# EDGAR Filing Document

**Accession Number:** 0001424864
**File Stem:** 0001062993-26-001229
**Filing Date:** 2026-3
**Character Count:** 219904
**Document Hash:** 946cf187dc035607845eb97280561f0a
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001062993-26-001229.hdr.sgml**: 20260302

**ACCESSION NUMBER**: 0001062993-26-001229

**CONFORMED SUBMISSION TYPE**: S-1

**PUBLIC DOCUMENT COUNT**: 20

**FILED AS OF DATE**: 20260302

**DATE AS OF CHANGE**: 20260302

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Rise Gold Corp.
- **CENTRAL INDEX KEY:** 0001424864
- **STANDARD INDUSTRIAL CLASSIFICATION:** METAL MINING [1000]
- **ORGANIZATION NAME:** 01 Energy & Transportation
- **EIN:** 300692325
- **STATE OF INCORPORATION:** NV
- **FISCAL YEAR END:** 0731

**FILING VALUES:**
- **FORM TYPE:** S-1
- **SEC ACT:** 1933 Act
- **SEC FILE NUMBER:** 333-293920
- **FILM NUMBER:** 26707316

**BUSINESS ADDRESS:**
- **ADDRESS IS A NON US LOCATION:** YES
- **STREET 1:** 1250 - 625 HOWE STREET
- **CITY:** VANCOUVER
- **PROVINCE COUNTRY:** A1
- **ZIP:** V6C 2T6
- **BUSINESS PHONE:** 604-999-4136

**MAIL ADDRESS:**
- **ADDRESS IS A NON US LOCATION:** YES
- **STREET 1:** 1250 - 625 HOWE STREET
- **CITY:** VANCOUVER
- **PROVINCE COUNTRY:** A1
- **ZIP:** V6C 2T6

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** Rise Resources Inc.
- **DATE OF NAME CHANGE:** 20150115

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** Patriot Minefinders Inc.
- **DATE OF NAME CHANGE:** 20120417

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** Atlantic Resources Inc.
- **DATE OF NAME CHANGE:** 20080124

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As filed with the Commission on March 2, 2026

File No. 333-___________

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

Washington, D.C. 20549

**FORM S-1**

**REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933**

**<u>RISE GOLD CORP.</u>**

*(Exact Name of Registrant as Specified in its Charter)*

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| | | |
|:---|:---|:---|
| <u>**Nevada**</u> | <u>**1000**</u> | <u>**30-0692325**</u> |
| *(State or other jurisdiction of incorporation)* | *(Primary Standard Industrial Classification*<br>*Code Number*) | *(IRS Employer Identification No.)* |

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**345 Crown Point Circle, Suite 600**

**Grass Valley, California 95945**

<u>**530-271-0679**</u><br> (Address, including zip code, and telephone number, including area code, of registrant's principal executive offices)

David Watkinson

President and Chief Executive Officer

Rise Gold Corp.

345 Crown Point Circle, Suite 600

Grass Valley, California 95945

<u>530-271-0679</u><br> (Name, address, including zip code, and telephone number, including area code, of agent for service)

***Copies to:***

J. Brad Wiggins, Esq.

Securities Law USA, PLLC

10 G Street, NE, Suite 600

<u>Washington, DC 20002</u>

**Approximate date of commencement of proposed sale to the public:** As soon as practicable after this registration statement becomes effective.

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 registration statement for the same offering. ☐

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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 post-effective amendment filed pursuant to Rule 462(d) 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. ☐

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

Large Accelerated Filer ☐ Accelerated Filer ☐ Non-Accelerated Filer ☒ Smaller Reporting Company ☒ <br>Emerging Growth Company ☐

If an emerging growth company, 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 pursuant to Section (7)(a)(2)(B) of the Securities Act. ☐

**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 Section 8(a), may determine.**

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**The information contained in this prospectus is not complete and may be changed. The selling stockholders 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 stockholders are not soliciting an offer to buy these securities in any state where the offer or sale is not permitted.**

**Subject To Completion, Dated March 2, 2026**

![](forms1x001.jpg)

63,097,323 Shares of Common Stock

This prospectus relates to the resale or other disposition from time to time by certain selling stockholders, as further described in this prospectus, of up to an aggregate of 63,097,323 shares of the Common Stock (the "**Shares**") of Rise Gold Corp. (the "**Company**", "**Rise**", "**we**", "**us**" or "**our**"). The Shares registered for sale include certain outstanding Shares held by selling stockholders and Shares underlying certain outstanding share purchase warrants and stock options held by selling stockholders, as described in greater detail in this prospectus.

The outstanding Shares, warrants and options held by the selling stockholders were issued to such selling stockholders in private transactions between our company and the selling stockholders. The selling stockholders may sell or otherwise dispose of the Shares covered by this prospectus or interests therein on any stock exchange, market or trading facility on which the 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. Additional information about the selling stockholders, and the times and manner in which they may offer and sell Shares under this prospectus, is provided in the sections entitled "Selling Stockholders" and "Plan of Distribution" of this prospectus.

We will not receive any proceeds from the resale of the Shares by the selling stockholders.

Our Common Stock is listed on the Canadian Securities Exchange (the "**CSE**") under the symbol "RISE" and quoted on the OTCQB under the symbol "RYES".

All dollar amounts reflected herein refer to U.S. dollars unless otherwise noted.

**Investing in the Shares involves a high degree of risk. See "Risk Factors" beginning on page 6 of this prospectus.**

**Neither the Securities and Exchange Commission (the "SEC") nor any state securities commission has approved or disapproved of the securities offered hereby or passed upon the adequacy or accuracy of this prospectus. Any representation to the contrary is a criminal offense.**

**The date of this prospectus is _______________, 2026**

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**TABLE OF CONTENTS**

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| | |
|:---|:---|
| [**GLOSSARY OF TERMS**](#page_5) | [**3**](#page_5) |
| [**CURRENCY**](#page_5) | [**3**](#page_5) |
| [**ABOUT THIS PROSPECTUS**](#page_5) | [**3**](#page_5) |
| [**PROSPECTUS SUMMARY**](#page_7) | [**5**](#page_7) |
| [**RISK FACTORS**](#page_8) | [**6**](#page_8) |
| [**CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS**](#page_20) | [**18**](#page_20) |
| [**USE OF PROCEEDS**](#page_21) | [**19**](#page_21) |
| [**SELLING STOCKHOLDERS**](#page_21) | [**19**](#page_21) |
| [**PLAN OF DISTRIBUTION**](#page_25) | [**23**](#page_25) |
| [**DESCRIPTION OF CAPITAL STOCK**](#page_27) | [**25**](#page_27) |
| [**LEGAL MATTERS**](#page_28) | [**26**](#page_28) |
| [**INTERESTS OF EXPERTS**](#page_28) | [**26**](#page_28) |
| [**WHERE YOU CAN FIND MORE INFORMATION**](#page_28) | [**26**](#page_28) |
| [**INFORMATION INCORPORATED BY REFERENCE**](#page_28) | [**26**](#page_28) |

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**GLOSSARY OF TERMS**

"**Common Stock**" means the issued and unissued shares of our common stock with a par value of $0.001;

"**CSE**" means the Canadian Securities Exchange;

"**DSU**" means a deferred share unit and "**DSUs**" means deferred share units;

"**Exchange Act**" means the Securities Exchange Act of 1934, as amended;

"**I-M Mine Property**" means the Idaho-Maryland Mine Property comprising approximately 108 acres (44 hectares) surface land and approximately 2,800 acres (1,133 hectares) mineral rights located near Grass Valley of Nevada County in northern California, USA;

"**I-M Mine Project**" means Rise's gold project located on the I-M Mine Property;

"**October 2025 DSUs**" means 365,854 DSUs granted on October 30, 2025 and each convertible into one share of Common Stock upon termination of the holder's employment;

"**October 2025 Stock Options**" means 915,000 incentive stock options granted on October 30, 2025 and exercisable at a price per Share of $0.25 until October 30, 2030;

"**November 2025 Stock Options**" means 2,660,000 incentive stock options granted on November 20, 2025 and exercisable at a price per Share of $0.18 until November 20, 2030;

"**October 2025 Warrants**" means 27,866,000 common stock purchase warrants issued on October 24, 2025, exercisable at a price of $0.45 per share until October 24, 2028;

"**Securities Act**" means the Securities Act of 1933, as amended;

"**Shares**" means the 63,097,323 shares of our Common Stock offered for sale hereby.

**CURRENCY**

All dollar amounts in this prospectus are expressed in U.S. dollars unless otherwise indicated. Some of our material agreements use Canadian dollars and our Common Stock is traded on the CSE in Canadian dollars. As used herein "C$" represents Canadian dollars.

The following table sets forth the Bank of Canada rate of exchange for the Canadian dollar, expressed in United States dollars in effect at the end of the periods indicated, the average of exchange rates in effect during such periods, and the high and low exchange rates during such periods for conversion of Canadian dollars into United States dollars:

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| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Fiscal Year Ended July 31** | &nbsp;&nbsp;**Fiscal Year Ended July 31** | &nbsp;&nbsp;**Fiscal Year Ended July 31** |
| **Canadian Dollars to U.S. Dollars** | **2025($)** | **2024($)** | **2023($)** |
| Rate at end of period | 0.7223 | 0.7242 | 0.7589 |
| Average rate for period | 0.7171 | 0.7357 | 0.7455 |
| High for period | 0.7429 | 0.7573 | 0.7841 |
| Low for period | 0.6848 | 0.7207 | 0.7217 |

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**ABOUT THIS PROSPECTUS**

This prospectus is part of a registration statement that we filed with the SEC. You should rely only on the information contained in this prospectus. We have not authorized anyone to provide you with information different from that contained in this prospectus. This prospectus is offering to sell, and is seeking offers to buy, the securities only in jurisdictions where offers and sales are permitted. The information contained in this prospectus speaks only as of the date of this prospectus (unless the information specifically indicates that another date applies), regardless of the time of delivery of this prospectus or of any sale of the Shares.

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We may provide a prospectus supplement containing specific information about the terms of a particular offering by the selling stockholders or their transferees. The prospectus supplement may add, update or change information in this prospectus. If information in a prospectus supplement is inconsistent with the information in this prospectus, you should rely on the information in that prospectus supplement. You should read both this prospectus and, if applicable, any prospectus supplement hereto. See "Where You Can Find More Information" for more information.

This prospectus includes and incorporates by reference industry and market data and other information that we have obtained from, or which is based upon, market research, independent industry publications or other publicly available information. Any such data and other information is subject to change based on various factors, including those described below under the heading "Risk Factors" and elsewhere in this prospectus.

**We have not, and the selling stockholders have not, authorized anyone to provide you with information different from that contained or incorporated by reference in this prospectus or in any supplement to this prospectus or free writing prospectus, and neither we nor the selling stockholders take any responsibility for any other information that others may give you. This prospectus is not an offer to sell, nor is it a solicitation of an offer to buy, the securities in any jurisdiction where the offer or sale is not permitted. You should not assume that the information contained in this prospectus or any prospectus supplement or free writing prospectus is accurate as of any date other than the date on the front cover of those documents, or that the information contained in any document incorporated by reference is accurate as of any date other than the date of the document incorporated by reference, regardless of the time of delivery of this prospectus or any sale of a security. Our business, financial condition, results of operations and prospects may have changed since those dates.**

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**PROSPECTUS SUMMARY**

*This summary highlights certain information contained elsewhere in this prospectus. You should read this entire prospectus carefully, including the "Risk Factors" and the financial statements and related notes incorporated by reference herein. This prospectus includes forward-looking statements that involve risks and uncertainties. See "Cautionary Note Regarding Forward-Looking Statements." References to "we," "our," "Rise," and the "Company" refer to Rise Gold Corp.*

**About the Company**

We are a mineral exploration stage company incorporated in the state of Nevada, United States. Our current business operations are focused on exploring the I-M Mine Property located near Grass Valley of Nevada County in northern California. Our principal executive offices are located in Grass Valley, California, while certain members of our management team are located in Vancouver, BC, Canada.

We acquired our interest in the I-M Mine Project by exercising an option granted pursuant to an option agreement dated August 30, 2016 (as amended November 11, 2016 and December 23, 2016) with the owners of the property. A more detailed discussion of the I-M Mine Project and of the current status of our business operations is provided under the sections entitled "Business" and "Properties" in our Form 10-K annual report for the year ended July 31, 2025, which is incorporated herein by reference.

Our principal executive offices are located at 345 Crown Point Circle, Suite 600, Grass Valley, California 95945, and our telephone number is 530-271-0679.

**The Offering**

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| | |
|:---|:---|
| **Shares Offered by the Selling Stockholders** | 63,097,323 Shares of our Common Stock, including: 31,290,469 Shares held by selling stockholders; 365,854 Shares issuable upon conversion of deferred share units ("**DSUs**") held by selling stockholders issued October 30, 2025 (the "**October 2025 DSUs**"); 915,000 Shares issuable upon exercise of incentive stock options held by selling stockholders issued October 30, 2025 and exercisable at a price per Share of $0.25 (the "**October 2025 Stock Options**"); 2,660,000 Shares issuable upon exercise of incentive stock options held by selling stockholders issued November 20, 2025 and exercisable at a price per Share of $0.18 (the "**November 2025 Stock Options**"); 27,866,000 Shares issuable upon exercise of Common Stock purchase warrants held by selling stockholders issued October 24, 2025 and exercisable at a price of $0.45 per Share, expiring October 24, 2028 (the "**October 2025 Warrants**"). |
| **Offering Price** | Determined at the time of sale by the selling stockholders. |
| **Use of Proceeds** | We will not receive any proceeds from the sale of the Shares by selling stockholders covered by this prospectus. |
| **Common Stock Outstanding as of March 2, 2026** | 127,272,337 shares of Common Stock. |
| **Trading Symbols** | Our Common Stock is listed on the CSE under the symbol "RISE" and quoted on the OTCQB under the symbol "RYES". |
| **Risk Factors** | Investing in our securities involves a high degree of risk. See "Risk Factors". |

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**RISK FACTORS**

*Investing in the Shares involves a high degree of risk. You should consider carefully the risks and uncertainties described below, together with all of the other information contained and incorporated by reference in this prospectus, before deciding to invest in the Shares. If any of the following risks materialize, our business, financial condition, results of operations, and future prospects will likely be materially and adversely affected. In that event, the market price of the Shares could decline and you could lose all or part of your investment.*

**Risks Related to Our Business** 

***Increased levels of volatility or a rapid destabilization of global economic conditions could have a material adverse effect on our operations and financial condition.***

In recent years, global financial conditions have been characterized by increased volatility which has impacted many industries, including the mining industry. Global financial conditions are subject to sudden and rapid destabilization in response to current and future events, as governmental authorities may have limited resources to respond to such events. Global capital markets continue to experience increased volatility in response to global events such as the significant increase in the rate of inflation in recent years, and the effects of certain countermeasures taken by central banks including increased interest rates. Future economic crises may be precipitated by any number of causes, including natural disasters, epidemics (such as the COVID-19 virus pandemic), geopolitical instability and war (such as the Russian invasion of Ukraine, the Israel-Palestine conflict and the Israel/U.S. conflict with Iran), the failure of financial institutions, terrorism, material changes in the price of oil, the volatility of metal prices, and the volatility of global financial markets. Continued increased levels of volatility or a sudden or rapid destabilization of global economic conditions could negatively impact our ability to obtain equity or debt financing or to make other suitable arrangements to finance our Idaho-Maryland Mine Project which, in turn, could have a material adverse effect on our operations and financial condition.

***Our ability to continue to operate as a going concern depends on our ability to obtain adequate financing in the future.***

Our ability to continue as a going concern is dependent on our ability to maintain continued support from its shareholders and creditors and to raise additional capital and implement our business plan.

There is no assurance that we will be able to obtain adequate financing in the future or that such financing will be on terms advantageous to us. However, management believes that we have sufficient working capital to meet our projected minimum financial obligations for the next fiscal year. The accompanying financial statements have been prepared under the assumption that we will continue as a going concern. We are an exploration stage company, and we have incurred losses since our inception.

***We will require significant additional capital to fund our business plan.***

We will be required to expend significant funds to determine whether proven and probable mineral reserves exist at our properties, to continue exploration and, if warranted, to develop our existing properties, and to identify and acquire additional properties to diversify our property portfolio. We anticipate that we will be required to make substantial capital expenditures for the continued exploration and, if warranted, development of our I-M Mine Property. We have spent and will be required to continue to expend significant amounts of capital for drilling, geological, and geochemical analysis, assaying, permitting, and feasibility studies with regard to the results of our exploration at our I-M Mine Property. We may not benefit from some of these investments if we are unable to identify commercially exploitable mineral reserves.

In addition, we may incur significant legal costs going forward as we seek to protect our property rights under both California state and U.S. federal law, including asserting our 5th Amendment Rights under the U.S. Constitution and other due process rights under the 14th Amendment of the U.S. Constitution, amongst other legal remedies that are available to us. See also the risks described under "Risks Related to Mining and Exploration - There is no assurance that we will be successful in our efforts to establish, through litigation, that mining operations on the I-M Mine Property are a Constitutionally protected vested use and that a use permit is not required for mining operations to continue".

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Our ability to obtain necessary funding for these purposes, in turn, depends upon a number of factors, including the status of the national and worldwide economy and the price of metals. Capital markets worldwide were adversely affected by substantial losses by financial institutions, caused by investments in asset-backed securities, and remnants from those losses continue to impact the ability for us to raise capital. We may not be successful in obtaining the required financing or, if we can obtain such financing, such financing may not be on terms that are favorable to us.

Our inability to access sufficient capital for our operations could have a material adverse effect on our financial condition, results of operations, and prospects. Sales of substantial amounts of securities may have a highly dilutive effect on our ownership or share structure. Sales of a large number of shares of our Common Stock in the public markets, or the potential for such sales, could decrease the trading price of those shares and could impair our ability to raise capital through future sales of Common Stock. We have not yet commenced commercial production at any of our properties and, therefore, have not generated positive cash flows to date and have no reasonable prospects of doing so unless successful commercial production can be achieved at our I-M Mine Property. We expect to continue to incur negative investing and operating cash flows until such time, if ever, that we are able to enter into successful commercial production. This will require us to deploy our working capital to fund such negative cash flow and to seek additional sources of financing. There is no assurance that any such financing sources will be available or sufficient to meet our requirements. There is no assurance that we will be able to continue to raise equity capital or to secure additional debt financing, or that we will not continue to incur losses.

***We have a limited operating history on which to base an evaluation of our business and prospects.***

Since our inception, we have had no revenue from operations. We have no history of producing products from any of our properties. Our I-M Mine Project is a historic, past-producing mine which, apart from the exploration work that we have completed since 2016, has had very little recent exploration work since 1956. We would require further exploration work in order to reach the development stage. Advancing our I-M Mine Property into the development stage will require significant capital and time, and successful commercial production from the I-M Mine Property will be subject to completing feasibility studies, permitting and re-commissioning of the mine, constructing processing plants, and other related works and infrastructure. As a result, we are subject to all of the risks associated with developing and establishing new mining operations and business enterprises including:

* completion of feasibility studies to verify reserves and commercial viability, including the ability to find sufficient ore reserves to support a commercial mining operation;

* the timing and cost, which can be considerable, of further exploration, preparing feasibility studies, permitting and construction of infrastructure, mining and processing facilities;

* the availability and costs of drill equipment, exploration personnel, skilled labor, and mining and processing equipment, if required;

* the availability and cost of appropriate smelting and/or refining arrangements, if required;

* compliance with stringent environmental and other governmental approval and permit requirements;

* the availability of funds to finance exploration, development, and construction activities, as warranted;

* potential opposition from non-governmental organizations, local groups or local inhabitants that may delay or prevent development activities;

* potential increases in exploration, construction, and operating costs due to changes in the cost of fuel, power, materials, and supplies; and

* potential shortages of mineral processing, construction, and other facilities related supplies.

The costs, timing, and complexities of exploration, development, and construction activities may be increased by the location of our properties and demand by other mineral exploration and mining companies. It is common in exploration programs to experience unexpected problems and delays during drill programs and, if commenced, development, construction, and mine start-up. In addition, our management and workforce will need to be expanded, and sufficient support systems for our workforce will have to be established. This could result in delays in the commencement of mineral production and increased costs of production. Accordingly, our activities may not result in profitable mining operations and we may not succeed in establishing mining operations or profitably producing metals at any of our current or future properties, including our I-M Mine Property.

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***We have a history of losses and expect to continue to incur losses in the future.***

We have incurred losses since inception, have had negative cash flow from operating activities, and expect to continue to incur losses in the future. We have incurred the following losses from operations during each of the following periods:

* $3,260,358 for the year ended July 31, 2025

* $3,565,631 for the year ended July 31, 2024

* $3,660,382 for the year ended July 31, 2023

* $3,464,127 for the year ended July 31, 2022

We expect to continue to incur losses unless and until such time as one of our properties enters into commercial production and generates sufficient revenues to fund continuing operations. We recognize that if we are unable to generate significant revenues from mining operations and/or dispositions of our properties, we will not be able to earn profits or continue operations. At this early stage of our operation, we also expect to face the risks, uncertainties, expenses, and difficulties frequently encountered by companies at the start-up stage of their business development. We cannot be sure that we will be successful in addressing these risks and uncertainties and our failure to do so could have a materially adverse effect on our financial condition.

***Damage to our reputation could adversely affect our company's operations and financial condition.***

Our relationship with the communities where we operate is critical to ensure the future success of our existing operations and the construction and development of our I-M Mine Property. Reputational damage can be the result of the actual or perceived occurrence of any number of events and could include any negative publicity, whether true or not. There is an increasing level of public concern relating to the perceived effect of mining activities on the environment and on communities impacted by such activities. Certain individuals and groups who oppose resource development can often be vocal critics of the mining industry and its practices, including the use of hazardous substances in processing activities and effects on the environment. The increased use of social media and other web-based tools used to generate, publish and discuss user-generated content and to connect with other users has made it increasingly easier for such individuals and groups to communicate and share their opinions and views regarding our company and our activities. Adverse publicity generated by such persons related to extractive industries generally, or our operations or development activities specifically, could have an adverse effect on our reputation. Reputation loss, including reputation loss by other similar mining companies, may result in decreased investor confidence, increased challenges in developing and maintaining community and stakeholder relations and an impediment to our overall ability to advance our I-M Mine Property (including our ability to obtain permits), which could have a material adverse impact on our results of operations, financial condition and prospects. While we are committed to operating in a socially responsible manner, there is no guarantee that our efforts in this respect will mitigate this potential risk. We do not ultimately have direct control over how we are perceived by others, and reputational damage could adversely affect our operations and financial condition.

***We rely on information systems that may become subject to security threats.***

We have entered into agreements with third parties for hardware, software, telecommunications and other information technology ("**IT**") services in connection with our operations. Our operations depend, in part, on how well we and our suppliers protect networks, equipment, IT systems and software against damage from a number of threats, including, but not limited to, cable cuts, natural disasters, terrorism, fire, power loss, hacking, phishing schemes, computer viruses, vandalism, fraud and theft. Our operations also depend on the timely maintenance, upgrade and replacement of networks, equipment, IT systems and software, as well as preemptive interventions and expenditures to mitigate the risks of failures and other IT system disruptions. Any of these and other events could result in information systems failures, delays and increases in capital expenses and which would negatively impact our ability to operate. The failure of any part of our information systems could, depending on the nature and degree of any such failure, adversely impact our reputation and results of operations. Our risk and exposure to these matters cannot be fully mitigated because of, among other things, the evolving nature of these threats. As a result, cybersecurity and the continued development and enhancement of controls, processes and practices designed to protect our systems, computers, software, data and networks from attack, damage or unauthorized access remain a priority. As cyber threats continue to evolve, we may be required to expend additional resources to continue to modify or enhance protective measures or to investigate and remediate any security vulnerabilities.

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***Although the Trump Administration has shifted the focus of the U.S. government away from environmental, social, and governance (ESG) matters, continuing efforts to address such matters may negatively impact our business.***

While the current Trump Administration has sought to scale back and dismantle federal ESG policies and regulations, ongoing attention to ESG matters, including those related to climate change and sustainability, and increasing societal, and investor and legislative pressures on companies to address ESG matters may result in increased costs, increased investigations and litigation or threats thereof, negative impacts on our stock price and access to capital markets, and damage to our reputation. Increasing attention to climate change, for example, may result in additional governmental investigations and private litigation, or threats thereof, against our company. In addition, some organizations that provide information to investors on corporate governance and related matters have developed ratings processes for evaluating companies on their approach to ESG matters, including climate change and climate-related risks. Such ratings are used by some investors to inform their investment and voting decisions. Unfavorable ESG ratings may lead to negative investor sentiment toward our company and to the diversion of investment to other industries, which could have a negative impact on our stock price and our access to and costs of capital. Additionally, evolving expectations on various ESG matters, including biodiversity, waste, and water, may increase costs, require changes in how we operate and lead to negative stakeholder sentiment.

**Risks Related to Mining and Exploration**

***The I-M Mine Property is in the exploration stage. There is no assurance that we can establish the existence of any mineral reserve on the I-M Mine Property or any other properties we may acquire in commercially exploitable quantities. Unless and until we do so, we cannot earn any revenues from these properties and if we do not do so we will lose all of the funds that we expend on exploration. If we do not establish the existence of any mineral reserve in a commercially exploitable quantity, the exploration component of our business could fail.***

We have not established that any of our mineral properties contain any mineral reserve according to recognized reserve guidelines, nor can there be any assurance that we will be able to do so.

A mineral reserve is defined in subpart 1300 of Regulation S-K under the Securities Act and the Exchange Act ("**Subpart 1300**") as an estimate of tonnage and grade or quality of "indicated mineral resources" and "measured mineral resources" (as those terms are defined in Subpart 1300) that, in the opinion of a "qualified person" (as defined in Subpart 1300), can be the basis of an economically viable project. In general, the probability of any individual prospect having a "reserve" that meets the requirements of Subpart 1300 is small, and our mineral properties may not contain any "reserves" and any funds that we spend on exploration could be lost. Even if we do eventually discover a mineral reserve on one or more of our properties, there can be no assurance that our properties can be developed into producing mines or that we can extract those minerals. Both mineral exploration and mineral development involve a high degree of risk, and few mineral properties that are explored are ultimately developed into producing mines.

The commercial viability of an established mineral deposit will depend on a number of factors including, by way of example, the size, grade, and other attributes of the mineral deposit, the proximity of the mineral deposit to infrastructure such as processing facilities, roads, rail, power, and a point for shipping, government regulation, and market prices. Most of these factors will be beyond our control, and any of them could increase costs and make extraction of any identified mineral deposit unprofitable.

***The nature of mineral exploration and production activities involves a high degree of risk and the possibility of uninsured losses.***

Exploration for and the production of minerals is highly speculative and involves greater risk than many other businesses. Most exploration programs do not result in mineralization that is of sufficient quantity and quality to be profitably mined. Our operations are, and any future development or mining operations we may conduct will be, subject to all of the operating hazards and risks normally incidental to exploring for and developing mineral properties, such as, but not limited to:

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* economically insufficient mineralized material;

* fluctuation in production costs that make mining uneconomical;

* labor disputes;

* unanticipated variations in grade and other geologic problems;

* environmental hazards;

* water conditions;

* difficult surface or underground conditions;

* industrial accidents;

* metallurgic and other processing problems;

* mechanical and equipment performance problems;

* failure of dams, stockpiles, wastewater transportation systems, or impoundments;

* unusual or unexpected rock formations; and

* personal injury, fire, flooding, cave-ins and landslides.

Any of these risks can materially and adversely affect, among other things, the development of properties, production quantities and rates, costs and expenditures, potential revenues, and production dates. If we were to determine that capitalized costs associated with any of our mineral interests are not likely to be recovered, we would incur a write-down of our investment in these interests. All of these factors may result in losses in relation to amounts spent that are not recoverable, or that result in additional expenses.

***Commodity price volatility could have dramatic effects on our results of operations and our ability to execute our business plan.***

The price of commodities varies daily. Our future revenues, if any, will likely be derived from the extraction and sale of base and precious metals. The price of those commodities has fluctuated widely, particularly in recent years, and is affected by numerous factors beyond our control, including economic and political trends, expectations of inflation, currency exchange fluctuations, interest rates, global and regional consumptive patterns, speculative activities and increased production due to new extraction developments and improved extraction and production methods. The effect of these factors on the price of base and precious metals, and therefore the economic viability of our business, could negatively affect our ability to secure financing and could negatively affect our results of operations.

***Estimates of mineralized material and resources are subject to evaluation uncertainties that could result in project failure.***

Our exploration and future mining operations, if any, are and would be faced with risks associated with being able to accurately predict the quantity and quality of mineralized material and resources/reserves within the earth using statistical sampling techniques. Estimates of any mineralized material or resource/reserve on any of our properties would be made using samples obtained from appropriately placed trenches, test pits, underground workings, and intelligently designed drilling. There is an inherent variability of assays between check and duplicate samples taken adjacent to each other and between sampling points that cannot be reasonably eliminated. Additionally, there also may be unknown geologic details that have not been identified or correctly appreciated at the current level of accumulated knowledge about our properties. This could result in uncertainties that cannot reasonably be eliminated from the process of estimating mineralized material and resources/reserves. If such estimates proved to be unreliable, any plan implemented to exploit the mineralization based on those estimates may not lead to commercially viable operations.

***Any material changes in mineral resource/reserve estimates and grades of mineralization will affect the economic viability of placing a property into production and a property's return on capital.***

As we have not completed feasibility studies on our I-M Mine Property and have not commenced actual production, we do not have mineral resources, and any estimates may require adjustments or downward revisions. In addition, the grade of ore ultimately mined, if any, may differ from that indicated by future feasibility studies and drill results. Minerals recovered in small scale tests might not be duplicated in large scale tests under on-site conditions or in production scale.

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***Our exploration activities on our properties may not be commercially successful, which could lead us to abandon our plans to develop our properties and our investments in exploration.***

Our long-term success depends on our ability to identify mineral deposits on our I-M Mine Property and other properties we may acquire, if any, that we can then develop into commercially viable mining operations. Mineral exploration is highly speculative, involves many risks, and is frequently non-productive. These risks include unusual or unexpected geologic formations and the inability to obtain suitable or adequate machinery, equipment, or labor. The success of commodity exploration is determined in part by the following factors:

* the identification of potential mineralization;

* availability of government-granted exploration permits;

* the quality of our management and our geological and technical expertise; and

* the capital available for exploration and development work.

Substantial expenditures are required to establish proven and probable reserves through drilling and analysis, to develop metallurgical processes to extract metal, and to develop the mining and processing facilities and infrastructure at any site chosen for mining. Whether a mineral deposit will be commercially viable depends on a number of factors that include, without limitation, the particular attributes of the deposit, such as size, grade, and proximity to infrastructure; commodity prices; and government regulations, including, without limitation, regulations relating to prices, taxes, royalties, land tenure, land use, importing and exporting of minerals, and environmental protection. We may invest significant capital and resources in exploration activities and may find it necessary to abandon such investments if we are unable to identify commercially exploitable mineral reserves. The decision to abandon a project may have an adverse effect on the market value of our securities and the ability to raise future financing.

***There is no assurance that we will be successful in our efforts to establish, through litigation, that mining operations on the I-M Mine Property are a Constitutionally protected vested use and that a use permit is not required for mining operations to continue.***

We own the I-M Mine Property, consisting of 108 acres of surface land and a 2,560 acre mineral estate, located in Nevada County (the **County**"). Before the I-M Mine Property was consolidated into its current configuration in 1941, it existed as multiple historical mines and operations.

We believe that mining operations on the I-M Mine Property are a vested use, protected under the California and federal Constitutions, and that a use permit is not required for mining operations to continue. Once vested, this right to mine endures unless it is abandoned, which we contend has not occurred. Abandonment only occurs if two conditions are met: (1) there is evidence of a property owner's actual intent to abandon the vested mining right; and (2) an overt act (or failure to act) demonstrating such intent. The California Supreme Court has held that a vested mining right is not abandoned merely because the mine has been inactive for periods of time, and the Court has found that cessation of use alone does not constitute abandonment of a mine.

We are subject to the vested rights being confirmed by the County. For the vested right to be recognized by the County, we need to demonstrate that mine operations were being conducted both before and immediately after the County first required a permit to mine in 1954. On September 6, 2023, the Company submitted a Petition to the County asserting its vested right to mine at the I-M Mine Property. The Petition and its exhibits are replete with historical evidence that mining was conducted at the I-M Mine Property prior to, during, and after 1954, when the County first required a use permit. The evidence set out in the Petition establishes the various previous owners evidenced their intent to retain the vested right to mine by continuously recording mineral reservations, entering into leases, and making plans for resuming mining in the future, even when mining operations were suspended. There is no evidence that any owner of the I-M Mine Property intended to abandon the vested mining right or took an overt act demonstrating that intent (let alone both).

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The Board of Supervisors held a public hearing regarding the Company's Petition on December 13 and 14, 2023. The Board of Supervisors denied recognition of the Company's assertion of its vested right.

On May 13, 2024, the Company submitted a Writ of Mandamus (the "**Writ**"), asking the Superior Court of California for the County of Nevada (the "**Court**") to compel the Board of Supervisors to follow applicable law and grant us recognition of our vested right to operate the I-M Mine. We filed our initial brief in support of the Writ on September 6, 2025. The County replied on November 18, 2025. The Company, the County and the Court agreed to a schedule that anticipated that oral arguments concerning the Writ would be held on January 9, 2026. However, on January 8, 2026, the Court on its own initiative delayed the oral arguments until March 6, 2026.

There is no assurance that the Court or any appellate court to which we might appeal this determination will recognize the Company's vested right.

***We are subject to significant laws and governmental regulations that affect our operations and costs of conducting our business, and we may not be able to obtain all required permits and licenses to place our properties into production.***

Our proposed operations, including exploration and, if warranted, development and operation of the I-M Mine Property, require permits from governmental authorities and will be governed by laws and regulations, including:

* laws and regulations governing mineral concession acquisition, prospecting, development, mining, and production;

* laws and regulations related to exports, taxes, and fees;

* labor standards and regulations related to occupational health and mine safety; and

* environmental standards and regulations related to waste disposal, toxic substances, land use reclamation, and environmental protection.

Companies engaged in exploration and mining activities often experience increased costs and delays in production and other schedules as a result of the need to comply with applicable laws, regulations, and permits. Failure to comply with applicable laws, regulations, and permits may result in enforcement actions, including the forfeiture of mineral claims or other mineral tenures, orders issued by regulatory or judicial authorities requiring operations to cease or be curtailed, and may include corrective measures requiring capital expenditures, installation of additional equipment, or costly remedial actions. We cannot predict if all permits that we may require for continued exploration, development, or construction of mining facilities and the conduct of mining operations will be obtainable on reasonable terms, if at all. Costs related to applying for and obtaining permits and licenses may be prohibitive and could delay our planned exploration and development activities. We may be required to compensate those suffering loss or damage by reason of our mineral exploration or our mining activities, if any, and may have civil or criminal fines or penalties imposed for violations of, or our failure to comply with, such laws, regulations, and permits.

Existing and possible future laws, regulations, and permits governing operations and activities of exploration companies, or more stringent implementation of such laws, regulations and permits, could have a material adverse impact on our business and cause increases in capital expenditures or require abandonment or delays in exploration. Our I-M Mine Property is located in California, which has numerous clearly defined regulations with respect to permitting mines, which could potentially impact the total time to market for the project.

Subsurface mining is allowed in the County M1 Zoning District, where the I-M Mine Property is located, with approval of a "Use Permit" or through the use of vested rights. Approval of a Use Permit for mining operations requires a public hearing before the County Planning Commission. The Planning Commission makes recommendations to the Board of Supervisors, which in turn requires a public hearing. The Board of Supervisors ultimately makes the decision as to whether to approve or not approve the Use Permit. The Use Permit approvals include conditions of approval, which are designed to minimize the impact of conditional uses on neighboring properties.

The Use Permit application submitted by Rise in 2019 proposed underground mining to recommence at the I-M Mine Property at an average throughput of 1,000 tons per day. The existing Brunswick Shaft, which extends to ~3400 feet depth below surface, would be used as the primary rock conveyance from the I-M Mine Property. A second service shaft would be constructed by raising from underground to provide for the conveyance of personnel, materials, and equipment. Processing would be done by gravity and flotation to produce gravity and flotation gold concentrates.

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We proposed to produce barren rock from underground tunneling and sand tailings as part of the project which would be used for creation of approximately 58 acres of level and useable industrial zoned land for future economic development in the County. A water treatment plant and pond, using conventional processes, would ensure that groundwater pumped from the mine is treated to regulatory standards before being discharged to the local waterways. There is no assurance a Use Permit application will be accepted as submitted or approved.

In 1975, the California Legislature enacted the Surface Mining and Reclamation Act ("SMARA"), which required that all surface mining operations in California have approved reclamation plans and financial assurances. SMARA was adopted to ensure that land used for mining operations in California would be reclaimed post-mining to a useable condition. Pursuant to SMARA, we would be required to obtain approval of a Reclamation Plan from and provide financial assurances to the County for any surface component of the underground mining operation before mining operations could commence. Approval of a Reclamation Plan will require public hearings before the Planning Commission and Board of Supervisors.

To approve a Reclamation Plan and Use Permit, the County would need to satisfy the requirements of California Environmental Quality Act ("CEQA"). CEQA requires that public agency decision makers study the environmental impacts of any discretionary action, disclose the impacts to the public, and minimize unavoidable impacts to the extent feasible. CEQA is triggered whenever a California governmental agency is asked to approve a "discretionary project". The approval of a Reclamation Plan is a "discretionary project" under CEQA. Other necessary ancillary permits like the California Department of Fish and Wildlife ("CDFW") Streambed Alteration Agreement (if applicable) also triggers CEQA compliance.

In this situation, the lead agency for the purposes of CEQA would be the County. Other public agencies in charge of administering specific legislation will also need to approve aspects of the Project, such as the CDFW (the California Endangered Species Act), the Air Pollution Control District (Authority to Construct and Permit to Operate), and the Regional Water Quality Control Board (National Pollutant Discharge Elimination System (authorized to state governments by the US Environmental Protection Agency) and Report of Waste Discharge). However, CEQA's Guidelines provide that if more than one agency must act on a project, the agency that acts first is generally considered the lead agency under CEQA. All other agencies are considered "responsible agencies." Responsible agencies do need to consider the environmental document approved by the lead agency, but they will usually accept the lead agency's document and use it as the basis for issuing their own permits. There is no assurance that other agencies will not require additional assessments in their decision-making process. If such assessments are required, additional time and costs will delay the execution of, and may even require us to re-evaluate the feasibility of, our business plan.

On November 21, 2019, we submitted an application for a Use Permit to the County. On April 28, 2020, with a vote of 5-0, the Nevada County Board of Supervisors (the "**Board of Supervisors**") approved the contract for Raney to prepare an environmental impact report and conduct contract planning services on behalf of the County for the proposed I-M Mine Project. The Planning Commission held a public hearing on May 10 and May 11, 2023, to consider the final environmental impact report ("**FEIR**"). At the conclusion of the public hearing, the Planning Commission recommended to the Board of Supervisors that the FEIR not be certified and that the Use Permit be denied.

On September 6, 2023, the Company submitted a Petition to the County asserting its vested right to mine at the I-M Mine Property. The Board of Supervisors held a public hearing regarding the Company's Petition on December 13 and 14, 2023. The Board of Supervisors denied recognition of the Company's assertion of its vested right.

On February 20, 2024, we announced that the Board of Supervisors adopted a resolution in a public hearing on February 16, 2024, denying our application for a Use Permit to allow the reopening of the I-M Mine and not certifying the FEIR.

On May 13, 2024, the Company submitted a Writ of Mandamus (the "**Writ**"), asking the Superior Court of California for the County of Nevada (the "**Court**") to compel the Board of Supervisors to follow applicable law and grant us recognition of our vested right to operate the I-M Mine. We filed our initial brief in support of the Writ on September 6, 2025. The County replied on November 18, 2025. The Company, the County, and the Court agreed to a schedule that anticipated that oral arguments concerning the Writ would be held on January 9, 2026. However, on January 8, 2026, the Court, on its own initiative, delayed the oral arguments until March 6, 2026.

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Rise has been compelled to take court action to assert its rights to re-open the I-M Mine. There can be no guarantee that the Company's legal actions will be successful.

***Our activities are subject to environmental laws and regulations that may increase our costs of doing business and restrict our operations.***

All phases of our operations are subject to environmental regulation in the jurisdictions in which we operate. Environmental legislation is evolving in a manner that may require stricter standards and enforcement, increased fines and penalties for non-compliance, more stringent environmental assessments of proposed projects, and a heightened degree of responsibility for companies and their officers, directors, and employees. These laws address emissions into the air, discharges into water, management of waste, management of hazardous substances, protection of natural resources, antiquities and endangered species, and reclamation of lands disturbed by mining operations. Compliance with environmental laws and regulations, and future changes in these laws and regulations, may require significant capital outlays and may cause material changes or delays in our operations and future activities. It is possible that future changes in these laws or regulations could have a significant adverse impact on our properties or some portion of our business, causing us to re-evaluate those activities at that time.

***Regulations and pending legislation governing issues involving climate change and our obligation to monitor and report on how our operations may impact climate change could result in increased operating costs, which could have a material adverse effect on our business.***

A number of governments or governmental bodies have introduced or are contemplating legislative and/or regulatory changes in response to concerns about the potential impact of climate change. Legislation and increased regulation regarding climate change could impose significant costs on us, on our future venture partners, if any, and on our suppliers, including costs related to increased energy requirements, capital equipment, environmental monitoring and reporting, and other costs necessary to comply with such regulations. Many governments and other stakeholders have been seeking enhanced disclosure and moving to enact climate change legislation and treaties at the international, national, state, provincial and local levels.

Any adopted future climate change regulations and our obligations to report on them could also negatively impact our ability to compete with companies situated in areas not subject to such limitations. Given the emotional and political significance and uncertainty surrounding the impact of climate change and how it should be dealt with, we cannot predict how legislation and regulation will ultimately affect our financial condition, operating performance, and ability to compete. Furthermore, even without such regulation, increased awareness and any adverse publicity in the global marketplace about potential impacts on climate change by us or other companies in our industry could harm our reputation. The potential physical impacts of climate change on our operations are highly uncertain, could be particular to the geographic circumstances in areas in which we operate and may include changes in rainfall and storm patterns and intensities, water shortages, changing sea levels, and changing temperatures. Extreme weather events, such as forest fires, severe storms. floods, drought or more extreme temperatures, all of which may be more frequent and more extreme due to climate change, may affect our operations. Our operations could be adversely affected in various ways, including through damage to our facilities or from increased costs for insurance. Such extreme weather events can also lead to community evacuations, temporary labour shortages, and delays in receiving critical supplies. Water will be a key resource for our operations and inadequate water management and stewardship could have a material adverse effect on our company and our operations. While certain aspects relating to water management are within our ability to control, extreme weather events, resulting in too much or too little water, can negatively impact our water management practices. The effects of climate change may adversely impact the cost, production, and financial performance of our operations.

***Land reclamation requirements for our properties may be burdensome and expensive.***

Although variable depending on location and the governing authority, land reclamation requirements are generally imposed on mineral exploration companies (as well as companies with mining operations) in order to minimize long term effects of land disturbance.

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Reclamation may include requirements to:

* control dispersion of potentially deleterious effluents;

* treat ground and surface water to drinking water standards; and

* reasonably re-establish pre-disturbance landforms and vegetation.

In order to carry out reclamation obligations imposed on us in connection with our potential development activities, we must allocate financial resources that might otherwise be spent on further exploration and development programs. We plan to set up a provision for our reclamation obligations on our properties, as appropriate, but this provision may not be adequate. If we are required to carry out unanticipated reclamation work, our financial position could be adversely affected.

***We face intense competition in the mining industry.***

The mining industry is intensely competitive in all of its phases. As a result of this competition, some of which is with large established mining companies with substantial capabilities and with greater financial and technical resources than ours, we may be unable to acquire additional properties, if any, or financing on terms we consider acceptable. We also compete with other mining companies in the recruitment and retention of qualified managerial and technical employees. If we are unable to successfully compete for qualified employees, our exploration and development programs may be slowed down or suspended. We compete with other companies that produce our planned commercial products for capital. If we are unable to raise sufficient capital, our exploration and development programs may be jeopardized or we may not be able to acquire, develop, or operate additional mining projects.

***A shortage of equipment and supplies could adversely affect our ability to operate our business.***

We are dependent on various supplies and equipment to carry out our mining exploration and, if warranted, development operations. Any shortage of such supplies, equipment, and parts could have a material adverse effect on our ability to carry out our operations and could therefore limit, or increase the cost of, production.

***Joint ventures and other partnerships, including offtake arrangements, may expose us to risks.***

We may enter into joint ventures, partnership arrangements, or offtake agreements, with other parties in relation to the exploration, development, and production of the properties in which we have an interest. Any failure of such other companies to meet their obligations to us or to third parties, or any disputes with respect to the parties' respective rights and obligations, could have a material adverse effect on us, the development and production at our properties, including the I-M Mine Property, and on future joint ventures, if any, or their properties, and therefore could have a material adverse effect on our results of operations, financial performance, cash flows and the price of our Common Stock.

***We may experience difficulty attracting and retaining qualified management to meet the needs of our anticipated growth, and the failure to manage our growth effectively could have a material adverse effect on our business and financial condition.***

We are dependent on a relatively small number of key employees, including our Chief Executive Officer and Chief Financial Officer. The loss of any officer could have an adverse effect on us. We have no life insurance on any individual, and we may be unable to hire a suitable replacement for them on favorable terms, should that become necessary.

***Our results of operations could be affected by currency fluctuations.***

Our properties are currently all located in the United States and, while most costs associated with these properties are paid in U.S. dollars, a significant amount of our administrative expenses are payable in Canadian dollars. There can be significant swings in the exchange rate between the U.S. dollar and the Canadian dollar. There are no plans at this time to hedge against any exchange rate fluctuations in currencies.

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***Title to our properties may be subject to other claims that could affect our property rights and claims.***

There are risks that title to our properties may be challenged or impugned. Our I-M Mine Property is located in California and may be subject to prior unrecorded agreements or transfers and title may be affected by undetected defects.

***We may be unable to secure surface access or purchase required surface rights.***

Although we obtain the rights to some or all of the minerals in the ground subject to the mineral tenures that we acquire, or have the right to acquire, in some cases we may not acquire any rights to, or ownership of, the surface to the areas covered by such mineral tenures. In such cases, applicable mining laws usually provide for rights of access to the surface for the purpose of carrying on mining activities; however, the enforcement of such rights through the courts can be costly and time consuming. It is necessary to negotiate surface access or to purchase the surface rights if long-term access is required. There can be no guarantee that, despite having the right at law to carry on mining activities, we will be able to negotiate satisfactory agreements with any such existing landowners/occupiers for such access or purchase of such surface rights, and therefore we may be unable to carry out planned mining activities. In addition, in circumstances where such access is denied, or no agreement can be reached, we may need to rely on the assistance of local officials or the courts in such jurisdiction the outcomes of which cannot be predicted with any certainty. Our inability to secure surface access or purchase required surface rights could materially and adversely affect our timing, cost, or overall ability to develop any mineral deposits we may locate.

***Our properties and operations may be subject to litigation or other claims.***

From time to time our properties or operations may be subject to disputes that may result in litigation or other legal claims. We may be required to take countermeasures or defend against these claims, which will divert resources and management time from operations. The costs of these claims or adverse filings may have a material effect on our business and results of operations.

***We do not currently insure against all the risks and hazards of mineral exploration, development, and mining operations.***

Exploration, development, and mining operations involve various hazards, including environmental hazards, industrial accidents, metallurgical and other processing problems, unusual or unexpected rock formations, structural cave-ins or slides, flooding, fires, and periodic interruptions due to inclement or hazardous weather conditions. These risks could result in damage to or destruction of mineral properties, facilities, or other property, personal injury, environmental damage, delays in operations, increased cost of operations, monetary losses, and possible legal liability. We may not be able to obtain insurance to cover these risks at economically feasible premiums or at all. We may elect not to insure where premium costs are disproportionate to our perception of the relevant risks. The payment of such insurance premiums and of such liabilities would reduce the funds available for exploration and production activities.

**Risks Related to the Shares**

***Our share price may be volatile and as a result you could lose all or part of your investment.***

In addition to volatility associated with equity securities in general, the value of your investment could decline due to the impact of any of a wide variety of factors, including the following, upon the market price of the Shares:

* Delays in or disappointing results from our efforts to establish, through litigation, that mining operations on the I-M Mine Property are a Constitutionally protected vested use and that a use permit is therefore not required for mining operations to continue;

* Disappointing results from our exploration efforts;

* Decline in demand for our Common Stock;

* Downward revisions in securities analysts' estimates or changes in general market conditions;

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* Technological innovations by competitors or in competing technologies;

* Investor perception of our industry or our prospects; and

* General economic trends.

Our share price on the CSE and the OTCQB has experienced significant price and volume fluctuations. Stock markets in general have experienced extreme price and volume fluctuations, and the market prices of securities have been highly volatile. These fluctuations are often unrelated to operating performance and may adversely affect the market price of the Shares. As a result, you may be unable to sell any Shares you acquire at a desired price.

***We have never paid dividends on our Common Stock.***

We have not paid dividends on our Common Stock to date, and we do not expect to pay dividends for the foreseeable future. We intend to retain our initial earnings, if any, to finance our operations. Any future dividends on Common Stock will depend upon our earnings, our then-existing financial requirements, and other factors, and will be at the discretion of the Board.

***Investors' interests in our company will be diluted and investors may suffer dilution in their net book value per share of Common Stock if we issue additional employee/director/consultant options or if we sell additional Common Stock and/or warrants to finance our operations.***

In order to further expand our operations and meet our objectives, any additional growth and/or expanded exploration activity will likely need to be financed through sale of and issuance of additional Common Stock, including, but not limited to, raising funds to explore the I-M Mine Property. Furthermore, to finance any acquisition activity, should that activity be properly approved, and depending on the outcome of our exploration programs, we likely will also need to issue additional Common Stock to finance future acquisitions, growth, and/or additional exploration programs of any or all of our projects or to acquire additional properties. We will also in the future grant to some or all of our directors, officers, and key employees and/or consultants options to purchase Common Stock as non-cash incentives. The issuance of any equity securities could, and the issuance of any additional Common Stock will, cause our existing stockholders to experience dilution of their ownership interests.

If we issue additional Common Stock or decide to enter into joint ventures with other parties in order to raise financing through the sale of equity securities, investors' interests in our company will be diluted and investors may suffer dilution in their net book value per share of Common Stock depending on the price at which such securities are sold.

***The issuance of additional shares of Common Stock may negatively impact the trading price of our securities.***

We have issued Common Stock in the past and will continue to issue Common Stock to finance our activities in the future. In addition, newly issued or outstanding options, warrants, and broker warrants to purchase Common Stock may be exercised, resulting in the issuance of additional Common Stock. Any such issuance of additional Common Stock would result in dilution to our stockholders, and even the perception that such an issuance may occur could have a negative impact on the trading price of the Common Stock.

***We are subject to the continued listing criteria of the CSE and the continued qualification requirements of the OTCQB, and our failure to satisfy these criteria may result in delisting of our Common Stock from the CSE and/or removal of our Common Stock from trading on the OTCQB.***

Our Common Stock is currently listed for trading on the CSE, a securities exchange in Canada, and quoted on the OTCQB, an inter-dealer trading market in the United States. In order to maintain the listing on the CSE or any other securities exchange we may trade on, we must maintain certain financial and share distribution targets, including maintaining a minimum number of public shareholders. In addition to objective standards, these exchanges may delist the securities of any issuer if, in the exchange's opinion, our financial condition and/or operating results appear unsatisfactory; if it appears that the extent of public distribution or the aggregate market value of the security has become so reduced as to make continued listing inadvisable; if we sell or dispose of our principal operating assets or cease to be an operating company; if we fail to comply with the listing requirements; or if any other event occurs or any condition exists which, in their opinion, makes continued listing on the exchange inadvisable.

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If the CSE or any other exchange were to delist the Common Stock, investors may face material adverse consequences, including, but not limited to, a lack of trading market for the Common Stock, reduced liquidity, decreased analyst coverage, and/or an inability for us to obtain additional financing to fund our operations.

Quotation of our Common Stock on the OTCQB provides us with a trading platform in the United States. In order to continue to qualify to trade on the OTCQB, we must continue to meet the criteria set out in the OTCQB Standards, which include meeting ongoing disclosure obligations and financial standards. In the event we no longer qualified to trade on the OTCQB, we would have to seek qualification on the new OTCID market tier of the OTC Markets to continue to provide investors with a trading platform in the United States.

**CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS**

The information discussed in this prospectus includes "forward-looking statements" within the meaning of Section 27A of the Securities Act and Section 21E of the Exchange Act. All statements, other than statements of historical facts, included in this prospectus concerning, among other things, planned capital expenditures, future cash flows and borrowings, pursuit of potential acquisition opportunities, our financial position, business strategy and other plans and objectives for future operations, future exploration activities, future mineral resource estimates, and future joint venture arrangements are forward-looking statements. These forward-looking statements are identified by the use of terms and phrases such as "may," "expect," "estimate," "project," "plan," "believe," "intend," "achievable," "anticipate," "will," "continue," "potential," "should," "could," "would", "might" and similar terms and phrases.

Forward-looking statements are subject to a variety of known and unknown risks, uncertainties, and other factors that could cause actual events or results to differ from those expressed or implied by the forward-looking statements, including, without limitation, risks related to:

* our requirement for significant additional capital;

* our limited operating history;

* our history of losses;

* our properties that are in the exploration stage;

* mineral exploration and production activities;

* the lack of mineral production from our properties;

* our exploration activities being unsuccessful;

* our ability to establish, through litigation, that mining operations on the I-M Mine Property are a Constitutionally protected vested use and that a use permit is therefore not required;

* our ability to obtain permits and licenses for production;

* government and environmental regulations that may increase our costs of doing business or restrict our operations;

* proposed legislation that may significantly affect the mining industry;

* land reclamation requirements;

* competition in the mining industry;

* equipment and supply shortages;

* current and future joint ventures and partnerships;

* our ability to attract and retain qualified management;

* currency fluctuations;

* claims on the title to our properties;

* surface access on our properties;

* potential future litigation;

* our lack of insurance covering all our operations;

* our Common Stock, including price volatility, lack of dividend payments and dilution;

* the impacts of the Russian war in Ukraine, the Israel-Palestine conflict, and the Israel/U.S. conflict with Iran and related sanctions on the global economy and on the mining industry;

* the impact of climate change and of new rules and regulations relating to climate change; and

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* the impact of complying with new disclosure rules for reporting on environmental, social and governance related issues.

This list is not exhaustive of the factors that may affect our forward-looking statements. Some of the important risks and uncertainties that could affect forward-looking statements are described further under "Risk Factors" in this prospectus. Should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those anticipated, believed, estimated, or expected. We caution readers not to place undue reliance on any such forward-looking statements, which speak only as of the date made. We disclaim any obligation subsequently to revise any forward-looking statements to reflect events or circumstances after the date of such statements or to reflect the occurrence of anticipated or unanticipated events, except as required by law.

**USE OF PROCEEDS**

This prospectus relates to the sale or other disposition of Shares of our Common Stock by the selling stockholders listed in the "Selling Stockholders" section below and their transferees. We will not receive any proceeds from any sale of the Shares by the selling stockholders.

**SELLING STOCKHOLDERS**

This prospectus covers the offering of up to 63,097,323 Shares by selling stockholders. This includes Shares acquirable upon exercise of our outstanding warrants, our outstanding incentive stock options and our outstanding DSUs.

Selling stockholders are persons or entities that, directly or indirectly, have acquired Shares, or will acquire Shares from us from time to time upon exercise of certain warrants and incentive stock options. This prospectus and any prospectus supplement will only permit the selling stockholders to sell the Shares identified in the column "Number of Shares Offered Hereby."

The selling stockholders may from time to time offer and sell the Shares pursuant to this prospectus and any applicable prospectus supplement. The selling stockholders may offer all or some portion of the Shares they hold or acquire, but only Shares that are currently outstanding or are acquired upon the exercise of certain warrants and incentive stock options that are currently outstanding, and in either case included in the "Number of Shares Offered Hereby" column, may be sold pursuant to this prospectus or any applicable prospectus supplement.

The Shares issued to the selling stockholders are "restricted" securities under applicable federal and state securities laws and are being registered to give the selling stockholders the opportunity to sell their Shares. The registration of such Shares does not necessarily mean, however, that any of these Shares will be offered or sold by the selling stockholders. The selling stockholders may from time to time offer and sell all or a portion of their Shares on the CSE, in the over-the-counter market, in negotiated transactions, or otherwise, at market prices prevailing at the time of sale or at negotiated prices, as more fully described under "Plan of Distribution".

The registered Shares may be sold directly or through brokers or dealers, or in a distribution by one or more underwriters on a firm commitment or best-efforts basis. To the extent required, the names of any agent or broker-dealer and applicable commissions or discounts and any other required information with respect to any particular offer will be set forth in an accompanying prospectus supplement. See "Plan of Distribution."

Each of the selling stockholders reserves the sole right to accept or reject, in whole or in part, any proposed purchase of the registered Shares to be made directly or through agents. To the extent that any of the selling stockholders are affiliates of our company or are brokers or dealers, they may be deemed to be "underwriters" within the meaning of the Securities Act and any commissions received by them and any profit on the resale of the registered shares may be deemed to be underwriting commissions or discounts under the Securities Act. As of the date of this prospectus, and based on the representations we have received from the selling stockholders, two of the selling stockholders are each either a broker or dealer or affiliated with a broker or dealer. Selling stockholders that are affiliates of or have material relationships with our company are identified below.

The following table sets forth the name of persons who are offering the resale of Shares by this prospectus, the number of shares of Common Stock beneficially owned by each person, the number of Shares that may be sold in this offering and the number of shares of Common Stock each person will own after the offering, assuming they sell all of the Shares offered. The information appearing in the table below is based on information provided by or on behalf of the named selling stockholders. We will not receive any proceeds from the resale of the Shares by the selling stockholders.

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| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Name** | &nbsp;&nbsp; **Number of**<br>**Shares of**<br>**Common Stock <br>Beneficially Owned <br>Prior to this<br>Offering<sup>(1)</sup>** | &nbsp;&nbsp; **Number of Shares <br>Offered Hereby<sup>(1)</sup>** | &nbsp;&nbsp;**Number of <br>Common Stock <br>Owned After the <br>Offering - Number** | &nbsp;&nbsp;**Percent (%)<br>Owned After<br>the <br>Offering<sup>(1)</sup>** |
| Abdiel Investments, LP<sup>(</sup><sup>2</sup><sup>)</sup> | &nbsp;&nbsp;9312014<sup>(</sup><sup>3</sup><sup>)</sup> | &nbsp;&nbsp;9312014<sup>(</sup><sup>3</sup><sup>)</sup> | &nbsp;&nbsp;0 | &nbsp;&nbsp;0.00% |
| James Anderson<sup>(</sup><sup>4</sup><sup>)</sup> | &nbsp;&nbsp;565853<sup>(</sup><sup>5</sup><sup>)(</sup><sup>6</sup><sup>)</sup> | &nbsp;&nbsp;200000<sup>(</sup><sup>6</sup><sup>)</sup> | &nbsp;&nbsp;365853<sup>(</sup><sup>5</sup><sup>)</sup> | &nbsp;&nbsp;\* |
| Archilium LLC<sup>(</sup><sup>7</sup><sup>)</sup> | &nbsp;&nbsp;8978438<sup>(</sup><sup>8</sup><sup>)(</sup><sup>9</sup><sup>)</sup> | &nbsp;&nbsp;2576000<sup>(</sup><sup>9</sup><sup>)</sup> | &nbsp;&nbsp;6402438<sup>(</sup><sup>8</sup><sup>)</sup> | &nbsp;&nbsp;4.95% |
| Joseph Betti<sup>(</sup><sup>10</sup><sup>)</sup> | &nbsp;&nbsp;540000<sup>(</sup><sup>11</sup><sup>)</sup> | &nbsp;&nbsp;400000<sup>(</sup><sup>11</sup><sup>)</sup> | &nbsp;&nbsp;140000 | &nbsp;&nbsp;\* |
| Capital Markets Advisory CA<sup>(</sup><sup>12</sup><sup>)</sup> | &nbsp;&nbsp;40000<sup>(13)</sup><sup>(14)</sup> | &nbsp;&nbsp;20000<sup>(</sup><sup>1</sup><sup>4</sup><sup>)</sup> | &nbsp;&nbsp;20000<sup>(13)</sup> | &nbsp;&nbsp;\* |
| Cazador Resources Ltd.<sup>(</sup><sup>15</sup><sup>)</sup> | &nbsp;&nbsp;1690000<sup>(16)</sup><sup>(17)</sup> | &nbsp;&nbsp;200000<sup>(</sup><sup>17</sup><sup>)</sup> | &nbsp;&nbsp;1490000<sup>(16)</sup> | &nbsp;&nbsp;1.17% |
| Catherine Cox<sup>(</sup><sup>18</sup><sup>)</sup> | &nbsp;&nbsp;125000<sup>(19)</sup><sup>(20)</sup> | &nbsp;&nbsp;65000<sup>(</sup><sup>20</sup><sup>)</sup> | &nbsp;&nbsp;60000<sup>(19)</sup> | &nbsp;&nbsp;\* |
| Mihai Draguleasa<sup>(</sup><sup>21</sup><sup>)</sup> | &nbsp;&nbsp;447928<sup>(22)</sup> | &nbsp;&nbsp;145000<sup>(</sup><sup>23</sup><sup>)</sup> | &nbsp;&nbsp;302928<sup>(22)</sup> | &nbsp;&nbsp;\* |
| Equinox Partners LP<sup>(24)</sup> | &nbsp;&nbsp;15109400<sup>(25)(26)</sup> | &nbsp;&nbsp;4416074<sup>(</sup><sup>26</sup><sup>)</sup> | &nbsp;&nbsp;10693326<sup>(25)</sup> | &nbsp;&nbsp;8.17% |
| Equinox Partners Precious Metals Fund, LP<sup>(2</sup><sup>4</sup><sup>)</sup> | &nbsp;&nbsp;1446430<sup>(2</sup><sup>7</sup><sup>)</sup><sup>(28)</sup> | &nbsp;&nbsp;435382<sup>(</sup><sup>28</sup><sup>)</sup> | &nbsp;&nbsp;1011048<sup>(27)</sup> | &nbsp;&nbsp;\* |
| Five Branches, LLC<sup>(</sup><sup>29</sup><sup>)</sup> | &nbsp;&nbsp;7395720<sup>(30)</sup> | &nbsp;&nbsp;7395720<sup>(</sup><sup>30</sup><sup>)</sup> | &nbsp;&nbsp;0 | &nbsp;&nbsp;0.00% |
| Investment Group of Abdiel<sup>(</sup><sup>31</sup><sup>)</sup> | &nbsp;&nbsp;20270866<sup>(32)</sup> | &nbsp;&nbsp;20270866<sup>(</sup><sup>32</sup><sup>)</sup> | &nbsp;&nbsp;0 | &nbsp;&nbsp;0.00% |
| Andrew Jarmolkiewicz<sup>(33)</sup> | &nbsp;&nbsp;35000<sup>(3</sup><sup>4</sup><sup>)</sup> | &nbsp;&nbsp;35000<sup>(</sup><sup>3</sup><sup>4</sup><sup>)</sup> | &nbsp;&nbsp;0 | &nbsp;&nbsp;0.00% |
| Journal Square Opportunity Zone Fund LLC | &nbsp;&nbsp;2650000 | &nbsp;&nbsp;2650000 | &nbsp;&nbsp;0 | &nbsp;&nbsp;0.00% |
| Keynsham 45 Investments Ltd<sup>(</sup><sup>35</sup><sup>)</sup> | &nbsp;&nbsp;716900<sup>(3</sup><sup>6</sup><sup>)</sup> | &nbsp;&nbsp;485400<sup>(</sup><sup>3</sup><sup>6</sup><sup>)</sup> | &nbsp;&nbsp;231500 | &nbsp;&nbsp;00%\* |
| Maximilian Lang | &nbsp;&nbsp;250000<sup>(3</sup><sup>7</sup><sup>)</sup> | &nbsp;&nbsp;200000<sup>(</sup><sup>3</sup><sup>7</sup><sup>)</sup> | &nbsp;&nbsp;50000 | &nbsp;&nbsp;\* |
| Lawrence W. Lepard<sup>(</sup><sup>3</sup><sup>8</sup><sup>)</sup> | &nbsp;&nbsp;5319100<sup>(3</sup><sup>9</sup><sup>)(</sup><sup>40</sup><sup>)</sup> | &nbsp;&nbsp;250000<sup>(</sup><sup>40</sup><sup>)</sup> | &nbsp;&nbsp;5069100<sup>(3</sup><sup>9</sup><sup>)</sup> | &nbsp;&nbsp;3.86% |
| Lichfield LP<sup>(24)</sup> | &nbsp;&nbsp;19348349<sup>(4</sup><sup>1</sup><sup>)(4</sup><sup>2</sup><sup>)</sup> | &nbsp;&nbsp;5600000<sup>(</sup><sup>4</sup><sup>2</sup><sup>)</sup> | &nbsp;&nbsp;13748349<sup>(4</sup><sup>1</sup><sup>)</sup> | &nbsp;&nbsp;10.43% |
| Gianfranco Canepa Llorens | &nbsp;&nbsp;712000<sup>(4</sup><sup>3</sup><sup>)</sup> | &nbsp;&nbsp;540000<sup>(</sup><sup>4</sup><sup>3</sup><sup>)</sup> | &nbsp;&nbsp;172000 | &nbsp;&nbsp;\* |
| Jay V. Logan | &nbsp;&nbsp;682832<sup>(4</sup><sup>4</sup><sup>)</sup><sup>(4</sup><sup>5</sup><sup>)</sup> | &nbsp;&nbsp;160000<sup>(4</sup><sup>5</sup><sup>)</sup> | &nbsp;&nbsp;522832<sup>(4</sup><sup>4</sup><sup>)</sup> | &nbsp;&nbsp;\* |
| Stefano Loreti | &nbsp;&nbsp;680000<sup>(4</sup><sup>6</sup><sup>)</sup> | &nbsp;&nbsp;540000<sup>(</sup><sup>4</sup><sup>6</sup><sup>)</sup> | &nbsp;&nbsp;140000 | &nbsp;&nbsp;\* |
| Mason Hill Partners, LP<sup>(24)</sup> | &nbsp;&nbsp;2734847<sup>(4</sup><sup>7</sup><sup>)(4</sup><sup>8</sup><sup>)</sup> | &nbsp;&nbsp;748544<sup>(</sup><sup>4</sup><sup>8</sup><sup>)</sup> | &nbsp;&nbsp;1986303<sup>(4</sup><sup>7</sup><sup>)</sup> | &nbsp;&nbsp;1.55% |
| Benjamin Mossman<sup>(</sup><sup>4</sup><sup>9</sup><sup>)</sup> | &nbsp;&nbsp;2209698<sup>(</sup><sup>50</sup><sup>)(5</sup><sup>1</sup><sup>)</sup> | &nbsp;&nbsp;50000<sup>(</sup><sup>5</sup><sup>1</sup><sup>)</sup> | &nbsp;&nbsp;2159698<sup>(</sup><sup>50</sup><sup>)</sup> | &nbsp;&nbsp;1.67% |

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| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Name** | &nbsp;&nbsp;**Number of <br>Common Stock <br>Owned After the <br>Offering - Number** | &nbsp;&nbsp;**Percent (%)<br>Owned After <br>the <br>Offering<sup>(1)</sup>** |
| Joseph Eugene Mullin III<sup>(</sup><sup>5</sup><sup>2</sup><sup>)</sup>&nbsp;&nbsp;2448776<sup>(5</sup><sup>3</sup><sup>)(5</sup><sup>4</sup><sup>)</sup>&nbsp;&nbsp;690469<sup>(</sup><sup>5</sup><sup>4</sup><sup>)</sup> | &nbsp;&nbsp;1758307<sup>(5</sup><sup>3</sup><sup>)</sup> | &nbsp;&nbsp;1.38% |
| Myrmikan Gold Fund, LLC<sup>(</sup><sup>5</sup><sup>5</sup><sup>)</sup>&nbsp;&nbsp;24030876<sup>(5</sup><sup>6</sup><sup>)(5</sup><sup>7</sup><sup>)</sup>&nbsp;&nbsp;2000000<sup>(</sup><sup>5</sup><sup>7</sup><sup>)</sup> | &nbsp;&nbsp;22030876<sup>(5</sup><sup>6</sup><sup>)</sup> | &nbsp;&nbsp;16.24% |
| Clynton R. Nauman<sup>(</sup><sup>5</sup><sup>8</sup><sup>)</sup>&nbsp;&nbsp;693511<sup>(5</sup><sup>9</sup><sup>)(</sup><sup>60</sup><sup>)</sup>&nbsp;&nbsp;250000<sup>(</sup><sup>60</sup><sup>)</sup> | &nbsp;&nbsp;443511<sup>(</sup><sup>59</sup><sup>)</sup> | &nbsp;&nbsp;\* |
| Patricia Nelson<sup>(6</sup><sup>1</sup><sup>)</sup>&nbsp;&nbsp;80000<sup>(6</sup><sup>2</sup><sup>)</sup>&nbsp;&nbsp;80000<sup>(</sup><sup>6</sup><sup>2</sup><sup>)</sup> | &nbsp;&nbsp;0 | &nbsp;&nbsp;0.00% |
| Daniel Oliver Jr.<sup>(</sup><sup>6</sup><sup>3</sup><sup>)</sup>&nbsp;&nbsp;4390903<sup>(6</sup><sup>4</sup><sup>)(6</sup><sup>5</sup><sup>)</sup>&nbsp;&nbsp;1665854<sup>(</sup><sup>6</sup><sup>5</sup><sup>)</sup> | &nbsp;&nbsp;2725049<sup>(6</sup><sup>4</sup><sup>)</sup> | &nbsp;&nbsp;2.12% |
| Robert Pease<sup>(6</sup><sup>6</sup><sup>)</sup>&nbsp;&nbsp;80000<sup>(6</sup><sup>7</sup><sup>)</sup>&nbsp;&nbsp;80000<sup>(</sup><sup>6</sup><sup>7</sup><sup>)</sup> | &nbsp;&nbsp;0 | &nbsp;&nbsp;0.00% |
| Jeffrey M. Tibbs&nbsp;&nbsp;604585<sup>(6</sup><sup>8</sup><sup>)(</sup><sup>69</sup><sup>)</sup>&nbsp;&nbsp;80000<sup>(</sup><sup>69</sup><sup>)</sup> | &nbsp;&nbsp;524585<sup>(6</sup><sup>8</sup><sup>)</sup> | &nbsp;&nbsp;\* |
| Thomas I. Vehrs<sup>(</sup><sup>7</sup><sup>0</sup><sup>)</sup>&nbsp;&nbsp;687775<sup>(7</sup><sup>1</sup><sup>)</sup><sup>(7</sup><sup>2</sup><sup>)</sup>&nbsp;&nbsp;250000<sup>(</sup><sup>7</sup><sup>2</sup><sup>)</sup> | &nbsp;&nbsp;437775<sup>(7</sup><sup>1</sup><sup>)</sup> | &nbsp;&nbsp;\* |
| David Watkinson<sup>(</sup><sup>7</sup><sup>3</sup><sup>)</sup>&nbsp;&nbsp;1360000<sup>(7</sup><sup>4</sup><sup>)</sup><sup>(7</sup><sup>5</sup><sup>)</sup>&nbsp;&nbsp;1300000<sup>(</sup><sup>7</sup><sup>5</sup><sup>)</sup> | &nbsp;&nbsp;60000<sup>(</sup><sup>7</sup><sup>4</sup><sup>)</sup> | &nbsp;&nbsp;\* |
| Ventum Financial Corp.<sup>(</sup><sup>7</sup><sup>6</sup><sup>)</sup>&nbsp;&nbsp;66585<sup>(</sup><sup>7</sup><sup>7</sup><sup>)</sup><sup>(7</sup><sup>8</sup><sup>)</sup>&nbsp;&nbsp;6000<sup>(</sup><sup>7</sup><sup>8</sup><sup>)</sup> | &nbsp;&nbsp;60585<sup>(</sup><sup>77</sup><sup>)</sup> | &nbsp;&nbsp;\* |

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\* Less than 1%

(1) This table is based upon information supplied by the selling stockholders, which information may not be accurate as of the date hereof. We have determined beneficial ownership in accordance with the rules of the SEC. In computing the number of shares beneficially owned by a selling stockholder, shares that may be acquired by the stockholder upon exercise of any convertible securities (e.g., warrants and options) that are eligible (or within the next 60 days will become eligible) to be exercised (e.g., options that are vested or will vest any time within the next 60 days) are included with respect to that stockholder. Except as indicated by the footnotes below, we believe, based on the information furnished to us, that the selling stockholders named in the table above have sole voting and investment power with respect to all shares of Common Stock that they beneficially own, subject to applicable community property laws. Applicable percentages are based on 123,270,467 shares of Common Stock outstanding on March 2, 2026, adjusted as required by rules promulgated by the SEC.

(2) Abdiel Capital Advisors, LP controls these securities.

(3) Includes 4,656,007 Shares issuable upon exercise of October 2025 Warrants.

(4) James E. Anderson beneficially owns these securities through Ventum Financial Corp.

(5) Includes 121,951 shares of Common Stock issuable upon exercise of outstanding warrants.

(6) Includes 100,000 Shares issuable upon exercise of October 2025 Warrants.

(7) William Obeid beneficially owns these securities indirectly through Archilium LLC.

(8) Includes 2,134,146 shares of Common Stock issuable upon exercise of outstanding warrants.

(9) Includes 1,288,000 Shares issuable upon exercise of October 2025 Warrants.

(10) Joseph Betti is affiliated with Andrew Garrett, Inc., a registered broker-dealer.

(11) Includes 200,000 Shares issuable upon exercise of October 2025 Warrants.

(12) Karen Mate, partner and owner of Capital Markets Advisory CA, the company's IR Consultant, controls these securities.

(13) Includes 20,000 shares of Common Stock issuable upon exercise of outstanding stock options.

(14) Includes 20,000 Shares issuable upon exercise of October 2025 Stock Options.

(15) Adam Travis, President of Cazador Resources Ltd., controls these securities.

(16) Includes 500,000 shares of Common Stock issuable upon exercise of outstanding warrants.

(17) Includes 100,000 Shares issuable upon exercise of October 2025 Warrants.

(18) Catherine Cox is an officer of the Company.

(19) Includes 60,000 shares of Common Stock issuable upon exercise of outstanding stock options.

(20) Includes 35,000 Shares issuable upon exercise of October 2025 Stock Options and 30,000 Shares issuable upon exercise of November 2025 Stock Options.

(21) Mihai Draguleasa is an officer of the Company.

(22) Includes 120,000 shares of Common Stock issuable upon exercise of outstanding stock options and 60,976 shares of Common Stock issuable upon exercise of outstanding warrants.

(23) Includes 75,000 Shares issuable upon exercise of October 2025 Stock Options and 70,000 Shares issuable upon exercise of November 2025 Stock Options.

(24) Equinox Partners Investment Management LLC ("**EPIM**") acts as investment advisor to this entity and controls the voting and disposition of its securities. Sean M Fieler is the managing member of and holds a controlling interest in EPIM.

(25) Includes 3,564,442 shares of Common Stock issuable upon exercise of outstanding warrants, a portion of which are subject to a beneficial ownership limitation set forth in the warrant certificate governing the warrants, as described in the holder's Schedule 13G filed with respect to the Company on April 30, 2025.

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(26) Includes 2,208,037 Shares issuable upon exercise of October 2025 Warrants.

(27) Includes 337,016 shares of Common Stock issuable upon exercise of outstanding warrants, a portion of which are subject to a beneficial ownership limitation set forth in the warrant certificate governing the warrants, as described in the holder's Schedule 13G filed with respect to the Company on April 30, 2025.

(28) Includes 217,691 Shares issuable upon exercise of October 2025 Warrants.

(29) Edward Castaing, President of Five Branches, LLC, controls these securities.

(30) Includes 3,697,860 Shares issuable upon exercise of October 2025 Warrants.

(31) Abdiel Capital Advisors, LP controls these securities.

(32) Includes 10,135,433 Shares issuable upon exercise of October 2025 Warrants.

(33) Andrew Jarmolkiewicz is a consultant to the Company.

(34) Includes 35,000 Shares issuable upon exercise of October 2025 Stock Options.

(35) Stephen Crane, President and Owner of Keynsham 45 Investments Ltd, controls these securities.

(36) Includes 242,700 Shares issuable upon exercise of October 2025 Warrants.

(37) Includes 100,000 Shares issuable upon exercise of October 2025 Warrants.

(38) Lawrence W. Lepard is a director of the Company.

(39) Includes 3,598,656 shares of Common Stock held indirectly, 387,775 shares of Common Stock issuable upon exercise of outstanding stock options, and 105,265 shares of Common Stock issuable upon exercise of outstanding warrants.

(40) Includes 100,000 Shares issuable upon exercise of October 2025 Stock Options and 150,000 Shares issuable upon exercise of November 2025 Stock Options.

(41) Includes 4,582,783 shares of Common Stock issuable upon exercise of outstanding warrants, a portion of which are subject to a beneficial ownership limitation set forth in the warrant certificate governing the warrants, as described in the holder's Schedule 13G filed with respect to the Company on April 30, 2025.

(42) Includes 2,800,000 Shares issuable upon exercise of October 2025 Warrants.

(43) Includes 270,000 Shares issuable upon exercise of October 2025 Warrants.

(44) Includes 174,277 shares of Common Stock issuable upon exercise of outstanding warrants.

(45) Includes 80,000 Shares issuable upon exercise of October 2025 Warrants.

(46) Includes 270,000 Shares issuable upon exercise of October 2025 Warrants.

(47) Includes 662,101 shares of Common Stock issuable upon exercise of outstanding warrants, a portion of which are subject to a beneficial ownership limitation set forth in the warrant certificate governing the warrants, as described in the holder's Schedule 13G filed with respect to the Company on April 30, 2025.

(48) Includes 374,272 Shares issuable upon exercise of October 2025 Warrants.

(49) Benjamin Wayne Mossman is a former director and officer of the Company and continues to provide consulting services to us on an as-needed basis.

(50) Includes 1,782,505 shares of Common Stock issuable upon exercise of outstanding stock options.

(51) Includes 50,000 Shares issuable upon exercise of November 2025 Stock Options.

(52) Joseph Eugene Mullin III is a former officer and director of the Company.

(53) Includes 415,811 shares of Common Stock issuable upon exercise of outstanding warrants.

(54) Includes 80,000 Shares issuable upon exercise of October 2025 Warrants.

(55) Daniel Oliver Jr., the Managing Member of the beneficial owner, Myrmikan Gold Fund, LLC, controls these securities. See also Note (62).

(56) Includes 8,367,685 shares of Common Stock issuable upon exercise of outstanding warrants.

(57) Includes 1,000,000 Shares issuable upon exercise of October 2025 Warrants.

(58) Clynton R. Nauman is a director of the Company.

(59) Includes 276,845 shares of Common Stock issuable upon exercise of outstanding stock options.

(60) Includes 100,000 Shares issuable upon exercise of October 2025 Stock Options and 150,000 Shares issuable upon exercise of November 2025 Stock Options.

(61) Patricia Nelson is a consultant to the Company.

(62) Includes 50,000 Shares issuable upon exercise of October 2025 Stock Options and 30,000 Shares issuable upon exercise of November 2025 Stock Options.

(63) Daniel Oliver Jr. is a director of the Company. See also Note (54).

(64) Includes 945,326 shares of Common Stock issuable upon exercise of outstanding warrants and 569,070 shares of Common Stock issuable upon exercise of outstanding stock options.

(65) Includes 300,000 Shares issuable upon exercise of October 2025 Stock Options, 1,000,000 Shares issuable upon exercise of November 2025 Stock Options and 365,854 Shares issuable upon exercise of October 2025 DSUs.

(66) Robert Pease is a consultant to the Company.

(67) Includes 50,000 Shares issuable upon exercise of October 2025 Stock Options and 30,000 Shares issuable upon exercise of November 2025 Stock Options.

(68) Includes 166,528 shares of Common Stock issuable upon exercise of outstanding warrants.

(69) Includes 40,000 Shares issuable upon exercise of October 2025 Warrants.

(70) Thomas I. Vehrs is a director of the Company.

(71) Includes 412,775 shares of Common Stock issuable upon exercise of outstanding stock options.

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(72) Includes 100,000 Shares issuable upon exercise of October 2025 Stock Options and 150,000 Shares issuable upon exercise of November 2025 Stock Options.

(73) David Watkinson is an officer and director of the Company.

(74) Includes 60,000 shares of Common Stock issuable upon exercise of outstanding stock options.

(75) Includes 50,000 Shares issuable upon exercise of October 2025 Stock Options and 1,000,000 Shares issuable upon exercise of November 2025 Stock Options.

(76) Ventum Financial Corp. is a Canadian broker that acted as a finder in connection with our October 2025 private offering.

(77) Includes 60,585 Share issuable upon exercise of outstanding warrants.

(78) Includes 6,000 Shares issuable upon exercise of October 2025 Warrants.

None of the Selling Shareholders has, or within the past three years has had, any position, office or material or family relationship with our company or any of our predecessors or affiliates, except as follows:

* Benjamin Mossman is a former director and officer of our company and continues to provide consulting services to us on an as-needed basis.

* Clynt Nauman is a director of our company.

* Daniel Oliver Jr. is a director of our company. Mr. Oliver holds securities of our company in his personal capacity and controls securities held by Myrmikan Gold Fund LLC, in his capacity as the Managing Member.

* Lawrence Lepard is a director of our company.

* Joseph Mullin is a former director and officer of our company.

* Thomas Vehrs is a director of our company.

* Mihai Draguleasa is an officer of our company.

* Catherine Cox is an officer of our company.

* David Watkinson is an officer and director of our company.

* Karen Mate is a consultant to our company.

* Andrew Jarmolkiewicz is a consultant to our company.

* Patricia Nelson is a consultant to our company.

* Robert Pease is a consultant to our company.

**PLAN OF DISTRIBUTION**

We are registering the Shares to permit the resale of those Shares under the Securities Act from time to time after the date of this prospectus at the discretion of the holders of such Shares. We will not receive any of the proceeds from the sale by the selling stockholders of the Shares. We will bear all fees and expenses incident to our obligation to register the Shares.

Each selling stockholder and any of their pledgees, assignees and successors-in-interest may, from time to time, sell any or all of their Shares on the CSE, the OTCQB, or any other stock exchange, market, quotation service or trading facility on which the shares are traded or in private transactions, provided that all applicable Canadian laws and other applicable local laws are satisfied. The selling stockholders may also sell their Shares directly or through one or more underwriters, broker-dealers, or agents. If the Shares are sold through underwriters or broker-dealers, the selling stockholders will be responsible for underwriting discounts or commissions or agent's commissions. The Shares may be sold in one or more transactions at fixed prices, at prevailing market prices at the time of the sale, at varying prices determined at the time of sale, or at negotiated prices. A selling stockholder may use any one or more of the following methods when selling shares:

* ordinary brokerage transactions and transactions in which the broker-dealer solicits purchasers;

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

* purchases by a broker-dealer as principal and resale by the broker-dealer for its account;

* an exchange distribution in accordance with the rules of the applicable exchange;

* privately negotiated transactions;

* settlement of short sales entered into after the effective date of the registration statement of which this prospectus is a part;

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* broker-dealers may agree with the selling stockholders to sell a specified number of such shares at a stipulated price per share;

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

* a combination of any such methods of sale; and

* any other method permitted pursuant to applicable law.

The selling stockholders may also sell shares pursuant to Rule 144 under the Securities Act, if available, rather than under this prospectus.

Any Shares offered by a selling stockholder by this prospectus that remain subject to Canadian resale restrictions may not be traded until those restrictions have expired, even if the Shares have been registered for sale under this prospectus before that time. This includes any Shares issued less than four months ago and any Shares underlying stock options, warrants or DSUs that were issued less than four months ago, including Shares issued in the October 2025 private offering and Shares underlying the October 2025 Warrants issued in that private offering, as well as Shares underlying the October 2025 and November 2025 Stock Options, and November 2025 DSUs.

If the selling stockholders effect such transactions by selling Shares to or through underwriters, broker-dealers, or agents, such underwriters, broker-dealers, or agents may receive commissions in the form of discounts, concessions, or commissions from the selling stockholders or commissions from purchasers of the Shares for whom they may act as agent or to whom they may sell as principal (which discounts, concessions, or commissions as to particular underwriters, broker-dealers, or agents may be in excess of those customary in the types of transactions involved). Broker-dealers engaged by any selling stockholder may arrange for other brokers-dealers to participate in sales. Broker-dealers may receive commissions or discounts from the selling stockholder (or, if any broker-dealer acts as agent for the purchaser of shares, 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 2440; and in the case of a principal transaction a markup or markdown in compliance with FINRA IM-2440.

In connection with sales of Shares or interests therein, the selling stockholders may enter into hedging transactions with broker-dealers or other financial institutions, which may in turn engage in short sales of the Shares in the course of hedging in positions they assume. The selling stockholders may also sell shares of Common Stock short and deliver Shares covered by this prospectus to close out their short positions and to return borrowed shares in connection with such short sales. The selling stockholders may also loan or pledge Shares to broker-dealers that in turn may sell such Shares. The selling stockholders 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 supplemented or amended to reflect such transaction).

The selling stockholders and any broker-dealers or agents that are involved in selling the Shares may be deemed to be "underwriters" within the meaning of the Securities Act, in connection with such sales. In such event, any commissions received by, or any discounts or concessions allowed to, any such broker-dealer or agent and any profit on the resale of any Shares purchased by them may be deemed to be underwriting commissions or discounts under the Securities Act. At the time a particular offering of the Shares is made, a prospectus supplement, if required, will be distributed that will set forth the aggregate amount of Shares being offered and the terms of the offering, including the name or names of any broker-dealers or agents, any discounts, commissions, and other terms constituting compensation from the selling stockholders and any discounts, commissions, or concessions allowed or re-allowed or paid to broker-dealers.

Each selling stockholder has informed us that it does not have any written or oral agreement or understanding, directly or indirectly, with any person to distribute the Shares.

Because the selling stockholders may be deemed to be "underwriters" within the meaning of the Securities Act, they will be subject to the prospectus delivery requirements of the Securities Act, including Rule 172 thereunder. Once this registration statement becomes effective, we intend to file the final prospectus with the SEC in accordance with SEC Rules 172 and 424. Provided we are not the subject of any SEC stop orders and we are not subject to any cease and desist proceedings, the obligation to deliver a final prospectus to a purchaser will be deemed to have been met.

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There is no underwriter or coordinating broker acting in connection with the proposed sale of the resale shares by the selling stockholders.

Under the securities laws of some states, the Shares may be sold in such states only through registered or licensed brokers or dealers. In addition, in some states the Shares may not be sold unless such shares have been registered or qualified for sale in such state, or an exemption from registration or qualification is available and is complied with.

There can be no assurance that any selling stockholder will sell any or all of the Shares registered pursuant to the registration statement of which this prospectus forms a part.

Under applicable rules and regulations under the Exchange Act, any person engaged in the distribution of the Shares may not simultaneously engage in market making activities with respect to the Common Stock for the applicable restricted period, as defined in Regulation M, prior to the commencement of the distribution. In addition, the selling stockholders will be subject to 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 shares of our Common Stock by the selling stockholders or any other person. All of the foregoing provisions may affect the marketability of the Shares and the ability of any person or entity to engage in market-making activities with respect to the Shares.

We will pay all expenses of the registration of the Shares, estimated to be approximately $25,616.20 in total, including, without limitation, SEC filing fees, expenses of compliance with state securities or "blue sky" laws, and legal and accounting fees; provided, however, that a selling stockholder will pay all underwriting discounts and selling commissions, if any. We will indemnify the selling stockholders against liabilities, including some liabilities under the Securities Act, in accordance with applicable registration rights agreements, if any, or the selling stockholders will be entitled to contribution. We may be indemnified by the selling stockholders against civil liabilities, including liabilities under the Securities Act, that may arise from any written information furnished to us by the selling stockholder specifically for use in this prospectus, in accordance with the related registration rights agreement, or we may be entitled to contribution.

We agreed to keep this prospectus effective until the earlier of (i) the date on which the Shares may be resold by the selling stockholders without registration and without the requirement to be in compliance with Rule 144(c)(1) and otherwise without restriction or limitation pursuant to Rule 144 or (ii) all of the Shares have been sold pursuant to this prospectus or Rule 144 under the Securities Act or any other Rule of similar effect.

Once sold under the registration statement of which this prospectus forms a part, the Shares will be freely tradable in the hands of persons other than our affiliates.

**DESCRIPTION OF CAPITAL STOCK**

**Common Stock**

Our authorized capital consists of 400,000,000 shares of Common Stock with a par value of $0.001 per share. As of March 2, 2026, there were 127,272,337 shares of our Common Stock issued and outstanding.

Holders of our Common Stock have no preemptive rights to purchase additional shares of Common Stock or other subscription rights. The Common Stock carries no conversion rights and is not subject to redemption or to any sinking fund provisions. All of our issued Common Stock is entitled to share equally in dividends from sources legally available, when, as and if declared by our Board of Directors, and upon our liquidation or dissolution, whether voluntary or involuntary, to share equally in our assets available for distribution to security holders.

Our Board of Directors is authorized to issue additional shares of Common Stock not to exceed the amount authorized by our Articles of Incorporation, on such terms and conditions and for such consideration as the Board may deem appropriate without further security holder action.

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**Voting Rights**

Each holder of our Common Stock is entitled to one vote per share on all matters on which such stockholders are entitled to vote. Since the Common Stock does not have cumulative voting rights, the holders of more than 50% of the shares voting for the election of directors can elect all the directors if they choose to do so and, in such event, the holders of the remaining shares will not be able to elect any person to the Board of Directors.

**Dividend Policy**

Holders of our Common Stock are entitled to dividends if declared by the Board of Directors out of funds legally available for the payment of dividends. Since our inception as a company on February 9, 2007, we have not declared any dividends, nor do we intend to issue any cash dividends in the future. Our foreseeable plans include retaining earnings, if any, to finance the development and expansion of our business.

**LEGAL MATTERS**

The validity of the issuance of the Shares offered hereby has been passed upon for us by Securities Law USA, PLLC, Washington, DC.

**INTERESTS OF EXPERTS**

The financial statements as of July 31, 2025 and 2024 and for the years ended July 31, 2025 and 2024 incorporated by reference in this prospectus and in the registration statement have been so incorporated in reliance on the report of Davidson & Company LLP, an independent registered public accounting firm, incorporated herein by reference, given on the authority of said firm as experts in auditing and accounting.

None of the above experts has received, or is to receive, in connection with the offering, a substantial interest, direct or indirect, in our company or any of our subsidiaries nor were they connected with our company or any of our subsidiaries as a promoter, managing or principal underwriter, voting trustee, director, officer, or employee.

**WHERE YOU CAN FIND MORE INFORMATION**

We have filed with the SEC a registration statement on Form S-1, including exhibits and schedules, under the Securities Act with respect to the Shares of Common Stock being offered hereby. This prospectus and any prospectus supplement which form a part of the registration statement do not contain all of the information set forth in the registration statement or the exhibits and schedules filed therewith. For further information about us and the securities covered by this prospectus, please see the registration statement and the exhibits filed with the registration statement. Any statements made in this prospectus or any prospectus supplement concerning legal documents are not necessarily complete and you should read the documents that are filed as exhibits to the registration statement or otherwise filed with the SEC for a more complete understanding of the document or matter.

The SEC maintains an internet site at <u>www.sec.gov</u> that contains reports, proxy and information statements, and other information regarding issuers that file electronically with the SEC. Our filings, including the registration statement, are available on that website.

**INFORMATION INCORPORATED BY REFERENCE**

The SEC allows us to incorporate by reference into this prospectus the information in documents we file with it, which means that we can disclose important information to you by referring you to those documents. The information incorporated by reference is considered to be a part of this prospectus, and information that we file later with the SEC will automatically update and supersede this information. Any statement contained in any document incorporated or deemed to be incorporated by reference herein shall be deemed to be modified or superseded for purposes of this prospectus to the extent that a statement contained in or omitted from this prospectus or any accompanying prospectus supplement, or in any other subsequently filed document which also is or is deemed to be incorporated by reference herein, modifies or supersedes such statement. Any such statement so modified or superseded shall not be deemed, except as so modified or superseded, to constitute a part of this prospectus.

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We incorporate by reference the documents listed below and all future documents that we file with the SEC under Section 13(a), 13(c), 14 or 15(d) of the Exchange Act prior to the termination of the offering of the Shares:

* our Annual Report on Form 10-K for the year ended July 31, 2025, filed on October 29, 2025;

* our Quarterly Report on Form 10-Q for the quarter ended October 31, 2025, filed on December 15, 2025;

* our Current Reports on Form 8-K filed on September 17, 2025, October 17, 2025, October 27, 2025, November 4, 2025, November 24, 2025 and January 12, 2026; and

* our Schedule 14A Definitive Proxy Statement and related proxy materials filed on October 30, 2025.

We do not, however, incorporate by reference in this prospectus any documents or portions thereof that are not deemed "filed" with the SEC, including any information furnished pursuant to Item 2.02 or Item 7.01 of our Current Reports on Form 8-K unless, and except to the extent, specified in such Current Reports.

We will provide to each person, including any beneficial owner, to whom a prospectus is delivered a copy of any of the filings incorporated by reference (other than an exhibit to such filings, unless the exhibit is specifically incorporated by reference into the filing requested) at no cost, if you submit a request to us by writing or telephoning us at the following mailing address, email address or telephone number:

Rise Gold Corp.

345 Crown Point Circle, Suite 600

Grass Valley, California 95945

Attn: Catherine Cox

ccox@catcorporateservices.com

604-999-4136

Copies of our Form 10-K and Form 10-Q reports may also be accessed free of charge on our website at http://www.risegoldcorp.com.

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**PART II**

**INFORMATION NOT REQUIRED IN PROSPECTUS**

**Item 13. Other Expenses of Issuance and Distribution.**

The following table lists the costs and expenses for which we have assumed sole responsibility and that we have paid or will pay in connection with the offering of securities covered by this prospectus, which do not include any sales commissions or discounts. All amounts are estimates except for the SEC registration fee.

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| | |
|:---|:---|
|  | **Amount (US$)** |
| &nbsp;&nbsp;SEC registration fee | $3616.20 |
| &nbsp;&nbsp;Accounting fees and expenses | 5000.00 |
| &nbsp;&nbsp;Legal fees and expenses | 15000.00 |
| &nbsp;&nbsp;Transfer agent and registrar fees and expenses | 1000.00 |
| &nbsp;&nbsp;Miscellaneous expenses | 1000.00 |
| &nbsp;&nbsp; Total | $25616.20 |

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**Item 14. Indemnification of Directors and Officers.**

Nevada corporation law provides in Nevada Revised Statutes ("NRS") 78.7502.1 that a corporation may indemnify any person who was or is a party or is threatened to be made a party to any threatened, pending or completed action, suit or proceeding, whether civil, criminal, administrative or investigative, except an action by or in the right of the corporation, by reason of the fact that the person is or was a director, officer, employee or agent of the corporation, or is or was serving at the request of the corporation as a director, officer, employee or agent of another corporation, partnership, joint venture, trust or other enterprise or as a manager of a limited-liability company, against expenses, including attorneys' fees, judgments, fines and amounts paid in settlement actually and reasonably incurred by the person in connection with the action, suit or proceeding if (a) the person is not liable pursuant to NRS 78.138, or (b) the person acted in good faith and in a manner which he or she reasonably believed to be in or not opposed to the best interests of the corporation, and, with respect to any criminal action or proceeding, had no reasonable cause to believe the conduct was unlawful. The termination of any action, suit or proceeding by judgment, order, settlement, conviction or upon a plea of nolo contendere or its equivalent, does not, of itself, create a presumption that the person is liable pursuant to NRS 78.138 or did not act in good faith and in a manner which he or she reasonably believed to be in or not opposed to the best interests of the corporation, or that, with respect to any criminal action or proceeding, he or she had reasonable cause to believe that the conduct was unlawful.

NRS 78.7502.2 provides that a corporation may indemnify any person who was or is a party or is threatened to be made a party to any threatened, pending or completed action or suit by or in the right of the corporation to procure a judgment in its favor by reason of the fact that the person is or was a director, officer, employee or agent of the corporation, or is or was serving at the request of the corporation as a director, officer, employee or agent of another corporation, partnership, joint venture, trust or other enterprise or as a manager of a limited-liability company, against expenses, including amounts paid in settlement and attorneys' fees actually and reasonably incurred by the person in connection with the defense or settlement of the action or suit if (a) the person is not liable pursuant to NRS 78.138, or (b) the person acted in good faith and in a manner which he or she reasonably believed to be in or not opposed to the best interests of the corporation. Indemnification may not be made for any claim, issue or matter as to which such a person has been adjudged by a court of competent jurisdiction, after exhaustion of any appeals taken therefrom, to be liable to the corporation or for amounts paid in settlement to the corporation, unless and only to the extent that the court in which the action or suit was brought or other court of competent jurisdiction determines upon application that in view of all the circumstances of the case, the person is fairly and reasonably entitled to indemnity for such expenses as the court deems proper.

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NRS 78.7502.3 provides that, unless ordered by a court or advanced pursuant to NRS 78.751.2, we may make any discretionary indemnification pursuant to NRS 78.7502 only as authorized in each specific case upon a determination that the indemnification of a director, officer, employee or agent is proper under the circumstances. The determination must be made by:

* our stockholders;

* our board of directors by majority vote of a quorum consisting of directors who were not parties to the action, suit or proceeding; or

independent legal counsel, in a written opinion, if (1) a majority vote of a quorum consisting of directors who were not parties to the action, suit or proceeding so orders, or (2) a quorum consisting of directors who were not parties to the action, suit or proceeding cannot be obtained.

NRS 78.751.1 provides that a corporation shall indemnify any person who is a director, officer, employee or agent to the extent that the person is successful on the merits or otherwise in defense of:

* any threatened, pending or completed action, suit or proceeding, whether civil, criminal, administrative or investigative, including, without limitation, an action by or in the right of the corporation, by reason of the fact that the person is or was a director, officer, employee or agent of the corporation, or is or was serving at the request of the corporation as a director, officer, employee or agent of another corporation, partnership, joint venture, trust or other enterprise; or

* any claim, issue or matter therein,

against expenses actually and reasonably incurred by the person in connection with defending the action, including, without limitation, attorney's fees.

NRS 78.751.2 provides that, unless otherwise restricted by the articles of incorporation, the bylaws or an agreement made by the corporation, the corporation may pay the expenses of officers and directors incurred in defending a civil or criminal action, suit or proceeding as they are incurred and in advance of the final disposition of the action, suit or proceeding, upon receipt of an undertaking by or on behalf of the director or officer to repay the amount if it is ultimately determined by a court of competent jurisdiction that the director or officer is not entitled to be indemnified by the corporation. The articles of incorporation, the bylaws or an agreement made by the corporation may require the corporation to pay such expenses upon receipt of such an undertaking. The provisions of this subsection do not affect any rights to advancement of expenses to which corporate personnel other than directors or officers may be entitled under any contract or otherwise by law.

Pursuant to NRS 78.751.3, the indemnification pursuant to that section and NRS 78.7502 and the advancement of expenses authorized in or ordered by a court pursuant to NRS 78.751:

* does not exclude any other rights to which a person seeking indemnification or advancement of expenses may be entitled under the articles of incorporation or any bylaw, agreement, vote of stockholders or disinterested directors or otherwise, for either an action in the person's official capacity or an action in another capacity while holding office, except that indemnification, unless ordered by a court pursuant to NRS 78.7502 or for the advancement of expenses made pursuant to NRS 78.751.2, may not be made to or on behalf of any director or officer finally adjudged by a court of competent jurisdiction, after exhaustion of any appeals taken therefrom, to be liable for intentional misconduct, fraud or a knowing violation of law, and such misconduct, fraud or violation was material to the cause of action.

* continues for a person who has ceased to be a director, officer, employee or agent and inures to the benefit of the heirs, executors and administrators of such a person.

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NRS 78.751.4 provides that, unless the articles of incorporation, the bylaws or an agreement made by a corporation provide otherwise, if a person is entitled to indemnification or the advancement of expenses from the corporation and any other person, the corporation is the primary obligor with respect to such indemnification or advancement.

NRS 78.751.5 provides that a right to indemnification or to advancement of expenses arising under a provision of the articles of incorporation or any bylaw is not eliminated or impaired by an amendment to such provision after the occurrence of the act or omission that is the subject of the civil, criminal, administrative or investigative action, suit or proceeding for which indemnification or advancement of expenses is sought, unless the provision in effect at the time of such act or omission explicitly authorizes such elimination or impairment after such act or omission has occurred.

Our bylaws provide that:

* The directors of the Company shall cause the Company to indemnify a director or former director of the Company and the directors may cause the Company to indemnify a director or former director of a corporation of which the Company is or was a shareholder and the heirs and personal representatives of any such person against all costs, charges and expenses, including an amount paid to settle an action or satisfy a judgment, actually and reasonably incurred by him or her including an amount paid to settle an action or satisfy a judgment in any criminal or administrative action or proceeding to which he or she is made a party by reason of his or her being or having been a director of the Company or a director of such corporation, including an action brought by the Company or corporation. Each director of the Company on being elected or appointed is deemed to have contracted with the Company on the terms of the foregoing indemnity.

* The directors of the Company may cause the Company to indemnify an officer, employee or agent of the Company or of a corporation of which the Company is or was a shareholder (notwithstanding that he or she is also a director of the Company) and his or her heirs and personal representatives against all costs, charges and expenses incurred by him or her and resulting from his or her acting as an officer, employee or agent of the Company or the corporation. In addition, the Company shall indemnify the secretary or assistant secretary of the Company (if he or she is not a full time employee of the Company and notwithstanding that he or she is also a director of the Company) and his or her respective heirs and legal representatives against all costs, charges and expenses incurred by him or her and arising out of the functions assigned to the secretary by law or the articles of incorporation of the Company, and each secretary and assistant secretary, on being appointed is deemed to have contracted with the Company on the terms of the foregoing indemnity.

* The directors of the Company may cause the Company to purchase and maintain insurance for the benefit of a person who is or was serving as a director, officer, employee or agent of the Company or as a director, officer, employee or agent of a corporation of which the Company is or was a shareholder and his or her heirs or personal representatives against a liability incurred by him as a director, officer, employee or agent.

**Item 15. Recent Sales of Unregistered Securities.** 

During the past three years, we have issued the following securities without registration under the Securities Act outside the United States pursuant to the exclusion from registration provided under Rule 903 of Regulation S and inside the United States pursuant to the exemptions from registration provided Section 4(a)(2) of the Securities Act and Rule 506(b) of Regulation D thereunder, in each case in reliance upon the representations received from the purchasers of those securities. In each case, except as otherwise indicated below, our reliance on (1) Rule 903 was based on the fact that the securities were sold in offshore transactions, we did not engage in any directed selling efforts in the United States in connection with the sale of the securities, and none of the purchasers or recipients of those securities was a U.S. person or acquired the securities for the account or benefit of any U.S. person, (2) Section 4(a)(2) was based on the availability of information regarding our company and our properties and operations and the private nature of the transactions, and (3) Section 4(a)(2) and Rule 506(b) was based on the fact that the U.S. purchasers provided us with written representations regarding their investment intent and status as an accredited investor and that neither we nor anyone acting on our behalf engaged in any general advertising or general solicitation.

On September 22, 2023, we granted a total of 397,780 incentive stock options pursuant to our stock option plan to various directors and officers including: 4,640 to Benjamin W. Mossman, a member of our Board of Directors; 120,000 to John Proust, a member of our Board of Directors; 25,000 to Thomas I. Vehrs, a member of our Board of Directors; 94,070 to Daniel Oliver Jr., a member of our Board of Directors; 94,070 to Clynt Nauman, a member of our Board of Directors; 30,000 to Vince Boon, our Chief Financial Officer; and 30,000 to Eileen Au, our corporate secretary. Each option vested immediately and is exercisable into one share of our Common Stock at a price of $0.26 per share until September 22, 2028. We granted the options in reliance on Section 4(a)(2) of the Securities Act.

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On November 7, 2023, we completed the sale of an aggregate of 3,246,431 units at a price of $0.18 per unit for gross proceeds of $584,358. Each unit consisted of one share of our Common Stock and one half of one transferable share purchase warrant, each warrant exercisable into one additional share of Common Stock at a price of $0.26 until November 7, 2025. We issued the shares and warrants underlying the units sold in reliance on Rule 903 of Regulation S for offers and sales outside of the United States and Section 4(a)(2) of the Securities Act and Rule 506(b) of Regulation D thereunder for offers and sales in the United States and to U.S. persons. In conjunction with this investment, we issued 36,000 share purchase warrants as a finder's fee. Each finder's warrant entitles the holder to acquire one share of Common Stock at an exercise price of $0.26 until November 7, 2025. We issued the finder's warrants in reliance on Rule 903 of Regulation S for issuances outside of the United States and Section 4(a)(2) of the Securities Act for issuances to U.S. persons.

On December 7, 2023, we completed the sale of an aggregate of 2,131,110 units at a price of $0.18 per unit for gross proceeds of $383,600. Each unit consisted of one share of our Common Stock and one half of one transferable share purchase warrant, each warrant exercisable into one additional share of Common Stock at a price of $0.26 until December 7, 2025. We issued the shares and warrants underlying the units sold in reliance on Rule 903 of Regulation S for offers and sales outside of the United States and Section 4(a)(2) of the Securities Act and Rule 506(b) of Regulation D thereunder for offers and sales in the United States and to U.S. persons.

On December 12, 2023, we granted a total of 707,752 incentive stock options pursuant to our stock option plan to various directors including: 268,877 to Benjamin W. Mossman, a member of our Board of Directors; 200,000 to Daniel Oliver Jr., a member of our Board of Directors; 47,775 to Lawrence W. Lepard, a member of our Board of Directors; 47,775 to John Proust, a member of our Board of Directors; 47,775 to Thomas I. Vehrs, a member of our Board of Directors; 47,775 to Murray Flanigan, a member of our Board of Directors; and 47,775 to Clynt Nauman, a member of our Board of Directors. Each option vested immediately and is exercisable into one share of our Common Stock at a price of $0.25 per share until December 12, 2028. We granted the options in reliance on Section 4(a)(2) of the Securities Act.

On February 5, 2024, in conjunction with a credit facility arrangement with an arm's length lender that also provides services to us, we issued 1,000,000 share purchase warrants to the lender. Each warrant entitles the lender to acquire one share of Common Stock at an exercise price of $0.16 until February 5, 2028. We issued the warrants in reliance on Section 4(a)(2) of the Securities Act and Rule 506(b) of Regulation D thereunder.

On April 9, 2024, we completed the sale of an aggregate of 5,746,341 units at a price of $0.095 per unit for gross proceeds of $545,902. Each unit consisted of one share of our Common Stock and one half of one transferable share purchase warrant, each warrant exercisable into one additional share of Common Stock at a price of $0.158 until April 9, 2027. We issued the shares and warrants underlying the units sold in reliance on Rule 903 of Regulation S for offers and sales outside of the United States and Section 4(a)(2) of the Securities Act and Rule 506(b) of Regulation D thereunder for offers and sales in the United States and to U.S. persons. In conjunction with this investment, we issued 9,000 share purchase warrants as a finder's fee. Each finder's warrant entitles the holder to acquire one share of Common Stock at an exercise price of $0.158 until April 9, 2026. We issued the finder's warrants in reliance on Rule 903 of Regulation S.

On April 29, 2024, we completed the sale of an aggregate of 4,298,424 units at a price of $0.095 per unit for gross proceeds of $408,350. Each unit consisted of one share of our Common Stock and one half of one transferable share purchase warrant, each warrant exercisable into one additional share of Common Stock at a price of $0.158 until April 29, 2027. We issued the shares and warrants underlying the units sold in reliance on Rule 903 of Regulation S for offers and sales outside of the United States and Section 4(a)(2) of the Securities Act and Rule 506(b) of Regulation D thereunder for offers and sales in the United States and to U.S. persons. In conjunction with this investment, we issued 12,000 share purchase warrants as a finder's fee. Each finder's warrant entitles the holder to acquire one share of Common Stock at an exercise price of $0.158 until April 29, 2026. We issued the finder's warrants in reliance on Section 4(a)(2) of the Securities Act.

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On May 1, 2024, we granted a total of 1,004,479 incentive stock options pursuant to our stock option plan to various directors and officers including: 502,238 to Benjamin W. Mossman, a member of our Board of Directors; 15,000 to Daniel Oliver Jr., a member of our Board of Directors; 15,000 to Lawrence W. Lepard, a member of our Board of Directors; 15,000 to John Proust, a member of our Board of Directors; 15,000 to Thomas I. Vehrs, a member of our Board of Directors; 15,000 to Murray Flanigan, a member of our Board of Directors; and 15,000 to Clynt Nauman, a member of our Board of Directors; and 412,241 to Joseph Mullin, our President and Chief Executive Officer. Each option vested immediately and is exercisable into one share of our Common Stock at a price of $0.17 per share until May 1, 2029. We granted the options in reliance on Section 4(a)(2) of the Securities Act.

On September 10, 2024, we issued 1,700,000 share purchase warrants to members of a lender as partial consideration for amending the terms of a secured loan. Each warrant entitles the holder to acquire one share of Common Stock at an exercise price of $0.115 for a period of four years from the date of issuance. We issued the warrants in reliance on Section 4(a)(2) of the Securities Act and Rule 506(b) of Regulation D thereunder. Our reliance on Section 4(a)(2) and Rule 506(b) was based on the fact that the lender provided us with written representations regarding its investment intent and status as an accredited investor, the availability to the lender of information regarding our company and our properties and operations, and the private nature of the transaction and the lender's directions to issue the warrants to its members on a pro rata basis.

On September 20, 2024, we granted 1,006,750 incentive stock options pursuant to our stock option plan to Joseph Mullin, our President and Chief Executive Officer. The stock options are exercisable at a price of $0.10 per share until September 20, 2029 and are fully vested as of January 1, 2025. We granted the options in reliance on Section 4(a)(2) of the Securities Act.

On October 10, 2024, as consideration for extending a secured loan, we agreed to issue 2,882,514 share purchase warrants to a lender. Each warrant entitles the holder to acquire one share of our Common Stock at an exercise price of $0.1735 for a period of 4 years from the date of issuance. We issued the warrants and offered the underlying shares of Common Stock to the lender in a private transaction in reliance on the exemption from registration provided by Section 4(a)(2) of the Securities Act of 1933.

On October 21, 2024, we granted a total of 1,006,750 stock options pursuant to our stock option plan to a consultant of our company. The stock options are exercisable at a price of $0.11 per share until October 21, 2029. We granted the options in reliance on Section 4(a)(2) of the Securities Act.

On March 25, 2025, we granted a total of 1,142,410 stock options pursuant to our stock option plan to various directors and officers. The stock options are exercisable at a price of $0.10 per share until March 25, 2030. We granted the options in reliance on Section 4(a)(2) of the Securities Act.

On May 8, 2025, we completed the sale of an aggregate of 36,585,361 units at a price of $0.082 per unit for gross proceeds of $3,000,000. Each unit consisted of one share of our Common Stock and one half of one transferable share purchase warrant, each warrant exercisable into one additional share of Common Stock at a price of $0.15 until May 8, 2028. We issued the shares and warrants underlying the units sold in reliance on Rule 903 of Regulation S for offers and sales outside of the United States and Section 4(a)(2) of the Securities Act and Rule 506(b) of Regulation D thereunder for offers and sales in the United States and to U.S. persons. In conjunction with this investment, we issued 36,585 share purchase warrants as a finder's fee. Each finder's warrant entitles the holder to acquire one share of Common Stock at an exercise price of $0.15 until May 8, 2028. We issued the finder's warrants in reliance on Rule 903 of Regulation S.

On May 22, 2025, we granted a total of 3,320,000 stock options, including 2,790,000 stock options granted to Joseph Mullin, our President and Chief Executive Officer, and 60,000 stock options granted to Mihai Draguleasa, our Chief Financial Officer. The stock options are exercisable at a price of $0.10 per share until May 22, 2030. We granted the options in reliance on Section 4(a)(2) of the Securities Act.

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On October 24, 2025, we completed the sale of an aggregate of 28,000,000 units at a price of $0.025 per unit for gross proceeds of $7,000,000. Each unit consisted of one share of our Common Stock and one transferable share purchase warrant, each warrant exercisable into one additional share of Common Stock at a price of $0.45 until October 24, 2028. We issued the shares and warrants underlying the units sold in reliance on Rule 903 of Regulation S for offers and sales outside of the United States and Section 4(a)(2) of the Securities Act and Rule 506(b) of Regulation D thereunder for offers and sales in the United States and to U.S. persons. In conjunction with this investment, we issued 6,000 share purchase warrants as a finder's fee. Each finder's warrant entitles the holder to acquire one share of Common Stock at an exercise price of $0.45 until October 24, 2028. We issued the finder's warrants in reliance on Rule 903 of Regulation S.

On October 30, 2025, we granted a total of 1,445,469 stock options, including 530,469 stock options granted to Joseph Mullin, who was the President and Chief Executive Officer at that time, and 75,000 stock options granted to Mihai Draguleasa, our Chief Financial Officer. The stock options are exercisable at a price of $0.25 per share until October 30, 2030. We granted the options in reliance on Section 4(a)(2) of the Securities Act.

On October 30, 2025, we granted a total of 1,365,854 DSUs, including 1,000,000 DSUs granted to Joseph Mullin, who was the President and Chief Executive Officer at that time. The DSUs are exercisable upon resignation from office. We granted the DSUs in reliance on Section 4(a)(2) of the Securities Act.

On November 20, 2025, Joseph Mullin resigned from his director and executive officer positions and was issued 1,000,000 shares of our Common Stock upon the exercise of the DSUs we issued to him on October 30, 2025.

On November 20, 2025, we granted a total of 2,660,000 stock options, including 1,000,000 stock options granted to David Watkinson, our President and Chief Executive Officer, and 70,000 stock options granted to Mihai Draguleasa, our Chief Financial Officer. The stock options are exercisable at a price of $0.18 per share until November 20, 2030. We granted the options in reliance on Section 4(a)(2) of the Securities Act.

On January 5, 2026, we granted a total of 250,000 restricted stock units ("**RSUs**") to David Watkinson, our President and Chief Executive Officer. On January 6, 2026, Mr. Watkinson exercised the RSUs and received 250,000 shares of our Common Stock. We granted the RSUs and issued the Common Stock upon exercise of the RSUs in reliance on Section 4(a)(2) of the Securities Act.

**Item 16. Exhibits and Financial Statement Schedules.**

(a) Exhibits

The Exhibits filed herewith are set forth on the Index to Exhibits filed as a part of this registration statement beginning on page II-9 hereof.

**Item 17. Undertakings.**

The undersigned registrant hereby undertakes:

&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:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) To include any prospectus required by Section 10(a)(3) of the Securities Act;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) To reflect in the prospectus any facts or events arising after the effective date of the 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 the 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 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 Filing Fee Tables" or "Calculation of Registration Fee" table, as applicable, in the effective registration statement; and

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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 the 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 reports filed with or furnished to the Commission by the registrant pursuant to Section 13 or Section 15(d) of the Exchange Act that are incorporated by reference in the registration statement.

&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;(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;(4) That for the purpose of determining liability under the Securities Act to any purchaser, each prospectus filed pursuant to Rule 424(b) as part of a registration statement relating to an offering, other than registration statements relying on Rule 430B or other than prospectuses filed in reliance on Rule 430A, shall be deemed to be part of and included in the registration statement as of the date it is first used after effectiveness. 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 first use, 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 date of first use.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5) 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 that is incorporated by reference in the registration statement 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;(6) 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 Securities and Exchange Commission 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.

------

**SIGNATURES**

Pursuant to the requirements of the Securities Act of 1933, the registrant has duly caused this registration statement to be signed on its behalf by the undersigned, thereunto duly authorized, in Grass Valley, California on March 2, 2026

---

| | |
|:---|:---|
|  | **Rise Gold Corp.** |
| By: | /s/ David Watkinson |
|  | David Watkinson, President and Chief Executive Officer |

---

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.

---

| | | |
|:---|:---|:---|
| **Name** | **Title** | **Date** |
| By: <u>/s/ David Watkinson</u> <br> David Watkinson | President and Chief Executive Officer and Director (Principal Executive Officer) | March 2, 2026 |
| By: <u>/s/ Mihai Draguleasa</u><br> Mihai Draguleasa | Chief Financial Officer (Principal Financial Officer and Principal Accounting Officer) | March 2, 2026 |
| By: <u>/s/ Thomas Vehrs</u><br> Thomas Vehrs | Director | March 2, 2026 |
| By: <u>/s/ Lawrence Lepard</u><br> Lawrence Lepard | Director | March 2, 2026 |
| By: <u>/s/ Daniel Oliver Jr.</u><br> Daniel Oliver Jr. | Director | March 2, 2026 |
| By: <u>/s/ Clynton Nauman</u><br> Clynton Nauman | Director | March 2, 2026 |

---

------

**EXHIBIT INDEX**

---

| | |
|:---|:---|
| **Exhibit No.** | **Document** |
| [3.1](http://www.sec.gov/Archives/edgar/data/1424864/000106299317004030/exhibit3-1.htm) | [Articles of Incorporation, as amended through March 29, 2017 (1)](http://www.sec.gov/Archives/edgar/data/1424864/000106299317004030/exhibit3-1.htm) |
| [3.2](http://www.sec.gov/Archives/edgar/data/1424864/000127351120000243/ex32.htm) | [Certificate of Change made effective December 16, 2019 (2)](http://www.sec.gov/Archives/edgar/data/1424864/000127351120000243/ex32.htm) |
| [3.3](http://www.sec.gov/Archives/edgar/data/1424864/000127351120000243/ex33.htm) | [Certificate of Amendment dated September 18, 2020 (2)](http://www.sec.gov/Archives/edgar/data/1424864/000127351120000243/ex33.htm) |
| [3.4](http://www.sec.gov/Archives/edgar/data/1424864/000117625608000206/exhibit3-2.htm) | [Bylaws (3)](http://www.sec.gov/Archives/edgar/data/1424864/000117625608000206/exhibit3-2.htm) |
| [5.1](exhibit5-1.htm) | [Legal opinion of Securities Law USA, PLLC \*](exhibit5-1.htm) |
| [10.1](http://www.sec.gov/Archives/edgar/data/1424864/000106299317004030/exhibit10-1.htm) | [Incentive Stock Option Plan dated March 23, 2016 (1)](http://www.sec.gov/Archives/edgar/data/1424864/000106299317004030/exhibit10-1.htm) |
| [10.2](http://www.sec.gov/Archives/edgar/data/1424864/000106299325012756/exhibit10-3.htm) | [Consulting Agreement with Stellar Strategy Business Services Inc. dated November 14, 2024 for provision of Chief Financial Officer and Corporate Secretary services through Mihai Draguleasa and Catherine Cox (4)](http://www.sec.gov/Archives/edgar/data/1424864/000106299325012756/exhibit10-3.htm) |
| [10.3](http://www.sec.gov/Archives/edgar/data/1424864/000106299325007664/exhibit10-1.htm) | [Material agreements related to our October 1, 2024 $2.5 million sale of land (5)](http://www.sec.gov/Archives/edgar/data/1424864/000106299325007664/exhibit10-1.htm) |
| [10.4](http://www.sec.gov/Archives/edgar/data/1424864/000106299325007664/exhibit10-2.htm) | [Material agreements related to our October 1, 2024 $1.8 million sale of land (5)](http://www.sec.gov/Archives/edgar/data/1424864/000106299325007664/exhibit10-2.htm) |
| [10.5](http://www.sec.gov/Archives/edgar/data/1424864/000106299325007664/exhibit10-3.htm) | [Option Agreement dated November 25, 2024 related to the buyback provision of 66 acres of land sold (5)](http://www.sec.gov/Archives/edgar/data/1424864/000106299325007664/exhibit10-3.htm) |
| [10.6](http://www.sec.gov/Archives/edgar/data/1424864/000106299325017335/exhibit10-1.htm) | [Long-Term Incentive Plan dated November 19, 2025 (6)](http://www.sec.gov/Archives/edgar/data/1424864/000106299325017335/exhibit10-1.htm) |
| [10.7](exhibit10-7.htm) | [Employment Agreement with David Watkinson dated November 20, 2025 \*](exhibit10-7.htm) |
| [21.1](http://www.sec.gov/Archives/edgar/data/1424864/000106299317004030/exhibit21-1.htm) | [Subsidiaries of the registrant (1)](http://www.sec.gov/Archives/edgar/data/1424864/000106299317004030/exhibit21-1.htm) |
| [23.1](exhibit23-1.htm) | [Consent of Davidson & Company \*](exhibit23-1.htm) |
| [23.2](exhibit5-1.htm) | [Consent of Securities Law USA, PLLC (contained in Exhibit 5.1) \*](exhibit5-1.htm) |
| [107](exhibitfilingfees.htm) | [Filing Fee Tables \*](exhibitfilingfees.htm) |

---

_________________

\* Filed herewith

(1) Previously included as an exhibit to our Form S-1 registration statement filed on September 5, 2017 and incorporated herein by reference

(2) Previously included as an exhibit to our annual report on Form 10-K filed on October 29, 2020 and incorporated herein by reference

(3) Previously included as an exhibit to our Form S-1 registration statement filed on February 19, 2008 and incorporated herein by reference

(4) Previously included as an exhibit to our Form S-1 registration statement filed on July 14, 2025 and incorporated herein by reference.

(5) Previously included as an exhibit to our Form 10-Q Amendment No. 1 filed on April 18, 2025 and incorporated herein by reference

(6) Previously included as an exhibit to our Form 10-Q Filed on December 15, 2025 and incorporated herein by reference

------

## Exhibit 5.1

------

![](exhibit5-1x001.jpg)

---

| | |
|:---|:---|
| 10 G Street, NE, Suite 600<br>Washington, DC 20002<br>Tel (202) 539-8449<br>www.seclawusa.com | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**J. BRAD WIGGINS**<br>bwiggins@seclawusa.com<br>Tel (661) 713-6843<br>LICENSED IN DC AND CA |

---

March 2, 2026

Rise Gold Corp.

345 Crown Point Circle, Suite 600

Grass Valley, California 95945

Re: Form S-1 Registration Statement

Ladies and Gentlemen:

You have requested our opinion with respect to certain matters in connection with the filing with the Securities and Exchange Commission (the "**Commission**") by Rise Gold Corp., a Nevada corporation (the "**Company**"), of a Registration Statement on Form S-1 (the "**Registration Statement**"), including that certain related prospectus to be filed with the Commission (the "**Prospectus**") under the Securities Act of 1933, as amended (the "**Securities Act**"), relating to the resale from time to time by the selling stockholders named in the Prospectus (the "**Selling Stockholders**") of up to a total of 63,097,323 shares of the Company's common stock, $0.001 par value (the "**Shares**"), consisting of up to:

(i) 31,290,469 outstanding Shares (the "**Outstanding Shares**");

(ii) 27,866,000 Shares (the "**Warrant Shares**") issuable upon exercise of common stock purchase warrants issued on October 24, 2025 and exercisable at a price per Share of $0.45 until October 24, 2028 (the "**Warrants**");

(iii) 915,000 Shares (the "**October 2025 Option Shares**") issuable upon exercise of incentive stock options issued on October 30, 2025 and exercisable at a price per Share of $0.25 until October 30, 2030 (the "**October 2025 Options**");

(iv) 2,660,000 Shares (the "**November 2025 Option Shares**", and together with the October 2025 Option Shares, the "**Option Shares**") issuable upon exercise of incentive stock options issued on November 20, 2025 and exercisable at a price per Share of $0.18 until November 20, 2030 (the "**November 2025 Options**", and together with the October 2025 Options, the "**Options**"); and

(v) 365,854 Shares (the "**DSU Shares**") issuable upon exercise of deferred share units issued on October 30, 2025 and convertible into common stock upon termination of the holder's employment with the Company (the "**DSUs**").

In connection with this opinion, we have examined and relied upon the Registration Statement and related Prospectus; the Company's articles of incorporation, as amended to date; the Company's Bylaws as in effect on the date hereof; the form of certificates representing the Warrants; the form of certificates representing the Options; and certain resolutions and minutes of meetings of the Board of Directors of the Company relating to the issuance of the Outstanding Shares, the Warrants, the Warrant Shares, the Options, the Option Shares, the DSUs, and the DSU Shares and the filing of the Registration Statement.

------

![](exhibit5-1xu001.jpg)

March 2, 2026<br>Page 2

We have considered such matters of law and of fact, including the examination of originals or copies, certified or otherwise identified to our satisfaction, of such records, documents, certificates, and other instruments of the Company, certificates of officers, directors and representatives of the Company, certificates of public officials, and such other documents as in our judgment are necessary or appropriate to enable us to render the opinion expressed below.

As to matters of fact material to our opinion, we have relied, without independent verification, on certificates and other inquiries of officers of the Company. We have assumed without investigation the genuineness and authenticity of all documents submitted to us as originals, the conformity to originals of all documents submitted to us as copies thereof, and the due execution and delivery of all documents where due execution and delivery are a prerequisite to the effectiveness thereof, the accuracy and completeness of all records made available to us by the Company, and that all offers and sales of the Shares will be made in compliance with the securities laws of the states having jurisdiction thereof.

We have also assumed that (i) the Registration Statement and any amendments thereto (including post-effective amendments) will have become effective and will continue to be effective at the time of any resale of the Shares, (ii) if necessary, a Prospectus supplement will have been prepared and filed with the Commission describing any Shares offered thereby by any Selling Stockholders, (iii) all Shares will be sold in the manner stated in the Registration Statement and, if necessary, the applicable Prospectus supplement, and (iv) at the time of the offering, there will not have occurred any changes in the law affecting the authorization, execution, delivery, validity or enforceability of the Shares. The opinion set forth in this letter is limited solely to the federal laws of the United States and the applicable laws of the State of Nevada. We express no opinion with respect to any other laws.

Based upon the foregoing, and in reliance thereon, we are of the opinion that:

1. The Outstanding Shares are validly issued, fully paid and nonassessable.

2. Upon the due exercise of the Warrants in accordance with their terms, the Warrant Shares will be validly issued, fully paid and nonassessable.

3. Upon the due exercise of the Options in accordance with their terms, the Option Shares will be validly issued, fully paid and nonassessable.

4. Upon the due exercise of the DSUs in accordance with their terms, the DSU Shares will be validly issued, fully paid and nonassessable.

------

![](exhibit5-1xu001.jpg)

March 2, 2026<br>Page 3

We consent to the reference to our firm under the caption "Legal Matters" in the Prospectus included in the Registration Statement and to the filing of this opinion as an exhibit to the Registration Statement. In giving our consent, we do not admit that we are "experts" within the meaning of Section 11 of the Securities Act or within the category of persons whose consent is required by Section 7 of the Securities Act or the rules and regulations of the Commission.

---

| | |
|:---|:---|
|  | Sincerely, |
|  | Securities Law USA, PLLC |
| By: | <u>/s/ J. Brad Wiggins</u><u> </u> |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;J. Brad Wiggins |

---

------

## Exhibit 10.7

------

**EMPLOYMENT AGREEMENT**

THIS AGREEMENT is made effective as of the 20th day of November, 2025.

B E T W E E N:

---

| |
|:---|
| **Rise Gold Corp.,** a company incorporated under the laws of Nevada, having an office at 345 Crown Point Circle, Suite 600, Grass Valley, CA 95945 |
| (herein called the "**Corporation**") |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;OF THE FIRST PART |
| A N D: |
| **David G. Watkinson,** of 5241 Peace Lily Lane, Roseville CA, 95747 |
| (herein called the "**Executive**") |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;OF THE SECOND PART |

---

WHEREAS the Corporation carries on the business of mineral exploration and development (the "Business");

AND WHEREAS, the Executive is currently engaged in rendering services to the Corporation in his capacity as a consultant;

AND WHEREAS the Corporation wishes to continue to retain the services of the Executive;

AND WHEREAS the Corporation and the Executive have agreed upon certain rights and benefits to be provided to the Executive in the event that his employment relationship with the Corporation is terminated in the manner set out herein;

NOW THEREFORE, in consideration of the mutual covenants herein contained and other good and valuable consideration (the receipt and sufficiency of which are hereby acknowledged), the Corporation and the Executive hereby agree as follows:

1) **Employment.** The Corporation hereby employs the Executive to render services to the Corporation and to undertake the duties and exercise powers of the President and Chief Executive Officer ("CEO") of the Corporation, subject always to the general control and direction of the Board of Directors of the Corporation (the "Board"). The Executive hereby agrees to serve the Corporation as CEO and to hold such other offices to which he may be appointed in any subsidiary of the Corporation on the terms and conditions herein contained. The effective date of this agreement (the "Effective Date") is November 20, 2025, and supersedes all previous agreements between the Corporation and Executive Officer. The location of work is defined as Grass Valley, California.

2) **Duties and Compliance with Rules**. The Executive shall be generally responsible for all matters typical of those for an executive officer in the position of CEO. The Executive shall carry out all lawful instructions and directions from time to time given to him by the Board and shall comply with all rules, regulations, and instructions of the Corporation now in force, or that may be adopted from time to time, and communicated by the Corporation to its executives generally by the Board. The Executive shall perform his duties to the utmost of his ability, and the Executive shall use his best efforts to promote the interests and goodwill of the Corporation and shall conduct himself in a diligent, competent, and business-like manner and as the Executive may be directed to perform by the Board. The Executive appreciates that the Executive's duties may involve travel from the Executive's place of employment (both within and outside of Canada and the United States of America), and the Executive agrees to travel as reasonably required in order to fulfill the Executive's duties.

------

4) **Base Remuneration.** The Corporation shall employ the Executive at a minimum monthly salary of $11,000 per month (US$132,000 per annum) or other greater amount to be determined periodically by the Board (the "Base Salary"), payable regularly in accordance with the Corporation's practices applicable to other senior executives (subject to deduction of income tax and other deductions and/or withholdings as required by law). In addition, the Executive will be entitled to participate in the Corporation's incentive stock option plan and to receive incentive stock options as determined by the Board or the Compensation Committee and in accordance with the plan established by the Corporation.

5) **Equity Incentive Compensation.** As of November 20, 2025, the Corporation shall issue to Executive fully vested options to purchase 1,000,000 share of the Corporation with a strike price equal to the closing price in the U.S, Market of the Corporation's shares on November 19, 2025, an expiration date of five years from the date of issuance, and all other such terms as specified in the Corporation's Incentive Stock Option Plan, as filed with the Securities and Exchange Commission. In addition, so long as the Executive remains employed pursuant to this Agreement at such time, the Corporation shall issue to the Executive fully vested Restricted Stock Units (as defined by in Section 17 below) according to the following amounts and schedule:

---

| | |
|:---|:---|
| &nbsp;&nbsp;January 1, 2026 | &nbsp;&nbsp;250000 |
| &nbsp;&nbsp;April 1, 2026 | &nbsp;&nbsp;62500 |
| &nbsp;&nbsp;July 1, 2026 | &nbsp;&nbsp;62500 |
| &nbsp;&nbsp;October 1, 2026 | &nbsp;&nbsp;62500 |
| &nbsp;&nbsp;January 1, 2027 | &nbsp;&nbsp;62500 |
| &nbsp;&nbsp;April 1, 2027 | &nbsp;&nbsp;62500 |
| &nbsp;&nbsp;July 1, 2027 | &nbsp;&nbsp;62500 |
| &nbsp;&nbsp;October 1, 2027 | &nbsp;&nbsp;62500 |

---

6) **Benefits.** The Executive shall be eligible to participate in all benefit plans and programs offered from time to time by the Corporation to senior employees at the level of the Executive in accordance with the terms and conditions of the particular plans and programs from time-to-time in effect. Should the Company not be in a position to offer benefit plans and programs or the Executive resides in a location where these plans and programs are not available or not cost-effective to put in place, the Company shall pay the employee an allowance of $1,000 per month to cover family medical expenses, including premiums of any medical and dental plans. The Executive agrees that there is no pension plan or program (registered or otherwise) presently offered by the Corporation. The allowance will be considered a taxable benefit to the employee.

------

7) **Expenses.** The Corporation shall pay all reasonable and necessary expenses actually and properly incurred in connection with the performance of his duties and reasonably documented by the Executive from time to time in furtherance of or in connection with the business of the Corporation in accordance with the Corporation's policies, including, but not limited to all travel expenses, professional fees, cellular telephone expenses, parking, and entertainment expenses not to exceed $2,000 in any calendar month without the written consent (email being sufficient) of the Chairman of the Board. If any such expenses are paid in the first instance by the Executive, the Corporation shall reimburse him therefor, subject to the receipt by the Corporation of statements and vouchers in form reasonably satisfactory to it. Executive hereby authorizes Corporation, in its discretion, to deduct any unauthorized expenses from Executive's compensation hereunder.

**8) Payments to the Executive.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) Payment of the Base Salary shall be made in payments in arrears, twice monthly on the 15<sup>th</sup> and the last business day of each month, except that where the 15<sup>th</sup> occurs on a non-business day, payment will be made on the last business day prior to the 15<sup>th</sup>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) Payment of expenses shall be made to the Executive following submittal of the expenses in an acceptable expense report, allowing for a reasonable period.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c) In the event that the Corporation shall be unable to pay the Base Salary or expenses, the Corporation shall accrue and report the unpaid amounts on its financial statements and where any such Payments remain unpaid for a period of 12 months or as otherwise agreed, the unpaid amounts shall be accrued plus an interest payable at a rate of 1.5% per month commencing the first month during which the amounts were not paid.

9) **Vacation.** The Executive shall be entitled to an annual vacation of up to four (4) weeks in each calendar year. After five (5) years of employment (as calculated from the Executive's original date of employment with the Company), the Executive shall be entitled to five weeks (5) of vacation in the 6<sup>th</sup> calendar year and thereafter. After ten (10) years of employment, the Executive shall be entitled to six (6) weeks of vacation in the 11<sup>th</sup> calendar year and thereafter. Such vacations may be taken only at such times as the Executive and the Corporation may from time to time reasonably determine, having regard to the operations of the Corporation. Vacations shall be taken only within the year of entitlement whenever possible, and any time not taken may be accumulated from year to year or alternatively paid to the Executive. If the Executive's employment is terminated pursuant to section 11 hereof, the Executive will not be entitled to receive payment in lieu of any vacation in excess of vacation accrued up to the date of his termination.

10) **Vehicle**. The Corporation shall provide a monthly vehicle allowance of $1,500. The Executive shall be responsible for capital or lease costs of the vehicle, operating costs of the vehicle, and insurance. The vehicle shall be used for the business of the Corporation in addition to the employee's personal use and the vehicle allowance will be treated as a taxable benefit.

11) **Term.** The term of the Executive's employment shall be for an indefinite period, and shall continue until the employment of the Executive is terminated in accordance with the provisions of this Agreement.

12) **Termination.** The employment of the Executive hereunder may be terminated, subject to clause 17, in the following manner and in the following circumstances:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) at any time by the Corporation forthwith, without notice and without pay in lieu of notice, for cause;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) automatically upon the death of the Executive;

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c) automatically in the event the Executive is subject to any bankruptcy, insolvency or other similar proceeding;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d) at any time by notice in writing from the Corporation to the Executive if the Executive shall become permanently disabled; for the purposes hereof, the Executive shall be deemed to be "permanently disabled" immediately following any period of 60 consecutive days during which the Executive is unable to perform his or her essential duties as an Executive of the despite reasonable accommodation efforts of the Corporation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;e) in any other case, by the payment by the Corporation to the Executive in a lump sum of the equivalent of six months of his then annual Base Salary plus Medical and Vehicle Allowances (subject to deduction of income tax and other deductions and/or withholdings as required by law), calculated from the date of termination of his employment; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;f) by the Executive, providing no less than sixty (60) days' notice in writing to the Corporation. In the event the Executive provides such notice to the Corporation, the Executive's employment shall terminate on the date the period of such notice expires. In such circumstance, the Corporation may request that the Executive cease performing his duties prior to the expiry of the notice period in exchange for, and following, immediate payment of all amounts due to the Executive, calculated as though he had continued performing his duties until the expiry of the notice period.

13) **Cause.** For the purposes of subsection 12 (a), "cause" shall include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) the failure or refusal of the Executive to perform his duties and responsibilities at an acceptable level or standard as determined by the Board in its reasonable discretion, provided that the Executive has been provided written notice of such failure and has not corrected his behaviour within 30 days of receiving such notice and provided further that the Executive shall only be entitled to correct his behaviour pursuant to the notification under this subsection 12(a) on a one-time basis. For purposes of clarity, any subsequent failure or refusal to perform his duties and responsibilities at an acceptable level or standard will not require written notice of such failure by the Corporation and corresponding opportunity for the Executive to correct the behaviour;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) any dishonesty on the part of the Executive materially affecting the Corporation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c) the conviction of the Executive for an indictable offence or for any crime involving moral turpitude, fraud or misrepresentation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d) excessive use of alcohol or illegal drugs by the Executive interfering with the performance of his obligations under this Agreement, as determined by the Board in its reasonable discretion, and the failure to participate fully in any employee assistance program offered by the Corporation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;e) any willful and intentional act on the part of the Executive having, in the reasonable discretion of the Board, the effect of materially injuring the reputation, business or business relationships of the Corporation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;f) any material breach (not covered by any of the above clauses 13(a) through 13(e) above) of any of the provisions of this Agreement; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;g) any other reason which at law would entitle the Corporation to terminate the Executive's employment without notice or compensation in lieu of notice.

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14) **Employment Standards, etc**. Any payment to the Executive under subsection 12(e) shall be deemed to include all required payments pursuant to the provisions of the labor code where the Executive resides*.* In the event that greater compensation in lieu of notice is required to be given by the Corporation to the Executive pursuant to the applicable labor code or any equivalent or successor legislation, subsection 12(e) hereof shall be construed as providing for the payment of such greater amount. Payments to the Executive upon termination in accordance with this Agreement by the Corporation will be deemed to include and to satisfy entitlement to termination pay, vacation pay and severance pay pursuant to applicable employment legislation to the extent of those payments, including all payments due to the Executive pursuant to section 16 hereof, and such payments may be subject to deduction of income tax and other deductions and/or withholdings as required by law. Receipt by the Executive of all payments due in accordance with this Agreement will be deemed to constitute a full and final release and discharge by the Executive of the Corporation and all of its directors, officers, employees and agents (for each of whom and for this purpose the Corporation contracts as a trustee) from all claims, actions, causes of action, debts, obligations and liabilities whatsoever including, without limitation, any such claims in respect of the Executive's hiring by, employment with and termination of employment with the Corporation. In no event whatsoever will the Corporation be liable for any additional tax, interest or penalty that may be imposed on the Executive under Code Section 409A or damages for failing to comply with Code Section 409A, provided that the parties shall work together in good faith to avoid or mitigate the imposition of any such additional tax, interest, or penalties. The Executive and Corporation will also work together in good faith to limit the impact, if any, of Internal Revenue Service Code Section 280G, including allowing the Executive, in his discretion, to waive all or any part of his compensation to avoid or mitigate the potential impact of Code Section 280G on the Executive's compensation.

15) **No Requirement to Mitigate.** In the event that any payment is made to the Executive pursuant to the provisions of subsection 12(e), the Executive shall not be required in any manner whatsoever to mitigate any damages resulting from the termination of employment. Furthermore, the payment referred to in subsection 12(e) shall be made regardless of whether the Executive seeks or finds employment of any nature whatsoever.

16) **Pre-estimate of Damages**. The Corporation and the Executive acknowledge and agree that the provisions of subsection 12(e) are reasonable and that the total amount payable as outlined herein is an amount which has been agreed to between them to be payable hereunder or, in the alternative, is a reasonable pre-estimate of the damages which will be suffered by the Executive in the event of termination of employment (other than a termination pursuant to subsection 17(d)) and shall not be construed as a penalty.

**17) Change of Control.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Terms used in this section 17 but not otherwise defined herein have the meanings set forth below:

&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) "Benefit Plans" means any employee loan, insurance, long-term disability, medical, dental and other executive and employee benefit plans, including any pension or group RRSP plans, 401 K plans, as may be provided by the Corporation or any subsidiary of the Corporation to the Executive;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) "Change in Control" means:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. the acquisition by a purchaser , directly or indirectly, of shares of the Corporation, which, assuming the conversion, exchange or exercise of any convertible or exchangeable shares of the Corporation beneficially owned by the purchaser , results in the purchaser beneficially owning shares that would entitle the purchaser for the first time to cast more than 50% of the votes attaching to all shares in the capital of the Corporation that may be cast to elect directors;; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. a change in the composition of the Board which occurs at a single meeting of the shareholders of the Corporation or upon the execution of a shareholders' resolution, such that individuals who are members of the Board immediately prior to such meeting or resolution cease to constitute a majority on the Board, without the Board, as constituted immediately prior to such meeting or resolution, having approved of such change;

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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;3. the sale, lease, exchange or other disposition of all or substantially all of the Corporation 's assets to a purchaser; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. an amalgamation, merger, arrangement or other business combination involving the Corporation and a Purchaser that results in the Purchaser or security holders of the Purchaser owning, directly or indirectly, shares of the continuing entity that entitle the Purchaser or such security holders of the Purchaser , as the case may be, to cast more than 50% of the votes attaching to all shares in the capital of the continuing entity that may be cast to elect directors.

iv) "Share Option" means any stock option granted under a stock option or share purchase plan of the Corporation;

&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) "Restricted Share Unit" or "RSU" means any restricted share unit granted to the Executive by the Corporation;

vi) "Deferred Share Unit" or "DSU" means any deferred share unit granted to the Executive by the Corporation;

vii) "Triggering Event" means any one of the following events which occurs without the express or implied agreement of the Executive:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. a change (other than those that are clearly consistent with a promotion) in the Executive's position or duties (including any position or duties as a director of the Corporation), responsibilities (including a change in the person or body to whom the Executive reports at the date of a Change in Control, except if such person or body is of equivalent rank or stature or such change is as a result of the resignation or removal of such person or the persons comprising such body, as the case may be, and who reports to the Executive), title or office in effect immediately prior to a Change in Control; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. a reduction by the Corporation or any of its subsidiaries of the Executive's salary, benefits or any other form of remuneration or any change in the basis upon which the Executive's salary, benefits or any other form of remuneration payable by the Corporation or its subsidiaries is determined or any failure by the Corporation to increase the Executive's salary, benefits or other forms of remuneration payable by the Corporation or its subsidiaries in a manner consistent (both as to frequency and percentage increase) with practices in effect immediately prior to a Change in Control or with practices implemented subsequent to a Change in Control with respect to the senior executives of the Corporation and its subsidiaries, whichever is more favorable to the Executive; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. any failure by the Corporation or its subsidiaries to continue in effect any benefit, bonus, profit sharing, incentive, remuneration or compensation plan, stock ownership or purchase plan, pension plan or retirement plan in which the Executive is participating or entitled to participate immediately prior to a Change in Control, or the Corporation or its subsidiaries taking any action or failing to take any action that would materially adversely affect the Executive's participation in or materially reduce his rights or benefits under or pursuant to any such plan, or the Corporation or its subsidiaries failing to increase or improve such rights or benefits on a basis consistent with practices in effect immediately prior to a Change in Control or with practices implemented subsequent to a Change in Control with respect to the senior executives of the Corporation and its subsidiaries, whichever is more favorable to the Executive; or

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. a change in the municipality in which the Executive is regularly required to carry out the terms of his employment with the Corporation at the date of a Change in Control, unless the Executive's terms of employment include the obligation to receive geographic transfers from time to time in the normal course of business; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. any failure by the Corporation or its subsidiaries to provide the Executive with the number of paid vacation days to which he was entitled immediately prior to a Change in Control or the Corporation or its subsidiaries failing to increase such paid vacation on a basis consistent with practices in effect immediately prior to a Change in Control or with practices implemented subsequent to a Change in Control with respect to the senior executives of the Corporation and its subsidiaries, whichever is more favorable to the Executive; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. the Corporation or its subsidiaries taking any action to deprive the Executive of any material fringe benefit not hereinbefore mentioned and enjoyed by him immediately prior to a Change in Control, or the Corporation or its subsidiaries failing to increase or improve such material fringe benefits on a basis consistent with practices in effect immediately prior to a Change in Control or with practices implemented subsequent to a Change in Control with respect to the senior executives of the Corporation and its subsidiaries, whichever is more favorable to the Executive; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. any material breach by the Corporation of any provision of this Agreement; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. the good faith determination by the Executive that, as a result of a Change in Control or any action or event thereafter, the Executive's status or responsibility in the Corporation or its subsidiaries have been diminished or the Executive is being effectively prevented from carrying out his duties responsibilities as they existed immediately prior to a Change in Control; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9. the failure by the Corporation to obtain, in a form satisfactory to the Executive, an effective assumption of its obligations hereunder by any successor to the Corporation, including a successor to a material portion of its business.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) Notwithstanding anything to the contrary contained in this Agreement, if a Change in Control occurs and if, in respect of the Executive, a Triggering Event subsequently occurs within one (1) year of the Change in Control, the Executive shall be entitled to elect to terminate his employment with the Corporation and to receive a payment from the Corporation in an amount equal to two times his then current annual Base Salary plus Medical and Vehicle Allowances. This subsection 17(b) shall not apply if such Triggering Event follows a Change in Control which involves a sale of securities or assets of the Corporation with which the Executive is involved as a purchaser in any manner, whether directly or indirectly (by way of participation in a corporation or partnership that is a purchaser or by provision of debt, equity or purchase-leaseback financing, or as a sponsor or buyer representative or role as agent in the sale).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c) All termination rights of the Executive provided for in subsection 17(b) are conditional upon the Executive electing to exercise such rights by notice given to the Corporation within 120 days of the Triggering Event. The Corporation shall have 45 days from the date of notice of the Triggering Event to rectify the cause of the Triggering event and if the cause of the Triggering Event is rectified within that time, the Executive shall withdraw notice of the triggering event.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d) Notwithstanding the provisions contained in section 12(e) hereof, the Executive shall be entitled to a payment by the Corporation of the amount calculated as provided for in subsection 17(b) if a Triggering Event does not occur but the Executive is dismissed from his employment with the Corporation without cause within one (1) year of the Change in Control. For greater certainty, the Executive shall not be entitled to any payment by the Corporation pursuant to this subsection 17(d) if the Executive is dismissed from his employment with the Corporation for cause. The Corporation shall not dismiss the Executive for any reason unless such dismissal is specifically approved by the Board.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;e) All payments provided herein shall be inclusive of any statutory payments required and shall constitute the Executive's sole entitlements in the event of Change in Control. Upon compliance with Section 17, the Executive shall have no action, cause of action or claim against the Corporation or any subsidiary of the Corporation, or any of their officers, directors or employees, arising from the Executive's employment or termination of employment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;f) In the event that the Executive is entitled to a payment pursuant to this section 17, the Executive shall be entitled to have all then-active Benefit Plans continued for a period of 12 months after the date of the giving of notice by the Executive pursuant to subsection 17(c), or the dismissal of the Executive's employment pursuant to subsection 17(d), as the case may be, but Executive shall not be entitled to any equity compensation under Section 5 unless Executive's employment continues as of the relevant date specified therein.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;g) In the event that the Executive is entitled to a payment pursuant to this section 17, any Share Option, RSU, or DSU previously granted to the Executive by the Corporation or any subsidiary of the Corporation shall become fully vested, in which case the Executive shall be entitled to exercise such Share Option, RSU, and DSU on the terms granted and, notwithstanding any term of the stock option plan or other compensation plan to the contrary, the Corporation shall take all reasonable steps to ensure that the Executive's Share Options, RSU;'s, and DSU's shall remain exercisable for the original term granted and shall not terminate due to the termination of the Executive's employment with the Corporation. In addition, any provisions of the Share Option restricting the number of option shares which may be purchased before a particular date shall be waived. The terms of any Share Option agreement shall be deemed amended to reflect the provisions of this subsection 17(g). The provisions of this subsection 17(g) shall be subject to applicable securities laws and the rules of any stock exchange on which the shares of the Corporation may be then listed and the receipt of all necessary approvals from such securities regulators and exchange, which approvals the Corporation shall use its reasonable commercial efforts to obtain in the event of the operation of this subsection 17(g).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;h) The provisions contained in this section 17 shall be effective as of the Effective Date and shall terminate on December 31, 2035 unless extended with the mutual agreement of the parties hereto and approved by the Board.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i) Any payment to be made by the Corporation pursuant to the terms of section 17 shall be paid by the Corporation in cash in a lump sum (subject to deduction of income tax and other deductions and/or withholdings as required by law) within thirty (30)(days of the giving of notice by the Executive pursuant to subsection 17(c) or within thirty (30)business days of the termination or dismissal from the Executive's employment as referred to in subsection 17(d), as the case may be. Any such payment shall be calculated, in the case of subsection 17(b) at the date of giving notice pursuant to subsection 17(c) and, in the case of subsection 17(d), at the date of dismissal or termination, as the case may be.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;j) In the event that any payment is made to the Executive pursuant to the provisions of subsection 17(b) or subsection 17(d), as the case may be, the Executive shall not be required in any manner whatsoever to mitigate any damages. Furthermore, the payment referred to in subsection 17(b) or subsection 17(d), as the case may be, shall be made regardless of whether the Executive seeks or finds employment of any nature whatsoever (other than employment with the Corporation or its successor).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;k) The Corporation and the Executive expressly acknowledge and agree that if the Executive is entitled to a payment pursuant to subsection 17(b) hereof, and the Executive expressly agrees that, subject to subsection 17(b), upon termination by the Executive of his employment, the Corporation may elect to make such payment in the form of freely- tradeable common shares of the Corporation (or a combination of cash and shares), registered as directed by the Executive, and calculated according to the 20-day value- weighted average price of the Corporation's common shares as of the date of such termination, subject to acceptance by appropriate regulatory authorities, including the exchange(s) on which the Corporation's shares are traded.

18) **Death of Executive.** In the event that the Executive dies prior to the satisfaction of all of the Corporation's obligations under the terms of this Agreement, any remaining amounts payable to the Executive by the Corporation shall be paid to the person or persons previously designated by the Executive to the Corporation for such purposes, subject to entitlements of third persons under the terms of any will or the operation of any applicable Family Law or the Succession Law as in force in the state or province where the Executive resides. Any such designation of beneficiaries shall be made in writing, signed by the Executive and dated and filed with the Secretary of the Corporation. In the event that no designation is made, all such remaining amounts shall be paid by the Corporation to the estate of the Executive.

19) **Assignment to Successor.** This Agreement shall be assigned by the Corporation to any successor corporation of the Corporation and shall be binding upon such successor corporation. For the purposes of this section 19, "successor corporation" shall include any person referred to in Section 17(a)(ii)(3), or Section 17(a)(ii)(4). The Corporation shall ensure that the successor corporation shall continue the provisions of this Agreement as if it were the original party in place of the Corporation; provided however, that the Corporation shall not thereby be relieved of any obligation to the Executive pursuant to this Agreement. In the event of a transaction or series of transactions as described in Section 17(a)(ii)(3), or Section 17(a)(ii)(4), appropriate arrangements shall be made by the Corporation for the successor corporation to honour this Agreement as if the Executive had exercised his maximum rights hereunder as of the effective date of such transaction.

**20) Confidentiality and Non-Competition.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) All confidential records, material and information and copies thereof, and all trade secrets (including, without restricting the generality of the foregoing, inventions, discoveries and methods of processing and production), concerning the business or affairs of the Corporation or any of its affiliates, clients or suppliers (collectively, the "Confidential Information") obtained by the Executive in the course of his employment shall remain the exclusive and confidential property of the Corporation. For greater certainty, "Confidential Information" will not include: (i) information that is available to the public or in the public domain, being readily accessible to the public in written publications, at the time of disclosure or use, without breach of this Agreement; (ii) the general skills and experience gained by the Executive during the period services are provided to the Corporation; and (iii) information the disclosure of which is required to be made by any law, regulation, governmental authority or court, provided that before disclosure is made, notice of the requirement is provided by the Executive to the Corporation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) At all times during and subsequent to the Executive's employment, the Executive shall not disclose the contents of any Confidential Information to any person or entity or use, copy, transfer or destroy any Confidential Information other than as necessary in carrying out the Executive's duties on behalf of the Corporation without first obtaining the consent of the Board and shall take all reasonable precautions to prevent any inadvertent disclosure, use, copying, transfer or destruction of any Confidential Information. The Executive shall not, following the termination of his employment hereunder for any reason, use the contents of any Confidential Information for any purpose whatsoever.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c) Within five days after the termination of the Executive's employment, or of receipt by the Executive of the Corporation's written request, the Executive will promptly deliver to the Corporation all property of or belonging to or administered by the Corporation or any of its affiliates, including without limitation all notes, memoranda and other business documents, including administrative and technical documents and materials concerning any of the business of the Corporation and all Confidential Information, in each case that is embodied in any physical or ephemeral form, whether in hard copy or on magnetic media, and that is within the Executive's possession or under the Executive's control. After he ceases to be employed by the Corporation, the Executive shall under no circumstances remove any books, records or documents or copies thereof (in nay form, and whether or not confidential) from the Corporation's office, nor shall the Executive make any copies of any such books, records or documents or copies thereof for use outside the Corporation's office, except as specifically authorised by the Board of Directors of the Corporation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d) The Executive hereby agrees that he will not at any time during the term of his employment with the Corporation and for a period of one year thereafter:

&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. knowingly solicit, interfere with or endeavour to entice away from the Corporation any of the financiers who were active financiers or private placers of the Corporation or its securities during the six month period immediately prior to the termination of the Executive's employment; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ii. interfere with or knowingly entice away any employee of the Corporation who was an employee of the Corporation within 90 days of the termination of the Executive's employment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;e) The foregoing covenants are given by the Executive acknowledging that he has specific knowledge of the affairs of the Corporation. In the event that any clause or portion of any such covenant should be unenforceable or be declared invalid for any reason whatsoever, such unenforceability or invalidity shall not affect the enforceability or validity of the remaining portions of the covenants and such unenforceable or invalid portions shall be severable from the remainder of this agreement. Notwithstanding the termination of this Agreement, the Executive's obligations under this section 20 shall remain in effect in accordance with the terms set out herein and shall exist and continue in full force and effect despite any breach or repudiation, or alleged breach or repudiation, of this Agreement or the Executive's employment (including, without limitation, the Executive's wrongful dismissal) by the Corporation. The Executive hereby acknowledges and agrees that all restrictions contained in this Agreement are reasonable and valid and all defences to the strict enforcement thereof by the Corporation are hereby waived by him.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;f) Without intending to limit the remedies available to the Corporation, the Executive understands and acknowledges that a breach or threatened breach by the Executive of any of the terms of this Section 20 could result in the Corporation suffering irreparable harm that is not capable of being calculated and that cannot be fully or adequately compensated by the recovery of damages alone. Accordingly, the Executive agrees that, in addition to any other relief to which the Corporation may become entitled, the Corporation may apply for and will be entitled to injunctive relief, whether interim or permanent, specific performance and other equitable remedies, in any court of competent jurisdiction specifically to enforce any such covenants upon the breach or threatened breach of any such provisions, or otherwise specifically to enforce any such covenants and hereby waives all defences to the strict enforcement thereof by the Corporation.

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21) **Entire Agreement.** This Agreement constitutes the entire agreement between the parties pertaining to the subject matter of this Agreement. This Agreement supersedes and replaces all prior agreements, if any, written or oral, with respect to the Executive's employment by the Corporation and any rights which the Executive may have by reason of any prior agreement or by reason of the Executive's prior employment, if any, by the Corporation. All previous agreements, written or oral, express or implied, between the parties hereto or on their behalf relating to the employment of the Executive by the Corporation are hereby terminated and cancelled, and each of the parties hereto hereby releases and forever discharges the other of and from all manner of actions, causes of action, claims, demands whatsoever under or in respect of any such agreements. There are no warranties, representations or agreements between the parties in connection with the subject matter of this Agreement except as specifically set forth or referred to in this Agreement. No reliance is placed on any representation, opinion, advice or assertion of fact made by the Corporation or their respective directors, officers and agents (for each of whom and for this purpose the Corporation contracts as trustee) to the Executive, except to the extent that the same has been reduced in writing and included as a term of this Agreement. Accordingly, there will be no liability, either in tort or in contract, assessed in relation to any representation, opinion, advice or assertion of fact, except to the extent aforesaid.

22) **Notice.** Any notice in writing required or permitted to be given to the Executive hereunder shall be sufficiently given if served on the Executive personally or mailed by registered mail postage prepaid addressed to the Executive at his last address known to the Corporation. Any such notice mailed as aforesaid shall be deemed to have been received by and given to the Executive two business days following the date of mailing. Any notice in writing required or permitted to be given to the Corporation hereunder shall be given by registered mail postage prepaid addressed to the President of the Corporation at its head office. Any such notice mailed as aforesaid shall be deemed to have been received by and given to the Corporation two business days following the date of mailing. Either party may at any time give notice in writing to the other of any change of address of the party giving such notice and from and after the giving of such notice the address therein specified shall be deemed to be the address of such party for the giving of notices hereunder.

23) **Further Assurances.** Each of the parties hereto agrees to do and execute or cause to be made, done or executed all such further and other things, acts, deeds, documents, assignments and assurances as may be necessary or reasonably required to carry out the intent and purpose of this Agreement fully and effectually. Without limiting the generality of the foregoing, the Corporation shall take all reasonable steps in order to structure the payment or payments provided for in this Agreement in the manner most advantageous to the Executive with respect to the provisions of the *Income Tax Act* (Canada) or similar legislation in place in the jurisdiction of the Executive's residence.

24) **Co-Operation by Executive.** The Executive will co-operate in all respects with the Corporation if a question arises as to whether the Executive has a disability pursuant to subsection 11(d) hereof. Without limitation, the Executive will authorize the Executive's medical doctor or other health care specialist to discuss the condition of the Executive with the Corporation and will as reasonably requested by, and at the expense of, the Corporation submit to examination by a medical doctor or other health care specialist jointly selected by the Corporation and the Executive; provided that if the Corporation and the Executive fail to agree on a medical doctor or other health care specialist within 10 days of the request for examination made by the Corporation, each of the Corporation and the Executive will forthwith select a medical doctor or health care specialist and the medical doctors or healthcare specialists so selected will, within 10 days of being selected, jointly select a third medical doctor or healthcare specialist. The third medical doctor or health care specialist so selected will examine the Executive.

25) **Governing Law and Attornment.** This Agreement shall be governed by and interpreted under the laws of the state or province where the Executive resides. The parties attorn to the non-exclusive jurisdiction of the Courts of the state or province where the Executive Resides.

26) **Currency.** All dollar amounts referred to in this Agreement are expressed in U.S. dollars unless otherwise specifically provided herein.

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27) **Assignment.** Save and except as provided in Section 19, the benefits and obligations of this Agreement may not be assigned by either party to any other person; provided, however, that the Corporation may assign this Agreement to an affiliate or subsidiary of the Corporation with the approval of the Executive, which approval shall not unreasonably be withheld. Except as aforesaid, this Agreement shall enure to the benefit of and be binding upon the parties hereto and their respective successors and assigns, including, in the case of the Executive, his heirs, executors and administrators.

28) **Invalidity of Provisions.** Each of the provisions contained in this Agreement is distinct and severable and a declaration of invalidity or unenforceability of any provision by a court of competent jurisdiction will not affect the validity or enforceability of any other provision. If in any jurisdiction, any provision of this Agreement or its application to any party or circumstance is restricted, prohibited or unenforceable, the provision will, as to that jurisdiction, be ineffective only to the extent of that restriction, prohibition or unenforceability without invalidating the remaining provisions of that provision in any other jurisdiction or its application to other parties or circumstances.

29) **Waiver Amendment.** Except as expressly provided in this Agreement, no amendment or waiver of this Agreement will be binding unless executed in writing by the party to be bound. No waiver of any provision of this Agreement will constitute a waiver of any other provision nor will any waiver of any provision of this Agreement constitute a continuing waiver unless otherwise expressly provided.

30) **Acknowledgment.** The Executive acknowledges that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) he has read and understood this Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) he has been given an opportunity to obtain independent legal advice concerning this Agreement and the provisions hereof and the interpretation and effect of this Agreement, and by signing this Agreement represents and warrants that he has each either obtained advice or voluntarily waived the opportunity to receive same; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c) he has entered into this Agreement voluntarily.

IN WITNESS WHEREOF the parties hereto have executed this agreement as of the 17<sup>th</sup> day of November, 2025.

![](exhibit10-7xu001.jpg)

------

**<u>Annex A</u>**

Sierrans for Responsible Resource Development - 501(c)(4) non-profit (President, Director).

Sierrans for Responsible Resource Development Charitable Fund - 501(c)(3) non profit (President, Director)

Emergent Metals Corp. (President, CEO, Director)

Ameriwest Critical Metals Inc. (President, CEO, Director)

Tarku Resources Ltd. (Director)

Pure Energy Minerals Limited (Director)

------

## Exhibit 23.1

------

![](exhibit23-1xu001.jpg)

------

## 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; **S-1**  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Rise Gold 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 Stock, par value $0.001 per share | Other | 63097323 | $0.415 | $26185389.04 | 0.0001381 | $3616.20 |
| 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: |  | $26185389.04  |  | $3616.20  |
|  |  |  | 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:  |  |  |  | $3616.20  |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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> This registration statement also includes an indeterminate number of securities that may become offered, issuable or sold to prevent dilution resulting from stock splits, stock dividends and similar transactions, which are included pursuant to Rule 416 under the Securities Act of 1933, as amended. Consists of shares of common stock offered by selling stockholders. Estimated solely for the purpose of calculating the registration fees pursuant to Rule 457(c) under the Securities Act based upon the average of the high and low prices of the common stock as quoted on the OTCQB on February 25, 2026, which was $0.415.

---

| | |
|:---|:---|
| | |
| **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 |

---