, name and reputation.

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Directors, officers and employees will:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) Except for the limited exception provided in b) below, always use the Company's assets and resources only for Company related business purposes unless the Company provides its prior written approval for the director, officer or employee to use Company property for their personal interest in circumstances where doing so would:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· not result in additional cost to the Company; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· not interfere with the performance of the person's duties to the Company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) Limit personal use of Versamet's computers and software, e-mail, telephones, mobile devices, internet and other electronic systems to reasonable amounts (i.e. personal use must not interfere with the proper performance of job duties), and which must follow the other provisions of this Code and other Company policies as they relate to use of Company assets and resources;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c) Exercise prudence and good judgment when incurring and approving business expenses and ensure that such expenses are reasonable, bona fide and appropriate and serve Versamet's business interests;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d) Never steal, damage, misuse or waste Company assets; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;e) Never use Company assets in an illegal or improper manner or for an illegal or improper purpose.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.** **CONFLICTS OF INTEREST** 

Directors, officers and employees shall avoid situations where their individual personal interests could conflict with, or appear to conflict with, the interests of the Company and its stakeholders, and shall perform the responsibilities of their positions on the basis of what is in the best interests of the Company, free from the influence of personal considerations and relationships. If a conflict of interest cannot be avoided, it is the responsibility of the director, officer or employee involved to disclose of it.

A conflict of interest may be real or apparent:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i. A "real conflict of interest" occurs when directors, officers or employees exercise their corporate duties, official powers or perform official duties or functions and at the same time know that in doing so there is the opportunity for personal gain.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ii. An "apparent conflict of interest" occurs when a reasonably well-informed person could have a perception that a director's, officer's or employee's ability to exercise their corporate duty, an official power or perform an official duty or function was or will be affected by that individual's private interest.

Directors and officers have a duty to act honestly, in good faith, and in the best interests of the Company and must exercise the degree of skill and diligence reasonably expected from an ordinary person of his or her knowledge and experience.

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![Graphic](tmb-20251231xex11da002.jpg)

Conflicts of interest can include the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) Furthering Private Interests

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i. Directors, officers and employees should avoid outside financial interests that might influence their corporate decisions or actions, and should not engage in such activities or transactions where the activity or transaction may be detrimental to the Company or where the activity may be in conflict with the proper discharge of their duties to the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ii. If a director, officer or employee is directly or indirectly personally interested in a proposed activity or transaction which involves the Company, or if the director or officer has discretionary decision-making power which could bring about direct or indirect financial benefit to the director, officer or employee due to his or her financial holdings, business and property interests or other relationships, there is potential for a conflict of interest. In these instances, at a minimum, these circumstances and these holdings should be fully disclosed in advance to the Chair of the Board (in the case of the chief executive officer or a director) or to the General Counsel of the Company (in the case of any other officer or employee). If it is determined there is a conflict of interest, the conflict must be fully disclosed in advance to the Nominating and Governance Committee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) Corporate Opportunities

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i. Directors, officers and employees cannot divert to a third party, themselves, their spouses, their children or a private corporation controlled by any of these individuals, a business opportunity that the Company is pursuing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ii. A director, officer or employee of the Company whose corporate duties bring them into business dealings with a business in which they or a member of their family has a financial interest or to which they or a member of their family has an indebtedness, or a business employing a relative or close friend, must immediately:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. in respect of the Chief Executive Officer or a director, notify the Chair of the Board; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. in respect of any other officer or employee, notify the General Counsel of the Company, who will then notify the Nominating and Governance Committee;

and such business dealings may not be pursued unless properly authorized by the Nominating and Governance Committee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c) Preferential Treatment

Directors, officers and employees must not assist others in their dealings with the Company if this may result in preferential treatment. A director, officer or employee who exercises authority over others, must disqualify themselves from dealing with individuals where the director's, officer's or employee's relationship with the individual could bring their impartiality into question.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d) Workplace Relationships

Directors, officers, employees and individuals who are direct relatives or who permanently reside together may not be employed or hold office in situations where:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i. A reporting relationship exists where a director, officer or employee has influence, input or decision-making power over the relative or cohabitant's performance evaluation, salary, special permissions, conditions of work or similar matters; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ii. The working relationship affords an opportunity for collusion between the individuals that could have a detrimental effect on the Company's interest.

This restriction may be waived if the Nominating and Governance Committee is satisfied that sufficient safeguards are in place to ensure that the interests of the Company are not compromised.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7.** **ACCEPTING GIFTS, BENEFITS AND ENTERTAINMENT** 

Directors, officers and employees:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) May generally accept gifts, hospitality or other similar benefits (other than cash or cash equivalents which must never be accepted) associated with their official duties and responsibilities if such gifts, hospitality or other benefits:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i. are within the bounds of propriety, a normal expression of courtesy or within reasonable standards of hospitality;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ii. are advertising and promotional materials, clearly marked with a company or brand name;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iii. would not bring suspicion on the director's, officer's or employee's objectivity or impartiality; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iv. would not compromise the integrity or reputation of the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) Notwithstanding a) above, will never solicit or accept gifts, benefits or entertainment in exchange for, or as a condition of, the exercise of that director's, officer's or employee's duties or responsibilities, or as an inducement for performing an act associated with that director's, officer's or employee's duties or responsibilities, to the Company and will never solicit or accept a gift of cash or cash equivalent from a business partner, or anyone else with whom the Company does business, in connection with that director's, officer's or employee's duties or responsibilities to the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c) Will return any improper gift or benefit to the person offering it as soon as practicable or, if there is no opportunity to return an improper gift or benefit, or where the return may be perceived as offensive or inappropriate for cultural or other reasons, immediately disclose and turn over the

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gift or benefit to the General Counsel of the Company who will attend to a suitable disposition of the item.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**8.** **FRAUD OR BRIBERY** 

Versamet is committed to the highest level of honesty and integrity and therefore does not tolerate fraud or bribery. Fraud can include a wide range of activities, such as falsifying books, records or timesheets, embezzlement, skimming and misappropriating Company assets (including such things as proprietary information and corporate opportunities) for personal gain.

Bribery of government officials, government entities and commercial customers is illegal in most countries. It can take different forms, such as cash payments, gifts, employment opportunities, quid pro quo transactions, directing business to a particular individual or business, excessive hospitality or providing services or other benefits or things of value to a person, organization, or company or to those related to a particular person, organization, or company.

There are serious criminal and civil consequences for fraud and bribery, including fines and imprisonment, and the Company considers fraud and the payment of bribes or other corrupt activity serious misconduct and grounds for dismissal.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**9.** **POLITICAL AND CHARITABLE DONATIONS** 

Laws in many jurisdictions prohibit or regulate corporate donations to governments, political parties, politicians, and candidates for public office. The Company's policy is that all corporate donations to governments, political parties, politicians, or candidates for public office are prohibited unless they are approved in advance by the Chief Executive Officer. Similarly, all corporate donations to charities must be approved in advance by the Chief Executive Officer. Any donations to charities, governments, political parties, politicians, or candidates for public office are limited to a maximum of $20,000 (taking into consideration any applicable law in this regard) and must be reported in detail to the Nominating and Governance Committee at its next regularly scheduled meeting after the donation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**10.** **COMMUNICATING WITH THE MEDIA AND OTHER MEMBERS OF THE PUBLIC** 

Versamet is committed to ensuring that disclosure made by the Company to its shareholders, other stakeholders and to the public in general, and in reports and documents it files with appropriate securities commissions and other applicable authorities is full, true, timely and plain, and is broadly disseminated in accordance with all applicable legal and regulatory requirements.

Directors, officers and employees will:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) Always comply with the Company's Disclosure Policy and Stock Transaction Policy (once established), which shall set out the Company's policies regarding public disclosure, identify

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spokespersons for the Company, and establish rules for directors, officers and employees relating to trading securities of the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) Not respond under any circumstances to inquiries from external parties unless they are a designated spokesperson for the Company, or are specifically asked to respond by such a Company spokesperson or are otherwise expressly authorized to do so by the Chief Executive Officer or the Chair of the Board.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**11.** **CONFIDENTIALITY AND MISUSE OF UNDISCLOSED MATERIAL INFORMATION** 

Directors, officers and employees of the Company are required to maintain and protect the confidentiality of all information and materials relating to the Company which are entrusted to them, or which they receive by virtue of their position or employment with the Company. Such information may only be divulged to persons authorized to receive the information. For greater certainty, confidential information should not be divulged to spouses, associates, immediate family, friends, or persons with whom the director, officer or employee is connected by frequent or close association.

In addition, directors, officers and employees must not engage in any transactions for personal benefit which results or may result from confidential or non-public information which the director, officer or employee gains by reason of their position or authority. In addition to the foregoing prohibition under the Code, directors, officers and employees should be aware that securities laws make it illegal to use material undisclosed information when buying, selling or otherwise trading shares ("**insider trading**") and passing on this information to others for their use when buying, selling or otherwise trading shares ("**tipping**").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**12.** **AGENTS, CONSULTANTS AND SERVICE PROVIDERS** 

Versamet requires its agents, consultants and service providers to act in a manner consistent with the Code in providing services to the Company. As such, persons retaining or hiring such service providers must consider and be satisfied that the reputations and business practices of such agents, consultants and service providers are in alignment with the Code. Where appropriate, background and reference checks on agents, consultants and service providers should be performed.

If reasonable and appropriate, efforts should be made to draft agreements with agents, consultants and service providers that include terms requiring compliance with this Code and providing for remedies, including termination, for failure to comply. Where such provisions exist and there is a breach of the Code, the appropriate remedies should be enforced against the agent, consultant or service provider.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**13.** **DUTIES WITH RESPECT TO REPORTING** 

Directors, officers and employees have a duty to immediately report to management any activity that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) he or she believes contravenes the law;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) represents a breach of the Code or a real or apparent conflict of interest;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c) represents a misuse of the Company's funds or assets; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d) represents a danger to the health and safety of our employees, other stakeholders, or to the environment; and

are also responsible for helping to identify and raise potential issues before they lead to Code violations.

If a director, officer or employee finds him or herself in a conflict or potential conflict of interest, or in violation of the Code, their duties are as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) If the individual involved is an officer or an employee:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· The individual must immediately notify his or her immediate superior.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· If the conflict or violation cannot be avoided or resolved by the individual and his or her immediate superior, such superior must advise the General Counsel of the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) If the individual involved is a director:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· The individual must immediately notify the Chair of the Board.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· If the conflict or potential conflict cannot be avoided or resolved, the director must disclose the conflict or potential conflict to all of the directors of the Company and abstain or recuse themselves, as the case may be, from any vote or meeting in connection with the subject of the conflict.

Directors, officers and employees shall act in good faith in reporting a suspected Code violation or a situation that may create a potential for a Code violation and shall not take or tolerate any act of reprisal or retaliation against:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i. a person who in good faith reports a suspected Code violation or a situation that may create a potential Code violation; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ii. a person who cooperates with the investigation of a suspected Code violation or a situation that may create a potential Code violation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**14.** **REPORTING** 

Versamet promotes an open and honest environment and encourages directors, officers and employees to address any questions they may have regarding a particular situation or concerns about a possible violation of a law, regulation or the Code promptly with management. Except with respect to self-reporting referred to in Article 13 above, if for some reason an individual is not comfortable doing so or if management does not resolve the matter, reports of potential or actual violations of law or this Code may be made in confidence using the following methods:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· By e-mail, addressed to the General Counsel at <u>info@versamet.com</u> 

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· By mail, addressed to the General Counsel at the following address:

Versamet Royalties Corporation

Suite 3200, 733 Seymour Street

Vancouver, British Columbia

V6B 0S6 Canada

While we encourage all individuals to identify themselves to facilitate a proper investigation, it is not required to do so and an individual may make a report anonymously.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**15.** **INTERNAL AUDITS AND INVESTIGATING REPORTS OF SUSPECTED CODE VIOLATIONS** 

All suspected Code violations, or potential Code violations, will be investigated. The Audit Committee Chair, in consultation with the Chair of the Nominating and Governance Committee and the General Counsel will decide on the most appropriate method of investigation in each instance and may seek the assistance of external legal advisors, accountants, or other advisors. To the extent possible, investigators will keep information and reports related to investigations confidential, subject to the need to conduct a full and impartial investigation, to comply with law and to remedy Code violations and monitor compliance.

Directors, officers and employees have a duty to cooperate with these investigations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**16.** **WAIVER OF THE CODE** 

Any waiver of the Code for the benefit of a director or executive officer may be granted only by the Board. For non-executive officers, the Chief Executive Officer may, in appropriate circumstances as he or she determines using best judgment, provide a waiver of the Code, however any such waiver must be reported to the Nominating and Governance Committee at its next meeting.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**17.** **VERIFICATION OF THE CODE** 

Versamet will make the most current version of the Code available to new directors, officers and employees at or about their time of hire and require such persons to verify via email that they have read and understood the Code within 30 days of the commencement of their employment. In addition, the Company may require directors, officers and employees to periodically review the current version of the Code and verify their compliance with and understanding of the Code. Any director, officer or employee who fails or refuses to review the Code and to respond to a verification request by the Company may be subject to disciplinary measures up to and including termination.

The Code will be publicly available on the Company's website at <u>www.versamet.com</u>

ADOPTED AND APPROVED by the Board on March 9, 2023.

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## Ex-11.(B)

**Exhibit 11(b)**

![Graphic](tmb-20251231xex11db001.jpg)

SECURITIES TRADING POLICY

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**Table of Contents**

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| | | | |
|:---|:---|:---|:---|
|  |  |  | Page |
| I. | INTRODUCTION | INTRODUCTION | 1 |
| II. | APPLICATION OF THIS POLICY | APPLICATION OF THIS POLICY | 1 |
| III. | PRIVILEGED/NON-PUBLIC MATERIAL INFORMATION | PRIVILEGED/NON-PUBLIC MATERIAL INFORMATION | 2 |
| IV. | RESTRICTIONS AFFECTING ALL VERSAMET COVERED PERSONS | RESTRICTIONS AFFECTING ALL VERSAMET COVERED PERSONS | 3 |
|  | A. | PROHIBITION ON INSIDER TRADING | 3 |
|  | B. | PROHIBITION AGAINST SPECULATING, SHORT-SELLING AND HEDGING | 3 |
|  | C. | PROHIBITIONS AGAINST TIPPING AND RECOMMENDING | 4 |
|  | D. | SECURITIES OF OTHER COMPANIES | 5 |
|  | E. | STANDING ORDERS OR DISCRETIONARY AUTHORITY | 5 |
| V. | BLACK-OUTS | BLACK-OUTS | 5 |
| VI. | OBLIGATION OF INSIDERS TO FILE INSIDER REPORTS | OBLIGATION OF INSIDERS TO FILE INSIDER REPORTS | 6 |
| VII. | PRE-CLEARANCE OF TRADES | PRE-CLEARANCE OF TRADES | 7 |
| VIII. | ENFORCEMENT AND POTENTIAL CIVIL AND CRIMINAL PENALTIES | ENFORCEMENT AND POTENTIAL CIVIL AND CRIMINAL PENALTIES | 7 |
| IX. | EFFECTIVE DATE OF THIS POLICY | EFFECTIVE DATE OF THIS POLICY | 7 |
| SCHEDULE A - INSIDER TRADING QUICK REFERENCE LIST | SCHEDULE A - INSIDER TRADING QUICK REFERENCE LIST | SCHEDULE A - INSIDER TRADING QUICK REFERENCE LIST | 8 |
| SCHEDULE B - COMMON EXAMPLES OF SUBJECT INFORMATION | SCHEDULE B - COMMON EXAMPLES OF SUBJECT INFORMATION | SCHEDULE B - COMMON EXAMPLES OF SUBJECT INFORMATION | 9 |

---

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**I.** **INTRODUCTION** 

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Employees, officers, directors, consultants, contractors and agents ("**Versamet Covered Persons**") of Versamet Royalties Corporation and its subsidiaries ("**Versamet**" or the "**Corporation**") may from time to time become securityholders of the Corporation or otherwise trade or deal in or with respect to securities of the Corporation. These individuals will, from time to time, become aware of corporate developments, plans or other information that may affect the value of the Corporation's securities, or that a reasonable investor would be likely to consider important in making an investment decision about the Corporation's securities, before these developments, plans and information are made public. Trading in securities of the Corporation while in possession of such information before it is generally disclosed, or disclosing such information to third parties before it is generally disclosed (known as "tipping"), may expose an individual to criminal prosecution or civil lawsuits. Such action could also result in a lack of confidence in the market for the Corporation's securities and otherwise harm the Corporation. The Corporation's Securities Trading Policy (the "**Policy**") incorporates the rules on trading and dealings in securities included in applicable securities legislation and stock exchange rules. The Corporation has established this Policy to, among other things, assist the Corporation's personnel in complying with the prohibitions against insider trading and tipping.

The objectives of this Policy are to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Educate Versamet Covered Persons about their legal obligations with respect to "insider trading" and "tipping";

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Foster and facilitate compliance with applicable laws to prevent transactions by Versamet Covered Persons that would not be in full compliance with legal requirements; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Protect Versamet Covered Persons as well as the Corporation and its reputation in the market.

**It is important that all Versamet Covered Persons review this Policy carefully. Acceptance and compliance with this Policy is mandatory. Noncompliance with this Policy is grounds for immediate dismissal or termination of any relationship with the Corporation. Failure to comply with the policies and procedures set forth below also can result in a serious violation of applicable securities laws, leading potentially to both civil and criminal penalties.**

The procedures and restrictions set forth in this Policy with respect to the trading of Versamet's securities by Versamet Covered Persons present only a general framework within which Versamet Covered Persons may purchase and sell securities or otherwise deal in or with respect to securities of Versamet without violating applicable securities laws. Versamet Covered Persons have the ultimate responsibility for complying with applicable securities laws.

The Corporation's Board of Directors (the "**Board**") will designate one or more individuals from time to time as an administrator of this Policy (each, an "**Administrator**"). As of the date hereof, the designated Administrator is the General Counsel of the Corporation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**II.** **APPLICATION OF THIS POLICY** 

This Policy applies to all Versamet Covered Persons as well as (a) their family members (including an adult interdependent partner) residing in the same home as the Versamet Covered Persons, (b) any dependent

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children and (c) any partnerships, trusts, estates, corporations, RRSP's and similar entities over which any of the aforementioned persons, directly or indirectly, exercises control or direction.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**III.** **PRIVILEGED/NON-PUBLIC MATERIAL INFORMATION** 

Versamet Covered Persons are generally prohibited from trading in securities or recommending/encouraging others to trade while in possession of Subject Information (as defined below).

"**Subject Information**" means any information, fact, event, circumstances or change in the activities, business or property of the Corporation that has not been generally disclosed to the public and that results in, or would reasonably be expected to result in, a significant effect in the market price or value of the securities of the Corporation; it also means any information that would reasonably be expected to have a significant influence on any reasonable investor's decision to buy, sell or hold securities of the Corporation. A non-exhaustive list of information that could constitute privileged information are set out in Schedule B attached hereto.

Subject Information is typically considered to be "generally disclosed" when it has been publicly disclosed in a manner calculated to effectively reach the marketplace and public investors have been given a reasonable amount of time to analyze the information. Disclosure of this information will most often occur by way of press release but may be disclosed by other means.

Under this Policy, all references to "trading in securities" of the Corporation include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. any sale or purchase of securities of the Corporation, provided that the exercise of stock options or settlement of other awards, if applicable, granted under the Corporation's equity compensation plan(s) will not be considered to be a trade to which this Policy applies (unless such exercise of options occurs on a "cashless" basis), but any sale of shares received pursuant to such exercise or settlement (including to fund any related tax obligations) will constitute a trade to which this Policy applies; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. any derivatives-based or other transaction, agreement, arrangement or understanding, or material amendment or termination thereof, that has the effect of altering Versamet Covered Person's economic exposure to the Corporation and would be required to be reported in accordance with applicable laws or regulations (including National Instrument 55-104 – *Insider Reporting Requirements and Exemptions*, Part 7 and Part 15 of the *Securities Act* (British Columbia) and the guidance in Staff Notice 55-312 – *Insider Reporting Guidelines for Certain Derivative Transactions (Equity Monetization)*).

Subject to Subsection VII of this Policy, which requires that certain executives of the Corporation pre-clear all trades in securities of the Corporation, it is the responsibility of each Versamet Covered Persons contemplating a trade in securities of the Corporation to determine prior to such trade whether he or she is aware of any information that constitutes Subject Information. If in doubt, the individual should consult with the Administrator.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**IV.** **RESTRICTIONS AFFECTING ALL VERSAMET COVERED PERSONS** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**A.** **PROHIBITION ON INSIDER TRADING** 

Versamet Covered Persons with the knowledge of Subject Information must not trade in securities of the Corporation until:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. completion of one full trading day after the Subject Information is first publicly disclosed (e.g., by press release) in a manner calculated to effectively reach the marketplace (for example if public disclosure is made before the commencement of trading on day 1, the prohibition applies until the commencement of trading on day 2, while if public disclosure is made after the commencement of trading on day 1 (including after the end of trading on day 1), the prohibition applies until the commencement of trading on day 3); or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. the Subject Information ceases to be material and the Versamet Covered Persons are so advised by the Administrator (e.g. a potential transaction that was the subject of the information is abandoned).

In addition, Versamet Covered Persons must not make any trades in securities of the Corporation during the blackout periods described in Section V of this Policy.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**B.** **PROHIBITION AGAINST SPECULATING, SHORT-SELLING AND HEDGING** 

Certain types of trades in securities of the Corporation by Versamet Covered Persons can raise particular concerns about potential breaches of applicable securities law or that the interests of the persons making the trade are not aligned with those of the Corporation. Versamet Covered Persons are therefore prohibited at any time from, directly or indirectly, undertaking any of the following activities:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. speculating in securities of the Corporation, which may include buying with the intention of quickly reselling such securities, or selling securities of the Corporation with the intention of quickly buying such securities (other than in connection with the acquisition and sale of shares issued under the Corporation's equity compensation plan(s) or any other Corporation benefit plan or arrangement);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. buying the Corporation's securities on margin or holding Corporation securities in a margin account (since such securities could be sold without the account holder's "consent" in the event of a margin call);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. short selling a security of the Corporation or any other arrangement that results in a gain only if the value of the Corporation's securities declines in the future;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. selling a "call option" giving the holder an option to purchase securities of the Corporation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;e. buying a "put option" giving the holder an option to sell securities of the Corporation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;f. purchasing financial instruments, including prepaid variable forward contracts, equity swaps, collars, or units of exchange funds, that are designed to hedge or offset a decrease in the market value of securities of the Corporation (or equivalents such as share units, the value of which is derived from equity securities of the Corporation) held, directly or

------

indirectly, by such Versamet Covered Persons, including equity securities granted as compensation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**C.** **PROHIBITIONS AGAINST TIPPING AND RECOMMENDING** 

Versamet Covered Person are prohibited from communicating Subject Information to any person (including a spouse, child, parent, sibling or other relative or friend of the Versamet Covered Person), unless such disclosure is:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. in the necessary course of the Corporation's business;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. compelled by law; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. otherwise, made in accordance with the Corporation's disclosure practices.

In order for Versamet Covered Person to be permitted to communicate Subject Information in the necessary course of the Corporation's business:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. the disclosing Versamet Covered Person must ensure that the person receiving such information:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i. must first enter into a confidentiality agreement in favour of the Corporation (which should contain, among other things, an acknowledgement by the recipient of the requirements of applicable securities laws relating to such recipient trading securities with knowledge of a material fact or material change in respect of the Corporation that has not been generally disclosed and to such recipient disclosing information to another person or company such material fact or material change); or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ii. understands their legal obligations with respect to Subject Information and there must be no ground for the disclosing Versamet Covered Person to believe that the Subject Information will be used or disclosed contrary to applicable law by the person receiving such information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. the disclosure must be made pursuant to the proper performance by such Versamet Covered Person of their duties on behalf of the Corporation.

Subject to the above, Subject Information is to be kept strictly confidential by all Versamet Covered Person until after it has been generally disclosed to the public. Discussing Subject Information within the hearing of, or leaving it exposed to, any person who has no need to know is to be avoided at all times.

Versamet Covered Person with knowledge of Subject Information shall not recommend or encourage any other person to trade in the securities of the Corporation, regardless of whether the Subject Information is specifically communicated by Versamet Covered Person to such person.

If any Versamet Covered Person has any doubt with respect to whether any information is Subject Information or whether disclosure of Subject Information, or recommending or encouraging trading in Corporation securities, is in the necessary course of business, the individual should contact the Administrator.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**D.** **SECURITIES OF OTHER COMPANIES** 

In the course of the Corporation's business, Versamet Covered Person may obtain information about another publicly-traded issuer that has not been generally disclosed by that other issuer to the public, including such an issuer in respect of which the Corporation is considering or evaluating whether, or proposing, to (a) make a take-over bid, (b) become a party to a reorganization, amalgamation, merger, arrangement or similar business combination or (c) acquire a substantial portion of the property. The restrictions set out in this Policy apply to all Versamet Covered Person with respect to trading in the securities of another issuer while in possession of such information, communicating such information to any person, and recommending or encouraging any person to trade in securities of such other publicly-traded issuer, whether such issuer's securities are publicly-traded within Canada or otherwise.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**E.** **STANDING ORDERS OR DISCRETIONARY AUTHORITY** 

In order to avoid inadvertent conflict with this Policy and contravention of applicable securities laws, Versamet Covered Persons should not place standing orders (e.g., "limit" orders) with a broker to trade in Corporation securities, unless such instructions are made in compliance with securities laws and guidance concerning automatic trading plans and the applicable Versamet Covered Person has informed the Corporation of any such automatic trading plan prior to its implementation. Standing orders leave Versamet Covered Person without any control over the timing of the transaction, which could be executed by the broker when the Versamet Covered Person is aware of Subject Information. Similarly, Versamet Covered Person are also cautioned not to provide others (such as brokers) with discretion to make purchases or dispositions of Corporation securities on behalf of Versamet Covered Person, as for securities law purposes such trades are considered to be those of the Versamet Covered Person.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**V.** **BLACK-OUTS** 

Periodic and other black-out restrictions may be imposed on the officers, directors and specified employees of the Corporation (the "**Blacked-out Persons**").

The black-out restrictions prohibit Blacked-out Persons from trading (which includes pledging Versamet securities as a security interest) in:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. any securities of Versamet,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. exercising stock options, or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. trading in or making elections with respect to deferred share units, performance stock units or restricted stock units or others specified securities-based incentive plans,

during the period commencing either: (a) one calendar week before the scheduled release of Versamet's quarterly financial statements ("**Quarterly Report**"); or (b) two calendar weeks before the scheduled release of Versamet's annual financial statements ("**Annual Financial Statements**") and ending at the opening of the market after the first full trading day following the date of the public disclosure of the financial results for a fiscal quarter or fiscal year or date on which the Quarterly Report or Annual Financial Statements are released if no press release is disseminated (the "**Black-out Period**"); provided that such trading restriction is not applicable to purchases of common shares of Versamet under any Employees Share Purchase Plan (a "**Share Purchase Plan**") or an automatic dividend plan or a dividend reinvestment plan (a "**DRIP**") that could be implemented by the Corporation. Versamet is also restricted from granting equity-based incentive awards (i.e. stock options, deferred share units, performance stock units or

------

restricted stock units or others specified securities-based incentive plans) during a Black-out Period. Any equity based incentive awards that are scheduled to expire during a Black-out Period will automatically be extended: (i) in accordance with the terms of the applicable securities-based incentive plans, or (ii) if such applicable securities-based incentive plans is silent on the treatment of awards that are scheduled to expire during a Black-out Period, for a period of ten business days after the last day of the applicable Blackout Period.

Additionally, the Corporation may from time to time, at any time it deems appropriate, determine that there may be undisclosed Subject Information concerning the Corporation that makes it inappropriate for specified individuals to trade in securities of the Corporation or in the securities of any other publicly-owned company under special circumstances. In such circumstances, the Corporation may deem it appropriate to apply an extraordinary Black-Out Period by issuing notice instructing these specified individuals not to trade in the securities of the Corporation or in the securities of any other publicly-owned company under special circumstances, until further notice; provided that the foregoing is not applicable to any acquisition of securities pursuant to the Share Purchase Plan or the DRIP.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**VI.** **OBLIGATION OF INSIDERS TO FILE INSIDER REPORTS** 

The directors and certain senior officers of the Corporation are "Reporting Insiders" under applicable Canadian securities legislation. If you are uncertain as to whether you are a Reporting Insider, you should contact the Administrator.

Under applicable Canadian securities legislation, a person or corporation who becomes a Reporting Insider of the Corporation must file an insider report within ten (10) calendar days of the date of becoming a Reporting Insider. An insider report should be completed and filed immediately disclosing the Insider's holdings of any securities of the Corporation including, common shares, preferred shares, options, convertible debentures and awards granted under the Corporation's incentive plans, the value of which are derived from the Corporation's common shares. In addition, a Reporting Insider whose direct or indirect beneficial ownership of or control or direction over securities of the Corporation changes, must file an insider report of the change within five (5) calendar days of the date of the change. For example, an insider report must be filed upon the exercise or vesting/pay-out, as applicable, cancellation or expiry of options or other incentive awards. Certain exemptions from the requirement to file within five (5) days apply to automatic share purchase plans and specified issuer grants where annual summary reports are filed.

All insider reports must be filed electronically pursuant to the system for electronic disclosure by insiders ("**SEDI**") via the Internet website at www.sedi.ca.

Every Reporting Insider is required to complete an insider profile by completing the on-line form on the SEDI website. This insider profile will request information regarding the Reporting Insider including the Reporting Insider's name, address and telephone number, names of the entities for which the individual is an Insider.

It is each Reporting Insider's personal responsibility to ensure that all requisite insider trading reports are filed with the appropriate securities commissions within the statutory time limits described above.

In addition to the above reporting requirements, Reporting Insiders shall report all trades to the Administrator by delivering a copy of the insider trading report filed with the applicable securities commissions at the time of such filing by email. The Administrator will maintain a register of Reporting

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Insider security positions in the Corporation. Reporting Insiders must report all changes to the Administrator, and not just the net result of changes, but details of each change in a series of changes, within five (5) calendar days. Reporting Insiders must disclose ownership and the type of securities of the Corporation held and any grant or exercise of options or other awards of under the Corporation's securities-based incentive plans must also be updated. Transfers of securities held by a Reporting Insider in the name of an agent, nominee or custodian by a Reporting Insider must also be reported.

The Corporate Secretary of the Corporation will assist any Reporting Insider in the preparation and filing of insider reports upon request.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**VII.** **PRE-CLEARANCE OF TRADES** 

To assist each of the Versamet Covered Persons specified below in avoiding any trade in securities of the Company that may contravene or be perceived to contravene applicable securities laws, these individuals are encouraged to notify, and obtain written (includes email) pre-clearance from, the Administrator of any proposed trade of securities of the Corporation before effecting the trade in order to confirm that there is no Subject Information:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. Versamet Covered Person who are "Reporting Insiders" of the Company (as defined in National Instrument 55-104 – Insider Reporting Requirements and Exemptions) (i.e., Versamet Covered Person who are required to report their insider trading activities on the electronic filing system known as SEDI);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. any employee who reports directly to the Chief Executive Officer or Chief Financial Officer; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. an individual that is notified by the Administrator that the individual's trades in securities of the Company will be subject to pre-clearance in accordance with this Policy.

Notification is encouraged not only for trades by the foregoing Versamet Covered Person, but also for any proposed trades by any other person if such Versamet Covered Person has control or direction over such securities (for example, if such Versamet Covered Person has the authority to direct the sale or acquisition of Company securities by a personal holding company, spouse or minor children).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**VIII.** **ENFORCEMENT AND POTENTIAL CIVIL AND CRIMINAL PENALTIES** 

All Versamet Covered Persons will be provided, from time to time, with a copy of this Policy. All Versamet Covered Persons must comply at all time with the present Policy.

The consequences of any activity prohibited by this Policy or otherwise failing to comply with this Policy can be severe and may give rise to disciplinary measures up to and including dismissal for a serious reason (cause), as well as legal sanctions such as fines and criminal sanctions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**IX.** **EFFECTIVE DATE OF THIS POLICY** 

**This Policy was adopted by the Board effective May 20, 2025.**

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**SCHEDULE A - INSIDER TRADING QUICK REFERENCE LIST**

**DO NOT TRADE OR RECOMMEND/ENCOURAGE OTHERS TO TRADE IN SECURITIES OF VERSAMET OR OF ANOTHER PUBLIC COMPANY WHEN YOU:**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· know of any Subject Information about Versamet which has not been generally disclosed and disseminated to the public;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· know of any Subject Information about another public company which has not been generally disclosed and disseminated to the public and you learned of such Subject Information because of your business or dealings with Versamet or otherwise;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· have received notice that you are subject to a Black-out Period; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· have received any other notice from the Corporation that you cannot trade in securities.

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**SCHEDULE B - COMMON EXAMPLES OF SUBJECT INFORMATION**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Changes in share ownership that may affect control of the Corporation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Agreements or arrangements for joint ventures;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Major reorganizations, arrangement, amalgamations or merger;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Takeover bids, issuer bids or insider bids on the Corporation's securities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Public or private sale of additional securities of the Corporation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Planned repurchases or redemptions of securities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Planned splits of common shares or offerings of warrants or rights to buy shares;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Any share consolidation, share exchange, or stock dividend;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Changes in the Corporation's dividend payments or policies;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· The possible initiation of a proxy fight;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Material modification to rights of security holders;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Earnings and other financial results, including a significant increase or decrease in near-term earnings prospects, unexpected changes in financial results for any periods or shifts in financial circumstances, such as cash flow reductions, major asset write- offs or write-downs;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Changes in the value or composition of the Corporation's assets;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Any material change in the Corporation's accounting policy;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Material changes to the Corporation's assets;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Any development that affects the Corporation's technology, products or markets;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· A significant change in capital investment plans or corporate objectives;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Major labour disputes or significant disputes with major contractors, suppliers or customers;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Significant new contracts, products, patents or services or significant losses of contracts or business;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Change to the board of directors or executive management, including the departure of the company's Chief Executive Officer or Chief Financial Officer;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· The commencement of, or developments in, material legal proceedings or regulatory matters;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Waivers of corporate ethics and conduct rules for officers, directors and other key employees;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Any notice that reliance on a prior audit is no longer permissible;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· De-listing of the Corporation's securities or their movement from one quotation system or exchange to another;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Acquisitions or dispositions of material assets, property or joint venture interests;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Acquisitions of other companies, including a take-over bid for, or merger with, another company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· The borrowing or lending of a significant amount of money;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Any mortgaging or encumbering of the Corporation's assets;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Defaults under debt obligations, agreements to restructure debt, or planned enforcement procedures by a bank or any other creditors;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Changes in rating agency decisions; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Significant new credit arrangements.

------

**THE FOREGOING EXAMPLES SHOULD NOT BE CONSIDERED AS AN EXHAUSTIVE OR DETERMINATIVE LIST AS TO WHAT CONSTITUTES SUBJECT INFORMATION. EACH VERSAMET COVERED PERSON IS INDIVIDUALLY RESPONSIBLE FOR ADHERING TO THIS POLICY AND APPLICABLE SECURITIES LAWS.**

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## Exhibit 12.1

**Exhibit 12.1**

**CERTIFICATIONS**

I, Daniel O'Flaherty, certify that:

&nbsp;&nbsp;&nbsp;&nbsp;1. I have reviewed this annual report on Form 20-F of Versamet Royalties Corporation;

&nbsp;&nbsp;&nbsp;&nbsp;2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

&nbsp;&nbsp;&nbsp;&nbsp;3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the company as of, and for, the periods presented in this report;

&nbsp;&nbsp;&nbsp;&nbsp;4. The company's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) for the company and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the company, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Evaluated the effectiveness of the company's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Disclosed in this report any change in the company's internal control over financial reporting that occurred during the period covered by the annual report that has materially affected, or is reasonably likely to materially affect, the company's internal control over financial reporting; and

&nbsp;&nbsp;&nbsp;&nbsp;5. The company's other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the company's auditors and the audit committee of the company's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the company's ability to record, process, summarize and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the company's internal control over financial reporting.

---

| | |
|:---|:---|
| April 30, 2026 |  |
| */s/ Daniel O'Flaherty* | <u> </u> |
| Daniel O'Flaherty |  |
| Chief Executive Officer |  |
| (Principal Executive Officer) |  |

---

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## Exhibit 12.2

**Exhibit 12.2**

**CERTIFICATIONS**

I, Victoria McMillan, certify that:

&nbsp;&nbsp;&nbsp;&nbsp;1. I have reviewed this annual report on Form 20-F of Versamet Royalties Corporation;

&nbsp;&nbsp;&nbsp;&nbsp;2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

&nbsp;&nbsp;&nbsp;&nbsp;3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the company as of, and for, the periods presented in this report;

&nbsp;&nbsp;&nbsp;&nbsp;4. The company's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) for the company and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the company, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Evaluated the effectiveness of the company's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Disclosed in this report any change in the company's internal control over financial reporting that occurred during the period covered by the annual report that has materially affected, or is reasonably likely to materially affect, the company's internal control over financial reporting; and

&nbsp;&nbsp;&nbsp;&nbsp;5. The company's other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the company's auditors and the audit committee of the company's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the company's ability to record, process, summarize and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the company's internal control over financial reporting.

---

| |
|:---|
| April 30, 2026 |
| */s/ Victoria McMillan* |
| Victoria McMillan |
| Chief Financial Officer |
| (Principal Financial Officer) |

---

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## Exhibit 13.1

**Exhibit 13.1**

**CERTIFICATION PURSUANT TO**

**SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002**

In connection with the Annual Report on Form 20-F of Versamet Royalties Corporation (the "Company") for the fiscal year ended December 31, 2025, filed with the Securities and Exchange Commission (the "Report"), the undersigned hereby certifies, pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

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| |
|:---|
| */s/ Daniel Flaherty*  |
| Daniel O'Flaherty |
| Chief Executive Officer |
| (Principal Executive Officer)  |
| April 30, 2026 |

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## Exhibit 13.2

**Exhibit 13.2**

**CERTIFICATION PURSUANT TO**

**SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002**

In connection with the Annual Report on Form 20-F of Versamet Royalties Corporation (the "Company") for the fiscal year ended December 31, 2025, filed with the Securities and Exchange Commission (the "Report"), the undersigned hereby certifies, pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

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| |
|:---|
| */s/ Victoria McMillan*  |
| Victoria McMillan |
| Chief Financial Officer |
| (Principal Financial Officer)  |
| April 30, 2026 |

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