# EDGAR Filing Document

**Accession Number:** 0001286973
**File Stem:** 0001062993-26-000409
**Filing Date:** 2026-1
**Character Count:** 482310
**Document Hash:** 80d1343b2ab73506f27c909836909f31
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001062993-26-000409.hdr.sgml**: 20260123

**ACCESSION NUMBER**: 0001062993-26-000409

**CONFORMED SUBMISSION TYPE**: F-3

**PUBLIC DOCUMENT COUNT**: 28

**FILED AS OF DATE**: 20260123

**DATE AS OF CHANGE**: 20260123

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Americas Gold & Silver Corp
- **CENTRAL INDEX KEY:** 0001286973
- **STANDARD INDUSTRIAL CLASSIFICATION:** METAL MINING [1000]
- **ORGANIZATION NAME:** 01 Energy & Transportation
- **EIN:** 000000000
- **STATE OF INCORPORATION:** Z4

**FILING VALUES:**
- **FORM TYPE:** F-3
- **SEC ACT:** 1933 Act
- **SEC FILE NUMBER:** 333-292931
- **FILM NUMBER:** 26557772

**BUSINESS ADDRESS:**
- **STREET 1:** 145 KING ST. W.
- **STREET 2:** SUITE 2870
- **CITY:** TORONTO
- **STATE:** A6
- **ZIP:** M5H 1J8
- **BUSINESS PHONE:** 604-678-9639

**MAIL ADDRESS:**
- **STREET 1:** 145 KING ST. W.
- **STREET 2:** SUITE 2870
- **CITY:** TORONTO
- **STATE:** A6
- **ZIP:** M5H 1J8

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** Americas Silver Corp
- **DATE OF NAME CHANGE:** 20150910

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** SCORPIO MINING CORP
- **DATE OF NAME CHANGE:** 20040414

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**As filed with the Securities and Exchange Commission on January 23, 2026**

**Registration No. 333-**

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

Washington, D.C. 20549

**FORM F-3**

**REGISTRATION STATEMENT**

**UNDER**

**THE SECURITIES ACT OF 1933**

**<u>AMERICAS GOLD AND SILVER CORPORATION</u>**

(Exact name of registrant as specified in its charter)

<u>**Not Applicable**</u>

(Translation of registrant's name into English)

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| | |
|:---|:---|
| <u>**Canada**</u> | <u>**Not Applicable**</u> |
| (Province or other jurisdiction of <br>incorporation or organization) | (I.R.S. Employer <br>Identification Number) |

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**145 King Street West, Suite 2870**

**Toronto, Ontario, Canada**

<u>**M5H 1J8 (416) 848-9503**</u>

(Address and telephone number of registrant's principal executive offices)<br>

**Puglisi & Associates** 

**850 Library Avenue, Suite 204** 

**Newark, Delaware 19711** 

**(302) 738-6680 (Phone)** 

**<u>(302) 738-7210 (Fax)</u>**

(Name, address (including zip code) and telephone number (including area code) of agent for service in the United States) <br>

**Copies to:**

**Richard Raymer**<br>**Dorsey & Whitney LLP**<br>**161 Bay Street, Suite 4310**<br>**Toronto, Ontario M5J 2S1**<br>**(416) 367-7388**

Approximate date of commencement of proposed sale to the public**: From time to time after the effective date of this registration statement.**

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If the only securities being registered on this Form are being offered pursuant to dividend or interest reinvestment plans, please check the following box. ☐

If any of the securities being registered on this Form are to be offered on a delayed or continuous basis pursuant to Rule 415 under the Securities Act of 1933, check the following box. ☒

If this Form is filed to register additional securities for an offering pursuant to Rule 462(b) under the Securities Act, please check the following box and list the Securities Act registration statement number of the earlier effective registration statement for the same offering. ☐

If this Form is a post-effective amendment filed pursuant to Rule 462(c) under the Securities Act, check the following box and list the Securities Act registration statement number of the earlier effective registration statement for the same offering. ☐

If this Form is a registration statement pursuant to General Instruction I.C. or a post-effective amendment thereto that shall become effective upon filing with the Commission pursuant to Rule 462(e) under the Securities Act, check the following box. ☐

If this Form is a post-effective amendment to a registration statement filed pursuant to General Instruction I.C. filed to register additional securities or additional classes of securities pursuant to Rule 413(b) under the Securities Act, check the following box. ☐

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933.

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 7(a)(2)(B) of the Securities Act. ☐

† The term "new or revised financial accounting standard" refers to any update issued by the Financial Accounting Standards Board to its Accounting Standards Codification after April 5, 2012.

**The Registrant hereby amends this Registration Statement on such date or dates as may be necessary to delay its effective date until the Registrant shall file a further amendment which specifically states that this Registration Statement shall thereafter become effective in accordance with Section 8(a) of the Securities Act of 1933 or until the Registration Statement shall become effective on such date as the Commission, acting pursuant to said Section 8(a), may determine**.

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**The information in this prospectus is not complete and may be changed. The selling shareholder named in this prospectus may not sell these securities until the registration statement filed with the Securities and Exchange Commission is effective. This prospectus is not an offer to sell these securities, and the selling shareholder named in this prospectus is not soliciting an offer to buy these securities in any jurisdiction where the offer or sale is not permitted.**

**SUBJECT TO COMPLETION, DATED JANUARY 23, 2026**

**PROSPECTUS**

![](formf3x001.jpg)

**2,890,000 Common Shares**

**Offered by the Selling Shareholder**

This prospectus relates to the resale of 2,890,000 common shares, given the effect of the 2025 Share Consolidation (as defined below) issued in connection with the Acquisition (as defined herein) (the "Consideration Shares") that may be sold from time to time by the selling shareholder named in this prospectus or its pledgees, donees, transferees, assignees or other successors-in-interest (the "Selling Shareholder"). See "Selling Shareholder" beginning on page 33 of this prospectus.

We are not selling any common shares under this prospectus and will not receive any proceeds from the sale of common shares by the Selling Shareholder.

Our registration of the common shares covered by this prospectus does not mean that the Selling Shareholder will offer or sell any of such common shares. The Selling Shareholder may sell the common shares offered by this prospectus from time to time on terms to be determined at the time of sale through ordinary brokerage transactions or through any other means described in this prospectus under the caption "Plan of Distribution." The common shares may be sold at fixed prices, at market prices prevailing at the time of sale, at prices related to prevailing market price or at negotiated prices.

We will bear all of the expenses incurred in connection with the registration of these shares. The Selling Shareholder will pay any underwriting discounts and selling commissions and/or similar charges incurred in connection with the sale of the common shares. See "Plan of Distribution" beginning on page 31 of this prospectus.

Our common shares are listed on the TSX under the symbol "USA" and on the NYSE American LLC ("NYSE American") under the symbol "USAS". On January 22, 2026, the closing price of our common shares as reported on the NYSE American was $8.48.

As of January 22, 2026, after giving the effect of the 2025 Share Consolidation, we have 322,886,429 common shares issued and outstanding. Unless otherwise indicated, all other share and per share prices in this prospectus have been adjusted to reflect the 2025 Share Consolidation, except for the share and per share prices detailed in the Annual Report on Form 40-F for the year ended December 31, 2024, filed with the SEC on March 31, 2025 and our Current Reports on Form 6-K furnished to the SEC on May 9, 2025 and August 11, 2025, each of which are incorporated by reference herein. See "Incorporation of Certain Documents by Reference" beginning on page 37 of this prospectus.

We are a "foreign private issuer" under applicable Securities and Exchange Commission ("SEC") rules, and will be subject to reduced public company reporting requirements for this prospectus and future filings.

**Investing in our securities involves a high degree of risk. See "Risk Factors" below, beginning on page 14, and in our Annual Report on Form 40-F for the year ended December 31, 2024, which is incorporated by reference herein, to read about the risks you should consider before investing in our securities.**

**Neither the SEC nor any state securities commission has approved or disapproved of these securities or determined if this prospectus is truthful or complete. Any representation to the contrary is a criminal offense.**

The date of this prospectus is January 23, 2026

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**TABLE OF CONTENTS**

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| | |
|:---|:---|
|  | **Page** |
| [BASIS OF PRESENTATION](#page_5) | [5](#page_5) |
| [PRESENTATION OF FINANCIAL INFORMATION](#page_5) | [5](#page_5) |
| [ABOUT THIS PROSPECTUS](#page_6) | [6](#page_6) |
| [CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS](#page_7) | [7](#page_7) |
| [SELECTED FINANCIAL DATA](#page_9) | [9](#page_9) |
| [PROSPECTUS SUMMARY](#page_11) | [11](#page_11) |
| [THE OFFERING](#page_15) | [15](#page_15) |
| [RISK FACTORS](#page_16) | [16](#page_16) |
| [CAPITALIZATION AND INDEBTEDNESS](#page_17) | [17](#page_17) |
| [USE OF PROCEEDS](#page_18) | [18](#page_18) |
| [TAXATION](#page_25) | [25](#page_25) |
| [PLAN OF DISTRIBUTION](#page_32) | [32](#page_32) |
| [SELLING SHAREHOLDER](#page_34) | [34](#page_34) |
| [MATERIAL CONTRACTS](#page_36) | [36](#page_36) |
| [MATERIAL CHANGES](#page_36) | [36](#page_36) |
| [EXCHANGE CONTROLS](#page_36) | [36](#page_36) |
| [LEGAL MATTERS](#page_36) | [36](#page_36) |
| [EXPERTS](#page_36) | [36](#page_36) |
| [WHERE YOU CAN FIND MORE INFORMATION](#page_36) | [36](#page_36) |
| [DISCLOSURE OF COMMISSION POSITION ON INDEMNIFICATION FOR SECURITIES ACT LIABILITIES](#page_37) | [37](#page_37) |
| [INCORPORATION OF CERTAIN DOCUMENTS BY REFERENCE](#page_38) | [38](#page_38) |
| [ENFORCEABILITY OF CIVIL LIABILITIES](#page_38) | [38](#page_38) |
| [EXPENSES](#page_39) | [39](#page_39) |

---

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**BASIS OF PRESENTATION**

Unless otherwise indicated, references in this registration statement to "Americas Gold and Silver", "Americas Gold", "USAS", "the Company", "we", "us" and "our" refer to Americas Gold and Silver Corporation, a company incorporated under the federal laws of Canada, together with its subsidiaries unless the context requires otherwise.

We express all amounts in this registration statement in U.S. dollars, except where otherwise indicated. References to "$" and "US$" are to U.S. dollars and references to "C$" are to Canadian dollars.

**PRESENTATION OF FINANCIAL INFORMATION**

We report under International Financial Reporting Accounting Standards as issued by the International Accounting Standards Board. None of the financial statements incorporated by reference in this prospectus were prepared in accordance with generally accepted accounting principles in the United States. We present our financial statements in U.S. dollars.

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**ABOUT THIS PROSPECTUS**

As permitted under the rules of the SEC, this prospectus incorporates important information about us that is contained in documents that we have previously filed with the SEC but that are not included in or delivered with this prospectus. You may obtain copies of these documents, without charge, from the website maintained by the SEC at www.sec.gov, as well as other sources. You may also obtain copies of the incorporated documents, without charge, upon written or oral request to Americas Gold and Silver Corporation, 45 King Street West, Suite 2870, Toronto, ON, M5H 1J8. Our telephone number is (416) 848-9503. See "Where You Can Find More Information".

You should rely only on the information contained and incorporated by reference into this prospectus and in any free writing prospectus that we authorize to be distributed to you. We have not, and the Selling Shareholder has not, authorized anyone to provide you with additional or different information or to make representations other than those contained in this prospectus. If anyone provides you with different or inconsistent information, you should not rely on it. This document may only be used where it is legal to sell these securities. You should assume that the information contained in this prospectus is accurate only as of the date of this prospectus.

We obtained certain statistical data, market data and other industry data and forecasts used or incorporated by reference into this prospectus 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 we do not make any representation as to the accuracy of the information.

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**CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS**

Statements contained in this registration statement and the documents incorporated by reference herein may constitute "forward-looking information" or "forward-looking statements" within the meaning of applicable Canadian and United States securities laws ("forward-looking statements"). Often, but not always, forward-looking statements can be identified by forward-looking words such as "may", "would", "could", "will", "intend", "plan", "anticipate", "believe", "seek", "propose", "estimate", "expect", and similar expressions. Specific forward-looking statements in this registration statement and the documents incorporated by reference herein include, but are not limited to: estimated and targeted production rates and results for silver and other metals at the Galena Complex and Cosalá Operations; statements relating to the Company's acquisition of the remaining 40% interest in the Galena Complex and the Acquisition Agreement (as defined in the Company's management discussion and analysis (the "MD&A") for the fiscal year ending December 31, 2024, attached as Exhibit 99.3 to the Company's annual report on form 40-F for the fiscal year ending December 31, 2024, incorporated by reference herein), including expected benefits to the Company and its shareholders; statements relating to the Company's positioning as a silver-focused producer and the precious metals markets; the expected timing and completion of required development and the expected operational and production results therefrom, statements relating to Americas Gold and Silver's EC120 Project, including expected approvals and capital requirements, and timing to reach commercial and sustainable production and full production on its anticipated timeline and budget; the Company's expectations relating to the operation of San Rafael throughout the EC120 Project development period and related cashflows; statements relating to the acquisition of the Crescent Mine (as defined herein) including expected benefits to the Company and its shareholders; timing and completion expected mineral resources, potential synergies, timing of restart of and expected production from the Crescent Mine; the Company's technical review and optimization work at the Galena Complex and related operational improvements, production potential and production efficiencies at the Galena Complex and the Crescent Mine, including the expected production levels and anticipated improvements through production growth and operational efficiency, and expectations regarding its ability to rely in existing infrastructure, facilities, and equipment; the expected use of proceeds from the Company's private placement financing completed on December 4, 2025; that the Company is fully funded for the anticipated capital investments required to advance Crescent Mine into production; estimates of, and realizations on, mineral reserves and resources; expected prices of silver and other metals and related expectations relating to the Company's revenue derived from the sale of such metals; anticipated costs, expenses and capital expenditures; opportunities relating to the optimization of concentrate sales by enhancing by-product recovery and the timing and results of its metallurgical sampling program to identify by-product revenue optimization opportunities and the anticipated improvements therefrom; initial results and expectations arising out of the Company's exploration and drilling programs at the Galena Complex; the Company's ability to continue as a going concern; the Company's liquidity position and ability to fund expected operations at prevailing commodity prices and requirement for additional financing, including potential additional debt financing opportunities and existing debt restructuring; the Company's intention to issue guidance for 2025; and expectations regarding the Company's ability to rely in existing infrastructure, facilities and equipment.

Inherent in the forward-looking statements are known and unknown risks, uncertainties and other factors beyond the Company's ability to control or predict that may cause the actual results, performance or achievements of the Company, or developments in the Company's business or in its industry, to differ materially from the anticipated results, performance, achievements or developments expressed or implied by such forward-looking statements. Some of the risks and other factors (some of which are beyond the Company's control) that could cause results to differ materially from those expressed in the forward-looking statements contained in this registration statement and the documents incorporated by reference herein include, but are not limited to risks relating to: interpretations or reinterpretations of geologic information; results of exploration and production activities; inability or delay in obtaining permits required for future exploration, development or production; to mineral reserves and mineral resources and related interpretations, development and production and the Company's ability to sustain or increase present production; general economic conditions and conditions affecting the industries in which the Company operates; the uncertainty of regulatory requirements and approvals; potential litigation; fluctuating mineral and commodity prices; any hedging activities of the Company; the ability to obtain necessary future financing on acceptable terms or at all; the ability to operate the Company's projects; operational matters and hazards inherent in the mining industry; competition in the mining industry; non-compliance with exchange listing standards; cybersecurity; government regulation of mining operations; cyclical aspects of the Company's business; changing global economic conditions and market volatility, including volatility in financial markets, adverse changes in currencies, trade policies and inflation; geopolitical instability, political unrest, tariffs or trade restrictions, war, and other global conflicts; ground conditions; government regulation and environmental compliance, property claims, title, surface rights and access; mining and exploration activities and future mining operations; risks relating to negative operating cash flows; risks relating to the possibility that the Company's working capital requirements may be higher than anticipated and/or its revenue may be lower than anticipated over relevant periods; illegal blockades and other factors limiting mine access or regular operations without interruption; labour relations, disputes and/or disruptions, employee recruitment and retention and pension funding and valuation; failure of plant, equipment, processes and transportation services to operate as anticipated; the expectations related to and actions taken by the current US administration; recession expectations; environmental compliance, climate change and government regulation thereof; variations in ore grade or recovery rates; capital and construction expenditures; certain of the Company's material properties are located in Mexico and are subject to changes in political and economic conditions and regulations in that country; risks associated with foreign operations; risks related to the Company's relationship with the communities where it operates; risks related to actions by certain non-governmental organizations; substantially all of the Company's assets are located outside of Canada, which could impact the enforcement of civil liabilities obtained in Canadian and U.S. courts; currency fluctuations that may adversely affect the financial condition of the Company; the Company may need additional capital in the future and may be unable to obtain it or to obtain it on favourable terms; risks associated with the Company's outstanding debt and its ability to make scheduled payments of interest and principal thereon; and reclamation activities and other factors described in this registration statement and the documents incorporated by reference herein such as the Company's Annual Information Form (the "AIF") for the fiscal year ending December 31, 2024, attached as Exhibit 99.1 to the Company's annual report on form 40-F, for the fiscal year ending December 31, 2024, incorporated by reference herein under the heading "Risk Factors". The list above is not exhaustive of the factors that may affect any of the Company's forward-looking statements. Investors and others should carefully consider these and other factors and not place undue reliance on the forward-looking statements.

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Forward-looking statements contained in this registration statement and the documents incorporated by reference herein are based on management's plans, estimates, projections, beliefs and opinions as at the time such statements were made and the related assumptions may change. Although forward-looking statements contained in this registration statement and the documents incorporated by reference herein are based on what management considers to be reasonable assumptions based on information currently available to it, there can be no assurances that actual events, performance or results will be consistent with these forward-looking statements, and management's assumptions may prove to be incorrect. Some of the important risks and uncertainties that could affect forward-looking statements are described further in this registration statement and the documents incorporated by reference herein. The Company cannot guarantee future results, levels of activity, performance or achievements, should one or more of these risks and uncertainties materialize, or should underlying assumptions prove incorrect, the actual results or developments may differ materially from those contemplated by the forward-looking statements. The Company does not undertake to update any forward-looking statements, even if new information becomes available, as a result of future events or for any other reason, except to the extent required by applicable securities laws.

The forward-looking statements made in this prospectus or any prospectus supplement, or the information incorporated by reference herein relate only to events or information as of the date on which the statements are made in such document. Except as required by U.S. federal securities law, we undertake no obligation to update or revise publicly any forward-looking statements, whether as a result of new information, future events or otherwise, after the date on which the statements are made or to reflect the occurrence of unanticipated events. You should read this prospectus and any prospectus supplement, and the information incorporated by reference herein, along with any exhibits thereto, completely and with the understanding that our actual future results may be materially different from what we expect. Other sections of this prospectus, prospectus supplement and the documents incorporated by reference herein include additional factors which could adversely impact our business and financial performance.

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**SELECTED FINANCIAL DATA** 

**2025 Share Consolidation** 

On August 21, 2025, the Company filed articles of amendment to complete an approved share consolidation of the Company's issued and outstanding common shares on the basis of 2.5 pre-consolidated common shares for 1 post-consolidated common share. The share consolidation affects all issued and outstanding common shares, options, warrants, and other share units. Our audited annual consolidated financial statements included in our annual report on Form 40-F for the year ended December 31, 2024 filed with the SEC on March 31, 2025 and our unaudited condensed interim consolidated financial statements included in our Current Report on Form 6-K for the period ended March 31, 2025 filed with the SEC on May 9, 2025 and our Current Report on Form 6-K for the period ended June 30, 2025 filed with the SEC on August 11, 2025 that are incorporated by reference into this prospectus are presented without giving effect to the 2025 Share Consolidation. The unaudited condensed interim consolidated financial statements included in our Current Report on Form 6-K/A for the period ended September 30, 2025 filed with the SEC on January 16, 2026 that is incorporated by reference into this prospectus are presented after giving effect to the 2025 Share Consolidation. Except where the context otherwise requires, share and per share numbers in this prospectus reflect the 2.5-for-1 share consolidation.

The following selected financial data has been derived from our audited annual consolidated financial statements included in our annual report on Form 40-F for the year ended December 31, 2024 and our and our unaudited condensed interim consolidated financial statements included in our Current Report on Form 6-K for the three-month period ended March 31, 2025 and our Current Report on Form 6-K for the three-month period ended June 30, 2025 and our six-month period ended June 30, 2025, as adjusted to reflect the 2025 Share Consolidation for all periods presented. Our historical results are not indicative of the results that may be expected in the future and results of interim periods are not indicative of the results for the entire year.

**Unaudited**

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| | | | | |
|:---|:---|:---|:---|:---|
| AS REPORTED | **For the year ended** | **For the year ended** | **For the three-month<br>period ended** | **For the three-month<br>period ended** |
|  | **December<br>31,** | **December<br>31,** | **March <br>31,** | **March <br>31,** |
|  | **2024** | **2023** | **2025** | **2024** |
| Net loss attributable to shareholders of the Company | (44947) | (34958) | (18918) | (14456) |
| Loss per share attributable to shareholders of the Company |  |  |  |  |
| Basic and diluted | (0.17) | (0.16) | (0.03) | (0.07) |
| Weighted average number of common shares outstanding |  |  |  |  |
| Basic and diluted | 264918734 | 212701865 | 619978185 | 221915654 |

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| | | | | |
|:---|:---|:---|:---|:---|
| AS REPORTED | **For the three-month period <br>ended** | **For the three-month period <br>ended** | **For the six-month period <br>ended** | **For the six-month period <br>ended** |
|  | **June 30,** | **June 30,** | **June 30,** | **June 30,** |
|  | **2025** | **2024** | **2025** | **2024** |
| Net loss attributable to shareholders of the Company | (15103) | (4863) | (34021) | (19319) |
| Loss per share attributable to shareholders of the Company |  |  |  |  |
| Basic and diluted | (0.02) | (0.02) | (0.05) | (0.08) |
| Weighted average number of common shares outstanding |  |  |  |  |
| Basic and diluted | 658159864 | 252620572 | 639174498 | 237268113 |

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| | | | | |
|:---|:---|:---|:---|:---|
| AS ADJUSTED FOR 2.5 SHARE <br>CONSOLIDATION | **For the year ended** | **For the year ended** | **For the three-month period <br>ended** | **For the three-month period <br>ended** |
|  | **December <br>31,** | **December <br>31,** | **March <br>31,** | **March <br>31,** |
|  | **2024** | **2023** | **2025** | **2024** |
| Net loss attributable to shareholders of the Company | (44947) | (34958) | (18918) | (14456) |
| Loss per share attributable to shareholders of the Company |  |  |  |  |
| Basic and diluted | (0.42) | (0.41) | (0.08) | (0.16) |
| Weighted average number of common shares outstanding |  |  |  |  |
| Basic and diluted | 105967494 | 85080746 | 247991274 | 88766262 |

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| | | | | |
|:---|:---|:---|:---|:---|
| AS ADJUSTED FOR 2.5 SHARE <br>CONSOLIDATION | **For the three-month period <br>ended** | **For the three-month period <br>ended** | **For the six-month period <br>ended** | **For the six-month period <br>ended** |
|  | **June 30,** | **June 30,** | **June 30,** | **June 30,** |
|  | **2025** | **2024** | **2025** | **2024** |
| Net loss attributable to shareholders of the Company | (15103) | (4863) | (34021) | (19319) |
| Loss per share attributable to shareholders of the Company |  |  |  |  |
| Basic and diluted | (0.06) | (0.05) | (0.13) | (0.20) |
| Weighted average number of common shares outstanding |  |  |  |  |
| Basic and diluted | 263263945 | 101048229 | 255669799 | 94907245 |

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**PROSPECTUS SUMMARY**

This summary highlights information contained elsewhere in this prospectus or incorporated by reference herein and does not contain all of the information that you should consider in making your investment decision. Before deciding to invest in our securities, you should read this entire prospectus and any applicable prospectus supplement carefully, including the sections of this prospectus entitled "Risk Factors", "Cautionary Note Regarding Forward-Looking Statements", the section entitled "Risk Factors" in the Company's MD&A attached as Exhibit 99.3 to the Company's Annual Report on Form 40-F for the most recent year incorporated by reference herein (together with any material changes thereto contained in subsequent filed reports on Form 6-K), our consolidated financial statements and the related notes incorporated by reference in this prospectus and all other information included or incorporated by reference in this prospectus.

**Our Company**

The Company is a precious metals producer with two operations in some of the world's leading silver mining regions: the Galena Complex in Idaho, U.S.A. and the Cosalá Operations in Sinaloa, Mexico. The Company owns the Relief Canyon project in Nevada, U.S.A. which is currently in a status of care & maintenance following a suspension of mining activities in August 2021.

In Idaho, U.S.A., the Company operates the 100%-owned producing Galena Complex whose primary assets are the operating Galena mine, the Coeur mine, and the contiguous Caladay development project in the Coeur d'Alene Mining District of the northern Idaho Silver Valley. The Galena Complex has recorded production of over 230 million ounces of silver along with associated by-product metals of copper and lead over a production history of more than sixty years. In December 2024, the Company completed the acquisition of the remaining 40% interest of the Company's Galena Complex it did not own from Eric Sprott.

The Company also has a 100% interest in in the Crescent Mine in Idaho, United States. See "Selling Shareholder - Crescent Silver, LLC Acquisition."

In Sinaloa, Mexico, the Company operates the 100%-owned Cosalá Operations, which includes the San Rafael silver-zinc-lead mine ("San Rafael") and the 100%-owned Zone 120 silver-copper mine and the 100%-owned El Cajón silver-copper mine ("EC120 Mine") located in close proximity to the Los Braceros processing plant. Prior to that time, it operated the Nuestra Señora silver-zinc-copper-lead mine after commissioning the Los Braceros processing facility and declaring commercial production in January 2009. The Cosalá area land holdings also host several other known precious metals and polymetallic deposits, past-producing mines, and development projects. The Company also owns a 100% interest in the San Felipe development project in Sonora, Mexico, which it acquired on October 8, 2020.

In Nevada, U.S.A., the Company has put the 100%-owned, Relief Canyon mine located in Pershing County into care and maintenance. The mine poured its first gold in February 2020 and declared commercial production in January 2021. Operations were suspended in August 2021 in order to resolve technical challenges related to the metallurgical characteristics of the deposit and leaching and heap rinsing operations were discontinued in Q4-2023. The past-producing mine includes three historic open-pit mines, a crusher, ore conveying system, leach pads, and a refurbished heap-leach processing facility. The landholdings at Relief Canyon and the surrounding area cover over 11,700 hectares, providing the Company the potential to expand the Relief Canyon deposit and to explore for new discoveries close to existing processing infrastructure.

The Company's mission is to profitably expand its precious metals production through the development of its own projects and consolidation of complementary projects. The Company is also focused on extending the mine life of its current assets through exploration and continuing on the path to profitability at the Galena Complex. The Company will continue exploring and evaluating prospective areas accessible from existing infrastructure and the surface at the Galena Complex, and early-stage targets with an emphasis on the Cosalá District. The Company intends to also focus on advancing the development of the Crescent Mine towards production together and working toward realizing the potential synergies between the Galena Complex and the Crescent Mine.

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The Company's management and the Board are comprised of senior mining executives who have extensive experience identifying, acquiring, developing, financing, and operating precious metals deposits globally.

**Specialized Skill and Knowledge**

Various aspects of the Company's business require specialized skills and knowledge. Such skills and knowledge include the areas of geology, drilling, metallurgy, engineering, logistical planning and implementation of programs as well as finance and accounting and legal/regulatory compliance. While competitive conditions exist in the industry, the Company has been able to locate and retain employees and consultants with such skills and believes it will continue to be able to do so in the foreseeable future.

**Competitive Conditions**

Competition in the mineral exploration industry is intense. The Company competes with other mining companies, many of which have significant financial resources and technical facilities for the acquisition and development of, and production from, mineral interests, as well as for the recruitment and retention of qualified employees and consultants. The ability of the Company to acquire viable mineral properties in the future will depend not only on its ability to develop its present properties, but also on its ability to select and acquire suitable producing properties or prospects for development or mineral exploration.

**Business Cycles**

The mining business is highly cyclical. The marketability of minerals and mineral concentrates is also affected by global economic cycles. The ultimate economic viability of the Company's projects is related and sensitive to the market price of gold and silver as well the market price of by-products such as zinc, lead and copper. Metal prices fluctuate widely and are affected by numerous factors such as global supply, demand, inflation, exchange rates, interest rates, forward selling by producers, central bank sales and purchases, production, global or regional political, economic or financial situations and other factors beyond the control of the Company.

**Sources and Availability of Raw Materials**

All of the raw materials the Company requires to carry on its business are available through normal supply or business contracting channels. The Company has not experienced a shortage of availability of raw materials or significant price volatility.

**Environmental Protection**

The Company's mining, exploration and development activities are subject to various federal, state and municipal laws and regulations relating to the protection of the environment, including requirements for closure and reclamation of mining properties. In all jurisdictions where the Company operates, specific statutory and regulatory requirements and standards must be met throughout the exploration, development and operations stages of a mining property with regard to matters including water quality, air quality, wildlife protection, solid and hazardous waste management and disposal, noise, land use and reclamation. Changes in any applicable governmental regulations to which the Company is subject or inconsistent application of these regulations, may adversely affect its operations. Failure to comply with any condition set out in any required permit or with applicable regulatory requirements may result in the Company being unable to continue to carry out its activities. The impact of these requirements cannot accurately be predicted.

Management estimates costs associated with reclamation of mining properties as well as remediation costs for inactive properties. The Company uses assumptions about future costs, including inflation, prices, mineral processing recovery rates, production levels and capital and reclamation costs. Such assumptions are based on the Company's current mining plan and the best available information for making such estimates. Details and quantification of the Company's reclamation and closure costs are discussed in the annual financial statements for the years ended December 31, 2024 and 2023 contained in the Company's Annual Report for the fiscal year ended December 31, 2024, incorporated by reference herein.

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The Company is focused on strengthening monitoring, controls and disclosure of environmental issues that affect employees and the surrounding communities. Through proactive public engagement, the Company continues to gain a better understanding of the concerns of area-wide citizens and regulators and continues to work collaboratively to identify the most reasonable and cost-effective measures to address the most pressing concerns.

**Changes to Contracts and Economic Dependence**

The Company's cash flow is dependent on delivery of its ore concentrate to market. The Company's contracts with the concentrate purchasers provide for provisional payments based on periodic deliveries. The Company may sell its concentrate to a metal trader while it is at the smelter in order to help manage its cash flow. The Company has not had any problems collecting payments from concentrate purchasers in a reliable and timely manner and expects no such difficulties in the foreseeable future. However, this cash flow is dependent on continued mine production which can be subject to interruption for various reasons including fluctuations in metal prices and concentrate shipment difficulties. Additionally, unforeseen cessation in smelter provider capabilities could severely impact the Company's capital resources. Although the Company sells its concentrate to a limited number of customers, it is not economically dependent upon any one customer as there are other markets throughout the world for the Company's concentrate.

**The Share Consolidation**

The Company filed articles of amendment, effective August 21, 2025, implementing a consolidation of its outstanding common shares on the basis as finally determined by the board of directors of one (1) post-consolidation common share for every two and a half (2.5) pre-consolidation common shares (the "2025 Share Consolidation"). The exercise price or conversion price, as applicable, and the number of common shares issuable, as applicable, under any of the Company's outstanding convertible or share-based securities such as warrants, stock options and restricted share units, performance share units and deferred share units, as applicable, were proportionately adjusted upon completion of the 2025 Share Consolidation in accordance with their respective terms. Beginning with the opening of trading on August 26, 2025, our common shares have been trading on a post-2025 Share Consolidation basis on NYSE American LLC. No fractional shares were issued in connection with the 2025 Share Consolidation and no cash was paid in lieu of fractional post-consolidation common shares. In the event that a shareholder would otherwise have been entitled to receive a fractional post-consolidation common share upon the completion of the 2025 Share Consolidation, such fractional post-consolidation common share was deemed to have been tendered by its registered owner to the Company for cancellation for no consideration.

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**Implications of Being a Foreign Private Issuer**

*Foreign Private Issuer*

We report under the Exchange Act as a non-U.S. company with foreign private issuer status. As a result we are exempt from certain provisions of the Exchange Act that are applicable to U.S. domestic public companies, including: (i) the sections of the Exchange Act regulating the solicitation of proxies, consents or authorizations in respect of a security registered under the Exchange Act; (ii) the sections of the Exchange Act requiring insiders to file public reports of their stock ownership and trading activities and liability for insiders who profit from trades made in a short period of time; and (iii) the rules under the Exchange Act requiring the filing with the SEC of quarterly reports on Form 10-Q containing unaudited financial and other specific information, and current reports on Form 8-K upon the occurrence of specified significant events.

**Corporate Information**

Americas Gold and Silver was incorporated as Scorpio Mining Corporation ("Scorpio Mining") pursuant to articles of incorporation dated May 12, 1998, under the Canada Business Corporations Act ("CBCA") with authorized share capital of an unlimited number of common shares. On December 23, 2014, a merger of equals transaction between Scorpio Mining and U.S. Silver & Gold Inc. ("U.S. Silver") was completed to combine their respective businesses by way of a plan of arrangement of U.S. Silver pursuant to section 182 of the Business Corporations Act (Ontario). Following the merger of equals, the combined company changed its name to Americas Silver Corporation ("Americas Silver") by way of articles of amendment dated May 19, 2015. On April 3, 2019, Americas Silver completed its acquisition of Pershing Gold Corporation ("Pershing Gold") pursuant to a plan of merger under Nevada law (the "Pershing Gold Transaction"). Following the completion of the Pershing Gold Transaction, the Company changed its name to "Americas Gold and Silver Corporation" pursuant to articles of amendment dated effective September 3, 2019. The Company's principal and registered office is located at 145 King Street West, Suite 2870, Toronto, Ontario, Canada M5H 1J8. Our website address is http://www.americas-gold.com. Information on the Company's website is not incorporated herein by reference. Our common shares are listed on the NYSE American under the symbols "USAS".

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**THE OFFERING**

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| | |
|:---|:---|
| Common shares offered by the Selling Shareholder | 2,890,000 common shares |
| Terms of the offering<br>| The Selling Shareholder (including its transferees, donees, pledgees, assignees and successors-in-interest) may sell, transfer or otherwise dispose of any or all of the common shares offered by this prospectus from time to time on NYSE American or any other stock exchange, market or trading facility on which the common shares are traded or in private transactions. The common shares may be sold at fixed prices, at market prices prevailing at the time of sale, at prices related to prevailing market price or at negotiated prices. See "Plan of Distribution" beginning on page 31 of this prospectus for additional information on the methods of sale that may be used by the Selling Shareholder. |
| Use of Proceeds | The Selling Shareholder will receive all of the proceeds from the sale of any common shares sold by it pursuant to this prospectus. We will not receive any proceeds from the sale of the common shares by the Selling Shareholder. See "Use of Proceeds". |
| Risk Factors | Investing in our securities involves a high degree of risk. See "Risk Factors" below, beginning on page 14, and in the Company's AIF attached as Exhibit 99.1 and the MD&A attached as Exhibit 99.3 to the Company's Annual Report on Form 40-F for the year ended December 31, 2024, to read about the risks you should consider before investing in our securities. |
| Listing | Our common shares are listed on the NYSE American under the symbols "USAS". |

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**RISK FACTORS**

Investing in our securities involves a high degree of risk. You should carefully review the risks and uncertainties discussed below and described under the heading "Risk Factors" contained in any applicable prospectus supplement and under similar headings in our AIF and MD&A attached as Exhibits 99.1 and 99.3, respectively, to our Annual Report on Form 40-F for the year ended December 31, 2024, as updated by our subsequent filings, some of which are incorporated by reference into this prospectus, before deciding whether to purchase any of the securities being registered pursuant to the registration statement of which this prospectus is a part. Each of the risk factors could adversely affect our business, results of operations, financial condition and cash flows, as well as adversely affect the value of an investment in our securities, and the occurrence of any of these risks might cause you to lose all or part of your investment. Additional risks not presently known to us or that we currently believe are immaterial may also significantly impair our business operations. For more information, see "Where You Can Find More Information" and "Incorporation of Certain Documents by Reference."

**Risks Relating to the Acquisition**

***We may fail to realize the expected benefits of the Acquisition***

While we believe that the Acquisition will provide certain benefits to our business and shareholders, these expected benefits may not be achieved, or may take longer than expected to realize, and other assumptions upon which we have determined the benefits of the Acquisition may prove to be incorrect. To the extent that the anticipated benefits of the Acquisition are not achieved, are achieved to a lesser extent, or take longer than expected to achieve, the results of operations and our financial condition may suffer, which may materially adversely affect our business, operations and financial performance and cash flows.

**Risks Relating to Our Consideration Shares** 

***Proposed legislation in the U.S. Congress, including changes in U.S. tax law, may adversely impact us and the value of our Consideration Shares.***

Changes to U.S. tax laws (which changes may have retroactive application) could adversely affect us or holders of our Consideration Shares. In recent years, many changes to U.S. federal income tax laws have been proposed and made, and additional changes to U.S. federal income tax laws are likely to continue to occur in the future.

The U.S. Congress is currently considering numerous items of legislation which may be enacted prospectively or with retroactive effect, which legislation could adversely impact our financial performance and the value of our Consideration Shares. Such proposed legislation remains subject to change, and its impact on us and purchasers of our Consideration Shares.

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**CAPITALIZATION AND INDEBTEDNESS**

The following table sets forth our total capitalization as of September 30, 2025:

* on an actual basis;

* on an as-adjusted basis to reflect the issuance and sale of 33,062,500 common shares at an offering price of USD$4.00 per common share in connection with the private placement offering completed on December 4, 2025 (the "Private Placement"); and

* on a further as-adjusted basis to reflect the Acquisition and the issuance and sale of 2,890,000 Consideration Shares.

The amounts shown below are unaudited. The information set forth in the following table should be read in conjunction with and is qualified in its entirety by reference to our unaudited condensed interim financial statements for the nine months ended September 30, 2025, in our Report on Form 6-K filed with the SEC on November 10, 2025, which is incorporated by reference in this prospectus.

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| | | | |
|:---|:---|:---|:---|
| **As of September 30, 2025** | **As of September 30, 2025** | **As of September 30, 2025** |  |
| *(In millions)* | *Actual* | *As Adjusted for*<br>*Private Placement* | *As Adjusted for*<br>*Acquisition* |
| Cash and cash equivalents | $39 | $171 | $151 |
| Current debt | $41 | $41 | $41 |
| Long-term debt | $95 | $95 | $95 |
| Total equity | $50 | $182 | $246 |
| Total capitalization | $145 | $277 | $341 |

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The foregoing table and calculations are based on 273,501,066 common shares outstanding, giving effect to the completion of the 2025 Share Consolidation, as of September 30, 2025, and excludes, in each case as of September 30, 2025:

9,103,338 common shares issuable upon the exercise of outstanding options

8,108,440 common shares issuable upon the exercise of outstanding warrants

3,151,033 common shares issuable upon the vesting of deferred share units

6,907,821 common shares issuable upon the vesting of restricted share units

1,140,730 common shares issuable upon the vesting of performance share units

From September 30, 2025, through January 22, 2026, we have issued an additional 49,385,363 common shares.

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**USE OF PROCEEDS**

We will not receive any proceeds from the sale of the common shares by the Selling Shareholder.

The Selling Shareholder will receive all of the net proceeds from the sale of any common shares offered by them under this prospectus. See "Selling Shareholder". The Selling Shareholder will pay any underwriting discounts and commissions and expenses incurred by the Selling Shareholder for brokerage, accounting, tax, legal services or any other expenses incurred by the Selling Shareholder in disposing of these common shares. We will bear all other costs, fees and expenses incurred in effecting the registration of the common shares covered by this prospectus.

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**DESCRIPTION OF CAPITAL STOCK**

As of the date of this registration statement, Americas Gold and Silver Corporation has only one class of securities registered under Section 12 of the Securities Exchange Act of 1934, as amended: the Company's common shares.

The Company has an authorized share capital of an unlimited number of common shares and as of January 22, 2026, there are 322,886,429 common shares issued and outstanding.

***Basic Rights of the Common Shares***

The holders of common shares are entitled to receive dividends, if any, as and when declared by the Board out of monies properly applicable to the payment of dividends, in such amount and in such form as the Board may from time to time determine, and all dividends which the Board may declare on the common shares shall be declared and paid in equal amounts per share on all common shares at the time outstanding. In the event of the dissolution, liquidation or winding-up of the Company, whether voluntary or involuntary, or any other distribution of assets of the Company among its shareholders for the purpose of winding up its affairs, the holder of the common shares shall be entitled to receive the remaining property and assets of the Company.

There are no limitations under the laws of Canada or in the organizing documents of the Company on the right of a non-resident to hold or vote the common shares, except that the Investment Canada Act (Canada) may require that a "non-Canadian" not acquire "control" of the Company without prior review and approval by the Minister of Innovation, Science and Industry (Canada), where applicable thresholds are exceeded.

***Transferability of Common Shares***

The Articles do not impose restrictions on the transfer of common shares by a shareholder.

***Pre-emptive Rights***

The common shares do not contain any pre-emptive rights to any of the Company's securities.

***Action Necessary to Change Rights of Shareholders***

In order to change the rights of the shareholders of the Company, the Company would need to amend the Articles to effect the change. Such an amendment would require the approval at least two-thirds of the votes cast by shareholders entitled to vote (present in person or represented by proxy) at a duly called meeting of shareholders and, for certain amendments, the holders of shares of a class or of a series are entitled to vote separately as a class or series on a proposal to amend the Articles. For certain amendments, a shareholder is entitled under the *Canada Business Corporations Act* to dissent in respect of such a resolution amending the Articles and, if the resolution is adopted and the Company implement such changes, demand payment of the fair value of its shares.

***Change of Control***

There are no provisions in the Articles or the Company's bylaws that would have an effect of delaying, deferring or preventing a change in control of the Company and that would operate only with respect to a merger, acquisition or corporate restructuring involving the Company.

***Ownership Disclosure Threshold for the Common Shares***

The Company's bylaws do not contain a provision governing the ownership threshold above which shareholder ownership must be disclosed. Under Canadian securities laws, shareholder ownership must be disclosed by any shareholder who owns more than 10% of the Company's outstanding shares.

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***Election of Directors***

The directors are elected by a majority of the votes cast at the annual meeting at which an election of directors is required or at any special meeting of shareholders, to hold office until the election of their successors, except in the case of resignations or if their offices become vacant by death or otherwise.

***Memorandum and Articles of Association***

Americas Gold and Silver is governed by articles of incorporation dated May 12, 1998, as amended (the "Articles"), under the CBCA, and by the by-law dated April 18, 2019 (the "By-law"). The Company has an authorized share capital of an unlimited number of Common Shares and 8,000,000 Class A Preferred Shares ("Preferred Shares"). As of January 22, 2026, there are 322,886,429 Common Shares and nil Preferred Shares issued and outstanding

***Common Shares***

The holders of Common Shares are entitled to receive dividends, if any, as and when declared by the Board out of monies properly applicable to the payment of dividends, in such amount and in such form as the Board may from time to time determine, and all dividends which the Board may declare on the Common Shares shall be declared and paid in equal amounts per share on all Common Shares at the time outstanding. In the event of the dissolution, liquidation or winding-up of the Company, whether voluntary or involuntary, or any other distribution of assets of the Company among its shareholders for the purpose of winding up its affairs, the holder of the Common Shares shall be entitled to receive the remaining property and assets of the Company.

***Preferred Shares***

The Preferred Shares are convertible into Common Shares, in whole or in part, by the holders of Preferred Shares subject to the terms and conditions set out in the Articles. The Preferred Shares shall also automatically be converted into Common Shares upon the occurrence of certain events subject to the terms and conditions set out in the Articles. The holders of Preferred Shares are not entitled to receive notice of or to attend any meeting of the shareholders of the Company or to vote at any such meeting. The Preferred Shares shall be entitled to preference over the Common Shares and any other of the Company's class or series of shares convertible into Common Shares with respect to the payment of dividends. In the event of the liquidation, dissolution or winding-up of the Company, or any return of capital, or any other distribution of the Company's assets among its shareholders for the purpose of winding-up its affairs, the Preferred Shares shall rank pari passu with the Common Shares.

The Articles provide that the Company shall not affect any conversion of the Preferred Shares at the option of the holder, and the holder of the Preferred Shares shall not have the right to convert any portion of the Preferred Shares held by such holder, to the extent that after giving effect to the conversion set forth on the applicable notice of conversion, such holder (together with such holder's affiliates, and any persons acting as a group together with such holder or any of such holder's affiliates) would beneficially own or control in excess of 4.99% of the number of Common Shares outstanding immediately after giving effect to the issuance of the Common Shares issuable upon conversion of the Preferred Shares held by the applicable holder. A holder of the Preferred Shares, upon not less than 61 days' prior notice to the Company, may increase or decrease this limitation.

***Objects and Purposes***

The Articles and By-law do not specify objects and purposes and do not place any restrictions on the business that the Company may carry on.

***Directors***

The Articles provide that the minimum number of directors the Company must have is three (3) and the maximum number is nine (9). In accordance with the CBCA, at least 25% of the directors must be residents of Canada. In order to serve as a director, a person must be a natural person at least 18 years of age, capable and not bankrupt. Neither the Articles nor the By-law contain an age limit requirement for the retirement of directors. The Articles provide that the directors may, between annual meetings of the shareholders, appoint one (1) or more additional directors of the Company to serve until the next annual meeting, but the number of additional directors shall not at any time exceed 1/3 of the number of directors elected at the previous annual meeting of the shareholders of the Company, provided that the total number of directors shall not exceed the maximum number of directors.

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The directors are elected by a majority of the votes cast at the annual meeting at which an election of directors is required or at any special meeting of shareholders, to hold office until the election of their successors, except in the case of resignations or if their offices become vacant by death or otherwise.

Neither the Articles nor the By-law require directors to hold a minimum number of shares of the Company to qualify as a director.

The directors are entitled to remuneration determined by the Board or by a committee to which the Board may delegate the power to do so from time to time. There is no requirement for an independent quorum. Under the mandate of our Compensation and Corporate Governance Committee, comprised of at least three directors all of whom shall be independent directors, such committee is tasked with making recommendations to the Board concerning directors' remuneration.

The CBCA provides that a director who is a party to, or who is a director or officer of, or has a material interest in, any person who is a party to a material contract or transaction or proposed material contract or transaction with us must disclose to us the nature and extent of his or her interest at the time and in the manner provided by the CBCA, or request that same be entered in the minutes of the meetings of the Board, even if such contract, in connection with our normal business activity, does not require the approval of either the directors or the shareholders. The CBCA prohibits such a director from voting on any resolution to approve the contract or transaction unless the contract or transaction:

· related primarily to his or her remuneration as the Company's director, officer, employee or agents or a director, officer, employee or agent of an affiliate of us;

· is for indemnity or insurance for director's liability as permitted by the CBCA; or

· is with the Company's affiliate.

The By-law provides that the Board may, on behalf of the Company and without authorization of the shareholders of the Company:

· borrow money upon the credit of the Company;

· limit or increase the amount to be borrowed;

· issue, reissue, sell or pledge the debt obligations of the Company;

· give a guarantee on behalf of the Company to secure payment or performance of an obligation of any person; and

· mortgage, hypothecate, charge, pledge or otherwise create a security interest in all or any of the property of the Company, owned or subsequently acquired, and the undertaking and rights of the Company, to secure any such bonds, debentures, notes or other debt obligations, or to secure any present or future borrowing, liability or obligation of the Company, including any guarantee given pursuant to the above subparagraph.

Pursuant to the CBCA, the directors manage and administer business and affairs of the Company and exercise all such powers and authority as the Company is authorized to exercise pursuant to the CBCA, the Articles and the By-law. The general duties of the Company's directors and officers under the CBCA are to act honestly and in good faith with a view to best interests of the Company and to exercise the care, diligence and skill that a reasonably prudent person would exercise in comparable circumstances. Any breach of these duties may lead to liability to the Company or the Company's shareholders for breach of fiduciary duty or duty of care. In addition, a breach of certain provisions of the CBCA, including the improper payment of dividends or the improper purchase or redemption of shares, will render the directors who authorized such action liable to account to the Company for any amounts improperly paid or distributed.

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***Shareholder Actions***

The CBCA provides that the Company's shareholders may, with leave of a court, bring an action in the Company's name and on behalf of the Company for the purpose of prosecuting, defending or discontinuing an action on behalf of the Company. In order to grant leave to permit such an action, the CBCA provides that the court must be satisfied that the Company's directors were given adequate notice of the application, the shareholder is acting in good faith and that it appears to be in best interests of the Company that the action be brought.

***Action Necessary to Change Rights of Shareholders***

In order to change the rights of the shareholders of the Company, the Company would need to amend the Articles to effect the change. Such an amendment would require the approval at least two-thirds of the votes cast by shareholders entitled to vote (present in person or represented by proxy) at a duly called meeting of shareholders and, for certain amendments, the holders of shares of a class or of a series are entitled to vote separately as a class or series on a proposal to amend the Articles. For certain amendments, a shareholder is entitled under the CBCA to dissent in respect of such a resolution amending the Articles and, if the resolution is adopted and the Company implement such changes, demand payment of the fair value of its shares.

***Meetings of Shareholders***

An annual meeting of shareholders is held each year for the purpose of considering the financial statements auditor's report, election of directors, and re-appointment of the incumbent auditors. The Board has the power to call a special meeting of shareholders at any time. A quorum at any meeting of shareholders shall be two persons present and each holding or representing by proxy at least one issued share of the Company entitled to vote at the meeting for the choice of a chair of the meeting and for the adjournment of the meeting to a fixed time and place; for all other purposes a quorum for any meeting shall be persons present not less than two in number and holding or representing by proxy not less than 25% of the total number of the issued shares of the Company entitled to vote at the meeting for the time being enjoying voting rights at such meeting.

Notice of the day, hour and place of each meeting of shareholders must be given not less than 21 days, and not more than 60 days, before the date of each meeting to each director of the Company, to the auditor of the Company and to each shareholder entitled to vote at the meeting. Notice of meeting of shareholders if special business is to be transacted thereat must state (i) the nature of the business in sufficient detail to permit the shareholder to form a reasoned judgment thereon and (ii) the text of any special resolution to be submitted to the meeting.

The CBCA provides that the holders of not less than 5% of the Company's outstanding voting shares may requisition the directors to call a meeting of shareholders for the purpose stated in the requisition. Except in limited circumstances, including where a meeting of shareholders has already been called and a notice of meeting already given or where it is clear that the primary purpose of the requisition is to redress a personal grievance against us or our directors, officers or shareholders, our directors, on receipt of such requisition, must call a meeting of shareholders. If the directors fail to call a meeting of shareholders within 21 days after receiving the requisition, any shareholder who signed the requisition may call the meeting of shareholders and, unless the shareholders resolve otherwise at the meeting, the Company shall reimburse the shareholders for the expenses reasonably incurred by them in requisitioning, calling and holding the meeting of shareholders.

*Advance Notice Provisions*

The By-law contains certain provisions that are intended to: (1) facilitate orderly and efficient annual meetings or, where the need arises, special meetings; (2) ensure that all shareholders receive adequate notice of board nominations and sufficient information with respect to all nominees; and (3) allow shareholders to vote on an informed basis. Only persons who are nominated by shareholders in accordance with these advance notice provisions will be eligible for election as directors at any annual meeting of the Company's shareholders, or at any special meeting of the Company's shareholders if one of the purposes for which the special meeting was called was the election of directors.

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Pursuant to the advance notice provisions under the By-law, the shareholders are required to provide advance notice of their intention to nominate any persons, other than those nominated by management, for election to the Board at a meeting of shareholders. Such notice must include the information prescribed in the bylaws.

To be timely, a shareholder's notice must be received (i) in the case of an annual meeting of shareholders, not less than the 30 days prior to the date of the annual meeting; provided, however, that in the event that the annual meeting of shareholders is to be held on a date that is less than 50 days after the date on which the first public announcement of the date of the annual meeting was made, notice by the shareholder may be received not later than the close of business on the 10th day following the date of such public announcement; (ii) in the case of a special meeting (which is not also an annual meeting) of shareholders called for the purpose of electing directors (whether or not also called for other purposes), not later than the close of business on the 15th day following the day on which the first public announcement of the date of the special meeting was made; and (iii) notwithstanding the foregoing, in the case of an annual meeting of shareholders or a special meeting of shareholders that is not also an annual meeting but is called for the purpose of electing directors (whether or not also called for other purposes) where "notice-and-access" (as defined under applicable Canadian securities laws) is used for delivery of proxy-related materials and date on which the first public announcement of the date of the meeting was made is not less than 50 days before the date of the meeting, not less than 40 days prior to the date of the meeting. The By-law also prescribes the proper written form for a shareholder's notice. The Board may, in its sole discretion, waive any requirement under these provisions.

These provisions could have the effect of delaying until the next shareholder meeting the nomination of certain persons for director that are favored by the holders of a majority of the Company's outstanding voting securities.

***Limitations on Right to Own Securities***

Other than as set out herein, there is no limitation imposed by the laws of Canada or by the Articles or the By-law on the right of a non-resident to hold or vote the Common Shares.

The Investment Canada Act (Canada) may require review and approval by the Minister of Innovation, Science and Industry (Canada) of certain acquisitions of "control" of the Company by a "non-Canadian". The threshold for acquisitions of control is generally defined as being at least one-third or more of the voting shares of the Company. "Non-Canadian" generally means (i) an individual who is neither a Canadian citizen nor a permanent resident of Canada within the meaning of the *Immigration and Refugee Protection Act* (Canada) who has been ordinarily resident in Canada for not more than one year after the time at which he or she first became eligible to apply for Canadian citizenship, or (ii) a corporation, partnership, trust or joint venture that is ultimately controlled by a non-Canadian.

***Change of Control***

There are no provisions in the Articles or the By-law that would have an effect of delaying, deferring or preventing a change in control of the Company and that would operate only with respect to a merger, acquisition or corporate restructuring involving the Company. However, certain types of change of control transactions will require shareholder approval of the Company's shareholders and calling the necessary shareholder meeting for such transaction would delay the completion of the transaction.

***Disclosure of Share Ownership***

In general, under applicable securities regulations in the provinces and territories of Canada, a person or company who beneficially owns, or who directly or indirectly exercises control or direction over voting securities of a reporting issuer, voting securities of an issuer or a combination of both, carrying more than 10% of the voting rights attached to all the issuer's outstanding voting securities is an insider and must, within ten (10) days of becoming an insider, file a report in the required form effective the date on which the person became an insider, disclosing any direct or indirect beneficial ownership of, or control or direction over, securities of the reporting issuer.

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Additionally, securities regulations in the provinces and territories of Canada provide for the filing of a report by an insider of a reporting issuer whose holdings change, which report must be filed within five days from the day on which the change takes place.

The By-law does not contain a provision governing the ownership threshold above which shareholder ownership must be disclosed.

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**TAXATION**

***Certain United States Federal Income Tax Considerations***

The following is a general summary of certain material U.S. federal income tax considerations applicable to a U.S. Holder (as defined below) arising from and relating to the acquisition, ownership, and disposition of the Consideration Shares acquired pursuant to this prospectus.

This summary is for general information purposes only and does not purport to be a complete analysis or listing of all potential U.S. federal income tax considerations that may apply to a U.S. Holder arising from and relating to the acquisition, ownership, and disposition of the Consideration Shares. In addition, this summary does not take into account the individual facts and circumstances of any particular U.S. Holder that may affect the U.S. federal income tax considerations applicable to such U.S. Holder, including without limitation specific tax considerations applicable to a U.S. Holder under an applicable income tax treaty. Accordingly, this summary is not intended to be, and should not be construed as, legal or U.S. federal income tax advice with respect to any particular U.S. Holder. This summary does not address the U.S. federal net investment income tax, U.S. federal alternative minimum tax, U.S. federal estate and gift tax, U.S. state and local tax, or non-U.S. tax consequences to U.S. Holders of the acquisition, ownership, and disposition of Consideration Shares. In addition, except as specifically set forth below, this summary does not discuss applicable tax reporting requirements. Each prospective U.S. Holder should consult its own tax advisor regarding the U.S. federal, U.S. state and local, and non-U.S. tax considerations applicable to the acquisition, ownership, and disposition of Consideration Shares.

No legal opinion from U.S. legal counsel or ruling from the Internal Revenue Service (the "IRS") has been requested, or will be obtained, regarding the U.S. federal income tax considerations applicable to U.S. Holders discussed in this summary. This summary is not binding on the IRS, and the IRS is not precluded from taking a position that is different from, and contrary to, the positions taken in this summary. In addition, because the authorities on which this summary is based are subject to various interpretations, the IRS and the U.S. courts could disagree with one or more of the conclusions described in this summary. There can be no assurance that the IRS will not challenge one or more of the tax considerations discussed in this summary.

This summary is based on the United States Internal Revenue Code of 1986, as amended (the "Code"), Treasury Regulations (whether final, temporary, or proposed), published rulings of the IRS, published administrative positions of the IRS, the Convention between the United States of America and Canada with respect to Taxes on Income and on Capital of 1980, as amended (the "Canada-U.S. Tax Convention"), and U.S. court decisions that are applicable and, in each case, as in effect and available, as of the date of this document. Any of the authorities on which this summary is based could be changed in a material and adverse manner at any time, and any such change could be applied on a retroactive or prospective basis which could affect the U.S. federal income tax considerations described in this summary. This summary does not discuss the potential effects, whether adverse or beneficial, of any proposed legislation that, if enacted, could be applied on a retroactive, current or prospective basis.

<u>U.S. Holders</u>

For purposes of this summary, the term "U.S. Holder" means a beneficial owner of Consideration Shares acquired pursuant to this prospectus that is, for U.S. federal income tax purposes:

* an individual who is a citizen or resident of the United States;

* a corporation organized under the laws of the United States, any state thereof or the District of Columbia;

* an estate the income of which is subject to U.S. federal income taxation regardless of its source; or

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* a trust that (i) is subject to the primary supervision of a court within the United States and the control of one or more U.S. persons for all substantial decisions or (ii) has a valid election in effect under applicable Treasury Regulations to be treated as a U.S. person.

<u>U.S. Holders Subject to Special U.S. Federal Income Tax Rules Not Addressed</u>

This summary does not address the U.S. federal income tax considerations applicable to U.S. Holders that are subject to special provisions under the Code, including, but not limited to, U.S. Holders that: (a) are tax-exempt organizations, qualified retirement plans, individual retirement accounts, or other tax-deferred accounts; (b) are banks, financial institutions, underwriters, insurance companies, real estate investment trusts, or regulated investment companies; (c) are broker-dealers, dealers, or traders in securities or currencies that elect to apply a mark-to-market accounting method; (d) have a "functional currency" other than the U.S. dollar; (e) own Consideration Shares as part of a straddle, hedging transaction, conversion transaction, constructive sale, or other integrated transaction; (f) acquire Consideration Shares in connection with the cancellation or exercise of employee stock options or otherwise as compensation for services; (g) hold Consideration Shares other than as a capital asset within the meaning of Section 1221 of the Code (generally, property held for investment purposes); (h) are partnerships and other pass-through entities (and investors in such partnerships and entities); (i) are S corporations (and shareholders or investors in such S corporations); (j) own, have owned or will own (directly, indirectly, or by attribution) 10% or more of the total combined voting power or value of our outstanding shares; (k) are U.S. expatriates or former long-term residents of the U.S., (l) hold Consideration Shares in connection with a trade or business, permanent establishment, or fixed base outside the United States, or (m) are subject to special tax accounting rules with respect to Consideration Shares. U.S. Holders that are subject to special provisions under the Code, including, but not limited to, U.S. Holders described immediately above, should consult their own tax advisors regarding the U.S. federal, U.S. state and local, and non-U.S. tax considerations applicable to the acquisition, ownership and disposition of Consideration Shares.

If an entity or arrangement that is classified as a partnership (or other "pass-through" entity) for U.S. federal income tax purposes holds Consideration Shares, the U.S. federal income tax considerations applicable to such entity or arrangement and the partners (or other owners) of such entity or arrangement generally will depend on the activities of the entity or arrangement and the status of such partners (or other owners). This summary does not address the tax consequences to any such partner or owner. Partners (or other owners) of entities or arrangements that are classified as partnerships or as "pass-through" entities for U.S. federal income tax purposes should consult their own tax advisors regarding the U.S. federal, U.S. state and local, and non-U.S. tax consequences arising from and relating to the acquisition, ownership, and disposition of Consideration Shares.

**Acquisition, Ownership and Disposition of Consideration Shares**

The following discussion describes the general rules applicable to the acquisition, ownership and disposition of the Consideration Shares, but is subject in its entirety to the rules described below under the heading "Passive Foreign Investment Company Rules".

<u>Taxation of Distributions</u>

A U.S. Holder that receives a distribution, including a constructive distribution, with respect to a Consideration Share will be required to include the amount of such distribution in gross income as a dividend (without reduction for any foreign income tax withheld from such distribution) to the extent of our current or accumulated "earnings and profits", as computed under U.S. federal income tax principles. To the extent that a distribution exceeds our current and accumulated "earnings and profits", such distribution will be treated first as a tax-free return of capital to the extent of a U.S. Holder's tax basis in the Consideration Shares and thereafter as gain from the sale or exchange of such Consideration Shares (see "Sale or Other Taxable Disposition of Consideration Shares" below). However, we may not maintain calculations of our earnings and profits in accordance with U.S. federal income tax principles, and each U.S. Holder should therefore assume that any distribution by us with respect to the Consideration Shares will constitute ordinary dividend income. Dividends received on Consideration Shares by corporate U.S. Holders generally will not be eligible for the "dividends received deduction" in respect of dividends received from domestic corporations. Subject to applicable limitations and provided we are eligible for the benefits of the Canada-U.S. Tax Convention or the Consideration Shares are readily tradable on an established securities market in the United States, dividends paid by us to non-corporate U.S. Holders, including individuals, generally will be eligible for the preferential tax rates applicable to long-term capital gains for dividends, provided certain holding period and other conditions are satisfied, including that we are not classified as a PFIC in the tax year of distribution or in the preceding tax year. A dividend generally will be taxed to a U.S. Holder at ordinary income tax rates if we are a PFIC for the tax year of such distribution or the preceding tax year. The dividend rules are complex, and each U.S. Holder should consult its own tax advisor regarding the application of such rules.

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<u>Sale or Other Taxable Disposition of Consideration Shares</u>

A U.S. Holder will generally recognize gain or loss on the sale or other taxable disposition of Consideration Shares in an amount equal to the difference, if any, between (a) the amount of cash plus the fair market value of any property received and (b) such U.S. Holder's tax basis in such Consideration Shares sold or otherwise disposed of. Any such gain or loss recognized on such sale or other disposition generally will be capital gain or loss, which will be long-term capital gain or loss if, at the time of the sale or other disposition, such Consideration Shares are held for longer than one year.

Preferential tax rates apply to long-term capital gains of a U.S. Holder that is an individual, estate, or trust. There are currently no preferential tax rates for long-term capital gains of a U.S. Holder that is a corporation. Deductions for capital losses are subject to significant limitations under the Code.

**Passive Foreign Investment Company Rules**

If we were to constitute a "passive foreign investment company" within the meaning of Section 1297(a) of the Code (a "PFIC") for any tax year during a U.S. Holder's holding period for our Consideration Shares, then certain potentially adverse rules would affect the U.S. federal income tax considerations applicable to a U.S. Holder resulting from the acquisition, ownership and disposition of Consideration Shares. We believe that we were not a PFIC for our most recently completed tax year, and based on our current business plans and financial expectations, we expect that we likely will not be a PFIC for our current tax year. No opinion of legal counsel or ruling from the IRS concerning our status as a PFIC has been obtained or is currently planned to be requested. PFIC classification is fundamentally factual in nature, generally cannot be determined until the close of the tax year in question, and is determined annually. Consequently, there can be no assurance that we have never been, are not, and will not become a PFIC for any tax year during which U.S. Holders hold Consideration Shares.

In addition, for any tax year in which we are classified as a PFIC, a U.S. Holder will be required to file an annual report with the IRS containing such information as Treasury Regulations and/or other IRS guidance may require, which filing obligation would generally commence in the first tax year in which we are classified as a PFIC and in which such U.S. Holder holds Consideration Shares. A failure to satisfy such reporting requirements may result in an extension of the time period during which the IRS can assess a tax. U.S. Holders should consult their own tax advisors regarding the requirements of filing such information returns under these rules, including the requirement to file an IRS Form 8621 annually.

We generally will be a PFIC if, after the application of certain "look-through" rules with respect to our subsidiaries in which we hold at least 25% of the value of such subsidiary, for a tax year, (a) 75% or more of our gross income for such tax year is passive income (the "income test") or (b) 50% or more of the value of our assets either produce passive income or are held for the production of passive income (the "asset test"), based on the quarterly average of the fair market value of such assets. "Gross income" generally includes all sales revenues less the cost of goods sold, plus income from investments and incidental or outside operations or sources, and "passive income" generally includes, for example, dividends, interest, certain rents and royalties, certain gains from the sale of stock and securities, and certain gains from commodities transactions.

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If we were a PFIC in any tax year during which a U.S. Holder held Consideration Shares, such U.S. Holder generally would be subject to special rules with respect to "excess distributions" made by us on the Consideration Shares and with respect to gain on the disposition of Consideration Shares. An "excess distribution" generally is defined as the excess of distributions with respect to the Consideration Shares received by a U.S Holder in any tax year over 125% of the average annual distributions such U.S. Holder has received from us during the shorter of the three preceding tax years or such U.S. Holder's holding period for the Consideration Shares. Generally, a U.S. Holder would be required to allocate any excess distribution or gain from the disposition of the Consideration Shares ratably over its holding period for the Consideration Shares. Such amounts allocated to the year of the disposition or excess distribution and to years before we became a PFIC, if any, would be taxed as ordinary income (and not eligible for certain preferred rates), and amounts allocated to prior tax years would be taxed as ordinary income at the highest tax rate in effect for each such year and an interest charge at a rate applicable to underpayments of tax would apply.

While there are U.S. federal income tax elections that sometimes can be made to mitigate these adverse tax consequences (including the "QEF Election" under Section 1295 of the Code and the "Mark-to-Market Election" under Section 1296 of the Code), such elections are available in limited circumstances and must be made in a timely manner.

U.S. Holders should be aware that, for each tax year, if any, that we are a PFIC, we can provide no assurances that we will satisfy the record-keeping requirements of a PFIC, or that we will make available to U.S. Holders the information such U.S. Holders require to make a QEF Election with respect to us or any of our subsidiaries that also are classified as a PFIC.

Certain additional adverse rules may apply with respect to a U.S. Holder if we are a PFIC, regardless of whether the U.S. Holder makes a QEF Election. These rules include special rules that apply to the amount of foreign tax credit that a U.S. Holder may claim on a distribution from a PFIC. Subject to these special rules, foreign taxes paid with respect to any distribution in respect of stock in a PFIC are generally eligible for the foreign tax credit. U.S. Holders should consult their own tax advisors regarding the potential application of the PFIC rules to the ownership and disposition of Consideration Shares and the availability of certain U.S. tax elections under the PFIC rules.

**Receipt of Foreign Currency**

The amount of any distribution paid to a U.S. Holder in foreign currency, or payment received on the sale, exchange or other taxable disposition of Consideration 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 receipt or, if applicable, the date of settlement if the Consideration Shares are traded on an established securities market (regardless of whether such foreign currency is converted into U.S. dollars at that time). A U.S. Holder will have a basis in the foreign currency equal to its U.S. dollar value on the date of receipt. Any U.S. Holder who converts or otherwise disposes of the foreign currency after the date of receipt 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 who use the accrual method of tax accounting. Each U.S. Holder should consult its own U.S. tax advisor regarding the U.S. federal income tax consequences of receiving, owning, and disposing of foreign currency.

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**Foreign Tax Credit**

Dividends paid on the Consideration Shares will be treated as foreign-source income, and generally will be treated as "passive category income" or "general category income" for U.S. foreign tax credit purposes. Any gain or loss recognized on a sale or other disposition of Consideration Shares generally will be United States source gain or loss. Certain U.S. Holders that are eligible for the benefits of the Canada-U.S. Tax Convention may elect to treat such gain or loss as Canadian source gain or loss for U.S. foreign tax credit purposes. The Code applies various complex limitations on the amount of foreign taxes that may be claimed as a credit by U.S. taxpayers. In addition, Treasury Regulations that apply to foreign taxes paid or accrued (the "Foreign Tax Credit Regulations") impose additional requirements for Canadian withholding taxes to be eligible for a foreign tax credit, and there can be no assurance that those requirements will be satisfied. The Treasury Department has released guidance temporarily pausing the application of certain of the Foreign Tax Credit Regulations.

Subject to the PFIC rules and the Foreign Tax Credit Regulations, each as discussed above, a U.S. Holder that pays (whether directly or through withholding) Canadian income tax with respect to dividends paid on the Consideration Shares generally will be entitled, at the election of such U.S. Holder, to receive either a deduction or a credit for such Canadian income tax paid. Generally, a credit will reduce a U.S. Holder's U.S. federal income tax liability on a dollar-for-dollar basis, whereas a deduction will reduce a U.S. Holder's income that is subject to U.S. federal income tax. This election is made on a year-by-year basis and applies to all foreign taxes paid or accrued (whether directly or through withholding) by a U.S. Holder during a year. The foreign tax credit rules are complex and involve the application of rules that depend on a U.S. Holder's particular circumstances. Accordingly, each U.S. Holder should consult its own tax advisor regarding the foreign tax credit rules.

**Information Reporting and Backup Withholding**

Under U.S. federal income tax law and Treasury Regulations, certain categories of U.S. Holders must file information returns with respect to their investment in, or involvement in, a foreign corporation. For example, U.S. return disclosure obligations (and related penalties) are imposed on U.S. Holders that hold certain specified foreign financial assets in excess of certain threshold amounts. The definition of specified foreign financial assets includes not only financial accounts maintained in foreign financial institutions, but also, unless held in accounts maintained by a financial institution, any stock or security issued by a non-U.S. person, any financial instrument or contract held for investment that has an issuer or counterparty other than a U.S. person and any interest in a non-U.S. entity. U.S. Holders may be subject to these reporting requirements unless their Consideration Shares are held in an account at certain financial institutions. Penalties for failure to file certain of these information returns are substantial. U.S. Holders should consult their own tax advisors regarding the requirements of filing information returns, including the requirement to file an IRS Form 8938.

Payments made within the United States, or by a U.S. payor or U.S. middleman, of dividends on, and proceeds arising from the sale or other taxable disposition of, Consideration Shares will generally be subject to information reporting and backup withholding tax, currently at the rate of 24%, if a U.S. Holder (a) fails to furnish such U.S. Holder's correct U.S. taxpayer identification number (generally on IRS Form W-9), (b) furnishes an incorrect U.S. taxpayer identification number, (c) is notified by the IRS that such U.S. Holder has previously failed to properly report items subject to backup withholding tax, or (d) fails to certify, under penalty of perjury, that such U.S. Holder has furnished its correct U.S. taxpayer identification number and that the IRS has not notified such U.S. Holder that it is subject to backup withholding tax. However, certain exempt persons, such as U.S. Holders that are corporations, generally are excluded from these information reporting and backup withholding rules. Backup withholding is not an additional tax. Any amounts withheld under the U.S. backup withholding tax rules generally will be allowed as a credit against a U.S. Holder's U.S. federal income tax liability, if any, or will be refunded, if such U.S. Holder furnishes required information to the IRS in a timely manner.

The discussion of reporting requirements set forth above is not intended to constitute a complete description of all reporting requirements that may apply to a U.S. Holder. A failure to satisfy certain reporting requirements may result in an extension of the time period during which the IRS can assess a tax, and under certain circumstances, such an extension may apply to assessments of amounts unrelated to any unsatisfied reporting requirement. Each U.S. Holder should consult its own tax advisors regarding the information reporting and backup withholding rules.

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**THE ABOVE SUMMARY IS NOT INTENDED TO CONSTITUTE A COMPLETE ANALYSIS OF ALL TAX CONSIDERATIONS APPLICABLE TO U.S. HOLDERS WITH RESPECT TO THE ACQUISITION, OWNERSHIP, AND DISPOSITION OF CONSIDERATION SHARES. U.S. HOLDERS SHOULD CONSULT THEIR OWN TAX ADVISORS AS TO THE TAX CONSIDERATIONS APPLICABLE TO THEM IN LIGHT OF THEIR OWN PARTICULAR CIRCUMSTANCES.**

**Certain Canadian Federal Income Tax Consequences**

The following is, as of the date hereof, a general summary of the principal Canadian federal income tax considerations under the *Income Tax Act* (Canada) (the "**Tax Act**") and the regulations thereunder (the "**Regulations**") generally applicable to a person who acquires Consideration Shares as beneficial owner and who, for the purposes of the Tax Act and at all relevant times: is not resident, and is not deemed to be resident, in Canada; deals at arm's length with the Company; is not affiliated with the Company; holds such Consideration Shares as capital property; and does not use or hold, and is not deemed to use or hold, the Consideration Shares in carrying on business in Canada (a "**Holder**"). Generally, Consideration Shares will be considered to be capital property to a Holder provided that the Holder does not use or hold such securities in the course of carrying on a business of trading or dealing in securities and such Holder has not acquired them or been deemed to have acquired them in one or more transactions considered to be an adventure or concern in the nature of trade.

The term "**U.S. Treaty Holder**," for the purposes of this summary, means a Holder who, for purposes of the Canada-U.S. Tax Convention (as defined below), is at all relevant times a resident of the United States and a "qualifying person" within the meaning of the Canada-U.S. Tax Convention eligible for the full benefits of the Canada-U.S. Tax Convention. In some circumstances, persons deriving amounts through fiscally transparent entities (including limited liability companies) may be entitled to benefits under the Canada-U.S. Tax Convention. U.S. Treaty Holders are urged to consult their own tax advisors to determine their entitlement to benefits under the Canada-U.S. Tax Convention and related compliance requirements based on their particular circumstances.

Special considerations, which are not discussed in this summary, may apply to a Holder that is an insurer that carries on an insurance business in Canada and elsewhere, that is an "authorized foreign bank" (as defined in the Tax Act), or that is a "foreign affiliate" (as defined in the Tax Act) of a taxpayer resident in Canada. Such Holders should consult their own advisors.

This summary is based upon the current provisions of the Tax Act and the Regulations in force as of the date hereof, any specific proposals to amend the Tax Act and the Regulations which have been announced by or on behalf of the Minister of Finance (Canada) prior to the date hereof (the "**Tax Proposals**"), the current provisions of the *Canada-United States Tax Convention* (1980) (the "**Canada-U.S. Tax Convention**"), and the Company's understanding of the current published administrative policies and assessing practices of the Canada Revenue Agency. This summary assumes that the Tax Proposals will be enacted in the form proposed and does not take into account or anticipate any other changes in law, whether by way of judicial, legislative or governmental decision or action, nor does it take into account provincial, territorial or foreign income tax legislation or considerations, which may differ from the Canadian federal income tax considerations discussed herein. 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 is not exhaustive of all possible Canadian federal income tax considerations applicable to an investment in Consideration Shares. This summary is of a general nature only and is not intended to be, nor should it be construed to be, legal or tax advice to any particular Holder. Holders should consult their own tax advisors with respect to the tax consequences applicable to them based on their own particular circumstances.**

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*Currency Conversion*

For purposes of the Tax Act, all amounts relating to the acquisition, holding or disposition of Consideration Shares must be expressed in Canadian dollars. Amounts denominated in any other currency must be converted into Canadian dollars using the rate of exchange quoted by the Bank of Canada on the day the amount first arose, or such other rate of exchange as is acceptable to the Canada Revenue Agency.

*Taxation of Dividends*

Subject to an applicable tax treaty or convention, dividends paid or credited, or deemed to be paid or credited, to a Holder on the Consideration Shares will be subject to Canadian withholding tax under the Tax Act at the rate of 25% of the gross amount of the dividend. Such rate is generally reduced under the Canada-U.S. Tax Convention to 15% of the gross amount of the dividend if the beneficial owner of such dividend is a U.S. Treaty Holder. The rate of withholding tax is generally further reduced to 5% if the beneficial owner of such dividend is a U.S. Treaty Holder that is a company that owns at least 10% of the voting stock of the Company. Holders should consult their own tax advisors to determine their entitlement to benefits under any applicable tax treaty or convention based on their particular circumstances.

*Disposition of Consideration Shares*

A Holder will not be subject to tax under the Tax Act in respect of any capital gain, or entitled to deduct any capital loss, realized by such Holder on a disposition of Consideration Shares unless the Consideration Shares constitute "taxable Canadian property" (as defined in the Tax Act) of the Holder at the time of the disposition and are not "treaty-protected property" (as defined in the Tax Act) of the Holder at the time of the disposition.

Generally, provided the Consideration Shares are at the time of disposition listed on a "designated stock exchange" for purposes of the Tax Act (which currently includes the TSX and NYSE American), the Consideration Shares will not constitute taxable Canadian property of a Holder at such time, unless at any time during the 60-month period immediately preceding the disposition the following two conditions are met concurrently: (a) the Holder, persons with which the Holder does not deal at arm's length, partnerships whose members include, either directly or indirectly through one or more partnerships, the Holder and/or persons which do not deal at arm's length with the Holder, or any combination of the foregoing, owned 25% or more of the issued shares of any class or series of shares of the capital stock of the Company, and (b) more than 50% of the fair market value of the 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 Tax Act), and options in respect of or interests in, or for civil law rights in, any such property (whether or not such property exists). Notwithstanding the foregoing, Consideration Shares may also be deemed to be "taxable Canadian property" of a Holder in other circumstances under the Tax Act. The Consideration Shares will constitute "treaty-protected property" for the purposes of the Tax Act only if any income or gain from the disposition of such Consideration Shares is exempt from tax under Part I of the Tax Act pursuant to the terms of an applicable income tax treaty or convention.

The Consideration Shares of a U.S. Treaty Holder will generally constitute "treaty-protected property" for purposes of the Tax Act unless the value of the shares is derived principally from real property situated in Canada. For this purpose, "real property" has the meaning that term has under the laws of Canada and includes any option or similar right in respect thereof and in any case, includes usufruct of real property, rights to explore for or to exploit mineral deposits, sources and other natural resources and rights to amounts computed by reference to the amount or value of production from such resources.

**Holders whose Consideration Shares may constitute taxable Canadian property should consult their own advisors.**

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**PLAN OF DISTRIBUTION**

We are registering the common shares offered by this prospectus on behalf of the Selling Shareholder. The Selling Shareholder, which, as used herein, includes donees, pledgees, transferees, or other successors-in-interest selling or distributing common shares or interests in common shares received after the date of this prospectus from the Selling Shareholder as a gift, pledge, partnership distribution, or other non-sale related transfer, may, from time to time, sell, transfer, or otherwise dispose of any or all of its common shares on any stock exchange, market or trading facility on which the common shares are traded or in private transactions. These dispositions may be at fixed prices, at prevailing market prices at the time of sale, at prices related to the prevailing market price, at varying prices determined at the time of sale, or at negotiated prices. The common shares may be offered to the public through underwriting syndicates represented by managing underwriters or by underwriters without a syndicate.

The Selling Shareholder may use any one or more of the following methods when disposing of its shares:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● ordinary brokerage transactions and transactions in which the broker-dealer solicits purchasers;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● block trades in which the broker-dealer will attempt to sell the common shares as agent, but may position and resell a portion of the block as principal to facilitate the transaction;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● purchases by a broker-dealer as principal and resale by the broker-dealer for its account;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● an exchange distribution in accordance with the rules of the applicable exchange;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● directly to purchasers, including through a specific bidding, auction or other process or in privately negotiated transactions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● settlement of short sales effected after the effective date of the registration statement of which this prospectus forms a part;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● in "at the market" offerings as defined in Rule 415 under the Securities Act, at negotiated prices, at prices prevailing at the time of sale or at prices related to such prevailing market prices, including sales made directly on a national securities exchange or sales made through a market maker other than on an exchange or other similar offering through sales agents;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● to or through underwriters, agents or broker-dealers;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● through the writing or settlement of options or other hedging transactions, whether through an options exchange or otherwise;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● broker-dealers may agree with the Selling Shareholder to sell a specified number of such shares at a stipulated price per share;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● a combination of any such methods of sale; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● any other method permitted pursuant to applicable law.

In connection with the sale of common shares or interests therein, the Selling Shareholder may enter into hedging transactions with broker-dealers or other financial institutions, which may in turn engage in short sales of the common shares in the course of hedging the positions it assumes. The Selling Shareholder may also sell common shares short and deliver these securities to close out its short positions, or loan or pledge the common shares to broker-dealers that in turn may sell these securities. The Selling Shareholder may also enter into option or other transactions with broker-dealers or other financial institutions or the creation of one or more derivative securities which require the delivery to such broker-dealer or other financial institution of shares offered by this prospectus, which shares such broker-dealer or other financial institution may resell pursuant to this prospectus (as amended to reflect such transaction).

The Selling Shareholder may, from time to time, pledge or grant a security interest in some or all of the common shares owned by such shareholder to a broker-dealer or other financial institution and, if the Selling Shareholder defaults in the performance of its secured obligations, the pledgees or secured parties may offer and sell the common shares, from time to time, under this prospectus, or under an amendment or supplement to this prospectus under Rule 424(b)(3) or other applicable provision of the Securities Act amending the list of Selling Shareholder to include the pledgee, transferee, or other successors in interest as Selling Shareholder under this prospectus.

If the common shares are sold through underwriters or broker dealers, the Selling Shareholder will be responsible for underwriting discounts or commissions or agent's commissions. The aggregate proceeds to the Selling Shareholder from the sale of the common shares offered by it will be the purchase price of the common shares less discounts or commissions, if any. The Selling Shareholder reserve the right to accept and, together with their respective agents from time to time, to reject, in whole or in part, any proposed purchase of common shares to be made directly or through agents. We will not receive any of the proceeds from this offering.

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Broker-dealers or agents engaged by the Selling Shareholder may arrange for other broker-dealers to participate in sales. Broker-dealers or agents may receive commissions, discounts or concessions from the Selling Shareholder (or, if any broker-dealer acts as agent for the purchaser of securities, from the purchaser) in amounts to be negotiated, but, except as set forth in a supplement to this prospectus, in the case of an agency transaction not in excess of a customary brokerage commission in compliance with FINRA Rule 2121; and in the case of a principal transaction a markup or markdown in compliance with FINRA Rule 2121.

The Selling Shareholder also may resell all or a portion of the common shares in open market transactions in reliance upon Rule 144 under the Securities Act, as permitted by that rule, or Section 4(a)(1) under the Securities Act, if available, rather than under this prospectus, provided that they meet the criteria and conforms to the requirements of those provisions.

The Selling Shareholder and any underwriters, broker-dealers, or agents that participate in the sale of our common shares or interests therein may be deemed to be "underwriters" within the meaning of Section 2(a)(11) of the Securities Act. Any discounts, commissions, concessions, or profit they earn on any resale of the common shares may be deemed to be underwriting discounts and commissions under the Securities Act. If the Selling Shareholder is deemed an "underwriter" within the meaning of Section 2(a)(11) of the Securities Act, it will be subject to the prospectus delivery requirements of the Securities Act including Rule 172 thereunder and may be subject to certain statutory liabilities of, including but not limited to, Sections 11, 12 and 17 of the Securities Act and Rule 10b-5 under the Exchange Act.

To the extent required, the common shares to be sold, the respective purchase prices and offering prices, the names of any agents, dealers, or underwriters, and any applicable commissions or discounts with respect to a particular offer will be set forth, if appropriate, in a prospectus supplement, a free-writing prospectus or a post-effective amendment to the registration statement that includes this prospectus.

In order to comply with the securities laws of some states, if applicable, the common shares may be sold in these jurisdictions only through registered or licensed brokers or dealers. In addition, in some states the common shares may not be sold unless they have been registered or qualified for sale or an exemption from registration or qualification requirements is available and is complied with.

The Selling Shareholder and any other persons participating in a distribution of the common shares covered by this prospectus will be subject to the applicable provisions of the Exchange Act, and the rules and regulations thereunder, including Regulation M, which may limit the timing of purchases and sales of any of the common shares by the Selling Shareholder and any other such persons. To the extent applicable, Regulation M may also restrict the ability of any person engaged in the distribution of the common shares to engage in market-making activities with respect to the common shares.

We will pay all expenses of the registration of the securities, including, without limitation, SEC filing fees and expenses of initial compliance with state securities or "blue sky" laws; provided, however, that the Selling Shareholder will pay all underwriting discounts and selling commissions, if any and any related legal expenses incurred by them.

------

**SELLING SHAREHOLDER**

This prospectus relates to 2,890,000 common shares that the Selling Shareholder may sell in one or more offerings pursuant to the Registration Rights Agreement entered into between the Company, U.S. Silver – Idaho Inc. ("U.S. Silver"), and members of Crescent Silver, LLC ("Crescent Silver"), a Delaware limited liability company (the "Registration Rights Agreement") in connection with a Membership Interest Purchase Agreement (as defined below).

The registration of these common shares does not mean that the Selling Shareholder will sell or otherwise dispose of all or any of those securities. The Selling Shareholder may sell or otherwise dispose of all, a portion or none of such common shares from time to time. We do not know the number of common shares, if any, that will be offered for sale or other disposition by the Selling Shareholder under this prospectus. The Selling Shareholder identified below may currently hold or acquire our common shares in addition to the common shares registered hereby. In addition, the Selling Shareholder identified below may sell, transfer, assign or otherwise dispose of some or all of the common shares covered hereby in private placement transactions exempt from or not subject to the registration requirements of the Securities Act.

**Crescent Silver, LLC Acquisition**

Americas Gold and its wholly owned indirect subsidiary, U.S. Silver entered into a membership interest purchase agreement (the "Membership Interest Purchase Agreement") dated November 12, 2025 with HUSC SUB, LLC and HUSBC II, LLC (collectively, the "Vendors") pursuant to which U.S. Silver acquired (the "Acquisition") all of the outstanding membership interests of Crescent Silver which indirectly holds a 100% interest in the Crescent Mine in Idaho, United States (the "Crescent Mine").

The Acquisition was completed on December 12, 2025. The total purchase price payable in respect of the Acquisition consisted of US$20,000,000 in cash and the issuance of 11,137,558 common shares of the Company (being the consideration shares) (the "Consideration Shares").

Upon completion of the Acquisition, Crescent Silver became a wholly owned subsidiary of U.S. Silver, and the Company indirectly owns a 100% interest in the Crescent Mine.

**Relationship with the Selling Shareholder**

To our knowledge, neither Hale Capital Partners, LP nor its pledgees, donees, transferees, assignees or other successors-in-interest have or have had within the past three years, any position, office or other material relationship with us or any of our predecessors or affiliates, other than their ownership of our common shares and the Acquisition described above.

**Information About Selling Shareholder Offering**

The following table sets forth certain information with respect to the Selling Shareholder, including (i) the common shares beneficially owned by the Selling Shareholder prior to this offering, (ii) the number of common shares being offered by the Selling Shareholder pursuant to this prospectus and (iii) the Selling Shareholder's beneficial ownership after completion of this offering, assuming that all of the common shares covered hereby (but none of the other common shares, if any, held by the Selling Shareholder) are sold.

We have prepared the following table based on information supplied to us by the Selling Shareholder on or prior to January 23, 2026, and we have not sought to verify such information. Ownership and percentage ownership are determined in accordance with the rules and regulations of the SEC regarding beneficial ownership and include voting or investment power with respect to common shares. This information does not necessarily indicate beneficial ownership for any other purpose. The calculation of percentage of beneficial ownership is based on 322,886,429 common shares issued and outstanding as of January 22, 2026.

------

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Selling Shareholder** | **Total**<br>**Number of**<br>**Common**<br>**Shares**<br>**Owned**<br>**Prior to This**<br>**Offering** | | **Percentage of**<br>**Outstanding**<br>**Common**<br>**Shares Owned**<br>**Prior to This**<br>**Offering (3)** | **Maximum**<br>**Number of**<br>**Common**<br>**Shares Which**<br>**May Be Sold**<br>**in**<br>**This Offering** | | **Number of**<br>**Common**<br>**Shares**<br>**Owned**<br>**Following**<br>**This**<br>**Offering** | **Percentage of**<br>**Outstanding**<br>**Common Shares**<br>**Owned**<br>**Following This**<br>**Offering** |
| Hale Capital Partners, LP (1) | 2890000 | (2) | 0.90% | 2890000 | (2) | 0 | 0% |

---

(1) The common shares are directly owned by Hale Capital Partners, LP. Hale Capital Partners, LP is controlled by Martin M. Hale Jr., the managing member of Hale Funds Partners, LLC, which is the general partner of Hale Capital Partners, LP. Mr. Hale disclaims beneficial ownership of such common shares.

(2) Represents 2,890,000 common shares issued in connection with the Acquisition.

(3) Percentage is computed with reference to 322,886,429 common shares issued and outstanding as of January 22, 2026, given the effect of the 2025 Share Consolidation becoming effective on NYSE American LLC and assumes the sale of all shares offered by the Selling Shareholder under this prospectus. In computing the percentage ownership of the Selling Shareholder, shares that such Selling Shareholder has the right to acquire within 60 days, including through the exercise of any warrants, or options and conversion of any restricted share units, performance share units and deferred share units, after the date of this prospectus, are included.

------

**MATERIAL CONTRACTS**

Our material contracts are described in the documents incorporated by reference into this prospectus. See "Incorporation of Certain Documents by Reference" below.

**MATERIAL CHANGES**

Except as otherwise described in our most recent annual report on Form 40-F, in our Reports on Form 6-K furnished under the Exchange Act and incorporated by reference herein and as disclosed in this prospectus, no reportable material changes have occurred since December 31, 2024.

**EXCHANGE CONTROLS**

Canada has no system of exchange controls. There are no Canadian governmental laws, decrees, or regulations relating to restrictions on the repatriation of capital or earnings of the Company to non-resident investors. There are no laws in Canada or exchange control restrictions affecting the remittance of dividends or other payments made by the Company in the ordinary course to non-resident holders of the Common Shares by virtue of their ownership of such common shares, other than withholding tax. Certain payments to non-resident holders of the shares are discussed above in the section titled "Taxation."

There are no limitations under the laws of Canada or in the organizing documents of the Company on the right of foreigners to hold or vote securities of the Company, except that the Investment Canada Act (Canada) may require that a "non-Canadian" not acquire "control" of the Company without prior review and approval by the Minister of Innovation, Science and Industry, where applicable thresholds are exceeded. The acquisition of one-third or more of the voting shares of the Company would give rise to a rebuttable presumption of an acquisition of control, and the acquisition of more than fifty percent of the voting shares of the Company would be deemed to be an acquisition of control, as would the acquisition of all or substantially all of the Company's assets. In addition, the Investment Canada Act (Canada) provides the Canadian government with broad discretionary powers in relation to national security to review and potentially prohibit, condition or require the divestiture of, any investment in the Company by a non-Canadian, including non-control level investments. "Non-Canadian" generally means (i) an individual who is neither a Canadian citizen nor a permanent resident of Canada within the meaning of the Immigration and Refugee Protection Act (Canada) who has been ordinarily resident in Canada for not more than one year after the time at which he or she first became eligible to apply for Canadian citizenship, or (ii) a corporation, partnership, trust or joint venture that is ultimately controlled by non-Canadians.

**LEGAL MATTERS**

Certain legal matters with respect to the validity of the offered securities under Canadian law will be passed upon for us by Bennett Jones LLP, Toronto, Ontario. Certain legal matters with respect to U.S. federal securities law and New York law will be passed upon for us by Dorsey & Whitney LLP, Toronto, Ontario.

**EXPERTS**

The financial statements incorporated in this Prospectus by reference to the Annual Report on Form 40-F for the year ended December 31, 2024 and 2023 have been so incorporated in reliance on the report of PricewaterhouseCoopers LLP, an independent registered public accounting firm, given on the authority of said firm as experts in auditing and accounting.

**WHERE YOU CAN FIND MORE INFORMATION**

The SEC maintains a website that contains reports and other information regarding issuers, such as us, that file electronically with the SEC. The address is <u>*www.sec.gov*</u>.

------

We are subject to the information reporting requirements of the Exchange Act applicable to foreign private issuers and under those requirements file reports with the SEC. Accordingly, we are required to file or furnish reports and other information with the SEC, including annual reports on Form 40-F and reports on Form 6-K. As a foreign private issuer, we are exempt from the rules under the Exchange Act related to the furnishing and content of proxy statements, and from short-swing profit recovery provisions contained in Section 16 of the Exchange Act, among other things. In addition, we are not required under the Exchange Act to file periodic reports and financial statements with the SEC as frequently or as promptly as United States companies whose securities are registered under the Exchange Act.

We maintain a corporate website at http://www.americas-gold.com. Information contained on, or that can be accessed through, our website does not constitute a part of this prospectus.

**DISCLOSURE OF COMMISSION POSITION ON INDEMNIFICATION FOR<br>SECURITIES ACT LIABILITIES**

Insofar as indemnification for liabilities arising under the Securities Act may be permitted to directors, officers or persons controlling the registrant, the registrant has been informed that in the opinion of the SEC such indemnification is against public policy as expressed in the Securities Act and is therefore unenforceable.

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**INCORPORATION OF CERTAIN DOCUMENTS BY REFERENCE**

We file annual and special reports and other information with the SEC. These filings contain important information which does not appear in this prospectus. The SEC allows us to "incorporate by reference" information into this prospectus, which means that we can disclose important information to you by referring you to other documents which we have filed or will file with the SEC. We are incorporating by reference in this prospectus the documents listed below and all amendments or supplements we may file to such documents, as well as any future filings we may make with the SEC on Form 40-F under the Exchange Act before the time that all of the securities offered by this prospectus have been sold or de-registered:

* Our Annual Report on [<u>Form 40-F</u>](http://www.sec.gov/ix?doc=/Archives/edgar/data/1286973/000147793225002262/usas_40f.htm) for the year ended December 31, 2024, filed with the SEC on March 31, 2025;

* Our Current Reports on Form 6-K furnished to the SEC on [May 9, 2025](http://www.sec.gov/Archives/edgar/data/1286973/000147793225003469/usas_6k.htm) (Exhibits 99.1 and 99.2 only, with the section entitled "Notice of No Auditor Review of Condensed Interim Consolidated Financial Statements" from page 1 excluded from Exhibit 99.1), [May 22, 2025](http://www.sec.gov/Archives/edgar/data/1286973/000147793225004101/usas_6k.htm) (Exhibits 99.1 and 99.2 only), [August 11, 2025](http://www.sec.gov/Archives/edgar/data/1286973/000147793225005639/usas_6k.htm) (Exhibits 99.1 and 99.2 only, with the section entitled "Notice of No Auditor Review of Condensed Interim Consolidated Financial Statements" from page 1 excluded from Exhibit 99.1), [September 2, 2025](http://www.sec.gov/Archives/edgar/data/1286973/000147793225006446/usas_6k.htm) (Exhibit 99.1 only), and our Current Report on Form 6-K/A furnished to the SEC on [January 16, 2026](http://www.sec.gov/ix?doc=/Archives/edgar/data/1286973/000147793226000250/usas_6ka.htm) (Exhibits 99.1 and 99.2 only, with the section entitled "Notice of No Auditor Review of Condensed Interim Consolidated Financial Statements" from page 1 excluded from Exhibit 99.1); and

* Our Registration Statement on [Form 40-F](http://www.sec.gov/Archives/edgar/data/1286973/000106299317000127/form40fr12b.htm) filed with the SEC on January 11, 2017, that contains a description of our common shares, and any amendments or reports filed updating such description.

We may also incorporate any other Form 6-K that we submit to the SEC on or after the date of this prospectus and prior to the termination of this offering if the Form 6-K filing specifically states that it is incorporated by reference into the registration statement of which this prospectus forms a part.

Any statement in this prospectus contained in a document incorporated or deemed to be incorporated by reference into this prospectus will be deemed to be modified or superseded for purposes of this prospectus to the extent that a statement in this prospectus or in any later filed document modifies or supersedes that statement. Any statement that is modified or superseded in this manner will no longer be a part of this prospectus, except as modified or superseded.

We will provide you without charge, upon your written or oral request, a copy of any of the documents incorporated by reference in this prospectus, other than exhibits to such documents which are not specifically incorporated by reference into such documents. Please direct your written or telephone requests to Americas Gold and Silver Corporation, 145 King Street West, Suite 2870, Toronto, Ontario, Canada, M5H 1J8 and our telephone number is (416) 848-9503. Our website address is www.americas-gold.com. Information contained in our website is not part of this prospectus.

**ENFORCEMENT OF CIVIL LIABILITIES**

The Company is a corporation existing under the laws of Canada and its registered and head office is in Canada. Most of the Company's directors and officers are residents of Canada or otherwise reside outside of the United States, and a substantial portion of their assets, and a substantial portion of the Company's assets, are located outside the United States. As a result, it may be difficult for investors to effect service of process within the United States upon us or such persons or to enforce against them or against us, judgments obtained in United States courts, including judgments predicated upon the civil liability provisions of the securities laws of the United States or any state thereof. In addition, investors should not assume that the courts of Canada (i) would enforce judgments of U.S. courts obtained in actions against us, our officers or directors, or other said 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 directors, officers or experts predicated upon the United States federal securities laws or any securities or other laws of any state or jurisdiction of the United States.

------

In addition, there is doubt as to the applicability of the civil liability provisions of U.S. federal securities law to original actions instituted in Canada. It may be difficult for an investor, or any other person or entity, to assert U.S. securities laws claims in original actions instituted in Canada.

**EXPENSES**

The following is an estimate, subject to future contingencies, of the expenses we may incur in connection with the distribution of the securities being registered. All amounts listed in the table below are estimates except the SEC registration fee.

---

| | |
|:---|:---|
| **Expense** | **Estimated**<br>**Amount** |
| SEC registration fee | $2423 |
| FINRA filing fees |  |
| Printing expenses |  |
| Legal fees and expenses | $50000 |
| Accounting fees and expenses | $30000 |
| Miscellaneous costs | $- |
| **Total** | $82423 |

---

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![](formf3x002.jpg)

**2,890,000 Common Shares**

**Offered by the Selling Shareholder**

**Prospectus**

------

**PART II**

**INFORMATION NOT REQUIRED IN PROSPECTUS**

**ITEM 8. Indemnification of Directors and Officers.**

Under the Canada Business Corporation Act (the "**CBCA**"), the Registrant may indemnify a present or former director or officer or another individual who acts or acted at the Registrant's request as a director or officer, or an individual acting in a similar capacity, of another entity, against all costs, charges and expenses, including an amount paid to settle an action or satisfy a judgment, reasonably incurred by the individual in respect of any civil, criminal, administrative, investigative or other proceeding in which the individual is involved because of that association with the Registrant or other entity, on the condition that the individual (i) acted honestly and in good faith with a view to the best interests of the Registrant, or, as the case may be, to the best interests of the other entity for which the individual acted as director or officer or in a similar capacity at the Registrant's request and in the case of a criminal or administrative action or proceeding that is enforced by a monetary penalty and (ii) had reasonable grounds for believing that the individual's conduct was lawful. The aforementioned individuals are entitled to indemnification from the Registrant as a matter of right if they were not judged by the court or other competent authority to have committed any fault or omitted to do anything that the individual ought to have done and acted in accordance with conditions (i) and (ii) set out above. The Registrant may advance moneys to the individual for the costs, charges and expenses of a proceeding; however, the individual shall repay the moneys if the individual does not fulfill the conditions set out above. The indemnification and any advance of moneys by the Registrant may be made in connection with a derivative action only with court approval.

The by-laws of the Registrant provide that the Registrant may, subject to the limitations contained in the CBCA, purchase and maintain insurance for the benefit of any present or former director or officer or another individual who acts or acted at the Registrant's request as a director or officer, or an individual acting in a similar capacity, of another entity.

The Registrant has policies in force and effect that insure its directors and officers against losses which they or any of them will become legally obligated to pay by reason of any actual or alleged error or misstatement or misleading statement or act or omission or neglect or breach of duty by such directors and officers in the discharge of their duties, individually or collectively, or as a result of any matter claimed against them solely by reason of their being directors or officers. Such coverage is limited by the specific terms and provisions of the insurance policies.

\* \* \*

**Insofar as indemnification for liabilities arising under the Securities Act, may be permitted to directors, officers or persons controlling the Registrant pursuant to the foregoing provisions, the Registrant has been informed that in the opinion of the Commission such indemnification is against public policy as expressed in the Securities Act, and is therefore unenforceable.**

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**ITEM 9. Exhibits.**

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| | |
|:---|:---|
| **Exhibit<br>No.** | **Exhibit Index** |
| [4.1\*](exhibit4-1.htm) | [Membership Interest Purchase Agreement](exhibit4-1.htm) |
| [4.2](http://www.sec.gov/Archives/edgar/data/1286973/000147793224002432/usas_ex31.htm) | [Warrant Indenture dated March 27, 2024 (incorporated by reference to Exhibit 3.1 to the Company's Form 20-F filed with the SEC on April 30, 2024)](http://www.sec.gov/Archives/edgar/data/1286973/000147793224002432/usas_ex31.htm) |
| [4.3\*](exhibit4-3.htm) | [Registration Rights Agreement](exhibit4-3.htm) |
| [5.1\*](exhibit5-1.htm) | [Opinion of Bennett Jones LLP](exhibit5-1.htm) |
| [23.1\*](exhibit23-1.htm) | [Consent of PricewaterhouseCoopers LLP](exhibit23-1.htm) |
| [23.2\*](exhibit5-1.htm) | [Consent of Bennett Jones LLP (included in Exhibit 5.1)](exhibit5-1.htm) |
| [23.3\*](exhibit23-3.htm) | [Consent of James R. Atkinson](exhibit23-3.htm) |
| [23.4\*](exhibit23-4.htm) | [Consent of Darren Dell](exhibit23-4.htm) |
| [23.5\*](exhibit23-5.htm) | [Consent of Neil de Bruin](exhibit23-5.htm) |
| [23.6\*](exhibit23-6.htm) | [Consent of Daniel Hussey](exhibit23-6.htm) |
| [23.7\*](exhibit23-7.htm) | [Consent of James Stonehouse](exhibit23-7.htm) |
| [23.8\*](exhibit23-8.htm) | [Consent of Shawn Wilson](exhibit23-8.htm) |
| [23.9\*](exhibit23-9.htm) | [Consent of Chris McCann](exhibit23-9.htm) |
| [23.10\*](exhibit23-10.htm) | [Consent of Rick Streiff](exhibit23-10.htm) |
| [24.1\*](#page_44) | [Powers of Attorney (included on the signature page of this Registration Statement)](#page_44) |
| [107\*](exhibitfilingfees.htm) | [Filing Fee Table](exhibitfilingfees.htm) |

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\* Filed herewith

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**Item 10. Undertakings**

(a) The undersigned registrant hereby undertakes:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) to file, during any period in which offers or sales are being made, a post-effective amendment to this Registration Statement:

(i) to include any prospectus required by Section 10(a)(3) of the Securities Act of 1933, or the Securities Act;

(ii) to reflect in the prospectus any facts or events arising after the effective date of this Registration Statement (or the most recent post-effective amendment thereof) which, individually or in the aggregate, represent a fundamental change in the information set forth in this Registration Statement. Notwithstanding the foregoing, any increase or decrease in volume of securities offered (if the total dollar value of securities offered would not exceed that which was registered) and any deviation from the low or high end of the estimated maximum offering range may be reflected in the form of prospectus filed with the Securities and Exchange Commission pursuant to Rule 424(b) if, in the aggregate, the changes in volume and price represent no more than a 20% change in the maximum aggregate offering price set forth in the "Calculation of Registration Fee" table in the effective registration statement; and

(iii) to include any material information with respect to the plan of distribution not previously disclosed in the Registration Statement or any material change to such information in this Registration Statement;

*provided, however,* that paragraphs (i), (ii) and (iii) above do not apply if the information required to be included in a post-effective amendment by those paragraphs is contained in periodic reports filed with or furnished to the SEC by the registrant pursuant to Section 13 or Section 15(d) of the Exchange Act that are incorporated by reference in this Registration Statement or is contained in a form of prospectus filed pursuant to Rule 424(b) that is part of the Registration Statement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) that, for the purpose of determining any liability under the Securities Act, each such post-effective amendment shall be deemed to be a new registration statement relating to the securities offered therein, and the offering of such securities at that time shall be deemed to be the initial bona fide offering thereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) to remove from registration by means of a post-effective amendment any of the securities being registered which remain unsold at the termination of the offering.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) to file a post-effective amendment to the registration statement to include any financial statements required by Item 8.A. of Form 20-F at the start of any delayed offering or throughout a continuous offering. Financial statements and information otherwise required by Section 10(a)(3) of the Act need not be furnished, provided that the registrant includes in the prospectus, by means of a post-effective amendment, financial statements required pursuant to this paragraph (a)(4) and other information necessary to ensure that all other information in the prospectus is at least as current as the date of those financial statements. Notwithstanding the foregoing, with respect to registration statements on Form F-3, a post-effective amendment need not be filed to include financial statements and information required by Section 10(a)(3) of the Act or Rule 3-19 of this chapter if such financial statements and information are contained in periodic reports filed with or furnished to the SEC by the registrant pursuant to Section 13 or Section 15(d) of the Exchange Act that are incorporated by reference in the Form F-3.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5) that, for the purpose of determining any liability under the Securities Act to any purchaser:

(A) each prospectus filed by the registrant pursuant to Rule 424(b)(3) shall be deemed to be a part of the registration statement as of the date the filed prospectus was deemed part of and included in the registration statement; and

(B) each prospectus required to be filed pursuant to Rule 424(b)(2), (b)(5) or (b)(7) as part of a registration statement in reliance on Rule 430B relating to an offering made pursuant to Rule 415(a)(1)(i), (vii) or (x) for the purpose of providing the information required by Section 10(a) of the Securities Act shall be deemed to be part of and included in the registration statement as of the earlier of the date such form of prospectus is first used after effectiveness or the date of the first contract of sale of securities in the offering described in the prospectus. As provided in Rule 430B, for liability purposes of the issuer and any person that is at that date an underwriter, such date shall be deemed to be a new effective date of the registration statement relating to the securities in the registration statement to which the prospectus relates, and the offering of such securities at that time shall be deemed to be the initial bona fide offering thereof; provided, however, that no statement made in a registration statement or prospectus that is part of the registration statement or made in a document incorporated or deemed incorporated by reference into the registration statement or prospectus that is part of the registration statement will, as to a purchaser with a time of contract of sale prior to such effective date, supersede or modify any statement that was made in the registration statement or prospectus that was part of the registration statement or made in any such document immediately prior to such effective date.

(b) The undersigned registrant hereby undertakes that, for purposes of determining any liability under the Securities Act, each filing of the registrant's annual report pursuant to Section 13(a) or Section 15(d) of the Exchange Act (and, where applicable, each filing of an employee benefit plan's annual report pursuant to Section 15(d) of the Exchange Act) that is incorporated by reference in this Registration Statement shall be deemed to be a new registration statement relating to the securities offered herein, and the offering of such securities at that time shall be deemed to be the initial bona fide offering thereof.

(c) Insofar as indemnification for liabilities arising under the Securities Act may be permitted to directors, officers and controlling persons of the Registrant pursuant to the foregoing provisions, or otherwise, the Registrant has been advised that in the opinion of the SEC such indemnification is against public policy as expressed in the Securities Act and is, therefore, unenforceable. In the event that a claim for indemnification against such liabilities (other than the payment by the Registrant of expenses incurred or paid by a director, officer or controlling person of the Registrant in the successful defense of any action, suit or proceeding) is asserted by such director, officer or controlling person in connection with the securities being registered, the Registrant will, unless in the opinion of its counsel the matter has been settled by controlling precedent, submit to a court of appropriate jurisdiction the question whether such indemnification by it is against public policy as expressed in the Securities Act and will be governed by the final adjudication of such issue.

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**SIGNATURES**

Pursuant to the requirements of the Securities Act of 1933, the Registrant certifies that it has reasonable grounds to believe that it meets all of the requirements for filing on Form F-3 and has duly caused this Registration Statement to be signed on its behalf by the undersigned, thereunto duly authorized, in the City of Toronto, Ontario, Canada on January 23, 2026.

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| | |
|:---|:---|
| **AMERICAS GOLD AND SILVER CORPORATION** | **AMERICAS GOLD AND SILVER CORPORATION** |
| By: | */s/Paul Andre Huet* |
| Name: | Paul Andre Huet |
| Title: | Chief Executive Officer |

---

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**POWER OF ATTORNEY**

Each person whose signature appears below hereby constitutes and appoints Paul Andre Huet and Warren Varga, or each of them individually, his or her true and lawful attorney-in-fact and agent, with full powers of substitution and resubstitution, for and in his or her name, place and stead, in any and all capacities, to file and sign any and all amendments, including post-effective amendments and any registration statement for the same offering that is to be effective under Rule 462(b) of the Securities Act of 1933, as amended, to this registration statement, with the Securities and Exchange Commission, granting unto said attorneys-in-fact and agents, full power and authority to do and perform each and every act and thing requisite and necessary to be done in connection therewith as fully to all intents and purposes as he or she might or could do in person, hereby ratifying and confirming all that said attorneys-in-fact and agents, or their substitute or substitutes may lawfully do or cause to be done by virtue hereof. Pursuant to the requirements of the Securities Act of 1933, this Registration Statement has been signed by the following persons in the capacities and on the dates indicated.

Pursuant to the requirements of the Securities Act of 1933, this Registration Statement has been signed by the following persons in the capacities and on the dates indicated.

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| | | |
|:---|:---|:---|
| &nbsp;&nbsp;Signatures | &nbsp;&nbsp;Title | &nbsp;&nbsp;Date |
| &nbsp;&nbsp;*/s/ Paul Andre Huet* | &nbsp;&nbsp;Chief Executive Officer (Principal Executive Officer) and Chairman of the Board | &nbsp;&nbsp;January 23, 2026 |
| &nbsp;&nbsp;Paul Andre Huet |  |  |
| &nbsp;&nbsp;*/s/ Warren Varga* | &nbsp;&nbsp;Chief Financial Officer (Principal Financial Officer and Principal Accounting Officer) | &nbsp;&nbsp;January 23, 2026 |
| &nbsp;&nbsp;Warren Varga |  |  |
| &nbsp;&nbsp;*/s/ Peter McRae* | &nbsp;&nbsp;Senior Vice President, Corporate Affairs and Chief Legal Officer | &nbsp;&nbsp;January 23, 2026 |
| &nbsp;&nbsp;Peter McRae |  |  |
| &nbsp;&nbsp;*/s/ Michael Doolin* | &nbsp;&nbsp;Chief Operating Officer | &nbsp;&nbsp;January 23, 2026 |
| &nbsp;&nbsp;Michael Doolin |  |  |
| &nbsp;&nbsp;*/s/ Scott Hand* | Director | &nbsp;&nbsp;January 23, 2026 |
| &nbsp;&nbsp;Scott Hand |  |  |
| &nbsp;&nbsp;*/s/ Peter Goudie* | &nbsp;&nbsp;Director | &nbsp;&nbsp;January 23, 2026 |
| &nbsp;&nbsp;Peter Goudie |  |  |
| &nbsp;&nbsp;*/s/ Tara Hassan* | &nbsp;&nbsp;Director | &nbsp;&nbsp;January 23, 2026 |
| &nbsp;&nbsp;Tara Hassan |  |  |
| &nbsp;&nbsp;/s/ Bradley R. Kipp | &nbsp;&nbsp;Director | &nbsp;&nbsp;January 23, 2026 |
| &nbsp;&nbsp;Bradley R. Kipp |  |  |
| &nbsp;&nbsp;/s/ Gordon E. Pridham | &nbsp;&nbsp;Director | &nbsp;&nbsp;January 23, 2026 |
| &nbsp;&nbsp;Gordon E. Pridham |  |  |
| &nbsp;&nbsp;/s/ Meri Verli | &nbsp;&nbsp;Director | &nbsp;&nbsp;January 23, 2026 |
| &nbsp;&nbsp;Meri Verli |  |  |
| &nbsp;&nbsp;/s/ Shirley In't Veld | &nbsp;&nbsp;Director | &nbsp;&nbsp;January 23, 2026 |
| &nbsp;&nbsp;Shirley In't Veld |  |  |

---

------

**AUTHORIZED REPRESENTATIVE**

Pursuant to the requirements of the Securities Act of 1933, the undersigned certifies that it is the duly authorized United States representative of the registrant and has duly caused this Registration Statement on Form F-3 to be signed by the undersigned, thereunto duly authorized, on January 23, 2026.

---

| | |
|:---|:---|
| Puglisi & Associates | Puglisi & Associates |
| By: | */s/ Donald J. Puglisi* |
| Name: | Donald J. Puglisi |
| Title: | Authorized Representative in the United States |

---

------

## Exhibit 4.1

------

**EXECUTION VERSION**

**U.S. SILVER - IDAHO, INC.**

as the Purchaser

-and-

**AMERICAS GOLD AND SILVER CORPORATION**

as the Purchaser Parent

**CRESCENT SILVER LLC**

as the Company

-and-

**THE MEMBERS OF THE COMPANY**

as the Members

**<br>MEMBERSHIP INTEREST PURCHASE AGREEMENT**

**November 12, 2025<br>**

<br> ------

**TABLE OF CONTENTS**

---

| | |
|:---|:---|
| [**ARTICLE 1 INTERPRETATION**](#page_6) | [**2**](#page_6) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[1.1 Defined Terms](#page_6) | [2](#page_6) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[1.2 Headings, etc.](#page_16) | [12](#page_16) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[1.3 Currency](#page_16) | [12](#page_16) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[1.4 Certain Phrases](#page_16) | [12](#page_16) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[1.5 Knowledge](#page_17) | [13](#page_17) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[1.6 Accounting Terms](#page_17) | [13](#page_17) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[1.7 Disclosure Letter](#page_17) | [13](#page_17) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[1.8 References to Persons and Agreements](#page_17) | [13](#page_17) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[1.9 Statutes](#page_17) | [13](#page_17) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[1.10 Non-Business Days](#page_17) | [13](#page_17) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[1.11 No Presumption](#page_18) | [14](#page_18) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[1.12 Made Available](#page_18) | [14](#page_18) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[1.13 Exhibits](#page_18) | [14](#page_18) |
| [**ARTICLE 2 PURCHASE AND SALE**](#page_18) | [**14**](#page_18) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[2.1 Purchase and Sale of the Company Interests](#page_18) | [14](#page_18) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[2.2 Purchase Price](#page_18) | [14](#page_18) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[2.3 Closing Statement](#page_20) | [16](#page_20) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[2.4 Purchase Price Adjustments](#page_22) | [18](#page_22) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[2.5 Withholding Taxes](#page_23) | [19](#page_23) |
| [**ARTICLE 3 REPRESENTATIONS AND WARRANTIES OF THE MEMBERS REGARDING THE COMPANY**](#page_23) | [**19**](#page_23) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[3.1 Organization and Qualification](#page_23) | [19](#page_23) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[3.2 No Conflict](#page_23) | [19](#page_23) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[3.3 Regulatory Authorizations](#page_24) | [20](#page_24) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[3.4 Required Consents](#page_24) | [20](#page_24) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[3.5 Capitalization](#page_24) | [20](#page_24) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[3.6 No Other Agreements to Purchase](#page_24) | [20](#page_24) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[3.7 Company Records](#page_24) | [20](#page_24) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[3.8 Absence of Certain Changes or Events](#page_25) | [21](#page_25) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[3.9 Compliance with Laws](#page_25) | [21](#page_25) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[3.10 Authorizations](#page_25) | [21](#page_25) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[3.11 Subsidiaries](#page_25) | [21](#page_25) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[3.12 Intellectual Property](#page_26) | [22](#page_26) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[3.13 Financial Statements](#page_26) | [22](#page_26) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[3.14 Liabilities](#page_26) | [22](#page_26) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[3.15 Properties and Mineral Rights](#page_26) | [22](#page_26) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[3.16 Environmental](#page_28) | [24](#page_28) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[3.17 Reclamation Bonds](#page_29) | [25](#page_29) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[3.18 Material Contracts](#page_29) | [25](#page_29) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[3.19 Employees and Employee Plans](#page_31) | [27](#page_31) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[3.20 Litigation](#page_31) | [27](#page_31) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[3.21 Insolvency](#page_31) | [27](#page_31) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[3.22 No Default of Orders](#page_31) | [27](#page_31) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[3.23 Taxes](#page_31) | [27](#page_31) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[3.24 Anti-Corruption and Anti-Bribery Laws](#page_33) | [29](#page_33) |

---

------

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[3.25 Transactions with Affiliates](#page_34) | [30](#page_34) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[3.26 Insurance](#page_34) | [30](#page_34) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[3.27 Brokers](#page_34) | [30](#page_34) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[3.28 NO ADDITIONAL REPRESENTATIONS.](#page_35) | [31](#page_35) |
| [**ARTICLE 4 REPRESENTATIONS AND WARRANTIES OF THE MEMBERS**](#page_35) | [**31**](#page_35) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[4.1 Organization and Qualification](#page_35) | [31](#page_35) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[4.2 No Conflict](#page_35) | [31](#page_35) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[4.3 Execution and Binding Obligation](#page_36) | [32](#page_36) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[4.4 Title to Company Interests](#page_36) | [32](#page_36) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[4.5 Shareholder and Similar Contracts](#page_36) | [32](#page_36) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[4.6 Required Authorizations](#page_36) | [32](#page_36) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[4.7 Required Consents](#page_36) | [32](#page_36) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[4.8 No Other Agreements to Purchase](#page_36) | [32](#page_36) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[4.9 Litigation](#page_36) | [32](#page_36) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[4.10 Insolvency](#page_37) | [33](#page_37) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[4.11 United States Person](#page_37) | [33](#page_37) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[4.12 Securities Laws Matters](#page_37) | [33](#page_37) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[4.13 NO ADDITIONAL REPRESENTATIONS.](#page_38) | [34](#page_38) |
| [**ARTICLE 5 REPRESENTATIONS AND WARRANTIES OF THE PURCHASER PARTIES**](#page_38) | [**34**](#page_38) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[5.1 Organization and Qualification](#page_38) | [34](#page_38) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[5.2 No Conflicts](#page_38) | [34](#page_38) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[5.3 Regulatory Approvals](#page_39) | [35](#page_39) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[5.4 Execution and Binding Obligation](#page_39) | [35](#page_39) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[5.5 Litigation](#page_39) | [35](#page_39) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[5.6 Insolvency](#page_40) | [36](#page_40) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[5.7 Anti-Corruption and Anti-Money Laundering](#page_40) | [36](#page_40) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[5.8 Consideration Shares](#page_40) | [36](#page_40) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[5.9 Brokers](#page_41) | [37](#page_41) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[5.10 Compliance](#page_41) | [37](#page_41) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[5.11 SEC Reports; Financial Statements](#page_41) | [37](#page_41) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[5.12 Private Placement](#page_42) | [38](#page_42) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[5.13 Listing and Maintenance Requirements](#page_42) | [38](#page_42) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[5.14 No Integrated Offering](#page_42) | [38](#page_42) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[5.15 No General Solicitation](#page_42) | [38](#page_42) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[5.16 Securities Laws Matters](#page_42) | [38](#page_42) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[5.17 No Additional Representations](#page_43) | [39](#page_43) |
| [**ARTICLE 6 CLOSING DELIVERIES**](#page_43) | [**39**](#page_43) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[6.1 Closing Deliveries of the Members](#page_43) | [39](#page_43) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[6.2 Closing Deliveries of the Purchaser Parties](#page_44) | [40](#page_44) |
| [**ARTICLE 7 CONDITIONS TO CLOSING AND CLOSING**](#page_44) | [**40**](#page_44) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[7.1 Conditions to Closing](#page_44) | [40](#page_44) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[7.2 Closing Procedures](#page_46) | [42](#page_46) |
| [**ARTICLE 8 PRE-CLOSING COVENANTS**](#page_46) | [**42**](#page_46) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[8.1 Interim Conduct of Business Prior to the Closing](#page_46) | [42](#page_46) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[8.2 Prohibited Actions Prior to the Closing](#page_47) | [43](#page_47) |

---

------

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[8.3 Notice of Certain Events](#page_48) | [44](#page_48) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[8.4 Exclusivity](#page_49) | [45](#page_49) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[8.5 Governmental Approvals and Consents](#page_50) | [46](#page_50) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[8.6 Closing Conditions.](#page_50) | [46](#page_50) |
| [**ARTICLE 9 POST-CLOSING COVENANTS AND OTHER OBLIGATIONS**](#page_50) | [**46**](#page_50) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[9.1 Company's Books and Records](#page_50) | [46](#page_50) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[9.2 D&O Indemnification and Tail Policy](#page_51) | [47](#page_51) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[9.3 \[reserved\]](#page_51) | [47](#page_51) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[9.4 Tax Matters](#page_51) | [47](#page_51) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[9.5 Non-Competition](#page_55) | [51](#page_55) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[9.6 Purchaser Parent Guarantee](#page_56) | [52](#page_56) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[9.7 Confidentiality](#page_56) | [52](#page_56) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[9.8 R&W Insurance Policy](#page_56) | [52](#page_56) |
| [**ARTICLE 10 SURVIVAL AND INDEMNIFICATION**](#page_57) | [**53**](#page_57) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[10.1 Survival](#page_57) | [53](#page_57) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[10.2 Indemnification in Favour of the Purchaser Parties](#page_58) | [54](#page_58) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[10.3 Indemnification in Favour of the Members](#page_59) | [55](#page_59) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[10.4 Limitations](#page_59) | [55](#page_59) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[10.5 Notification](#page_60) | [56](#page_60) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[10.6 Direct Claims](#page_60) | [56](#page_60) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[10.7 Third Party Claims](#page_61) | [57](#page_61) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[10.8 Payment of Damages](#page_62) | [58](#page_62) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[10.9 Materiality](#page_62) | [58](#page_62) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[10.10 Knowledge](#page_62) | [58](#page_62) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[10.11 Duty to Mitigate](#page_63) | [59](#page_63) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[10.12 Adjustment to Purchase Price](#page_63) | [59](#page_63) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[10.13 Exclusion of Other Remedies](#page_63) | [59](#page_63) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[10.14 R&W Insurance Policy](#page_64) | [60](#page_64) |
| [**ARTICLE 11 TERMINATION**](#page_64) | [**60**](#page_64) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[11.1 Termination](#page_64) | [60](#page_64) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[11.2 Effect of Termination](#page_65) | [61](#page_65) |
| [**ARTICLE 12 MISCELLANEOUS**](#page_65) | [**61**](#page_65) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[12.1 Notices](#page_65) | [61](#page_65) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[12.2 Time of the Essence](#page_66) | [62](#page_66) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[12.3 Announcements](#page_66) | [62](#page_66) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[12.4 Expenses](#page_66) | [62](#page_66) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[12.5 Further Assurances](#page_66) | [62](#page_66) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[12.6 Amendments](#page_66) | [62](#page_66) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[12.7 Waiver](#page_66) | [62](#page_66) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[12.8 Entire Agreement](#page_67) | [63](#page_67) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[12.9 Successors and Assigns](#page_67) | [63](#page_67) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[12.10 Severability](#page_67) | [63](#page_67) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[12.11 Third Party Beneficiaries](#page_67) | [63](#page_67) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[12.12 Governing Law](#page_67) | [63](#page_67) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[12.13 Counterparts](#page_67) | [63](#page_67) |
| [**EXHIBIT "A" PURCHASE PRICE ALLOCATION**](#page_71) | [**A-1**](#page_71) |

---

------

<u>**MEMBERSHIP INTEREST PURCHASE AGREEMENT**</u>

**THIS MEMBERSHIP INTEREST PURCHASE AGREEMENT** is made as of the 12<sup>th</sup> day of November, 2025

**BY AND AMONG**:

**U.S. SILVER - IDAHO, INC.**, a corporation existing under the laws of the State of Delaware

(the "**Purchaser**")

- and -

**AMERICAS GOLD AND SILVER CORPORATION**, a corporation existing under the federal laws of Canada

(the "**Purchaser Parent**")

- and -

**CRESCENT SILVER LLC**, a Delaware limited liability company

(the "**Company**")

- and -

**THE MEMBERS OF THE COMPANY LISTED ON THE SIGNATURE PAGES HERETO** 

(each, a "**Member**" and collectively, the "**Members**")

**RECITALS:**

A. The Purchaser Parent is the sole beneficial owner of all of the shares in the capital stock of the Purchaser.

B. The Members collectively own all of the outstanding membership interests (collectively, the "**Company Interests**") in the capital of the Company.

C. The Members wish to sell to the Purchaser, and the Purchaser wishes to purchase from the Members, all of the Company Interests, on the terms and subject to the conditions set out in this Agreement.

**NOW THEREFORE**, in consideration of the foregoing recitals, the respective covenants and agreements of the Parties (as defined below) contained in this Agreement, and for other good and valuable consideration, the receipt and sufficiency of which are acknowledged by each Party, the Parties agree as follows:

------

**ARTICLE 1**<br>**INTERPRETATION**

**1.1 Defined Terms**

For the purposes of this Agreement, unless the context otherwise requires, the following terms shall have the respective meanings set out below, and grammatical variations of such terms shall have corresponding meanings:

"**Acquisition Proposal**" has the meaning set out in Section 8.4;

"**Affiliate**" has the following meaning: an entity (the "**first entity**") is the Affiliate of another entity (the "**second entity**") where the second entity directly or indirectly controls the first entity, or the first entity directly or indirectly controls the second entity or both entities are directly or indirectly controlled by the same Person. For purposes of this definition, "**control**" is the power, whether by Contract or ownership of equity interests, or otherwise, to select a majority of the board of directors, managers or other supervisory management authority of an entity, whether directly or indirectly through a chain of entities that are "controlled" within the foregoing meaning;

"**Allocation**" has the meaning set out in Section 9.4(a)(ii);

"**AML**" has the meaning set out in Section 3.24(b);

"**Anti-Corruption Laws**" has the meaning set out in Section 3.24(a)(i);

"**Authorization**" means, with respect to any Person, any Order, permit, approval, consent, waiver, licence, certificate, registration, decision or similar authorization of any Governmental Entity having jurisdiction over such Person, including, for the avoidance of doubt, all of the Environmental Permits;

"**Balance Sheet Date**" has the meaning set out in the defined term "**Financial Statements**";

"**Business Day**" means any day, other than a Saturday, Sunday or statutory holiday in the Province of Ontario or the State of New York, on which commercial banks in Toronto, Ontario and New York City, New York are open for business;

"**Cash**" means, without duplication, (a) the aggregate actual cash balances (net of any bank overdrafts), as adjusted for any deposits, transfers or payments in transit, any outstanding cheques and any other proper reconciling items, of the Company and its Subsidiaries, plus (b) the aggregate cash equivalents (including marketable securities and short-term investments) of the Company and its Subsidiaries;

"**Cash Consideration**" has the meaning set out in Section 2.2(a)(i);

"**Claim**" means any action, suit, appeal, claim, application, Order, proceeding, grievance, arbitration, appeal, alternative dispute resolution process or other legal proceeding;

"**Closing**" means the closing of the transactions contemplated under this Agreement;

"**Closing AP**" has the meaning set out in Section 2.2(e);

"**Closing AR**" has the meaning set out in Section 2.2(e);

"**Closing Statement Dispute Auditor's Fees**" has the meaning set out in Section 2.3(e);

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"**Closing Cash**" has the meaning set out in Section 2.3(a)(i)(B);

"**Closing Company Debt**" has the meaning set out in Section 2.3(a)(i)(C);

"**Closing Date**" means the date that is two Business Days after the satisfaction or waiver of the last of the closing conditions set out in Article 7, other than those conditions that by their nature are to be (and will be) satisfied on Closing, provided that such date may not be later than the Outside Date;

"**Closing Date Payment**" has the meaning set out in Section 2.3(a);

"**Closing Statement**" has the meaning set out in Section 2.3(a);

"**Closing Statement Dispute Auditor**" has the meaning set out in Section 2.3(b);

"**Closing Statement Dispute Auditor's Fees**" has the meaning set out in Section 2.3(e);

"**Closing Transaction Expenses**" has the meaning set out in Section 2.3(a)(ii)(D);

"**Code**" has the meaning set out in Section 9.4(a)(ii);

"**Commission**" means the United States Securities and Exchange Commission;

"**Company**" has the meaning set out in the preamble to this Agreement;

"**Company Assets**" means all assets owned by the Company, including the Subject Mine Properties;

"**Company Debt**" means, without duplication, the collective aggregate Indebtedness as at the Reference Time; provided, however, that Company Debt shall not include any amounts to the extent included in Company Transaction Expenses, as determined in accordance with this Agreement;

"**Company Interests**" has the meaning set out in the recitals to this Agreement;

"**Company Material Adverse Effect**" means any event, occurrence or development that (i) is, or would reasonably be expected to become, individually or in the aggregate, materially adverse to the business, operations, assets, liabilities or financial condition of the Company and its Subsidiaries, taken as a whole, or (ii) would reasonably be expected to prevent or materially delay or impair the ability of the Company or the Members to perform their obligations under this Agreement or to consummate the transactions contemplated by this Agreement, except that none of the following (alone or in combination), nor any event, occurrence or development, in each case, to the extent arising from the following, shall constitute or be taken into account in determining whether a Company Material Adverse Effect has occurred: (a) general economic, political or regulatory conditions or events in any of the geographical areas in which the Company operates, (b) any change in the financial, banking, credit, debt, currency or capital markets in general (whether in Canada, the United States or any other country or in any international market), including changes in interest rates, commodity prices or raw material prices, (c) conditions generally affecting any industry (or segment thereof) in which the Company operates, (d) labour disruptions, strikes, walkouts, lockouts or similar labour interruptions, (e) acts of God, natural disasters (including hurricanes, earthquakes, tornados, tropical storms or other natural disasters), pandemics or epidemics, (f) acts of war, including the engagement in hostilities or the occurrence of any military or terrorist attack, (g) any changes in Laws or accounting rules or principles, (h) the negotiation, announcement or pendency of the transactions contemplated in this Agreement, the identity of the Purchaser Parties, the disclosure of the fact that the Purchaser is the acquiror of the Company, or (i) any act or omission of the Members or the Company prior to the Closing Date to the extent taken in accordance with the written consent or at the written request of the Purchaser or any Affiliate of the Purchaser, or explicitly required to be taken by this Agreement, provided, however, that, with respect to clauses (a) through (g), such events, occurrences or developments do not have a materially disproportionate adverse impact on the Company and its Subsidiaries compared to other participants in the industry in which the Company and its Subsidiaries conduct their business;

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"**Company Transaction Expenses**" means, without duplication: (a) the aggregate out-of-pocket fees, costs, expenses, disbursements and other costs incurred or otherwise payable in connection with or triggered by the preparation, negotiation, execution and consummation of this Agreement and the transactions completed hereby and not paid prior to Closing by the Company or any of its Affiliates of investment bankers, financial advisors, brokers, legal counsel, accountants, consultants and other advisors, but for greater certainty, excluding the expenses of the Members; (b) all termination payments, severance payments, retirement payments, retention payments, bonuses, change of control payments, payroll costs or other payment or entitlement to any current or former employee, director, officer or contractor for which the Company becomes liable as a result of the execution of this Agreement or the consummation of the transactions hereunder, including the amount of any employer portion of any Tax required to be paid thereon, in each case, that is payable by the Company or an Affiliate or Representative of the Company and which amounts are set forth in Section 1.1 of the Disclosure Letter; provided, that, the foregoing shall not include any severance or termination payments arising from any actions by the Company following the Closing; (c) the costs related to any directors' and officers' liability insurance coverage or other similar payments for which the Company becomes liable as a result of the completion of the transactions contemplated hereby; and (d) 50% of the R&W Expenses; provided that Company Transaction Expenses shall not include any amounts included in Company Debt;

"**Consideration Shares**" means, subject to the approval of the Exchanges, such number of Purchaser Parent Shares equal to the greater of: (a) 11,137,558, and (b) $31,000,000 divided by the closing price of the Purchaser Parent Shares on the NYSE American Exchange on the second trading day immediately preceding the Closing Date, representing the share consideration payable as part of the Purchase Price;

"**Contract**" means any written contract, agreement, indenture, lease, deed of trust, licence, option, instrument or other commitment;

"**Controlled Affiliate**" has the meaning set out in Section 9.5(a);

"**D&O Tail Policy**" has the meaning set out in Section 9.2(b);

"**Damages**" means, in respect of any matter, all damages, losses, liabilities, deficiencies, fines, costs, expenses and judgments (including all reasonable out-of-pocket legal, advisor, expert and other professional fees and disbursements, interest, penalties and amounts paid in settlement) arising as a consequence of such matter, and including, in each case, the cost of enforcing any right to indemnification or payment hereunder;

"**Data Room**" means that certain virtual data room maintained under the name "Crescent Mine" by the Company in connection with this Agreement and the transactions contemplated by this Agreement;

"**Direct Claim**" means any Claim not involving a Third Party Claim made by an Indemnified Party for indemnification under this Agreement;

"**Disclosure Letter**" means the disclosure letter dated as of the date of this Agreement and delivered by the Members to the Purchaser Parties with this Agreement;

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"**Discussion Period**" has the meaning set out in Section 2.3(b);

"**Disputed Items**" has the meaning set out in Section 2.3(b);

"**Encumbrance**" means any pledge, lien (statutory or otherwise), charge, security interest, sublicense (in respect of real property), lease, sublease, title retention Contract, option, privilege, right of first refusal or first offer, royalty, interest in the production or profits from any asset, back-in rights, earn-in rights, mortgage, hypothecation, other similar interest or instrument charging, or creating a security interest in, or against, any title, easement, servitude or right-of-way (registered or unregistered), which materially affects the assets of a Person, and any Contract, right or privilege (whether by Law, Contract or otherwise) capable of becoming any of the foregoing;

"**Environmental Laws**" means all applicable Laws imposing obligations, responsibilities, liabilities or standards of conduct for or relating to: (a) the regulation or control of Hazardous Substances or activities in connection with, or for the protection of, human health or safety, the environment or natural resources (including climate, air, surface water, groundwater, wetlands, land surface, subsurface strata, vegetation or endangered or threatened species), or (b) the use, generation, disposal, reclamation, remediation, treatment, processing, recycling, handling, transport, distribution, destruction, transfer, import, export or sale of Hazardous Substances. The term "**Environmental Law**" includes the following (including their implementing regulations and any state analogs): *Federal Mine Safety and Health Act of 1977* (Public Law 95-164); the *Comprehensive Environmental Response, Compensation, and Liability Act of 1980*, as amended by the *Superfund Amendments and Reauthorization Act of 1986*, 42 U.S.C. §§ 9601 et seq.; the *Solid Waste Disposal Act*, as amended by the *Resource Conservation and Recovery Act of 1976*, as amended by the *Hazardous and Solid Waste Amendments of 1984*, 42 U.S.C. §§ 6901 et seq.; the *Federal Land Policy and Management Act of 1976,* 42 U.S.C. §1751 et. seq; the *Federal Water Pollution Control Act of 1972*, as amended by the *Clean Water Act of 1977*, 33 U.S.C. §§ 1251 et seq.; the *Toxic Substances Control Act of 1976*, as amended, 15 U.S.C. §§ 2601 et seq.; the *Emergency Planning and Community Right-to-Know Act of 1986*, 42 U.S.C. §§ 11001 et seq.; the *Clean Air Act of 1966*, as amended by the *Clean Air Act Amendments of 1990*, 42 U.S.C. §§ 7401 et seq.; and the *Occupational Safety and Health Act of 1970*, as amended, 29 U.S.C. §§ 651 et seq.;

"**Environmental Permits**" means all Authorizations required under Environmental Laws;

"**Estimated Cash**" has the meaning set out in Section 2.2(b)(i)(B);

"**Estimated Closing Date Payment**" has the meaning set out in Section 2.2(b)(ii);

"**Estimated Closing Statement**" has the meaning set out in Section 2.2(b);

"**Estimated Company Debt**" has the meaning set out in Section 2.2(b)(i)(C);

"**Estimated Transaction Expenses**" has the meaning set out in Section 2.2(b)(i)(D);

"**Excess Damages**" has the meaning set out in Section 10.2;

"**Exchange**" means the Toronto Stock Exchange and the NYSE American Exchange;

"**Exchange Act**" means the *Securities Exchange Act of 1934*, as amended, and the rules and regulations promulgated thereunder;

"**Existing Confidentiality Agreement**" has the meaning set out in Section 9.7;

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"**Fraud**" means actual and intentional common law fraud under Delaware law with respect to any representation or warranty set forth in Article 3, Article 4 or Article 5 of this Agreement or in any certificate delivered pursuant to this Agreement;

"**Financial Statements**" means: (a) the unaudited financial statements of the Company for the nine months ended September 30, 2025 (the "**Balance Sheet Date**"), and (b) the unaudited financial statements of the Company for the years ended December 31, 2024 and December 31, 2023, in each case consisting of a statement of financial position, statement of loss and comprehensive loss, statement of changes in equity, and the accompanying statement of cash flows for the periods then ended, and all notes to such financial statements;

"**GAAP**" means United States generally accepted accounting principles, as in effect from time to time.

"**Governmental Entity**" means any domestic or foreign: (a) federal, provincial, state, municipal, local or other government, (b) governmental or quasi-governmental authority of any nature, including any governmental ministry, agency, branch, department, court, commission, board, tribunal, bureau or instrumentality, (c) stock exchange, including each Exchange, or (d) body exercising or entitled to exercise any administrative, executive, judicial, legislative, regulatory or taxing authority or power of any nature;

"**Hazardous Substance**" means any pollutant, contaminant, waste or chemical, or any toxic, radioactive, ignitable, corrosive, reactive or otherwise hazardous or deleterious substance, waste or material, including tailings, hydrogen sulphide, arsenic, cadmium, copper, lead, mercury, petroleum, polychlorinated biphenyls, asbestos and urea-formaldehyde insulation, and any other material, substance, pollutant or contaminant regulated or defined pursuant to, or that could result in liability under, any Environmental Law;

"**Indebtedness**" means, without duplication and with respect to the Company and its Subsidiaries, all (a) indebtedness for borrowed money of the Company and its Subsidiaries, (b) obligations of the Company and its Subsidiaries for the deferred purchase price of property or services, (c) long or short-term obligations of the Company and its Subsidiaries evidenced by notes, bonds, debentures or other similar instruments, (d) obligations of the Company and its Subsidiaries under any interest rate, currency swap or other hedging agreement or arrangement, (e) capital lease obligations of the Company and its Subsidiaries, (f) reimbursement obligations under any letter of credit, banker's acceptance or similar credit transactions, (g) obligations under or with respect to any reclamation bonds, performance bonds or other bonds, financial assurances or guarantees provided by the Company, (h) obligations secured by any Encumbrance existing on any of the Company Assets, (i) any unpaid Company Transaction Expenses, (j) liability for Pre-Closing Taxes, (k) guarantees made by the Company or any Subsidiary on behalf of any third party in respect of obligations of the kind referred to in the foregoing clauses (a) through (j), and (l) any unpaid interest, prepayment penalties, premiums, costs and fees that would arise or become due as a result of the prepayment of any of the obligations referred to in the foregoing clauses (a) through (k), but excluding, in all cases: (i) all obligations and other indebtedness arising from or related to any obligations under any leases of the Company to the extent related to and accruing during the period commencing after the Closing, (ii) Permitted Encumbrances, provided that, with respect to clause (b) of the definition of Permitted Encumbrances, only those obligations disclosed in Section 1.1 of the Disclosure Letter and (iii) any intercompany payables or indebtedness between the Company and any of its Subsidiaries or between Subsidiaries of the Company;

"**Indemnified Party**" has the meaning set out in Section 10.4(a);

"**Indemnifying Party**" has the meaning set out in Section 10.4(a);

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"**Indemnified Taxes**" means (i) any Taxes of the Members; (ii) any Taxes of the Company or any Subsidiary with respect to a Pre-Closing Tax Period or to the pre-Closing portion of any Straddle Period (as determined in accordance with the methodology contained in Section 9.4(c)), and (ii) any Taxes that the Company or any Subsidiary is liable for as a result of being a member of (or leaving) an affiliated, consolidated, combined, or unitary Tax group before the time of Closing, as a transferee or successor, by contract (other than any such customary contracts entered into in the Ordinary Course that do not have a principal purpose related to Taxes), or by operation of Law, in each case as a result of a transaction entered into by the Company or a Subsidiary before the Closing;

"**Insurance Policies**" has the meaning set out in Section 3.26;

"**Intellectual Property**" means domestic and foreign intellectual property rights, including: (a) patents, applications for patents and reissues, divisionals, continuations, renewals, extensions and continuations-in-part of patents or patent applications, (b) copyrights, copyright registrations and applications for copyright registrations, (c) designs, design registrations and design registration applications, (d) trade names, business names, corporate names, domain names, website names, world wide web addresses, common law trademarks, trademark registrations, trademark applications, trade dress and logos, and the goodwill associated with any of the foregoing, and (e) trade secrets and other confidential and proprietary information;

"**Intended Tax Treatment**" has the meaning set out in Section 9.4(a)(i);

"**Interim Period**" means the period between the close of business on the date of this Agreement and the earlier of (a) the Closing or (b) the termination of this Agreement pursuant to the terms of this Agreement;

"**Laws**" means, in respect of any Person, property, transaction or event, any and all applicable: (a) laws, constitutions, treaties, statutes, codes, ordinances, principles of common law, decrees, rules and regulations, whether domestic, foreign or international, and (b) Orders, writs, decisions and directives of any Governmental Entity, in each case binding on or affecting the Person, property, transaction or event;

"**Leased Real Property**" has the meaning set out in Section 3.15(a);

"**Leased Unpatented Claims**" has the meaning set out in Section 3.15(a);

"**List**" means the United States Environmental Protection Agency's National Priorities List (NPL) of Hazardous Substance Sites or Superfund Enterprise Management System (SEMS), or any similar and active list of environmental sites maintained by a United States Governmental Entity;

"**Material Contracts**" has the meaning set out in Section 3.18;

"**Members**" has the meaning set out in the preamble to this Agreement;

"**Member Fundamental Representations**" means the representations and warranties in Sections 3.1 (*Organization and Qualification*), 3.2 (*No Conflict*), 3.5 (*Capitalization*), 3.6 (*No Other Agreements to Purchase*), 3.23 (*Taxes*); 3.27 (*Brokers*), 4.1 (*Organization and Qualification*), 4.2 (*No Conflicts*), 4.3 (*Execution and Binding Obligation*), 4.4 (*Title to Company Interests*) and 4.8 (*No Other Agreements to Purchase*);

"**Objection Notice**" has the meaning set out in Section 2.3(b);

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"**Order**" means any order, injunction, judgment, administrative complaint, decree, ruling, award, assessment, direction, instruction, penalty or sanction issued, filed or imposed by any Governmental Entity or arbitrator;

"**Ordinary Course**" means any transaction or activity that constitutes an ordinary day-to-day business activity of a Person in accordance with, and materially consistent with, its past business practices;

"**Organizational Documents**" means (a) in the case of a Person that is a corporation, its articles or certificate of incorporation and its by-laws, regulations or similar governing instruments required by the Laws of its jurisdiction of formation or organization, (b) in the case of a Person that is a partnership, its articles or certificate of partnership, formation or association, and its partnership agreement (in each case, limited, limited liability, general or otherwise), (c) in the case of a Person that is a limited liability company, its articles or certificate of formation or organization, and its limited liability company agreement or operating agreement, and (d) in the case of a Person that is not a corporation, partnership (limited, limited liability, general or otherwise), limited liability company or natural person, its governing instruments as required or contemplated by the Laws of its jurisdiction of organization;

"**Outside Date**" means the earlier of (a) 45 days from the date of this Agreement, or (b) December 30, 2025;

"**Owned Real Property**" has the meaning set out in Section 3.15(a);

"**Owned Unpatented Claims**" has the meaning set out in Section 3.15(a);

"**Parties**" means, collectively, the Purchaser, the Purchaser Parent, the Company and the Members, and "**Party**" means any one of them;

"**Pass-Through Tax Return**" means any income Tax Return of the Company to the extent that (a) the Company is treated as a partnership for purposes of such income Tax Return and (b) the results of operations shown on such income Tax Return are also reflected (or required to be reflected) on the income Tax Returns of any Member (or its direct or indirect beneficial owners);

"**Permitted Encumbrances**" means:

(a) statutory liens for Taxes, assessments or other governmental charges not yet due and payable, or the amount or validity of which is being contested in good faith by appropriate proceedings and for which adequate provisions have been established on the Financial Statements,

(b) cash or governmental obligations deposited in the Ordinary Course in connection with Contracts, bids, permit fees, reclamation surety or the like, all of which are set forth in Section 1.1 of the Disclosure Letter,

(c) Encumbrances or Claims incidental to current construction carried out in the Ordinary Course, and mechanics', materialmen's, warehousemen's, workers', carriers' and other similar Encumbrances arising or incurred in the Ordinary Course and for amounts not yet delinquent, or if delinquent, being contested in good faith by appropriate actions and for which adequate provisions have been established on the Financial Statements,

(d) all rights reserved to, or vested in, any Governmental Entity by the terms of any patent, lease, licence, franchise, grant or permit held by the Company disclosed in Section 3.10 or Section 3.15 of the Disclosure Letter, or by any statutory provision to terminate any such patent, lease, licence, franchise, grant or permit, or to require annual or periodic payments as a condition of the continuance thereof, or, subject to the Company's and the Members' representations in Section 3.15, to distrain against or to obtain an Encumbrance on any of the Company Assets in the event of failure to make such annual or other periodic payments,

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(e) the lessor's title under any lease in which the Company is the lessee as set forth in Section 3.15 of the Disclosure Letter,

(f) Encumbrances that are due to zoning or subdivision, entitlement and other land use Laws and which individually, or in the aggregate, do not materially impair the use and operation of the Subject Mine Properties as a mine consistent with the Authorizations set forth in Section 3.10 of the Disclosure Letter,

(g) Encumbrances that arise solely by reason of acts of, or with the written approval of, any of the Purchaser Parties or their contractors or Representatives,

(h) easements, rights-of-way, roads, covenants, restrictions and other matters of record in the Office of the Shoshone County Recorder, and which individually, or in the aggregate, do not materially impair the use and operation of the Subject Mine Properties as a mine consistent with the Authorizations set forth in Section 3.10 of the Disclosure Letter,

(i) conflicts among the unpatented mining claims leased and owned by the Company and unpatented mining claims owned by any other Person, and overlaps of the unpatented mining claims leased and owned by the Company onto patented mining claims, fee lands and other lands withdrawn from mineral entry under the *Mining Law of 1872*, as amended,

(j) with respect to the Owned Unpatented Claims and the Leased Unpatented Claims, the paramount title of the United States, the rights of citizens of the United States and other qualified parties to enter onto and use the public lands, and the authority and right of the United States to administer and manage entry onto and use of the public lands,

(k) roads and rights-of-way, if any, existing pursuant to Revised Statute 2477,

(l) all Encumbrances and limitations disclosed in Section 3.10, Section 3.15 or Section 3.17 of the Disclosure Letter and

(m) to the extent released or terminated at or prior to Closing, Encumbrances securing payment of any Indebtedness which is being paid off at the Closing;

"**Person**" means any individual, corporation, legal person, partnership, firm, joint venture, syndicate, association, trust, trustee, limited liability company, unincorporated organization, trust company, Governmental Entity or any other form of entity or organization;

"**Pre-Closing Tax Period**" means any Tax or fiscal period ending on or before the Closing Date;

"**Pre-Closing Taxes**" means any and all unpaid Taxes of the Company or any Subsidiary with respect to a Pre-Closing Tax Period, or the pre-Closing portion of any Straddle Period (as determined in accordance with the methodology contained in Section 9.4(c)), with respect solely to those jurisdictions in which the Company and its Subsidiaries are currently filing Tax Returns and calculated (i) in accordance with the past practices (including filing positions and accounting methods) of the Company and its Subsidiaries, (ii) as of the end of the day on the Closing Date, (iii) by including estimated (or other prepaid) income Tax payments and the right of the Company or its Subsidiaries to any Tax refunds, (iv) by excluding all deferred Tax liabilities and deferred Tax assets, (v) by including Transaction Tax Deductions in such taxable periods (or portions thereof) to the maximum extent permitted by applicable Law and (vi) by excluding any Taxes arising as a result of any actions taken outside the Ordinary Course by Purchaser, Purchaser Parent, the Company or any of their Affiliates on the Closing Date after the Closing;

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"**Purchase Price**" has the meaning set out in Section 2.2(a);

"**Purchase Price Decrease**" has the meaning set out in Section 2.4;

"**Purchase Price Increase**" has the meaning set out in Section 2.4;

"**Purchaser**" has the meaning set out in the preamble to this Agreement;

"**Purchaser Fundamental Representations**" means the representations and warranties in Sections 5.1 (*Organization and Qualification*), 5.2 (*No Conflict*), 5.4 (*Execution and Binding Obligation*), 5.8 (Consideration Shares) and 5.16 (Securities Law Matters);

"**Purchaser Indemnified Parties**" means the Purchaser, the Purchaser Parent and their respective Affiliates and Representatives and, as of and following the Closing, the Company and its Affiliates and Representatives;

"**Purchaser Parent**" has the meaning set out in the preamble to this Agreement;

"**Purchaser Parent Shares**" means common shares of the Purchaser Parent;

"**Purchaser Parties**" means, collectively, the Purchaser and the Purchaser Parent;

"**R&W Expenses**" means all fees, costs and expenses incurred or payable in connection with the procurement of the R&W Insurance Policy (including all Taxes, underwriting fees, brokerage commissions, premiums, and the retention amount with respect to the R&W Insurance Policy); provided, that, fees and expenses of counsel for Purchaser shall not be deemed a R&W Expense;

"**R&W Insurance Policy**" means the "buyer-side" representation and warranty insurance policy from the R&W Insurer;

"**R&W Insurer**" means Euclid Transactional, LLC;

"**Reclamation Bonds**" has the meaning set out in Section 3.17;

"**Reference Time**" means 11:59 p.m. (Eastern time) on the day immediately prior to the Closing Date;

"**Release**" means any release, spill, emission, leaking, pumping, pouring, emitting, emptying, escape, injection, deposit, disposal, discharge, dispersal, dumping, leaching or migration of any Hazardous Substance in the indoor or outdoor environment, including the movement of any Hazardous Substance through or in the air, soil, surface water, ground water or property;

"**Representative**" means, with respect to any Person, such Person's, and each of such Person's Affiliates', officers, directors, managers, employees, agents and representatives;

"**Required Consents**" has the meaning set out in Section 6.1(e);

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"**Restricted Business**" has the meaning set out in Section 9.5(a);

"**Retention**" means the retention amount set forth in the R&W Insurance Policy;

"**Review Period**" has the meaning set out in Section 2.3(b);

"**SEC Reports**" shall have the meaning ascribed to such term in Section 5.11;

"**SEDAR+**" means the System for Electronic Data Analysis and Retrieval +;

"**SEDAR+ Filings**" means all reports, schedules, forms, statements and other ‎documents filed by the Purchaser Parent on SEDAR+ for the twelve months preceding the date hereof;

"**Straddle Period**" means a taxable period beginning on or before and ending after the Closing Date;

"**Straddle Returns**" has the meaning set out in Section 9.4(b);

"**Subject Mine Properties**" means the properties described in Section 3.15(a), including those properties listed and described in Section 3.15(a) of the Disclosure Letter;

"**Subsidiary**" means, with respect to any Person, any corporation, partnership, association or other business entity of which (i) if a corporation, a majority of the total voting power of shares of stock entitled (without regard to the occurrence of any contingency) to vote in the election of directors, managers or trustees thereof is at the time owned or controlled, directly or indirectly, by that Person or one or more of the other Subsidiaries of that Person or a combination thereof, or (ii) if a partnership, association or other business entity, a majority of the partnership or other similar ownership interests thereof is at the time owned or controlled, directly or indirectly, by any Person or one or more Subsidiaries of that Person or a combination thereof;

"**Tax Authority**" means the United States Internal Revenue Service, the Canada Revenue Agency and any other applicable Governmental Entity responsible for the administration, implementation, assessment, determination, enforcement, compliance, collection or other imposition of any Taxes;

"**Tax Notice**" has the meaning set out in Section 9.4(d)(i);

"**Tax Returns**" means any and all returns, reports, information, rebates, credits, elections, designations, schedules, filings or other documents (including any related or supporting information) relating to Taxes filed or required to be filed by any Tax Authority, or pursuant to any applicable Law relating to Taxes, or in fact filed with any Tax Authority;

"**Taxes**" (and individually, a "**Tax**") means any taxes, duties, fees, premiums, assessments, imposts, levies and other charges of any kind imposed by any Tax Authority, including all interest, penalties, fines or additions to tax imposed by any Governmental Entity in respect thereof, and including those levied on, or measured by, or referred to as, income, gross receipts, profits, capital, transfer, land transfer, sales, goods and services, harmonized sales, use, local, value-added, excise, stamp, withholding, business, franchising, property, development, occupancy, employer health, payroll, employment, unemployment health, social services, education, Social Security and Medicare taxes;

"**Territory**" has the meaning set out in Section 9.5(a);

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"**Third Party Claim**" means any Claim that is instituted or asserted by any Person other than a Party or its Affiliates, including a Governmental Entity, against an Indemnified Party, which entitles the Indemnified Party to make a Claim for indemnification under this Agreement;

"**Title Opinion**" means a title opinion covering the Subject Mine Properties, including the ownership and status thereof, in a form to be reasonably agreed to by the Purchaser and the Members;

"**Trading Market**" means any of the following markets or exchanges on which the Purchaser Parent Shares are listed or quoted for trading on the date in question: the NYSE American, The Nasdaq Capital Market, The Nasdaq Global Market, The Nasdaq Global Select Market, or the New York Stock Exchange, (or any successors to any of the foregoing);

"**Transaction Tax Deduction**" means, without duplication and regardless of by whom paid and whether or not paid prior to the Closing, any Tax deduction for U.S. federal income Tax purposes, on at least a "more likely than not basis", resulting from (a) transaction bonuses, change in control payments, severance payments, retention payments, payments in respect of the exercise, termination or cash-out of interests or other compensatory payments made by the Company, in connection with the transactions contemplated by this Agreement (or included as a liability in the Company Debt), including any employment or social security Taxes with respect thereto, (b) the fees, expenses and interest incurred by the Company with respect to the payment of Indebtedness (including, for the avoidance of doubt, amounts treated as interest for U.S. federal income Tax purposes, any breakage fees or accelerated deferred financing fees, whether paid before, at, or after the Closing or included in the Company Debt), (c) the amount of the Company Transaction Expenses (whether paid prior to, at or following the Closing), and (d) all fees, costs and expenses incurred by the Company in connection with or incidental to this Agreement and the transactions contemplated hereby, including any such legal, accounting, transaction, closing and investment banking fees, costs and expenses;

"**Transfer Taxes**" has the meaning set out in Section 9.4(e);

"**TSX**" means the Toronto Stock Exchange;

"**U.S. Securities Act**" means the United States *Securities Act of 1933*, as amended; and

"**Water Rights**" has the meaning set out in Section 3.15(a).

**1.2 Headings, etc.**

The provision of a **Table of Contents**, the division of this Agreement into Articles, Sections and Exhibits, and the insertion of headings, are for convenient reference only and do not affect the interpretation of this Agreement.

**1.3 Currency**

All references in this Agreement to dollars or "$" are expressed in United States currency unless otherwise specifically indicated.

**1.4 Certain Phrases**

In this Agreement, unless otherwise specified:

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(a) the words "including", "includes" and "include" mean "including (or includes or include) without limitation" and all similar variations thereof;

(b) the phrase "the aggregate of", "the total of", "the sum of" or any phrase of similar meaning means "the aggregate (or total or sum), without duplication, of";

(c) the words "Article", "Section" and "Exhibit" followed by a number mean and refer to the specified Article, Section or Exhibit of this Agreement; and

(d) in the computation of periods of time from a specified date to a later specified date, the word "from" means "from and including" and the words "to" and "until" each mean "to but excluding".

**1.5 Knowledge** 

Where any representation or warranty contained in this Agreement is qualified by reference to the knowledge of the Members, it refers to the actual knowledge (following due inquiry) of Roger Gross, without personal liability on his part.

**1.6 Accounting Terms**

All accounting terms not specifically defined in this Agreement are to be interpreted in accordance with GAAP.

**1.7 Disclosure Letter** 

The Disclosure Letter forms an integral part of this Agreement for all purposes of this Agreement. The Disclosure Letter itself is confidential information and may not be disclosed unless: (i) it is required to be disclosed pursuant to Law, unless such Law permits the Parties to refrain from disclosing the information for confidentiality or other purposes, or (ii) a Party needs to disclose it in order to enforce or exercise its rights under this Agreement.

**1.8 References to Persons and Agreements**

(a) Any reference in this Agreement to a Person includes its heirs, administrators, executors, legal representatives, successors and permitted assigns, as applicable.

(b) Except as otherwise provided in this Agreement, the term "**Agreement**" and any reference to this Agreement, or to any other Contract, document or other instrument, includes, and is a reference to, this Agreement or such other Contract, document or other instrument, as the same may have been, or may from time to time be, amended, restated, replaced, supplemented or novated, and includes all schedules hereto or thereto.

**1.9 Statutes**

Except as otherwise provided in this Agreement, any reference in this Agreement to a statute refers to such statute, and all rules and regulations made under such statute, as the same may have been amended, re-enacted or replaced.

**1.10 Non-Business Days**

Whenever payments are to be made, or an action is to be taken, on a day which is not a Business Day, such payment shall be made, or such action shall be taken, on or not later than the next succeeding Business Day.

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**1.11 No Presumption**

This Agreement is the product of negotiation by the Parties, having the assistance of counsel and other advisors. It is the intention of the Parties that no Party shall be presumed to be the drafter of this Agreement and that this Agreement shall not be construed more strictly with regard to one Party than to any other Party.

**1.12 Made Available**

With respect to all materials that are described as having been made available, furnished or delivered to the Purchaser, such materials shall be deemed to have been delivered or made available to the Purchaser if the Members or the Company, or any of their respective Representatives, delivered such materials in written form to either of the Purchaser Parties or posted such materials to the Data Room by 5:00 p.m. (Eastern Time) two (2) Business Days before the date of this Agreement.

**1.13 Exhibits**

Exhibit "A" Purchase Price Allocation

**ARTICLE 2**<br>**PURCHASE AND SALE**

**2.1 Purchase and Sale of the Company Interests**

On the terms and subject to the conditions set forth in this Agreement, at the Closing, the Members shall sell, assign and transfer to the Purchaser, and the Purchaser shall purchase from the Members, all, but not less than all, of the Company Interests free and clear of all Encumbrances.

**2.2 Purchase Price**

(a) Subject to the terms and conditions of this Agreement, the aggregate purchase price (the "**Purchase Price**") payable by the Purchaser to the Members, or as the Members may otherwise direct in writing, for the Company Interests shall be comprised of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) $20,000,000, of which the Members acknowledge that $250,000 has previously been paid by the Purchaser as an upfront payment prior to the date hereof (the "**Cash Consideration**"); <u>plus</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the issuance by the Purchaser Parent of the Consideration Shares.

At the Closing, the Purchaser shall pay the Estimated Company Debt and Estimated Transaction Expenses to the Persons and in the amounts as set forth in the Estimated Closing Statement as such amounts reduce the Cash Consideration being paid to the Members in accordance with Section 2.3.

(b) The Members shall prepare, or cause to be prepared, and the Members shall deliver to the Purchaser Parties, at least three (3) Business Days prior to the Closing Date, the following (collectively, the "**Estimated Closing Statement**"):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) a detailed calculation setting out a good faith best estimate 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;&nbsp;&nbsp;&nbsp;&nbsp;(A) [reserved];

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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;&nbsp;&nbsp;&nbsp;&nbsp;(B) the Cash as of the Reference Time without giving effect to the transactions contemplated by this Agreement ("**Estimated Cash**");

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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 Company Debt as of the Reference Time without giving effect to the transactions contemplated by this Agreement (the "**Estimated Company Debt**"); 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;&nbsp;&nbsp;&nbsp;&nbsp;(D) the Company Transaction Expenses as of the Reference Time without giving effect to the transactions contemplated by this Agreement (the "**Estimated Transaction Expenses**");

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) a detailed calculation of the estimated Closing Date Payment, being an amount equal to the Cash Consideration, as adjusted 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) PLUS the amount equal to the Estimated Cash;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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) MINUS the amount equal to the Estimated Company Debt; 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;&nbsp;&nbsp;&nbsp;&nbsp;(C) MINUS the amount equal to the Estimated Transaction Expenses,

(collectively, such amount, as adjusted, the "**Estimated Closing Date Payment**"); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) a certificate of an officer of each of the Members dated as of the date of delivery of the Estimated Closing Statement certifying that: (i) the Estimated Cash, the Estimated Company Debt and the Estimated Transaction Expenses, are good faith best estimates as of the Reference Time without giving effect to the transactions contemplated by this Agreement; (ii) the Estimated Cash, the Estimated Company Debt and the Estimated Transaction Expenses have been calculated on a basis consistent with this Agreement; and (iii) the officer of such Member does not have any reason to believe that the Estimated Closing Statement is incorrect or contains any material inaccuracy.

(c) The Purchaser shall have the right to review the financial books and records of the Company and the Members, as applicable, relevant to the preparation of the Estimated Closing Statement. The Estimated Closing Statement shall be subject to review and comment by the Purchaser. The Members shall consider in good faith all comments in respect of the Estimated Closing Statement delivered by the Purchaser, acting in good faith, to the Members at least one Business Day prior to the Closing Date. On agreement of the Purchaser and the Members with respect to the Purchaser's comments to the Estimated Closing Statement, the Estimated Closing Statement shall be deemed to be amended as may be necessary to reflect the agreement of the Purchaser and the Members. The Members and the Purchaser shall use their best efforts to resolve any material disagreements prior to Closing; however, if the Purchaser and the Members are unable to agree upon any amendments to the Estimated Closing Statement with respect to the Purchaser's comments thereto prior to Closing, then the Estimated Closing Statement delivered by the Members to the Purchaser (adjusted to the extent mutually agreed) shall apply.

(d) The Purchase Price shall be satisfied at the Closing by: (i) the payment by the Purchaser or the Purchaser Parent of the Estimated Closing Date Payment by wire transfer of immediately available funds to the accounts designated by the Members to the Purchaser, in writing, at least two Business Days prior to the Closing Date; (ii) the delivery by the Purchaser Parties to the Members (or, at their request, to their prime brokers) of the Consideration Shares; and (iii) payment of the Estimated Company Debt and Estimated Transaction Expenses to the Persons and in the amounts as set forth in the Estimated Closing Statement.

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(e) Concurrently with the delivery of the Estimated Closing Statement, the Members shall deliver to the Purchaser Parties a statement which reflects, on the one hand, the accounts receivable of the Company as of the Reference Time (the "**Closing AR**") and, on the other hand, the accounts payable and accrued vacation of the Company as of the Reference Time (the "**Closing AP**"), on the other hand. There shall be no adjustment, upward or downward, to the Cash Consideration unless (y) the Closing AR exceeds the Closing AP by more than $100,000, in which case only such excess amount shall be added to the Cash Consideration and paid to the Members or (z) the Closing AP exceeds the Closing AR by more than $100,000, in which case only such excess amount shall result in a reduction to the Cash Consideration. If, during the thirty (30) day period following the Closing, it is determined there are any manifest errors in such statement, then the parties will work together, in good faith, to correct such errors and, once corrected, to recalculate whether there would be any adjustment to the Cash Consideration pursuant to the second sentence of this Section 2.2(e).

**2.3 Closing Statement**

(a) Within ninety (90) days following the Closing Date, the Purchaser Parties shall prepare and deliver to the Members the following (collectively the "**Closing Statement**"), setting forth:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) a detailed calculation 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;&nbsp;&nbsp;&nbsp;&nbsp;(A) [reserved];

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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 Cash as of the Reference Time without giving effect to the transactions contemplated by this Agreement ("**Closing Cash**");

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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 Company Debt as of the Reference Time without giving effect to the transactions contemplated by this Agreement (the "**Closing Company Debt**"); 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;&nbsp;&nbsp;&nbsp;&nbsp;(D) the Company Transaction Expenses as of the Reference Time without giving effect to the transactions contemplated by this Agreement (the "**Closing Transaction Expenses**");

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) a calculation of the final Closing Date Payment to the Members being the amount 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) the Cash Consideration;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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) PLUS the Closing Cash;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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) MINUS the Closing Company Debt; 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;&nbsp;&nbsp;&nbsp;&nbsp;(D) MINUS the Closing Transaction Expenses;

(collectively, such amount, as adjusted, the "**Closing Date Payment**"); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) a certificate of an officer of each of the Purchaser Parties dated as of the date of delivery of the Closing Statement certifying that: (i) the Closing Cash, the Closing Company Debt and the Closing Transaction Expenses is a good faith best estimate as of the Reference Time without giving effect to the transactions contemplated by this Agreement; (ii) the Closing Cash, the Closing Company Debt and the Closing Transaction Expenses have been calculated on a basis consistent with this Agreement; and (iii) the officer of the Purchaser does not have any reason to believe that the Closing Statement is incorrect or contains any material inaccuracy.

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(b) The Members shall have 30 days from receipt of the Closing Statement (the "**Review Period**") within which to review the Closing Statement. During the Review Period, the Purchaser will cause the Company to provide the Members and their authorized Representatives with reasonable access, during normal business hours and upon reasonable advance notice, to the personnel and financial books and records in the possession or control of the Company for the purpose of enabling the Members to review the Closing Statement. If the Members acting in good faith dispute any matters set out in the Closing Statement, then the Members may deliver written notice (an "**Objection Notice**") to the Purchaser Parties within the Review Period setting forth in reasonable detail the particular items or amounts in the Closing Statement to which the Members object (the "**Disputed Items**"). If the Members do not deliver an Objection Notice to the Purchaser Parties within the Review Period, then the Members shall be deemed to have accepted the Closing Statement and the Purchaser Parties' determination of the Purchase Price and its components shall be final, conclusive and binding upon all of the Parties. Any item or amount to which no dispute is raised in an Objection Notice delivered to the Purchaser Parties within the Review Period shall be final, conclusive and binding upon all of the Parties. If the Members deliver an Objection Notice to the Purchaser Parties within the Review Period, then: (i) the Purchaser Parties and the Members shall negotiate expeditiously and in good faith in an attempt to resolve all of the Disputed Items within 15 days of receipt of the Objection Notice (or such other time as the Purchaser Parties and the Members may agree) (the "**Discussion Period**") and (ii) all items and amounts in the Closing Statement, other than the Disputed Items, shall be deemed to have been accepted by the Members. If all Disputed Items are not resolved within the Discussion Period, the Purchaser Parties and the Members shall within 10 days following the end of the Discussion Period agree on the appointment of the New York office of an international independent accounting firm which shall act as an expert and not an arbitrator (the "**Closing Statement Dispute Auditor**") to resolve the remaining items in dispute, provided, however, that the Closing Statement Dispute Auditor shall not be any Person who has been retained by any of the Parties, the Company or their respective Affiliates to provide audit, accounting or advisory services to any of the foregoing (as applicable) during the three year period prior to the Closing Date. If the Purchaser Parties and the Members fail to agree upon the Closing Statement Dispute Auditor within such period, either may apply to the courts of the State of Delaware to appoint the Closing Statement Dispute Auditor.

(c) Within 10 Business Days of the appointment of the Closing Statement Dispute Auditor, the Purchaser Parties and the Members shall furnish to the Closing Statement Dispute Auditor those working papers, schedules and other documents, accounting books and records and information relating to the Disputed Items that are available to the Purchaser Parties and the Members or their respective Representatives as the Closing Statement Dispute Auditor may require together with their respective written statements in support of their respective positions with respect to the Disputed Items. Within two Business Days following receipt of such submissions, the Closing Statement Dispute Auditor shall deliver such submissions to the Purchaser Parties and the Members, as the case may be. The Purchaser Parties and the Members shall each be allowed one opportunity to respond to the submissions of the Purchaser Parties and the Members, as the case may be, within 10 Business Days of the receipt of such submissions from the Closing Statement Dispute Auditor. The Purchaser Parties and the Members shall instruct the Closing Statement Dispute Auditor that: (i) time is of the essence in proceeding with its determination of the Disputed Items and the Closing Statement Dispute Auditor shall use its best efforts to deliver the decision of the Closing Statement Dispute Auditor with respect to the Disputed Items within 15 Business Days following receipt of the responses (if any) to the initial submissions from the Purchaser Parties and the Members, and (ii) in making its determination of the Disputed Items, the Closing Statement Dispute Auditor may not award to the Purchaser Parties or the Members (as applicable) an amount greater than the amount asserted by the Purchaser Parties or the Members (as applicable). The Closing Statement Dispute Auditor's decision, absent any fraud or manifest error or prior agreement of the Purchaser Parties and the Members otherwise, shall be final and binding on the Purchaser Parties and the Members with no rights of challenge, review or appeal to the courts in any manner. The Closing Statement Dispute Auditor, in making its determination of the Disputed Items, will be acting as an expert and not as an arbitrator and will not be required to engage in a judicial inquiry worked out in a judicial manner.

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(d) On agreement of the Purchaser Parties and the Members, or the decision of the Closing Statement Dispute Auditor, as the case may be, with respect to the Disputed Items, the Closing Statement shall be deemed to be amended as may be necessary to reflect the agreement of the Purchaser Parties and the Members or the decision of the Closing Statement Dispute Auditor, as the case may be, and in this event, all references in this Agreement to the Closing Statement shall be deemed to be references to the Closing Statement as so amended.

(e) Subject to this Section 2.3(e), the Purchaser Parties and the Members shall each be responsible for its own costs and expenses in connection with the preparation and review of the Closing Statement and the calculations contained therein and the settlement of any Disputed Items. The fees and expenses of the Closing Statement Dispute Auditor pursuant to this Section 2.3 (the "**Closing Statement Dispute Auditor's Fees**") will be borne by the Purchaser Parties and the Members based upon the percentage which the aggregate portion of the contested amounts of the Disputed Items not awarded to the Purchaser Parties and the Members, as the case may be, bears to the aggregate amount actually contested by the Purchaser Parties or the Members, as the case may be. For example, if the Members deliver an Objection Notice in which the Disputed Items claims the Purchase Price is $100,000 greater than the amount determined by the Purchaser Parties in the Closing Statement, and the Purchaser Parties contest only $50,000 of the amount claimed by the Members, and if the Closing Statement Dispute Auditor ultimately resolves the dispute by awarding the Members $30,000 of the $50,000 contested, then the Closing Statement Dispute Auditor's Fees will be allocated 60% (i.e. $30,000 ÷ $50,000) to the Purchaser Parties and 40% (i.e. $20,000 ÷ $50,000) to the Members.

**2.4 Purchase Price Adjustments**

(a) If based on the Closing Statement, as finally determined, the Closing Date Payment is less than the Estimated Closing Date Payment, then the Purchase Price shall be adjusted downward by the full amount of such difference (the "**Purchase Price Decrease**"), and if the Closing Date Payment is greater than the Estimated Closing Date Payment, then the Purchase Price shall be adjusted upward by the full amount of such difference (the "**Purchase Price Increase**").

(b) If the Closing Statement, as finally determined, indicates a Purchase Price Decrease, within five Business Days following the Purchase Price Adjustment Date, the full amount of the Purchase Price Decrease shall be paid by the Members by wire transfer of immediately available funds to the Purchaser as the Purchaser may direct the Members in writing.

(c) If the Closing Statement, as finally determined indicates a Purchase Price Increase, within five Business Days following the Purchase Price Adjustment Date, the full amount of the Purchase Price Increase shall be paid by the Purchaser or the Purchaser Parent by wire transfer of immediately available funds to the Members as the Members may direct the Purchaser in writing.

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**2.5 Withholding Taxes**

Each of Purchaser and Purchaser Parent, and their respective Affiliates and agents, shall be entitled to deduct and withhold from any amounts otherwise payable pursuant to this Agreement to any Person such amounts as may be required to be deducted or withheld with respect to the making of such payment under the Code or any other applicable provision of applicable Laws; provided, that the applicable payor shall use commercially reasonable efforts to (i) give the applicable Person with respect to which such deduction or withholding is anticipated at least three (3) days prior written notice of such anticipated deduction or withholding together with the legal basis therefor, and (ii) cooperate with such Person in good faith to reduce or eliminate any such deduction or withholding to the extent permitted under applicable Laws. To the extent that amounts are so withheld, such withheld amounts shall be treated for all purposes of this Agreement as having been paid to the Person in respect of which such deduction and withholding is made, provided the withheld amounts are timely remitted to the appropriate Governmental Entity. The Parties hereby agree that any such deduction or withholding shall first be made in respect of the cash consideration payable pursuant to Section 2.2(a)(i) hereof. Notwithstanding any provision in this Agreement to the contrary, if a Member delivers the certificate described in Section 9.4(f) or a Form W-9 to the Purchaser, then any and all payments to such Member which constitute payment in respect of the Company Interests for applicable U.S. federal income Tax purposes pursuant to this Agreement shall be made free and clear of any U.S. federal income Tax deduction or withholding, or offset therefrom.

**ARTICLE 3**<br>**REPRESENTATIONS AND WARRANTIES OF THE MEMBERS REGARDING THE COMPANY**

The Company and each Member, severally and jointly, represent and warrant to the Purchaser, and acknowledge that the Purchaser is relying on such representations and warranties in connection with the sale by the Members of the Company Interests and the transactions contemplated by this Agreement, that, as at the Closing:

**3.1 Organization and Qualification** 

The Company is a limited liability company, formed and existing under the Laws of the State of Delaware, and has all necessary limited liability company power, authority and capacity to own, operate or lease the Company Assets and to carry on its business as presently conducted. The Company is duly qualified, licensed or registered to conduct business, and is in good standing, in each jurisdiction in which the Company Assets are located or it conducts business.

**3.2 No Conflict**

The execution and delivery of, and performance by the Company and each Member of, this Agreement, and the consummation of the transactions contemplated hereby:

(a) do not and will not constitute or result in a breach or a violation of, a default under, or conflict with, or allow any Person to exercise any rights under, any of the terms or provisions of the Organizational Documents of the Company;

(b) do not and will not constitute or result in a breach or a violation of, a default under, or an event that, with or without notice or lapse of time or both, would result in the acceleration of, or create in any party the right to accelerate, terminate, modify or cancel, or allow any Person to exercise any rights under, any Material Contract to which the Company is a party, or any Authorization held by the Company;

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(c) do not and will not result in the creation or imposition of any Encumbrance (other than Permitted Encumbrances) on any of the Company Assets; and

(d) do not and will not result in the violation of any Law applicable to the Company in any material respect.

**3.3 Regulatory Authorizations**

Except as set forth in Section 3.3 of the Disclosure Letter, no filing or application with, notice to or any Authorization of, any Governmental Entity is required on the part of the Company as a condition to the lawful completion of the transactions contemplated by this Agreement.

**3.4 Required Consents**

The execution, delivery, and performance by the Company of this Agreement, and the consummation of the transactions contemplated hereby, do not and will not require the consent, approval or waiver of, or notice to, any Person under any Contract to which the Company is party.

**3.5 Capitalization**

Section 3.5 of the Disclosure Letter sets forth the authorized and issued membership interests of the Company. At the Closing, the Company Interests shall constitute all of the membership interests and other securities in the capital of the Company. All of the Company Interests have been duly and validly issued and are outstanding as fully paid. Other than the Company Interests, there are no other equity interests issued or outstanding of, or reserved for issuance with respect to, the Company. The Company Interests were issued in compliance with applicable Laws, were not issued in violation of the Organizational Documents of the Company or any other Contract to which each Member or the Company is a party, and are not subject to or in violation of any pre-emptive or similar rights of any Person. Other than the Organizational Documents of the Company made available to Purchaser, there are no voting trusts, proxies or other agreements or understandings in effect with respect to the voting or transfer of any the Company Interests to which the Company is a party.

**3.6 No Other Agreements to Purchase**

No Person has, and there is no outstanding or authorized, written or oral Contract, option or warrant, convertible security or any other right or privilege capable of becoming such (whether by Law, pre-emptive or contractual right granted by the Company), for the purchase, subscription, allotment or issuance of the Company Interests or any unissued membership interests or other equity securities of the Company or any of its Subsidiaries.

**3.7 Company Records**

The Company has maintained its company records in accordance with, in all material respects, all applicable statutory requirements, and such records are complete and accurate in all material respects.

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**3.8 Absence of Certain Changes or Events**

Since the Balance Sheet Date, other than the transactions contemplated by this Agreement: (a) or as set forth in Section 3.8 of the Disclosure Letter, the Company has not carried on any business other than owning, maintaining, exploring and developing the Subject Mine Properties, negotiating and entering into this Agreement and the transactions contemplated by this Agreement, and activities necessarily incidental thereto; (b) the Company has not transferred any material Company Assets or changed any of its Authorizations (or any applications for any Authorizations), other than in the Ordinary Course; (c) the Company has not suffered or imposed any Encumbrance, other than Permitted Encumbrances, upon any of the Company Assets; (d) the Company has not experienced any material damage or loss to the Company Assets; (e) the Company has not failed to promptly pay and discharge any material current liabilities; (f) the Company has not agreed to or committed to do any of the foregoing; (g) the Company and its Subsidiaries have not changed any Tax elections, other than in the Ordinary Course, or any accounting methods or entered into any closing agreement, settlement or compromise of any Tax claim or any assessment or initiation of any voluntary disclosure or similar process; (h) the Company and its Subsidiaries have not incurred any liabilities relating to Taxes other than in the Ordinary Course; (i) the Company and its Subsidiaries have not extended or waived any limitation period relating to any Tax claim or assessment for any Taxes, filed any Tax Return that was prepared in a manner which is materially inconsistent with past practices of the Company or such Subsidiary, as applicable, or filed any amended Tax Returns; (j) the Company and its Subsidiaries have not surrendered any right to claim a refund of Taxes; and (k) there have not been any events that, individually or in the aggregate, with or without the lapse of time, would reasonably be expected to result in a Company Material Adverse Effect.

**3.9 Compliance with Laws**

The Company is, and has been, conducting its operations in compliance in all material respects with all applicable Laws.

**3.10 Authorizations**

The Company is qualified, licensed or registered to carry on business in the jurisdictions listed in Section 3.10 of the Disclosure Letter. Section 3.10 of the Disclosure Letter lists all current Authorizations and pending applications for any Authorizations necessary for the Company to own the Company Assets and conduct its business and operations as presently conducted in all material respects. Such Authorizations are valid, subsisting and in good standing, and in full force and effect, and there are no outstanding material defaults or breaches under any such Authorizations on the part of the Company. No event has occurred that, with or without notice or lapse of time or both, would reasonably be expected to result in the revocation, suspension, lapse or limitation of any Authorization or pending applications for any Authorizations set forth in Section 3.10 of the Disclosure Letter.

**3.11 Subsidiaries**

Except as set forth on Section 3.11 of the Disclosure Letter, the Company does not own shares or other ownership, equity, partnership, joint venture or proprietary interests in any other Person. Except as set forth on Section 3.11 of the Disclosure Letter, the Company beneficially owns, directly or indirectly, all of the issued and outstanding membership interests or shares (as applicable) in the capital of its Subsidiaries, free and clear of all Encumbrances (other than those set forth on Section 3.11 of the Disclosure Letter), and the Company is entitled to the full beneficial ownership of all membership interests or shares (as applicable) in its Subsidiaries. All of such membership interests and shares in the capital of the Company's Subsidiaries have been duly authorized and validly issued and, to the extent applicable, are outstanding as fully paid and non-assessable shares. None of the outstanding securities of any of the Company's Subsidiaries were issued in violation of the pre-emptive or similar rights of any security holder of such Subsidiaries. There exist no options, warrants, purchase rights, or other contracts or commitments that could require the Company to sell, transfer or otherwise dispose of any securities of any Subsidiary.

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**3.12 Intellectual Property**

(a) Except as set forth on Section 3.12 of the Disclosure Letter, the Company does not own any registrations, nor has it submitted any applications for registration, for any Intellectual Property.

(b) The Intellectual Property the Company owns or has the right to use is, to the knowledge of the Members, complete and materially sufficient to operate, conduct and maintain all aspects of its business, as such business is presently operated, conducted and maintained.

**3.13 Financial Statements** 

The Members and the Company have made available to the Purchaser copies of the Financial Statements. The Financial Statements have been prepared in accordance with GAAP on a basis consistent with the preceding periods. Each of the Financial Statements:

(a) present fairly, in all material respects, the assets, liabilities (whether accrued, absolute, contingent or otherwise), the financial position of the Company (and the changes in financial position, if any) and the results of operations of the Company (and any changes in operations, if any) as at the respective dates of the Financial Statements and for the periods covered by the Financial Statements; and

(b) do not contain or reflect any material inaccuracies or discrepancies.

Except as required by GAAP, there has been no change in the accounting policies of the Company since December 31, 2024.

**3.14 Liabilities**

As of the Closing Date, the Company shall have no Indebtedness other than as set forth on Section 3.14 of the Disclosure Letter. Except as reserved against in the balance sheet for the financial statements of the Company for the nine (9) months ending on the Balance Sheet Date, there are no material liabilities or obligations of or material claims of any kind of or against the Company or any of its Subsidiaries or its business, other than any liabilities, obligations or claims: (i) incurred since the Balance Sheet Date in the Ordinary Course (none of which is a liability resulting from a breach of contract, breach of warranty or tort); or (ii) reserved for on the Financial Statements or disclosed in the notes thereto.

**3.15 Properties and Mineral Rights** 

(a) The Subject Mine Properties constitute all of the following: (i) the Company's and its Subsidiaries' interest in all fee tracts and patented mining and millsite claims owned by the Company and its Subsidiaries, including those identified on Section 3.15.A. of the Disclosure Letter, and all mineral reserves and rights, surface rights and improvements located on such real property (collectively, the "**Owned Real Property**"), (ii) all unpatented mining claims owned by the Company and its Subsidiaries, including those identified on Section 3.15.B. of the Disclosure Letter (the "**Owned Unpatented Claims**"), (iii) all water rights and water leases owned by the Company, including those identified on Section 3.15.C. of the Disclosure Letter (the "**Water Rights**"), (iv) all real property and patented mining claims leased by the Company and its Subsidiaries, including those identified on Section 3.15.D. of the Disclosure Letter (the "**Leased Real Property**"), (v) all unpatented mining claims leased by the Company, including those identified on Section 3.15.E. of the Disclosure Letter (the "**Leased Unpatented Claims**"), (vi) the Company's joint venture interest in and to the New Jersey Mill as set forth under that certain Venture Agreement with the New Jersey Mining Company dated January 7, 2011, and (vii) all easements and rights of way owned by the Company, including those identified on Section 3.15.F. of the Disclosure Letter. The Company has not created or consented to any Encumbrance on the Subject Mine Properties arising by, through or under the Company, other than Permitted Encumbrances. Other than the Subject Mine Properties, the Company does not own or have any interest in any fee tracts, patented mining or millsite claims, unpatented mining claims, water rights or water leases, or any mineral interests and rights.

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(b) The Company or its Subsidiaries own and have valid title to: (i) all of the Owned Real Property, (ii) all of the Owned Unpatented Claims, (iii) all of the Water Rights, and (iv) the leasehold interests in all of the Leased Real Property and in all of the Leased Unpatented Claims, in each and all cases, free and clear of all Encumbrances, except for Permitted Encumbrances.

(c) There is no material adverse Claim against, or challenge to the title or ownership of, the Subject Mine Properties, except for any applicable Permitted Encumbrances. The Company has not received any written notice from any Governmental Entity of any revocation or intention to revoke any interest of the Company in the Subject Mine Properties.

(d) Except as set forth on Section 3.15(d) of the Disclosure Letter, none of the Subject Mine Properties is subject to a partnership, joint venture or other analogous arrangement.

(e) The use of the Subject Mine Properties and any improvements located thereon conformed to all material applicable building, zoning, safety and subdivision Laws, and all restrictive covenants, restrictions and conditions affecting title thereto. The Company has all Authorizations from Governmental Entities necessary for the current use of the Subject Mine Properties and all improvements located thereon.

(f) The Company has not received notice of any pending or threatened condemnation, expropriation, eminent domain or similar proceeding affecting all or any portion of the Subject Mine Properties, nor has any notice or proceeding in respect thereof been given to the Members or the Company or commenced, nor do the Members know of any intent or proposal to give any such notice or commence any such proceeding.

(g) The Subject Mine Properties, as a whole, have permanent access and ingress and egress to and from the property by one or more publicly useable roads.

(h) With respect to each unpatented mining claim constituting the Subject Mine Properties, subject to the paramount title of the United States, the rights of citizens of the United States and other qualified parties to enter onto and use the public lands and the authority and right of the United States to administer and manage entry onto and use of the public lands: (i) to the knowledge of the Members, all such claims were located, staked, filed and recorded on available public domain land in compliance with all applicable Laws, (ii) all claim maintenance fees required to be paid under federal Law in lieu of the performance of assessment work in order to maintain the claims have been timely and properly paid and affidavits or other notices evidencing such payments and the owner's intent to hold the claims as required under applicable Laws have been timely and properly filed and recorded, (iii) neither the Members nor the Company has received notice of any, and there are no, Claims pending or to the knowledge of the Members threatened against or affecting any of the claims, and (iv) the claims are in good standing with respect to all applicable Governmental Entities.

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(i) (i) except as set forth in Section 3.15(i) of the Disclosure Letter there are no leases, tenancies, licenses or other Contracts, or any subleases or assignments of leases by tenants pursuant to which a third party has or would, through action by the Company, have the right of possession, occupancy or use of the Subject Mine Properties, (ii) each material lease under which the Company leases any of the Leased Real Property or any of the Leased Unpatented Claims is valid and in full force and effect, (iii) the Company is not currently in default under, and there is not any existing condition or event which, with the giving of notice or lapse of time or both, reasonably would be expected to cause the Company to be in default under, any such material lease, (iv) to the knowledge of the Members, there is not any existing default, violation or breach by the lessor of any such material lease, (v) there is no renegotiation of, or attempt to renegotiate, any material terms of any such material lease, and no party to any such material lease has made written demand to the Company for such renegotiation, and (vi) no party to any such material lease has threatened in writing to the Company to take a position regarding the interpretation or application of any material term of any such material lease that is reasonably expected to result in a material litigation or material dispute.

(j) [reserved]

(k) [reserved]

(l) The Company has paid in full all rentals and other payments due and required to be paid relating the Subject Mine Properties under any material Authorization, applications for any pending Authorizations or Material Contract.

(m) The Company Assets are sufficient for the continued conduct of the business and operations of the Company immediately after the Closing in substantially the same manner as conducted prior to the Closing and constitute all of the rights, property and assets necessary to conduct the business and operations of the Company as currently conducted.

(n) The Members have no knowledge of any material title defects in the Subject Mine Properties.

**3.16 Environmental**

(a) (i) the Company has been in possession of, and in material compliance with, all Environmental Permits that are required to own or lease the Subject Mine Properties and to maintain the Subject Mine Properties as maintained as of the Closing Date, and (ii) the Company has been in compliance in all material respects with Environmental Laws;

(b) no activities have been carried out by the Members or the Company that have caused the material Release of any Hazardous Substance on, from or under any of the Subject Mine Properties;

(c) the Company has not treated, stored, manufactured, transported, handled, disposed, arranged for or permitted the disposal of, exposed any Person to, or, except as disclosed in Section 3.16(c) of the Disclosure Letter, released, any Hazardous Substance, so as to give rise to any material liability pursuant to any Environmental Laws;

(d) except as disclosed in Section 3.16(d) of the Disclosure Letter, neither the Members nor the Company has received any request for information, notice, demand letter, administrative inquiry, investigation, complaint or Claim with respect to environmental, health or safety matters relating to the Company or Company Assets and which may require any material work, repairs, construction or expenditures, or which relate to any actual or alleged material violation of any Environmental Law or Environmental Permit;

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(e) there are no changes in the status, terms or conditions of any Environmental Permits held by the Company, nor any renewal, modification, revocation, reassurance, alteration, transfer or amendment of any such Environmental Permits, that are required in connection with the execution or delivery of this Agreement or the consummation of the transactions contemplated in this Agreement;

(f) except as disclosed in Section 3.16(f) of the Disclosure Letter, none of the Subject Mine Properties are listed on a List, nor have the Members or the Company received any notice that any of the Subject Mine Properties are being considered for inclusion on a List;

(g) each of the Members and the Company has provided the Purchaser Parties with all material assessments, audits, reports and other documents in its possession or under its control, relating to material environmental conditions, including Hazardous Substances, at, on, under or emanating from, or otherwise associated with, the Company Assets; and

(h) neither the Company nor the Members has retained or assumed, by Contract or operation of Law, any material liabilities or obligations of third parties under Environmental Law.

(i) Section 3.16(i) of the Disclosure Letter contains a complete and accurate list of all active, closed or abandoned aboveground or underground storage tanks owned or operated by the Company.

**3.17 Reclamation Bonds**

There are no outstanding surety instruments, reclamation bonds, letters of credit, guarantees, certificates of deposit, cash deposits and other instruments, accounts and arrangements provided or maintained by, or for the benefit of, the Company, the Members or any Affiliate of the Company or the Members in respect of the operation, closure, reclamation or remediation of the Subject Mine Properties (collectively, "**Reclamation Bonds**"). To the knowledge of the Members, there are no facts or circumstances that would result in any Reclamation Bonds being required to be posted by the Purchaser or the Company with any Governmental Entity in respect of the Subject Mine Properties.

**3.18 Material Contracts**

Section 3.18 of the Disclosure Letter contains a list of all Contracts to which the Company is a party, or is bound by, that (collectively, the "**Material Contracts**"):

(a) provide for the expenditure of $100,000 or more during any twelve-month period;

(b) have a term of one year or more and cannot be cancelled on notice of 30 days or less;

(c) relates to Indebtedness of the Company or its Subsidiaries, whether incurred, assumed, guaranteed or secured by any asset or by providing for a guarantee, support or indemnification, assumption or endorsement, or any similar commitment by the Company of any other Person, including any trust indenture, mortgage, hypothec, promissory note, debenture, loan agreement, guarantee or other Contract for the borrowing of money or a leasing transaction of the type required to be capitalized in accordance with GAAP;

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(d) any agreement of guarantee, support, indemnification, assumption or endorsement of, or any other similar commitment with respect to, the liabilities, obligations, indebtedness, or commitments (whether accrued, absolute, contingent or otherwise) of any Person;

(e) (i) limit or restrain the Company from engaging or competing in any lines of business with any other Person other than routine confidentiality and nondisclosure agreements entered into in connection with the possible acquisition of another business, (ii) grant any exclusive or preferential rights to provide, sell or distribute any of the products of the Company, (iii) grant "most favored nation" status to any Person, (iv) contain "requirements" provisions or other provisions obligating the Company to purchase or obtain a minimum or specified amount of any product or service from any Person, or (v) limit or restrain the Company from soliciting any Person for any reason or contain a "standstill" or similar provision;

(f) relate to any acquisition to be made by the Company of any operating business or the equity interests of any other Person;

(g) relate to joint ventures, strategic alliances, partnerships or sharing of profits;

(h) grant any royalty or other interest in the Subject Mine Properties or the production or proceeds therefrom;

(i) involves a right of first refusal, right of first offer, warrant, option, call, commitment or plan or agreement of any kind that would enable any Person to purchase or otherwise acquire any equity in the capital of the Company;

(j) are with any Governmental Entity;

(k) are for the purchase or sale of minerals;

(l) are for the transportation of minerals (truck or rail);

(m) which has or could have a Company Material Adverse Effect, including any contract which if terminated or modified, could have a Company Material Adverse Effect; or

(n) is otherwise material to the conduct of the business of the Company and its Subsidiaries, taken as a whole.

Each Material Contract is in full force and effect and is unamended and constitutes a legal, valid and binding agreement of the Company, enforceable against the Company in accordance with its terms, and, to the knowledge of the Members, against each other party or parties thereto. Neither the Company, nor to the knowledge of the Members, the counterparty to such Material Contract, is in violation, breach or default under any such Material Contract, and there exists no condition or event which, with the giving of notice or lapse of time or both, reasonably would be expected to cause the Company, or to the knowledge of the Members, any other party or parties, to be in default under any such Material Contract. The Members have not proposed, and to the knowledge of the Members, no counterparty to any Material Contract has proposed, the renegotiation of any material terms of any Material Contract, and no party to a Material Contract has made a demand to the Company for such renegotiation. No party to a Material Contract has threatened in writing to take a position regarding the interpretation or application of any term of such Material Contract that is reasonably expected to result in dispute resolution or litigation. No Material Contract includes any change of control provision or other provision which would require or give rise to a payment by the Company to any Person in connection with the transactions contemplated by this Agreement. Neither the Company nor the Members have received any notice of the intention of any counterparty to any Material Contract to: (i) terminate or amend or change the scope of rights or obligations under any Material Contract; (ii) materially reduce or alter its usage of the services or products of the Company; (iii) materially reduce or alter the frequency or volume of purchase orders (or similar documents) submitted to the Company; (iv) fail or refuse to renew any Material Contract; or (v) file for bankruptcy or voluntarily or involuntarily enter into insolvency proceedings under any state, federal or other jurisdictions. The Members and the Company have made available to the Purchaser true, accurate and complete copies of all of the Material Contracts, together with all amendments, modifications and supplements thereto.

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**3.19 Employees and Employee Plans**

Section 3.19 of the Disclosure Letter sets out the names and positions of all employees of the Company. The Company is not a party to, nor bound by, any collective bargaining agreement or, except as set forth on Section 3.19 of the Disclosure Letter, any employment Contract, nor has the Company maintained, sponsored, contributed to, or incurred any liability under, any pension, retirement, group health or welfare, severance, bonus, incentive or equity-based compensation or other employee benefit plan.

**3.20 Litigation** 

As of the Closing, except as disclosed in Section 3.16(d) of the Disclosure Letter, (i) there are no Claims, investigations or other proceedings, including appeals and applications for review, in progress or currently pending or, to the knowledge of the Company, threatened against the Company, (ii) there are no Claims, investigations or other proceedings, including appeals and applications for review, in progress or currently pending or, to the knowledge of the Members, threatened, that challenge or seek to prevent, enjoin or otherwise delay or limit the ability of the Company or the Members to carry out, or consummate, the transactions contemplated by this Agreement, (iii) there are no Claims that could, if there were an unfavourable decision, have or reasonably be expected to result in a Company Material Adverse Effect, and (iv) to the knowledge of the Members, no event has occurred or circumstance exists that reasonably would give rise to, or serve as a basis for, any of the Claims described in clauses (i) and (iii) of this Section 3.20.

**3.21 Insolvency**

The Company is not insolvent nor has it committed an act of bankruptcy, proposed a compromise or arrangement to its creditors generally, had any petition for a receiving Order in bankruptcy filed against it, taken any proceeding with respect to a compromise or arrangement, taken any proceeding to have itself declared bankrupt, taken any proceeding to have a receiver appointed for any part of its assets, had an encumbrancer take possession of any of its property, nor had any execution or distress become enforceable or become levied upon any of its property.

**3.22 No Default of Orders**

The Company is not in default with respect to any Order that affects the business and operations of the Company.

**3.23 Taxes**

(a) The Company, its Subsidiaries, and the Members in respect of the Company, the Company Assets and Company operations, have timely filed or caused to be timely filed all income Tax Returns and other material Tax Returns required to be filed by it with the appropriate Governmental Entity. All such Tax Returns filed were correct and complete in all material respects. No extensions or waivers of statutes of limitations have been given or requested with respect to any Taxes of the Company or the Members in respect of the Company, any Subsidiary, the Company Assets and Company operations.

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(b) The Company, its Subsidiaries, and the Members in respect of the Company, the Company Assets and Company operations, have paid all Taxes, including all instalments on account of Taxes for the current year, that are due and payable by it, whether or not shown on any Tax Return.

(c) The Company is, and has been since formation, properly classified for U.S. federal and applicable state income Tax purposes as a partnership.

(d) There are no ongoing or pending Tax audits or examinations, or Tax audits or examinations threatened in writing, and no waivers of statutes of limitations with respect to Taxes have been given or requested, in each case with respect to the Company, its Subsidiaries, or the Members with respect to any of the Company Assets or Company operations.

(e) The Company Assets and the assets of the Subsidiaries of the Company are not subject to any Tax liens, other than statutory liens for Taxes not yet due and payable.

(f) None of the Company or any Subsidiary of the Company has received written notice of any, and to the knowledge of the Members, there are no, unresolved deficiencies or additions to Taxes proposed, asserted or assessed, in each case in writing, against the Company, any of its Subsidiaries, or any of their respective assets by any Governmental Entity.

(g) The Company has not received written notice of, and to the knowledge of the Members, there has not been, any Claim within the last six years by any Governmental Entity in a jurisdiction in which the Company does not file Tax Returns that the Company is or may be subject to taxation by that jurisdiction.

(h) All Taxes required to be withheld or collected by the Company and each Subsidiary of the Company in connection with amounts paid or owing to any independent contractor, employee, creditor, member or any other Person have been properly withheld and collected and, to the extent required by applicable Law, timely paid to the appropriate Governmental Entity. The Company and each Subsidiary of the Company have complied in all material respects with all information reporting and documentation retention requirements in connection with such withholdings.

(i) The Company and each Subsidiary of the Company is not and has not been, a party to, or promoter of, a "listed transaction" within the meaning of Section 6707A(c)(2) of the Code or Treasury Regulations Section 1.6011-4(b).

(j) None of the Company Assets or the assets of any Subsidiary of the Company is (i) required to be treated as being owned by another person pursuant to the so-called "safe harbor lease" provisions of former Section 168(f)(8) of the United States Internal Revenue Code of 1954, as amended, (ii) subject to Section 168(g)(1)(A) of the Code, or (iii) subject to a disqualified leaseback or long-term agreement as defined in Section 467 of the Code. None of the Company Assets or the assets of any Subsidiary of the Company is tax-exempt use property within the meaning of Section 168(h) of the Code.

(k) None of the Company or any Subsidiary of the Company has any liability for Taxes of another Person under Treasury Regulation § 1.1502-6 (or any similar provision of state, local or foreign Law), as a transferee or successor, by contract (other than any such customary contracts entered into in the Ordinary Course that do not have a principal purpose related to Taxes) or operation of Law. None of the Company or any Subsidiary of the Company is or has been a party to any written agreement or arrangement providing for (i) the allocation or payment of Tax liabilities or for Tax benefits between or among members of any group of corporations that files or has filed Tax Returns on a combined, consolidated or unitary basis, (ii) one Person to pay any other Person for the use of or benefit derived from such Person's Tax assets or deductions, or (iii) any Tax allocation or sharing agreement (except in each case, any customary contracts entered into in the Ordinary Course that are not primarily related to Taxes).

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(l) None of the Purchaser, its Affiliates, the Company or its Subsidiaries will be required to include any item of income in, or exclude any item of deduction from, taxable income for any taxable period (or portion thereof) ending after the Closing Date as a result of any (i) change in method of accounting for any period beginning on or prior to the Closing Date pursuant to Section 481 of the Code (or any similar provision of state, local or foreign Law); (ii) use of an improper method of accounting by the Company or any of its Subsidiaries for a taxable period ending on or prior to the Closing Date; (iii) "closing agreement" as described in Section 7121 of the Code (or any similar provision of state, local or non-U.S. Law) executed by the Company or any of its Subsidiaries prior to the Closing; (iv) installment sale or open transaction disposition by the Company or any of its Subsidiaries made on or prior to the Closing Date; or (v) prepaid income received or accrued outside the Ordinary Course by the Company or any of its Subsidiaries on or prior to the Closing Date.

(m) None of Company or any Subsidiary of the Company has distributed stock of another Person, or had its stock distributed by another Person, in a transaction intended or purported to be governed, in whole or in part, by Section 355 of the Code or Section 361 of the Code.

(n) The Company and each of its Subsidiaries are in compliance in all material respects with all applicable transfer pricing Laws. All related party transactions between or among the Company or any of its Subsidiaries have been adequately documented and have been conducted at arm's length as required under applicable Law.

(o) The Company has not participated in and has no liability in connection with any "pass-through entity Tax", any state or local "composite" Taxes, or any similar Taxes (including for this purpose any Tax for which the Company pays or has elected to pay such Tax so as to reduce (or provide a credit in respect of) Taxes otherwise payable by or on behalf of its direct or indirect equity owners.

(p) The Company has elected out of the centralized partnership audit regime under Section 6221(b) of the Code for each taxable year for which the Company has filed a Tax Return with respect to which the applicable statute of limitations has not run.

(q) There is no material unclaimed property or escheat obligation with respect to property or other assets held or owned by the Company.

(r) This Section 3.23 contains the sole and exclusive representations and warranties with respect to Taxes, Tax Returns and other Tax matters of the Company.

**3.24 Anti-Corruption and Anti-Bribery Laws**

(a) Neither the Company nor any of its Affiliates, shareholders, members, managers, directors, officers or employees, nor, to the knowledge of the Members, any agent or other Person acting on behalf of any of the foregoing<sup>,</sup> has:

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) violated the U.S. *Foreign Corrupt Practices Act of 1977*, as amended, the *Corruption of Foreign Public Officials Act* (Canada), as amended, the *Proceeds of Crime (Money Laundering) and Terrorist Financing Act* (Canada), as amended, or any similar anti-corruption or anti-bribery Laws, if and to the extent applicable (collectively, the "**Anti-Corruption Laws**"); or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) made, offered or promised to make, or authorized the payment or giving of money, or anything else of value, to any: (i) executive, official, employee or Person acting in an official capacity for or on behalf of a Governmental Entity or a public international organization (e.g., the International Monetary Fund or the World Bank), or (ii) political party or official thereof, or candidate for political office, or (iii) other Person, while knowing or believing that all or some portion of the money or value shall be offered, given or promised to any Person for the purposes of obtaining or retaining business or securing any improper advantage, or in other circumstances when such offer, payment or promise would be unlawful, in each case, in violation of applicable Anti-Corruption Laws; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) to the knowledge of the Members, been subject to any investigation by any Governmental Entity with regard to any actual or alleged breach of any relevant Anti-Corruption Law.

(b) The Company and its Affiliates are in compliance with all anti-money laundering ("**AML**") Laws related to the prevention of money laundering and terrorist financing in the jurisdictions in which the Company operates.

**3.25 Transactions with Affiliates**

Section 3.25 of the Disclosure Letter sets forth all Contracts between the Company, on the one hand, and the Members or their Affiliates, or any director (or equivalent) or officer of the Members or their Affiliates, on the other hand.

**3.26 Insurance**

Section 3.26 of the Disclosure Letter sets forth (a) a true and complete list of all insurance policies to which the Company is a party, or is a beneficiary or named insured (the "**Insurance Policies**"), and (b) any claims made under any of the Insurance Policies during the last five years. All premiums due on the Insurance Policies have been timely paid when due, and the Company is otherwise in compliance with the terms of the Insurance Policies. The Company has not failed to give any notice or present such pending claim under the Insurance Policies in a timely fashion. Each of the Insurance Policies that is currently in effect has been maintained in full force and effect and has not been canceled or changed in any manner materially adverse to the Company. The Company has not received notice regarding any actual or possible (i) cancellation or threatened termination of any Insurance Policies, (ii) refusal of any coverage or rejection of any claim under any Insurance Policies, or (iii) adjustment in the amount of the premiums payable with respect to any Insurance Policies.

**3.27 Brokers**

Except as set forth on Section 3.27 of the Disclosure Letter, there is no investment banker, broker, finder or other intermediary that has been retained by, or is authorized to act on behalf of, the Company or the Members, who might be entitled to any fee, commission or other remuneration from the Company or the Members in connection with the transactions contemplated by this Agreement.

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**3.28 NO ADDITIONAL REPRESENTATIONS.** 

NONE OF THE MEMBERS, THEIR DIRECT OR INDIRECT OWNERS, OR THEIR RESPECTIVE REPRESENTATIVES HAS MADE ANY REPRESENTATIONS OR WARRANTIES, EXPRESS OR IMPLIED, OF ANY NATURE WHATSOEVER RELATING TO THE COMPANY OR THE BUSINESS, OPERATIONS, ASSETS, LIABILITIES, CONDITIONS (FINANCIAL OR OTHERWISE) OR PROSPECTS OF THE COMPANY, OTHER THAN THOSE REPRESENTATIONS AND WARRANTIES EXPRESSLY SET FORTH IN THIS Article 3 WHICH ARE SOLELY MADE BY THE MEMBERS AND IN Article 4, OR IN ANY DOCUMENT DELIVERED IN ACCORDANCE WITH THIS AGREEMENT.

**ARTICLE 4**<br>**REPRESENTATIONS AND WARRANTIES OF THE MEMBERS**

Each Member, severally and jointly, represents and warrants to the Purchaser Parties, and acknowledges that the Purchaser Parties are relying on such representations and warranties in connection with the transactions contemplated by this Agreement, that, as at the Closing:

**4.1 Organization and Qualification** 

Each Member is a limited liability company formed and existing under the Laws of its state of formation, and has all necessary power, authority and capacity to enter into and perform its obligations under this Agreement.

**4.2 No Conflict**

The execution and delivery of, and performance by each Member of this Agreement and the consummation of the transactions contemplated hereby:

(a) do not and will not constitute or result in a breach or a violation of, a default under, or conflict with, or allow any Person to exercise any rights under, any of the terms or provisions of the Organizational Documents of each Member;

(b) do not and will not constitute or result in a breach or a violation of, a default under or an event that, with or without notice or lapse of time or both, would result in the acceleration of, or create in any party the right to accelerate, terminate, modify or cancel, or allow any Person to exercise any rights under, any Contract to which each Member is a party;

(c) do not and will not result in a breach or a violation, or cause the termination or revocation, of any material Authorization held by each Member that is necessary to the ownership by each Member of the Company Interests; and

(d) do not and will not result in the violation of any Law applicable to each Member,

in each case, other than such as would not reasonably be expected to prevent, materially delay or materially impede the ability of each Member to perform its obligations under this Agreement or to consummate the transactions contemplated by this Agreement.

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**4.3 Execution and Binding Obligation**

(a) The execution and delivery of, and performance by each Member of, this Agreement, and the consummation of the transactions contemplated by this Agreement, have been duly authorized by all necessary action on the part of each Member.

(b) This Agreement has been duly executed and delivered by each Member and constitutes a legal, valid and binding obligation of each Member, enforceable against each Member in accordance with its terms, subject only to any limitation under Laws relating to: (i) bankruptcy, winding-up, insolvency, arrangement and other Laws of general application affecting the enforcement of creditors' rights, and (ii) the discretion that a court may exercise in the granting of equitable remedies such as specific performance and injunction.

**4.4 Title to Company Interests** 

Each Member is the sole registered and beneficial owner of the Company Interests held by each Member, free and clear of all Encumbrances. Upon completion of the transactions contemplated by this Agreement, each Member shall have transferred to the Purchaser good and valid title to the Company Interests held by each Member, free and clear of all Encumbrances, other than those restrictions on transfer contained in the Organizational Documents of the Company.

**4.5 Shareholder and Similar Contracts**

Neither Member is a party to any member, pooling, voting trust, proxy or other similar Contract or understanding relating to the Company Interests, except for the operating agreement of the Company.

**4.6 Required Authorizations**

No Order or Authorization of, or filing or application with, any Governmental Entity is required on the part of each Member as a condition to the lawful completion of the transactions contemplated by this Agreement, or the performance of each Member's obligations under this Agreement.

**4.7 Required Consents**

The execution, delivery, and performance by each Member of this Agreement, and the consummation of the transactions contemplated hereby, do not and will not require the consent, approval or waiver of any Person under any Contract that each Member is party to.

**4.8 No Other Agreements to Purchase**

No Person, other than the Purchaser, has any Contract, option or warrant, nor any other right or privilege capable of becoming such (whether by Law, pre-emptive or contractual right granted by the Company), for the purchase of the Company Interests from each Member.

**4.9 Litigation**

There are no Claims, investigations or other proceedings, including appeals and applications for review, in progress or pending or, to the knowledge of each Member, threatened against or relating to each Member, which, if determined adversely to each Member, would:

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(a) enjoin or restrict or prohibit the transfer by each Member of the Company Interests held by each Member as contemplated by this Agreement;

(b) prevent each Member from fulfilling any of its obligations set out in this Agreement or arising from this Agreement; or

(c) result in a material adverse effect to the value of the Company, the Company Assets or impair the operation of the Subject Mine Properties.

**4.10 Insolvency**

Each Member is not insolvent nor has it committed an act of bankruptcy, proposed a compromise or arrangement to its creditors generally, had any petition for a receiving Order in bankruptcy filed against it, taken any proceeding with respect to a compromise or arrangement, taken any proceeding to have itself declared bankrupt, taken any proceeding to have a receiver appointed for any part of its assets, had an encumbrancer take possession of any of its property, nor had any execution or distress become enforceable or become levied upon any of its property.

**4.11 United States Person**

Each Member is a United States Person within the meaning of Section 7701(a)(30) of the Code.

**4.12 Securities Laws Matters** 

(a) Each Member (a) acknowledges that the Consideration Shares have not been qualified for distribution to the public in Canada, (b) represents and warrants that it is not a resident of Canada nor acting for the account or benefit of a Canadian resident or Person in Canada, (c) acknowledges that the Consideration Shares were not offered to the Members in Canada, (d) represents and warrants that they were, at the time of agreeing to the issuance of the Consideration Shares, and will be at Closing, located outside of Canada, (e) represents and warrants that it is purchasing the Consideration Shares hereunder as principal, and (f) the issuance of the Consideration Shares by the Purchaser Parent to the Members is not a transaction or series of transactions that is part of a plan or scheme to avoid the prospectus requirements of applicable Canadian securities Laws in connection with a distribution to a person or company in Canada contrary to the anti-avoidance provisions set forth in Ontario Securities Commission Rule 72-503 - *Distributions Outside Canada*. Furthermore, each Member acknowledges that the Purchaser Parent will be required to file a report of exempt distribution with applicable Canadian securities regulatory authorities in respect of the issuance of the Consideration Shares and that Member's name, address, telephone number and other specified information, including the aggregate price per share, may be shared and disclosed among all Canadian securities regulatory authorities and may become available to the public in accordance with the requirements of applicable legislation and each Member consents to the disclosure of such information.

(b) The Consideration Shares being acquired by the Members are for investment purposes only and not with a view of any resale or distribution thereof. The Members understand that the Consideration Shares have not been registered under the U.S. Securities Act or the securities laws of any state and may only be resold pursuant to registration under the U.S. Securities Act, outside the United States in compliance with Regulation S of the U.S. Securities Act or pursuant to Rule 144 or another exemption from the registration requirements of the U.S. Securities Act., and in compliance with any applicable state securities laws. Each Member is an "accredited investor" as defined in Rule 501(a) of Regulation D, as amended, under the U.S. Securities Act and has not acquired Consideration Shares as a result of any general solicitation or general advertising. Each Member will not distribute any Consideration Shares or any portion thereof in violation of the U.S. Securities Act or the applicable securities laws of any state. Each Member: (i) is familiar with the Purchaser Parent and its assets and operations; (ii) has been given the opportunity to ask questions of representatives of the Purchaser Parent and to obtain such information about the Purchaser Parent and its assets and operations as the Members have reasonably requested; and (iii) has such knowledge and experience in financial and business matters that it is capable of evaluating the merits and risks of the prospective investment in the Consideration Shares; provided, however, the foregoing shall not impact the ability of the Members to rely on the Purchaser Parties' representations and warranties set forth in Article 5 of this Agreement. In formulating a decision to enter into this Agreement, the Members have relied solely upon an independent investigation of the Purchaser Parent and upon consultations with the Members' legal and financial advisors with respect to this Agreement and the nature of this investment.

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**4.13 NO ADDITIONAL REPRESENTATIONS**.

NONE OF THE MEMBERS, THEIR DIRECT OR INDIRECT OWNERS, OR ANY OF THEIR RESPECTIVE REPRESENTATIVES HAS MADE ANY REPRESENTATIONS OR WARRANTIES, EXPRESS OR IMPLIED, OF ANY NATURE WHATSOEVER RELATING TO THE MEMBERS OTHER THAN THOSE REPRESENTATIONS AND WARRANTIES EXPRESSLY SET FORTH IN THIS Article 4 AND IN Article 3, OR IN ANY DOCUMENT DELIVERED IN ACCORDANCE WITH THIS AGREEMENT. EXCEPT AS OTHERWISE EXPRESSLY SET FORTH IN THIS Article 4 AND IN Article 3, EACH MEMBER EXPRESSLY DISCLAIMS (AND THE OTHER PARTIES EXPRESSLY DISCLAIM ANY RELIANCE ON) ANY REPRESENTATIONS OR WARRANTIES OF ANY KIND OR NATURE, EXPRESS OR IMPLIED, AS TO EACH MEMBER.

**ARTICLE 5**<br>**REPRESENTATIONS AND WARRANTIES OF THE PURCHASER PARTIES**

The Purchaser Parties jointly and severally represent and warrant to the Members, and acknowledge that the Members are relying on such representations and warranties in connection with the transactions contemplated by this Agreement, that, as at the Closing:

**5.1 Organization and Qualification**

(a) The Purchaser Parent is a corporation formed and existing under the federal Laws of Canada, and has all necessary corporate power, authority and capacity to enter into and perform its obligations under this Agreement.

(b) The Purchaser is a corporation formed and existing under the Laws of the State of Delaware, and has all necessary power, authority and capacity to enter into and perform its obligations under this Agreement.

**5.2 No Conflicts**

The execution and delivery, and performance by each of the Purchaser Parties, of this Agreement, and the consummation of the transactions contemplated hereby:

(a) do not and will not constitute or result in a breach or a violation of, or conflict with, or allow any Person to exercise any rights under, any of the terms or provisions of the Organizational Documents of either Purchaser Party;

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(b) do not and will not constitute or result in a breach or a violation of, or allow any Person to exercise any rights under, any Contract to which either Purchaser Party is a party; and

(c) do not and will not result in the violation of any Laws applicable to either Purchaser Party in any material respect,

in each case, other than such as would not reasonably be expected to prevent, materially delay or materially impede the ability of the Purchaser Parties to perform their respective obligations under this Agreement or to consummate the transactions contemplated by this Agreement.

**5.3 Regulatory Approvals**

Except for the requisite approval of each Exchange for the listing of the Consideration Shares and any Orders, Authorizations or filings required by applicable securities Laws, no Order or Authorization of, or filing with, any Governmental Entity is required on the part of either Purchaser Party in connection with the execution and delivery of this Agreement, or the performance of either Purchaser Party's obligations under this Agreement.

**5.4 Execution and Binding Obligation**

(a) The execution and delivery of, and performance by each Purchaser Party of, this Agreement, and the consummation of the transactions contemplated by this Agreement, have been duly authorized by all necessary corporate or other action on the part of such Purchaser Party.

(b) This Agreement has been duly executed and delivered by each Purchaser Party, and constitutes a legal, valid and binding obligation of such Purchaser Party, enforceable against such Purchaser Party in accordance with its terms, subject only to any limitation under Laws relating to: (i) bankruptcy, winding-up, insolvency, arrangement and other Laws of general application affecting the enforcement of creditors' rights; and (ii) the discretion that a court may exercise in the granting of equitable remedies such as specific performance and injunction.

**5.5 Litigation**

Except as set forth in Section 5.5 of the Disclosure Letter, there is no action, suit, inquiry, notice of violation, proceeding or investigation pending or, to the knowledge of the Purchaser Parties, threatened against or affecting the Purchaser Parties, any of their Affiliates or any of their respective properties before or by any court, arbitrator, governmental or administrative agency or regulatory authority (federal, state, county, local or foreign) or other Governmental Entity (collectively, an "**Action**"). None of the Actions disclosed in Section 5.5 of the Disclosure Letter, (i) adversely affects or challenges the legality, validity or enforceability of the Agreement or the Consideration Shares or (ii) could, if there were an unfavorable decision, have or reasonably be expected to result in a material adverse effect on the Purchaser Parent. Neither the Purchaser Parent nor any of its Affiliates is or has been the subject of any Action involving a claim of violation of or liability under federal or state securities laws or a claim of breach of fiduciary duty. There has not been, and there is not pending or contemplated, any investigation by any Governmental Entity involving the Purchaser Parent or any current director or officer of the Purchaser Parent. Neither the Commission nor the Canadian Governmental Entity has issued any stop order or other order suspending the effectiveness of any registration statement filed by the Company or any Subsidiary under the Exchange Act or the U.S. Securities Act or Canadian securities Laws.

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**5.6 Insolvency**

Neither Purchaser Party is insolvent and neither has committed an act of bankruptcy, proposed a compromise or arrangement to its creditors generally, had any petition for a receiving Order in bankruptcy filed against it, taken any proceeding with respect to a compromise or arrangement, taken any proceeding to have itself declared bankrupt, taken any proceeding to have a receiver appointed for any part of its assets, had an encumbrancer take possession of any of its property, nor had any execution or distress become enforceable or become levied upon any of its property.

**5.7 Anti-Corruption and Anti-Money Laundering**

(a) Neither Purchaser Party, nor any of their respective Affiliates, shareholders, members, managers, directors, officers or employees, nor, to the knowledge of the Purchaser Parties, any agent or other Person acting on behalf of any of the foregoing, has:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) violated Anti-Corruption Laws; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) made, offered or promised to make, or authorized the payment or giving of money, or anything else of value, to any: (i) executive, official, employee or Person acting in an official capacity for or on behalf of a Governmental Entity or a public international organization (e.g., the International Monetary Fund or the World Bank), or (ii) political party or official thereof, or candidate for political office, or (iii) other Person, while knowing or believing that all or some portion of the money or value shall be offered, given or promised to any Person for the purposes of obtaining or retaining business or securing any improper advantage, or in other circumstances when such offer, payment or promise would be unlawful, in each case, in violation of applicable Anti-Corruption Laws; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) to the knowledge of the Purchaser Parties, been subject to any investigation by any Governmental Entity with regard to any actual or alleged breach of any relevant Anti-Corruption Law.

(b) Each Purchaser Party is in compliance with all AML Laws related to the prevention of money laundering and terrorist financing in the jurisdictions in which the Purchaser operates.

(c) The Closing Date Payment does not and shall not represent proceeds of crime for the purposes of any Anti-Corruption Laws or AML Laws, and each Purchaser Party acknowledges that the Members may in the future be required by Law to disclose the name of the Purchaser Parties and other information related to this Agreement and the purchase of the Company Interests, on a confidential basis, pursuant to Anti-Corruption Laws and AML Laws.

(d) None of the funds provided by the Purchaser as part of the Closing Date Payment have been or shall be derived, directly or indirectly, from or related to any activity that is deemed criminal under applicable Laws, nor are any such funds being tendered on behalf of a Person other than the Purchaser.

**5.8 Consideration Shares**

The Consideration Shares, when issued in accordance with the terms of this Agreement, will be duly authorized and validly issued as fully paid and non-assessable common shares in the capital of the Purchaser Parent, free of any Encumbrance, right of first refusal, pre-emptive right, subscription right or other similar right with respect thereto. Assuming the accuracy of the representations and warranties of the Members set forth in this Agreement, the Consideration Shares will not contain any restrictive legends imposed by Canadian securities Laws or the TSX.

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**5.9 Brokers**

Other than Cormark Securities Inc., there is no investment banker, broker, finder or other intermediary that has been retained by, or is authorized to act on behalf of, the Purchaser who might be entitled to any fee, commission or other remuneration in connection with the transactions contemplated by this Agreement.

**5.10 Compliance**

Neither the Purchaser Parent nor any of its Affiliates: (i) is in default under or in violation of (and no event has occurred that has not been waived that, with notice or lapse of time or both, would result in a default by the Purchaser Parent under), nor has the Purchaser Parent received notice of a claim that it is in default under or that it is in violation of, any material indenture, loan or credit agreement or any other agreement or instrument to which it is a party or by which it or any of its properties is bound (whether or not such default or violation has been waived), (ii) is in violation of any judgment, decree, or order of any court, arbitrator or other Governmental Entity or (iii) is or has been in violation of any statute, rule, ordinance or regulation of any Governmental Entity, including without limitation all foreign, federal, state and local Laws relating to Taxes, environmental protection, occupational health and safety, product quality and safety and employment and labor matters, except as such event described in (i) - (iii) of this Section 5.10 would not have a material adverse effect on the business or operations of Purchaser Parent or its Affiliate(s), as applicable (a "**Purchaser Material Adverse Effect**").

**5.11 SEC Reports; Financial Statements**

The Purchaser Parent has filed all reports, schedules, forms, statements and other documents required to be filed by the Purchaser Parent under the U.S. Securities Act and the Exchange Act, including pursuant to Section 13(a) or 15(d) thereof, for the twelve months preceding the date hereof (or such shorter period as the Purchaser Parent was required by law or regulation to file such material) (the foregoing materials, including the exhibits thereto and documents incorporated by reference therein, being collectively referred to herein as the "**SEC Reports**") and all SEDAR+ Filings on a timely basis or has received a valid extension of such time of filing and has filed any such SEC Reports and SEDAR+ Filings prior to the expiration of any such extension. As of their respective dates, the SEC Reports and SEDAR+ Filings complied in all material respects with the requirements of the U.S. Securities Act, the Exchange Act and Canadian securities Laws, as applicable, and none of the SEC Reports and SEDAR+ Filings, when filed, contained any untrue statement of a material fact or omitted to state a material fact required to be stated therein or necessary in order to make the statements therein, in the light of the circumstances under which they were made, not misleading. The Purchaser Parent has never been an issuer subject to Rule 144(i) under the U.S. Securities Act. The financial statements of the Purchaser Parent included in the SEC Reports and SEDAR+ Filings comply in all material respects with applicable accounting requirements and the rules and regulations of the Commission with respect thereto as in effect at the time of filing. Such financial statements have been prepared in accordance with IFRS, and fairly present in all material respects the consolidated financial position of the Purchaser Parent and its Affiliates as of and for the dates thereof and the consolidated results of operations and cash flows for the periods then ended, subject, in the case of unaudited statements, to normal, immaterial, year-end audit adjustments. No other financial statements or supporting schedules are required to be included pursuant to Canadian securities Laws or the Exchange Act. The other financial and statistical information included in the SEC Reports and/or SEDAR+ Filings present fairly the information included therein and have been prepared on a basis consistent with that of the financial statements that are included the SEC Reports and/or SEDAR+ Filings and the books and records of the Purchaser Parent. There are no material off-balance sheet transactions, arrangements or obligations (including contingent obligations) of the Purchaser Parent or other persons that would reasonably be expected to result in a material adverse effect on the Purchaser Parent.

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**5.12 Private Placement**

Assuming the accuracy of the Purchaser Parties' representations and warranties set forth in this Article 5 and the accuracy of the representations and warranties of the Members set forth in Article 3 and Article 4, (a) no registration under the U.S. Securities Act is required for the offer and sale of the Consideration Shares by the Purchaser Parent to the Members as contemplated hereby, and (b) the issuance and sale of the Consideration Shares hereunder do not contravene in any material respect the rules and regulations of the Trading Market or the TSX.

**5.13 Listing and Maintenance Requirements**

The Purchaser Parent Shares are registered pursuant to Section 12(b) of the Exchange Act, and the Purchaser Parent has taken no action designed to, or which to its knowledge is likely to have the effect of, terminating the registration of the Purchaser Parent Shares under the Exchange Act nor has the Purchaser Parent received any notification that the Commission is contemplating terminating such registration. The Purchaser Parent has not, in the 12 months preceding the date hereof (or such shorter period if applicable), received notice from any Trading Market on which the Purchaser Parent Shares are or have been listed or quoted to the effect that the Purchaser Parent is not in compliance with the listing or maintenance requirements of such Trading Market. The Purchaser Parent is, and has no reason to believe that it will not in the foreseeable future continue to be, in compliance with all such listing and maintenance requirements. The Purchaser Parent Shares are currently eligible for electronic transfer through the Depository Trust Company or another established clearing corporation and the Purchaser Parent is current in payment of the fees to the Depository Trust Company (or such other established clearing corporation) in connection with such electronic transfer.

**5.14 No Integrated Offering**

Neither the Purchaser Parties, nor any of their Affiliates, nor any Person acting on its or their behalf has, directly or indirectly, made any offers or sales of any security or solicited any offers to buy any security, under circumstances that would cause this offering of the Consideration Shares to be integrated with prior offerings by the Purchaser Parent for purposes of (i) the U.S. Securities Act which would require the registration of any such securities under the U.S. Securities Act, or (ii) any applicable shareholder approval provisions of any Trading Market or the TSX on which any of the securities of the Company are listed or designated.

**5.15 No General Solicitation**

Neither the Purchaser Parent nor any Person acting on behalf of either of the Purchaser Parties has offered or sold any of the Consideration Shares by any form of "general solicitation" or "general advertising" (as defined in Rule 502(c) of Regulation D). The Purchaser Parent has offered the Consideration Shares for sale only to the Members.

**5.16 Securities Laws Matters** 

The issuance of the Consideration Shares by the Purchaser Parent to the Members: (a) is exempt from the disclosure requirements of the U.S. Securities Act; and (b) the Purchaser Parent was, at the time of agreeing to the issuance of the Consideration Shares, and will be at Closing, a reporting issuer in a jurisdiction of Canada.

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**5.17 No Additional Representations**

NONE OF THE PURCHASER, THE PURCHASER PARENT, THEIR DIRECT OR INDIRECT SUBSIDIARIES OR AFFILIATES, OR ANY OF THEIR RESPECTIVE REPRESENTATIVES HAS MADE ANY REPRESENTATIONS OR WARRANTIES, EXPRESS OR IMPLIED, OF ANY NATURE WHATSOEVER RELATING TO THE PURCHASER OR THE PURCHASER PARENT OTHER THAN THOSE REPRESENTATIONS AND WARRANTIES EXPRESSLY SET FORTH IN THIS Article 5. EXCEPT AS OTHERWISE EXPRESSLY SET FORTH IN THIS Article 5, EACH OF THE PURCHASER AND THE PURCHASER PARENT EXPRESSLY DISCLAIMS (AND THE OTHER PARTIES EXPRESSLY DISCLAIM ANY RELIANCE ON) ANY REPRESENTATIONS OR WARRANTIES OF ANY KIND OR NATURE, EXPRESS OR IMPLIED, AS TO THE PURCHASER AND THE PURCHASER PARENT.

**ARTICLE 6**<br>**CLOSING DELIVERIES**

**6.1 Closing Deliveries of the Members**

At the Closing, the Members shall deliver or cause to be delivered to the Purchaser:

(a) *Company Interests* - an assignment instrument, in a form to be reasonably agreed to by the Members and the Purchaser, transferring the Company Interests held by each Member to the Purchaser and executed by each Member;

(b) *Certificates of Status* - a certificate of status, compliance, good standing or like certificate with respect to the Company and the Members issued by the State of Delaware, dated not more than two (2) Business Days prior to the Closing Date;

(c) *Secretary's Certificate* - a certificate of the secretary (or equivalent officer) of the Company and the Members certifying (i) with respect to the certificates of the Company or the Members, the Organizational Documents of the Company or the Members, as applicable, (ii) that attached thereto are true and complete copies of all resolutions adopted by the managers or members of the Company and the Members authorizing the execution, delivery and performance of this Agreement and the consummation of the transactions contemplated by this Agreement, and that all such resolutions are in full force and effect and are all the resolutions adopted in connection with the transactions contemplated by this Agreement, (iii) that the conditions relating to the Company or the Members, as applicable, set forth in Section 7.1(b)(i), Section 7.1(b)(ii) and Section 7.1(b)(iii) have been satisfied, and (iv) the names and signatures of the officers of such Party authorized to sign this Agreement and any other documents to be delivered pursuant to this Agreement;

(d) *Resignation and Release* - a resignation and release (other than in respect of such Person's rights under Section 9.2), in a form to be reasonably agreed to by the Purchaser and the Members, executed by each officer and manager of the Company requested by Purchaser, to be effective as of the Closing;

(e) *Required Consents -* the Authorizations from Governmental Entities and the consents, approvals or waivers from any Person under any Contract to which the Company is party, as set forth in Section 6.1(e) of the Disclosure Letter (the "**Required Consents**");

(f) *Title Opinion* - the Title Opinion, in form and substance reasonably satisfactory to the Purchaser, acting reasonably;

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(g) *U.S. Tax Deliverables* - the deliverables contemplated by Section 9.4(f) hereof; and

(h) *D&O Tail Policy* - a copy of the D&O Tail Policy.

(i) *Termination of Red Cloud Securities Engagement Letter* - evidence of the termination of the engagement letter with Red Cloud Securities Inc. (or the assignment of the engagement letter to the Members), which provides for a full release in favor of the Company and the Purchaser.

(j) *Roger Gross Bonus* - evidence that the Company shall have no obligation, following the Closing, to pay the transaction bonus due and payable to Roger Gross pursuant to that certain agreement between the Company and Roger Gross.

**6.2 Closing Deliveries of the Purchaser Parties**

At the Closing, the Purchaser Parties shall deliver or cause to be delivered to the Members:

(a) *Purchase Price* - proof of payment of the Estimated Closing Date Payment and the Estimated Company Debt and Estimated Transaction Expenses;

(b) *Consideration Shares* - share certificates or advice under a direct registration system evidencing the Consideration Shares registered as directed by the Members to the Purchaser Parties in writing;

(c) *Secretary's Certificate* - a certificate of the secretary (or equivalent officer) of each Purchaser Party certifying (i) the Organizational Documents of such Purchaser Party, (ii) that attached thereto are true and complete copies of all resolutions adopted by the managers, directors or members of such Purchaser Party, as applicable, authorizing the execution, delivery and performance of this Agreement and the consummation of the transactions contemplated by this Agreement, and that all such resolutions are in full force and effect and are all the resolutions adopted in connection with the transactions contemplated by this Agreement, (iii) that the conditions relating to such Purchaser Party set forth in Section 7.1(c)(i) and Section 7.1(c)(ii) have been satisfied, and (iv) the names and signatures of the officers of such Purchaser Party authorized to sign this Agreement and any other documents to be delivered pursuant to this Agreement; and

(d) *Certificates of Status* - a certificate of status, compliance, good standing or like certificate with respect to each of the Purchaser Parties issued by the appropriate Governmental Entity of their respective jurisdictions of existence, in each case dated not more than two Business Days prior to the Closing Date.

**ARTICLE 7**<br>**CONDITIONS TO CLOSING AND CLOSING**

**7.1 Conditions to Closing**

(a) **Conditions to Obligations of All Parties.** The obligations of each Party to consummate the transactions contemplated by this Agreement are subject to the fulfillment, at or prior to the Closing, of each of the following conditions:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) No Governmental Entity shall have enacted, issued, promulgated, enforced or entered any Order which is in effect and would make the transactions contemplated by this Agreement illegal, restrain or prohibit consummation of such transactions, or cause such transactions to be rescinded following the Closing.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) The applicable Parties shall have received the Required Consents in form and substance reasonably satisfactory to the Members and the Purchaser Parties, and no such Required Consents shall have been revoked.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) No Third Party Claim shall have been commenced against any of the Parties, which would enjoin, restrict or prohibit, on a temporary or permanent basis, any of the transactions contemplated by this Agreement.

(b) **Conditions to Obligations of the Purchaser Parties**. The obligations of the Purchaser Parties to consummate the transactions contemplated by this Agreement are subject to the fulfillment or the Purchaser Parties' waiver, at or prior to the Closing, of each of the following conditions:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) The representations and warranties made by the Members in Article 3 (other than any Member Fundamental Representations) shall be true and correct in all respects on and as of the date of this Agreement and the Closing Date as though such representation or warranty were made at and as of the Closing Date (except for representations and warranties made as of a specific date, which shall be true and correct as of such date), except to the extent the failure of such representations and warranties to be so true and correct has not had and would not reasonably be expected to have, individually or in the aggregate, a Company Material Adverse Effect. The representations and warranties of the Members made in Article 4 and the Member Fundamental Representations shall be true and correct in all respects (in the case of any representation or warranty qualified by materiality or Company Material Adverse Effect) or in all material respects (in the case of any representation or warranty not qualified by materiality or Company Material Adverse Effect) on and as of the date of this Agreement and the Closing Date, with the same effect as though made at and as of the Closing Date (except those representations and warranties that address matters only as of a specified date, the accuracy of which shall be determined as of that specified date in all respects).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) The Members shall have duly performed and complied in all material respects with all agreements and covenants required by this Agreement to be performed or complied with by the Members prior to or on the Closing Date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) During the Interim Period, there shall not have occurred any Company Material Adverse Effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) The Purchaser Parent shall have received all requisite approvals of each Exchange for the issuance of the Consideration Shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) The Members shall provide evidence satisfactory to the Purchaser Parties, acting reasonably, that the Members have transferred all of its interest in Crescent Mine, LLC to Syringa Exploration, Inc.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) The Purchaser shall have received the deliverables set forth in Section 6.1.

(c) **Conditions to Obligations of the Members**. The obligations of the Members to consummate the transactions contemplated by this Agreement are subject to the fulfillment or the Members' waiver, at or prior to the Closing, of each of the following conditions:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) The representations and warranties of the Purchaser Parties in this Agreement (other than any Purchaser Fundamental Representations) shall be true and correct in all respects on and as of the date of this Agreement and the Closing Date as though such representation or warranty were made at and as of the Closing Date (except for representations and warranties made as of a specific date, which shall be true and correct as of such date), except to the extent the failure of such representations and warranties to be so true and correct has not had and would not reasonably be expected to have, individually or in the aggregate, a Purchaser Material Adverse Effect. The Purchaser Fundamental Representations shall be true and correct in all respects (in the case of any representation or warranty qualified by materiality or Purchaser Material Adverse Effect) or in all material respects (in the case of any representation or warranty not qualified by materiality or Purchaser Material Adverse Effect) on and as of the date of this Agreement and the Closing Date, with the same effect as though made at and as of the Closing Date (except those representations and warranties that address matters only as of a specified date, the accuracy of which shall be determined as of that specified date in all respects).

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) The Purchaser Parties shall have duly performed and complied in all material respects with all agreements and covenants required by this Agreement to be performed or complied with by it prior to or on the Closing Date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) The Consideration Shares shall be conditionally listed or approved for listing on the Exchange, subject only to standard listing conditions, and shall not be subject to any stop order, suspension, or restriction on trading.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) During the Interim Period, there shall not have occurred any Purchaser Material Adverse Effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) The Members shall have received the deliverables set forth in Section 6.2.

**7.2 Closing Procedures** 

(a) The Closing will take place virtually by mutual electronic exchange of documents executed by DocuSign or other form of electronic signature mutually satisfactory to the Parties, or at such other place or by such other means as agreed to in writing by the Parties. All actions to be taken and all documents to be executed and delivered by the Parties at the Closing will be deemed to have been taken, executed and delivered simultaneously, and no proceedings will be deemed taken, nor any documents deemed executed or delivered, until all such proceedings have been taken, and all such documents executed and delivered.

(b) At the Closing, the Purchaser will pay or satisfy the Purchase Price in accordance with Section 2.2, and the Members will assign the Company Interests to the Purchaser by delivery of the assignment instrument contemplated in Section 6.1(a).

**ARTICLE 8**<br>**PRE-CLOSING COVENANTS**

**8.1 Interim Conduct of Business Prior to the Closing**

(a) Except as (a) may be approved by the Purchaser in writing (which approval shall not be unreasonably conditioned, withheld or delayed), or (b) otherwise expressly permitted or required by this Agreement, during the Interim Period, the Company shall and the Members shall use their commercially reasonable efforts to cause the Company to: (i) conduct the business and operations of the Company and maintain the Company Assets in the Ordinary Course; (ii) exercise commercially reasonable efforts to (A) pay or perform any material obligations of the Company when due, (B) preserve intact the Company's present business organization, (C) preserve beneficial business relationships between the Company and all third parties having business dealings with the Company, and (D) bill and attempt to collect accounts receivable and pay accounts payable of the Company in the Ordinary Course; (iii) maintain the Company Assets in their respective condition as of the date of this Agreement, ordinary wear and tear excepted; (iv) maintain the Insurance Policies in full force and effect; (v) make, submit, administer and handle any claims that the Company is entitled to make or submit in the Ordinary Course under any Insurance Policy; (vi) remit and surrender to the Company any insurance proceeds received by the Members under any Insurance Policy prior to the Closing in respect of claims made by or on behalf of the Company; and (vii) timely and properly perform all obligations of the Company under the Material Contracts.

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**8.2 Prohibited Actions Prior to the Closing**

Except (a) as may be approved by the Purchaser in writing (which approval shall not be unreasonably conditioned, withheld or delayed), (b) as otherwise expressly permitted or required by this Agreement, or (c) in the Ordinary Course, during the Interim Period, the Members shall not and shall cause the Company not to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) authorize for issuance, issue, sell, grant, pledge, deliver, transfer or assign, or agree or commit to issue, sell, grant, pledge, deliver, transfer or assign, any of the Company Interests, any equity interest or other form of ownership interest of the Company or any securities convertible into, exchangeable for, or evidencing the right to subscribe for or acquire any of the foregoing, or permit any Encumbrance to be imposed on any of the Company Interests, other than any issuance of Company Interests to any of the Members in respect of any capital contributions made to the Company during the Interim Period and provided that such Company Interests are part of the Company Interests sold to Purchaser at the Closing;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) declare or pay any dividend or make any other distribution of any of the assets of the Company (other than tax distributions in the Ordinary Course and in compliance with the operating agreement or equivalent of the Company);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) acquire by merger or consolidation with, or purchase of a substantial portion of the assets or stock of, or by any other manner, any business or any Person or permit the Company to become a party to any merger, consolidation, share exchange, business combination, recapitalization, or similar transaction;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) acquire properties or assets with a value in excess of $100,000, other than inventory and other assets acquired in the Ordinary Course;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) purchase or lease (as lessor or lessee), or enter into any Contract for the purchase or lease (as lessor or lessee) of, any real property;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) incur a capital expenditure (or series of related capital expenditures) involving more than $100,000;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) sell, transfer, lease, license, assign, pledge, encumber or otherwise dispose of any Company Assets outside of the Ordinary Course;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii) make any material change in any method of accounting or accounting practice or principle of the Company, other than those required by GAAP or applicable Law;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ix) make, change or revoke any material Tax election relating to the income tax classification of the Company, file any material Tax Return other than on a basis materially consistent with past practice, file any amended Tax Return, adopt or change any material accounting method for Tax purposes (unless required by Law), settle any material Tax claim or assessment relating to the Company or surrender or compromise any material right to claim a refund for Taxes;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(x) enter into or renew any Contracts containing, or otherwise subjecting the Company to, any material obligations or restrictions on the operation of the business of the Company following the Closing;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xi) terminate, amend or modify any Material Contract, or take or fail to take any action which would entitle any party to any Material Contract to terminate or cancel (other than the termination or cancellation of a Material Contract in accordance with its terms), amend or modify any Material Contract, or enter into any new Contract that would be a Material Contract under the definition of Material Contract if entered into prior to the date of this Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xii) make any loans, advances or capital contributions to, or investments in, any other Person;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xiii) amend the Organizational Documents of the Company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xiv) create, incur or assume any obligations with respect to any Indebtedness of the Company, or assume, guarantee, endorse or otherwise become liable for any Indebtedness, or guarantee any Indebtedness, of another Person, other than the incurrence of any Indebtedness as a result of any loan made to the Company during the Interim Period by any of the Members and which Indebtedness will be discharged at the Closing;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xv) mortgage, pledge or otherwise subject to any Encumbrance (other than Permitted Encumbrances), any Company Assets;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xvi) discharge, settle or satisfy any litigation or other legal proceeding in respect of the Company or the Company Assets; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xvii) take any action that could reasonably be expected to materially interfere with or prevent the completion of the transactions contemplated by this Agreement; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xviii) authorize, agree, resolve or enter into any Contract with respect to any of the matters contemplated in this Section 8.2 or otherwise commit to do any of the foregoing.

**8.3 Notice of Certain Events**

(a) During the Interim Period, the Members and the Company will promptly notify the Purchaser, in writing, of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) (A) the occurrence of a Company Material Adverse Effect or any fact, circumstance, event, or action the taking of which would reasonably be expected to result in a Company Material Adverse Effect, (B) any representation or warranty made by the Company or the Members in this Agreement not being true and correct in all material respects, or (C) an event that has resulted in the failure of any of the conditions set forth in Sections 7.1(a) or 7.1(b) to be satisfied;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) any notice from any Person alleging that the consent of such Person is or may be required in connection with the transactions contemplated by this Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) any notice from any Governmental Entity in connection with the transactions contemplated by this Agreement; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) any actions or proceedings commenced or, to the knowledge of the Members, threatened against, relating to, involving or otherwise affecting the Members, the Company or the business and operations of the Company that, if pending on the Closing Date, would have been required to have been disclosed pursuant to this Section 8.3(a) or that relate to the consummation of the transactions contemplated by this Agreement.

The Purchaser's receipt of information pursuant to this Section 8.3(a) shall not operate as a waiver of (y) any rights it may have under the R&W Insurance Policy related to any breach of any representation or warranty made by the Company or the Members or (z) any of the Closing conditions set forth in Section 7.1(b).

(b) During the Interim Period, the Purchaser Parties will promptly notify the Company, in writing, of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) (A) any representation or warranty made by the Purchaser Parties in this Agreement not being true and correct in all material respects, or (B) any event that has resulted in, or would reasonably be expected to result in, the failure of any of the conditions set forth in Sections 7.1(a) or 7.1(c) to be satisfied;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) any written notice from any Governmental Entity in connection with the transactions contemplated by this Agreement; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) any actions or proceedings commenced or, to the knowledge of the Purchaser Parties, threatened against, relating to, involving or otherwise affecting the Purchaser Parties that, if pending on the Closing Date, would have been required to have been disclosed pursuant to this Section 8.3(b) or that relate to the consummation of the transactions contemplated by this Agreement.

The Company's receipt of information pursuant to this Section 8.3(b) shall not operate as a waiver of (y) any representation or warranty made by the Purchaser Parties or (z) any of the Closing conditions set forth in Section 7.1(c).

**8.4 Exclusivity**

During the Interim Period, the Company and the Members will not, and will not authorize or permit any of their respective Affiliates or Representatives to, directly or indirectly, (a) encourage, solicit, initiate, facilitate or continue inquiries regarding an Acquisition Proposal; (b) enter into discussions or negotiations with, or provide any information to, any Person concerning a possible Acquisition Proposal; or (c) enter into any agreements or other instruments (whether or not binding) regarding any Acquisition Proposal. The Company and the Members will immediately cease and cause to be terminated, and will cause their respective Affiliates and Representatives to immediately cease and cause to be terminated, all existing discussions or negotiations with any Person with respect to, or that would reasonably be expected to lead to, an Acquisition Proposal. For purposes hereof, "**Acquisition Proposal**" means any inquiry, proposal or offer from any Person (other than the Purchaser Parties or any of their respective Affiliates) relating to the direct or indirect disposition, whether by sale, merger or otherwise, of all or substantially all of the Company Interests or the Company Assets. The rights and remedies for noncompliance with this Section 8.4 include specific enforcement by any court having equity jurisdiction, as such breach would cause irreparable injury to the Purchaser and money damages would not provide an adequate remedy to the Purchaser.

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**8.5 Governmental Approvals and Consents**

Each Party will, as promptly as possible, (a) make, or cause or be made, all filings and submissions required under any Law applicable to such Party or any of its Affiliates; and (b) use commercially reasonable efforts to obtain, or cause to be obtained, all Authorizations from all Governmental Entities that are necessary for its execution and delivery of this Agreement and the performance of its obligations pursuant to this Agreement. Each Party will cooperate fully with the other Parties and their respective Affiliates in promptly seeking to obtain all such Authorizations, and no Party will willfully take any action that will have the effect of delaying, impairing or impeding the receipt of any such Authorization.

**8.6 Closing Conditions.** 

During the Interim Period each Party will use its commercially reasonable efforts to take such actions as are necessary to expeditiously satisfy the closing conditions set forth in Article 7. Without limiting the generality of the foregoing, in connection with the condition set forth in Section 7.1(c)(iii), the Purchaser Parties shall enter into the Registration Rights Agreement with the Members, in a form to be reasonably agreed to by the Purchaser Parent and the Members, pursuant to which the Purchaser Parent shall register the Consideration Shares for resale.

**ARTICLE 9**<br>**POST-CLOSING COVENANTS AND OTHER OBLIGATIONS**

**9.1 Company's Books and Records** 

(a) On the Closing Date, the Members shall deliver, or shall cause the Company to deliver, to the Purchaser or make available to the Purchaser at the premises of the Company, the books and records of the Company. For a period of six years after the Closing Date, or for such longer period as may be required by applicable Law, the Purchaser Parties shall, and shall cause the Company to, use commercially reasonable efforts to retain all original books and records relating to the Company in the possession of the Company or the Purchaser Parties on the Closing Date relating to the Company (including personnel files) for periods prior to the Closing Date. So long as any such books and records are retained by the Company or the Purchaser Parties pursuant to the terms of this Agreement, the Members and their Representatives shall have the right to inspect and to make copies (at the Members' expense) of such books and records at any time, upon reasonable request during normal business hours and upon reasonable notice, and without undue interference to the business operations of the Company; provided that the Members' access to and use of such books and records will be limited to legal and regulatory purposes, including preparing Tax Returns, responding to Tax audits, or otherwise dealing with Governmental Entities. The Purchaser Parties have the right to have their Representatives present during any such inspection.

(b) For a period of six years after the Closing Date, or for such longer period as may be required by applicable Law, each Member shall retain all books and records in the possession of such Member following the Closing relating to the Company (including personnel files) for periods prior to the Closing Date. So long as any such books and records are retained by the Members pursuant to the terms of this Agreement, the Purchaser Parties and their respective Representatives shall have the right to inspect and to make copies (at the Purchaser Parties' expense) of such books and records at any time, upon reasonable request during normal business hours and upon reasonable notice, and without undue interference to the business operations of the Members. The Members have the right to have their Representatives present during any such inspection.

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(c) The Purchaser Parties will not be obligated to provide the Members with access to any books or records pursuant to this Section 9.1 where such access would violate any Law in any material respect.

**9.2 D&O Indemnification and Tail Policy**

(a) For a period of six years after the Closing Date, the Purchaser shall not, and shall not permit the Company or, subject to this Section 9.2(a), any successor or assign of the Company by merger, consolidation, amalgamation or otherwise, to amend, repeal or modify any provision in the Company's Organizational Documents relating to the exculpation or indemnification of any current or former officer, member or manager (unless required by Law), it being the intent of the Parties that the officers, members and managers of the Company shall continue to be entitled to such exculpation and indemnification to the full extent of the Law and the Company's Organizational Documents. If the Company, or any successor or assign of the Company: (i) merges, consolidates, reorganizes, arranges or amalgamates with or into any other Person, or (ii) transfers all or substantially all of its properties or assets to any Person, then, in each such case, the Purchaser shall cause proper provision to be made so that the Company, or each such successor or assign of the Company, as applicable, shall expressly assume all of the obligations set forth in this Section 9.2(a). This Section 9.2(a) is intended for the benefit of, and is enforceable by, each current and former officer, member and manager of the Company, and their respective heirs, executors, successors and Representatives, as applicable, and is in addition to, and not in substitution for, any other rights to indemnification or contribution that any such Person may have, by Contract or otherwise. To the maximum extent permitted by applicable Law, such indemnification under the Company's Organizational Documents shall be mandatory rather than permissive, and the Company shall advance expenses in connection with such indemnification as provided in the Organizational Documents (or other applicable agreements).

(b) Prior to Closing, the Company shall obtain at its expense, for the period from the Closing Date until the six-year anniversary of the Closing Date, a fully prepaid non-cancellable directors' and officers' liability insurance "tail" or "runoff" insurance policy (the "**D&O Tail Policy**"), which D&O Tail Policy will provide coverage in an amount equal to the Company's existing coverage for the current and former directors, managers and officers of the Company and the Members, as applicable, and those individuals currently and formerly holding an office with the Company and/or the Members, with respect to any Claims arising from facts or events that occurred on or prior to the Closing concerning the Company or the Subject Mine Properties (including in connection with the transactions contemplated by this Agreement).

**9.3 [reserved]** 

**9.4 Tax Matters**

(a) *Tax Characterization and Allocation*.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) The Purchaser and the Members acknowledge and agree that, for U.S. federal and state income Tax purposes, (A) the sale of the Company Interests shall be treated and reported in accordance with Revenue Ruling 99-6, 1999-1 C.B. 432 (Situation 2), (B) with respect to the Members, the Members will be treated as selling all of their Company Interests to Purchaser in a taxable sale of partnership interests in exchange for amounts paid in respect of such Company Interests pursuant to this Agreement, and (C) with respect to Purchaser, (x) the Company will be deemed to make a liquidating distribution of undivided interests in all of its assets to the Members and (y) immediately thereafter, Purchaser will be deemed to acquire, by taxable purchase, all such assets of the Company (collectively, the "**Intended Tax Treatment**").

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) The Purchaser shall provide the Members with its proposed allocation (the "**Allocation**") of the Purchase Price plus the assumed liabilities and other relevant items among the Company Assets consistent with Section 755 and Section 1060 of the *United States Internal Revenue Code of 1986*, as amended (the "**Code**"), the U.S. Treasury regulations promulgated thereunder (and any similar provision of state, local or foreign law, as appropriate) and the allocation principles set forth in Exhibit "A", within 120 days following the Closing Date, and the Members shall respond within 30 days of receipt, providing either: (A) its acceptance of such allocation or (B) any objections, in which case the Members shall also provide its determination of the allocation of the Purchase Price. The Members' failure to respond within that 30 day period shall be deemed acceptance of the proposed Allocation prepared by the Purchaser. The Members and the Purchaser agree to act in good faith to resolve any differences between them with respect to the Allocation. In the event that agreement cannot be reached, the Members and the Purchaser shall jointly choose an independent certified public accounting firm, whose decision, which shall be in accordance with the allocation principles set forth in Exhibit "A" and the Intended Tax Treatment, shall be final. The costs of such firm shall be shared equally between the Members and the Purchaser. The Allocation shall be revised from time to time, in a manner consistent with the residual method under Section 1060 of the Code, to take into account any increase or decrease to the Purchase Price on account of any post-Closing adjustment thereto. Notwithstanding any provision to the contrary in this Agreement, no portion of the Purchase Price in excess of $5,000 shall be allocated to the restrictive covenants set forth in Section 9.5. The Purchaser and the Members agree that such Allocation shall be used by each of them in the preparation and filing of all Tax Returns, and each Party agrees that it shall take no position, and cause its Affiliates to take no position, inconsistent with the Allocation or the Intended Tax Treatment on any Tax Return or in any proceeding before any Governmental Entity unless otherwise required by a "determination" within the meaning of Section 1313 of the Code. The Purchaser and the Members shall cooperate in preparing, signing and filing all income and other Tax Returns relating to the purchase and sale of the Company Interests.

(b) *Tax Returns.* The Members shall prepare or cause to be prepared, and file or cause to be filed, all Pass-Through Tax Returns of the Company for all periods ending on or prior to the Closing Date that are due after the Closing Date in a manner consistent with past practice and methods. No later than fifteen Business Days prior to the due date thereof (including, to the extent applicable, validly obtained extensions), the Members shall provide drafts of such Pass-Through Tax Returns to the Purchaser for its review and comment and shall consider in good faith all reasonably made comments thereto. The Members shall file or cause to be filed such Pass-Through Tax Returns on or prior to the due date thereof and shall timely pay any and all such Taxes due and owing in connection therewith. The Parties agree to treat all Transaction Tax Deductions as being deductible by the Company for the sole benefit of the Members in the Company's taxable period that ends on the Closing Date to the maximum extent permitted under applicable Law, and none of the Purchaser, Purchaser Parent of their Affiliates shall take any action, or permit the Company to take any action, inconsistent therewith. None of Purchaser, any Affiliate of Purchaser, or the Company shall (or shall cause or permit the Company to), without prior written consent of the Members, which consent shall not be unreasonably withheld, conditioned or delayed: (i) refile, amend or otherwise modify any Tax Return with respect to the Company or its Subsidiaries, (ii) extend or waive any statute of limitations or other period for the assessment of any Tax Return with respect to the Company or its Subsidiaries, (iii) raise any issue with, initiate any voluntary disclosure, or request an audit by, any Tax Authority that relates to any Tax Return with respect to any Pre-Closing Tax Period or any Straddle Period of the Company or its Subsidiaries, (iv) enter into any closing agreement or settle any Tax claim or assessment relating to the Company or its Subsidiaries with respect to any Pre-Closing Tax Period or any Straddle Period, (v) surrender any right to claim a refund of Taxes with respect to any Pre-Closing Tax Period or Straddle Period, or (vi) file any ruling or request with any Tax Authority that relates to Taxes or Tax Returns of the Company or its Subsidiaries with respect to any Pre-Closing Tax Period or any Straddle Period. The Purchaser shall prepare or cause to be prepared and file or cause to be filed any Tax Returns for any Straddle Period ("**Straddle Returns**"). All Straddle Returns shall be prepared in a manner consistent with past practices of the Company, to the extent such past practice complies with applicable Law. No later than fifteen Business Days (including, to the extent applicable, validly obtained extensions) prior to the due date thereof (or as soon as practicable after the Closing), Purchaser shall provide drafts of such Straddle Returns to the Members for the Members' review and comment and shall incorporate all reasonably made comments thereto. Purchaser shall file or cause to be filed the Straddle Returns on or prior to the due thereof and shall timely pay all such Taxes due and owing in connection therewith. Except in respect of amounts included as Indebtedness hereunder, the Members shall remit to Purchaser at least five (5) Business Days prior to the due date for the applicable Straddle Return an amount equal to the Taxes due as reflect on such Straddle Returns to the extent such Taxes are apportioned to the portion of the Straddle Period ending as of the Closing (as determined in accordance with the methodology in Section 9.4(c).

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(c) *Straddle Period*. In the case of any Straddle Period, (i) real and personal property and similar ad valorem Taxes shall be apportioned between the portion of such Straddle Period ending on the Closing Date and the portion of such Straddle Period beginning after the Closing Date on a daily pro-rata basis, and (ii) all other Taxes shall be apportioned between the portion of such Straddle Period ending on the Closing Date and the portion of such Straddle Period beginning after the Closing Date based on a closing of the books basis.

(d) *Tax Notices and Cooperation.*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) If, after the Closing Date, the Purchaser or the Company receives any notice, letter, correspondence, Claim or decree relating to Taxes from any Tax Authority relating to any Taxes or Tax Returns for which the Members (or any direct or indirect owner of the Members) may be responsible (including pursuant to the terms of this Agreement) (a "**Tax Notice**"), the Purchaser shall, and shall cause the Company to, use commercially reasonable efforts to promptly deliver such Tax Notice to the Members.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) For any Tax Notice relating solely to periods ending on or before the Closing Date, the Members, at their own expense, shall have the right to handle, defend, conduct and control any Tax audit or other proceeding involving the Company that relates to such Tax Notice; provided that the Purchaser shall have the right to participate, at Purchaser's own expense, in any such audit or other proceeding; and provided further that the Members shall not settle or compromise any such Tax audit or other proceeding without Purchaser's prior written consent, which consent shall not be unreasonably withheld, conditioned or delayed. With respect to any Tax audit or proceeding controlled by the Purchaser for which the Members (or any direct or indirect owner of the Members) may be responsible (including pursuant to the terms of this Agreement), the Members shall have the right to participate, at the Members ' own expense, in any such audit or other proceeding; and provided further that the Purchaser shall not settle or compromise any such Tax audit or other proceeding without the Members' prior written consent, which consent shall not be unreasonably withheld, conditioned or delayed.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) The Members and the Purchaser shall (and the Purchaser shall cause the Company to) cooperate fully, as and to the extent reasonably requested by the other Party (and at the requesting Party's expense), in connection with the filing of Tax Returns of the Members or the Company for pre-Closing Tax periods or the Company for any post-Closing Tax periods and any audit, litigation or other proceeding with respect to Taxes of the Company for such periods. Such cooperation shall include requesting valid extensions of Company Tax Return dates, the retention of Company Tax related records and information for at least six years after the Closing Date, and (upon the other Party's request and at its expense) the provision of records and information which are reasonably relevant to any such audit, litigation or other proceeding, and making personnel available on a mutually convenient basis to provide additional information and explanation of any material provided hereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) The Purchaser and the Members and each of their respective Affiliates shall cause the Company to make a "push-out" election under Section 6226 of the Code (or similar election for state or local income Tax purposes) with respect to any Tax Notice for a reviewed taxable year or portion thereof ending on or prior to the Closing Date for which such an election is available.

(e) *Transfer Taxes*. The Members, on the one hand, and the Purchaser, on the other hand, shall be equally responsible for, and pay in a timely manner, all local, foreign or other excise, sales, use, value added, transfer (including real property transfer or gains), stamp, documentary, filing, recordation and other similar Taxes and fees incurred in connection with, or as a result of the execution of, this Agreement, together with any inflation adjustment, interest, additions or penalties with respect thereto and any inflation adjustment or interest with respect to such additions or penalties ("**Transfer Taxes**"). The Purchaser shall, at the joint expense of Purchaser and the Members, shared equally, prepare and file, or cause to be prepared and filed, all Tax Returns or other documentation with respect to such Transfer Taxes, and the Members shall use commercially reasonable efforts to cooperate in preparation and filing such documents upon the Purchaser's reasonable request.

(f) *FIRPTA Certificate*. The Members shall have delivered to the Purchaser a certificate prepared in accordance with Treasury regulations Section 1.1445-2(b)(2) certifying that the Members are not a foreign Person, or a properly completed and validly executed IRS Form W-9, in either case dated within 30 days prior to the Closing Date.

(g) *Tax Refunds*. Except to the extent taken into account in the final calculation of Pre-Closing Taxes, any Tax refunds or refundable credits that are received by Purchaser, the Company or any of its Subsidiaries, or any of their respective Affiliates, that relate to Taxes of the Company or any of its Subsidiaries for Pre-Closing Tax Periods or the pre-Closing portion of any Straddle Period (as determined in accordance with the methodology contained in Section 9.4(c)), shall be for the account of the Members, and Purchaser shall pay to the Members any such refund or the amount of any such refundable credit (net of Purchaser's reasonable out-of-pocket costs and Taxes, if any, incurred as a result of such refund) no later than five (5) calendar days after receipt of such refund or refundable credit. Any such Tax refund or refundable credit received with respect to a Straddle Period shall be equitably apportioned between the Purchaser and the Members in accordance with the methodology contained in Section 9.4(c). In the event that any refund of Taxes for which a payment has been made pursuant to this Section 9.4(f) is subsequently reduced or disallowed, the Members shall indemnify and hold the Purchaser and its Affiliates (including the Company and its Subsidiaries) harmless for any Taxes (plus any interest, penalties and additions to Tax imposed thereon) assessed against Purchaser or its Affiliates (including the Company and its Subsidiaries) by reason of such reduction or disallowance. At the reasonable request and cost of the Members, Purchaser and the Company shall use commercially reasonable efforts to cooperate with the Members to obtain any refunds or refundable credits to which the Members are entitled to hereunder.

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**9.5 Non-Competition**

(a) For a period of three (3) years commencing on the Closing Date, the Members will not, and will not permit any Controlled Affiliate to, (i) engage in or assist others in engaging in precious metals mining and reclamation (the "**Restricted Business**") within a 10 kilometre radius of the Subject Mine Properties (the "**Territory**"); (ii) have a controlling interest (for this purpose, a greater than fifty percent (50%) interest) in any Person that engages, directly or indirectly, in the Restricted Business in the Territory in any capacity, including as a partner, shareholder, member, employee, principal, agent, trustee or consultant; or (iii) intentionally interfere in any material respect with business relationships formed prior to the Closing between the Company and customers or suppliers of the Company, provided that the Parties agree that for purposes of this subsection (iii), in no case will: (A) the acquisition of any assets or properties, or the conduct of any activities, outside of the Territory, or (B) the development, operation, maintenance or sale of any existing assets, properties or interests inside the Territory that are owned by the Members or any of its Controlled Affiliates as of the date of this Agreement, by any of the Members or its Controlled Affiliates, either before or after the Closing, be or be deemed to be a breach of this Section 9.5. Notwithstanding the foregoing, a Member may own, directly or indirectly, solely as an investment, securities of any Person traded on any national securities exchange if such Member is a controlling Person of, or a member of a group which controls, such Person, and does not, directly or indirectly, own 10% or more of any class of securities of such Person. For purposes of this Agreement, "**Controlled Affiliate**" means, with respect to a Member, an Affiliate of such Member that has the same investment manager (i.e. Hale Capital Management, L.P.) as such Member.

(b) The Members acknowledge that a breach or threatened breach of this Section 9.5 would give rise to irreparable harm to the Purchaser, for which monetary damages would not be an adequate remedy, and agree that, in the event of a breach or a threatened breach by the Members of any such obligations, the Purchaser will, in addition to any and all other rights and remedies that may be available to it in respect of such breach, be entitled to equitable relief, including a temporary restraining order, an injunction, specific performance and any other relief that may be available from a court of competent jurisdiction (without any requirement to post bond).

(c) The Members acknowledge that the restrictions contained in this Section 9.5 are reasonable and necessary to protect the legitimate interests of the Purchaser, and constitute a material inducement to the Purchaser to enter into this Agreement and consummate the transactions contemplated by this Agreement. In the event that any covenant contained in this Section 9.5 should ever be adjudicated to exceed the time, geographic, product or service, or other limitations permitted by applicable Law in any jurisdiction, then any court is expressly empowered to reform such covenant, and such covenant shall be deemed reformed, in such jurisdiction to the maximum time, geographic, product or service, or other limitations permitted by applicable Law. The covenants contained in this Section 9.5 are severable and distinct covenants and provisions. The invalidity or unenforceability of any such covenant or provision as written shall not invalidate or render unenforceable the remaining covenants or provisions of this Section 9.5, and any such invalidity or unenforceability in any jurisdiction shall not invalidate or render unenforceable such covenant or provision in any other jurisdiction.

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**9.6 Purchaser Parent Guarantee**

The Purchaser Parent unconditionally and irrevocably guarantees in favour of the Members the due and punctual payment and performance by the Purchaser and, following the Closing, the Company, of each and every obligation of the Purchaser and the Company under this Agreement, including the payment of the Purchase Price and the issuance of the Consideration Shares. This is a guaranty of payment and not of collection. The Purchaser Parent agrees to cause the Purchaser and the Company, as applicable, and any other Person under the Purchaser Parent's control, to comply with all of such Person's obligations under or relating to this Agreement, and the transactions contemplated by this Agreement.

**9.7 Confidentiality**

For a period of two years following the Closing Date, each Party will, and will cause its respective Affiliates to, hold, and use commercially reasonable efforts to cause its or their respective Representatives to hold, in confidence any and all information, whether written or oral, concerning the Company, the business and operations of the Company, and not use such information for any improper purpose. The previous sentence shall not apply (a) to the extent that a Party can show that such information (i) is generally available to and known by the public through no breach by such Party or any of its Affiliates or respective Representatives of this Section 9.7, or (ii) is lawfully acquired by such Party or any of its Affiliates or respective Representatives from and after the Closing from sources which are not prohibited from disclosing such information by a legal, contractual or fiduciary obligation; or (b) to any disclosure by a Party or any of its Affiliates or respective Representatives to a Person who is bound by a non-disclosure or similar agreement pursuant to which the receiving Person is bound to maintain the confidentiality of such information in substantive compliance with this Section 9.7. If any Party or any of its Affiliates or respective Representatives are compelled to disclose any information by judicial or administrative process or by other requirements of Law, such Party will promptly notify the other Parties in writing, and shall disclose only that portion of such information which such Party is advised by their counsel, in writing, is legally required to be disclosed, provided that such Party will use commercially reasonable efforts to obtain an appropriate protective order or other reasonable assurance that confidential treatment will be accorded such information.

Prior to the Closing, the Purchaser Parties shall hold in confidence, in accordance with the existing confidentiality agreement between the Purchaser Parent and the Company (the "**Existing Confidentiality Agreement**"), all confidential information of the Company.

**9.8 R&W Insurance Policy** 

(a) The Purchaser shall use commercially reasonable efforts to obtain and bind the R&W Insurance Policy in connection with this Agreement and the transactions contemplated by this Agreement. The R&W Insurance Policy will provide that the R&W Insurer has no subrogation or similar rights against the Members and will not pursue any claims against the Members or their Affiliates or Representatives, other than in respect of a claim based on Fraud by the Members or their Representatives. Following the Closing, the Purchaser shall not amend, vary or modify the limitations on subrogation or similar rights against the Members or their Representatives in the R&W Insurance Policy or otherwise amend, vary or modify the R&W Insurance Policy in such a manner that would reasonably be expected to increase the potential financial liability of the Members or any of their Representatives in connection with this Agreement, without the prior written consent of the Members.

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(b) The Purchaser shall not novate or otherwise assign its rights under the R&W Insurance Policy (or do anything which has a similar effect); provided, however, that the Purchaser shall have the right to assign its rights under the R&W Insurance Policy, in whole or in part, at any time to any Affiliate of Purchaser or to any successor to Purchaser or any direct or indirect purchaser of the Company, whether by way of merger, amalgamation, arrangement, consolidation, reorganization, sale of assets or otherwise, or to any lender of Purchaser or its Affiliates as collateral security, so long as such assignment does not adversely impact the Members (in which case such assignment, to the extent it adversely impacts the Members, shall be subject to the prior written consent of the Members).

(c) Prior to the Closing, in connection with the R&W Insurance Policy, the Company shall, and the Members shall use their commercially reasonable efforts to cause the Company to, provide commercially reasonable cooperation to the Purchaser and the R&W Insurer, as reasonably requested by the Purchaser or the R&W Insurer from time to time. Following the Closing, the Members shall provide commercially reasonable cooperation to the Purchaser and the R&W Insurer in connection with any Claims under the R&W Insurance Policy, as reasonably requested by the Purchaser or the R&W Insurer.

(d) The Purchaser shall use commercially reasonably efforts to meet all conditions to the issuance of the final, executed R&W Insurance Policy in accordance with the terms of the R&W Insurance Policy.

(e) The Purchaser, on the one hand, and the Members, on the other hand, shall each pay 50% of the R&W Expenses (excluding, for the avoidance of doubt, the Retention) as and when due, pursuant to this Section 9.8.

**ARTICLE 10**<br>**SURVIVAL AND INDEMNIFICATION**

**10.1 Survival**

The representations and warranties contained in this Agreement shall survive the Closing and continue in full force and effect as follows:

(a) subject to Section 10.1(b), the representations and warranties of the Members in Article 3 and in Article 4 shall terminate as of the Closing and shall not survive the Closing, except for a Claim based on Fraud. Following the Closing, subject to Section 10.1(b), the Purchaser Parties shall not be entitled to any recovery hereunder in respect of any such representations or warranties of the Members in Article 3 and in Article 4 (except for a Claim based on Fraud); *provided* that this 10.1(a) shall not limit any claim or recovery available to the Purchaser under the R&W Insurance Policy;

(b) notwithstanding Section 10.1(a), the representations and warranties set out in Section 3.23 (*Taxes)* will survive and continue in full force and effect until six months after the expiration of the later of (i) the period during which any Tax assessment (including any assessment, reassessment or other form of recognized document assessing liability for Taxes under applicable Law) may be issued by a Governmental Entity in respect of any taxation year to which such representations and warranties extend, with such period to be determined without regard to any consent, waiver, Contract or other document, made or filed after the Closing Date that extends the period during which a Governmental Entity may issue a Tax assessment; or (ii) the statute of limitation for such claim;

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(c) the representations and warranties of the Purchaser Parties in Article 5 shall survive for a period of one (1) year following the Closing, except that the Purchaser Fundamental Representations shall survive for a period of two (2) years following the Closing; and

(d) the time limitation for Claims against a Party with respect to any representations and warranties contained in this Agreement based on Fraud by that Party shall be the statute of limitations (but Section 10.1(a) shall apply to all contractual and common law Claims with respect to any representations and warranties contained in Article 3, Article 4 and Article 5 or in any certificate, agreement or instrument delivered by a Party pursuant to this Agreement that do not constitute Fraud).

Except as provided in this Section 10.1, none of the covenants, obligations, conditions or other agreements contained in this Agreement shall survive the Closing, other than those covenants, obligations or agreements which, by their terms, contemplate performance after the Closing, and each such surviving covenant, obligation and agreement shall survive the Closing for the period contemplated by its terms.

**10.2 Indemnification in Favour of the Purchaser Parties**

Subject to Section 10.4, the Members will indemnify and save the Purchaser Indemnified Parties harmless of and from any Damages suffered by, imposed upon or asserted against the Purchaser Parties or any of their Affiliates or Representatives, as applicable, as a result of, in respect of, arising out of, or by reason of:

(a) any breach or inaccuracy of any representation or warranty given by the Members in Article 3 or Article 4 of this Agreement for which a notice of Claim has been provided to the Members within the applicable time period specified in Section 10.1;

(b) any failure of a Member or the Company to perform or fulfil any of its covenants or obligations under this Agreement;

(c) any Indemnified Taxes; and

(d) any Company Debt or Company Transaction Expenses to the extent not deducted from the Purchase Price in determination of the Estimated Closing Date Payment or Closing Date Payment.

The Members are not indemnifying the Purchaser Parties for any Damages related to the litigation disclosed on Schedule 3.16(d) of the Disclosure Letter (including any related Claims or appeals therefrom) nor are the Members entitled to any recovery of the proceeds, if any, arising from that litigation, except as otherwise expressly set forth in this paragraph. The post-Closing Company shall be fully responsible for any Damages arising from, and entitled to any and all recovery from, the litigation disclosed on Schedule 3.16(d) of the Disclosure Letter (including any related Claims or appeals therefrom). The unpaid legal fees related to such litigation through the Closing Date shall be a Company Transaction Expense and any subsequent legal fees shall be borne by the Company but shall not be deemed to be a Company Transaction Expense or Indebtedness or otherwise reduce the Purchase Price. Notwithstanding the foregoing, if the Company incurs more than Six Million Dollars ($6,000,000) in Damages directly arising from the litigation disclosed on Schedule 3.16(d) of the Disclosure Letter and provides a Claim to the Members on or before the two (2) year anniversary of the Closing detailing, in writing, such Damages, then, solely with respect to any Damages that are determined to directly arise from the litigation disclosed on Schedule 3.16(d) of the Disclosure Letter in excess of Six Million Dollars ($6,000,000) (the "**Excess Damages**"), the Company shall be responsible for fifty percent (50%) of the Excess Damages and the Members shall be responsible for 50% of the Excess Damages, subject to a cap of Two Million Dollars ($2,000,000).

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**10.3 Indemnification in Favour of the Members**

Subject to Section 10.4, the Purchaser Parties will indemnify and save the Members and their Affiliates and Representatives harmless of and from any Damages suffered by, imposed upon or asserted against the Members or any of their Affiliates or Representatives, as applicable, as a result of, in respect of, arising out of, or by reason of:

(a) any breach or inaccuracy of any representation or warranty given by the Purchaser Parties in Article 5 of this Agreement or in any certificate, agreement or instrument delivered by the Purchaser Parties pursuant to this Agreement, for which a notice of Claim has been provided to either of the Purchaser Parties within the applicable time period specified in Section 10.1; or

(b) any failure of either of the Purchaser Parties to perform or fulfil any of their respective covenants or obligations under this Agreement.

**10.4 Limitations**

(a) A Party making a Claim for indemnification under this Article 10 is referred to as an "**Indemnified Party**", and a Party against whom such Claim is asserted under this Article 10 is referred to as an "**Indemnifying Party**".

(b) An Indemnifying Party shall have no obligation or liability for indemnification under Section 10.2 or Section 10.3, as applicable, after the end of the applicable survival period specified in Section 10.1, except for Claims that the Indemnifying Party has been notified of in accordance with Section 10.5 by the Indemnified Party, prior to the end of the applicable survival period.

(c) No Party shall have any liability for, or obligation with respect to, (i) any special, incidental, indirect, consequential, exemplary or lost profits damages, other than to the extent awarded pursuant to a Third Party Claim, or to the extent such damages are reasonably foreseeable by the Members or the Purchaser Parties, as the case may be, as a result of the underlying claim for breach (A) as of the date of this Agreement, to the extent such damages are solely the result of characteristics unique to the applicable Indemnified Party or (B) as of the time of breach, in the case of all other consequential damages, or (ii) punitive or aggravated damages, unless awarded pursuant to a Third Party Claim.

(d) The Purchaser Parties, on behalf of themselves and their respective Affiliates, acknowledge and agree that from and after the Closing, they shall not be permitted to make, and no Member shall have any liability or obligation with respect to, any Claims for any breach of any representation or warranty of the Members set forth in Article 3 (other than Section 3.23) or Article 4 of this Agreement or in any certificate delivered pursuant hereto (other than for a Claim based on Fraud). In furtherance of the foregoing, from and after the Closing, each Purchaser Party hereby irrevocably waives (on behalf of itself and each of its Affiliates), to the fullest extent permitted under Law, any and all rights, claims and causes of action (including any statutory rights to contribution or indemnification) for any breach of any representation or warranty by the Members set forth in this Agreement (other than Section 3.23) or in any certificate delivered pursuant hereto that such Purchaser Party (or its Affiliates) may have against the Members arising under or based upon any theory whatsoever, whether under any Law, in equity, contract, tort or otherwise; *provided* that nothing contained in this Section 10.4(d) shall operate to limit the ability of any Purchaser Party to assert a claim for Fraud. For the avoidance of doubt, the Purchaser Parties acknowledge and agree that the rights provided under the R&W Insurance Policy shall be the sole and exclusive remedy of the Purchaser Parties with respect to any and all Damages attributable to any breach of any representation or warranty of the Members, except for Section 3.23 and in the case of Fraud.

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(e) Notwithstanding anything to the contrary herein, neither the failure of the Purchaser to bind the R&W Insurance Policy nor the revocation, cancellation, or modification of the R&W Insurance Policy after the Closing Date, nor any inability of, nor any denial by the R&W Insurer, to pay any Damages contemplated by the R&W Insurance Policy, shall result in liability under this Article 10 to the Members.

(f) Notwithstanding anything to the contrary herein, in no event will the Members have any indemnification obligation hereunder with respect to any Damages relating to Taxes (i) to the extent such Damages were included in the computation of the Purchase Price, (ii) with respect to any taxable period (or portion thereof) ending after the Closing Date (other than as a result of a breach of the representations set forth in Section 3.23(l)) or (iii) resulting solely from any breach or failure of Purchaser or any of its Affiliates to perform any covenant or agreement related to Taxes set forth in this Agreement.

**10.5 Notification**

(a) If a Third Party Claim is instituted or asserted against an Indemnified Party, the Indemnified Party will promptly notify the Indemnifying Party in writing of the Third Party Claim; provided, that the failure to notify or delay in notifying the Indemnifying Party will not relieve the Indemnifying Party of its obligations under this Article 10 except to the extent the Indemnifying Party is prejudiced as a result thereof, unless the notification occurs after the expiration of the applicable survival period set out in this Article 10 (in which case such Third Party Claim is time barred). The notice must specify, in reasonable detail, the identity of the Person making the Third Party Claim and, to the extent known, the nature of the Damages and the estimated amount needed to investigate, defend, remedy or address the Third Party Claim.

(b) If an Indemnified Party becomes aware of a Direct Claim, the Indemnified Party will promptly notify the Indemnifying Party in writing of the Direct Claim; provided, that the failure to notify or delay in notifying the Indemnifying Party will not relieve the Indemnifying Party of its obligations under this Article 10 except to the extent the Indemnifying Party is prejudiced as a result thereof, unless the notification occurs after the expiration of the applicable survival period set out in this Article 10 (in which case such Direct Claim is time barred).

(c) Notice to an Indemnifying Party under this Section 10.5 of a Direct Claim or a Third Party Claim is assertion of a Claim for indemnification against the Indemnifying Party under this Agreement. Upon receipt of such notice, the provisions of Section 10.6 will apply to any Direct Claim and the provisions of Section 10.7 will apply to any Third Party Claim.

**10.6 Direct Claims**

(a) Following receipt of notice of a Direct Claim, the Indemnifying Party shall have 60 days to investigate the Direct Claim and respond in writing. For purposes of the investigation, the Indemnified Party shall make available to the Indemnifying Party the information relied upon by the Indemnified Party to substantiate the Direct Claim, together with such other information as the Indemnifying Party may reasonably request.

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(b) If the Indemnifying Party disputes the validity or amount of the Direct Claim, the Indemnifying Party shall provide written notice of the dispute to the Indemnified Party within the 60 day period specified in Section 10.6(a). The dispute notice must describe in reasonable detail the nature of the Indemnifying Party's dispute. During the 30 day period immediately following receipt of a dispute notice by the Indemnified Party, the Indemnifying Party and the Indemnified Party shall attempt in good faith to resolve the dispute. If the Indemnifying Party and the Indemnified Party fail to resolve the dispute within that 30 day time period, the Indemnified Party is free to pursue all rights and remedies available to it, subject to the terms of this Agreement.

(c) If the Indemnifying Party fails to respond in writing to the Direct Claim within the 60 day period specified in Section 10.6(a), the Indemnifying Party is deemed to have acknowledged and agreed to the validity of the Direct Claim, in which event the Indemnified Party's right to be indemnified by the Indemnifying Party hereunder with respect thereto, and, subject to the terms hereof (including all applicable limitations on liability), all Damages suffered or incurred by the Indemnified Party arising from or in connection with such Direct Claim shall be payable by the Indemnifying Party to the Indemnified Party on demand following the final determination of such Damages.

**10.7 Third Party Claims**

(a) Following receipt of notice of a Third Party Claim, the Indemnifying Party may participate in the investigation and defense of the Third Party Claim, and may also elect to assume the investigation and defense of the Third Party Claim.

(b) Subject to any rights of the R&W Insurer to have control of the applicable Third Party Claim pursuant to the R&W Insurance Policy, in order to assume the investigation and defense of a Third Party Claim, the Indemnifying Party must give the Indemnified Party written notice of its election within 30 days of the Indemnifying Party's receipt of notice of the Third Party Claim.

(c) If the Indemnifying Party assumes the investigation and defense of a Third Party Claim:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the Indemnifying Party will pay for all costs and expenses of the investigation and defense of the Third Party Claim, except that the Indemnifying Party will not, so long as it diligently conducts such defense, be liable to the Indemnified Party for any fees of other counsel or any other expenses with respect to the defense of the Third Party Claim incurred by the Indemnified Party after the date the Indemnifying Party validly exercised its right to assume the investigation and defense of the Third Party Claim; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the Indemnifying Party will reimburse the Indemnified Party for all reasonable and documented costs and expenses incurred by the Indemnified Party in connection with the investigation and defense of the Third Party Claim prior to the date the Indemnifying Party validly exercised its right to assume the investigation and defense of the Third Party Claim.

(d) If the Indemnified Party undertakes the defense of the Third Party Claim, the Indemnifying Party will not be bound by any determination of the Third Party Claim or any compromise or settlement of the Third Party Claim effected without the consent of the Indemnifying Party.

(e) The Indemnifying Party will not be permitted to compromise and settle, or to cause a compromise and settlement of, a Third Party Claim without the prior written consent of the Indemnified Party, which consent may not be unreasonably withheld, conditioned or delayed, unless:

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the terms of the compromise and settlement require only the payment of money for which the Indemnified Party is entitled to full indemnification under this Agreement; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the Indemnified Party is not required to admit any wrongdoing, take or refrain from taking any action, acknowledge any rights of the Person making the Third Party Claim, or waive any rights that the Indemnified Party may have against the Person making the Third Party Claim.

(f) The Indemnified Party and the Indemnifying Party shall each keep the other fully informed of the status of any Third Party Claim and any related proceedings. If the Indemnifying Party assumes the investigation and defense of a Third Party Claim, the Indemnified Party will, at the request and expense of the Indemnifying Party, use its commercially reasonable efforts to make available to the Indemnifying Party, on a timely basis, those Representatives of the Indemnified Party whose assistance, testimony or presence is necessary to assist the Indemnifying Party in investigating and defending the Third Party Claim. The Indemnified Party shall, at the request and expense of the Indemnifying Party, make available to the Indemnifying Party or its Representatives, on a timely basis, all documents, records and other materials in the possession, control or power of the Indemnified Party, reasonably required by the Indemnifying Party for its use solely in defending any Third Party Claim which it has elected to assume the investigation and defense of. The Indemnified Party shall cooperate on a timely basis with the Indemnifying Party in the defense of any Third Party Claim.

(g) The procedures above are subject to any administrative or defense requirements set forth in the R&W Insurance Policy.

**10.8 Payment of Damages**

Once an ascertained amount of any Damages is agreed to by the Indemnifying Party, or finally adjudicated to be payable by a court of competent jurisdiction pursuant to this Article 10, the Indemnifying Party will satisfy its obligations within five Business Days of such final, non-appealable adjudication by wire transfer of immediately available funds.

**10.9 Materiality**

The Parties acknowledge that certain representations and warranties in Article 3 or Article 4 are qualified by materiality. For the purposes of this Article 10 and for determining whether there has been a breach and calculating the amount of any Damages that are the subject of a Claim for indemnification under this Article 10 , each representation and warranty in this Agreement will be read without regard and without giving effect to "material" or "Company Material Adverse Effect" qualifications; provided that the foregoing shall not apply with respect to the word "Material" when used in defined terms, including "Material Contracts" and "Company Material Adverse Effect".

**10.10 Knowledge**

The rights of the Purchaser Parties to indemnification under this Article 10 or any other remedy under this Agreement shall not be impacted or limited by any knowledge that the Purchaser acquired, or could have acquired, whether before or after the Closing or the Closing Date, nor by any investigation or due diligence inquiry conducted by the Purchaser.

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**10.11 Duty to Mitigate**

Nothing in this Agreement in any way restricts or limits the general obligation at Law of an Indemnified Party to mitigate any loss which it may suffer or incur by reason of the breach by an Indemnifying Party of any representation, warranty, covenant or obligation of the Indemnifying Party under this Agreement. If any Claim can be reduced by any recovery, settlement or otherwise under or pursuant to any insurance coverage, or pursuant to any Claim, recovery, settlement or payment by or against any other Person, the Indemnified Party shall take reasonable appropriate steps to enforce such recovery, settlement or payment, and the amount of any Damages of the Indemnified Party will be reduced by the net amount of insurance proceeds, and the net amount of any such recovery, settlement, payment or otherwise, actually recoverable by the Indemnified Party (and to the extent recovered by the Indemnified Party after the Indemnifying Party has paid any amounts in respect of a Claim to the Indemnifying Party, such recovered amounts (not to exceed the amounts paid by the Indemnifying Party in respect of such Claim) shall be remitted to the Indemnifying Party who paid such Claim). If any Indemnified Party fails to use such reasonable efforts to mitigate any such Claim or Damages, then the Indemnifying Party shall not be required to indemnify the Indemnified Party for the portion of any Damages that would have been avoided if the Indemnified Party had used such reasonable efforts.

**10.12 Adjustment to Purchase Price**

Any payment made by the Members as an Indemnifying Party pursuant to this Article 10 will constitute a dollar-for-dollar decrease of the Purchase Price, and any payment made by the Purchaser as an Indemnifying Party pursuant to this Article 10 will constitute a dollar-for-dollar increase of the Purchase Price.

**10.13 Exclusion of Other Remedies**

(a) Except as provided in this Section 10.13, the indemnities provided in Section 10.2 and Section 10.3 shall constitute the sole and exclusive remedy of the Purchaser Parties, on the one hand, and the Members, on the other hand, against the other Party in the event of any breach of any representation, warranty, covenant, agreement or other obligation in this Agreement, and the Parties agree that no other rights, remedies or causes of action (whether at Law or in equity, or whether in Contract or in tort, or otherwise) are permitted to any Party. Notwithstanding the foregoing, Section 10.13(b) shall be applicable to any breach, or failure to perform, by any of the Parties of any of the covenants, agreements or other obligations of the Parties set out in this Article 10, and in Sections 9.1 (*Company's Books and Records*), 9.2 (*D&O Indemnification and Tail Policy*), 9.4 (*Tax Matters*), 9.5 (*Non-Competition*), 9.6 (*Purchaser Parent* Guarantee), 9.7 (*Confidentiality*) and 9.8 (*R&W Insurance Policy*) (being, collectively with the covenants, agreements and obligations described in this Section 10.13(a), the "**Post-Closing Covenants**").

(b) The Parties agree that any failure to comply with any of the Post-Closing Covenants may give rise to irreparable harm, for which Damages would not be an adequate remedy at Law. Accordingly, the Parties agree that, in the event of any breach or threatened breach of any Post-Closing Covenant by a Party, the non-breaching Party will be entitled, without the requirement of posting a bond or other security, to equitable relief, including injunctive relief, specific performance or other equitable relief. The Parties agree not to raise any objections to the granting of injunctive or other equitable relief: (i) on the basis that there exists an adequate remedy at Law, or (ii) to prevent or restrain breaches or threatened breaches of any Post-Closing Covenant by any Party, and to specifically enforce the terms and provisions of this Agreement to prevent breaches or threatened breaches of, or to enforce compliance with, this Agreement. Such remedies, together with the rights to indemnification set forth in this Article 10, will be the exclusive remedies for any breach or threatened breach of any Post-Closing Covenant.

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**10.14 R&W Insurance Policy** 

(a) No Indemnified Party shall be entitled to double recovery of any Damages, even if such Damages may have resulted from any Claim for indemnity pursuant to more than one of the provisions of Sections 10.2 or Sections 10.3, or even if such Damages may have resulted from the breach of more than one of the representations, warranties, covenants and obligations of the Indemnifying Party in this Agreement.

(b) For avoidance of doubt, notwithstanding any other provision contained in this Agreement to the contrary, other than with respect to Fraud, the R&W Insurance Policy shall be the sole source of any recovery by the Purchaser Parties for any breach of or inaccuracy in the representations and warranties set forth in this Agreement by the Members (other than Section 3.23), any document to be delivered in connection with this Agreement, or any other agreement or instrument contemplated hereby. Except for fraud and for a breach of Section 3.23, the Purchaser Parties may not bring a Claim for any breach of or inaccuracy in the representations and warranties set forth in this Agreement by the Members.

**ARTICLE 11**<br>**TERMINATION**

**11.1 Termination**

This Agreement may be terminated at any time prior to the Closing:

(a) by the mutual written consent of the Parties;

(b) by the Purchaser Parties, by written notice to the Members, if:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) neither Purchaser Party is then in material breach of this Agreement, and there has been a breach of, inaccuracy in, or failure to perform, any representation, warranty, covenant or agreement made by the Members pursuant to this Agreement that would give rise to the failure of any of the conditions specified in Sections 7.1(a) or 7.1(b), and such breach, inaccuracy or failure has not been cured by the Members within ten days of the Members' receipt of written notice of such breach from the Purchaser Parties; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) any of the conditions set forth in Sections 7.1(a) or 7.1(b) are not fulfilled by the Outside Date, unless such failure is due to the failure of either Purchaser Party to perform or comply with any of the covenants or agreements in this Agreement to be performed or complied with by such Purchaser Party prior to the Closing;

(c) by the Members, by written notice to Purchaser Parties, if:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the Members are not then in material breach of this Agreement, and there has been a breach of, inaccuracy in, or failure to perform, any representation, warranty, covenant or agreement made by either of the Purchaser Parties pursuant to this Agreement that would give rise to the failure of any of the conditions specified in Sections 7.1(a) or 7.1(c), and such breach, inaccuracy or failure has not been cured by the Purchaser Parties within ten days of the Purchaser's receipt of written notice of such breach from the Members; or

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) any of the conditions set forth in Sections 7.1(a) or 7.1(c) are not fulfilled by the Outside Date, unless such failure is due to the failure of the Members to perform or comply with any of the covenants or agreements in this Agreement to be performed or complied with by the Members prior to the Closing; or

(d) by the Purchaser Parties or the Members in the event that (i) there shall be any Law that makes the consummation of the transactions contemplated by this Agreement illegal or otherwise prohibited or (ii) any Governmental Entity shall have issued an Order restraining or enjoining the transactions contemplated by this Agreement, and such Order shall have become final and non-appealable.

**11.2 Effect of Termination**

If this Agreement is terminated in accordance with Section 11.1, this Agreement will become void and there will be no liability on the part of any Party except:

(a) this Article 11, Section 8.4, Section 9.7 and Section 12.4, all of which shall survive such termination; and

(b) that nothing in this Article 11 will relieve any Party from liability for willful breaches of this Agreement.

**ARTICLE 12**<br>**MISCELLANEOUS**

**12.1 Notices**

(a) Any notice or other communication required or permitted to be given under this Agreement shall be in writing and shall be delivered in person, transmitted by email, or sent by registered mail, charges prepaid, addressed as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) if to the Members:

Hale Capital Partners, L.P.<br>17 State Street, Suite 3230<br>New York, NY 10004

Attention: Martin Hale Jr.<br>Email: martin@halefunds.com

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) if to the Purchaser or the Purchaser Parent:

Americas Gold and Silver Corporation<br>145 King Street West, Suite 2870<br>Toronto, ON M5H 1J8

Attention: Paul Huet<br>Email: japhuet@americas-gold.com

(b) Any such notice or other communication shall be deemed to have been given and received on the day on which it was delivered or transmitted (or, if such day is not a Business Day, or if delivery or transmission is made on a Business Day after 5:00 p.m. at the place of receipt, then on the next following Business Day), or, if mailed, on the third Business Day following the date of mailing; provided that, if at the time of mailing or within three Business Days thereafter, there is or occurs a labour dispute or other event which might reasonably be expected to disrupt the delivery of documents by mail, any notice or other communication under this Agreement shall be delivered or transmitted by email as set out above.

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(c) Any Party may at any time change its address for service by giving notice to the other Parties in accordance with this Section 12.1.

**12.2 Time of the Essence**

Time is of the essence in this Agreement.

**12.3 Announcements**

The Parties shall mutually agree as to the form and substance of the press release to be disseminated concurrently with the execution and delivery of this Agreement by the Parties, announcing the execution of this Agreement. No press release, public statement, announcement or other public disclosure with respect to this Agreement or the transactions contemplated by this Agreement may be made except with the prior written consent and joint approval of the Parties, unless required by Law or a Governmental Entity. Where the public disclosure is required by Law or a Governmental Entity, the Party or Parties required to make the public disclosure shall use commercially reasonable efforts to obtain the approval of the other Parties as to the form, nature and extent of such disclosure prior to making any such disclosure.

**12.4 Expenses**

Except as otherwise expressly provided in this Agreement, each Party shall pay for its own costs and expenses incurred in connection with this Agreement and the transactions contemplated by this Agreement. The fees and expenses referred to in this Section 12.4 are those which are incurred in connection with the negotiation, preparation, execution and performance of this Agreement, and the transactions contemplated by this Agreement, including the fees and expenses of legal counsel, financial advisors and accountants.

**12.5 Further Assurances**

Each Party shall, at all times after the Closing Date and upon any reasonable request of any other Party, promptly do, execute, deliver or cause to be done, executed and delivered, at the expense of the requesting Party, all further acts, documents and things as may be required or necessary for the purposes of giving effect to this Agreement, including such other instruments of sale, transfer, conveyance, assignment, confirmation, certificates and other instruments as may be reasonably requested, in order to more effectively assign, transfer and convey the Company Interests and to effectuate the transactions contemplated in this Agreement.

**12.6 Amendments**

No amendment of this Agreement shall be binding on any Party unless consented to in writing by such Party.

**12.7 Waiver**

No waiver of any of the provisions of this Agreement shall constitute a waiver of any other provision (whether or not similar). No waiver shall be binding unless executed in writing by the Party to be bound by the waiver. A Party's failure or delay in exercising any right under this Agreement shall not operate as a waiver of that right. A single or partial exercise of any right shall not preclude a Party from any other or further exercise of that right or the exercise of any other right.

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**12.8 Entire Agreement**

This Agreement (together with the Existing Confidentiality Agreement) constitutes the entire agreement among the Parties with respect to the transactions contemplated by this Agreement, and supersedes all prior Contracts, understandings, negotiations and discussions, whether oral or written, of the Parties with respect to such transactions, including the letter agreement dated September 23, 2025 among the Purchaser Parent, Hale Capital Partners, L.P. and the Company. There are no representations, warranties, covenants, conditions or other agreements, express or implied, collateral, statutory or otherwise, among the Parties in connection with the subject matter of this Agreement, except as specifically set forth in this Agreement. The Parties have not relied and are not relying on any other information, discussion or understanding in entering into and completing the transactions contemplated by this Agreement.

**12.9 Successors and Assigns** 

(a) This Agreement becomes effective only when executed by the Parties. After that time, it is binding on and enures to the benefit of the Purchaser, the Purchaser Parent, the Company and the Members, and their respective successors and permitted assigns.

(b) Neither this Agreement, nor any of the rights or obligations under this Agreement, may be assigned or transferred, in whole or in part, by any Party without the prior written consent of the other Parties.

**12.10 Severability** 

If any provision of this Agreement is determined to be illegal, invalid or unenforceable by an arbitrator or any court of competent jurisdiction, that provision shall be severed from this Agreement, and the remaining provisions shall remain in full force and effect.

**12.11 Third Party Beneficiaries**

Except such Persons as provided in Article 10 and Sections 9.2 and 9.3, who are expressly deemed to be third party beneficiaries under this Agreement to the extent provided in such provisions, this Agreement is for the sole benefit of the Parties and their respective successors and permitted assigns, and nothing in this Agreement, express or implied, is intended to, or shall, confer upon any other Person any legal or equitable right, benefit or remedy of any nature under or by reason of this Agreement.

**12.12 Governing Law**

This Agreement is governed by and shall be interpreted and construed in accordance with the Laws of the State of Delaware. Each Party irrevocably attorns and submits to the non-exclusive jurisdiction of the courts situated in the State of Delaware, and waives objection to the venue of any proceeding in such court or that such court provides an inconvenient forum.

**12.13 Counterparts**

This Agreement may be executed in any number of counterparts, each of which is deemed to be an original, and such counterparts together constitute one and the same instrument. Execution and delivery of this Agreement by DocuSign or other form of electronic transmission shall be as effective as a manually executed original counterpart of this Agreement.

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**[THE REMAINDER OF THIS PAGE IS INTENTIONALLY LEFT BLANK]**

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**IN WITNESS WHEREOF** this Agreement has been executed by the Parties on the date first above written.

---

| | |
|:---|:---|
| **U.S. SILVER - IDAHO, INC.** | **U.S. SILVER - IDAHO, INC.** |
| by | /s/ Peter McRae |
|  | Name: Peter McRae |
|  | Title: Authorized Signatory |

---

---

| | |
|:---|:---|
| **AMERICAS GOLD AND SILVER CORPORATION** | **AMERICAS GOLD AND SILVER CORPORATION** |
| by | /s/ Paul Huet |
|  | Name: Paul Huet |
|  | Title: Authorized Signatory |
| **HUSC SUB, LLC** | **HUSC SUB, LLC** |
| by | /s/ Martin M. Hale Jr. |
|  | Name: Martin M. Hale Jr.<br>Title: Authorized Signatory |
| **HUSBC II, LLC** | **HUSBC II, LLC** |
| by | /s/ Martin M. Hale Jr. |
|  | Name: Martin M. Hale Jr.<br>Title: Authorized Signatory |

---

------

- 66 - <br>

---

| | |
|:---|:---|
| **CRESCENT SILVER LLC** | **CRESCENT SILVER LLC** |
| by | /s/ Roger Gross |
|  | Name: Roger Gross |
|  | Title: Authorized Signatory |

---

------

**EXHIBIT "A"**<br>**PURCHASE PRICE ALLOCATION** 

---

| | |
|:---|:---|
| **Class** | **Amount of Allocation** |
| I (cash, demand deposits, etc.) | Amount of Cash of the Company (as finally determined pursuant to the Agreement) |
| II (publicly traded stock, government securities, etc.) | The book value of such assets. |
| III (accounts receivables, etc.) | The book value of such assets. |
| IV (inventory, etc.) | The Company's adjusted tax basis of such assets as of immediately prior to the Closing. |
| V (assets other than Class I, II, III, IV, VI, or VII assets, e.g. property, plant and equipment - fixed assets, furniture and fixtures, machinery and equipment, etc.) | The Company's adjusted tax basis of such assets as of immediately prior to the Closing. |
| VI (§197 intangibles other than goodwill and going concern value) | The Company's adjusted tax basis of such assets as of immediately prior to the Closing. |
| VII (Goodwill and going concern value) | Remainder. |

---

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## Exhibit 4.3

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**REGISTRATION RIGHTS AGREEMENT**

This REGISTRATION RIGHTS AGREEMENT (this "***Agreement***") is made as of December 12, 2025 by and between U.S. Silver - Idaho, Inc. ("***Purchaser***"), Americas Gold and Silver Corporation, a corporation existing under the federal laws of Canada ("***Purchaser Parent***"), and the members of Crescent Silver LLC, a Delaware limited liability company ("***Crescent***"), listed on the signature pages hereto (each a "***Member***" and collectively, the "***Members***").

**RECITALS**

WHEREAS, the Purchaser, the Purchaser Parent, Crescent and the Members entered into the Membership Interest Purchase Agreement, dated as of November 12, 2025 (as amended from time to time, the "***Membership Interest Purchase Agreement***"), pursuant to which the Purchaser acquired the membership interests of the Company from the Members in exchange for cash and newly issued, unregistered common shares of the Purchaser Parent (the "***Shares***");

WHEREAS, as a condition to the obligations of the Company and the Members under the Membership Interest Purchase Agreement, the Parties are entering into this Agreement for the purpose of granting certain registration and other rights to the Members; and

WHEREAS, capitalized terms used but not defined in this Agreement shall have the meanings assigned to them by the Membership Interest Purchase Agreement.

**AGREEMENT**

NOW, THEREFORE, in consideration of the foregoing and the mutual covenants and agreements herein contained, and intending to be legally bound hereby, the parties hereto agree as follows:

**ARTICLE I**<br>**DEFINITIONS**

**Section 1.1** <u>**Certain Definitions**</u>. As used in this Agreement, capitalized terms not otherwise defined herein or in the Membership Interest Purchase Agreement shall have the meanings ascribed to them below:

"***Affiliate***" means, with respect to any specified Person, any other Person who or which, directly or indirectly, controls, is controlled by, or is under common control with, such specified Person.

"***Business Day***" means any day, other than a Saturday, Sunday or statutory holiday in the Province of Ontario or the State of New York, on which commercial banks in Toronto, Ontario and New York City, New York are open for business.

"***Commission***" means the United States Securities and Exchange Commission;

"***Exchange Act***" means the Securities Exchange Act of 1934, as amended, and the rules and regulations promulgated thereunder.

"***FINRA***" means the Financial Industry Regulatory Authority, Inc.

"***Holder***" or "***Holders***" means the holder or holders, as the case may be, from time to time of Registrable Securities.

"***Issuer Free Writing Prospectus***" means an issuer free writing prospectus, as defined in Rule 433 under the U.S. Securities Act, relating to an offer of Registrable Securities.

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"***Majority Participating Holders***" means Participating Holders holding more than 50% of the Registrable Securities proposed to be included in any offering of Registrable Securities by such Participating Holders.

"***Participating Holder***" means a Holder who shall have properly submitted a written request for inclusion of such Holder's Registrable Securities in a registration pursuant to <u>Section 2.1</u> or <u>Section 2.2</u> hereof.

"***Shares***" means common shares of the Purchaser Parent.

"***Person***" means any individual, corporation, legal person, partnership, firm, joint venture, syndicate, association, trust, trustee, limited liability company, unincorporated organization, trust company, Governmental Entity or any other form of entity or organization.

"***Registrable Securities***" means the 11,137,558 Shares issued to the Members pursuant to the Membership Interest Purchase Agreement, and any Shares issued or issuable in exchange for or with respect to such Shares by way of a stock dividend, stock split or combination of shares or in connection with a reclassification, recapitalization, merger, consolidation or other reorganization or otherwise; <u>provided</u>, <u>however</u>, that such shares will cease to be Registrable Securities upon the earlier of (a) when such securities shall have been sold or transferred in accordance with an effective registration statement under the U.S. Securities Act and/or a prospectus supplement filed thereunder, (b) when such shares may be sold or transferred by a Holder pursuant to Rule 144 (or any successor provision) without any restrictions (including any restrictions under rule 144(c)), (c) the date on which such securities have ceased to be outstanding and (d) the date that is three (3) years following the date of this Agreement.

"***Registration Expenses***" means all fees and expenses incurred in connection with the Purchaser Parent's performance of or compliance with the provisions of Article II, including, without limitation: (i) all registration, listing, qualification and filing fees (including FINRA filing fees); (ii) fees and expenses of compliance with state securities or "blue sky" laws (including counsel fees in connection with the preparation of a blue sky and legal investment survey and FINRA filings); (iii) printing and copying expenses; (iv) messenger and delivery expenses; (v) expenses incurred in connection with any road show; (vi) fees and disbursements of counsel for the Purchaser Parent; (vii) in the case of a registration or offering pursuant to Section 2.1(a) or 2.2, the reasonable fees and disbursements of one counsel for the Participating Holder(s) selected by the Majority Participating Holders, not to exceed $25,000 per transaction; (viii) fees and disbursements of the Purchaser Parent's independent public accountants, including the expenses of any audit or "comfort" letter, and fees and expenses of other persons, including special experts, retained by the Purchaser Parent; (ix) underwriter fees, excluding discounts and commissions, and any other expenses which are customarily borne by the issuer of securities in a public equity offering; and (x) all internal expenses of the Purchaser Parent (including all salaries and expenses of officers and employees performing legal or accounting duties).

"***Shares***" means common shares of the Purchaser Parent.

"***U.S. Securities Act***" means the United States *Securities Act of 1933*, as amended.

**ARTICLE II**<br>**REGISTRATION RIGHTS**

**Section 2.1** <u>**Resale Registration**</u>**.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(a)** The Purchaser Parent agrees that, no later than fifteen (15) days following the date hereof (the "***Filing Deadline***"), the Purchaser Parent will file with the Commission a registration statement on Form F-10 or Form F-3, at the option of the Purchaser Parent, or in the event that neither form is available, the Purchaser Parent shall file with the Commission a registration on such other form as is available to it (the "***Resale Registration Statement***"), covering the resale of the Registrable Securities and the Purchaser Parent shall use its commercially reasonable efforts to cause the Resale Registration Statement to be declared effective by the Commission as soon as reasonably practicable after the filing thereof but, in any event, no later than the earliest of (a) the 90<sup>th</sup> day after the filing date if the Commission notifies the Purchaser Parent that it will "review" the Resale Registration Statement and (b) the fifth Business Day after the date the Purchaser Parent is notified (orally or in writing, whichever is earlier) by the Commission that the Resale Registration Statement will not be "reviewed" or will not be subject to further review. Notwithstanding the foregoing, if at the time the Purchaser Parent files the Resale Registration Statement, the Commission is not then currently reviewing certain filings by issuers, including the Resale Registration Statement, due to a shutdown of the federal government or otherwise, then the Purchaser Parent shall not include delaying amendment language in such filing of the Resale Registration Statement such that the Resale Registration Statement shall become effective in accordance with Section 8(a) of the Securities Act within twenty (20) calendar days of such filing. The Purchaser Parent shall take all actions reasonably necessary to maintain the continuous effectiveness of the Resale Registration Statement thereafter in accordance with this <u>Section 2.1(a)</u>. The Purchaser Parent shall incorporate, if applicable, the language provided by Rule 473(b) of the U.S. Securities Act for the automatic effectiveness of the Resale Registration Statement twenty (20) calendar days following filing of an amendment to the Resale Registration Statement. The Purchaser Parent shall use its commercially reasonable efforts to maintain the effectiveness of the Resale Registration Statement for the resale of the Registrable Securities for so long as the Holders hold any of the Registrable Securities or until this Agreement is terminated in accordance with its terms; <u>provided</u>, <u>however</u>, that if such Filing Deadline falls on a Saturday, Sunday, or other day that the Commission is closed for business, the Filing Deadline will be automatically extended to the next Business Day on which the Commission is open for business. The Purchaser Parent's obligation to include the Registrable Securities of any Holder in the Resale Registration Statement is contingent upon such Holder's compliance with its obligations pursuant to the last paragraph of <u>Section 2.4</u> and is otherwise subject to the limitations set forth herein.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(b)** The rights granted in <u>Sections 2.1(a)</u> to the Holders are subject to the following limitations:

&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 registration of Registrable Securities would require disclosure of information not otherwise then required by law to be publicly disclosed and, in the good faith judgment of the board of directors of the Purchaser Parent, such disclosure is reasonably likely to adversely affect any material financing, acquisition, corporate reorganization or merger or other material transaction or event involving the Purchaser Parent or otherwise have a material adverse effect on the Purchaser Parent (a "***Valid Business Reason***"), the Purchaser Parent may postpone or withdraw a filing of any registration statement or prospectus supplement filed pursuant to this Agreement (including the Resale Registration Statement) or the filing of any supplement or post-effective amendment relating thereto, in any case, until such Valid Business Reason no longer exists; <u>provided</u>, that in no event shall the Purchaser Parent avail itself of such right for more than 45 days, in the aggregate, in any period of 365 consecutive days and the Purchaser Parent shall give notice to the Holders of its determination to postpone or withdraw such registration statement or the filing of any related supplement or post-effective amendment and of the fact that the Valid Business Reason for such postponement or withdrawal no longer exists, in each case, promptly after the occurrence thereof.

If the Purchaser Parent shall have withdrawn or prematurely terminated the Resale Registration Statement filed under <u>Section 2.1(a)</u>, the Purchaser Parent shall not be considered to have effected an effective registration for the purposes of this Agreement until the Purchaser Parent shall have filed a new registration statement (or prospectus supplement) covering the Registrable Securities covered by the withdrawn registration statement and such registration statement shall have been declared effective and shall not have been withdrawn or a new prospectus supplement covering the Registrable Securities shall have been filed. If the Purchaser Parent shall give any notice of withdrawal or postponement of a registration statement or the filing of a supplement or post-effective amendment of the Resale Registration Statement pursuant to clause (i) above, at such time as the Valid Business Reason that caused such withdrawal or postponement no longer exists (but in no event more than 90 days after the date of the postponement or withdrawal), the Purchaser Parent shall use its commercially reasonable efforts to effect the registration under the U.S. Securities Act of the Registrable Securities covered by the withdrawn or postponed registration statement in accordance with this <u>Section 2.1</u>.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(c)** The Purchaser Parent, subject to <u>Section 2.3</u> and <u>Section 2.7</u>, may elect to include in any registration statement and offering made pursuant to <u>Section 2.1(a)</u> (i) authorized but unissued Shares or Shares held by the Purchaser Parent as treasury shares and/or (ii) any other Shares that are requested to be included in such registration pursuant to the exercise of piggyback rights granted by the Purchaser Parent that are not inconsistent with the rights granted in, or otherwise conflict with the terms of, this Agreement ("***Additional Piggyback Rights***"); <u>provided</u>, <u>however</u>, that such inclusion shall be permitted only to the extent that it is pursuant to and subject to the terms of the underwriting agreement or arrangements entered into by the Participating Holders.

**Section 2.2** <u>**Piggyback Registrations**</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(a)** If, at any time during the term of this Agreement, the Purchaser Parent proposes to register any of its equity securities under the U.S. Securities Act pursuant to a firm-commitment underwritten public offering with Shares being offered and sold by the Purchaser Parent (other than pursuant to (i) a registration on Form F-4 or Form F-8 or any successor or similar form which is then in effect, (ii) an equity ATM program or equity line of credit or similar equity financing program or (iii) an offering of debt that is convertible into equity securities of the Purchaser Parent, the Purchaser Parent shall give prompt written notice of its intention to do so to each Holder of record of Registrable Securities. Upon the written request of any such Holder, made within five (5) days following the receipt of any such written notice (which request shall specify the maximum number of Registrable Securities intended to be disposed of by such Holder), the Purchaser Parent, subject to <u>Section 2.2(b)</u>, <u>Section 2.3</u> and <u>Section 2.7</u>, shall use commercially reasonable efforts, subject to any underwriter or agent cutbacks, to cause all such Registrable Securities that are not otherwise registered in accordance with Section 2.1(a) to be included in the registration statement with the securities that the Purchaser Parent at the time proposes to register to permit the sale or other disposition by such Holders in accordance with the intended method of distribution thereof of the Registrable Securities to be so registered.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(b)** If, at any time after giving written notice of its intention to register a primary offering of equity securities and prior to the effective date of the registration statement filed in connection with such registration or the filing of a final prospectus supplement related to such offering, the Purchaser Parent shall determine for any reason not to register or to delay registration of such equity securities or not to proceed with the underwritten offering, the Purchaser Parent will give written notice of such determination to each Holder of record of Registrable Securities and (i) in the case of a determination not to register, shall be relieved of its obligation to register any Registrable Securities in connection with such abandoned registration, without prejudice, or (ii) in the case of a determination to delay such registration of its equity securities pursuant to <u>Section 2.1(c)(i)</u>, shall be permitted to delay the registration of such Registrable Securities for the same period as the delay in registering such other equity securities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(c)** Any Holder shall have the right to withdraw its request for inclusion of its Registrable Securities in any registration statement (or prospectus supplement) or underwritten offering pursuant to this <u>Section 2.2</u> by giving written notice to the Purchaser Parent of its request to withdraw. Such request must be made in writing prior to the earlier of the execution of the underwriting agreement or the execution of the custody agreement with respect to such registration. Such withdrawal shall be irrevocable and, after making such withdrawal, a Holder shall no longer have any right to include Registrable Securities in the registration as to which such withdrawal was made.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(d)** Notwithstanding anything in this <u>Section 2.2</u> to the contrary, no Holder shall have any right to include any Registrable Securities in any offering by the Purchaser Parent of Shares executed pursuant to any "at the market" program, equity line of credit facility or similar equity financing programs that the Purchaser Parent may have in effect from time to time on or after the date of this Agreement.

**Section 2.3** <u>**Priority in Registrations**</u>**.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(a)** If any registration pursuant to <u>Section 2.2</u> involves a firm commitment underwritten offering that was proposed by the Purchaser Parent, one or more Holders seeks to exercise piggyback rights with respect to such offering and the managing underwriter of such offering shall advise the Purchaser Parent that, in its view, the number of securities requested to be included in such registration exceeds the number (the "***Section 2.3(a) Sale Number***") that can be sold in an orderly manner in such registration within a price range acceptable to the Purchaser Parent, the Purchaser Parent shall include in such registration:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(i)** first, all Shares that the Purchaser Parent proposes to register for its own account; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(ii)** second, to the extent that the number of securities to be included pursuant to clause (i) of this Section 2.3(a) is less than the Section 2.3(a) Sale Number, the remaining shares to be included in such registration shall be allocated on a pro rata basis among (i) all holders requesting that Registrable Securities or Piggyback Shares be included in such registration pursuant to the exercise of piggyback rights pursuant to <u>Section 2.2</u> of this Agreement, and (ii) holders of Additional Piggyback Rights, based on the aggregate number of Registrable Securities and Piggyback Shares then owned by each holder requesting inclusion in relation to the aggregate number of Registrable Securities and Piggyback Shares owned by all holders requesting inclusion, up to the Section 2.3(a) Sale Number.

**Section 2.4** <u>**Registration Procedures**</u>**.** Whenever the Purchaser Parent is required by the provisions of this Agreement to use its commercially reasonable efforts to effect or cause the registration of any Registrable Securities under the U.S. Securities Act as provided in this Agreement, the Purchaser Parent, as expeditiously as possible:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(a)** shall prepare and file with the Commission the requisite registration statement, which shall comply as to form in all material respects with the requirements of the applicable form and shall include all financial statements required by the Commission to be filed therewith, use commercially reasonable efforts to cause such registration statement to become effective, and use commercially reasonable efforts to cause such registration statement to remain effective (i) in the case of a registration on Form F-1 or any successor form thereto, until such time as the registration statement may be replaced by a registration on Form F-3 or Form F-10 (or such shorter period which will terminate when all of the Registrable Securities covered by such registration statement have been sold pursuant thereto or may otherwise be sold pursuant to Rule 144 without regard to Rule 144(i)) or (ii) in the case of a registration on Form F-3 or Form F-10 or any successor form thereto, until the earlier to occur of (A) such time as there are no Registrable Securities remaining outstanding, (B) such time as all Registrable Securities covered by such registration statement have been sold pursuant thereto, and (C) or may be sold pursuant to Rule 144 without regard to Rule 144(i) (<u>provided</u>, <u>however</u>, that before filing the Resale Registration Statement , or any Issuer Free Writing Prospectus related thereto, the Purchaser Parent will furnish to one counsel for the Participating Holders (selected by the Majority Participating Holders) copies of all such documents proposed to be filed (including all exhibits thereto), which documents will be subject to the reasonable review and reasonable comment of such counsel, and the Purchaser Parent shall not file any Resale Registration Statement, or any Issuer Free Writing Prospectus related thereto, to which the Majority Participating Holders shall reasonably object; <u>provided</u>, <u>further</u>, however, that the Purchaser Parent shall not have any obligation to modify any information if the Purchaser Parent expects that so doing would cause the registration statement or amendment thereto, any prospectus or supplement thereto or any Issuer Free Writing Prospectus related thereto, to contain an untrue statement of a material fact or omit to state any material fact required to be stated therein or necessary to make the statements therein not misleading);

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(b)** shall prepare and file with the Commission such amendments and supplements to such registration statement and the prospectus used in connection therewith as may be necessary to keep such registration statement effective for such period as set forth in clause (a) above, and to comply with the provisions of the U.S. Securities Act with respect to the sale or other disposition of all Registrable Securities covered by such registration statement in accordance with the intended methods of disposition by the Participating Holders thereof set forth in such registration statement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(c)** shall furnish, without charge, to each Participating Holder such number of copies of such registration statement, each amendment thereto, the prospectus included in such registration statement, each preliminary prospectus and each Issuer Free Writing Prospectus utilized in connection therewith, all in conformity with the requirements of the U.S. Securities Act, and such other documents as such Participating Holder reasonably may request, and shall consent to the use in accordance with all applicable law of each such registration statement, each amendment thereto, each such prospectus, preliminary prospectus or Issuer Free Writing Prospectus by each such Participating Holder in connection with the offering and sale of the Registrable Securities covered by such registration statement or prospectus;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(d)** shall use commercially reasonable efforts to register or qualify the Registrable Securities covered by such registration statement under such other securities or "blue sky" laws of such jurisdictions as any Participating Holder reasonably shall request, and do any and all other acts and things that may be reasonably necessary or advisable to enable such Participating Holder to consummate the disposition of the Registrable Securities in such jurisdictions, except that in no event shall the Purchaser Parent be required (i) to qualify to do business as a foreign corporation in any jurisdiction where, but for the requirements of this Section 2.4(d), it would not be required to be so qualified, (ii) to subject itself to taxation in any such jurisdiction, if it is not otherwise so subject or (iii) to consent to general service of process in any such jurisdiction;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(e)** shall promptly notify each Participating 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;**(i)** when the Resale Registration Statement or any other registration statement filed pursuant to this Agreement, any applicable pre-effective amendment, any prospectus or any prospectus supplement related thereto, any applicable post-effective amendment thereto or any related Issuer Free Writing Prospectus has been filed and, with respect to the Resale Registration Statement or any other registration statement filed pursuant to this Agreement, or any applicable post-effective amendment thereto, when the same has become effective (provided that no notice is required pursuant to this clause (e)(i) to the extent the information is available on EDGAR);

&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)** of any request by the Commission or state securities authority for amendments or supplements to any such registration statements or the applicable prospectus related thereto or for additional 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)** of the issuance by the Commission of any stop order suspending the effectiveness of any such registration statement or the initiation of any proceedings for that purpose;

&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)** of the receipt by the Purchaser Parent of any notification with respect to the suspension of the qualification of any Registrable Securities for sale under the securities or blue sky laws of any jurisdiction or the initiation of any proceeding for such purpose;

&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)** of the existence of any fact of which the Purchaser Parent becomes aware which results in any registration statement filed pursuant to this Agreement, any prospectus related thereto, any document incorporated therein by reference, any Issuer Free Writing Prospectus or the information conveyed to any purchaser at the time of sale to such purchaser containing an untrue statement of a material fact or omitting to state a material fact required to be stated therein or necessary to make any statement therein not misleading; 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;**(vi)** if at any time the representations and warranties contemplated by the underwriting agreement relating to an offering made in accordance with the terms of this Agreement shall cease to be true and correct in all material respects; and, if the notification relates to an event described in clause (v), the Purchaser Parent promptly shall prepare and file with the Commission, and furnish to each seller a reasonable number of copies of, a prospectus supplemented or amended so that, as thereafter delivered to the purchasers of such Registrable Securities, such prospectus shall not include an untrue statement of a material fact or omit to state a material fact required to be stated therein or necessary to make the statements therein, in the light of the circumstances under which they were made, not misleading;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(f)** shall comply with all applicable rules and regulations of the Commission, and make generally available to its security holders financial information in such manner and at such times as are required by applicable securities laws in Canada and the United States;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(g)** shall use reasonable efforts to cause all Registrable Securities covered by any registration statement filed pursuant to this Agreement to be authorized to be listed on a national securities exchange if shares of the particular class of Registrable Securities are at that time, or will be immediately following the offering, listed on such exchange;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(h)** shall provide and cause to be maintained a transfer agent and registrar for all such Registrable Securities covered by any registration statement filed pursuant to this Agreement not later than the effective date of any such registration statement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(i)** shall use commercially reasonable efforts to obtain the withdrawal of any order suspending the effectiveness of any registration statement filed pursuant to this Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(j)** shall provide a CUSIP number for all Registrable Securities, not later than the effective date of any registration statement filed pursuant to this Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(k)** shall, subject to receipt from the Holder by the Purchaser Parent and the transfer agent of customary representations, upon the earliest of such time as the Shares (i) have been registered under the U.S. Securities Act pursuant to an effective registration statement, (ii) have been sold pursuant to Rule 144, or (iii) are eligible for resale under Rule 144 without any restrictions (or any successor provision), the Purchaser Parent shall, in accordance with the provisions of this <u>Section 2.4(k)</u> and as soon as reasonably practicable following any request therefor from a Holder accompanied by such customary representations referred to above, deliver to the transfer agent irrevocable instructions that the transfer agent shall make a new, unlegended entry for such book entry Shares; <u>provided</u>, <u>however</u>, that the Purchaser Parent may satisfy its obligations hereunder without issuing physical stock certificates through the use of The Depository Trust Purchaser Parent's Direct Registration System or Deposit/Withdrawal at Custodian service;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(l)** shall not take any direct or indirect action prohibited by Regulation M under the Exchange Act; <u>provided</u>, <u>however</u>, that to the extent that any prohibition thereunder is applicable to the Purchaser Parent, the Purchaser Parent will take such action as is necessary to make any such prohibition inapplicable; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(m)** shall take all reasonable action to ensure that any Issuer Free Writing Prospectus utilized in connection with any underwritten offering pursuant to <u>Section 2.1</u> or <u>Section 2.2</u> complies in all material respects with the U.S. Securities Act, is filed in accordance with the U.S. Securities Act to the extent required thereby, is retained in accordance with the U.S. Securities Act to the extent required thereby and, when taken together with the related prospectus, will not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements therein, in light of the circumstances under which they were made, not misleading.

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The Purchaser Parent may require as a condition precedent to the Purchaser Parent's obligations under this <u>Section 2.4</u> and <u>Sections 2.1</u> and <u>2.2</u> that each Participating Holder as to which any registration or offering is being effected furnish the Purchaser Parent such information in writing regarding such Participating Holder and the distribution of its Registrable Securities as the Purchaser Parent from time to time reasonably may request and each Holder shall execute such documents in connection with such registration or offering as the Purchaser Parent may reasonably request that are customary of a selling stockholder in similar situations, including providing that the Purchaser Parent shall be entitled to postpone and suspend the effectiveness or use of any such registration statement, if applicable; <u>provided</u>, that such information is necessary for the Purchaser Parent to consummate such registration or offering and shall be used only in connection with such registration or offering. Each Participating Holder agrees that upon receipt of any notice from the Purchaser Parent under S<u>ection 2.4(e)(v)</u>, such Participating Holder will discontinue its disposition of Registrable Securities pursuant to the applicable registration statement covering such Registrable Securities until such Participating Holder's receipt of the copies of the supplemented or amended prospectus. In the event the Purchaser Parent shall give any such notice, the applicable period set forth in <u>Section 2.4(b)</u> shall be extended by the number of days during such period from and including the date of the giving of such notice to and including the date when each Participating Holder shall have received the copies of the supplemented or amended prospectus.

**Section 2.5 Intentionally Omitted.**

**Section 2.6** <u>**Registration Expenses**</u>**.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(a)** The Purchaser Parent shall pay all Registration Expenses with respect to the filing of the Resale Registration Statement whether or not the Resale Registration Statement becomes effective or remains effective for the period contemplated by <u>Section 2.4(a)</u> and (ii) with respect to any registration effected under <u>Section 2.2</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(b)** Notwithstanding the foregoing, (i) the provisions of this <u>Section 2.6</u> shall be deemed amended to the extent necessary to cause these expense provisions to comply with "blue sky" laws of each state in which the offering is made, (ii) in connection with any registration hereunder, each Participating Holder shall pay all underwriting discounts and commissions pro rata in accordance with the number of Registrable Securities sold in the offering by such Participating Holder and transfer taxes, if any, attributable to the sale of such Participating Holder's Registrable Securities, (iii) in connection with each registration pursuant to <u>Section 2.1</u> or <u>Section 2.2</u>, the Participating Holder(s) shall pay all fees and disbursements of counsel for any holder of Registrable Securities, other than as provided under "Registration Expenses" and (iv) the Purchaser Parent shall, in the case of all registrations under this Article II, be responsible for all its internal expenses.

**Section 2.7 Intentionally Omitted.**

**Section 2.8** <u>**No Required Sale**</u>**.** Nothing in this Agreement shall be deemed to create an independent obligation on the part of any Holder to sell any Registrable Securities pursuant to any effective registration statement.

**Section 2.09** <u>**Indemnification**</u>**.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(a)** In the event of any registration of any securities of the Purchaser Parent under the U.S. Securities Act pursuant to this Article II, the Purchaser Parent will, and hereby agrees to, indemnify and hold harmless, to the fullest extent permitted by law, each Holder, its directors, officers, fiduciaries, employees, agents, Affiliates, consultants, representatives, general and limited partners, stockholders, successors, assigns (and the directors, officers, employees and stockholders thereof), and each other Person, if any, who controls such Holder within the meaning of the Securities Act, from and against any and all losses, claims, damages or liabilities, joint or several, actions or proceedings (whether commenced or threatened) and expenses (including reasonable fees of counsel and any amounts paid in any settlement effected with the Purchaser Parent's consent, which consent shall not be unreasonably withheld or delayed) to which each such indemnified party may become subject under the Securities Act or otherwise in respect thereof (collectively, "***Losses***"), insofar as such Losses arise out of or are based upon any untrue statement or alleged untrue statement of a material fact or omission or alleged omission to state a material fact necessary to be stated or necessary in order to make the statements, in light of the circumstances under which they were made, not misleading, in any registration statement under which such securities were registered under the Securities Act, or amendment thereof or supplement thereto, or in any preliminary, final or summary prospectus or any amendment or supplement thereto, together with the documents incorporated by reference therein, or any Issuer Free Writing Prospectus utilized in connection therewith, and the Purchaser Parent will reimburse any such indemnified party for any legal or other expenses reasonably incurred by such indemnified party in connection with% investigating or defending any such Loss as such expenses are incurred; <u>provided</u>, <u>however</u>, that the Purchaser Parent shall not be liable to any such indemnified party in any such case to the extent such Loss arises out of or is based upon any untrue statement or alleged untrue statement of a material fact or omission or alleged omission of a material fact made in such registration statement or amendment thereof or supplement thereto or in any such prospectus or any preliminary, final or summary prospectus or Issuer Free Writing Prospectus in reliance upon and in conformity with written information furnished to the Purchaser Parent by or on behalf of any indemnified party specifically for use therein that has not been corrected in a subsequent writing at least one business day prior to the sale of Registrable Securities to the person assessing such claim. Such indemnity and reimbursement of expenses shall remain in full force and effect regardless of any investigation made by or on behalf of such indemnified party and shall survive the transfer of such securities by such Holder.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(b)** Each Holder whose Registrable Securities are included in the securities as to which any registration under <u>Section 2.1</u> or <u>Section 2.2</u> is being effected shall, severally and not jointly, indemnify and hold harmless (in the same manner and to the same extent as set forth in paragraph (a) of this <u>Section 2.10</u>), to the fullest extent permitted by law, the Purchaser Parent, its officers and directors, each Person controlling the Purchaser Parent within the meaning of the Securities Act and all other prospective sellers and their respective directors, officers, fiduciaries, employees, agents, Affiliates, consultants, representatives, general and limited partners, stockholders, successors, assigns and respective controlling Persons from and against any Loss with respect to any untrue statement or alleged untrue statement of any material fact in, or omission or alleged omission of any material fact from, such registration statement, any preliminary, final or summary prospectus contained therein, or any amendment or supplement thereto, or any Issuer Free Writing Prospectus utilized in connection therewith, if such statement or alleged statement or omission or alleged omission was made in reliance upon and in conformity with written information furnished to the Purchaser Parent or its representatives by or on behalf of such Holder specifically for use therein and reimburse such indemnified party for any legal or other expenses reasonably incurred in connection with investigating or defending any such Loss as such expenses are incurred; <u>provided</u>, <u>however</u>, that the aggregate amount that any such Holder shall be required to pay pursuant to this <u>Section 2.10</u> (including pursuant to paragraphs (c) and (d) below) shall in no case be greater than the amount of the net proceeds received by such Holder upon the sale of the Registrable Securities pursuant to the registration statement giving rise to such claim. Such indemnity and reimbursement of expenses shall remain in full force and effect regardless of any investigation made by or on behalf of such indemnified party and shall survive the transfer of such securities by such Holder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(c)** Any Person entitled to indemnification under this Agreement promptly shall notify the indemnifying party in writing of the commencement of any action or proceeding with respect to which a claim for indemnification may be made pursuant to this <u>Section 2.10</u>, but the failure of any such Person to provide such notice shall not relieve the indemnifying party of its obligations under the preceding paragraphs of this <u>Section 2.10</u>, except to the extent the indemnifying party is materially prejudiced thereby, and shall not relieve the indemnifying party from any liability that it may have to any such Person otherwise than under this Article II. In case any action or proceeding is brought against an indemnified party and it shall notify the indemnifying party of the commencement thereof, the indemnifying party shall be entitled to participate therein and, unless in the reasonable opinion of outside counsel to the indemnified party a conflict of interest between such indemnified and indemnifying parties may exist in respect of such claim, to assume the defense thereof jointly with any other indemnifying party similarly notified, to the extent that it chooses, with counsel reasonably satisfactory to such indemnified party, and after notice from the indemnifying party to such indemnified party that it so chooses, the indemnifying party shall not be liable to such indemnified party for any legal or other expenses subsequently incurred by such indemnified party in connection with the defense thereof other than reasonable costs of investigation; <u>provided</u>, <u>however</u>, that (i) if the indemnifying party fails to take commercially reasonable steps necessary to defend diligently the action or proceeding within twenty (20) days after receiving notice from such indemnified party, (ii) if such indemnified party who is a defendant in any action or proceeding that is also brought against the indemnifying party reasonably shall have concluded that there may be one or more legal defenses available to such indemnified party that are not available to the indemnifying party or (iii) if representation of both parties by the same counsel is otherwise inappropriate under applicable standards of professional conduct, then, in any such case, the indemnified party shall have the right to assume or continue its own defense as set forth above (but with no more than one firm of counsel for all indemnified parties in each jurisdiction, except to the extent any indemnified party or parties reasonably shall have concluded that there may be legal defenses available to such party or parties that are not available to the other indemnified parties or to the extent representation of all indemnified parties by the same counsel is otherwise inappropriate under applicable standards of professional conduct) and the indemnifying party shall be liable for any expenses therefor. Without the written consent of the indemnified party, which consent shall not be unreasonably withheld, no indemnifying party shall effect the settlement or compromise of, or consent to the entry of any judgment with respect to, any pending or threatened action or claim in respect of which indemnification or contribution may be sought hereunder, whether or not the indemnified party is an actual or potential party to such action or claim, unless such settlement, compromise or judgment (A) includes an unconditional release of the indemnified party from all liability arising out of such action or claim and (B) does not include a statement as to or an admission of fault, culpability or a failure to act, by or on behalf of any indemnified party.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(d)** If for any reason the foregoing indemnity is unavailable or is insufficient to hold harmless an indemnified party under <u>Section 2.10(a)</u>, <u>(b)</u> or (<u>c)</u>, then each indemnifying party shall contribute to the amount paid or payable by such indemnified party as a result of any Loss in such proportion as is appropriate to reflect the relative fault of the indemnifying party, on the one hand, and the indemnified party, on the other hand, with respect to such offering of securities. The relative fault shall be determined by reference to, among other things, whether the untrue or alleged untrue statement of a material fact or the omission or alleged omission to state a material fact relates to information supplied by the indemnifying party or the indemnified party and the parties' relative intent, knowledge, access to information and opportunity to correct or prevent such untrue statement or omission. If, however, the allocation provided in the second preceding sentence is not permitted by applicable law, then each indemnifying party shall contribute to the amount paid or payable by such indemnified party in such proportion as is appropriate to reflect not only such relative faults but also the relative benefits of the indemnifying party and the indemnified party as well as any other relevant equitable considerations. The parties hereto agree that it would not be just and equitable if contributions pursuant to this <u>Section 2.10(d)</u> were to be determined by pro rata allocation or by any other method of allocation which does not take account of the equitable considerations referred to in the preceding sentences of this <u>Section 2.10(d)</u>. The amount paid or payable in respect of any Loss shall be deemed to include any legal or other third party expenses reasonably incurred by such indemnified party in connection with investigating or defending any such Loss. No Person guilty of fraudulent misrepresentation within the meaning of Section 11(f) of the Securities Act shall be entitled to contribution from any Person who was not guilty of such fraudulent misrepresentation. Notwithstanding anything in this <u>Section 2.10(d)</u> to the contrary, no indemnifying party other than the Purchaser Parent shall be required pursuant to this <u>Section 2.10(d)</u> to contribute any amount in excess of the net proceeds received by such indemnifying party from the sale of Registrable Securities in the offering to which the Losses of the indemnified parties relate, less the amount of any indemnification payment made by such indemnifying party pursuant to <u>Section 2.10(b)</u> and <u>Section 2.10(c)</u>.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(e)** The indemnity and contribution agreements contained herein shall be in addition to any other rights to indemnification or contribution which any indemnified party may have pursuant to law or contract and shall remain operative and in full force and effect regardless of any investigation made or omitted by or on behalf of any indemnified party and shall survive the transfer of the Registrable Securities by any such party.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(f)** The indemnification and contribution required by this <u>Section 2.10</u> shall be made by periodic payments of the amount thereof during the course of the investigation or defense, as and when bills are received or expense, loss, damage or liability is incurred.

**ARTICLE III**<br>**GENERAL**

**Section 3.1** <u>**Rule 144**</u>**.** The Purchaser Parent covenants that (a) so long as it remains subject to the reporting provisions of the Exchange Act, it will timely file the reports required to be filed by it under the Securities Act or the Exchange Act or, if it is not required to file such reports, upon the request of any Holder it shall make publicly available other information so long as necessary to permit sales of such Registrable Securities in compliance with Rule 144 under the Securities Act and (b) it will take such further action as any Holder reasonably may request, all to the extent required from time to time to enable such Holder to sell Registrable Securities without registration under the Securities Act within the limitation of the exemptions provided by Rule 144 under the Securities Act, as such Rule may be amended from time to time, or any similar rule or regulation hereafter adopted by the Commission. Upon the reasonable request of any Holder in connection with the sale by such Holder of Registrable Securities without registration, the Purchaser Parent will deliver to such Holder a written statement as to whether it has complied with such requirements.

**Section 3.2** <u>**Nominees for Beneficial Owners**</u>**.** If Registrable Securities are held by a nominee for the beneficial owner thereof, the beneficial owner thereof may, at its option, be treated as the Holder of such Registrable Securities for purposes of any request or other action by any Holder or Holders pursuant to this Agreement or any determination of any number or percentage of shares constituting Registrable Securities held by any Holder or Holders contemplated by this Agreement; <u>provided</u>, that the Purchaser Parent shall have received assurances reasonably satisfactory to it of such beneficial ownership.

**Section 3.3** <u>**No Inconsistent Agreements**</u>**.** The rights granted to the Holders hereunder do not in any way conflict with and are not inconsistent with any other agreements to which the Purchaser Parent is a party or by which it is bound. Without the prior written consent of Holders of a majority of the then outstanding Registrable Securities, which consent shall not be unreasonably withheld, the Purchaser Parent will not enter into any agreement with respect to its securities that is inconsistent with the rights granted in this Agreement or otherwise conflicts with the provisions hereof, other than any lock-up agreement with the underwriters in connection with any registered offering effected hereunder, pursuant to which the Purchaser Parent shall agree not to register for sale, and the Purchaser Parent shall agree not to sell or otherwise dispose of, Shares or any securities convertible into or exercisable or exchangeable for Shares, for a specified period following the registered offering.

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**ARTICLE IV**<br>**MISCELLANEOUS**

**Section 4.1** <u>**Amendment and Waiver**</u>**.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(a)** Any provision of this Agreement may be amended or waived if, and only if, such amendment or waiver is in writing and is signed, in the case of an amendment, by the Purchaser Parent and the Holders holding a majority of the then outstanding Registrable Securities or, in the case of a waiver, by the party or parties against whom the waiver is to be effective, in an instrument specifically designated as an amendment or waiver hereto; <u>provided</u>, <u>however</u>, that waiver by the Holders shall require the consent of the Holders holding a majority of the then outstanding Registrable Securities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(b)** No failure or delay of any party in exercising any right or remedy hereunder shall operate as a waiver thereof, nor shall any single or partial exercise of any such right or power, or any abandonment or discontinuance of steps to enforce such right or power, or any course of conduct, preclude any other or further exercise thereof or the exercise of any other right or power. The rights and remedies of the parties hereunder are cumulative and are not exclusive of any rights or remedies which they would otherwise have hereunder. The failure of the Purchaser Parent to cause the Resale Registration Statement to become effective and to remain effective as provided herein shall not convey to the Holder(s) any rights to the recovery of monetary and/or liquidated damages.

**Section 4.2** <u>**Notices**</u>**.** All notices and other communications hereunder shall be in writing and shall be deemed duly given (a) on the date of delivery if delivered personally, or if by facsimile, upon written confirmation of receipt by facsimile, e-mail or otherwise, (b) on the first (1<sup>st</sup>) Business Day following the date of dispatch if delivered utilizing a next-day service by a recognized next-day courier or (c) on the earlier of confirmed receipt or on the fifth (5<sup>th</sup>) Business Day following the date of mailing if delivered by registered or certified mail, return receipt requested, postage prepaid. All notices hereunder shall be delivered to the addresses set forth below, or pursuant to such other instructions as may be designated in writing by the party to receive such notice:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) if to a Holder, unless specified in this Section 4.2, to the address or email address set forth for such Holder on the signature page hereof (or if such Holder is a permitted assignee pursuant to Section 4.8, set forth in the written notice delivered in connection with such assignment); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) if to the Members, to:

c/o Hale Capital Partners, L.P.<br>17 State Street, Suite 3230<br>New York, NY 10004<br>Attention: Martin M. Hale Jr.<br>Email: martin@halefunds.com

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) if to the Purchaser Parent, to:

Americas Gold and Silver Corporation<br>145 King Street West, Suite 2870<br>Toronto, ON M5H 1J8<br>Attention: Paul Huet<br>Email: japhuet@americas-gold.com

or such other address as the Purchaser Parent or the Holder shall have specified to the other party in writing in accordance with this <u>Section 4.2</u>.

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**Section 4.3** <u>**Interpretation**</u>**.** When a reference is made in this Agreement to a Section or Article, such reference shall be to a Section or Article of this Agreement unless otherwise indicated. The headings contained in this Agreement are for convenience of reference purposes only and shall not affect in any way the meaning or interpretation of this Agreement. All words used in this Agreement will be construed to be of such gender or number as the circumstances require. The word "including" and words of similar import when used in this Agreement will mean "including, without limitation," unless otherwise specified. Each of the parties hereto acknowledges that it has been represented by counsel in connection with this Agreement and the transactions contemplated by this Agreement. Accordingly, any rule of law or any legal decision that would require interpretation of any claimed ambiguities in this Agreement against the drafting party has no application and is expressly waived.

**Section 4.4** <u>**Entire Agreement**</u>**.** This Agreement constitutes the entire agreement, and supersedes all prior written agreements, arrangements, communications and understandings and all prior and contemporaneous oral agreements, arrangements, communications and understandings between the parties with respect to the subject matter hereof and thereof.

**Section 4.5** <u>**No Third-Party Beneficiaries**</u>**.** Except as provided in <u>Section 2.10</u>, nothing in this Agreement, express or implied, is intended to or shall confer upon any Person other than the parties and their respective successors and permitted assigns any legal or equitable right, benefit or remedy of any nature under or by reason of this Agreement.

**Section 4.6** <u>**Governing Law**</u>**.** This Agreement and all disputes or controversies arising out of or relating to this Agreement or the transactions contemplated hereby shall be governed by, and construed in accordance with, Laws of the State of Delaware. Each Party irrevocably attorns and submits to the co-exclusive jurisdiction of the state and federal courts located in the State of Delaware, and waives objection to the venue of any proceeding in such court or that such court provides an inconvenient forum.

**Section 4.8** <u>**Assignment; Successors**</u>**.** This Agreement shall inure to the benefit of and be binding upon the successors and permitted assigns of each of the parties and shall inure to the benefit of each Holder. The Purchaser Parent may not assign (except by merger) its rights or obligations hereunder without the prior written consent of all of the Holders of the then outstanding Registrable Securities. Each Holder may assign their respective rights hereunder in the manner and to the any Affiliate of a Holder.

**Section 4.9** <u>**Enforcement**</u>**.** The parties agree that irreparable damage would occur in the event that any of the provisions of this Agreement were not performed in accordance with their specific terms or were otherwise breached. Accordingly, each of the parties shall be entitled to specific performance of the terms hereof, including an injunction or injunctions to prevent breaches of this Agreement and to enforce specifically the terms and provisions of this Agreement in any state or federal courts located in the State of Delaware, this being in addition to any other remedy to which such party is entitled at law or in equity. Each of the parties hereby further waives (a) any defense in any action for specific performance that a remedy at law would be adequate and (b) any requirement under any law to post security as a prerequisite to obtaining equitable relief.

**Section 4.10** <u>**Severability**</u>**.** Whenever possible, each provision or portion of any provision of this Agreement shall be interpreted in such manner as to be effective and valid under applicable law, but if any provision or portion of any provision of this Agreement is held to be invalid, illegal or unenforceable in any respect under any applicable law or rule in any jurisdiction, such invalidity, illegality or unenforceability shall not affect any other provision or portion of any provision in such jurisdiction, and this Agreement shall be reformed, construed and enforced in such jurisdiction as if such invalid, illegal or unenforceable provision or portion of any provision had never been contained herein.

**Section 4.11** <u>**Waiver of Jury Trial**</u>**.** EACH OF THE PARTIES TO THIS AGREEMENT HEREBY IRREVOCABLY WAIVES ALL RIGHT TO A TRIAL BY JURY IN ANY ACTION, PROCEEDING OR COUNTERCLAIM ARISING OUT OF OR RELATING TO THIS AGREEMENT OR THE TRANSACTIONS CONTEMPLATED HEREBY.

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**Section 4.12** <u>**Counterparts**</u>**.** This Agreement may be executed in two or more counterparts, all of which shall be considered one and the same instrument and shall become effective when one or more counterparts have been signed by each of the parties and delivered to the other parties.

**Section 4.13** <u>**Facsimile or .pdf Signature**</u>**.** This Agreement may be executed by facsimile or .pdf signature and a facsimile or .pdf signature shall constitute an original for all purposes.

**Section 4.14** <u>**Time of Essence**</u>**.** Time is of the essence with regard to all dates and time periods set forth or referred to in this Agreement.

**Section 4.15** <u>**Term**</u>**.** Except as specifically otherwise provided herein, the provisions of this Agreement shall terminate upon the earliest to occur of the following: (i) no Registrable Securities remain outstanding; (ii) all of the Registrable Securities have been transferred, sold, or otherwise disposed of pursuant to the Resale Registration Statement or other registration statement or pursuant to the provisions of Rule 144 promulgated under the Securities Act (or any successor provision) or another applicable exemption from registration; or (iii) the date that is ten (10) years following the date hereof.

*(signature page follows)*

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IN WITNESS WHEREOF, the parties hereto have executed this Agreement as of the date first above written.

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| | |
|:---|:---|
| **U.S. SILVER - IDAHO, INC.** | **U.S. SILVER - IDAHO, INC.** |
| by | /s/ Paul Huet |
|  | Name: Paul Huet |
|  | Title: Chief Executive Officer |

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| | |
|:---|:---|
| **AMERICAS GOLD AND SILVER CORPORATION** | **AMERICAS GOLD AND SILVER CORPORATION** |
| by | /s/ Paul Huet |
|  | Name: Paul Huet |
|  | Title: Chief Executive Officer |
| **HUSC SUB, LLC** | **HUSC SUB, LLC** |
| by: | /s/ Martin M. Hale Jr. |
|  | Name: Martin M. Hale Jr. |
|  | Title: Authorized Signatory |
| **HUSC II, LLC** | **HUSC II, LLC** |
| by | /s/ Martin M. Hale Jr. |
|  | Name: Martin M. Hale Jr. |
|  | Title: Authorized Signatory |

---

With a copy which shall not constitute notice to:

Greenberg Traurig, P.A.

401 E. Las Olas Blvd., Suite 2000

Fort Lauderdale, FL 33301

Attention: Mathew Hoffman

Email: <u>hoffmanma@gtlaw.com</u>

[*Signature Page to Registration Rights Agreement*]

------

## Exhibit 5.1

------

---

| | |
|:---|:---|
| ![](exhibit5-1xu002.jpg) | ![](exhibit5-1xu004.jpg) |

---

January 23, 2026

Americas Gold and Silver Corporation<br>145 King Street West, Suite 2870

Toronto, Ontario

M5H 1J8

**Re: Americas Gold and Silver Corporation- Registration Statement on Form F-3**

We have acted as Ontario counsel to Americas Gold and Silver Corporation (the "**Corporation**") in connection with the preparation of a Registration Statement on Form F-3 (the "**Registration Statement**") under the *United States Securities Act of 1933*, as amended (the "**Act**"), relating to the resale of 2,890,000 common shares of the Corporation issued in connection with the Acquisition (as defined herein) (the "**Consideration Shares**") that may be sold from time to time by the selling shareholders named in the prospectus forming part of the Registration Statement or their respective pledgees, donees, transferees, assignees or other successors-in-interest (the "**Selling Shareholder**"). The Corporation and its wholly owned indirect subsidiary, U.S. Silver & Gold Inc., LLC ("**U.S. Silver**"), entered into a membership interest purchase agreement (the "**Membership Interest Purchase Agreement**") dated November 12, 2025 with HUSC SUB, LLC and HUSBC II, LLC (collectively, being the "**Vendors**") pursuant to which U.S. Silver acquired (the "**Acquisition**") all of the outstanding membership interests of Crescent Silver, LLC, which indirectly holds a 100% interest in the Crescent Mine located in Idaho, United States, as described in the Registration Statement. The Acquisition was completed on December 12, 2025.

We have examined originals or copies, certified or otherwise to our satisfaction of such documents and considered such questions of law as we considered necessary as a basis for our opinion, including, without limitation:

(i) a copy of the Registration Statement,

(ii) a copy of the Membership Interest Purchase Agreement,

(iii) a certified copy of the articles and by-laws of the Corporation; and

(iv) a certified copy of the resolutions passed by the directors of the Corporation, among other things, authorizing (A) the execution and delivery of the Membership Interest Purchase Agreement and the performance by the Corporation of its obligations thereunder and authorizing, among other things, the issue of the Consideration Shares and (B) the filing of the Registration Statement.

In all such examinations, we have assumed (i) the genuineness of all signatures, the legal capacity of all individuals signing any documents, the authenticity of all documents submitted to us as originals, the conformity to authentic original documents of all documents submitted to us as copies, whether facsimile, photostatic, electronic, certified or otherwise, and (ii) the truthfulness of all facts set forth in the public records and in certificates of public officials.

------

---

| | |
|:---|:---|
| ![](exhibit5-1xu002.jpg) | ![](exhibit5-1xu004.jpg) |

---

We have also assumed that, in connection with any Consideration Shares to be resold under the Registration Statement:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) all required filings relating to, and any approvals for, the Registration Statement or any related document have been, made and received;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the Membership Interest Purchase Agreement and any other applicable agreement pertaining to the resale of the Consideration Shares (collectively, the "**Applicable Agreements**") has been, or will be prior to the time of the resale of the applicable Consideration Shares, duly authorized, executed and delivered by the Corporation, the Vendors and/or the Selling Shareholders, as applicable, and any other party thereto and is enforceable against each such party thereto, and neither the execution and delivery of any such document by any party thereto nor the performance by any party of its obligations thereunder do, or will, violate or conflict with any applicable laws or the constating documents of such party or any requirement or restriction imposed by any court or government body having jurisdiction over such party;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) the representations and warranties of the Vendors, the Corporation and any other party thereto (including the Selling Shareholders) set forth in the Membership Interest Purchase Agreement (or in any certificate, instrument or other document delivered in connection with the Membership Interest Purchase Agreement) were true and correct and accurate in all respects and that the issuance of the Consideration Shares was effected in accordance with the provisions of the Membership Interest Purchase Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) each Vendor and Selling Shareholder has and will comply with all laws applicable to such Vendor and Selling Shareholder as it relates to any resale of any Consideration Shares;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) the full consideration for the Consideration Shares, determined to be adequate by the Corporation's board of directors, has been received by the Corporation prior to the issuance of any such Consideration Shares;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) whenever our opinion refers to the common shares of the Corporation, whether issued or to be issued, as "fully paid and non-assessable", such opinion indicates that the holder of such shares cannot be required to contribute any further amounts to the Corporation by virtue of its status as holder of such shares, either in order to complete payment for the shares, to satisfy claims of creditors or otherwise, and no opinion is expressed as to actual receipt by the Corporation of the consideration for the issuance of such shares or as to the adequacy of any consideration received; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) if certificated, the certificates representing the Consideration Shares have been duly executed and delivered by the authorized signatories of the Corporation to the Selling Shareholder (as directed by the Vendors), in the manner contemplated in the Applicable Agreement or the Registration Statement.

Our opinion herein is limited to the laws of the Province of Ontario and the federal laws of Canada applicable therein now in effect.

------

---

| | |
|:---|:---|
| ![](exhibit5-1xu002.jpg) | ![](exhibit5-1xu004.jpg) |

---

Based on and subject to the foregoing assumptions and qualifications, we are of the opinion that the Consideration Shares have been validly issued and are fully paid and non-assessable.

We hereby consent to the use of our name in, and the filing of this opinion as an exhibit to, the Registration Statement. In giving this consent, we do not thereby admit that we are in the category of persons whose consent is required under the Act or the rules and regulations promulgated thereunder. The opinions expressed herein are given as at the date hereof and are based upon, and subject to, legislation and regulations in effect as of the date hereof. We hereby further consent to Dorsey & Whitney LLP, as United States counsel to the Corporation, relying on this opinion in connection with the delivery of their opinion with respect to the Consideration Shares which may be offered under the Registration Statement. We specifically disclaim any obligation, and make no undertaking to supplement our opinions herein, as changes in the law occur and facts come to our attention that could affect such opinions, or otherwise advise any person of any change in law or fact which may come to our attention after the date hereof.

Yours truly,

**BENNETT JONES LLP**

------

## Exhibit 23.1

------

Exhibit 23.1

Consent of Independent Registered Public Accounting Firm

We hereby consent to the incorporation by reference in the Registration Statement on Form F-3 of Americas Gold and Silver Corporation (the Company) of our report dated March 27, 2025 relating to the consolidated financial statements, which appears in Exhibit 99.2 to the Company's Annual Report on Form 40-F for the year ended December 31, 2024.

We also consent to the reference to us under the heading "Experts" in such Registration Statement, and the reference to us under the heading "Interest of Experts" in the Annual Information Form, filed as Exhibit 99.1 to the Company's Annual Report on Form 40-F for the year ended December 31, 2024, which is incorporated by reference in such Registration Statement.

/s/PricewaterhouseCoopers LLP

**Chartered Professional Accountants, Licensed Public Accountants**

Toronto, Canada<br>

January 23, 2026

------

## Exhibit 23.3

------

**CONSENT OF JAMES R. ATKINSON** 

January 23, 2026

**VIA EDGAR**

United States Securities and Exchange Commission

---

| | |
|:---|:---|
| **Re:** | **Form F-3 Registration Statement of Americas Gold and Silver Corporation (the "Company")** |

---

I, James R. Atkinson hereby consent to the use of my name in connection with reference to my involvement in the preparation of the following technical report (the "**Technical Report**"):

* Technical report titled "Technical Report on the Galena Complex, Shoshone County, Idaho, USA", dated December 23, 2016;

and to the use of any extracts from, or summary of, the Technical Report in, or incorporated into, the Registration Statement on Form F-3 of the Company being filed with the United States Securities and Exchange Commission, and any amendment thereto (the "**Form F-3**"), and the use of any information derived, summarized, quoted or referenced from the Technical Report, or portions thereof, that was prepared by me, that I supervised the preparation of, and/or that was reviewed and approved by me, that is included or incorporated by reference in the Form F-3.

I certify that I have read the Form F-3 and the documents incorporated by reference therein and that it fairly and accurately represents the information in the Technical Report for which I am responsible.

---

| |
|:---|
| */s/ James R. Atkinson* |
| James R. Atkinson |

---

------

## Exhibit 23.4

------

**CONSENT OF DAREN DELL**

January 23, 2026

**VIA EDGAR**

United States Securities and Exchange Commission

---

| | |
|:---|:---|
| **Re:** | **Form F-3 Registration Statement to be filed by Americas Gold and Silver Corporation (the "Company")** |

---

I, Daren Dell hereby consent to the use of my name in connection with reference to my involvement in the preparation of the following technical information (collectively, the "**Technical Information**"):

* Technical report titled "Technical Report on the San Rafael Mine and the EC120 Preliminary Feasibility Study, Sinaloa, Mexico", dated May 17, 2019;

* Technical report titled "Technical Report on the Galena Complex, Shoshone County, Idaho, USA", dated December 23, 2016;

* the following estimates, each with an effective of December 31, 2024:

* Mineral reserve estimate for San Rafael;

* Mineral reserve estimate for El Cajón;

* Mineral reserve estimate for Zone 120;

* Mineral reserve estimate for the Galena Complex;

and to the use of any extracts from, or summary of, the Technical Information in, or incorporated into, the Registration Statement on Form F-3 of the Company being filed with the United States Securities and Exchange Commission, and any amendment thereto (the "**Form F-3**"), and the use of any information derived, summarized, quoted or referenced from the Technical Information, or portions thereof, that was prepared by me, that I supervised the preparation of, and/or that was reviewed and approved by me, that is included or incorporated by reference in the Form F-3.

I certify that I have read the Form F-3 and the documents incorporated by reference therein and that it fairly and accurately represents the information in the Technical Information for which I am responsible.

---

| |
|:---|
| */s/ Daren Dell* |
| Daren Dell |

---

------

## Exhibit 23.5

------

**CONSENT OF NIEL DE BRUIN** 

January 23, 2026

**VIA EDGAR**

United States Securities and Exchange Commission

---

| | |
|:---|:---|
| **Re:** | **Form F-3 Registration Statement of Americas Gold and Silver Corporation (the "Company")** |

---

I, Niel de Bruin hereby consent to the use of my name in connection with reference to my involvement in the preparation of the following technical information (the "**Technical Information**"):

* Technical report titled "Technical Report on the San Rafael Mine and the EC120 Preliminary Feasibility Study, Sinaloa, Mexico", dated May 17, 2019;

* the following estimates:

* Mineral resource estimate for San Rafael;

* Mineral resource estimate for El Cajón;

* Mineral resource estimate for Zone 120;

* Mineral resource estimate for Nuestra Señora;

* Mineral resource estimate for Relief Canyon;

* Mineral resource estimate for San Felipe;

* Mineral resource estimate for the Galena Complex;

and to the use of any extracts from, or summary of, the Technical Information in, or incorporated into, the Registration Statement on Form F-3 of the Company being filed with the United States Securities and Exchange Commission, and any amendment thereto (the "**Form F-3**"), and the use of any information derived, summarized, quoted or referenced from the Technical Information, or portions thereof, that was prepared by me, that I supervised the preparation of, and/or that was reviewed and approved by me, that is included or incorporated by reference in the Form F-3.

I certify that I have read the Form F-3 and the documents incorporated by reference therein and that it fairly and accurately represents the information in the Technical Information for which I am responsible.

---

| |
|:---|
| */s/ Niel de Bruin* |
| Niel de Bruin |

---

------

## Exhibit 23.6

------

**CONSENT OF DANIEL H. HUSSEY** 

January 23, 2026

**VIA EDGAR**

United States Securities and Exchange Commission

---

| | |
|:---|:---|
| **Re:** | **Form F-3 Registration Statement of Americas Gold and Silver Corporation (the "Company")** |

---

I, Daniel H. Hussey hereby consent to the use of my name in connection with reference to my involvement in the preparation of the following technical report (the "**Technical Report**"):

* Technical report titled "Technical Report on the Galena Complex, Shoshone County, Idaho, USA", dated December 23, 2016;

and to the use of any extracts from, or summary of, the Technical Report in, or incorporated into, the Registration Statement on Form F-3 of the Company being filed with the United States Securities and Exchange Commission, and any amendment thereto (the "**Form F-3**"), and the use of any information derived, summarized, quoted or referenced from the Technical Report, or portions thereof, that was prepared by me, that I supervised the preparation of, and/or that was reviewed and approved by me, that is included or incorporated by reference in the Form F-3.

I certify that I have read the Form F-3 and the documents incorporated by reference therein and that it fairly and accurately represents the information in the Technical Report for which I am responsible.

---

| |
|:---|
| */s/ Daniel H. Hussey* |
| Daniel H. Hussey |

---

------

## Exhibit 23.7

------

**CONSENT OF JAMES STONEHOUSE** 

January 23, 2026

**VIA EDGAR**

United States Securities and Exchange Commission

---

| | |
|:---|:---|
| **Re:** | **Form F-3 Registration Statement of Americas Gold and Silver Corporation (the "Company")** |

---

I, James Stonehouse hereby consent to the use of my name in connection with reference to my involvement in the preparation of the following technical report (the "**Technical Report**"):

* Technical report titled "Technical Report on the San Rafael Mine and the EC120 Preliminary Feasibility Study, Sinaloa, Mexico", dated May 17, 2019;

and to the use of any extracts from, or summary of, the Technical Report in, or incorporated into, the Registration Statement on Form F-3 of the Company being filed with the United States Securities and Exchange Commission, and any amendment thereto (the "**Form F-3**"), and the use of any information derived, summarized, quoted or referenced from the Technical Report, or portions thereof, that was prepared by me, that I supervised the preparation of, and/or that was reviewed and approved by me, that is included or incorporated by reference in the Form F-3.

I certify that I have read the Form F-3 and the documents incorporated by reference therein and that it fairly and accurately represents the information in the Technical Report for which I am responsible.

---

| |
|:---|
| */s/ James Stonehouse* |
| James Stonehouse |

---

------

## Exhibit 23.8

------

**CONSENT OF SHAWN WILSON**

January 23, 2026

**VIA EDGAR**

United States Securities and Exchange Commission

---

| | |
|:---|:---|
| **Re:** | **Form F-3 Registration Statement of Americas Gold and Silver Corporation (the "Company")** |

---

I, Shawn Wilson hereby consent to the use of my name in connection with reference to my involvement in the preparation of the following technical report (the "**Technical Report**"):

* Technical report titled "Technical Report on the San Rafael Mine and the EC120 Preliminary Feasibility Study, Sinaloa, Mexico", dated May 17, 2019;

and to the use of any extracts from, or summary of, the Technical Report in, or incorporated into, the Registration Statement on Form F-3 of the Company being filed with the United States Securities and Exchange Commission, and any amendment thereto (the "**Form F-3**"), and the use of any information derived, summarized, quoted or referenced from the Technical Report, or portions thereof, that was prepared by me, that I supervised the preparation of, and/or that was reviewed and approved by me, that is included or incorporated by reference in the Form F-3.

I certify that I have read the Form F-3 and the documents incorporated by reference therein and that it fairly and accurately represents the information in the Technical Report for which I am responsible.

---

| |
|:---|
| */s/ Shawn Wilson* |
| Shawn Wilson |

---

------

## Exhibit 23.9

------

**CONSENT OF CHRIS MCCANN**

January 23, 2026

**VIA EDGAR**

United States Securities and Exchange Commission

---

| | |
|:---|:---|
| **Re:** | **Form F-3 Registration Statement of Americas Gold and Silver Corporation (the "Company")** |

---

I, Chris McCann hereby consent to the use of my name in connection with reference to my involvement in the preparation and review of the following technical information (collectively, the "**Technical Information**"):

* the scientific or technical information in the Company's Management's Discussion and Analysis for the year ended December 31, 2024;

* certain technical information contained the Company's Annual Information Form for the fiscal year ended December 31, 2024;

* the scientific and technical information relating to the operation of the Company's material operating mining properties contained Company's Management's Discussion and Analysis for the three months ended March 31, 2025;

* the following estimates:

* depletion of the mineral reserves and mineral resources to December 31, 2023 for the San Rafael mineral estimate;

* depletion of the mineral reserves and mineral resources to December 31, 2023 for the El Cajón mineral estimate;

* depletion of the mineral reserves and mineral resources to December 31, 2023 for the Zone 120 mineral estimate;

* depletion of the mineral reserves and mineral resources to December 31, 2023 for the Nuestra Señora mineral estimate;

* depletion of the mineral reserves and mineral resources to December 31, 2023 for the Galena Complex mineral estimate;

------

and to the use of any extracts from, or summary of, the Technical Information in, or incorporated into, the Registration Statement on Form F-3 of the Company being filed with the United States Securities and Exchange Commission, and any amendment thereto (the "**Form F-3**"), and the use of any information derived, summarized, quoted or referenced from the Technical Information, or portions thereof, that was prepared by me, that I supervised the preparation of, and/or that was reviewed and approved by me, that is included or incorporated by reference in the Form F-3.

I certify that I have read the Form F-3 and the documents incorporated by reference therein and that it fairly and accurately represents the information in the Technical Information for which I am responsible.

---

| |
|:---|
| */s/ Chris McCann* |
| Chris McCann |

---

------

## Exhibit 23.10

------

**CONSENT OF RICK STREIFF**

January 23, 2026

**VIA EDGAR**

United States Securities and Exchange Commission

---

| | |
|:---|:---|
| **Re:** | **Form F-3 Registration Statement of Americas Gold and Silver Corporation (the "Company")** |

---

I, Rick Streiff hereby consent to the use of my name in connection with reference to my involvement in the preparation and review of the following technical information (collectively, the "**Technical Information**"):

* the scientific and technical information relating to the operation of the Company's material operating mining properties contained Company's Management's Discussion and Analysis for the three and six months ended June 30, 2025;

* the scientific and technical information relating to the operation of the Company's material operating mining properties contained Company's Management's Discussion and Analysis for the three and nine months ended September 30, 2025;

and to the use of any extracts from, or summary of, the Technical Information in, or incorporated into, the Registration Statement on Form F-3 of the Company being filed with the Securities and Exchange Commission, and any amendment thereto (the "**Form F-3**"), and the use of any information derived, summarized, quoted or referenced from the Technical Information, or portions thereof, that was prepared by me, that I supervised the preparation of, and/or that was reviewed and approved by me, that is included or incorporated by reference in the Form F-3.

I certify that I have read the Form F-3 and the documents incorporated by reference therein and that it fairly and accurately represents the information in the Technical Information for which I am responsible.

---

| |
|:---|
| */s/ Robert Streiff* |
| Rick Streiff |

---

------

## Ex-Filing

?xml version='1.0' encoding='ASCII'? EX-FILING 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;&nbsp;&nbsp;&nbsp;&nbsp; **Calculation of Filing Fee Tables**  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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-3**  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Americas Gold & Silver Corp**  |

---

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Security Type**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Security Class Title**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Fee Calculation or Carry Forward Rule**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Amount Registered**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Proposed Maximum Offering Price Per Unit**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Maximum Aggregate Offering Price**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Fee Rate**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Amount of Registration Fee**  |
| **Newly Registered Securities** | **Newly Registered Securities** | **Newly Registered Securities** | **Newly Registered Securities** | **Newly Registered Securities** | **Newly Registered Securities** | **Newly Registered Securities** | **Newly Registered Securities** | **Newly Registered Securities** | **Newly Registered Securities** |
| Fees to be Paid | 1 | Equity | Common shares, no par value | Other | 2890000 | $6.07 | $17542300.00 | 0.0001381 | $2422.59 |
| Fees Previously Paid |  |  |  |  |  |  |  |  |  |
| **Carry Forward Securities** | **Carry Forward Securities** | **Carry Forward Securities** | **Carry Forward Securities** | **Carry Forward Securities** | **Carry Forward Securities** | **Carry Forward Securities** | **Carry Forward Securities** | **Carry Forward Securities** | **Carry Forward Securities** |
| Carry Forward Securities |  |  |  |  |  |  |  |  |  |
|  |  |  | Total Offering Amounts: | Total Offering Amounts: | Total Offering Amounts: |  | $17542300.00  |  | $2422.59  |
|  |  |  | Total Fees Previously Paid:  | Total Fees Previously Paid:  | Total Fees Previously Paid:  |  |  |  | $0.00  |
|  |  |  | Total Fee Offsets:  | Total Fee Offsets:  | Total Fee Offsets:  |  |  |  | $0.00  |
|  |  |  | Net Fee Due:  | Net Fee Due:  | Net Fee Due:  |  |  |  | $2422.59  |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Offering Note** <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <sup>1</sup> The common shares, no par value per share ("Common Shares"), of Americas Gold and Silver Corporation (the "Company") being registered hereunder are being registered for sale by the selling shareholder named in the prospectus to which this Registration Statement on Form F-3 relates. In accordance with Rule 416 under the Securities Act of 1933, as amended (the "Securities Act"), the Common Shares registered hereby also include an indeterminate number of additional Common Shares as may from time to time become issuable as a result of share splits, share dividends, recapitalizations or other similar transactions. The proposed maximum offering price per share is estimated solely for purpose of calculating the amount of the registration fee pursuant to Rule 457(c) under the Securities Act and is based on the average of the high ($6.27) and low ($5.86) sales prices of the Company's Common Shares as reported on the NYSE American LLC on January 15, 2026. The Company will not receive any proceeds from the sale of Common Shares by the selling shareholder.

---

| | |
|:---|:---|
| | |
| **Rules 457(b) and 0-11(a)(2)** | **Rules 457(b) and 0-11(a)(2)** |
| Fee Offset Claims | N/A |
| Fee Offset Sources | N/A |
| **Rule 457(p)** | **Rule 457(p)** |
| Fee Offset Claims | N/A |
| Fee Offset Sources | N/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;&nbsp;&nbsp;&nbsp;&nbsp; **Security Type**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Security Class Title**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Amount of Securities Previously Registered**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Maximum Aggregate Offering Price of Securities Previously Registered**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Form Type**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **File Number**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Initial Effective Date**  |
| N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |

---