# EDGAR Filing Document

**Accession Number:** 0001898722
**File Stem:** 0001213900-25-092536
**Filing Date:** 2025-9
**Character Count:** 2133240
**Document Hash:** f5e133d61bc80c9bdb936e68a1090218
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001213900-25-092536.hdr.sgml**: 20250929

**ACCESSION NUMBER**: 0001213900-25-092536

**CONFORMED SUBMISSION TYPE**: 1-A

**PUBLIC DOCUMENT COUNT**: 74

**FILED AS OF DATE**: 20250929

**DATE AS OF CHANGE**: 20250926

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Modern Mining Technology Corp.
- **CENTRAL INDEX KEY:** 0001898722
- **STANDARD INDUSTRIAL CLASSIFICATION:** REFUSE SYSTEMS [4953]
- **ORGANIZATION NAME:** 01 Energy & Transportation
- **EIN:** 000000000
- **STATE OF INCORPORATION:** A1
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 1-A
- **SEC ACT:** 1933 Act
- **SEC FILE NUMBER:** 024-12671
- **FILM NUMBER:** 251351793

**BUSINESS ADDRESS:**
- **ADDRESS IS A NON US LOCATION:** YES
- **STREET 1:** 1500 - 1055 WEST GEORGIA STREET
- **CITY:** VANCOUVER
- **PROVINCE COUNTRY:** A1
- **BUSINESS PHONE:** 604-418-3856

**MAIL ADDRESS:**
- **ADDRESS IS A NON US LOCATION:** YES
- **STREET 1:** 1500 - 1055 WEST GEORGIA STREET
- **CITY:** VANCOUVER
- **PROVINCE COUNTRY:** A1

## Part

**AN OFFERING STATEMENT PURSUANT TO REGULATION A RELATING TO THESE SECURITIES HAS BEEN FILED WITH THE SECURITIES AND EXCHANGE COMMISSION. INFORMATION CONTAINED IN THIS PRELIMINARY OFFERING CIRCULAR IS SUBJECT TO COMPLETION OR AMENDMENT. THESE SECURITIES MAY NOT BE SOLD NOR MAY OFFERS TO BUY BE ACCEPTED BEFORE THE OFFERING STATEMENT FILED WITH THE COMMISSION IS QUALIFIED. THIS PRELIMINARY OFFERING CIRCULAR SHALL NOT CONSTITUTE AN OFFER TO SELL OR THE SOLICITATION OF AN OFFER TO BUY NOR MAY THERE BE ANY SALES OF THESE SECURITIES IN ANY STATE IN WHICH SUCH OFFER, SOLICITATION OR SALE WOULD BE UNLAWFUL BEFORE REGISTRATION OR QUALIFICATION UNDER THE LAWS OF SUCH STATE. THE COMPANY MAY ELECT TO SATISFY ITS OBLIGATION TO DELIVER A FINAL OFFERING CIRCULAR BY SENDING YOU A NOTICE WITHIN TWO BUSINESS DAYS AFTER THE COMPLETION OF THE COMPANY'S SALE TO YOU THAT CONTAINS THE URL WHERE THE FINAL OFFERING CIRCULAR OR THE OFFERING STATEMENT IN WHICH SUCH FINAL OFFERING CIRCULAR WAS FILED MAY BE OBTAINED.**

**PRELIMINARY OFFERING CIRCULAR**

**SUBJECT TO COMPLETION; DATED SEPTEMBER 26, 2025**

**Modern Mining Technology Corp.**

![](image_001.jpg)

**Modern Mining Technology Corp.**

**1055 West Georgia Street, 1500 Royal Centre**

**Vancouver, British Columbia, V6E 4N7, Canada**

**Tel: +1 (984) 235-6778**

**www.modernmining.com**

**UP TO 7,058,823 COMMON SHARES** 

**AGENT WARRANT FOR THE PURCHASE OF UP TO 211,764 COMMON SHARES**

**UP TO 211,764 COMMON SHARES UNDERLYING AGENT WARRANT**

**PRICE: $4.25 PER SHARE**

**The minimum investment in this offering is 200 Common Shares, or $850, unless waived by the Company in its sole discretion**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Price to Public** | **Commissions <sup>(1)</sup>** | **Proceeds to issuer <sup>(2)</sup>** | **Proceeds to other persons <sup>(4)</sup>** |
| **Per share** | $4.25 | $0.2975 | $**3.9525** | $0.2543 |
| Total Minimum of Public Offering (based on Minimum Quantitative Standards) | $15000000 | $1050000 | $**13950000** | $1795000 |
| **Total Maximum of Public Offering** | $30000000 | $2100000 | $**27900000** | $1795000 |
| **Agent Warrant(3)** | $899997 | $N/A | **1124996** | **N/A** |
| **Per share of Common Shares underlying Agent Warrant (211,764 Shares)** | $5.3125 | $N/A | $**5.3125** | **N/A** |
| **Total Maximum** | $30899997 | $2100000 | $**29024996** | $1795000 |

---

(1) We have engaged Digital Offering, LLC ("Digital Offering")
 to act as lead selling agent (the "Lead Selling Agent") to offer our common shares (the "Shares") to
 prospective investors in this offering (the "Offering") on a "best efforts" basis, which means that there is
 no guarantee that any minimum amount will be received by us in this Offering. In addition, the Selling Agent may engage one or more
 sub-agents or selected dealers to assist in its marketing efforts (Digital Offering, together with such sub-agents and/or dealers
 collectively, the "Selling Agents"). Digital Offering is not purchasing the Shares offered by us and is not required to
 sell any specific number or dollar amount of Shares in this Offering before a closing occurs. We will pay a cash commission of 7.0%
 to Digital Offering on sales of the Shares in this Offering and issue a warrant to Digital Offering to purchase a number of Shares
 equal to 3.0%of the total number of Shares sold in this Offering, exercisable for five years at an exercise price equal to 125% of
 the public offering price, subject to adjustments (the "Agent Warrant"). Digital Offering has agreed to remit .50% of
 this cash commission to the Company as a rebate to be applied towards the Company's platform and marketing fees. See
 "  ***Plan of Distribution***" for details of compensation payable to the Selling Agent in connection with the
 Offering.

(2) Does not account for the expenses of the Offering. See "  ***Use of Proceeds***" for estimated Offering expenses payable by the Company in connection with this offering.

(3) The Agent Warrant is being issued as partial compensation to the Selling Agent. The value of the Agent Warrant set forth in the
table above is based on the number of Shares underlying the Agent Warrant multiplied by the offering price of the Shares in this Offering
of $4.25 per Share. The actual value of the Agent Warrant utilizing an options pricing model would be less than the amount indicated
in the table.

(4) We estimate that, in addition to the selling commission payable to
the Lead Selling Agent, total expenses of the Offering will be approximately $1,795,000, assuming this Offering is fully subscribed. Includes
(i) the $45,000 onboarding fee paid by the Company to Equifund Technologies LLC ("Equifund"), (ii) an estimated $500,000 in
investor fees of $50 per investor payable by the Company to Equifund (assuming 10,000 investors in this Offering), (iii) payment processing
fees payable by the Company to Equifund of approximately $650,000, and (iv) estimated expenses of the Offering (including the EDGARization,
filing, printing, legal, marketing, accounting and other miscellaneous expenses) of approximately $600,000. See "*Plan of Distribution* "
for further details.

Modern Mining Technology Corp., a corporation formed under the laws of the Province of British Columbia (the "Company", "we," or "our"), is offering up to $30,000,000 or 7,058,823 Shares (the "Maximum Offering") at a purchase price of $4.25 USD per share on a "best efforts" basis. Although the Company, may raise up to $30,000,000 in this offering, it may, in its sole discretion, decide to terminate the offering earlier, including after the Company reaches its internal target amount of $15,000,000. We are selling our Shares through a Tier 2 offering pursuant to Regulation A (Regulation A+) under the Securities Act of 1933, as amended (the "Securities Act"), and we intend to sell the Shares through the Selling Agent.

We intend to apply to have the Shares listed on Nasdaq Stock Exchange (the "Nasdaq") under the symbol "MDRN." To qualify for such listing, this Offering must meet the following minimum quantitative standards of the Nasdaq Capital Market: (i) 300 public holders of 100 Common Shares or more; (ii) 1,000,000 publicly held Common Shares; and (iii) an aggregate market value of publicly held Common Shares of $15.0 million (the "***Minimum Quantitative Standards***"). If approved, we intend to list the Shares on Nasdaq in the first quarter of 2026 following Nasdaq's certification of our Form 8-A to be filed concurrently with qualification of, or a post-qualification amendment to, the Offering Statement of which this offering circular forms a part. If the Shares are not approved for listing on Nasdaq, we will not complete the Offering contemplated hereby. No assurance can be given that our application to list on Nasdaq will be approved or that an active trading market for the Shares will develop. The Shares are not currently listed or quoted on any exchange.

We will issue to the Selling Agent the Agent Warrant to purchase such number of Shares equal to 3.0% of the total number of Shares sold in this Offering, at a per Share price equal to 125% of the per Share price of the Shares offered hereby (subject to adjustments). The Offering Statement of which this Offering Circular forms a part also registers the issuance of the Shares issuable upon exercise of the Agent Warrant (although the Selling Agent has agreed not to sell the Agent Warrant or any of the shares issuable upon exercise of the Agent Warrant until six months after the commencement of the Offering). We do not intend to list the Agent Warrant on a national securities exchange or an over-the-counter quotation system. See "***Plan of Distribution***" for a description of these arrangements.

**This is a continuous offering pursuant to Rule 251(d)(3)(i)(F) of Regulation A. We will commence this offering within two calendar days of the qualification by the SEC of the offering statement of which this offering circular forms a part and will continue to offer the Common Shares for an indefinite period of time (which may exceed 30 days from the date of qualification) until the offering is terminated. This Offering will terminate at the earliest of: (1) the date at which the Maximum Offering amount has been received by us, (2) one year from the date upon which the United States Securities and Exchange Commission (the "SEC" or "Commission") qualifies the Offering Statement of which this Offering Circular forms a part, and (3) the date at which the Offering is earlier terminated by us in our sole discretion, including after the Company reaches its internal target amount raised of $15,000,000, and (4) February 16, 2026. This Offering is being conducted on a best-efforts basis. We intend to complete one closing in this Offering, and we will determine the closing date at our discretion based on our review of subscriptions received and in consultation with Digital Offering. While we intend to close the Offering as soon as possible following the qualification by the SEC of the offering statement of which this offering circular forms a part, we will not close the Offering until the Common Shares are approved for listing on Nasdaq. As a result, we will not close this Offering until we can establish that the Offering meets the Minimum Quantitative Standards. If we do not meet the Minimum Quantitative Standards by the Termination Date (as defined below), we will terminate this Offering and all funds tendered by investors with their subscriptions will be promptly returned to such investors in accordance with Rules 10b-9 and 15c2-4 under the Exchange Act. Once we have determined to close the Offering, we will inform investors of such closing date and the listing date via e-mail at least seven calendar days prior to the closing date, in accordance the terms of the subscription agreements executed by such investors. For more information regarding subscriptions and subscription agreements, see the section titled "*Plan of Distribution-Procedures for Subscribing.*" On the closing date, funds tendered by investors with their subscriptions will be made available to us and we will issue such investors their respective Common Shares.**

**INVESTING IN THE COMMON SHARES OF MODERN MINING TECHNOLOGY CORP. IS SPECULATIVE AND INVOLVES SUBSTANTIAL RISKS. YOU SHOULD PURCHASE THESE SECURITIES ONLY IF YOU CAN AFFORD A COMPLETE LOSS OF YOUR INVESTMENT. SEE "RISK FACTORS" BEGINNING ON PAGE 12 TO READ ABOUT THE MORE SIGNIFICANT RISKS YOU SHOULD CONSIDER BEFORE INVESTING IN THE COMMON SHARES OF THE COMPANY.**

**THE SEC DOES NOT PASS UPON THE MERITS OR GIVE ITS APPROVAL OF ANY SECURITIES OFFERED OR THE TERMS OF THE OFFERING, NOR DOES IT PASS UPON THE ACCURACY OR COMPLETENESS OF ANY OFFERING CIRCULAR OR OTHER SOLICITATION MATERIALS. THESE SECURITIES ARE OFFERED PURSUANT TO AN EXEMPTION FROM REGISTRATION WITH THE COMMISSION; HOWEVER, THE COMMISSION HAS NOT MADE AN INDEPENDENT DETERMINATION THAT THE SECURITIES OFFERED ARE EXEMPT FROM REGISTRATION.** 

**In particular, our securities have not been qualified for distribution by prospectus in Canada and may not be offered or sold in Canada during the course of their distribution hereunder except pursuant to a Canadian prospectus or prospectus exemption. The information in this** **OFFERING CIRCULAR is accurate only as of the date on its respective cover, regardless of the time of delivery of this OFFERING CIRCULAR or the time of any sale of our securities.** 

**Sales of these securities will commence on approximately __________, 2025**.

**This Offering Circular follows the disclosure format of Part I of SEC Form S-1 pursuant to the general instructions of Part II(a)(1)(ii) of Form 1-A.**

**In the event that we become a reporting company under the Securities Exchange Act of 1934, as amended (the "Exchange Act"), we intend to take advantage of the provisions that relate to "Emerging Growth Companies" under the JOBS Act of 2012. See "Implications of Being an Emerging Growth Company."**

![](image_002.jpg)

**TABLE OF CONTENTS**

---

| | |
|:---|:---|
| [SUMMARY](#s_001) | 1 |
| [RISK FACTORS](#s_002) | 12 |
| [CAUTIONARY STATEMENTS REGARDING FORWARD-LOOKING STATEMENTS](#s_003) | 31 |
| [USE OF PROCEEDS](#s_004) | 33 |
| [DETERMINATION OF OFFERING PRICE](#s_005) | 34 |
| [DIVIDEND POLICY](#s_006) | 34 |
| [CAPITALIZATION](#s_007) | 35 |
| [DILUTION](#s_008) | 36 |
| [BUSINESS](#s_009) | 37 |
| [MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS](#s_010) | 46 |
| [MANAGEMENT](#s_011) | 55 |
| [COMPENSATION OF DIRECTORS AND EXECUTIVE OFFICERS](#s_012) | 61 |
| [SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT](#s_013) | 67 |
| [CERTAIN RELATIONSHIPS AND RELATED PARTY TRANSACTIONS](#s_014) | 70 |
| [DESCRIPTION OF SHARE CAPITAL AND ARTICLES OF INCORPORATION](#s_015) | 71 |
| [PLAN OF DISTRIBUTION](#s_016) | 81 |
| [SHARES ELIGIBLE FOR FUTURE SALE](#s_017) | 90 |
| [<u>MATERIAL TAX CONSIDERATIONS</u>](#s_018) | 91 |
| [<u>ENFORCEABILITY OF CIVIL LIABILITIES</u>](#s_019) | 100 |
| [DISCLOSURE OF COMMISSION POSITION ON INDEMNIFICATION FOR SECURITIES LIABILITIES](#s_020) | 100 |
| [LEGAL MATTERS](#s_021) | 100 |
| [INDEPENDENT AUDITORS](#s_022) | 100 |
| [WHERE YOU CAN FIND MORE INFORMATION](#s_023) | 101 |
| [INDEX TO FINANCIAL STATEMENTS](#s_024) | F-1 |
| [INDEX TO EXHIBITS](#s_025) | III-1 |

---

*In this Offering Circular unless otherwise indicated or the context requires otherwise, the words "we," "us," "our," the "Company," or "our Company," refer to Modern Mining Technology Corp., a Canadian corporation and its subsidiaries.*

i

**ABOUT THIS OFFERING CIRCULAR**

As used in this Offering Circular, unless the context otherwise requires or otherwise states, references to "Modern Mining," the "Company," "we," "us," "our," and similar references refer to Modern Mining Technology Corp., a corporation formed under the laws of the Province of British Columbia, Canada, and its subsidiaries.

Our functional currency is the Canadian dollar, the legal currency of Canada ("C$") while the reporting currency is the U.S. dollar ("US$"). The functional and reporting currency of Urban Mining International Inc., our US wholly-owned subsidiary, is the U.S. dollar, the legal currency of the United States. Unless noted otherwise, all references to dollars herein are to US$.

**INTERNATIONAL FINANCIAL REPORTING STANDARDS**

Our financial statements have been prepared in accordance with IFRS® Accounting Standards as issued by the International Accounting Standards Board ("IASB") and interpretations issued by the International Financial Reporting Interpretations Committee ("IFRIC"). Our fiscal year ends on December 31 of each year as does our reporting year. Our most recent fiscal year ended on December 31, 2024. See Notes 2 and 3 to our audited consolidated financial statements for the years ended December 31, 2024 and 2023, included elsewhere in this Offering Circular, for a discussion of the basis of presentation, functional currency and summary of updated material accounting policies.

We have made rounding adjustments to some of the figures included in this Offering Circular. Accordingly, numerical figures shown as totals in some tables may not be an arithmetic aggregation of the figures that precede them.

ii

**SUMMARY**

*This summary highlights selected information contained elsewhere in this Offering Circular. This summary is not complete and does not contain all the information that you should consider before deciding whether to invest in our Shares. You should read this entire Offering Circular carefully, including the "Risk Factors" section, our historical consolidated financial statements and the notes thereto, each included elsewhere in this Offering Circular. Unless otherwise indicated or the context requires otherwise, the words "we," "us," "our," the "Company," or "our Company," refer to Modern Mining Technology Corp., a Canadian corporation and its subsidiaries.*

 

***Our Company***

 ****

Modern Mining Technology Corp. (formerly known as Urban Mining International Inc.) is a "landfill-to-commodity" focused business venture, offering a cleaner, safer, and lower-cost alternative compared to traditional mining operations. Our core business is aimed at processing and extracting strategic commodities from the vast, growing, and largely ignored global resource of electronic waste ("E-Waste"), and transforming these end-of-life landfill-bound materials into high-value resources. Value is captured by using our aqueous based processes to recover, process and refine commodity metals such as: gold, palladium, silver, copper and potentially 30 other metals.

***Our Market***

 ****

Our market consists of two parts — E-Waste feed supply and produced commodity sales.

E-Waste Feed Supply

The report, entitled *Global E-Waste Monitor 2024* (the "Report"), provides that the world generated a staggering, and a record high, 62 million tonnes (Mt) of E-waste in 2022, representing billions of dollars worth of strategically-valuable resources dumped, squandered, and wasted. This is up 82% from 2010. In volume, this 62 million tonnes of E-waste would fill 1.55 million Semi Trucks, roughly enough pickup trucks to form a bumper-to-bumper line encircling the Earth's equator. The Report also predicts global E-Waste will rise another 30% and reach 82 million tonnes annually by 2030 driven by increased technology use, shorter device life spans, and fewer repair options. The U.S. is the second largest generator of E-Waste in the world. The Report further indicates that in 2022 alone, approximately $62 billion worth of gold, silver, copper, platinum and other high-value, recoverable materials were wasted through landfill dumping or incineration burning, rather than being collected for treatment and reuse. It is Modern Mining's business objective to address this situation and recover lost commodity materials from this E-Waste.

Commodity Sales

*The Journal of Management Science and Engineering**<sup>1</sup>*** (the "Journal") also produced findings that the cost to recycle E-Waste is significantly less than the cost of traditional mining. Lower production costs is a strategic advantage compared to traditional commodity producers. In addition to an increasing world demand for commodities, a number of large companies have announced their planned roadmaps to a more socially responsible supply chain. For example, in 2025, Apple announced that 24% of the materials it shipped in Apple products came from recycled or renewable sources, and it intends to use 100% renewable or recyclable materials in its products in the future, while Dell reemphasized its commitment to over 50% of product content being made from recycled, renewable or low emission materials by 2030. Also in 2025, Google announced that it used 20% recycled content in 2024 products with a goal to increase recycled materials usage. These are three examples of a growing trend of companies being more aware of their supply chains.

***Our Business, Our Products and Services***

 ****

<sup>1</sup> See Comparing the Costs and Benefits of Virgin and Urban Mining; Zeng, Xia et al.

To achieve our objectives, we have developed a two-step propriety process while our envisioned value-chain can be broken down into 3 main stages:

1) We secure quality E-Waste feedstock from primary recyclers.

2) We separate the plastics from the metals using our proprietary pre-concentration methods. The plastics are then shipped to downstream third-party recyclers, suppliers, and certified waste handlers.

3) The concentrated metals streams can be sold as intermediate products, or treated though our proprietary aqueous purification process, and the purified metal products can then be sold into industrial supply chains.

The following depicts the Company's three main processing steps:

![](image_003.jpg)

We plan to sell final products produced by the PCP and APP on the metal commodities markets into both domestic and international supply chains.

We have engaged a third-party process modelling and industrial optimization firm to assist in layout optimization, three dimensional ("3D") modelling, and dynamic simulation studies on our first commercial scale PCP and APP. These plants will be co-located in our future commercial facility in North Carolina. Our current Greenville facility presently serves only as a pilot and demonstration plant that we intend to use to continue to optimize our processes that we ultimately plan to move to commercial scale production at a future location, or expand our current facility. In the long-term, we intend to secure a larger facility in the Raleigh or Greenville area of North Carolina to serve as our commercial-scale production facility although such future facility has yet to be identified as our current pilot plant facility still has significant capacity that we foresee being adequate in the short-term. The commercial PCP will be designed to treat approximately 8,000 tonnes of E-Waste per year and the commercial APP will be designed to be able to process concentrate from up to four PCPs.

After commercial start-up of our initial PCP and APP plants (expected to take approximately 18 months inclusive of a 6 month build-out, a 6-month commissioning program, and a 6 month ramp-up period), we believe that we can be a commercial producer of commodity materials, supplying both domestic and international supply chains with strategic metals. The processes we have developed for recycling E-Waste are environmentally beneficial compared to material going to landfill. Furthermore, we believe that the design of our proprietary processes (PCP and APP) will allow for the ability to scale and grow our business, and take advantage of a worldwide resource, E-Waste.

***Our Competitive Strengths***

 ****

●  ***Combining Four Core Market Trends*** 

 ****

Modern Mining anticipates benefiting from the overlap of four core market trends: (a) the growing global demand for commodity metals (examples — global push for electrification, growth in China, Ukraine rebuilding); (b) the importance of strengthening and developing transparent and socially responsible domestic supply chains, and onshoring the supply of critical materials; (c) the importance of developing sustainable and environmentally friendly driven solutions to support a 'circular' economy given the projected growth in global E-waste generation; and (d) the increasing importance of hedging against inflationary pressures.

●  ***Benefit from Proprietary Technology*** 

 ****

We have developed proprietary technologies that we believe set us apart from other E-Waste processors and from other commodity producers. We believe that our two-step approach of regional pre-concentration and centralized purification, combined with our modular and scalable design, will reduce capital and operating costs and will allow for a rapid expansion into other future potential major E-Waste generating locations.

●  ***Designed to Comply with Government Mandates*** 

 ****

Due to our anticipated high recovery rates and sustainable, environmentally friendly processes, and low/non-toxic controlled effluent, we believe we are well-positioned to comply with environmental guidelines around the world.

Our E-Waste recycling processes are environmentally friendly and do not generate any significant gaseous, liquid, or solids emissions only noise, air borne dust, and sewer discharges at this time. Our pre-concentration processes are purely water based with no chemical addition, and our purification methods utilize controlled aqueous based reagent blends in connection with our refined metal production. To that end, we have noise control and dust control systems in place and we currently use a closed-loop water recirculation system to manage effluent discharge. We envision that we will be well positioned to meet any environmental guidelines around the world when and if we expand our operations from our current facility in Greenville, North Carolina.

Global environmental guidelines that may be applicable to our operations include (a) the Basel Convention, which monitors the transboundary movements of hazardous and other wastes; (b) the UN Sustainable Development Goals encompassing E-Waste, such as SDG 6, which covers clean waste and sanitation, and SDG 12, which covers sustainable consumption and production patterns; (c) E-Waste legislation implemented around the world, such as Extended Producer Responsibility (EPR) programs to shift the burden of e-waste management from local municipalities to producers (d) U.S. Inflation Reduction Act; and (e) U.S. Senate hearings banning the export of E-waste (SEERA, June 20, 2023).

●  ***Superior to Current Standard E-Waste Recycling Processes*** 

 ****

We believe that our business plan sets us apart from others in the industry, in particular given our ability to be one of the low/non-carbon generating processors in the space with our proprietary aqueous based pre-concentration and purification technologies, versus the incineration-based methods of others in the industry. E-waste contains numerous toxic additives and hazardous substances that pose significant risk to human health and our environment if not disposed of and treated properly (examples — mercury, lead, heavy metals, brominated flame retardants, chlorofluorocarbons, hydrochlorofluorocarbons, dioxins). In China and other parts of the world, recycling of E-Waste can be a major hazard. Other locations include India and Ghana, Liberia, and Nigeria. Informal and primitive E-Waste recycling occurs regularly, where workers and others are exposed to dangerous chemicals with potentially long-term adverse health effects. Modern Mining plans to cleanly and safely process these substances, Incineration methods are extremely energy intensive methods<sup>2</sup>. The plastics are burned off resulting in major carbon dioxide and other hazardous emissions. Attempts to separate metals using pyrometallurgical methods result in significant metal losses as not all metals can be economically recovered. Modern Mining's process, being aqueous-based, is largely carbon neutral, safer for both workers and for the environment, and allows for the recovery of a broader range of metals as separation and recovery is driven by physical methods and simple reagent addition, not complex pyrometallurgy.

<sup>2</sup> See Value-Added Products From Thermochemical Treatments of Contained E-Waste Plastics, Das, Gabriel, Tay and Lee.

***●***  ***Decreased Risk Profile*** 

 ****

Traditional exploration and mining projects are inherently layered with significant risk as a consequence of having to deal with the earth's crust and all of its natural variability. Major risks include: (a) exploration risk (the success rate of making a new discovery is low); (b) geological risk (the made grades of newly discovered deposits are generally decreasing); (c) engineering risk (the nature of newly discovered deposits is complex) and (d) geopolitical risk (various commodity resources are hosted in politically unstable and hostile jurisdictions).

In contrast, E-Waste is a man-made engineered product. It contains a very prescriptive blend and known quantity of strategic metals. As a result, the processing of E-Waste carries negligible exploration, geological, and geopolitical risk. Furthermore, as industry standard payment terms for our feedstock E-Waste are linked to the proportions of metals recovered, the impact and risk of fluctuating commodity prices are reduced as well. We believe feedstock E-Waste can also deliver 100 times better<sup>3</sup> grades than traditional mined ores and the processing of E-Waste can carry less than 1/70<sup>th</sup> the capital expenditures<sup>4</sup> of a traditional gold mine. Modern Mining aims to provide our stakeholders with the potential upside value associated with commodities investments, all the while minimizing downside risk exposure common to conventional mining projects.

●  ***Availability of Supply*** 

The amount of E-Waste produced by the world in 2016 was approximately 50 million tonnes<sup>5</sup>. With 5% of that E-Waste being printed circuit boards ("PCBs'), that amounts to 2.5 million tonnes of potential feedstock, of which only 17.4% was being recycled. At our current plant design capacity of approximately 8,000 tonnes per PCP, capturing "wasted" E-Waste would require over 250 concentrator plants. It is envisioned that 1 tonne of PCBs is equivalent in volume to three gaylord pallet boxes.

We currently have non-binding letters of intent to secure two times the quantity of feedstock needed to operate our initial PCP at 100% capacity, however, there are no guaranteed obligations for such suppliers to provide any amount of such feedstock to us.

●  ***Positioned to Benefit from Raising Commodity Prices*** 

We further believe we are positioned to benefit from any rise in commodity metal prices for our recovered metals: Gold, Silver, Copper, Platinum and Palladium.

●  ***Continuous Process Research and Development Plans*** 

We plan to have a continuing research and development program. This program will have two main goals. The first goal will be to optimize our proprietary processes to increase recoveries and reduce costs. The second goal will be to expand our core technology to be able to recover additional metals and to be able to process additional types of E-Waste feedstock.

<sup>3</sup> See S&P Capital IQ data publicly available which reports grade and tonnage values for the reserves and resources of every active primary gold mine currently in production across the world up to the date September 5, 2025. The average gold grade of global reserves and resources is approximately 1.24 g/t Au. We anticipate the average grade of our feedstock to be approximately136 g/t Au, which represents a grade 100 times better than traditional mined ores like gold.

<sup>4</sup> See S&P Capital IQ data publicly available. The average capital expenditure for every operating and/or feasibility complete primary gold project in North America between August 2020 and August 2025 is approximately $700 million. Our estimated capital expenditure costs are anticipated to be approximately 10 million, yielding a figure of 1/70th the capital expenditure of traditional ore mines.

<sup>5</sup> See Waste Printed Circuit Board Recycling: Conventional and Emerging Technology Approach, Muammer Kaya.

***Our Growth Strategy***

 ****

The Company intends to expand its footprint to other locations around the United States and internationally (target of 1 PCP per year over 4 years), so that multiple concentrator plants are strategically located geographically near major third-party, primary recycling facilities, significantly reducing raw material transportation costs. Our plan is that the first additional PCPs will feed into the initial APP in North Carolina. Expansion of our aqueous purification capacity will be undertaken as material supply and economics dictate.

***Our North Carolina Plant***

 ****

In September 2022, we secured a facility lease containing approximately 10,000 square feet of effective working space in nearby Greenville, North Carolina to serve as our pilot plant and demonstration facility.

It is anticipated that this facility will allow us to operate at approximately up to 5% (avg. plant capacity of 1 tonne per day in short term ramp-up) of the processing capacity envisioned for our future planned commercial-scale plant. We intend to use this facility to house both our pilot PCP and APP equipment. We intend to operate our pilot and demonstration plant as needed for the following business purposes:

● To demonstrate the operability and scalability of our full end-to-end process;

● To generate additional operating data for detailed engineering and scale-up studies for our commercial plant;

● To conduct process expansion studies;

● To optimize the performance objectives of our technology; and

● To serve as an operations training platform to help streamline the commissioning and start-up activities of our commercial plant.

We elected to make North Carolina our U.S. processing home as a logical extension of our past local research efforts, favorable incentives, proximity to major logistics networks, and direct access to some of the world's largest supplies of E-Waste through proximity to the densely populated eastern U.S. seaboard.

In the long-term, we intend to secure a larger facility in the Raleigh or Greenville area of North Carolina to serve as our commercial-scale production facility although such future facility has yet to be identified as our current pilot plant and demonstration facility still has significant capacity that we foresee being adequate in the short-term.

***Company Information***

 ****

The Company was incorporated under the laws of the Province of British Columbia, Canada, as 1285896 B.C. Ltd, on January 26, 2021. In connection with the completion of the Merger (as defined below), the Company changed its name to its current name, "Modern Mining Technology Corp.", on September 1, 2021.

Urban Mining International Inc. ("UMI"), our US wholly-owned subsidiary, was formed under the laws of the State of Delaware. UMI was first incorporated on August 8, 2017, under the name "Evotus Inc." UMI changed its name from "Evotus Inc." to "Urban Mining International Inc." on October 14, 2020. On December 8, 2021, UMI changed its name from "Urban Mining International Inc." to "Modern Mining Technology Corp."

Our principal executive office and mailing address is located at 1055 West Georgia Street, 1500 Royal Centre, Vancouver, British Columbia, Canada V6E 4N7, and our telephone number is +1 (984) 235 6778. Our website is *www.modernmining.com*. The information contained on our website or accessible through our website is not incorporated into this Offering Circular.

***Implications of Being an Emerging Growth Company and a Foreign Private Issuer***

 ****

As an issuer with (i) less than $1.235 billion in total annual gross revenues during our last fiscal year, (ii) $700 million in market value of our capital stock held by non-affiliates and (iii) $1.07 billion in non-convertible debt over a three-year period, we will qualify as an "emerging growth company" under the Jumpstart Our Business Startups Act of 2012 (the "JOBS Act") and this status will be significant if and when we become subject to the ongoing reporting requirements of the Exchange Act upon filing a Form 8-A. An emerging growth company may take advantage of certain reduced reporting requirements and is relieved of certain other significant requirements that are otherwise generally applicable to public companies. In particular, as an emerging growth company we:

● will not be required to obtain an auditor attestation on our internal controls over financial reporting pursuant to the Sarbanes-Oxley Act of 2002, as amended;

● will not be required to provide a detailed narrative disclosure discussing our compensation principles, objectives and elements and analyzing how those elements fit with our principles and objectives (commonly referred to as "compensation discussion and analysis");

● will not be required to obtain a non-binding advisory vote from our members on executive compensation or golden parachute arrangements (commonly referred to as the "say-on-pay," "say-on-frequency" and "say-on-golden-parachute" votes);

● will be exempt from certain executive compensation disclosure provisions requiring a pay-for-performance graph and CEO pay ratio disclosure;

● may present only two years of audited financial statements and only two years of related Management's Discussion and Analysis of Financial Condition and Results of Operations, or MD&A; and

● will be eligible to claim longer phase-in periods for the adoption of new or revised financial accounting standards.

We intend to take advantage of all of these reduced reporting requirements and exemptions, including the longer phase-in periods for the adoption of new or revised financial accounting standards, and hereby elect to do so. Our election to use the phase-in periods may make it difficult to compare our financial statements to those of non-emerging growth companies and other emerging growth companies that have opted out of the phase-in periods under Section 107 of the JOBS Act.

Under the JOBS Act, we may take advantage of the above-described reduced reporting requirements and exemptions for up to five years after our initial sale of common equity pursuant to a registration statement declared effective under the Securities Act of 1933, as amended (the "Securities Act"), or such earlier time that we no longer meet the definition of an emerging growth company. Note that this Offering, while a public offering, is not a sale of common equity pursuant to a registration statement, since the Offering is conducted pursuant to an exemption from the registration requirements. In this regard, the JOBS Act provides that we would cease to be an "emerging growth company" if we have more than $1.235 billion in annual revenues, have more than $700 million in market value of our capital stock held by non-affiliates, or issue more than $1.07 billion in principal amount of non-convertible debt over a three-year period.

In addition, upon the consummation of this Offering, we will report in accordance with the rules and regulations applicable to a "foreign private issuer." As a foreign private issuer, we will take advantage of certain provisions under the rules that allow us to follow the applicable laws of the Province of British Columbia for certain corporate governance matters. Even when we no longer qualify as an emerging growth company, as long as we continue to qualify as a foreign private issuer under the Exchange Act, we will be exempt from certain provisions of the Exchange Act that are applicable to U.S. domestic public companies, including:

● the sections of the Exchange Act regulating the solicitation of proxies, consents or authorizations with respect to a security registered under the Exchange Act;

● the rules under the Exchange Act requiring the filing with the SEC of quarterly reports on Form 10-Q containing unaudited financial and other specified information, and current reports on Form 8-K upon the occurrence of specified significant events; and

● Regulation Fair Disclosure ("Regulation FD"), which regulates selective disclosures of material information by issuers.

As a foreign private issuer, we will have four months after the end of each fiscal year to file our annual report on Form 20-F with the SEC. In addition, our executive officers, directors, and principal shareholders will be exempt from the requirements to report transactions in our equity securities and from the short-swing profit liability provisions contained in Section 16 of the Exchange Act.

Foreign private issuers, like emerging growth companies, are exempt from certain more stringent executive compensation disclosure rules. As such, even when we no longer qualify as an emerging growth company, as long as we continue to qualify as a foreign private issuer under the Exchange Act, we will continue to be exempt from the more stringent compensation disclosures required of public companies that are not foreign private issuers.

We may take advantage of these exemptions until such time as we are no longer a foreign private issuer. We are required to determine our status as a foreign private issuer on an annual basis at the end of our second fiscal quarter. We would cease to be a foreign private issuer at such time as more than 50% of our outstanding voting securities are held by U.S. residents and any of the following three circumstances applies:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the majority of our executive officers or directors are U.S. citizens
or residents;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) more than 50% of our assets are located in the United States;
or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) our business is administered principally in the United States.

In this Offering Circular, we have taken advantage of certain of the reduced reporting requirements as a result of being an emerging growth company and a foreign private issuer. Accordingly, the information that we provide in this Offering Circular may be different than the information you may receive from other public companies in which you hold equity interests. If some investors find our securities less attractive as a result, there may be a less active trading market for our securities and the prices of our securities may be more volatile.

**RISK FACTORS SUMMARY**

**Risks Related to Our Business and Industry**

● we are an early-stage company with limited operating history and may never become profitable;

● our revenue depends on maintaining and increasing feedstock of E-Waste supply commitments as well as securing new customers and off-take agreements;

● in addition to commodity prices, our revenues will be primarily driven by the volume and composition of E-Waste feedstock materials to be processed at our future facilities and changes in the volume or composition of E-Waste feedstock processed could significantly impact our revenues and results of operations;

● our success will depend on our ability to economically source, extract and recover E-Waste, and to meet the market demand for sustainable and environmentally driven solutions for E-Waste processing;

● we may not be able to successfully implement our growth strategy, on a timely basis or at all;

● the development of our Greenville, North Carolina facility, and any future projects are subject to risks, including with respect to engineering, permitting, procurement, construction, commissioning and ramp-up, and we cannot guarantee that these projects will be completed in a timely manner, that our costs will not be significantly higher than estimated, or that the completed projects will meet expectations with respect to their productivity or the specifications of their and products, among others;

● we may be unable to manage future growth effectively;

● failure to materially increase recycling capacity and efficiency could have a material adverse effect on our business, results of operations or financial condition;

● future acquisitions and strategic investments could be difficult to integrate, divert the attention of key management personnel, disrupt our business, dilute shareholder value, and harm our results of operations and financial conditions; and

● expanding internationally involves risks that could delay our expansion plans and/or prohibit us from entering markets in certain jurisdictions, which could have a material adverse effect on our results of operations.

● Using a credit card to purchase Shares may impact the return on your investment as well as subject you to other risks inherent in this form of payment.

**Risks Related to our Regulatory Framework**

● We may not be able to obtain or maintain the necessary permits, licenses, or regulatory approvals required to operate or expand our business, which could curtail our operations.

● Changes in laws, regulations, or their enforcement could require costly operational changes or result in material liabilities.

**Risks Related to our Shares and this Offering**

● Significant shareholders, including holders of Investor Rights Warrants and Convertible Debentures, may exert substantial control over the company, potentially leading to conflicts of interest with other shareholders.

● As a foreign private issuer, we are subject to less stringent U.S. reporting and governance requirements, which may reduce transparency and shareholder protections compared to U.S. domestic companies.

● Listing on the Nasdaq will increase our regulatory burden and compliance costs, and failure to meet listing requirements could result in delisting and reduced liquidity for our shares.

● We may issue additional shares or equity securities without shareholder approval, diluting existing shareholders' ownership and potentially depressing our share price.

● We are likely to be treated as a U.S. corporation for federal tax purposes, potentially resulting in double taxation and complex tax compliance obligations.

● Using a credit card to purchase shares may increase investment costs and expose investors to additional financial risks.

**THE OFFERING**

---

| | |
|:---|:---|
| *Securities Offered*: | Maximum of 7,058,823 Shares. |
| *Offering Price per Share* | $4.25 per Share. |
| *Minimum Investment* | The minimum subscription is $850, or 200 Shares. However, the Company may waive the minimum subscription amount in its sole discretion. |
| *Best Efforts Offering* | We may raise up to $30,000,000 in this offering. We may, in our sole discretion, decide to terminate the offering earlier, including after we reach our internal target amount of $15,000,000. |
| *Number of Shares outstanding immediately before the Offering* | 5,082,200 Shares. |
| *Number of Shares outstanding after the Offering* | 12,141,023 Shares, assuming the Company sells the Maximum Offering amount of Shares in the Offering, excluding the automatic conversion of the Debentures and automatic exercise of the Investor Rights Warrants on completion of the Offering (as each are defined herein). |
| *Use of Proceeds* | If we raise the maximum amount contemplated in this Offering (excluding any exercise of the Agent Warrant), we estimate our net proceeds, after deducting estimated Offering expenses (including commissions) of approximately $3,895,000, will be approximately $26,105,000. We intend to use the proceeds from this Offering for (i) capital expenditures (45%), (ii) working capital and general corporate purposes, which may include repayment of one or more of certain interest bearing promissory notes that are payable on demand, in the event we do not have any other available capital (35%), (iii) marketing expenditures (15%) and (iv) research and development expenses (5%). See the "Use of Proceeds" section of this Offering Circular for details on our intended use of proceeds from this Offering. |
| *Risk Factors* | Investing in our securities is highly speculative and involves a high degree of risk. You should carefully consider the information set forth in the "Risk Factors" section beginning on page 12 before deciding to invest in our securities. |
| *Selling Agent* | We have engaged Digital Offering to serve as the Lead Selling Agent to assist in the placement of our Shares in this Offering on a "best efforts" basis. In addition, Digital Offering may engage one or more sub-agents or selected dealers to assist in its marketing efforts. See "***Plan of Distribution***" for further details. |

---

---

| | |
|:---|:---|
| *Selling Agent Warrant* | We have agreed to issue to Digital Offering warrants to purchase such number of Shares equal to 3.0% of the total number of Shares sold in this Offering at an exercise price equal to 125% of the public offering price of the Shares sold in this Offering (subject to adjustments). The Agent Warrant will be exercisable at any time, and from time to time, in whole or in part, commencing from the date of issuance and expiring on the fifth anniversary of the commencement date of sales in this Offering. The Agent Warrant will have a cashless exercise provision and will provide for registration rights with respect to the registration of the Shares underlying the Agent Warrant. |
| *Pooling Agreements* | The holders of the Investor Rights Warrants and the Convertible Debentures, with Kuljit Basi acting as their representative, have entered into pooling agreements with the Company dated September 11, 2025 (together, the "Pooling Agreements"). The Pooling Agreements impose contractual resale restrictions on "pooled securities," defined to include all Investor Rights Warrants, all Convertible Debentures, and all securities underlying the Investor Rights Warrants and Convertible Debentures held by the participating securityholders. The Pooling Agreement restrictions prohibit securityholders from selling, transferring, pledging, or otherwise disposing of any legal or beneficial interest in their pooled securities for a period of 180 days following the Company's listing on the Nasdaq, subject to certain exceptions for earlier release of up to a maximum of 50% of the pooled securities in the event certain trading price and volume thresholds are achieved over certain time periods. See "***Plan of Distribution***" for further details.<br>The holders of Shares issued in exchange for shares of common stock of UMI pursuant to the Merger Agreement (as defined herein) are subject to contractual lock-up which prohibits the holder from selling, transferring, pledging, or otherwise disposing of any legal or beneficial interest in their Shares for a period of 12 months following the Company's listing on the Nasdaq. 20% of such shares will be released on the date that is 12 months following the listing date, and 20% will be released on the date that is each of 4, 8, 12 and 16 months following such date. |
| *Lock-Up Agreements* | Except as described below, our officers, directors and certain of our stockholders have agreed, or will agree, with Digital Offering, subject to certain exceptions, that, without the prior written consent of Digital Offering, they will not, directly or indirectly, during the period of six months following the closing of this Offering, offer, pledge, sell, contract to sell, sell any option or contract to purchase, purchase any option or contract to sell, grant any option, right or warrant for the sale of, or otherwise dispose of or transfer any Common Shares or any securities convertible into or exchangeable or exercisable for Common Shares, whether now owned or hereafter acquired by them or with respect to which they have or hereafter acquire the power of disposition; or enter into any swap or any other agreement or any transaction that transfers, in whole or in part, the economic consequence of ownership of the Common Shares, whether any such swap or transaction is to be settled by delivery of the Common Shares or other securities, in cash or otherwise |
| *Termination of the Offering* | This Offering will terminate at the earlier of: (1) the date on which the Maximum Offering amount has been sold, (2) the date which is one year after this Offering has been qualified by the Commission (3) the date on which this Offering is earlier terminated by us in our sole discretion, including after the Company reaches its internal target amount raised of $15,000,000, and (4) February 16, 2026. |
| *Continuous Offering; Termination of the Offering* | This is a continuous offering pursuant to Rule 251(d)(3)(i)(F) of Regulation A. We will commence this Offering within two calendar days of the qualification by the SEC of the offering statement of which this offering circular forms a part and will continue to offer the Common Shares for an indefinite period of time (which may exceed 30 days from the date of qualification) until the Offering is terminated. This Offering will terminate at the earliest of: (a) the date at which the maximum offering amount has been received by us, (b) one year from the date upon which the SEC qualifies the offering statement of which this Offering Circular forms a part, and (c) the date at which the offering is earlier terminated by us in our sole discretion. |
| *Closing of the Offering* | We intend to complete one closing for this Offering and will determine the closing date at our discretion based on our review of subscriptions received and in consultation with Digital Offering. While we intend to close the offering as soon as possible following the qualification by the SEC of the offering statement of which this offering circular forms a part, we will not close the offering until the Common Shares are approved for listing on Nasdaq. As a result, we will not close this offering until we can establish that the offering meets the Minimum Quantitative Standards. If we do not meet the Minimum Quantitative Standards by the Termination Date, we will terminate this Offering and all funds tendered by investors with their subscriptions will be promptly returned to such investors in accordance with Rules 10b-9 and 15c2-4 under the Exchange Act. Once we have determined to close the offering, we will inform investors of such closing date and the listing date via e-mail at least seven calendar days prior to the closing date, in accordance with the terms of the subscription agreements executed by such investors. On the closing date, funds tendered by investors with their subscriptions will be made available to us and we will issue such investors their respective Common Shares. |
| *Proposed Listing* | We intend to apply to have our Shares listed on the Nasdaq under the symbol "MDRN." If our Shares are not approved for listing on Nasdaq, we will not complete the Offering contemplated hereby. |

---

**Summary Financial Data**

The following tables summarize our audited consolidated financial data for our business for each of the financial years ended December 31, 2024 and 2023 and should be read in conjunction with our audited financial statements and related notes contained elsewhere in this Offering Circular and the information under "Management's Discussion and Analysis of Financial Condition and Results of Operations." Our financial statements have been prepared in accordance with IFRS® Accounting Standards as issued by the International Accounting Standards Board ("IASB") and interpretations issued by the International Financial Reporting Interpretations Committee ("IFRIC"). Our historical results are not necessarily indicative of our future results.

**Balance Sheet Data**

---

| | | |
|:---|:---|:---|
|  | **December 31, <br> 2024** | **December 31,<br> 2023** |
| **Assets** | | |
| &nbsp;&nbsp;&nbsp;**Total current assets** | $206420 | $75230 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total assets** | $330832 | $392670 |
| **Liabilities and stockholders' Equity** |  |  |
| &nbsp;&nbsp;&nbsp;**Total current liabilities** | $8038773 | $2971096 |
| &nbsp;&nbsp;&nbsp;**Total liabilities** | 8133419 | 6595633 |
| &nbsp;&nbsp;&nbsp;**Total stockholders' equity** | (7802587) | (6202963) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total liabilities and stockholders' equity** | $330832 | $392670 |

---

**Statement of Operations Data**

---

| | | |
|:---|:---|:---|
|  | **For the years ended<br> December 31,** | **For the years ended<br> December 31,** |
|  | **2024** | **2023** |
| **Revenue** | $- | $- |
| **Total operating expenses** | (2350891) | (2259124) |
| &nbsp;&nbsp;&nbsp;Loss from operations | (2350891) | (2259124) |
| &nbsp;&nbsp;&nbsp;Interest and other income | 24915 | 15212 |
| &nbsp;&nbsp;&nbsp;Interest and accretion expense | (307757) | (271630) |
| &nbsp;&nbsp;&nbsp;Unrealized gain (loss) on warrant liability | 328512 | (186508) |
| **Net loss for the year** | (2305221) | (2702050) |
| &nbsp;&nbsp;&nbsp;Foreign currency translation adjustment | 705597 | (133447) |
| **Comprehensive loss for the year** | $(1599624) | $(2835497) |

---

**RISK FACTORS**

*An investment in our Shares involves a high degree of risk. The SEC requires that we identify risks that are specific to our business and our financial condition. You should carefully consider the following risk factors and the other information in this Offering Circular before investing in our securities. Our business and results of operations could be seriously harmed by any of the following risks. The risks set out below are not the only risks we face. Additional risks and uncertainties not currently known to us or that we currently deem to be immaterial also may materially adversely affect our business, financial condition and/or operating results. If any of the following risks actually occur, our business, reputation, financial condition, results of operations, revenue and future prospects could be materially adversely affected and you could lose all or part of your investment in the Shares. In such case, the value of our securities could decline, and you may lose all or part of your investment.*

 

***<u>Risks Related to our Business and Industry</u>***

***We are an early-stage company with limited operating history and may never become profitable.***

 ****

We are a development stage company with no meaningful commercial revenues and only net losses. For the year ended December 31, 2024, our revenue was $Nil and we recorded a net loss of $2,305,221. For the year ended December 31, 2023, our revenue was $Nil and we recorded a net loss of $2,702,050. Our primary sources of liquidity are currently the funds raised from the issuance of the offering of the Urban Mining International, Inc. UMI Warrants, our common shares, the 2022 Debenture Offering, the 2024 Debenture Offering, the funds borrowed from Blue Bird Capital Enterprises, LLC, the funds borrowed from certain other shareholders and the funds borrowed from former directors and officers. We expect both our capital and operating expenditures will increase significantly in connection with our ongoing activities.

We expect to require adequate proceeds generated from this Offering and additional funding to expand our operations and develop our sales and distribution channels. However, there can be no assurance that additional funding will be available to us for the development of our business, which will require the commitment of substantial resources. Accordingly, you should consider our prospects in light of the costs, uncertainties, delays and difficulties frequently encountered by companies in the early stages of development. Potential investors should carefully consider the risks and uncertainties that an early-stage company with a very limited operating history will face. In particular, potential investors should consider that we may be unable to:

● successfully implement or execute our business plan if our business plan is not sound or for other reasons;

● obtain sufficient and affordable quantities of high quality feedstock;

● effectively process the E-Waste we obtain to produce sufficient quantities of commercially saleable commodities;

● develop our proposed facilities;

● effectively pursue business opportunities, including potential acquisitions;

● adjust to changing conditions or keep pace with increased demand;

● attract and retain an experienced management team; or

● raise sufficient funds in the capital markets to effectuate our business plan, including building production capacity.

We believe that our performance and future success is dependent on multiple factors that present significant opportunities for us to increase revenues, but also pose risks and challenges. If we cannot successfully develop, manufacture and distribute our products, or if we experience difficulties in the development process, such as capacity constraints, quality control problems or other disruptions, we may not be able to develop or offer market-ready commercial products at acceptable costs, which would adversely affect our ability to effectively enter the market or expand our market share. A failure by us to achieve a low-cost structure through economies of scale or improvements in cultivation, manufacturing or distribution processes would have a material adverse effect on our commercialization plans and our business, prospects, results of operations and financial condition.

***Our revenue depends on obtaining, maintaining and increasing feedstock of E-Waste supply commitments as well as securing new customers and off-take agreements.***

 ****

We must obtain, maintain and grow our E-Waste feedstock supply commitments as well as new customers (including through entry into off-take agreements for our concentrates and products) in order to generate revenue. As of the date of this Offering Circular, we have no firm commitments for the supply of E-Waste feedstock to our operating facility, and only have non-binding letters of intent from numerous suppliers. Such suppliers have no contractual obligation to provide us any E-waste feedstock for our current operations. Going forward, we may be unable to secure contracts with such E-Waste feedstock vendors and even if we do secure such contracts, E-Waste feedstock suppliers may change or delay supply contracts for any number of reasons, such as force majeure or government approval factors that are unrelated to Modern Mining. Likewise, we do not currently have any off-take agreements for the sale of our products. Even if we do secure such off-take contracts, suppliers may fail to perform under their contracts for similar reasons outlined above.

As a result, in order to operate our business, we must develop and obtain feedstock supply and product off-take agreements. However, it is difficult to predict whether and when we will secure such commitments and/or contracts due to competition for suppliers and the lengthy process of negotiating supplier agreements as well as buyer contracts, all of which may be affected by factors that we do not control, such as market and economic conditions, financing arrangements, commodity prices, environmental issues and government approvals.

***In addition to commodity prices, our revenues will be primarily driven by the volume and composition of E-Waste feedstock materials to be processed at our future facilities and changes in the volume or composition of E-Waste feedstock processed could significantly impact our revenues and results of operations.***

 ****

Our future revenues depend on processing high volumes of E-Waste feedstock, and our revenues will be directly impacted by the chemistry of the feedstock processed, particularly as market chemistries shift. Certain feedstock chemistries produce raw materials for which we receive higher prices than others. A decline in overall volume of E-Waste feedstock processed, or a decline in volume of chemistries with higher priced content relative to other chemistries, could result in a significant decline in our revenues, which in turn would have a material impact on our results of operations.

***Our success will depend on our ability to economically source, extract, and recover E-Waste, and to meet the market demand for sustainable and environmentally driven solutions for E-Waste processing.***

 ****

Our future business depends in large part on our ability to economically and effectively process and recover strategic metals and materials from E-Waste, and to meet the market demand for sustainable and environmentally driven solutions for E-Waste processing. Although we have conducted research and development ("R&D") and testing of our proprietary two-step PCP and APP process, we will need to scale our processing capacity in order to successfully implement our growth strategy and plan to do so in the future by, among other things, successfully building and developing our first commercial facility in Greenville, North Carolina. Although we have experience in processing E-Waste materials in our previous facilities, such operations were conducted on a limited scale, and we have not yet developed or operated a facility on a commercial scale to produce and sell end products. We do not know whether we will be able to develop efficient and low-cost processing capabilities, or whether we will be able to secure reliable sources of supply, in each case that will enable us to meet the production standards, costs and volumes required to successfully process E-Waste and meet our business objectives and customer needs. Even if we are successful in high-volume recycling and processing in our future facilities, we do not know whether we will be able to do so in a manner that avoids significant delays and cost overruns, including as a result of factors beyond our control, such as problems with suppliers, or in time to meet the commercialization schedules of future recycling needs or to satisfy the requirements of our customers. Our ability to effectively reduce our cost structure over time is limited by the fixed nature of many of our planned expenses in the near-term, and our ability to reduce long-term expenses is constrained by our need to continue investment in our growth strategy. Any failure to develop and scale such manufacturing processes and capabilities within our projected costs and timelines could have a material adverse effect on our business, results of operations or financial condition.

***We may not be able to successfully implement our growth strategy, on a timely basis or at all.***

 ****

Our future growth, results of operations and financial condition depend upon our ability to successfully implement our growth strategy, which, in turn, is dependent upon a number of factors, some of which are beyond our control, including our ability to:

● economically process E-Waste and recover strategic metals and materials and meet customers' business needs;

● effectively introduce methods for higher extraction and higher recovery rates of strategic metals, including metals recovery from R&D initiatives;

● complete the construction of our future facilities, including the Greenville, North Carolina facility, at a reasonable cost and on a timely basis;

● effectively ramp-up our facilities to expected performance targets;

● invest and keep pace in technology, research and development efforts, and the expansion into additional commodities recovery beyond gold, silver, copper, and palladium;

● secure and maintain required strategic supply arrangements, and obtain appropriate operating environmental and industrial quality certifications;

● effectively compete in the markets in which we operate; and

● attract and retain management or other employees who possess specialized knowledge and technical skills.

There can be no assurance that we can successfully achieve any or all of the above initiatives in the manner or time period that we expect. Further, achieving these objectives will require investments that may result in both short-term and long-term costs without generating any current revenue and therefore may be dilutive to earnings. We cannot provide any assurance that we will realize, in full or in part, the anticipated benefits we expect to generate from our growth strategy. Failure to realize those benefits could have a material adverse effect on our business, results of operations or financial condition.

***The development of our Greenville, North Carolina facility, and future projects, if any, are subject to risks, including with respect to engineering, permitting, procurement, construction, commissioning and ramp-up, and we cannot guarantee that these projects will be completed in a timely manner, that our costs will not be significantly higher than estimated, or that the completed projects will meet expectations with respect to their productivity or the specifications of their end products, among others****.*

 

Our Greenville, North Carolina facility (herein, the "**Facility**"), and future projects, if any, are subject to development risks, including with respect to engineering, permitting, procurement, construction, commissioning and ramp-up. Because of the uncertainties inherent in estimating construction and labor costs and the potential for the scope of a project to change, it is relatively difficult to evaluate accurately the total funds that will be required to complete the Facility, or future projects. Further, our estimate of the amount of time it will take to complete the Facility, or future projects, are based on assumptions about the timing of engineering studies, permitting, procurement, construction, commissioning and ramp-up, all of which can vary significantly from the time an estimate is made to the time of completion. We cannot guarantee that the costs of the Facility, or future projects, will not be higher than estimated, or that we will have sufficient capital to cover any increased costs, or that we will be able to complete the Facility, or future projects, within expected timeframes. Any such cost increases or delays could negatively affect our results of operations and ability to continue to grow, particularly if the Facility, or any future project, cannot be completed. Further, there can be no assurance that the Facility will perform at the expected production rates or unit costs, or that the end products will meet the intended specifications.

***We may be unable to manage future growth effectively.***

 ****

Even if we can successfully implement our growth strategy, any failure to manage our growth effectively could materially and adversely affect our business, results of operations and financial condition. We intend to expand our operations around the United States, and internationally in the long-term, which will require us to hire and train new employees; accurately forecast supply and demand, production and revenue; control expenses and investments in anticipation of expanded operations; establish new or expand current design, production, and sales and service facilities; and implement and enhance administrative infrastructure, systems and processes. Future growth may also be tied to acquisitions, and we cannot guarantee that we will be able to effectively acquire other businesses or integrate businesses that we acquire. Failure to efficiently manage any of the above could have a material adverse effect on our business, results of operations or financial condition.

***Failure to materially increase recycling capacity and efficiency could have a material adverse effect on our business, results of operations or financial condition.***

 ****

Although our future commercial facility in North Carolina is expected to have an annual total processing capacity of approximately 8,000 tonnes of E-Waste, the future success of our business depends in part on our ability to significantly increase our recycling capacity and efficiency. We may be unable to expand our business, satisfy demand from customers, maintain our competitive position and achieve profitability if we are unable to build and operate any future facilities. The construction of future facilities will require significant cash investments and management resources and may not meet our expectations with respect to increasing capacity and efficiency. For example, if there are delays in any future planned facilities, or if our facilities do not meet expected performance standards or are not able to produce materials that meet the quality standards we expect, we may not meet our target for adding capacity, which would limit our ability to increase sales and result in lower-than-expected sales and higher than expected costs and expenses. Failure to drastically increase recycling and processing capacity or otherwise satisfy customers' demands may result in a loss of market share to competitors, damage our relationships with our key customers, a loss of business opportunities or otherwise materially adversely affect our business, results of operations or financial condition.

***We have not yet demonstrated commercial-scale metal recoveries from E-Waste, and actual operating results may differ materially from our laboratory and pilot-plant projections.***

 ****

Although our proprietary PCP and APP processes have produced encouraging bench-scale and pilot-scale results, we have no experience operating these processes at the throughput rates, metal concentrations and continuous-run durations contemplated for our first commercial facility. Scale-up frequently introduces unanticipated engineering challenges, lower recoveries, higher reagent consumption, fouling, wear, downtime and maintenance costs. Should recoveries or unit costs deviate adversely from our current projections, we may be unable to meet offtake specifications, satisfy lender covenants or achieve positive operating margins, any of which would have a material adverse effect on our business.

***Future acquisitions and strategic investments could be difficult to integrate, divert the attention of key management personnel, disrupt our business, dilute shareholder value, and harm our results of operations and financial condition.***

 ****

We may in the future seek to acquire or invest in, businesses, products, or technologies that we believe could complement our operations or expand our breadth, enhance our capabilities, or otherwise offer growth opportunities. While our growth strategy includes broadening our product offerings, implementing an aggressive marketing plan and employing product diversification, there can be no assurance that our systems, procedures and controls will be adequate to support our operations as they expand. We cannot assure you that our personnel, systems, procedures or controls will be adequate to support our operations in the future or that we will be able to successfully implement appropriate measures consistent with our growth strategy. As part of our planned growth and diversified product offerings, we may have to implement new operational and financial systems, procedures and controls to expand, train and manage our employee base, and maintain close coordination among our staff. We cannot guarantee that we will be able to do so, or that if we are able to do so, we will be able to effectively integrate them into our existing staff and systems.

Additionally, the integration of our acquisitions and pursuit of potential future acquisitions may divert the attention of management and cause us to incur various expenses in identifying, investigating, and pursuing suitable acquisitions, whether or not they are consummated. Any acquisition, investment or business relationship may result in unforeseen operating difficulties and expenditures. In addition, we have limited experience in acquiring other businesses. Specifically, we may not successfully evaluate or utilize the acquired products, assets or personnel, or accurately forecast the financial impact of an acquisition transaction, including accounting charges. Moreover, the anticipated benefits of any acquisition, investment, or business relationship may not be realized, or we may be exposed to unknown risks or liabilities associated with our acquisitions.

We may not be able to find and identify desirable acquisition targets or we may not be successful in entering into an agreement with any one target. Acquisitions could also result in dilutive issuances of equity securities or the incurrence of debt, which could harm our results of operations. In addition, if an acquired business fails to meet our expectations, our business, results of operations, and financial condition may suffer. In some cases, minority shareholders may exist in certain of our non-wholly-owned acquisitions and may retain minority shareholder rights which could make a future change of control or necessary corporate approvals for actions more difficult to achieve and/or more costly.

We may also make strategic investments in early-stage companies developing products or technologies that we believe could complement our business or expand our breadth, enhance our technical capabilities, or otherwise offer growth opportunities. These investments may be in early-stage private companies for restricted shares. Such investments are generally illiquid and may never generate value. Further, the companies in which we invest may not succeed, and our investments could lose their value.

***Expanding internationally involves risks that could delay our expansion plans and/or prohibit us from entering markets in certain jurisdictions, which could have a material adverse effect on our results of operations.***

 ****

At present, we have no immediate intention to expand our operations outside of North America. If we were to expand more broadly and pursue international operations, those operations would be subject to certain risks inherent in doing business abroad, including:

● political, civil and economic instability;

● corruption risks;

● trade, customs and tax risks;

● currency exchange rates and currency controls;

● limitations on the repatriation of funds;

● insufficient infrastructure;

● restrictions on exports, imports and foreign investment;

● increases in working capital requirements related to long supply chains;

● changes in labor laws and regimes and disagreements with the labor force;

● difficulty in protecting intellectual property rights and complying with data privacy and protection laws and regulations; and

● different and less established legal systems.

***We will be dependent on our facilities. If one or more of our facilities become inoperative, capacity constrained or if operations are disrupted, our business, results of operations or financial condition could be materially adversely affected.***

 ****

Our revenue will be dependent on the continued operations of our facilities, including our Greenville, North Carolina head office/processing facility and any other facilities we may develop in the future. To the extent that we experience any operational risk including, among other things, fire and explosions, severe weather and natural disasters (such as floods and hurricanes), failures in water supply, major power failures, equipment failures (including any failure of our information technology, air conditioning, and cooling and compressor systems), a cyber-attack or other incident, failures to comply with applicable regulations and standards, labor force and work stoppages, including those resulting from local or global pandemics or otherwise, or if our current or future facilities become capacity constrained, we may be required to make capital expenditures even though we may not have sufficient available resources at such time.

Additionally, there is no guarantee that the proceeds available from our insurance policies will be sufficient to cover such capital expenditures. Our insurance coverage and available resources may prove to be inadequate for events that may cause significant disruption to our operations. Any disruption in our recycling processes could result in production delays, scheduling problems, increased costs or production interruption, which, in turn, may result in our customers deciding to send their E-Waste feedstock to our competitors. We will be dependent on our future facilities, which will require a high degree of capital expenditures. If one or more of our future facilities become inoperative, capacity constrained or if operations are disrupted, our business, results of operations or financial condition could be materially adversely affected.

***Our insurance coverage may prove inadequate, may not be available on acceptable terms, or may not cover all operating risks, which could leave us exposed to significant uninsured losses.***

 ****

We carry property, general liability, environmental impairment, cyber-security and directors' and officers' insurance in amounts we believe are customary for a company at our stage of development. However, insurance markets for specialty recycling operations are limited, premiums are volatile, and policy exclusions can be significant. Certain catastrophic events—such as major equipment failure, chemical release, explosions, severe weather, natural disasters, terrorism or cyber-attacks—may be uninsurable, not economically insurable, or subject to sub-limits, high deductibles or coverage exclusions. If we were to incur a significant uninsured or under-insured loss, our financial condition and results of operations could be materially and adversely affected, and we might be forced to seek additional capital on unfavorable terms or cease the affected operations.

***We may need to raise additional funds in the future to meet our capital requirements and such funds may not be available to us on commercially reasonable terms or at all, which could materially adversely affect our business, results of operations or financial condition.***

 ****

Our operations are highly capital-intensive. Although we believe that we will have sufficient funds to meet our capital requirements for the next 24 months, we may in the future need to raise additional funds, including through the issuance of equity, equity linked or debt securities or through obtaining credit from government or financial institutions, and the availability of additional funds to us will depend on a variety of factors, some of which are outside of our control. Additional funds may not be available to us on commercially reasonable terms or at all, which could materially adversely affect our business, results of operations or financial condition. If additional funds are raised by issuing equity or equity-linked securities, our shareholders may incur dilution. We have also issued interest bearing promissory notes in the aggregate amount of $1,025,732 comprised of $953,892 in principal and $71,840 in accrued interest, due on demand, which sum shall be payable on demand at any time after the date of the issuance. We may not have sufficient funds to pay the amounts due under the outstanding promissory notes if payment is demanded prior to the completion of the Offering.

***Our financial situation creates doubt as to whether we will continue as a going concern.***

 ****

We are a development stage company with no meaningful commercial revenues and incurred a net loss of $2,305,221 for the year ended December 31, 2024, a net loss of $2,702,050 for the year ended December 31, 2023 and expect to incur a net loss for the fiscal year ending December 31, 2025, and thereafter, primarily as a result of the costs of listing, building processing plants as well as increased operating expenses to execute our business plan and growth strategy. There can be no assurances that we will be able to achieve a level of revenues adequate to generate sufficient cash flow from operations or obtain funding from this Offering or additional financing through private placements, public offerings and/or bank financing necessary to support our working capital requirements. To the extent that funds generated from any private placements, public offerings and/or bank financing are insufficient, we will have to raise additional working capital. No assurance can be given that additional financing will be available, or if available, will be on acceptable terms. These conditions raise substantial doubt about our ability to continue as a going concern. If adequate working capital is not available, we may be forced to discontinue operations, which would cause investors to lose their entire investment.

***Our business is subject to operational risks that could disrupt our business, some of which may not be insured or fully covered by insurance.***

 ****

Our operations are subject to risks inherent in the E-Waste industry, including potential liability which could result from, among other circumstances, personal injury, environmental claims or property damage some of which may not be insured or fully covered by insurance. The availability of, and the ability to collect on, insurance coverage is subject to factors beyond our control and is not guaranteed to cover any or all of our losses in every circumstance. Our insurance coverage may also be inadequate to cover liabilities related to such operational risks. We have no control over changing conditions and pricing in the insurance marketplace and the cost or availability of various types of insurance may change dramatically in the future. Moreover, we may not be able to maintain adequate insurance in the future at rates we consider reasonable and commercial justifiable, and insurance may not continue to be available on terms as favorable as our current arrangements. The occurrence of a significant uninsured claim, or a claim in excess of the insurance coverage limits maintained by us could adversely affect our business, results of operations and financial condition.

***We are subject to the inherent risk of exposure to environmental pollution claims.***

 ****

The electronics-recycling and metals-processing industries are subject to intense public and regulatory scrutiny regarding environmental justice, worker safety, greenhouse-gas emissions, water usage and supply-chain transparency. Non-governmental organizations, local community groups, labor activists, socially responsible investment funds or the media may allege, whether or not justified, that our operations, suppliers or customers have adverse environmental or social impacts. As a concentrator and refiner of E-Waste containing metals and user of chemical products, we face an inherent risk of exposure to pollution and environmental liability claims, regulatory action and litigation if our processes are alleged to have caused bodily harm or injury. Adverse reactions resulting from contamination of air, soil, and water sources could occur. We may be subject to various liability claims, including, among others, that our concentrator and refinery facilities caused injury or illness, including inadequate disposal of chemicals, discharge of chemicals into the air, possible side effects or interactions with such chemical substances. Liability claims or regulatory actions against us could result in increased costs, could adversely affect our reputation with our clients and consumers generally, and could have a material adverse effect on our results of operations and financial condition. There can be no assurances that we will be able to obtain or maintain environmental liability insurance on acceptable terms or with adequate coverage against potential liabilities. Such insurance is expensive and may not be available in the future on acceptable terms, or at all. The inability to obtain sufficient insurance coverage on reasonable terms or to otherwise protect against potential liability claims could prevent or inhibit the concentration and processing of E-Waste and separation of minerals.

***The mining and metal recycling industries face strong opposition.***

 ****

Many political and social organizations oppose mining and mineral/metal recycling for their environmental risks. Our business will need support from local governments, industry participants, consumers and residents to be successful. Additionally, there are large, well-funded businesses and industry groups that may have a strong opposition to the mining and mineral/metal recycling industries. For example, the pharmaceutical and alcohol industries have traditionally opposed mining and mineral/metal recycling. Any efforts by these or other industries opposed to mining and mineral/metal recycling to halt or impede mining and mineral/metal recycling could have detrimental effects on our business.

***Decreases and fluctuations in benchmark prices for the metals contained in our offtake could significantly impact our revenues and results of operations.***

 ****

The prices that we obtain for our offtake are generally tied to commodity prices for their principal contained metals, such as gold, silver, copper and palladium. Fluctuations in the prices of these commodities will affect our revenues and declines in the prices of these commodities could have a material adverse impact on our revenues. Any significant decline in our revenues will have a material impact on our results of operations.

Fluctuations in commodities prices, such as the metals/minerals we are extracting from E-Waste, are caused by varied and complex factors beyond our control or the control of our suppliers, including global supply and demand balances and inventory levels; global economic and political conditions; international regulatory, trade and tax policies, including national tariffs; commodities investment activity and speculation; interest rates; the strength of the U.S. dollar compared to foreign currencies; the price and availability of substitute products; and changes in technology. Volatility in global economic growth, particularly in developing economies, has the potential to adversely affect future demand and prices for commodities. Geopolitical uncertainty and protectionism, such as the Russian invasion of Ukraine, the conflict between Israel and Hamas, and the new US tariff policy implemented in 2025, all have the potential to inhibit international trade and negatively impact business confidence, which creates the risk of constraints on our ability to trade in certain markets and has the potential to increase price volatility.

Metals and Mineral prices may be affected by supply from China, which has become the largest producer of minerals in the world, and by changes in demand for products that require certain minerals. Rising trade tensions between the U.S. and China and efforts by the Chinese government to reduce debt levels contributed to slowdowns in China's growth. A continued slowing in China's economic growth and demand and continued trade tensions between the U.S. and China could result in lower production of minerals and higher mineral prices which could have a material adverse impact on our operations, including cash flow and the ability to purchase raw materials from our suppliers if they raise prices as well. The adoption and expansion of trade restrictions, changes in the state of China-U.S. relations, including the current trade war, or other governmental action related to tariffs or trade agreements, or policies are difficult to predict and could adversely affect demand for our minerals, our costs, our customers, our suppliers, and the U.S. economy, which in turn could have a material adverse effect on our business, results of operations, or financial condition. Additionally, our suppliers could be raising prices of materials which could in turn have a material adverse effect on our operations.

***Disruptions in our supply chain could adversely affect our business.***

 ****

Our initial commercial facility will rely on specialized shredders, sensor-based sorters, dissolution vessels, filtration systems, reagents and control software that are sourced from a small number of vendors, many of whom have long lead times or are located outside the United States. Global shortages of semiconductors, stainless steel, pumps, or critical reagents; transportation bottlenecks; trade restrictions; labor disputes; outbreaks of disease; or geopolitical tensions could delay delivery of equipment, increase capital expenditures, and impair our ability to achieve planned throughput rates. If key suppliers default, we may be unable to obtain suitable replacement components on acceptable terms, which could materially delay commissioning schedules and raise operating costs.

Global trade conditions, inflation and consumer trends that originated during the COVID-19 pandemic continue to persist and have created significant disruptions to the global supply chain, which may impact our ability to obtain equipment and other supplies necessary for our business on a timely basis and at anticipated costs. Any continued supply chain disruptions, inflation or shortages in the availability of equipment from our suppliers, could adversely affect our business and operating results. Circumstances such as another Pandemic, or a global recession may result in lost or delayed sales orders, as many of our targeted customers may cut back their proposed capital spending in the face of economic uncertainty and limited access to financing. This would impact the ability of us to grow our business and, as a result, sales orders may be lower than expected. Any decrease in sales would negatively impact our cash flows and other financial results. Different markets and different geographies in which we operate may be impacted to different extents, making it difficult to forecast the likely impact.

***Our reliance on the experience and expertise of our management may cause adverse impacts to us if a management member departs.***

 ****

Our success is dependent upon the ability, expertise, judgment, discretion and good faith of our senior management and key employees, including, without limitation: (i) Kuljit (Jeet) Basi, Director, Chief Executive Officer and President; (ii) David Whitney, Chief Financial Officer; (iii) Darrell Campanella, General Manager; (iv) Chris Oppel, Production Manager; and (v) Mark Zorko, Chairman of the Board of Directors. Our business may be severely disrupted if we lose the services of our key executives and employees or fail to add new senior and middle managers to our management. Our future success is heavily dependent upon the continued service of our key executives. We also rely on a number of key technology staff for our continued operation. Our future success is also dependent upon our ability to attract and retain qualified senior and middle managers to our management team. If one or more of our current or future key executives or employees are unable or unwilling to continue in their present positions, we may not be able to easily replace them, and our business may be severely disrupted. In addition, if any of these key executives or employees joins a competitor or forms a competing company, we could lose customers and suppliers and incur additional expenses to recruit and train personnel.

***Our Chief Financial Officer also serves as the Chief Financial Officer of other companies, which may divert his time and attention from our operations.***

 ****

Our Chief Financial Officer, Mr. David Whitney, has previously served as the Chief Financial Officer for various public and private companies in North America. Mr. Whitney is also currently the Chief Financial Officer of Starfighters Space, Inc. These additional roles, and particularly should any complications arise in connection with these roles, may divert Mr. Whitney's time and efforts away from our day-to-day operational and other business matters, which may in turn impact our business, prospects, financial conditions, and operating results.

***We are subject to the risk of litigation or regulatory proceedings, which could impact our financial results.***

 ****

All industries, including the E-Waste recycling industry, are subject to legal claims, with or without merit. We are not currently, nor have we ever been, party to any legal proceedings, but we could be involved in various litigation and regulatory proceedings arising in the normal course of business in the future. Due to the inherent uncertainty of the litigation process, we may not be able to predict with any reasonable degree of certainty the outcome of any litigation or the potential for future litigation. Regardless of the outcome, any legal or regulatory proceeding could have an adverse impact on our business, prospects, financial conditions, and operating results due to defense costs, the diversion of management resources and other factors.

***We operate in an emerging, competitive industry and if we are unable to compete successfully our revenue and profitability will be adversely affected.***

 ****

The E-Waste recycling market is competitive. As the industry evolves and the demand increases, we anticipate that competition will increase. We also compete against companies that have a substantial competitive advantage because of longer operating histories and larger budgets, as well as greater financial and other resources. National or global competitors could enter the market with more substantial financial and workforce resources, stronger existing customer relationships, and greater name recognition, or could choose to target medium to small companies in our traditional markets. Competitors could focus their substantial resources on developing a more efficient recovery solution than our solutions. Competition also places downward pressure on our contract prices and profit margins, which presents us with significant challenges in our ability to maintain strong growth rates and acceptable profit margins. If we are unable to meet these competitive challenges, we could lose market share to our competitors and experience an adverse impact to our business, financial condition and results of operations.

***Increases in income tax rates, changes in income tax laws or disagreements with tax authorities could adversely affect our business, financial condition or results of operations.***

 ****

We are subject to income taxes in the United States and Canada. Increases in income tax rates or other changes in income tax laws that apply to our business could reduce our after-tax income from such jurisdiction and could adversely affect our business, financial condition or results of operations.

***Our operating and financial results may vary significantly from period to period due to fluctuations in our operating costs and other factors.***

 ****

We expect our period-to-period operating and financial results to vary based on a multitude of factors, some of which are outside of our control. We expect our period-to-period financial results to vary based on operating costs, which we anticipate will fluctuate with the pace at which we increase our operating capacity. As a result of these factors and others, we believe that quarter-to-quarter comparisons of our operating or financial results, especially in the short term, are not necessarily meaningful and that these comparisons cannot be relied upon as indicators of future performance. Moreover, our financial results may not meet the expectations of equity research analysts, ratings agencies, or investors, who may be focused only on quarterly financial results. If any of this occurs, the trading price of our Shares could fall substantially, either suddenly or over time.

***We may not be able to achieve and maintain an effective system of internal control over financial reporting, a failure of which may prevent us from accurately reporting our financial results or detecting and preventing fraud.***

 ****

We are subject to reporting obligations under the U.S. securities laws. We are required to prepare a management report on our internal control over financial reporting containing our management's assessment of the effectiveness of our internal control over financial reporting. In addition, our independent registered public accounting firm must report on the effectiveness of our internal control over financial reporting. Our management may conclude that our internal control over our financial reporting is not effective. Moreover, even if our management concludes that our internal control over financial reporting is effective, our independent registered public accounting firm may conclude that our internal control over financial reporting is not effective. Our reporting obligations as a public company may place a significant strain on our management, operational and financial resources and systems for the foreseeable future.

Effective internal controls over financial reporting are necessary for us to provide reliable financial reports and, together with adequate disclosure controls and procedures, are designed to prevent fraud. Any failure to implement required new or improved controls, or difficulties encountered in their implementation could cause us to fail to meet our reporting obligations.

A "material weakness" is a deficiency, or a combination of deficiencies, in internal control over financial reporting, such that there is a reasonable possibility that a material misstatement of our annual or interim consolidated financial statements will not be prevented or detected on a timely basis.

In preparing our consolidated financial statements for the ended December 31, 2024, we and our independent registered public accounting firm identified a material weakness in our internal control over financial reporting as related to inappropriately designed and executed management review controls over both routine and subjective areas.

To remediate our material weaknesses, we expect to incur additional costs for addressing our material weaknesses and deficiencies. Our remedial measures will include: Development of policies and procedures that require approval of journal entries by the appropriate supervisor of, or an individual that is in an oversight role to, the individuals who prepare them and retain such documentation.

 ****

***Natural disasters, unusually adverse weather, epidemic or pandemic outbreaks, cyber incidents, boycotts and geopolitical events could materially adversely affect our business, results of operations or financial condition.***

 ****

The occurrence of one or more natural disasters, such as fires, hurricanes and earthquakes, unusually adverse weather, epidemic or pandemic outbreaks, cyber incidents such as ransomware attacks, boycotts and geo-political events, such as tariffs, civil unrest and acts of terrorism (including cyber terrorism or other cyber incidents), or similar disruptions could materially adversely affect our business, power supply, results of operations or financial condition. These events could result in physical damage to property, an increase in energy prices, temporary or permanent closure of the Facility, temporary lack of an adequate workforce in a market, temporary or long-term disruption in the supply of raw materials, temporary disruption in transport from overseas, or disruption to our information systems. We may incur expenses or delays relating to such events outside of our control, which could have a material adverse impact on our business, operating results and financial condition.

***We may be subject to intellectual property rights claims by third parties, which could be costly to defend, could require payment of significant damages and could limit our ability to use certain technologies.***

 ****

We are subject to the risk of third parties asserting claims of infringement of intellectual property rights or violation of other statutory, license or contractual rights in technology or data. Any such claim by a third party, even if without merit, could cause us to incur substantial costs defending against such claim and could distract our management and development teams from our business.

Although third parties may offer a license to their technology or data, the terms of any offered license may not be acceptable or commercially reasonable and the failure to obtain a license or the costs associated with any license could cause our business, prospects, financial condition, and operating results to be adversely affected. In addition, some licenses may be non-exclusive, and therefore our competitors may have access to the same technology or data licensed to us. Alternatively, we may be required to develop non-infringing technology or data, which could require significant effort and expense and ultimately may not be successful. Furthermore, a successful claimant could secure a judgment, or we may agree to a settlement that prevents us from selling certain products or performing certain services in a given country or countries or that requires us to pay royalties, substantial damages, including treble damages if we are found to have willfully infringed the claimant's patents, copyrights, trade secrets or other statutory rights, or other fees. Any of these events could have an adverse effect on our business, prospects, financial condition, and operating results.

The laws of some foreign countries do not protect proprietary rights to the same extent as the laws of the United States, and we may encounter significant problems and costs in protecting our proprietary rights in these foreign countries.

***Directors, executive officers and consultants may be subject to conflicts of interest.***

 ****

We may be subject to various potential conflicts of interest because of the fact that some of our officers, directors and consultants may be engaged in a range of business activities, including certain officers, directors and consultants that provide services to other companies involved material development. Our executive officers, directors and consultants may devote time to their outside business interests, so long as such activities do not materially or adversely interfere with their duties to us. In some cases, our executive officers, directors and consultants may have fiduciary obligations associated with these business interests that may interfere with their ability to devote time to our business and affairs and that could adversely affect our operations. In addition, we may also become involved in other transactions which conflict with the interests of our directors, officers and consultants who may from time to time deal with persons, firms, institutions or corporations with which we may be dealing, or which may be seeking investments similar to those desired by us. The interests of these persons could conflict with ours. Conflicts of interest, if any, will be subject to the procedures and remedies provided under applicable laws. In particular, in the event that such a conflict of interest arises at a meeting of our directors, a director who has such a conflict will abstain from voting for or against the approval of such participation or such terms. In accordance with applicable laws, our directors are required to act honestly, in good faith and in our best interests.

***We could be subject to a security breach that could result in significant damage or theft of products and equipment.***

 ****

We rely on sophisticated information technology systems to operate our plants, manage inventory, control proprietary process parameters, and safeguard commercially sensitive and personal data. Breaches of security at our facilities may occur and could result in damage to or theft of products and equipment which is not covered by any of our insurance policies. A security breach at our facilities could result in a significant loss of inventory or work in process, expose us to liability under applicable regulations and increase expenses relating to the investigation of the breach and implementation of additional preventative security measures, any of which could have an adverse effect on our business, financial condition and results of operations. In addition, we must comply with an increasingly complex web of U.S. federal, state and foreign data-protection laws. Failure to comply, or to timely implement new requirements, could result in significant penalties and litigation.

***If we sustain cyber-attacks or other privacy or data security incidents that result in security breaches that disrupt our operations or result in the unintended dissemination of protected personal information or proprietary or confidential information, or if we are found by regulators to be non-compliant with statutory requirements for the protection and storage of personal data, we could suffer a loss of revenue, increased costs, exposure to significant liability, reputational harm and other serious negative consequences.***

 ****

As our operations expand, we may process, store and transmit large amounts of data in our operations, including protected personal information as well as proprietary or confidential information relating to our business and third parties. Experienced computer programmers and hackers may be able to penetrate our layered security controls and misappropriate or compromise our protected personal information or proprietary or confidential information or that of third parties, create system disruptions or cause system shutdowns. They also may be able to develop and deploy viruses, worms and other malicious software programs that attack our systems or otherwise exploit any security vulnerabilities. Hardware, software, or applications we develop or procure from third parties may contain defects in design or manufacture or other problems that could unexpectedly compromise information security. Our facilities may also be vulnerable to security incidents or security attacks, acts of vandalism or theft, coordinated attacks by activist entities, misplaced or lost data, human errors, or other similar events that could negatively affect our systems and our customer's data.

***<u>Risks Related to our Regulatory Framework</u>***

***Our business is subject to environmental and employee health and safety regulations and risks.***

 ****

Our operations are subject to environmental and safety laws and regulations concerning, among other things, emissions and discharges to water, air and land, the handling and disposal of hazardous and non-hazardous materials and wastes, and employee health and safety. We will incur ongoing costs and obligations related to compliance with environmental and employee health and safety matters. Failure to comply with environmental and safety laws and regulations may result in additional costs for corrective measures, penalties or in restrictions on our operations. Government approvals and permits are currently and may in the future be required in connection with our operations. To the extent such approvals are required and not obtained, we may be curtailed from proceeding with the development of our operations as currently proposed.

***There are risks associated with the regulatory regime and permitting requirements of our operations.***

 ****

Achievement of our business objectives is contingent, in part, upon compliance with regulatory requirements enacted by governmental authorities and obtaining all regulatory approvals, where necessary, for the concentration and metal separation and sale of our products. As our only facility in operation is our pilot and demonstration plant in Greenville, North Carolina, we must comply with local and State ambient air quality standards in respect to emissions from any stack, vent, or outlet, of sulfur oxides, suspended particulates, carbon monoxide, nitrogen oxide, etc. Furthermore, we must comply with National Ambient Air Quality Standards ("NAAQS"), water quality standards under the Clean Water Act and local noise regulations. We may not be able to obtain or maintain the necessary licenses, permits, quotas, authorizations, certifications or accreditations to operate our business going forward, or may only be able to do so at great cost. We cannot predict the time required to secure all appropriate regulatory approvals for our concentrator and purification plants, or the extent of testing and documentation that may be required by local governmental authorities in other states and other countries.

Our officers and directors must rely, to a great extent, on our local legal counsel and local consultants retained in such jurisdictions in order to keep abreast of material legal, regulatory and governmental developments as they pertain to and affect our business operations, and to assist us with governmental relations. We must rely, to some extent, on those members of management and the Board of Directors who have previous experience working and conducting business in the United States or abroad in order to enhance our understanding of and appreciation for the local business culture and practices in such jurisdictions.

We also rely on the advice of local experts and professionals in connection with any current and new regulations that develop in respect of banking, financing and tax matters in the jurisdictions in which we operate. Any developments or changes in such legal, regulatory or governmental requirements or in local business practices in such jurisdictions are beyond our control and may adversely affect our business.

We will incur ongoing costs and obligations related to regulatory compliance. Failure to comply with applicable laws, regulations and permitting requirements may result in enforcement actions thereunder, including orders issued by regulatory or judicial authorities causing operations to cease or be curtailed, and may include corrective measures requiring capital expenditures, installation of additional equipment, or remedial actions. We may be required to compensate those suffering loss or damage by reason of our operations and may have civil or criminal fines or penalties imposed for violations of applicable laws or regulations. In addition, changes in regulations, more vigorous enforcement thereof or other unanticipated events could require extensive changes to our operations, increased compliance costs or give rise to material liabilities, which could have a material adverse effect on our business, results of operations and financial condition.

***Any failure on our part to comply with applicable regulations or to obtain and maintain the necessary licenses and certifications could prevent us from being able to carry on our business, and there may be additional costs associated with any such failure.***

 ****

Our business activities are heavily regulated in all jurisdictions where we will do business. Our operations are subject to various laws, regulations and guidelines by governmental authorities relating to the handling, processing, management, distribution, transportation, storage, sale, and disposal of chemicals and minerals. In addition, we are subject to laws and regulations relating to employee health and safety, insurance coverage and the environment. Laws and regulations, applied generally, grant government agencies and self-regulatory bodies broad administrative discretion over our activities, including the power to limit or restrict business activities as well as impose additional disclosure requirements on our materials and products.

Any failure by us to comply with applicable regulatory requirements could:

● require extensive changes to our operations;

● result in regulatory or agency proceedings or investigations;

● result in the revocation of our licenses and permits, the imposition of additional conditions on licenses to operate our business, and increased compliance costs;

● result in damage awards, civil or criminal fines or penalties;

● result in the suspension or expulsion from a particular market or jurisdiction of our key personnel;

● result in restrictions on our operations or the imposition of additional or more stringent inspection, testing and reporting requirements;

● harm our reputation; or

● give rise to material liabilities.

There can be no assurance that any future regulatory or agency proceedings, investigations or audits will not result in substantial costs, a diversion of management's attention and resources or other adverse consequences to our business.

In addition, changes in regulations, government or judicial interpretation of regulations, or more vigorous enforcement thereof or other unanticipated events could require extensive changes to our operations, increase compliance costs or give rise to material liabilities or a revocation of our licenses and other permits. Furthermore, governmental authorities may change their administration, application or enforcement procedures at any time, which may adversely affect our ongoing regulatory compliance costs. There is no assurance that we will be able to comply or continue to comply with applicable regulations.

***We cannot predict the impact of any new environmental laws or regulations or of changes in current environmental laws or regulations on our business and operations in the future.***

We believe we possess all material environmental permits and licenses necessary for the operation of our business and that our operations will be in substantial compliance with the terms of all applicable environmental laws and regulations. We cannot predict the impact of any new environmental laws or regulations or of changes in current environmental laws or regulations on our operations. The government may in future take steps towards the adoption of more stringent environmental regulations in respect of our business. Due to the possibility of unanticipated regulatory or other developments, the amount and timing of future environmental expenditures may vary substantially from those currently anticipated. If there is any unanticipated change in the environmental regulations, we may need to incur substantial capital expenditures to install, replace, upgrade or supplement our equipment or make operational changes to limit any adverse impact or potential adverse impact on the environment in order to comply with any new environmental protection laws and regulations. If such costs become prohibitively expensive, this may adversely affect our business operations.

 **

***<u>Risks Related to our Shares and this Offering</u>***

 

***The trading price of our Shares could be subject to wide fluctuations due to a variety of factors, including:***

● our actual or anticipated operating performance and the operating performance of our competitors;

● failure of securities analysts to initiate or maintain coverage of us, changes in financial estimates by any securities analysts who follow our company, or our failure to meet the estimates or the expectations of investors;

● any major change in our Board of Directors, management, or key personnel;

● market conditions in our industry;

● general economic conditions such as recessions, interest rates, fuel prices, trade policies, international currency fluctuations;

● the effectiveness of the Company's marketing efforts;

● rumors and market speculation involving us or other companies in our industry;

● announcements by us or our competitors of significant innovations, new products, services or capabilities, acquisitions, strategic investments, partnerships, joint venture or capital commitments;

● the legal and regulatory landscape and changes in the application of existing laws or adoption of new laws that impact our business;

● legal and regulatory claims, litigation, or pre-litigation disputes and other proceedings;

● other events or factors, including those resulting from war, incidents of terrorism, or responses to these events; and

● sales or expected sales of our Shares by us, our officers, directors, significant shareholders, and employees.

In addition, stock markets have experienced significant price and volume fluctuations that have affected and continue to affect the market prices of equity securities of many companies. The stock market in general and the Nasdaq have experienced price and volume fluctuations that have often been unrelated or disproportionate to the operating performance of the particular companies affected. These fluctuations may be even more pronounced in the trading market for our Shares as a result of the supply and demand forces for newly public companies. In the past, shareholders have instituted securities class action litigation following periods of share volatility.

 ****

 ****

***Holders of our Investor Rights Warrants may exert significant control over us, which may limit your ability to influence corporate matters and may give rise to conflicts of interest.***

As of the date of this Offering Circular, holders of our Investor Rights Warrants (as defined herein) held 9,705,696 Investor Rights Warrants representing 65.63% of our combined shares and Investor Rights Warrants. One holder, Blue Bird Capital Enterprises, LLC ("Blue Bird") held 33.6% of our Investor Rights Warrants. The Investor Rights Warrants will automatically convert on a cashless basis to Shares or, assuming at least one of the IRA Warrant Triggers (as defined herein) is satisfied, IRA Unit Warrants, upon completion of this Offering and assuming an Offering Price of $4.25]and a $0.34 (C$0.425) exercise price, holders of the Investor Rights Warrants will receive 0.92 Shares or 0.92 IRA Unit Warrants, as applicable, per Investor Rights Warrant held, subject to the IRA Blocker (as defined herein). Each IRA Unit Warrant will automatically convert into additional Shares on a cashless basis upon closing of this Offering and assuming an Offering Price of $4.25 and a $0.085 (C$0.106) exercise price, holders of the Investor Rights Warrants will receive 0.98 Shares per IRA Unit Warrant held, subject to the IRA Blocker provisions. Pursuant to the Investor Rights Agreement, holders of our Investor Rights Warrants shall be entitled to receive notice of and to attend any meeting of the shareholders of the Company and to vote on any matter at any meetings of shareholders of the Company. The Investor Rights Agreement will terminate upon completion of the Offering, and consequently, the voting rights granted under the Investor Rights Agreement to the holders of the Investor Rights Warrants will also terminate at such time. Each Investor Rights Warrant entitles the holder thereof to one vote per Investor Rights Warrant. Further, the holders of our Investor Rights Warrants, through their Warrantholder Representative, Kuljit (Jeet) Basi, shall be entitled to nominate three (3) directors to the Board subject to the provisions of the Investor Rights Agreement. See a discussion of the Investor Rights Agreement under "***Business — Recent Developments***." Accordingly, holders of our Investor Rights Warrants will exert significant influence over us and any action requiring the approval of our shareholders and/or our Board prior to completion of the Offering. Significant holders of our Investor Rights Warrants, whose Investor Rights Warrants will automatically convert into Shares upon the closing of the Offering will continue to exert significant influence over us and any action requiring the approval of our shareholders following completion of the Offering. Furthermore, the interests of the holders of our Investor Rights Warrants may not always coincide with your interests or the interests of other shareholders and they may, prior to the completion of this Offering, act in a manner that advances their best interests and not necessarily those of other shareholders.

 ****

***Holders of our Convertible Debentures may exert significant control over us, which may limit your ability to influence corporate matters and may give rise to conflicts of interest.***

On April 7, 2022, the Company issued (herein, the " 2022 Debenture Offering") $3,331,390 principal amount of 5% unsecured convertible debentures (" 2022 Debentures") in a private placement. The 2022 Debentures were issued pursuant to an indenture made as of April 7, 2022, as supplemented May 26, 2025 (the " 2022 Debenture Indenture"), between the Company and Computershare Trust Company of Canada ("Computershare") as trustee. The 2022 Debenture Indenture provides that in the event that we complete a U.S. listing, such as this Offering, the principal amount of the 2022 Debentures plus any accrued unpaid interest will automatically convert into Shares at a conversion price equal to the lessor of (A) a 40% discount to the Offering Price, and (B) $5.00, and shall be subject to a six (6) month hold period from the listing of the Shares on the Canadian Securities Exchange, the TSX Venture Exchange, the Toronto Stock Exchange, the Neo Exchange Inc., the Nasdaq Stock Market or any United States stock exchange. Up to 50% of the securities subject to the six (6) month hold period may be released early in accordance with the Pooling Agreement.

On August 31, 2022, we entered into the Convertible Debentures IRA, pursuant to which holders of our Convertible Debentures shall be entitled to receive notice of and to attend any meeting of the shareholders of the Company and to vote on any matter at any meetings of shareholders of the Company. For the purpose of the Convertible Debentures IRA, each $2.40 of Convertible Debentures is equal to one Share, entitling the holder thereof to one vote. See a discussion of the Convertible Debentures IRA under "***Business — Recent Developments***." Accordingly, holders of our Convertible Debentures will exert significant influence over us and any action requiring the approval of our shareholders and/or our Board prior to the completion of this Offering and conversion of the Debentures into Shares. Furthermore, the interests of the holders of our Debentures may not always coincide with your interests or the interests of other shareholders and they may, prior to the completion of this Offering, act in a manner that advances their best interests and not necessarily those of other shareholders.

 ****

 ****

***We are a foreign private issuer and intend to take advantage of the less frequent and less detailed reporting obligations applicable to foreign private issuers.***

We are a "foreign private issuer", as such term is defined in Rule 405 under the Securities Act, and are not subject to the same requirements that are imposed upon U.S. domestic issuers by the SEC. Under the Exchange Act, we will be subject to reporting obligations that, in certain respects, are less detailed and less frequent than those of U.S. domestic reporting companies. As a result, we will not file the same reports that a U.S. domestic issuer would file with the SEC, although we will be required to file with or furnish to the SEC the continuous disclosure documents that we are required to file in Canada under Canadian securities laws. In addition, our officers, directors, and principal shareholders are exempt from the reporting and "short swing" profit recovery provisions of Section 16 of the Exchange Act. Therefore, our shareholders may not know on as timely a basis when our officers, directors and principal shareholders purchase or sell shares, as the reporting deadlines under the corresponding Canadian insider reporting requirements are longer.

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

In addition, as a foreign private issuer, we have the option to follow certain Canadian corporate governance practices, except to the extent that such laws would be contrary to U.S. securities laws, and provided that we disclose the requirements we are not following and describe the Canadian practices we follow instead. We may in the future elect to follow home country practices in Canada with regard to certain corporate governance matters.

As a result, our shareholders may not have the same protections afforded to shareholders of U.S. domestic companies that are subject to all corporate governance requirements.

 ****

***We may lose our status as a foreign private issuer in the United States, which would result in increased costs related to regulatory compliance under United States securities laws.***

We will cease to qualify as a "foreign private issuer," as defined in Rule 405 under the Securities Act and Rule 3b-4 under the Exchange Act, if, as of the last business day of our second fiscal quarter, more than 50% of our outstanding Shares are directly or indirectly owned by residents of the United States and any of the following three circumstances applies: (i) the majority of our executive officers or directors are U.S. citizens or residents; (ii) more than 50% of our assets are located in the United States; or (iii) our business is administered principally in the United States. If we determine that we fail to qualify as a foreign private issuer, we will cease to be eligible to avail ourselves of the forms and rules designated for foreign private issuers beginning on the first day of the fiscal year following such determination. Among other things, this will result in loss of the exemption from registration under the Exchange Act provided by Rule 12g3-2(b) thereunder, and, if we are required to register our Shares under section 12(g) of the Exchange Act, we will have to do so as a domestic issuer. Further, any securities that we issue in unregistered or unqualified offerings both within and outside the United States will be "restricted securities" (as defined in Rule 144(a)(3) under the Securities Act) and will continue to be subject to United States resale restrictions notwithstanding their resale in "offshore transactions" pursuant to Regulation S under the Securities Act. As a practical matter, this will likely require us to register more offerings of our securities under the Securities Act on either a primary offering or resale basis, even if they take place entirely outside the United States. The resulting legal and administrative costs of complying with the resulting regulatory requirements are anticipated to be substantial, and to subject us to additional exposure to liability for which we may not be able to obtain insurance coverage on favorable terms, or at all.

 ****

***After the completion of this Offering, we may be at an increased risk of securities class action litigation.***

Historically, securities class action litigation has often been brought against a company following a decline in the market price of its securities. If the price of our Shares decreases and we were sued, it could result in substantial costs and a diversion of management's attention and resources, which could harm our business.

 ****

 ****

***Listing our Shares on a securities exchange will increase our regulatory burden.***

We have applied for the listing of our Shares under the symbol "MDRN" on the Nasdaq. Our application has not yet been approved by the Nasdaq and there is no guarantee that our application will be approved in connection with this Offering. Although to date we have not been subject to the continuous and timely disclosure requirements of exchange rules, regulations and policies of the Nasdaq, we are working with our legal, accounting and financial advisors to identify those areas in which changes should be made to our financial management control systems to manage our obligations as a public company listed on the Nasdaq. These areas include corporate governance, corporate controls, disclosure controls and procedures and financial reporting and accounting systems. We have made, and will continue to make, changes in these and other areas, including our internal controls over financial reporting. However, we cannot assure holders of our Shares that these and other measures that we might take will be sufficient to allow us to satisfy our obligations as a public company listed on the Nasdaq on a timely basis and that we will be able to achieve and maintain compliance with applicable listing requirements. In addition, compliance with reporting and other requirements applicable to public companies listed on the Nasdaq will create additional costs for us and will require the time and attention of management. We cannot predict the amount of the additional costs that we might incur, the timing of such costs or the effects that management's attention to these matters will have on our business.

 ****

***The Nasdaq may delist our Shares, which could limit investors' ability to engage in transactions in our Shares and subject us to additional trading restrictions.***

If the Nasdaq were to delist our Shares as a result of a failure to meet its listing requirements, we could face significant material adverse consequences, including:

● a limited availability of market quotations for our Shares;

● a limited amount of news and analyst coverage for the Company; and

● a decreased ability to obtain capital or pursue acquisitions by issuing additional equity or convertible securities.

 ****

***We will incur increased costs as a result of operating as a public company and our management will be required to devote substantial time to new compliance initiatives.***

As a public company, particularly after we are no longer an emerging growth company, we will incur significant legal, accounting and other expenses that we did not incur as a private company. In addition, the Sarbanes-Oxley Act of 2002, or the Sarbanes-Oxley Act, and rules implemented by the SEC and the Nasdaq, impose various requirements on public companies, including requirements to file periodic and event-driven reports with respect to our business and financial condition and operations and establish and maintain effective disclosure and financial controls and corporate governance practices. Our management and other personnel have limited experience operating a public company, which may result in operational inefficiencies or errors, or a failure to improve or maintain effective internal controls over financial reporting and disclosure controls and procedures necessary to ensure timely and accurate reporting of operational and financial results. Our existing management team will need to devote a substantial amount of time to these compliance initiatives, and we may need to hire additional personnel to assist us with compliance. Moreover, these rules and regulations will increase our legal and financial compliance costs and will make some activities more time consuming and costly.

Pursuant to Section 404 of the Sarbanes-Oxley Act, we will be required to furnish a report by our management on our ICFR, which, after we are no longer an emerging growth company, may be accompanied by an attestation report on ICFR issued by our independent registered public accounting firm if we are an "accelerated filer" or a "large accelerated filer" under the Exchange Act. To achieve compliance with Section 404 within the prescribed period, we will document and evaluate our ICFR, which is both costly and challenging. In this regard, we will need to continue to dedicate internal resources, potentially engage outside consultants, and adopt a detailed work plan to assess and document the adequacy of our ICFR, continue steps to improve control processes as appropriate, validate through testing that controls are functioning as documented, and implement a continuous reporting and improvement process for ICFR. If our management and/or auditors determine that there are one or more material weaknesses in our ICFR, such a determination could cause an adverse reaction in the financial markets due to a loss of confidence in the reliability of our consolidated financial statements.

In addition, changing laws, regulations and standards relating to corporate governance and public disclosure are creating uncertainty for public companies, increasing legal and financial compliance costs and making some public company required activities more time consuming. These laws, regulations and standards are subject to varying interpretations, in many cases due to their lack of specificity and, as a result, their application in practice may evolve over time as new guidance is provided by regulatory and governing bodies. This could result in continuing uncertainty regarding compliance matters and higher costs necessitated by ongoing revisions to disclosure and governance practices. We intend to invest resources to comply with evolving laws, regulations and standards, and this investment may result in increased general and administrative expenses and divert management's time and attention from revenue generating activities to compliance activities. If our efforts to comply with new laws, regulations and standards differ from the activities intended by regulatory or governing bodies, regulatory authorities may initiate legal proceedings against us and our business may be harmed.

We also expect that being a public company and complying with applicable rules and regulations will make it more expensive for us to obtain director and officer liability insurance. These factors could also make it more difficult for us to attract and retain qualified executive officers and members of our Board.

 ****

***We may issue additional Shares or other equity securities without shareholder approval, which would dilute the ownership interests of existing shareholders in the Company and may depress the market price of our Shares.***

We may issue additional Shares or other equity securities in the future in connection with, among other things, capital raises, future acquisitions, repayment of outstanding indebtedness or grants under our 2022 Plan without shareholder approval in a number of circumstances. The issuance of additional Shares or other equity securities could have one or more of the following effects:

● our existing shareholders' proportionate ownership will decrease;

● the amount of cash available per share, including for payment of dividends in the future, may decrease;

● the relative voting strength of each previously issued and outstanding Share may be diminished; and

● the market price of our Shares may decline.

 ****

***Our ability to meet expectations and projections in any research or reports published by securities or industry analysts, or a lack of coverage by securities or industry analysts, could result in a depressed market price and limited liquidity for our Shares.***

The trading market for our Shares will be influenced by the research and reports that industry or securities analysts may publish about us, our business, our market, or our competitors. If no securities or industry analysts commence coverage of us, our share price would likely be less than that which would be obtained if we had such coverage and the liquidity, or trading volume of our Shares may be limited, making it more difficult for a shareholder to sell shares at an acceptable price or amount. If any analysts do cover us, their projections may vary widely and may not accurately predict the results we actually achieve. Our share price may decline if our actual results do not match the projections of research analysts covering us. Similarly, if one or more of the analysts who write reports on us downgrades our shares or publishes inaccurate or unfavorable research about our business, our share price could decline. If one or more of these analysts ceases coverage of us or fails to publish reports on us regularly, our share price or trading volume could decline.

 ****

***We may be required to take write-downs or write-offs, restructuring and impairment or other charges that could have a significant negative effect on our financial condition, results of operations and share price, which could cause you to lose some or all of your investment.***

We may be forced to later write down or write off assets, restructure our operations, or incur impairment or other charges that could result in losses. Unexpected risks may arise and previously known risks may materialize. Even though these charges may be non-cash items and not have an immediate impact on our liquidity, the fact that we may report charges of this nature could contribute to negative market perceptions about our or its securities. In addition, charges of this nature may cause us to be unable to obtain future financing on favorable terms or at all.

 ****

 ****

***We should be treated as a U.S. corporation for all U.S. federal income tax purposes.***

Section 7874 of the of the U.S. Internal Revenue Code of 1986, as amended (the "Code"), provides a rule pursuant to which a foreign-incorporated entity may, in certain circumstances, be treated as a U.S. corporation for U.S. federal income tax purposes, such corporation an "inverted corporation." We should be treated as an inverted corporation for U.S. federal income tax purposes pursuant to Section 7874 of the Code. This means that, notwithstanding that we are a company incorporated in Canada, we should be treated for all U.S. federal income tax purposes as if we are a U.S. corporation and you will be treated for all U.S. federal income tax purposes as holding the shares of a U.S. corporation. As such, we should be subject to U.S. federal income tax as If we were organized under the laws of the United States or a state thereof. Generally, we should be required to file a U.S. federal income tax return annually with the U.S. Internal Revenue Service. We are also subject to tax in Canada. It is unclear how the foreign tax credit rules under the Code will operate in certain circumstances, given our treatment as a U.S. domestic corporation for U.S. federal income tax purposes and the taxation of the Company in Canada. Accordingly, it is possible that we will be subject to double taxation with respect to all or part of our taxable income.

The rules under Section 7874 are complex and require analysis of all relevant facts and circumstances, and there is limited guidance and significant uncertainties as to aspects of their application. If it were determined that we should be taxed as a foreign corporation for U.S. federal income tax purposes under Section 7874 of the Code, the U.S. federal income tax consequences described herein could be materially and adversely affected. For example, U.S. Holders (as defined below in "***Material Tax Considerations — Material U.S. Federal Income Tax Considerations***") could be subject to the rules applicable to passive foreign investment companies. Beneficial owners of our shares should consult their own tax advisors with respect the tax consequences if we were classified as a foreign corporation for U.S. federal income tax purposes. The remainder of this Offering Circular assumes that we will be treated for all U.S. federal income tax purposes as if we are a U.S. corporation. For a more detailed discussion on tax considerations, see "***Material Tax Considerations — Material U.S. Federal Income Tax Considerations***" below.

 ****

***We do not intend to pay dividends for the foreseeable future.***

We have never declared or paid any cash dividend on our Shares and do not currently intend to do so in the foreseeable future. We currently anticipate that we will retain future earnings for the development, operation and expansion of our business and do not anticipate declaring or paying any cash dividends in the foreseeable future. Therefore, the success of an investment in our Shares will depend upon any future appreciation in their value. There is no guarantee that our Shares will appreciate in value or even maintain the price at which you purchased them.

***This Offering is being conducted on a "best efforts" basis and we may not be able to execute our growth strategy if the $30,000,000 maximum is not sold.***

If you invest in our Shares and less than all of the offered Shares are sold, the risk of losing your entire investment will be increased. We are offering our Shares on a "best efforts" basis and we can give no assurance that all of the offered Shares will be sold. If less than $30,000,000 of Shares are sold, we may be unable to fund all the intended uses described in this Offering Circular from the net proceeds anticipated from this Offering without obtaining funds from alternative sources or using working capital that we generate. Alternative sources of funding may not be available to us at what we consider to be a reasonable cost, and the working capital generated by us may not be sufficient to fund any uses not financed by the net proceeds of this Offering. No assurance can be given to you that any funds will be invested in this Offering other than your own.

***This is a fixed price offering and the fixed offering price may not accurately represent the current value of us or our assets at any particular time. Therefore, the purchase price you pay for our shares may not be supported by the value of our assets at the time of your purchase.***

This is a fixed price offering, which means that the offering price for the Shares is fixed and will not vary based on the underlying value of our assets at any time. Our board of directors has determined the offering price in its sole discretion without the input of an investment bank or other third party. The fixed offering price for the Shares has not been based on appraisals of any assets we own or may own, or of our Company as a whole, nor do we intend to obtain such appraisals. Therefore, the fixed offering price established for the Shares may not be supported by the current value of our Company or our assets at any particular time.

***As our initial public offering price is substantially higher than our net tangible book value per share, you will experience immediate and substantial dilution.***

If you purchase Shares in this Offering, you will pay more for your Shares than the amount paid by our existing stockholders for their shares on a per share basis. As a result, you will experience immediate and substantial dilution in net tangible book value per share in relation to the price that you paid for your Shares. We expect the dilution as a result of the offering to be $2.76 Per Share to new investors purchasing our Shares in this Offering. In addition, you will experience further dilution to the extent that we issue Shares upon the exercise of any warrants, including the Agent Warrant issued in this Offering, or exercise of stock options under any stock incentive plans. See "***Dilution***" for a more complete description of how the value of your investment in our Shares will be diluted upon completion of this Offering.

***Using a credit card to purchase Shares may impact the return on your investment as well as subject you to other risks inherent in this form of payment.***

 ****

Investors in this Offering may have the option of paying for their investment with a credit card, which is not usual in the traditional investment markets. Transaction fees charged by your credit card company (which can reach 5% of transaction value if considered a cash advance) and interest charged on unpaid card balances (which can reach almost 25% in some states) add to the effective purchase price of the Shares you buy. The cost of using a credit card may also increase if you do not make the minimum monthly card payments and incur late fees. Using a credit card is a relatively new form of payment for securities and will subject you to other risks inherent in this form of payment, including that, if you fail to make credit card payments (e.g. minimum monthly payments), you risk damaging your credit score and payment by credit card may be more susceptible to abuse than other forms of payment. Moreover, where a third-party payment processor is used, as in this Offering, your recovery options in the case of disputes may be limited. The increased costs due to transaction fees and interest may reduce the return on your investment.

The SEC's Office of Investor Education and Advocacy issued an Investor Alert dated February 14, 2018, entitled: Credit Cards and Investments – A Risky Combination, which explains these and other risks you may want to consider before using a credit card to pay for your investment.

**CAUTIONARY STATEMENTS REGARDING FORWARD-LOOKING STATEMENTS**

This Offering Circular contains forward-looking statements. In addition, from time to time, we or our representatives may make forward-looking statements orally or in writing. We base these forward-looking statements on our expectations and projections about future events, which we derive from the information currently available to us. Such forward-looking statements relate to future events or our future performance, including: our financial performance and projections; our growth in revenue and earnings; and our business prospects and opportunities. You can identify forward-looking statements by those that are not historical in nature, particularly those that use terminology such as "may," "should," "expects," "anticipates," "contemplates," "estimates," "believes," "plans," "projected," "predicts," "potential," or "hopes" or the negative of these or similar terms. In evaluating these forward-looking statements, you should consider various factors, including: our ability to change the direction of the Company; our ability to keep pace with new technology and changing market needs; and the competitive environment of our business. These and other factors may cause our actual results to differ materially from any forward-looking statement. Forward-looking statements are only predictions. The forward-looking events discussed in this document and other statements made from time to time by us or our representatives, may not occur, and actual events and results may differ materially and are subject to risks, uncertainties and assumptions about us. We are not obligated to publicly update or revise any forward-looking statement, whether as a result of uncertainties and assumptions, the forward-looking events discussed in this document and other statements made from time to time by us or our representatives might not occur.

While we believe we have identified material risks, these risks and uncertainties are not exhaustive. Other sections of this Offering Circular describe additional factors that could adversely impact our business and financial performance. Moreover, we operate in a very competitive and rapidly changing environment. New risks and uncertainties emerge from time to time, and it is not possible to predict all risks and uncertainties, nor can we assess the impact of all factors on our business or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those contained in any forward-looking statements. Some of the factors that could cause actual results to differ materially from those expressed or implied by the forward-looking statements in this Offering Circular include, without limitation:

● we are an early-stage company with limited operating history and may never become profitable;

● our revenue depends on maintaining and increasing feedstock of E-Waste (as defined herein) supply commitments as well as securing new customers and off-take agreements;

● in addition to commodity prices, our revenues will be primarily driven by the volume and composition of E-Waste feedstock materials to be processed at our future facilities and changes in the volume or composition of E-Waste feedstock processed could significantly impact our revenues and results of operations;

● our success will depend on our ability to economically source, extract and recover E-Waste, and to meet the market demand for sustainable and environmentally driven solutions for E-Waste processing;

● we may not be able to successfully implement our growth strategy, on a timely basis or at all;

● the development of our Greenville, North Carolina facility, and future projects, if any, are subject to risks, including with respect to engineering, permitting, procurement, construction, commissioning and ramp-up, and we cannot guarantee that these projects will be completed in a timely manner, that our costs will not be significantly higher than estimated, or that the completed projects will meet expectations with respect to their productivity or the specifications of their and products, among others;

● we may be unable to manage future growth effectively;

● failure to materially increase recycling capacity and efficiency could have a material adverse effect on our business, results of operations or financial condition;

● future acquisitions and strategic investments could be difficult to integrate, diver the attention of key management personnel, disrupt our business, dilute shareholder value, and harm our results of operations and financial conditions; and

● expanding internationally involves risks that could delay our expansion plans and/or prohibit us from entering markets in certain jurisdictions, which could have a material adverse effect on our results of operations.

Although we believe the expectations reflected in the forward-looking statements are reasonable, we cannot guarantee future results, level of activity, performance or achievements. Moreover, neither we nor any other person assumes responsibility for the accuracy or completeness of any of these forward-looking statements. You should not rely upon forward-looking statements as predictions of future events. We are under no duty to update any of these forward-looking statements after the date of this Offering Circular to conform our prior statements to actual results or revised expectations, and we do not intend to do so.

Forward-looking statements include, but are not limited to, statements about:

● current or future financial performance;

● management's plans and objectives for future operations;

● uncertainties associated with product research and development;

● uncertainties associated with dependence upon the actions of government regulatory agencies;

● product plans and performance;

● management's assessment of market factors; and

● statements regarding our strategy and plans.

We caution you not to place undue reliance on the forward-looking statements, which speak only as of the date of this Offering Circular.

**USE OF PROCEEDS**

Assuming a maximum raise of $30,000,000, we estimate that the net proceeds from the sale of the Shares in this Offering will be approximately $26,105,000, after deducting underwriting commissions and estimated Offering expenses. If we raise the minimum amount required to satisfy the Minimum Quantitative Standards of $15 million, we estimate that the net proceeds we will receive from this offering will be approximately $12,155,000.

We intend to use the net proceeds from this Offering for the following purposes: (i) capital expenditures (45%), (ii) working capital and general corporate purposes, which may include repayment of one or more of certain interest bearing promissory notes that are payable on demand, in the event we do not have any other available capital (35%), (iii) marketing expenditures (15%) and (iv) research and development expenses (5%). Notwithstanding the foregoing, we and the Selling Agent are offering the Shares on a "best efforts" basis and are not required to sell any specific number or dollar amount of Shares in this Offering. As such, we and the Selling Agent may sell less than the maximum number of Shares offered hereby, and we may receive net proceeds of less than $26,105,000.

The following table sets forth a breakdown of our estimated use of our gross proceeds as we currently expect to use them, assuming the sale of, respectively, 50%, 75% and 100% of the Shares.

---

| | | | |
|:---|:---|:---|:---|
|  | **50%<sup>(3)</sup>** | **75%** | **100%** |
| Gross proceeds | $15000000 | $22500000 | $30000000 |
| Selling agent commissions | $1050000 | $1575000 | $2100000 |
| Investor fee | $250000 | $375000 | $500000 |
| Other offering expenses | $1120000 | $1307500 | $1495000 |
| Net proceeds | $12580000 | $19242500 | $25905000 |
| Capital expenditures | $5661000 | $8659125 | $11657250 |
| Marketing | $1887000 | $2886375 | $3885750 |
| Research and development expenses | $629000 | $962125 | $1295250 |
| Debt repayment<sup>(1)</sup> | $2350000 | $2350000 | $2350000 |
| Working capital and general corporate purposes<sup>(2)</sup> | $2053000 | $4384875 | $6716750 |
| Total use of net proceeds | $12580000 | $19242500 | $25905000 |

---

(1) Includes the repayment of amounts owed pursuant to demand promissory
notes in favor of Blue Bird and certain other shareholders, and to Basil Botha pursuant to the Botha Transition Letter, as amended.

(2) The Company has accrued liabilities to related parties for consulting
fees and director fees, including its CEO, CFO, former CFO and each of the directors, or an aggregate of approximately $1,500,000. The
Company may, in its discretion, pay some or all of these accrued liabilities to related parties from its general working capital.

(3) Minimum Offering Amount.

We believe that the expected net proceeds from this Offering and our existing cash and cash equivalents, will be sufficient to fund our operations for at least the next 12 months, although we cannot assure you that this will occur.

The expected use of the net proceeds from this Offering represents our intentions based upon our current plans, financial condition and business conditions. Predicting the cost to be used in Modern Mining Technology Corp. and its subsidiaries' businesses can be difficult and the amounts and timing of their actual expenditures may vary significantly depending on numerous factors including the status of our development efforts, sales and marketing activities and the amount of cash generated or used by our operations. We may find it necessary or advisable to use portions of the proceeds for other purposes. As a result, Modern Mining Technology Corp.'s management will retain broad discretion over the allocation of the net proceeds from this Offering.

Pending our use of the net proceeds from this Offering, we intend to invest the net proceeds in short-term, investment-grade, interest-bearing instruments, and government securities. We will not close this Offering until we can establish that the Offering meets the Minimum Quantitative Standards, however, we cannot assure that all or any portion of the Common Shares will be sold.

**DETERMINATION OF OFFERING PRICE**

Prior to the Offering, there has been no public market for the Shares. The initial public offering price has been determined by negotiation between us and Digital Offering. The principal factors considered in determining the initial public offering price include:

● the information set forth in this Offering Circular and otherwise available to Digital Offering;

● our history and prospects and the history of and prospects for the industry in which we compete;

● our past and present financial performance;

● our prospects for future earnings and the present state of our development;

● an assessment of our management;

● the general condition of the securities markets at the time of this Offering;

● the recent market prices of, and demand for, publicly traded common stock of generally comparable companies; and

● other factors deemed relevant by Digital Offering and us.

We intend to price the Offering prior to its qualification pursuant to Rule 253(b).

**DIVIDEND POLICY**

We have never paid dividends on our Shares. We currently intend to retain all available funds and any future earnings to support operations and to finance the growth and development of our business. As such, we do not intend to declare or pay cash dividends on our Shares in the foreseeable future. Any future determination to pay dividends will be made at the discretion of our Board of Directors subject to applicable laws and will depend upon, among other factors, our earnings, operating results, financial condition and current and anticipated cash needs. Our future ability to pay cash dividends on our Shares may be limited by the terms of any then-outstanding debt or preferred securities.

**CAPITALIZATION**

As of September 26, 2025, the Company had:

● 5,082,200 shares of Common Stock outstanding;

● 9,705,696 Investor Rights Warrants. See "Description Of Share Capital And Articles Of Incorporation";

● 2,941,116 performance warrants outstanding, which would vest upon $10,000,000 and $20,000,000 in gross sales targets, each of which is exercisable at a price of $0.085 to acquire one (1) share of Common Stock once vested. The performance warrants were issued on August 30, 2021;

● 2022 Debentures in the principal amount of $3,331,390. See "Description Of Share Capital And Articles Of Incorporation";

● 2024 Debentures in the principal amount of $92,300. See "Description Of Share Capital And Articles Of Incorporation".

The following table sets forth our cash and cash equivalents, debt and capitalization as of December 31, 2024:

● on an actual basis; and

● on a pro forma, as adjusted, basis to give effect to the above and the issuance of 7,058,823 Shares in this Offering at the Offering Price of $4.25 per Share, assuming the sale of, respectively, 100%, 75%, 50% and 25% of the Shares offered for sale in this Offering, and after deducting underwriting discounts and commissions and estimated Offering expenses payable by us, as set forth in this Offering Circular.

● on an as further adjusted basis to give effect to the sale and issuance by us of (i) the minimum offering amount of $15.0 million, based on the Minimum Quantitative Standards, comprising 3,529,412 Common Shares in this offering to the public at the offering price of $4.25 per Common Share, after deducting the Selling Agent commissions and estimated offering expenses payable by us; and (ii) the maximum offering amount of $30,000,000 comprising 7,058,823 Common Shares in this Offering at the offering price of $4.25 per Common Share, after deducting the Selling Agent commissions and estimated offering expenses payable by us. Subject to the listing standards of Nasdaq, there is no minimum number or amount of Common Shares that we must sell in order to receive and use the proceeds from this offering, and we cannot assure you that all or any portion of the Common Shares will be sold.

You should read the following table in conjunction with the sections entitled "***Use of Proceeds***" and "***Management's Discussion and Analysis of Financial Condition and Results of Operations***", and our financial statements and the related notes thereto included elsewhere in this Offering Circular.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Actual** | **100% of Offering<sup>(3)</sup>** | **75% of Offering** | **50% of Offering<sup>(4)</sup>** | **25% of Offering** |
| Cash and cash equivalents ($) | 101829 | 26006829 | 19344329 | 12681829 | 6019329 |
| Debt ($) | 8133419 | 8133419 | 8133419 | 8133419 | 8133419 |
| Shares of Common Stock outstanding as of the date of this Offering Circular | 5082200 | 5082200 | 5082200 | 5082200 | 5082200 |
| Number of shares of Common Stock to be issued under the Offering<sup>1</sup> |  | 7058823 | 5294117 | 3529411 | 1764705 |
| Pro Forma shares of Common Stock outstanding after giving effect to the Offering<sup>2</sup> |  | 12141023 | 10376317 | 8611611 | 6846905 |

---

**<u>Notes</u>**

(1) Fractional shares have been rounded down to the next whole number
of shares.

(2) For illustrative purposes. The Offering is being conducted on
a best efforts basis and there is no assurance that any of the shares of Common Stock being offered pursuant to this Offering Circular
will be sold.

(3) Maximum Offering Amount.

(4) Minimum Offering Amount.

**DILUTION**

As of the date of this Offering Circular, an aggregate of 5,082,200 shares of Common Shares are issued and outstanding.

If you invest in our Shares, your ownership interest will be diluted to the extent of the difference between the initial public offering price per Share and the pro forma as adjusted net tangible book value per Share immediately after this Offering.

As of December 31, 2024, our pro forma net tangible book value was ($7,879,464), or ($1.55) per Common Share, based on 5,082,200 outstanding Common Shares.

If the Maximum Offering, at an offering price of $4.25 per Common Share is sold in this Offering, after deducting approximately $2,100,000 in selling commissions, $500,000 in investor fees, and $1,495,000 in other offering expenses, our pro forma as adjusted net tangible book value at the closing date would be approximately $18,127,365, or $1.49 per Common Share. This amount represents an immediate increase in pro forma net tangible book value of $3.04 per Common Share to our existing shareholders as of the date of this Offering Circular, and an immediate dilution in pro forma net tangible book value of approximately $2.76 per Common Share to new investors purchasing Common Shares in this Offering at a price of $4.25 per Common Share.

Net tangible book value per Share represents our total tangible assets, which are total assets less our right of use assets, less our total liabilities, divided by the number of outstanding Shares.

Dilution represents the difference between the amount per Share paid by investors in this Offering and the pro forma net tangible book value per Share after the Offering. The following table illustrates the approximate dilution in pro forma net tangible book value per Share to new investors as of December 31, 2024, as adjusted to give effect to the sale of, respectively, 100%, 75%, 50% and 25% of our Shares in this Offering, after deducting underwriting commissions, investor fee and other offering expenses.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Funding Level** | **100% of Raise** | **75% of Raise** | **50% of Raise** | **25% of Raise** |
| Proceeds to Company | $26006829 | $19344329 | $12681829 | $6019329 |
| Offering Price per share of Common Stock | $4.25 | $4.25 | $4.25 | $4.25 |
| Proforma net tangible book value per share of Common Stock before Offering | $(1.55) | $(1.55) | $(1.55) | $(1.55) |
| Increase per share of Common Stock attributable to investors in this Offering | $3.04 | $2.66 | $2.11 | $1.28 |
| Pro forma net tangible book value per share of Common Stock after the Offering | $1.49 | $1.10 | $0.56 | $(0.27) |
| Dilution to investors after the Offering | $2.76 | $3.15 | $3.69 | $4.52 |

---

**BUSINESS**

**<u>Our History</u>**

The Company was incorporated on January 26, 2021 in the Province of British Columbia, Canada as 1285896 B.C. Ltd. The Company's name was changed to "Modern Mining Technology Corp." on September 1, 2021. The Company is an early-stage company headquartered in Vancouver, Canada with a focus on E-Waste recycling and processing.

Our registered and head office is located at 1055 West Georgia Street, 1500 Royal Centre, Vancouver, British Columbia, V6E 4N7 Canada. Our business operations will be located in Greenville, North Carolina. Our website address is *www.modernmining.com.* The information contained therein or accessible thereby shall not be deemed to be incorporated into this Offering Circular.

Pursuant to our notice of articles, we are authorized to issue an unlimited number of Shares. As of the date of this offering circular, we had 5,082,200 Shares issued and outstanding.

The Company has one wholly-owned U.S. subsidiary, Modern Mining Technology Corp., which was formed under the laws of the State of Delaware on August 8, 2017 under the name "Evotus Inc." It subsequently changed its name to "Urban Mining International Inc." and ultimately, "Modern Mining Technology Corp."

**<u>Recent Developments</u>**

The company has been operating its pilot and demonstration facility in Greenville, North Carolina since November 2023. During this time company has continued to perform trial campaigns to optimize the process, as well as generating products for sale. A summary of processing and products sales from the demonstration plant are highlighted in the table below:

---

| | | |
|:---|:---|:---|
| **SETTLEMENT DATE** | **LOT WEIGHT (LB)** | **GOLD-EQUIVALENT-OUNCES SOLD PER<br> TONNE OF FEEDSTOCK PROCESSED (GEOs)** |
| 12/21/2023 | 1473 | 3.67 |
| 1/10/2024 | 1059 | 3.70 |
| 2/27/2024 | 1416 | 2.52 |
| 3/15/2024 | 865 | 2.85 |
| 4/1/2024 | 878 | 7.48 |
| 4/12/2024 | 1158 | 4.81 |
| 4/23/2024 | 839 | 8.33 |
| 5/20/2024 | 1599 | 8.53 |
| 6/19/2024 | 1336 | 5.43 |
| 6/25/2024 | 950 | 4.56 |
| 7/19/2024 | 2386 | 4.37 |
| 8/6/2024 | 874 | 5.06 |
| 8/23/2024 | 1681 | 5.71 |
| 9/12/2024 | 1289 | 13.61 |
| 11/13/2024 | 1495 | 1.84 |
| 12/23/2024 | 959 | 5.92 |
| 1/21/2025 | 1216 | 1.35 |
| 2/20/2025 | 841 | 10.04 |
| 2/26/2025 | 1059 | 1.42 |
| 6/24/2025 | 782 | 7.80 |
| 7/8/2025 | 1194 | 3.60 |
| 7/17/2025 | 894 | 1.58 |
| 7/30/2025 | 841 | 4.06 |

---

On June 18, 2025, the Company entered into an investment agreement (the "OR Investment Agreement") with OR Royalties Inc. ("OR") pursuant to which OR agreed to subscribe for 47,058 Common Shares at a price of $4.25 per share for gross proceeds of $200,000. The OR Investment Agreement provides that the Company will use the proceeds to commission a third-party technical study on the Company's first commercial scale E-Waste recovery facility to be located in Greenville, North Carolina. Subject to favorable outcomes from the study, the Company and OR have agreed to negotiate a royalty agreement pursuant to which the Company will grant OR a perpetual royalty on all metals produced at the facility in exchange for a portion of the funding required for construction of the facility.

The Company received additional short-term loans and promises to pay the principal sums ($416,667) and $228,000 at 8% interest compounded annually, payable on demand

The Company amended the 2022 Debentures, whereby the Company extended the maturity date from 7 April 2025 to 7 April 2027, with the interest rate on the 2022 Debentures increased from 5% per annum to 7% per annum.

 ****

***<u>Our Company</u>***

The Company is a "landfill-to-commodity" focused business venture, offering a cleaner, safer, and lower-cost alternative compared to traditional mining operations. Our core business is aimed at processing and extracting strategic commodities from the vast, growing, and largely ignored global resource of E-Waste, and transforming these end-of-life landfill-bound materials into high-value resources. Value is captured by using our aqueous based processes to recover, process and refine commodity metals such as gold, palladium, silver, copper and potentially 30 other metals.

 ****

***<u>Our Market</u>***

Our market consists of two parts: E-Waste feed supply and produced commodity sales.

 

*E-Waste Feed Supply*

The report, entitled *Global E-Waste Monitor 2024* (the "Report"), provides that the world generated a staggering, and a record high, 62 million tonnes (Mt) of E-waste in 2022, representing Billions of dollars worth of strategically-valuable resources dumped, squandered, and wasted. This is up 82% from 2010. This 62 million tonnes of E-waste would fill 1.55 million Semi Trucks, roughly enough pickup trucks to form a bumper-to-bumper line encircling the Earth's equator. The Report also predicts global E-Waste will rise another 30% and reach 82 million tonnes annually by 2030 driven by increased technology use, shorter device life spans, and fewer repair options. The U.S. is the second largest generator of E-Waste in the world. The Report further indicates that in 2022 alone, approximately $62 billion worth of gold, silver, copper, platinum and other high-value, recoverable materials were wasted through landfill dumping or incineration burning, rather than being collected for treatment and reuse. It is Modern Mining's business objective to address this situation and recover lost commodity materials from this E-Waste.

Commodity Sales

 

*The Journal of Management Science and Engineering<sup>6</sup>* (the "Journal") also produced findings that the cost to recycle E-Waste is significantly less than the cost of traditional mining. Lower production costs is a strategic advantage compared to traditional commodity producers. In addition to an increasing world demand for commodities, a number of large companies have announced their planned roadmaps to a more socially responsible supply chain. For example, in 2025, Apple announced that 24% of the materials it shipped in Apple products came from recycled or renewable sources, and it intends to use 100% renewable or recyclable materials in its products in the future, while Dell reemphasized its commitment to over 50% of product content being made from recycled, renewable or low emission materials by 2030. Also in 2025, Google announced that it used 20% recycled content in 2024 products with a goal to increase recycled materials usage. These are three examples of a growing trend of companies being more aware of their supply chains.

 ****

<sup>6</sup> See Comparing the Costs and Benefits of Virgin and Urban Mining; Zeng, Xia et al.

***<u>Our Business, Our Products and Services</u>***

To achieve our objectives, we have developed a two-step propriety process while our envisioned value-chain can be broken down into 3 main stages:

1) We secure quality E-Waste feedstock from primary recyclers.

2) We separate the plastics from the metals using our proprietary pre-concentration methods. The plastics can then be sold to downstream third-party recyclers and suppliers.

3) The concentrated metals streams are treated though our proprietary aqueous purification process, and the metal products can then be sold into industrial supply chains.

The following depicts the Company's three main processing steps:

The first step in our process is securing quality E-Waste feedstock from established primary recyclers through stringent but practical contracts to ensure source consistent quality and quantities. These recyclers collect and break down bulk products and combine the E-Waste into separate product streams for downstream processing. Our initial focus is Printed-Circuit-Boards (PCBs)

By its nature, the feedstock will be variable, due to the large variety of PCBs that exist. To give a basis for the plant design, we calculated a "typical" feedstock composition. This was done by assigning the feedstock into one of five categories (low grade, low to mid-grade, mid-grade, mobile phone PCBs, and ram PCBs). Metal concentration values were collected from public literature for each of these categories. The lowest non-zero published concentration for each metal and for each category was used in the typical feed stock calculations. With these metal concentration numbers, we calculated a weighted average, based on our existing non-binding supplier LOIs, and calculated a global "typical" feedstock composition. The "typical" metal concentrations was used in the typical feedstock calculations. The "typical" metal concentrations are: Cu 150.7 kg/t; Sn:14.1 kg/t; Au: 136.11 g/t; Ag: 619.65 g/t and Pd: 60.17 g/t. The calculated typical gold grade of 136 g/t is 100 times higher than the average gold mine grade.

 ****

***Pre-Concentration Plant***

The second step in our process is the PCP. The primary purpose of the PCP is to isolate and separate the high-value metals from the plastics, epoxy resins, and fiberglass contained in the feedstock. Building on our bench and pilot plant process designs, target commodities in the incoming feedstock will be liberated using various mechanical methods and then recovered into MSC. This will be done using various combinations of advanced beneficiation techniques, such as sensor-based sorting, gravimetric discretization, electromagnetic scanning and physical separation. By locating PCPs close to suppliers of E-Waste, we aim to reduce transportation costs of both our incoming feedstock and the MSC for downstream processing at our centralized APP.

The PCP design was tested at both the low grade and ram PCB (high grade) ends of the supply spectrum and was found to produce comparable recovery results, independent of the feedstock type.

 ****

***Aqueous Purification Plant***

The third step in our process is the APP itself. The primary purpose of the APP is to isolate the high-value metals within the MSC, separate them from each other, and then convert the individual metals into enriched and refined products for sale. Target commodities from the incoming MSC (such as gold, silver, copper, palladium) will be liberated and separated using liquid-based methods, and then purified into further enriched and/or refined products using specialized combinations of advanced hydrometallurgical techniques, such as precipitation reactions, ionic dissolution, lixiviant saturation and selective concentration. APPs will be strategically located in centralized hubs to take advantage of logistical and infrastructure related synergies. Commercial APPs will be expected to process MSCs from multiple PCPs, thus, they will be designed to allow the facility to operate across a wide range of metal recovery and product grade conditions.

Test work, coupled with published literature, indicate that an overall plant performance objective of greater than 90% recovery of economic metals is achievable for our combined processes. For illustrative purposes, based on the envisioned "typical" feedstock metal concentrations, coupled with our recovery performance objectives, it is anticipated that on average every 1,000lbs of processed feedstock will yield approximately 135 pounds of copper, 13 pounds of tin, 1.8 ounces of gold, 8.2 ounces of silver, and 0.8 ounces of palladium. Each tonne processed is envisioned to yield a potential of 4 – 8 Gold-Equivalent-Ounces (GEOs) of metal product. Gold-Equivalent-Ounces refers to a quantity of a Metal having an economic value expressed in ounces of Gold.

We plan to sell final products produced by the APPs on the metal commodities markets into both domestic and international supply chains.

The Company aims to target an All-In Sustainable Cost (AISC) of $1,650 per Gold Equivalent Ounce (GEO) produced from start-up through commercialization, and will seek to reduce AISC and grow margins post commercialization through the implementation of prescriptive growth, optimization, and R&D plans.

We engaged a third-party process modelling and industrial optimization firm to assist in layout optimization, 3D modelling, and dynamic simulation studies on our first commercial scale PCP and APP. These proposed plants will be co-located in our future commercial facility in North Carolina. Our current Greenville facility presently serves only as a pilot and demonstration plant that we intend to use to continue to optimize our recovery processes that we ultimately plan to move to commercial scale production at a future location. In the long-term, we intend to secure a larger facility in the Raleigh or Greenville area of North Carolina to serve as our commercial-scale production facility although such future facility has yet to be identified as our current pilot plant facility still has significant capacity that we foresee being adequate in the short-term. The commercial PCP will be designed to treat approximately 8,000 tonnes of E-Waste per year and the commercial APP will be designed to be able to process concentrate from up to four future PCPs.

After commercial start-up of our initial PCP and APP plants (expected to take approximately 18 months inclusive of a 6 month build-out, a 6-month commissioning program, and a 6 month ramp-up period), we believe that we can be a commercial producer of commodity materials, supplying both domestic and international supply chains with strategic metals. The processes we have developed for recycling E-Waste are environmentally beneficial compared to material going to landfill. Furthermore, we believe that the design of our proprietary processes (PCP and APP) will allow for the ability to scale and grow our business, and take advantage of a worldwide resource, E-Waste

To this end, the Company intends to seek external accreditation to become certified in meeting current "Reuse and Recycling Standards"(R2 or equivalent). The R2 Standard, now in its third version, was developed by a group of recycling stakeholders and industry experts. The R2v3 standard sets forth a list of voluntary principles and guidelines designed to promote and assess responsible practices for electronics recyclers. The R2v3 standard requires implementing a management system which is accountable for practices affecting worker health and safety, data security, the environment, and the downstream management of end-of-life electronic material and equipment, both domestically and internationally. The R2 Standard prioritizes reuse over recovery or disposal processes in a global effort to minimize electronic waste streams and promotes standardized testing and grading protocols for consistency across the industry.

 ****

 ****

***<u>Our Competitive Strengths</u>***

●  ***Combining Four Core Market Trends*** 

Modern Mining anticipates benefiting from the overlap of four core market trends: (a) the growing global demand for commodity metals (examples — global push for electrification, growth in China, Ukraine rebuilding); (b) the importance of strengthening and developing transparent and socially responsible domestic supply chains, and onshoring the supply of critical materials; (c) the importance of developing sustainable and environmentally friendly driven solutions to support a 'circular' economy given the projected growth in global E-waste generation; and (d) the increasing importance of hedging against inflationary pressures.

●  ***Benefit from Proprietary Technology*** 

We have developed proprietary technologies that we believe set us apart from other E-Waste processors and from other commodity producers. We believe that our two-step approach of regional pre-concentration and centralized purification, combined with our modular and scalable design, will reduce capital and operating costs and will allow for a rapid expansion into other future potential major E-Waste generating locations.

●  ***Designed to Comply with Government Mandates*** 

Due to our anticipated high recovery rates and sustainable, environmentally friendly processes, and low/non-toxic controlled effluent, we believe we are well-positioned to comply with environmental guidelines around the world.

We believe our E-Waste recycling processes are environmentally friendly and should not generate any significant gaseous, liquid, or solids emissions only noise, air borne dust, and sewer discharges at this time. Our current pilot and demonstration pre-concentration processes are purely water based with no chemical addition, and our purification methods utilize controlled aqueous based reagent blends in connection with our refined metal production. To that end, we will have noise control and dust control systems in place and we will aim to use a closed-loop water recirculation system to manage effluent discharge in our commercial scale facility. We envision that we will be well positioned to meet any environmental guidelines around the world when and if we expand our operations from our current facility in Greenville, North Carolina.

Global environmental guidelines that may be applicable to our operations include (a) the Basel Convention, which monitors the transboundary movements of hazardous and other wastes; (b) the UN Sustainable Development Goals encompassing E-Waste, such as SDG 6, which covers clean waste and sanitation, and SDG 12, which covers sustainable consumption and production patterns; (c) E-Waste legislation implemented around the world, such as Extended Producer Responsibility (EPR) programs to shift the burden of e-waste management from local municipalities to producers (d) U.S. Inflation Reduction Act; and (e) U.S. Senate hearings banning the export of E-waste (SEERA, June 20, 2023).

●  ***Superior to Current Standard E-Waste Recycling Processes*** 

We believe that our business plan sets us apart from others in the industry, in particular given our ability to be one of the low/non-carbon generating processors in the space with our proprietary aqueous based pre-concentration and purification technologies, versus the incineration-based methods of others in the industry. E-waste contains numerous toxic additives and hazardous substances that pose significant risk to human health and our environment if not disposed of and treated properly (examples — mercury, lead, heavy metals, brominated flame retardants, chlorofluorocarbons, hydrochlorofluorocarbons, dioxins). In China and other parts of the world, recycling of E-Waste can be a major hazard. Other locations include India and Ghana, Liberia, and Nigeria. Informal and primitive E-Waste recycling occurs regularly, where workers and others are exposed to dangerous chemicals with potentially long-term adverse health effects. Modern Mining plans to cleanly and safely process these substances, Incineration methods are extremely energy intensive methods<sup>7</sup>. The plastics are burned off resulting in major carbon dioxide and other hazardous emissions. Attempts to separate metals using pyrometallurgical methods result in significant metal losses as not all metals can be economically recovered. Modern Mining's process, being aqueous-based, is largely carbon neutral, safer for both workers and for the environment, and allows for the recovery of a broader range of metals as separation and recovery is driven by physical methods and simple reagent addition, not complex pyrometallurgy.

<sup>7</sup> See Value-Added Products From Thermochemical Treatments of Contained E-Waste Plastics, Das, Gabriel, Tay and Lee.

***●***  ***Decreased Risk Profile*** 

Traditional exploration and mining projects are inherently layered with significant risk as a consequence of having to deal with the earth's crust and all of its natural variability. Major risks include: (a) exploration risk (the success rate of making a new discovery is low); (b) geological risk (the made grades of newly discovered deposits are generally decreasing); (c) engineering risk (the nature of newly discovered deposits is complex) and (d) geopolitical risk (various commodity resources are hosted in politically unstable and hostile jurisdictions).

In contrast, E-Waste is a man-made engineered product. It contains a very prescriptive blend and known quantity of strategic metals. As a result, the processing of E-Waste carries negligible exploration, geological, and geopolitical risk. Furthermore, as industry standard payment terms for our feedstock E-Waste are linked to the proportions of metals recovered, the impact and risk of fluctuating commodity prices are reduced as well. We believe feedstock E-Waste can also deliver 100 times better<sup>8</sup> grades than traditional mined ores and the processing of E-Waste can carry less than 1/70<sup>th</sup> the capital expenditures<sup>9</sup> of a traditional gold mine. Modern Mining aims to provide our stakeholders with the potential upside value associated with commodities investments, all the while minimizing downside risk exposure common to conventional mining projects.

●  ***Availability of Supply*** 

The amount of E-Waste produced by the world in 2016 was approximately 50 million tonnes<sup>10</sup>. With 5% of that E-Waste being printed circuit boards ("PCBs'), that amounts to 2.5 million tonnes of potential feedstock, of which only 17.4% was being recycled. At our current plant target design capacity of approximately 8,000 tonnes per PCP, capturing "wasted" E-Waste would require over 250 concentrator plants. It is envisioned that 1 tonne of PCBs is equivalent in volume to three gaylord pallet boxes.

We currently have non-binding letters of intent to secure two times the quantity of feedstock needed to operate our initial PCP at 100% capacity, however, there are no guaranteed obligations for such suppliers to provide any amount of such feedstock to us.

●  ***Positioned to Benefit from Raising Commodity Prices*** 

We further believe we are positioned to benefit from any rise in commodity metal prices for our recovered metals: Gold, Silver, Copper, Platinum and Palladium.

<sup>8</sup> See S&P Capital IQ data publicly available which reports grade and tonnage values for the reserves and resources of every active primary gold mine currently in production across the world up to the date September 5, 2025. The average gold grade of global reserves and resources is approximately 1.24 g/t Au. We anticipate the average grade of our feedstock to be approximately136 g/t Au, which represents a grade 100 times better than traditional mined ores like gold.

<sup>9</sup> See S&P Capital IQ data publicly available. The average capital expenditure for every operating and/or feasibility complete primary gold project in North America between August 2020 and August 2025 is approximately $700 million. Our estimated capital expenditure costs are anticipated to be approximately 10 million, yielding a figure of 1/70th the capital expenditure of traditional ore mines.

<sup>10</sup> See Waste Printed Circuit Board Recycling: Conventional and Emerging Technology Approach, Muammer Kaya.

●  ***Continuous Process Research and Development Plans*** 

We plan to have a continuing research and development program. This program will have two main goals. The first goal will be to optimize our proprietary processes to increase recoveries and reduce costs. The second goal will be to expand our core technology to be able to recover additional metals and to be able to process additional types of E-Waste feedstock.

**<u>Our Growth Strategy</u>**

The Company intends to expand its footprint to other locations around the U.S. and internationally (target of 1 PCP per year over 4 years) so that multiple concentrator plants are strategically located geographically near major third-party, primary recycling facilities, significantly reducing raw material transportation costs. The first additional PCPs will feed into the initial APP in North Carolina. Expansion of our aqueous purification capacity will be undertaken as material supply and economics dictate.

**<u>Corporate Structure</u>**

The current corporate structure of the Company is as follows:

**<u>Our Property</u>**

In September 2022, the Company secured a facility lease containing approximately 10,000 square feet of effective working space in nearby Greenville, North Carolina to serve as its pilot plant facility.

It is anticipated that this facility will allow the Company to operate at approximately 5% of the processing capacity envisioned for its future planned commercial-scale plant. The Company intends to use this facility to house both its pilot PCP and APP equipment. The Company intends to operate the pilot and demonstration plant as needed for the following business purposes:

● To demonstrate the operability and scalability of its full end-to-end process;

● To generate additional operating data for detailed engineering and scale-up studies for its commercial plant;

● To conduct process expansion studies;

● To optimize the performance objectives of its technology; and

● To serve as an operations training platform to help streamline the commissioning and start-up activities of its commercial plant.

The Company elected to make North Carolina its U.S. processing home as a logical extension of its past local research efforts, favorable incentives, proximity to major logistics networks, and direct access to some of the world's largest supplies of E-Waste through proximity to the densely populated eastern U.S. seaboard.

The Company retained a third-party full service process modelling and industrial optimization firm to provide the Company with various studies with a view to enabling the Company to maximize its manufacturing capabilities in the long term. In particular, such company provided the following studies to Modern Mining:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Plan for Every Part (PFEP): build a complete and thorough
PFEP study which will include the use of all raw materials, work-in-progress and finished goods;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Process Flow: perform a process flow studies that will be
used as inputs for various simulations. Such studies are intended to identify options to increase the design capacity of our planned
commercial facilities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Material Flow: perform a material flow studies to identify
the movement and efficiencies of material movement through the facilities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. Layout: design new layouts as the future state simulations
are built, and each layout to include the material flows to be used at each stage of production; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. Future State Dynamic Simulations: build a number of future
state dynamic simulators. Each simulator will include the new layout, new material flow and the new process flow for each option of the
input process.

The above studies were completed in February 2023.

**<u>Our Employees</u>**

We currently have three full-time employees. Our main operational employees located in Greenville, North Carolina include: Darrell Campanella, General Manager; Chris Oppel, Production Manager; and David Gordon, Procurement Manager.

Kuljit (Jeet) Basi, the President and Chief Executive Officer of the Company, Viktoriya Griffin, Controller and Basil Botha, Principal Technical Advisor, are located in Vancouver, British Columbia. David Whitney, the Company's Chief Financial Officer, is located in Delta, British Columbia.

**<u>Intellectual Property</u>**

The individual unit operations of the Company's two-step process are common within their various typical industries. The Company has used the equipment in a potentially non-traditional way and has developed an overall process sequence that it believes is unique. To the Company's knowledge, there are no other pure aqueous based E-Waste processors operating at a commercial scale.

At this time and except as set out below, the Company has not filed any applications in connection with its intellectual property (including in respect to its proprietary two-step process further described under the section entitled "***Our Business, Our Products and Services***") and there is no present intention to do so. The Company currently protects its process by trade secret.

The Company's wholly-owned Delaware subsidiary has one registered trademark for GOLD CONCIERGE in the USA.

**REGULATION OF OUR INDUSTRY**

**Regulatory Framework in the United States**

The Company's only facility in operation is its pilot and demonstration plant in Greenville, North Carolina. As such, the Company is subject to regulation in the State of North Carolina and federally in the United States in respect to its operations including, but not limited to, complying with local and State ambient air quality standards in respect to emissions from any stack, vent, or outlet, of sulfur oxides, suspended particulates, carbon monoxide, nitrogen oxide, etc. Additionally, the company must comply with the NAAQS. Of the six principal pollutants that NAAQS sets levels for, the Company's process only produces particulate matter.

The Company is also mandated to meet water quality standards as required by the Environmental Protection Agency (the "EPA") under applicable legislation including, but not limited to, the Clean Water Act. The Company is required by the local authority to comply with noise regulations, mandating a maximum sound level below 100dB, outside the building while in operation. Internally completed noise level measurements show that the operating plant pilot produced approximately 70dB outside of the building. The Company believes it has been fully compliant with these standards in the past and intends to be fully compliant in its future operations.

The Company's E-Waste recycling processes are environmentally friendly and do not generate any significant gaseous, liquid, or solids emissions only noise, air borne dust, and sewer discharges at this time. Its pre-concentration processes are purely water based with no chemical addition, and its purification methods utilize controlled aqueous based reagent blends in connection with its refined metal production. To that end, the Company has noise control and dust control systems in place and currently uses a closed-loop water recirculation system to manage effluent discharge.

The Company requires a business license to operate which is issued by the local state authority. The Company, so far, has had no local or state regulatory matters to address in connection with its operations and the Company intends to continue to operate its main processing facility in North Carolina in accordance with all applicable local and state laws. In addition, when and if the Company's operations expand beyond North Carolina, the Company will continue to ensure it operates it facilities in accordance with all applicable laws.

In addition, the government may in future impose additional environmental laws or specific regulations applicable to the Company's business. The Company cannot predict the impact of any new environmental laws or regulations or of changes in current environmental laws or regulations on its operations. However, any such unanticipated changes may materially affect the Company's business and operations. See "***Risk Related to Our Regulatory Framework***."

**Conflict Minerals Rule**

The Company will be subject to the Conflict Minerals Rule, adopted under the Dodd-Frank Wall Street Reform and Consumer Protection Act, which requires that publicly traded companies that manufacture or contract to manufacture products containing tantalum, tin, tungsten or gold ("3TG") that is necessary to the functionality or production of such products take certain steps to determine the origin of such necessary 3TG, and to report their findings annually to the SEC.

In compliance with the Conflict Minerals Rule, the Company has adopted a Conflict Minerals Policy that outlines a process to conduct a reasonable country of origin inquiry based on a review of its business operations to determine whether any of the 3TG contained in its products came from recycled or scrap sources or if it did not, whether the 3TG originated in the Democratic Republic of the Congo (DRC) region and adjoining countries.

**MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS**

*The following discussion and analysis of our financial condition and results of operations should be read in conjunction with the section of this Offering Circular entitled "Business", and our consolidated financial statements and related notes thereto, included elsewhere in this Offering Circular. In addition to historical financial information, the following discussion contains forward-looking statements that reflect our current plans, expectations, estimates and beliefs. Our actual results could differ materially from those discussed in the forward-looking statements. Factors that could cause or contribute to these differences include those discussed below and elsewhere in this Offering Circular, particularly in the sections entitled "Risk Factors" and "Cautionary Note Regarding Forward-Looking Statements."*

This Management Discussion and Analysis supplements, but does not form part of, the Consolidated Financial Statements for the years ended December 31, 2024 and 2023. Consequently, the following discussion and analysis of the financial condition and results of operations for the Company should be read in conjunction with the Consolidated Financial Statements for the years ended December 31, 2024 and 2023, and the related notes therein, which have been prepared in accordance with International Financial Reporting Standards, consistently applied.

**Corporate Overview**

The Company was incorporated under the *Business Corporations Act* (British Columbia) (the "BCBCA") on January 26, 2021.

On August 19, 2021, the Company and UMI entered into the Merger Agreement, providing for the acquisition of all the issued and outstanding common shares of UMI. Pursuant to the Merger Agreement, UMI and Urban Mining Merger Sub, Inc., a wholly-owned subsidiary of the Company, amalgamated/merged and continued under the name of UMI. As a result of the Merger, UMI became a wholly-owned subsidiary of the Company on September 1, 2021. Subsequently, UMI changed its name to Modern Mining Technology Corp. as of December 8, 2021. UMI was incorporated in the State of Delaware on August 8, 2017 for the purpose of refining precious metals from E-Waste.

Modern Mining is a "landfill-to-commodity" business aiding the transition away from traditional mining to a cleaner, safer and profitable process to mine valuable metals from a vast, growing and largely ignored global resource, electronic waste or *E-Waste (or sometimes also referred in the waste industry as "EEE" for Electrical and Electronic Equipment or "WEEE" for Waste Electrical and Electronic Equipment).* E-Waste includes all items of electrical and electronic equipment that have been discarded as waste (including a wide range of products; almost any household or business item with circuitry or electrical components). Once concentrated, the resulting material serves as feedstock for the Company's purification process.

Our U.S. wholly-owned operating subsidiary (formerly, "Urban Mining International Inc.", and subsequent to the completion of the Merger, "Modern Mining Technology Corp.") was originally incorporated in August, 2017. Since 2017, management has been focused on research and development activities relating to the feasibility of its business of the treatment of electronic waste and the processes associated therewith. To that end, the Company purchased and installed certain equipment that allowed for the testing of the Company's E-Waste recovery processes. Such research and development activities resulted in the sale of recovered gold in 2020 in the amount of $23,586.

The Company formerly operated out of a 14,400 square foot facility located at 5905 Triangle Dr., Raleigh, North Carolina, 27617 pursuant to a lease dated July 29, 2020 (the "**Former Facility Lease**"). On October 22, 2021, the Company, with the consent of the landlord thereunder, surrendered the Former Facility Lease due to the fact that the Company determined it needed a larger facility to accommodate its anticipated growth and scale-up plans. On September 22, 2022, the Company entered into a lease agreement with Grand Ventures, LLC, a North Carolina limited liability company, for the lease of the Company's North Carolina facility for E-Waste feedstock processing. The lease term is for three years, with a right to extend it for three additional one year terms. Annual rent during the first three lease years is $120,000, payable in monthly installments of $10,000. This is subject to adjustment upon extension of the lease term.

**Significant events and transactions during the Year**

During the year ended December 31, 2024, the Company received a total of CAD $886,000 ($615,748) (December 31, 2023 – CAD $344,000 ($260,094)) in short-term loans. The interests accrued on the CAD denominated loans are $46,221 (2023 - $4,898) and has been included in the interest and accretion expense in the consolidated statements of loss and comprehensive loss. These short-term loans are payable on demand and have an interest rate of 8% per annum, compounded annually.

During the year ended December 31, 2024, MMTC arranged for an offering of unsecured convertible debentures ("2024 Debentures") in an aggregate principal amount of $92,300. The 2024 Debentures bear interest at five percent (5%) per annum and are unsecured obligations of the Company. The 2024 Debentures are due thirty-six months following their issuance (i.e. July 28, 2027).

On July 6, 2024, the Board of the Company approved further modification, in the event that the Company either (a) completes a financing or series of financings or enters into a royalty streaming agreement to raise aggregate gross proceeds of not less than US$5,000,000 at any time between May 1, 2024 and IPO, or (b) completes an IPO where the market value of the Company is not less than US$100,000,000, then in lieu of each common share the subscriber would have otherwise received, the subscriber shall receive a unit (a "Unit") consisting of one common share and one additional warrant (an "Underlying Warrant") to purchase one additional common share (an "Underlying Share") at a price of $0.085 per share for a period of 36 months from the date of the IPO.

On the date of modification, and as at December 31, 2024, the Company assessed that the modification of the Investor Rights Warrants does not have an impact on the classification of such Investor Rights Warrants. As at December 31, 2024, the Company estimated the share price that is used in the valuation of the warrant liability to have a nominal value given that the Company has postponed its public listing, is operating with negative net working capital, has significant negative shareholders' equity and has not secured recent equity financing. As a result, as at December 31, 2024, the fair value of the warrant liability has been determined to be $nil (December 31, 2023 - $340,234). The Company recognized a total of $328,512 fair value gain on the valuation of warrant liability for the year ended December 31, 2024 (December 31, 2023 – loss of $186,508) and the gain (loss) has been included in the consolidated statements of loss and comprehensive loss.

**Operating Segments**

The Company operates in one operating segment, namely the refinement of precious metals from E-Waste.

For the years ended December 31, 2024 and 2023, the Company had no revenues due to the Company focusing on revamping its business operations, facility, and financing opportunities.

The Company has and expects to continue to report negative earnings until the Company's E-Waste processing program ramps up to full-scale production. The Company will continue to utilize proceeds from financing and equity issuances to fund its business operations and general and administrative operating costs.

**<u>Plan of Operations</u>**

The continuation of our current plan of operations requires us to raise significant additional capital. If we are successful in raising capital through the sale of Shares pursuant to this Offering, we believe that the Company will have sufficient cash resources to fund its plan of operations for the next 12 months. If we are unable to do so, we may have to curtail and possibly cease some operations. The Company intends to receive proceeds from the Offering to carry out the following near term and longer-term goals. The approximate timing and costs associated with these target milestones are also summarized below. These target dates and cost estimates may change subject to multiple factors including, but not limited to, the following: (i) the timing of the Offering and quantity of capital raised; (ii) key equipment availability, cost, and delivery timing; (iii) supply chain fluctuations; (iv) availability and access to labor markets (skilled and unskilled); (v) permitting processes; and (vi) availability and costs of E-Waste feedstock supply. See also "Risk Factors."

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Target Milestone** | **Target <br> Start Date** | **Target <br> Completion Date** | **Cost <br> Estimate** |
| 1 | Complete the build-out of our commercial scale PCP and APP facilities to be used in our future commercial plant in North Carolina (inclusive of all estimated direct and indirect capital expenditures) | IPO | IPO +6 months | $10.5M |
| 2 | Secure high-quality E-Waste feedstock through written supply arrangements to support process development, commissioning, and start-up activities | IPO | IPO +6 months | $0.75M |
| 3 | Grow and train our front-line PCP and APP operating teams | IPO | IPO +6 months | $2.25M |
| 4 | Complete the commissioning of our facilities, and demonstrate ramp-up to full-scale PCP processing capacity of approximately 20-25 tonnes of E-Waste per day, including re-engineering and debottlenecking as needed | IPO +6 months | IPO +12 months | $1.75M |
| 5 | Initiate and seek R2 Standard (as defined herein) certification | IPO +6 months | IPO +18 months | $0.5M |
| 6 | Add supplementary E-Waste supply contracts to ensure our PCP facility can be operated at design capacity of approximately 8,000 tonnes per year; | IPO +6 months | IPO +18 months | $0.75M |
| 7 | Achieve steady-state commercial production and revenue status | IPO +12 months | IPO +18 months | $0.75M |
| 8 | Initiate our R&D program to expand our competitive and environmental advantages | IPO +18 months |  |  |
| 9 | Develop facilities expansion and business growth roadmap (additional PCP and APP facilities, domestically/internationally) | IPO +18 months |  |  |

---

We will continually evaluate our plan of operations to determine the manner in which we can most effectively utilize our limited cash resources. The timing of completion of any aspect of our plan of operations is highly dependent upon the availability of cash to implement that aspect of the plan and other factors beyond our control. There is no assurance that we will successfully obtain the required capital or revenues, or, if obtained, that the amounts will be sufficient to fund our ongoing operations.

**Years Ended December 31, 2024 and 2023**

**Results of Operations**

The net loss reported during the year ended December 31, 2024 was $2,305,221 compared to net loss of $2,702,050 in the prior year. The main fluctuations in costs were as follows:

---

| | | |
|:---|:---|:---|
| **Professional fees (rounded to the nearest '000)** | **Year Ended<br> December 31, <br> 2024** | **Year Ended<br> December 31, <br> 2023** |
| Realized and unrealized loss (gain) from foreign exchange | $210000 | $765000 |
| Variance | $(555000) | - |

---

The decrease in legal fees and other professional service costs was primarily due to reduced investment opportunities and the Company's IPO activities during the year.

---

| | | |
|:---|:---|:---|
| **Consulting fees (rounded to the nearest '000)** | **Year Ended<br> December 31,<br> 2024** | **Year Ended<br> December 31, <br> 2023** |
|  | $574000 | $(86000) |
| Variance | $660000 | - |

---

The increase in foreign exchange loss was driven by the appreciation of the US Dollar.

---

| | | |
|:---|:---|:---|
| **Unrealized gain (loss) on warrant liability (rounded to the nearest '000)** | **Year Ended <br> December 31, <br> 2024** | **Year Ended <br> December 31, <br> 2023** |
|  | $329000 | $(187000) |
| Variance | $516000 | - |

---

As at December 31, 2024, the fair value of the warrants liability has been determined to be $nil (December 31, 2023 - $340,234). Therefore, previous year's warrant liability was written off contributing to the increase in gain.

**<u>Liquidity and Capital Resources</u>**

**Subsequent to December 31, 2024**

On June 18, 2025, the Company entered into an investment agreement (the "OR Investment Agreement") with OR Royalties Inc. ("OR") pursuant to which OR agreed to subscribe for 47,058 Common Shares at a price of $4.25per share for gross proceeds of $200,000. The OR Investment Agreement provides that the Company will use the proceeds to commission a third-party technical study on the Company's first commercial scale E-Waste recovery facility to be located in Greenville, North Carolina. Subject to favorable outcomes from the study, the Company and OR have agreed to negotiate a royalty agreement pursuant to which the Company will grant OR a perpetual royalty on all metals produced at the facility in exchange for a portion of the funding required for construction of the facility.

The Company received additional short-term loans and promises to pay the principal sums ($416,667) and $228,000 at 8% interest compounded annually, payable on demand

The Company amended the Debentures that were issued during the year ended 2022, whereby the Company extended the maturity date from April 7, 2025 to April 7, 2027, with the interest rate on the Debentures increased from 5% per annum to 7% per annum.

**Years Ended December 31, 2024 and 2023**

The Company has financed its operations from equity and debt advances from its shareholders. The Company has no external credit facilities or bank loans.

The Company has an authorized capital consisting of an unlimited number of Shares of which, as of the date hereof, 5,082,200 Shares are issued and outstanding.

 

*Assets and Sources of Liquidity*

<u>Cash and restricted cash</u>

As of December 31, 2024, the Company's cash and restricted cash were $121,829 compared to $45,907 as of December 31, 2023. Cash and restricted cash represent the largest component of our current assets, with smaller amounts recorded as sales tax receivable and prepaid expenses.

<u>Sales tax receivable</u>

As of December 31, 2024, the Company's sales tax receivable were $30,701 compared to $11,367 as of December 31, 2023. Sales tax receivable increased by $19,334 due to continued operations of the Company and increased expenditures that the Company is expected to be able to claim refunds on sales tax.

<u>Prepaid expenses</u>

As of December 31, 2024, the Company's prepaid expenses were $26,587 compared to $17,956 as of December 31, 2023. The increase of $8,631 was due to the Company placing retainers with professional service organizations.

*Liabilities and Material Commitments*

<u>Convertible debentures and interest payable on convertible debentures</u>

As of December 31, 2024, the Company's convertible debentures and interest payable on convertible debentures were $3,403,862 and $458,268, respectively, compared to $3,249,145 and $288,875, respectively, as of December 31, 2023. The increase of $154,717 and $169,393, respectively, was due to convertible debentures being issued during the year.

<u>Short-term loans</u>

As of December 31, 2024, the Company's short-term loans were $1,025,732 compared to $372,557 as of December 31, 2023. The increase of $653,175 was due to issuance of loans of CAD$886,000, and accrual of interests.

<u>Accounts payable and accrued liabilities</u>

As of December 31, 2024, the Company's accounts payable and accrued liabilities were $3,108,040 compared to $2,103,366 as of December 31, 2023. The increase of $1,004,674 during the year was due to continued operations and increased expenditures of the Company.

**Historical Cash Flow Information**

 ****

***Summary of Annual Results***

The following tables summarize selected financial data for the Company for each of the most recently completed financial years. The information set forth below should be read in conjunction with the consolidated audited financial statements and unaudited condensed consolidated interim financial statements, prepared in accordance with International Financial Reporting Standards and Canadian generally accepted accounting principles as applicable.

---

| | | |
|:---|:---|:---|
| **Fiscal Period/ Year Ended** | **December 31, <br> 2024** | **December 31, <br> 2023** |
| Total Revenues | $- | $- |
| Net Loss for the Year | $2305221 | $2702050 |
| Loss per Share (Basic and Diluted) | $(0.46) | $(0.54) |
| Total Assets | $330832 | $392670 |

---

 ****

***Outstanding Shares***

As at December 31, 2024, the Company had 5,035,142 Shares issued and outstanding on a non-diluted basis.

As at December 31, 2024, the Company had 12,646,812 warrants that were issued and outstanding. These warrants remained anti-dilutive as at December 31, 2024 and as at the date hereof, and therefore, were not included in the calculation of diluted earnings per share.

As at the date hereof, potentially dilutive securities for the diluted earnings per share calculations consist of 1,306,427 contingently issuable shares of convertible debt at an assumed conversion price of $2.55 per Share and 12,646,812 share purchase warrants. When a loss from continuing operations exists, all dilutive securities and potentially dilutive securities are anti-dilutive and are therefore excluded from the computation of diluted earnings per share.

As of the date hereof, the Company has 9,705,696 Investor Rights Warrants issued and outstanding, which will automatically convert to up to 18,440,805 Shares upon the closing of this Offering, subject to the IRA Blocker provisions, as described elsewhere in this Offering Circular. Shares issued in exchange for the Investor Rights Warrants are subject to further restrictions such that they will be released from lock-up six (6) months following the closing of the Offering. Up to 50% of such securities may be released early in accordance with the terms of the Pooling Agreement.

On April 7, 2022, the Company issued $3,331,390 principal amount of 5% unsecured convertible debentures in a private placement. The Debenture Indenture provides that in the event the Company completes a U.S. listing, such as this Offering, the principal amount of the Debentures plus any accrued unpaid interest will automatically convert into Shares at a conversion price equal to the lessor of (A) a 40% discount to the Offering Price, and (B) $5.00, and shall be subject to a six (6) month hold period from the listing of the Shares on the Canadian Securities Exchange, the TSX Venture Exchange, the Toronto Stock Exchange, the Neo Exchange Inc., the Nasdaq Stock Market or any United States stock exchange.

 ****

***Financial Position and Liquidity as at December 31, 2024***

As at December 31, 2024, the Company's financial instruments consist of cash, accounts payable, equipment loan and short-term loans.

The following discussion relates to the year ended December 31, 2024 and compares that to the fiscal 2023:

As at December 31, 2024, the Company had a working capital deficit of $7,832,353 compared to a working capital deficit of $2,895,866 as at December 31, 2023.

Cash used in operating activities during year ended December 31, 2024 totalled $743,988 (December 31, 2023: $832,299).

Cash used in investing activities during the year ended December 31, 2024 totalled $nil (December 31, 2023: $5,511).

Cash raised in financing activities during the year ended December 31, 2024 totalled $588,048 (December 31, 2023: $130,094).

 ****

***Financial Position and Liquidity as at December 31, 2023***

As at December 31, 2023, the Company's financial instruments consisted of cash and cash equivalents, security deposit, trust account, accounts payable and accrued liabilities, trust liability, equipment loan and short-term loans.

The following discussion relates to the year ended December 31, 2023 and compares that to the fiscal 2022:

As at December 31, 2023, the Company had a working capital deficit of $2,895,866 compared to a working capital deficit of $194,332 as at December 31, 2022.

Cash used in operating activities during the year ended December 31, 2023 totaled $832,299 (December 31, 2022: $2,408,811).

Cash used in investing activities during the year ended December 31, 2023 totaled $5,511 (December 31, 2022: $200,643).

Cash raised in financing activities during the year ended December 31, 2023 totaled $130,094 (December 31, 2022: $2,890,008).

**<u>Trend Information</u>**

Because we are still in the start-up phase of our operations, we are unable to identify any recent trends in revenue or expenses. Thus, we are unable to identify any known trends, uncertainties, demands, commitments or events involving our business that are reasonably likely to have a material effect on our revenues, income from operations, profitability, liquidity or capital resources, or that would cause the reported financial information in this Offering Circular to not be indicative of future operating results or financial condition.

**Going Concern**

The Company is in the preliminary stages of its planned operations and has not yet determined whether its processes and business plans are economically viable. The continued operations of the Company are dependent upon the ability of the Company to obtain sufficient funding to carry out its business plans, the existence of future profitable production, or alternatively, upon the Company's ability to dispose of its assets on an advantageous basis, all of which are uncertain.

The Company's consolidated financial statements have been prepared on a going concern basis, which assumes that the Company will be able to continue in operation for the foreseeable future and will be able to realize its assets and discharge its liabilities and commitments in the normal course of business. The Company will need to raise additional capital in the near term to fund its ongoing operations and business activities. There can be no assurance that this Offering will conclude or that other financings will be available on terms acceptable to the Company or at all. As a result of these circumstances, there are material uncertainties that cast significant doubt as to the appropriateness of the going concern presumption.

The business of environmental recycling and processing involves a high degree of risk, and there can be no assurance that current business development programs will result in profitable operations. The Company's continued existence is dependent upon the acquisition of assets, preservation of its interest in the underlying assets, acquisition of various licenses, the achievement of profitable operations, or the ability of the Company to raise alternative financing, if necessary, or alternatively upon the Company's ability to dispose of its assets and operations on an advantageous basis.

The Company's consolidated financial statements do not reflect the adjustments to the carrying values of assets and liabilities and the reported expenses and classifications in the statement of financial position that may be necessary if the Company were unable to continue as a going concern, and these adjustments could be material.

**Off-Balance Sheet Arrangements**

The Company does not have any off-balance sheet arrangements.

**Direct Capital Expenditures**

Our contractual obligations for ongoing capital expenditures are described below. With the proceeds from the 2022 Debenture Offering, we have entered into a facility lease in Greenville, North Carolina and acquired various pieces of production equipment.

The Company estimates that to equip the facility with the required processing equipment (including laboratory equipment) to run its main US processing operations, will require an initial investment of approximately $6.5-$7.4 million in direct capital. Such equipment includes, but is not limited to, gas scrubbers, conveyor belt systems, sensor based sorters, air compressors, various shredders and sizers, drying units, dissolution and precipitate vessels, various chemical process tanks, induction melting systems, vacuum filtration units, security systems, etc. The Company understands that such capital costs and timelines could change, and as such, it continues to review and update major equipment quotes ahead of any advance procurement strategies.

The Company manages its capital structure and makes adjustments to it, based on the funds available to the Company, in order to pursue the Company's objectives. The Board of Directors does not establish quantitative return on capital criteria for management, but rather relies on the expertise of the Company's management to sustain future development of the business.

In the management of capital, the Company includes its cash balances and components of shareholders' equity. The Company manages the capital structure and makes adjustments to it in light of changes in economic conditions and the risk characteristics of the underlying assets. To maintain or adjust the capital structure, the Company may attempt to issue additional shares, issue debt, acquire or adjust the amount of cash and cash equivalents and investments.

At this stage of the Company's development, in order to maximize ongoing development efforts, the Company does not pay out dividends. Management reviews its capital management approach on an ongoing basis and believes that this approach, given the relative size of the Company, is reasonable.

**Financial Instruments and Risk Management**

a) Financial instrument classification and measurement

Financial instruments of the Company carried on the Consolidated Statements of Financial Position are carried at amortized cost, with the exception of warrant liability, classified and held at fair value through profit or loss. There are no significant differences between the carrying value of financial instruments and their estimated fair values as at December 31, 2024 and 2023, due to the immediate or short-term maturities of the financial instruments and their subjectivity to interest rates that are similar to the market interest rates of a similar item with similar security.

The Company classifies the fair value of these transactions according to the following hierarchy:

● Level 1 - quoted prices in active markets for identical financial instruments.

● Level 2 - quoted prices for similar instruments in active markets; quoted prices for identical or similar instruments in markets that are not active; and model-derived valuations in which all significant inputs and significant value drivers are observable in active markets.

● Level 3 - valuations derived from valuation techniques in which one or more significant inputs or significant value drivers are unobservable.

The Company's warrant liability is classified at level 3 with a fair value of $nil as of December 31, 2024 (December 31, 2023 - $340,234).

**a)** **Market risk** 

Market risk is the risk that changes in market prices will affect the Company's earnings or the value of its financial instruments. Market risk is comprised of other price risk, currency risk, and interest rate risk. The objective of market risk management is to manage and control exposures within acceptable limits, while maximizing returns. These market risks are evaluated by monitoring changes in key economic indicators and market information on an on-going basis, adjusting operations and budgets accordingly. The Company is not subject to market risk.

**b)** **Credit risk** 

Credit risk is the risk that one party to a financial instrument will fail to discharge an obligation and cause the other party to incur a financial loss. The Company's primary exposure to credit risk is on its cash and restricted cash. The Company's cash and restricted cash are held with major banks in Canada and the United States. Accordingly, the Company is not exposed to significant credit risk.

&nbsp;&nbsp;&nbsp;&nbsp;**c)** **Liquidity risk** 

Liquidity risk is the risk that the Company will not be able to settle or manage its obligations associated with financial liabilities. In the management of liquidity risk, the Company maintains a balance between continuity of funding and the flexibility through the use of borrowings. Management closely monitors the liquidity position and expects to have adequate sources of funding to finance the Company's projects and operations. The Company is dependent on external financing and will be required to raise additional capital in the future to fund its operations

As at December 31, 2024, the Company had a cash and cash equivalents balance of $101,829 (December 31, 2023 - $25,907) to settle current liabilities of $8,038,773 (December 31, 2023 - $2,971,096). So far, the Company is not profitable and has had to rely on the issuance of equity securities for cash, primarily through private placements and from related and other parties. The Company's access to financing is uncertain. There can be no assurance of continued access to significant equity or debt financing.

**d)** **Interest rate risk** 

Interest rate risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate because of changes in market interest rates. The Company is exposed to cash flow interest rate risk on the variable rate of interest earned on its cash and restricted cash. The cash flow interest rate risk on cash is insignificant since deposits are short term in nature. The Company does not hold any other financial assets or liabilities with variable interest rates that will have significant impact arising from interest rate risk. The fair value interest rate risk on the Company's other assets and liabilities are deemed to be insignificant.

The Company has not entered into any derivative instruments to manage interest rate fluctuations, thus, the Company is not subject to interest rate risk.

**e)** **Foreign currency risk** 

Foreign currency risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate because of changes in foreign exchange rates.

The Company's certain operating expenses and acquisition costs are denominated in US$ and incurred by MMTC Delaware, and a large portion of the expenses of the Company are in Canadian dollars. The Company's corporate office is based in Canada, and the exposure to exchange rate fluctuations arises mainly on foreign currencies, which are the US$.

The Company is exposed to foreign exchange risk. The Company has not entered into any derivative instruments to manage foreign exchange fluctuations; however, management monitors foreign exchange exposure, and if rates continue to fall, management will look at entering into derivative contracts. Should the US dollar and Canadian dollar exchange rate have changed by 5% at the period end, the impact to profit or loss would be +/- $118,085.

The Company's monetary assets and liabilities denominated in Canadian dollars are shown here in US$:

---

| | | |
|:---|:---|:---|
| **Rounded ('000)** | **December 31,<br> 2024** | **December 31,<br> 2023** |
| Cash and cash equivalents | $**48000** | $21000 |
| Accounts payable and accrued liabilities | $**913000** | $(871000) |

---

**Capital Management**

The Company manages its capital structure and makes adjustments to it, based on the funds available to the Company, in order to pursue the Company's objectives. The Board of Directors does not establish quantitative return on capital criteria for management, but rather relies on the expertise of the Company's management to sustain future development of the business.

In the management of capital, the Company includes its components of equity (deficit). The Company manages the capital structure and makes adjustments to it in light of changes in economic conditions and the risk characteristics of the underlying assets. To maintain or adjust the capital structure, the Company may attempt to issue new shares, issue debt, acquire or adjust the amount of cash and cash equivalents and investments.

At this stage of the Company's development, in order to maximize ongoing development efforts, the Company does not pay out dividends. Management reviews its capital management approach on an ongoing basis and believes that this approach, given the relative size of the Company, is reasonable. The Company's capital is not subject to any externally imposed capital requirements.

**Critical Accounting Estimates**

The preparation of the Company's Consolidated Financial Statements requires management to make judgments, estimates and assumptions about the carrying amounts of assets and liabilities that are not readily apparent from other sources. The estimates and assumptions are based on historical experience and other factors that are considered relevant. Actual results may differ from these estimates.

The accounting estimates and assumptions discussed in this section are those that the Company considers to be the most critical in the preparation of the Consolidated Financial Statements. An accounting estimate or assumption is considered critical if both

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) the nature of the estimate or assumption is material due to the levels of subjectivity and judgement involved,
and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) the impact within a reasonable range of outcomes of the estimate and assumption is material to the financial
condition.

The Company measurement of the warrant liability is considered to be a critical accounting estimate. Estimating fair value for warrants requires determining the most appropriate valuation model. Significant estimates include estimating the fair value of the Company's common shares and the volatility of common shares.

**MANAGEMENT**

**Our Executive Officers and Directors**

The following table sets forth the names, ages and positions of our executive officers and members of our Board of Directors as of the date of this Offering Circular. The business address of all of persons identified below is c/o Modern Mining Technology Corp., 1055 West Georgia Street, 1500 Royal Centre, Vancouver, British Columbia, V6E 4N7 Canada.

---

| | | | |
|:---|:---|:---|:---|
|  | **Name** | &nbsp;&nbsp;&nbsp;**Position** | **Age** |
| 1 | Kuljit (Jeet) Basi | Chief Executive Officer, President and Director | 42 |
| 2 | David Whitney | Chief Financial Officer | 43 |
| 3 | Mark Zorko | Executive Chairman of the Board, Director | 73 |
| 4 | Sean Bromley | Director | 35 |
| 5 | Matthew Chatterton | Director | 45 |
| 6 | Michael Hepworth | Director | 75 |
| 7 | Thomas A. Fenton | Secretary | 65 |

---

There are no arrangements or understandings with major shareholders, customers, suppliers or others pursuant to which any of our directors or executive officers was selected to serve as a director or executive officer of the Company.

Pursuant to the Investor Rights Agreement, each Investor (as defined in the Investor Rights Agreement) shall be entitled, through the Warrantholder Representative to nominate three (3) directors to the Board, provided that each director nominee shall be a Canadian resident and shall meet the requirements of applicable corporate, securities and other laws. All of the current directors were nominated prior to execution of the Investor Rights Agreement. The Investor Rights Agreement will terminate upon completion of the Offering.

**Biographical Information**

The following is a summary of certain biographical information concerning our executive officers, and directors.

**Kuljit (Jeet) Basi**, President, Chief Executive Officer and Director. Mr. Basi is an established mining industry professional with over 18 years of technical leadership experience in global public mining companies including Newmont Corporation ("Newmont"), Goldcorp Inc. ("Goldcorp") and Teck Resources Ltd. ("Teck"). Jeet has a passion for growing a collaborative culture of technical excellence focused on maximizing net asset values. From July 2020 to present, Mr. Basi has been the principal consultant for SVK Metrix Inc. ("SVK"), which company provides consulting advice to numerous natural resource companies, including the Company. Mr. Basi has served as the CEO of the Company since March 2022. He is also a director and Executive Chairman of Tactical Resources Corp., a position he has held since November 2020. Prior thereto, from July 2019 to February 2020, Mr. Basi held the position of Senior Advisor, Newmont North America, where he was responsible for implementing industry leading best practices in the areas of technical services, project development and strategic planning across all of Newmont's Canadian, U.S. and Mexican assets. Prior thereto, from February 2011 to June 2019, Jeet held various positions with Goldcorp including the position of Corporate Manager of Processing & Metallurgy. During his eight-year tenure with Goldcorp, Mr. Basi established a track record of delivering bottom-line growth across major assets within Goldcorp's global portfolio. Prior to Goldcorp, Mr. Basi worked, from September 2006 to January 2011, at Teck's Highland Valley Copper operation where he most notably was involved in the mill optimization and expansion projects. Mr. Basi is an industry professional and has co-authored multiple publications within the technical community. Mr. Basi obtained his Bachelor of Applied Science in Mining and Mineral Process Engineering degree from the University of British Columbia with a Minor in Commerce in 2006.

**David Whitney**, Chief Financial Officer. Mr. Whitney has served as the Company's Chief Financial Officer since August 2024. He also currently serves as the Chief Financial Officer of Starfighters Space Inc., a position he has held since January 2024. Mr. Whitney has been serving as a Finance Executive for technology companies for the past 10 years with both private and public companies. From November 2016 to May 2020 Mr. Whitney served as the Chief Financial Officer for RentMoola Payment Solutions Inc. ("RentMoola"). From September 2018 to January 2020 he also served on the Board of Directors for RentMoola. During his tenure at RentMoola, Mr. Whitney oversaw the financing and accounting divisions at the Company; he was responsible for all capital raises which included a Series A, and retail investments. From May 2020 to September 2022 he served as Chief Financial Officer for Property Vista Software Inc. ("Property Vista"). At Property Vista, Mr. Whitney was responsible for the finance and accounting office at the Company and was responsible for all capital and debt solutions while employed there. From September 2022 to December 2023 Mr. Whitney was Chief Financial Officer for a large Canadian independent film studio, BRON Studios. Mr. Whitney had a team of over 60 finance and accounting staff and was responsible for over $500MM in film and investment assets. Mr. Whitney is a CPA (CA) designated in British Columbia Canada, articling in public practice at Ernst & Young LLP. Mr. Whitney has won several distinguished awards in his field including Ernst & Youngs '40 Under 40' award for Western Canada. Mr. Whitney has a Bachelor of Business Administration minoring in Advanced Accounting from the British Columbia Institute of Technology.

**Mark Zorko**, Executive Chairman of the Board, Director. Mr. Zorko has been Chairman of the Board of the Company since 2020. He is a seasoned business professional who has served as a CFO, board member and audit committee chairman at several public and private companies during his career. Since 2024 he has been on the Board of NuSkin Enterprises (NYSE:NUS). His past board service includes Westell Technologies, Inc. from 2017 to 2024, a provider of network infrastructure solutions that trades on the OTC markets (previously on Nasdaq), where he was the audit committee chairman and a member of the compensation committee. Mr. Zorko previously chaired the nominating and corporate governance committee and from 2009 to 2019 served on both the audit and compensation committees of Perma-Pipe International Holdings, Inc. (Nasdaq: PPIH). He has worked as a consultant since 2013 and currently serves as an advisor to two early-stage entrepreneurial businesses. From 2017 to 2023, Mr. Zorko was president of Brentwood 401k, LLC, a firm that he founded to provide 401(k) plan advisory services to middle-market companies. Between 2006 and 2019, Mr. Zorko served as CFO or interim CFO at a variety of public companies listed on the New York Stock Exchange, OTC markets and London Stock Exchange AIM Market. Mr. Zorko served as the Chief Financial Officer of Steel Excel, Inc. (Nasdaq: SXCL), a public energy industry firm, from 2011 to 2013. He also served as the President and Chief Executive Officer of SXCL's subsidiary Wells Services Ltd. (WSL), a Steel Excel business, in 2012 and CFO of DGT Holdings (DGTC), a medical imaging firm, from 2006 to 2012. SXCL, WSL and DGTC are all affiliated with Steel Partners Holding, L.P., a publicly traded diversified global holding company. Mr. Zorko was on the Audit Committee for Opportunity International, a microfinance bank from 2006 to 2018 and was on the Finance Committee for the Alexian Brothers Health System from 2006 to 2016. From 2000 to 2010, he was a partner at Tatum CFO Partners, LLP, an executive services firm at which he served in financial leadership positions for several clients, and he previously worked in finance and accounting roles at Honeywell, Inc., Zenith Data Systems Corporation and Arthur Andersen & Co. Mr. Zorko served in the U.S. Marine Corps and currently is on the board of directors of Military Outreach USA. He holds a B.S.B.A. degree in accounting from The Ohio State University and a M.B.A. degree from the University of Minnesota. He is a certified public accountant, NACD Director Certified and Board Leadership Fellow, and in 2019 he earned NACD's CERT Certificate in Cybersecurity Oversight. He currently serves on NACD's Research Triangle Chapter Board. Mr. Zorko brings many years of expertise in strategic planning, finance, accounting, international operations, mergers and acquisitions, information technology, audit oversight, and corporate governance. Our Board also believes his extensive executive experience and his service on other public company boards enable him to be an effective Board member. In addition, Mr. Zorko's experience consulting with smaller, entrepreneurial businesses provides a valuable perspective in managing our business. Finally, through his experience as a CFO and audit committee chairman at multiple public companies, Mr. Zorko has developed deep insight into the management, operations, finances and governance of public companies.

**Sean Bromley**, Independent Director. Mr. Bromley is a self-employed independent consultant to private and public companies and has significant experience in consulting and advising early-stage companies. As a former investment advisor, Mr. Bromley also brings considerable capital markets and financing expertise to the Company. He has been working as an investment consultant for the past 10 years and currently serves, or has served, as a director and consultant for multiple public and private companies including Starfighters Space Inc. since October 2022, Modern Mining Technology Corp since September 2021, The Vurger Co Ltd. from March 2022 to June 2025, Promino Nutritional Sciences Inc. since August 2020, Pure Extracts Technologies Corp. from December 2019 to August 2023, Isracann Biosciences Inc. from December 2018 to January 2024, Bolt Metals Corp. from October 2017 to November 2024. White Gold Corp. since November 2015, and Apollo Silver Corp. from August 2015 to June 2023. As a consultant, Mr. Bromley assists companies with corporate strategy, the identification of potential targets for mergers and acquisitions and the negotiation of transaction agreements, capital raising and making introductions to potential business partners. Mr. Bromley holds a Bachelor of Commerce degree with specialization in Finance from the University of Calgary in Alberta, Canada. He also studied at The Hong Kong University of Science and Technology in 2012.

**Matthew Chatterton**, Independent Director. Mr. Chatterton has over 20-years of experience in the design, development, and execution across a variety of projects and manufacturing operations and 12-years' experience in the mining sector, primarily in equipment supply and process development for precious metal mines. His expertise includes project management, facility management, logistics, supply side processes and procedures at a number of international manufacturing operations in Canada, United States, China, Bulgaria, the Philippines and Israel. He has managed operational teams as large as eight direct or 120 indirect reports and has managed capital projects in excess of $35 million for production facilities and laboratories for mining and manufacturing businesses. He is currently the Chief Executive Officer at POWR Lithium Corp, where he has been serving in that role since December, 2023. Prior to POWR, Mr. Chatterton worked in various roles with Isracann Bioscience Inc from May 2019 to January 2023. He is also currently a director of UniDoc Health Corp. since December 2021 and Tactical Resources Corp. since April 2021, and was formerly a director of The Vurger Co Ltd. from March 2022 to June 2025. Mr. Chatterton is a Professional Engineer and graduate of Canada's Queens University with a Master of Applied Science degree in Chemical Engineering in 2003 and an undergraduate degree in Applied Science in Engineering Chemistry in 2002, a dual accredited Chemistry/Engineering program.

**Michael Hepworth**, Independent Director. Mr. Hepworth has over 45 years of experience working in international markets, including management consulting, corporate development, mergers and acquisitions and go-public transactions. Mr. Hepworth is a seasoned senior executive and entrepreneur who has worked with various Canadian and US publicly listed companies in the banking, mining and exploration and engineering industries. Mr. Hepworth has served as CEO and as a director for a number of Canadian public companies including: Firesteel Resources, Nordic Gold, Latin American Minerals, and Lithium Energy Products. Mr. Hepworth served as the President, Chief Executive Officer, and Director of Nordic Gold from January 2012 to July 2019, a 70,000 ounce gold producer in Finland. Since August 2019 to present, Mr. Hepworth has, through his consulting company, Alpha Resources Management Ltd., continued to advise companies primarily in the resource sector.

**Thomas A. Fenton**, Secretary. Mr. Fenton is a partner of the Toronto based law firm, Aird & Berlis LLP, where he has practiced corporate and securities law since June 1997. Mr. Fenton has over 30 years of practice experience and is the former Practice Group Leader of the firm's Capital Markets Group. Tom has also been, and currently is, an officer and/or director of a number of private and public companies. Among other things, Mr. Fenton also served for a three-year term on the Securities Advisory Committee of the Ontario Securities Commission from 2016 to 2018. Mr. Fenton received his law degree in 1986 from the University of Western Ontario (now Western University).

**Family Relationships**

There are no familial relationships among any of our directors or executive officers.

**Involvement in Certain Legal Proceedings**

Except as set forth below, to our knowledge, none of our current directors or executive officers have, during the past ten years:

● been convicted in a criminal proceeding or been subject to a pending criminal proceeding (excluding traffic violations and other minor offenses);

● had any bankruptcy petition filed by or against the business or property of the person, or of any partnership, corporation or business association of which he or she was a general partner or executive officer, either at the time of the bankruptcy filing or within two years prior to that time;

● been subject to any order, judgment, or decree, not subsequently reversed, suspended or vacated, of any court of competent jurisdiction or federal or state authority, permanently or temporarily enjoining, barring, suspending or otherwise limiting, his involvement in any type of business, securities, futures, commodities, investment, banking, savings and loan, or insurance activities, or to be associated with persons engaged in any such activity;

● been found by a court of competent jurisdiction in a civil action or by the SEC or the Commodity Futures Trading Commission to have violated a federal or state securities or commodities law, and the judgment has not been reversed, suspended, or vacated;

● been the subject of, or a party to, any federal or state judicial or administrative order, judgment, decree, or finding, not subsequently reversed, suspended or vacated (not including any settlement of a civil proceeding among private litigants), relating to an alleged violation of any federal or state securities or commodities law or regulation, any law or regulation respecting financial institutions or insurance companies including, but not limited to, a temporary or permanent injunction, order of disgorgement or restitution, civil money penalty or temporary or permanent cease-and-desist order, or removal or prohibition order, or any law or regulation prohibiting mail or wire fraud or fraud in connection with any business entity; or

● been the subject of, or a party to, any sanction or order, not subsequently reversed, suspended or vacated, of any self-regulatory organization (as defined in Section 3(a)(26) of the Securities Exchange Act of 1934, as amended (the Exchange Act)), any registered entity (as defined in Section 1(a)(29) of the Commodity Exchange Act), or any equivalent exchange, association, entity or organization that has disciplinary authority over its members or persons associated with a member.

The Company is not currently a party to any legal proceedings, the adverse outcome of which, individually or in the we believe will have a material adverse effect on our business, financial condition or operating results.

**Board Practices**

<u>Board Leadership Structure and Risk Oversight</u>

The Board of Directors oversees our business and considers the risks associated with our business strategy and decisions. The Board of Directors currently implements its risk oversight function as a whole.

<u>Terms of Office</u>

Each of our officers holds office until his or her successor is elected and qualified. Directors are appointed to serve for one year until the meeting of the Board of Directors following the annual meeting of shareholders and until their successors have been elected and qualified.

<u>Director Independence</u>

As a result of our expectation that our securities will be listed on the Nasdaq, we have elected to adhere to the rules of such exchange in determining whether a director is independent. The Nasdaq Listing Rules generally defines an "independent director" as a person other than an executive officer or employee of a Company or any other individual having a relationship which, in the opinion of the Company's board of directors, would interfere with the exercise of independent judgment in carrying out the responsibilities of a director. Under NI 58-101, a director is considered to be independent if he or she is independent within the meaning of Section 1.4 of Canadian National Instrument 52-110 – *Audit Committees*, or "NI 52-110."

Under such definition, Sean Bromley, Matt Chatterton and Michael Hepworth are independent directors on the Company's Board. However, our Shares are not currently quoted or listed on any national exchange or interdealer quotation system with a requirement that a majority of our Board be independent and, therefore, the Company is not subject to any director independence requirements as of the date hereof.

<u>Board Committees</u>

 ****

***Audit Committee***

Our Audit Committee is comprised of Sean Bromley (Chairperson), Michael Hepworth and Matthew Chatterton. The Audit Committee is directly responsible for the appointment, compensation, retention, oversight and termination of the work of the independent auditor (including resolution of any disagreements between Company management and the independent auditor regarding financial reporting) and any other registered public accounting firm engaged for the purpose of preparing or issuing an audit report or related work or performing other audit, review or attest services for the Company, and the independent auditor and each such other registered public accounting firm must report directly to the Committee. The Committee, or the Chair of the Committee, must pre-approve any audit and non-audit service provided to the Company by the independent auditor or any other registered public accounting firm, unless the engagement is entered into pursuant to appropriate preapproval policies established by the Committee or if such service falls within available exceptions under SEC rules.

 ****

 ****

***Compensation Committee***

Our Compensation Committee is comprised of Matthew Chatterton (Chairperson), Michael Hepworth and Sean Bromley.

The primary responsibility of the Compensation Committee is the oversight of, and the annual and ongoing review of, the Chief Executive Officer, the compensation of the senior management team, and the bonus programs in place for the balance of the staff. This includes oversight responsibility for ensuring the proper reporting and continuous disclosure in respect of same, and compliance with laws and regulations as well as stock exchange rules and policies in respect of same. The Compensation Committee shall also be responsible for the other matters as set out in this Charter and/or such other matters as may be directed by the Board of Directors from time to time. The Compensation Committee should exercise continuous oversight of developments in these areas.

 ****

***Environmental, Social and Governance ("ESG") Committee***

Our ESG Committee is comprised of Michael Hepworth (Chairperson), Matthew Chatterton and Sean Bromley.

The primary responsibility of the ESG Committee is, among other matters, to review and set standards for qualification and criteria for membership to the Board of Directors, review and make recommendations to the Board of Directors as to whether existing directors should stand for re-election and consider, screen and recommend candidates to fill new or open positions to the Board of Directors, recommend candidates for membership in each of the Board of Directors' committees, assist management in the preparation of disclosures in the Company's annual proxy statement regarding corporate governance and director independence, review and make recommendations with respect to the Company's social responsibility efforts, oversee the Company's reporting standards with respect to ESG matters and to make regular reports to the Board of Directors.

<u>Code of Ethics</u>

Our Board adopted a written Code of Business Conduct and Ethics on May 19, 2022, which is a "code of ethics" as defined in section 406(c) of the Sarbanes-Oxley Act and which is a "code" under Canadian National Instrument 58-101-Disclosure of Corporate Governance Practices, that applies to our directors, officers, and employees, including our principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions, and other of our agents. The Code of Ethics will be made publicly available on the Company's website at *www.modernmining.com*.

<u>Incentive Compensation Recovery Policy</u>

Our Board adopted an incentive compensation recovery policy on September 15, 2025, pursuant to Section 10D-1 of the Exchange Act and Dodd Frank Act that applies to current and former officers of the Company. The policy will be made publicly available on the Company's website at *www.modernmining.com*.

<u>Insider Trading Policy</u>

Our Board adopted a written Insider Trading Policy on May 19, 2022, which is designed to ensure full compliance with the prohibitions against insider trading contained in Section 10(b) of, and Rule 10b-5 promulgated under, the U.S. Securities Exchange Act of 1934, as amended, and with comparable provisions of applicable Canadian securities legislation. The policy establishes comprehensive safeguards to prevent any director, officer, employee, household member, or entity controlled by such persons from trading the Company's securities while in possession of material non-public information. The Insider Trading Policy will be made publicly available on the Company's website at *www.modernmining.com*.

**Corporate Governance Practices**

We are a "foreign private issuer" under the federal securities laws of the United States and the Nasdaq Listing Rules. Under the federal securities laws of the United States, foreign private issuers are subject to different disclosure requirements than U.S.-domiciled registrants. We intend to take all actions necessary for us to maintain compliance as a foreign private issuer under the applicable corporate governance requirements of the Sarbanes-Oxley Act, the rules adopted by the SEC and the Nasdaq Listing Rules.

Under the SEC rules and the Nasdaq Listing Rules 5615(a)(3) , a foreign private issuer is subject to less stringent corporate governance requirements. Subject to certain exceptions, the SEC and the Nasdaq permit a foreign private issuer to follow its home country practice in lieu of their respective rules and listing standards. Following our home country governance practices, as opposed to the requirements that would otherwise apply to a company listed on the Nasdaq, may provide less protection than is accorded to investors under the Nasdaq Rules applicable to U.S. domestic issuers.

The Canadian securities regulatory authorities have issued corporate governance guidelines pursuant to National Policy 58-201 *— Corporate Governance Guidelines* (the "Corporate Governance Guidelines"), together with certain related disclosure requirements pursuant to Canadian National Instrument 58-101 *— Disclosure of Corporate Governance Practices*. The Corporate Governance Guidelines are recommended as "best practices" for issuers to follow. We recognize that good corporate governance plays an important role in our overall success and in enhancing shareholder value and, accordingly, we have adopted, or in connection with the closing of this Offering will adopt, certain corporate governance policies and practices which reflect our consideration of the recommended Corporate Governance Guidelines.

**EXECUTIVE COMPENSATION**

 

*The following discussion and analysis of compensation arrangements should be read together with the compensation tables and related disclosures that follow. This discussion contains forward-looking statements that are based on our current plans and expectations regarding future compensation programs. Actual compensation programs that we adopt may differ materially from the programs summarized in this discussion. The following discussion may also contain statements regarding corporate performance targets and goals. These targets and goals are disclosed in the limited context of our compensation programs and should not be understood to be statements of management's expectations or estimates of results or other guidance. We specifically caution investors not to apply these statements to other contexts.*

**Compensation of our Executive Officers and Directors**

The following table sets forth information concerning the compensation of our executive officers and non-employee directors for the 2024 fiscal year.

---

| | | |
|:---|:---|:---|
| **Name** | **Fees earned <br> or paid in <br> cash <br> ($)** | **Total <br> ($)** |
| **<u>Executive Officers:</u>** | | |
| Kuljit (Jeet) Basi<sup>(1)</sup> | 180000 Nil | 180000 |
| David Whitney<sup>(2)</sup> | 17000 Nil | 17000 |
| **<u>Directors:</u>** |  |  |
| Mark Zorko | 62500 Nil | 62500 |
| Michael Hepworth | 55000 Nil | 55000 |
| Matt Chatterton | 55000 Nil | 55000 |
| Sean Bromley | 55000 Nil | 55000 |

---

The following table sets forth information concerning the compensation of our executive officers and non-employee directors for the 2023 fiscal year.

---

| | | |
|:---|:---|:---|
| **Name** | **Fees earned <br> or paid in <br> cash <br> ($)** | **Total <br> ($)** |
| **<u>Executive Officers:</u>** |  |  |
| Kuljit (Jeet) Basi<sup>(1)</sup> | 180000 Nil | 180000 |
| David Whitney<sup>(2)</sup> | Nil | Nil |
| **<u>Directors:</u>** |  |  |
| Mark Zorko | 62500 Nil | 62500 |
| Michael Hepworth | 55000 Nil | 55000 |
| Matt Chatterton | 55000 Nil | 55000 |
| Sean Bromley | 55000 Nil | 55000 |

---

**Director Compensation**

We currently have five (5) directors. Our four independent directors receive, effective from September 1, 2021, an annual cash retainer of $20,000 to be paid quarterly in arrears and an annual equity retainer equal to $30,000 to be granted in the form of RSUs under the 2022 Plan, with vesting requirements of one year from date of grant. In addition, the Chair of each Committee (Audit, ESG and Governance) will receive an additional $5,000 cash retainer while the Chair of the Board of Directors will receive an additional $12,500 cash retainer. At present, all cash components of director compensation has been paid up to the period ended June 30, 2025. Subsequently, all director fees are still being accrued and deferred until the completion of the Offering.

**Employment Agreements, Arrangements or Plans**

The following describes the respective employment agreements and consulting agreements entered into and in place as of the date hereof between the Company and its executive officers and directors.

Kuljit (Jeet) Basi's services as Chief Executive Officer of the Company are provided pursuant to a consulting agreement (the "Basi Consulting Agreement") made effective March 8, 2022 between the Company and SVK. Mr. Basi is the principal of SVK. Pursuant to the Basi Consulting Agreement, Mr. Basi is paid a consulting fee of $15,000 per month and is entitled to be reimbursed for expenses incurred in connection with his services to the Company.

The Basi Consulting Agreement continues on an ongoing basis until otherwise terminated in accordance with the provisions thereof. In the event the Basi Consulting Agreement is terminated for any reason (other than for "Cause" (as such term is defined in the Basi Consulting Agreement)), the Company must provide SVK with 30 days' written notice of such termination and must pay SVK a lump sum equivalent to 18 months' worth of consulting fees. Mr. Basi has agreed to defer his compensation from October 1, 2022 until the completion of the Offering.

Basil Botha's services as Principal Technical Advisor to the Company are provided pursuant to a transition letter (the "Botha Transition Letter") entered into as of February 28, 2022 between Basil Botha, his personal services company (616538 BC Ltd) and the Company. Pursuant to the Botha Transition Letter, the Company agreed to: (1) pay all outstanding expenses previously incurred by Mr. Botha on behalf of the Company in the amount of approximately $13,000; (2) pay all accrued salary owing to him from September 1, 2021 to February 28, 2022 in the amount of $78,000; and (3) commencing March 1, 2022, pay Mr. Botha and/or his consulting company, $14,000 per month. Such salary will be payable until eighteen (18) months following the date of completion of the Offering; and (4) pay all reasonable out-of-pocket expenses incurred by Mr. Botha on behalf of the Company and in accordance with the Company's reimbursement policies.

Pursuant to the Botha Transition Letter, Mr. Botha will retain 823,515 performance warrants of the Company, each of which is exercisable for one Share at $0.20 per performance warrant (352,935 of such performance warrants vest when the Company achieves gross sales of $10 million and 470,580 of such performance warrants vest when the Company achieves gross sales of $20 million).

Mr. Botha will also be entitled to a one-time bonus of $50,000 upon closing of the Offering for Mr. Botha assisting the Company in (i) securing the lease of the Facility, (ii) assisting in the commissioning of key pilot plant equipment and (iii) managing the engineering study presently being conducted by a third party process modelling and industrial optimization firm. It has also been further agreed that Mr. Botha's $78,050 in shareholder advances he made to the Company would be repaid withing ten (10) days of closing of the Offering.

Pursuant to the Botha Transition Letter, Mr. Botha has agreed to ensure that the Company has a solid basis for the ordering of equipment and commissioning of the Facility. In addition, Mr. Botha has agreed to provide the following scope of work to the Company: human resources, staff training and recruitment, security, safety, procurement of feedstock, instituting production metrics for quality control and recoveries, set-up the laboratory and any other aspects relating to the operation of the Facility. From March 1, 2022 onward, Mr. Botha has agreed to devote 100% of his time to the Company's affairs which will include spending two to three weeks per month at the Facility.

On June 15 and 16, 2023, Mr. Botha filed claims against the Company in the small claims court of British Columbia, Canada, for approximately $30,000 for his unpaid consulting invoices for April and May 2023. On June 30, 2023, Mr. Botha and the Company entered into an Amending Agreement whereby Mr. Botha agreed to defer his compensation from April 2023 until the closing of the Offering. Any unpaid invoices will accrue interest at 2% compounded monthly. Additionally, following the closing of the Offering, Mr. Botha's salary will be increased to $15,000 per month for a period of twenty-four (24) months following the completion of the Offering. Mr. Botha also withdrew his claims and agreed not to file any more claims against the Company so long as payments due to him are paid within thirty (30) days of the completion of the Offering.

David Whitney's services as Chief Financial Officer of the Company are provided pursuant to a consulting agreement (the "CFO Agreement") made effective August 27, 2024 between the Company and Sea Island Consulting Ltd. ("Sea Island"). Mr. Whitney is the principal of Sea Island. Pursuant to the CFO Agreement, Mr. Whitney is paid a consulting fee of $4,250 per month and is entitled to be reimbursed for expenses incurred in connection with his services to the Company. Upon completion of the Offering, the consulting fee will be increased to $8,500 per month.

The CFO Agreement continues on an ongoing basis until otherwise terminated in accordance with the provisions thereof. In the event the CFO Agreement is terminated for any reason (other than for "Cause" (as such term is defined in the CFO Agreement)), the Company must provide Sea Island with 30 days' written notice of such termination.

**Equity Incentive Plan**

**<u>Introduction</u>**

The principal features of our equity incentive plan (the "2022 Plan") are summarized below. This summary is qualified in its entirety by reference to the actual text of the 2022 Plan, which is filed as an exhibit to the registration statement.

The 2022 Plan was approved by the Company's shareholders on July 6, 2022.

The principal purpose of the 2022 Plan is to assist us in securing and retaining the services of eligible employees, officers, directors and consultants and motivate such Participants so that they may increase their equity participation in the Company and benefit from increases in the value of the Shares.

**<u>Eligibility</u>**

Our 2022 Plan provides for the grant of incentive share options ("ISOs") to employees, including employees of any parent or subsidiary, and for the grant of non-incentive share options ("NIOs"), share appreciation rights, restricted share unit awards and other forms of share awards to employees, directors, and consultants, including employees and consultants of our affiliates. There are additional restrictions on the awards of ISOs to shareholders who own greater than 10% of our Shares.

**<u>Share Reserve</u>**

The maximum number of Shares available for grant under the 2022 Plan and our other security-based compensation arrangements will be determined from time to time by the Board of Directors, but in any event, will not exceed 15% of the total Shares issued and outstanding from time to time. As at the date hereof, we have no securities convertible into Shares outstanding under the 2022 Plan.

The calculation of the share reserve does not limit the granting of awards that do not involve the issuance of Shares to the Participant, such as share appreciation rights. The following counting provisions will be in effect in the calculation of the share reserve under the 2022 Plan:

● to the extent that an award (or a portion thereof) is exercised, terminates, expires or lapses for any reason or an award is settled in cash without the delivery of Shares, any Shares subject to the award at such time will be available for future grants under the 2022 Plan;

● to the extent that Shares awarded by us are forfeited back to or repurchased by us prior to vesting, such Shares will be available for future grants under the 2022 Plan;

● to the extent that Shares are reacquired or withheld by us to satisfy the grant, exercise price or tax withholding obligation with respect to any award under the 2022 Plan, such Shares will be available for future grants under the 2022 Plan; and

● to the extent that Shares are issued through the assumption or substitution of equity-based awards by an acquired company, the number of Shares issuable under the 2022 Plan shall not be reduced.

**<u>Plan Administration</u>**

The 2022 Plan provides that the Board of Directors or a duly authorized committee of the Board of Directors may administer the 2022 Plan. The Board of Directors may delegate its authority to one or more officers to (i) designate employees other than officers of the Company to receive specified share awards; and (ii) determine the number of Shares to be subject to those awards.

Subject to the terms and conditions of the 2022 Plan, the administrator has the authority to select the persons to whom awards are to be made, to determine the number of Shares to be subject to awards, and the terms and conditions of awards, and to make all other determinations and to take all other actions necessary or advisable for the administration of the 2022 Plan. The administrator generally has the authority to effect, with the consent of any adversely affected Participant: (i) the reduction of the exercise, purchase, or strike price of any outstanding award; (ii) the cancellation of any outstanding award and the grant in substitution therefore of other awards, cash, or other consideration, as determined by the Board of Directors in its full discretion; or (iii) any other action that is treated as a repricing under generally accepted accounting principles.

The administrator may terminate, amend, or modify the 2022 Plan, provided that such action does not materially impair the existing rights of any Participant without such Participant's written consent. However, we must generally obtain shareholder approval to the extent required by applicable law, rule, or regulation (including any applicable stock exchange rule).

**<u>Awards</u>**

 ****

***Share Options***

ISOs and NIOs are granted under share option agreements adopted by the plan administrator. Each grant of share options will specifically designate the options are either ISOs or NIOs at the date of grant. The plan administrator determines the term and the exercise price for share options, within the terms and conditions of the 2022 Plan, provided that (i) the term of a share option may not exceed ten (10) years from the date of grant; and (ii) the exercise price of a share option generally cannot be less than 100% of the fair market value of the Shares on the date of grant. Share options granted under the 2022 Plan will vest at the discretion of the administrator at the rate specified in the share option agreement and may vest in one or more installments after the grant date and need not be in equal amounts. Unless otherwise set out in the award agreement or consented to by the Board of Directors, share options are not assignable or transferable.

An ISO may be purchased by the option holder by cash, certified cheque, bank draft, money order or in any other form of consideration set forth in the option agreement. In addition to the above, an NIO may be purchased by the option holder by a "net exercise" arrangement pursuant to which we will reduce the number of Shares issuable upon exercise by the largest whole number of shares with a market value that does not exceed the aggregate exercise price.

The aggregate fair market value, determined at the time of grant, of the Shares with respect to ISOs that are exercisable for the first time by an option holder during any calendar year under all of our equity compensation plans may not exceed $100,000. Share options or portions thereof that exceed such limit will generally be treated as NIOs.

No ISO may be granted to any person who, at the time of the grant, owns or is deemed to own Shares possessing more than 10% of our total combined voting power or that of any of our affiliates unless (i) the option exercise price is at least 110% of the fair market value of the shares subject to the option on the date of grant; and (ii) the option is not exercisable after the expiration of five years from the date of grant.

 ****

***Restricted Share Units***

Restricted share units are granted under restricted share unit award agreements adopted by the plan administrator. At the time of the grant of each restricted share unit, the Board of Directors will determine the consideration, if any, to be paid by the Participant upon delivery of the Shares. The consideration, if any, can be in any form of legal consideration that may be acceptable to the Board of Directors and permissible under applicable law. The plan administrator will determine any vesting restrictions on the restricted share units, at its sole discretion.

A restricted share unit may be settled by cash, delivery of Shares, a combination of cash and Shares, as deemed appropriate by the plan administrator, or in any other form of consideration set forth in the restricted share unit agreement. Additionally, dividend equivalents may be credited in respect of shares covered by a restricted share unit.

 ****

***Share Appreciation Rights***

Share appreciation rights are granted under share appreciation grant agreements adopted by the plan administrator. The plan administrator determines the purchase price or strike price for a share appreciation right, which generally cannot be less than 100% of the fair market value of the Shares on the date of grant. A share appreciation right granted under the 2022 Plan vests at the rate specified in the share appreciation right agreement as determined by the plan administrator.

To exercise a share appreciation right, the Participant must provide written notice of exercise to us as provided for in the share appreciation right agreement. Upon exercise, the share appreciation right payable may be settled by cash, delivery of Shares, a combination of cash and Shares, as deemed appropriate by the plan administrator, or in any other form of consideration set forth in the share appreciation right agreement.

Unless otherwise set out in the award agreement or consented to by the Board of Directors, share appreciation rights are not assignable or transferable.

 ****

***Other Share-Based Awards***

Under the 2022 Plan, the plan administrator may grant other awards based in whole or in part by reference to our Shares. The plan administrator will set the number of Shares under the share award and all other terms and conditions of such awards.

**<u>Termination of Employee, Death or Disability</u>**

 ****

***Share Options and Share Appreciation Rights***

Except as otherwise provided in the award agreement, a Participant's share options or share appreciation rights will expire 90 days after a Participant ceases to act as a Participant, other than by reason of death, disability or termination for cause, and subject to amendment at the discretion of the Board of Directors. Under the 2022 Plan, in the event of the death or disability of a participant, the participant (in the case of disability) or the participant's estate (in the case of death) shall have 12 months in which to exercise the outstanding share options or share appreciation rights, subject to their earlier expiry in accordance with the award agreement.

Except as otherwise provided in the award agreement, if a Participant is terminated for cause, the share options or share appreciation rights, as applicable, will terminate immediately and the Participant will not be eligible to exercise the options or share appreciation rights from the date of termination.

 ****

***Restricted Share Units***

Except as otherwise provided in the applicable restricted share unit agreement, restricted share units that have not vested will be forfeited once the participant's continuous service ends for any reason.

**<u>Adjustments</u>**

The 2022 Plan contains typical adjustment provisions in the event that certain events occur, including a corporate transaction, a change in our capital structure or a change of control of the Company.

 ****

***Change in Capital Structure***

In the event there is a specified type of change in our capital structure, such as a share split, reverse share split, or recapitalization, appropriate adjustments will be made to (i) the class and maximum number of Shares reserved for issuance under the 2022 Plan, (ii) the class and maximum number of Shares by which the share reserve may increase automatically each year, (iii) the class and maximum number of Shares that may be issued on the exercise of ISOs, and (iv) the class and number of Shares and exercise price, strike price, or purchase price, if applicable, of all outstanding share awards.

 ****

 ****

***Corporate Transactions***

The following applies to share awards under the 2022 Plan in the event of a corporate transaction, unless otherwise provided in a participant's share award agreement or other written agreement with us or one of our affiliates or unless otherwise expressly provided by the plan administrator at the time of grant.

Under the 2022 Plan, a corporate transaction is defined to include: (i) a sale of all or substantially all of our assets; (ii) the sale or disposition of more than 50% of our outstanding securities; (iii) the consummation of a merger or consolidation where we do not survive the transaction; and (iv) the consummation of a merger or consolidation where we do survive the transaction but the shares of our Shares outstanding before such transaction are converted or exchanged into other property by virtue of the transaction.

In the event of a corporate transaction, the Board of Directors may take one or more of the following actions with respect to the awards:

● arrange for any share awards outstanding under the 2022 Plan to be assumed, continued or substituted for by any surviving or acquiring corporation (or its parent company), and/or arrange for any reacquisition or repurchase rights held by us with respect to the share award to assigned to the successor (or its parent company);

● accelerate the vesting of any awards to a date prior to the effective time of the corporate transaction, with any such award terminating if not exercised prior to the effective time of the corporate transaction;

● arrange for the lapse, in whole or in part, of any reacquisition or repurchase rights held by us with respect to the awards;

● cancel or arrange for the cancellation of the awards to the extent not vested or exercised prior to the effective time of the corporate transaction in exchange for cash consideration as determined by the Board of Directors; or

● that the holder of such share award may not exercise such share award but instead will receive a payment equal in value to the excess (if any) of (i) the value of the property the Participant would have received upon the exercise of the share award over (ii) any exercise price payable by such holder in connection with such exercise.

The Board of Directors does not need to take the same actions with respect to all awards or with respect to all Participants. The Board of the Directors may also take different actions with respect to the vested and unvested portions of an award.

 ****

***Change of Control***

In the event of a change in control (as defined in the 2022 Plan), awards granted under the 2022 Plan will not receive automatic acceleration of vesting and exercisability, although this treatment may be provided for in an award agreement.

**<u>Termination</u>**

The Board of Directors may terminate the 2022 Plan at any time. No awards may be granted pursuant to the 2022 Plan after the 10<sup>th</sup> anniversary of the date the 2022 Plan was adopted by the Board of Directors. Any award that is outstanding on the termination date of the 2022 Plan will remain in force according to the terms of the 2022 Plan and the applicable award agreement, except with the written consent of the Participant or as otherwise allowed under the 2022 Plan.

As of the date of this Offering Circular, the Company does not have any outstanding share options with respect to our Shares granted to our executive officers and directors.

**SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT**

The following table and accompanying footnotes set forth certain information with respect to the beneficial ownership of the Company's Shares, the Investor Rights Warrants and the Convertible Debentures, immediately prior to and immediately after the completion of this Offering, by:

● each of our named executive officers and directors;

● all of our current executive officers and directors as a group; and

● each person or entity (or group of affiliated persons or entities) known by us to be the beneficial owner of 5% or more of our Shares, the Investor Rights Warrants and the Convertible Debentures (by number or by voting power).

As described in "***Description of Share Capital and Articles of Incorporation–Warrants***," the Company granted to holders of Investor Rights Warrants the right to vote, voting together with Shares as a single class, on any matter at any meeting of shareholders of the Company. Each of the Investor Rights Warrants entitles the holder thereof to one vote per Investor Rights Warrant. The Investor Rights Agreement will terminate upon completion of the Offering, at which time the Investor Rights Warrants will automatically convert to Shares as described elsewhere in this Offering Circular, and consequently, the voting rights granted under the Investor Rights Agreement to the holders of the Investor Rights Warrants will also terminate at such time. Pursuant to the Convertible Debentures IRA, the Company also granted holders of the Convertible Debentures a vote on any matter at any meetings of shareholders of the Company, voting together with Shares as a single class. For the purposes of the Convertible Debenture IRA, each $2.40 of Convertible Debentures will equal to one Share, entitling the holder thereof to one vote.

To our knowledge, each person or entity named in the table has sole voting and investment power with respect to our Shares, the Investor Rights Warrants and the Convertible Debentures "beneficially owned" (as determined in accordance with Rule 13d-3 under the Exchange Act) by such person or entity, subject to applicable community property laws and except as otherwise set forth in the footnotes to the table. The SEC has defined "beneficial" ownership of a security to mean the possession, directly or indirectly, of voting power and/or investment power. Pursuant to the rules of the SEC, common shares which an individual or group has a right to acquire within 60 days pursuant to the exercise of options or warrants are deemed to be outstanding for the purpose of computing the percentage ownership of such individual or group, but are not deemed to be beneficially owned and outstanding for the purpose of computing the percentage ownership of any person shown in the table.

The percentages ownership for the Shares, Convertible Debentures and Investor Rights Warrants immediately prior to this Offering, are based on 5,082,200 Shares, 9,705,696 Investor Rights Warrants outstanding and $3,403,862 principal amount of Convertible Debentures outstanding, respectively, and as of the date immediately prior to the completion of this Offering. Such ownership percentages do not represent the voting percentages of each individual holder. Holders of the Shares, Convertible Debentures and Investor Rights Warrants all vote together as a single class. The Investor Rights Warrants and the Convertible Debentures will automatically convert to Shares upon completion of the Offering as described elsewhere in this Offering Circular.

Except as noted in the footnotes to the table below, the address for all of the shareholders in the table below is c/o Modern Mining Technology Corp., 1055 West Georgia Street, 1500 Royal Centre, Vancouver, British Columbia, V6E 4N7 Canada.

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Beneficial Ownership <br> Immediately Prior to this Offering** | **Beneficial Ownership <br> Immediately Prior to this Offering** | **Beneficial Ownership <br> Immediately Prior to this Offering** | **Beneficial Ownership <br> Immediately Prior to this Offering** | **Beneficial Ownership <br> Immediately Prior to this Offering** | **Beneficial Ownership <br> Immediately Prior to this Offering** | **Beneficial Ownership Immediately After<br> this Offering** | **Beneficial Ownership Immediately After<br> this Offering** |
| | **Shares** | **Shares** | **Debenture Shares** | **Debenture Shares** | **Investor Rights Warrants<sup>(13)</sup>** | **Investor Rights Warrants<sup>(13)</sup>** | **Shares<sup>(15)</sup>** | **Shares<sup>(15)</sup>** |
| <br>**Name of Beneficial Owner** | **Number** | **%<sup>(11)</sup>** | **Number<sup>(12)</sup>** | **%** | **Number** | **%<sup>(14)</sup>** | **Number** | **%** |
| **Named Executive Officers and Directors:** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Mark Zorko<sup>(1)</sup> | 627111 | 12.34% |  |  |  |  | 627111 | 1.97% |
| &nbsp;&nbsp;&nbsp;Michael Hepworth<sup>(2)</sup> | 1405116 | 27.65% | 3921 | \* | 588225<sup>(16)</sup> | 6.06% | 2526663 | 7.92% |
| &nbsp;&nbsp;&nbsp;Sean Bromley<sup>(3)</sup> |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Kuljit (Jeet) Basi<sup>(4)</sup> |  |  |  |  | 676458<sup>(16)</sup> | 6.97% | 1285269 | 4.03% |
| &nbsp;&nbsp;&nbsp;Matt Chatterton<sup>(5)</sup> | 5176 | \* |  |  | 14705<sup>(16)</sup> | \* | 33115 | \* |
| &nbsp;&nbsp;&nbsp;David Whitney<sup>(6)</sup> |  |  |  |  |  |  |  |  |
| **All named executive officers and directors as a group (6 persons)** | 2037403 | 40.08% | 3921 | \* | 1279388 | 13.18% | 4472158 | 14.02% |
| **Other 5% holders:** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Howard Glicksman | 730990 | 14.4% |  |  |  |  | 730990 | 2.3% |
| &nbsp;&nbsp;&nbsp;Blue Bird Capital Enterprises, LLC<sup>(7)</sup> | 139703 | 2.8% |  |  | 3260237<sup>(16)</sup> | 33.6% | 6334148 | 19.9% |
| &nbsp;&nbsp;&nbsp;Balvinder Parhar<sup>(8)</sup> | 80881 | 1.6% |  |  | 900473<sup>(16)</sup> | 9.3% | 1791778 | 5.62% |
| &nbsp;&nbsp;&nbsp;Naranjan Parhar<sup>(9)</sup> |  |  |  |  | 900473<sup>(16)</sup> | 9.3% | 1710897 | 5.37% |
| &nbsp;&nbsp;&nbsp;Steven Parhar<sup>(10)</sup> |  |  |  |  | 911748<sup>(16)</sup> | 9.4% | 1732320 | 5.43% |

---

\* Represents beneficial ownership of less than 1%.

(1) Consists of (i) 548,682 Shares held by Mark Zorko, and (ii)
78,429 Shares held by the Zorko Living Trust, for which Mr. Zorko shares joint control with his spouse, Patricia Zorko. Does not include
169,408 performance warrants exercisable upon the Company achieving at least $10,000,000 in gross sales and 276,465 performance warrants
exercisable upon the Company achieving at least $20,000,000 in gross sales which are held by Mr. Zorko.

(2) Consists of (i) 1,405,116 Shares held by Peterhouse Capital
Limited ("Peterhouse"), a company for which Michael Hepworth holds control, and (ii) 588,225 Investor Rights Warrants held
by Peterhouse. Does not include 168,820 performance warrants exercisable upon the Company achieving at least $10,000,000 in gross sales
and 276,465 performance warrants exercisable upon the Company achieving at least $20,000,000 in gross sales which are held by Peterhouse.

(3) Does not include 23,529 performance warrants exercisable
upon the Company achieving at least $10,000,000 in gross sales and 32,352 performance warrants exercisable upon the Company achieving
at least $20,000,000 in gross sales which are held by Mr. Bromley.

(4) Consists of 676,458 Investor Rights Warrants held by SVK
Metrix Inc. ("SVK"), a company for which Mr. Basi holds control. Does not include 166,467 performance warrants exercisable
upon the Company achieving at least $10,000,000 in gross sales and 274,701 performance warrants exercisable upon the Company achieving
at least $20,000,000 in gross sales which are held by SVK.

(5) Consists of 5,176 Shares and 14,705 Investor Rights Warrants
held by Danielle Chatterton, the spouse of Matt Chatterton. Does not include 62,940 performance warrants exercisable upon the Company
achieving at least $10,000,000 in gross sales and 110,586 performance warrants exercisable upon the Company achieving at least $20,000,000
in gross sales which are held by Mr. Chatterton.

(6) Effective August 27, 2024, David Whitney was appointed as
the Company's Chief Financial Officer.

(7) Justus Parmar exercises voting and investment power over
the Investor Rights Warrants of Blue Bird Capital Enterprises, LLC ("Blue Bird"). The address of Blue Bird and Justus Parmar
is 1-1800 Sunset Harbour Dr., Miami Beach, FL 33139.

(8) The address of Balvinder Parhar is 1920-1075 W Georgia St.,
Vancouver, BC V6E 3C9.

(9) The address of Naranjan Parhar is 1920-1075 W Georgia St.,
Vancouver, BC V6E 3C9.

(10) The address of Steven Parhar is 1920-1075 W Georgia St.,
Vancouver, BC V6E 3C9.

(11) Represents the percentage of Shares owned out of 5,082,200
Shares outstanding as of the date immediately prior to the completion of this Offering. Excludes any performance warrants and Investor
Rights Warrants outstanding.

(12) Upon completion of this Offering, the principal amount of
the Debentures plus any accrued unpaid interest will automatically convert into Shares at a conversion price equal to the lessor of (A)
a 40% discount to the Offering Price, and (B) $5.00. Assuming an Offering Price of $4.25, and not including any additional shares issued
as a result of converted accrued interest on the Debentures, a total of 1,306,427 Shares will automatically be convertible from the Debentures.
Consists of 3,921 Shares held by Michael Hepworth convertible from the Convertible Debentures upon completion of this Offering at a conversion
price of $2.55 based on an Offering Price of $4.25 per Share and excluding any Shares issued on account of accrued interest.

(13) The Investor Rights Warrants will automatically convert to
Shares or, assuming at least one of the IRA Warrant Triggers (as defined herein) is satisfied, IRA Unit Warrants, on a cashless basis
upon the closing of this Offering. Assuming an Offering Price of $4.25 and a $0.340 (C$0.425) exercise price, holders of the Investor
Rights Warrants will receive 0.92 Shares or 0.92 IRA Unit Warrants, as applicable, per Investor Rights Warrant held, subject to the IRA
Blocker provisions. Each IRA Unit Warrant will automatically convert into additional Shares on a cashless basis upon closing of this
Offering and assuming an Offering Price of $4.25 and a $0.340 (C$0.425) exercise price, holders of the Investor Rights Warrants will
receive 0.98 Shares per IRA Unit Warrant held, subject to the IRA Blocker provisions. The Investor Rights Agreement will terminate upon
completion of the Offering, and consequently, the voting rights granted under the Investor Rights Agreement to the holders of the Investor
Rights Warrants and the IRA Unit Warrants will also terminate at such time.

(14) Represents the percentage of Investor Rights Warrants owned
out of 9,705,696 Investor Rights Warrants outstanding as of the date immediately prior to the completion of this Offering.

(15) Represents the percentage of Shares owned out of 31,888,255
Shares and warrants outstanding immediate after the completion of this Offering, including (i) 7,058,823 Shares to be issued pursuant
to this Offering, assuming the maximum amount are issued (ii) 5,082,200 Shares issued and outstanding, (iii) a total of 1,306,427 Shares
automatically convertible from the Debentures upon completion of this Offering (assuming a conversion price of $2.55 based on an Offering
Price of $4.25 per Share and excluding any Shares issued on account of accrued interest), (iv) 8,929,227 Shares automatically issued
from the Investor Rights Warrants upon completion of this Offering (assuming (a) an Offering Price of $4.25 and a $0.340 (C$0,425) exercise
price pursuant to which holders of the Investor Rights Warrants will receive 0.92 shares per 1 Investor Rights Warrant held and (b) that
no holder is subject to the IRA Blocker as defined herein) and (v) 9,511,579 Shares automatically issued from the IRA Unit Warrants upon
completion of this Offering (assuming (x) at least one of the IRA Warrant Triggers is satisfied, (y) an Offering Price of $4.25 and a
$0.085 (C$0.106) exercise price pursuant to which holders of the IRA Unit Warrants will receive 0.92 shares per 1 IRA Unit Warrant held
and (z) that no holder is subject to the IRA Blocker as defined herein).

(16) Under the terms of the Investor Rights Warrants and the IRA
Unit Warrants, a warrant holder may not exercise the warrants to the extent such exercise would cause such warrant holder, together with
its affiliates, to beneficially own a number of Shares which would exceed 4.99% of our then outstanding Shares following such exercise,
excluding for purposes of such determination Shares issuable upon exercise of the warrants which have not been exercised (the "IRA
Blocker").

For additional information about our principal shareholders, please see "***Certain Relationships and Related Party Transactions***.

**CERTAIN RELATIONSHIPS AND RELATED PARTY TRANSACTIONS**

In addition to the compensation arrangements discussed under "***Executive Compensation***" and "***Principal Shareholders***" the following is a description of the material terms of: (i) those transactions within the last three (3) fiscal years to which we are party and in which any of our directors, executive officers or shareholders that beneficially own or control (directly or indirectly) more than ten percent (10%) of any class of series of our outstanding voting securities, or any associate or affiliate of the forgoing persons, has, had or will have a direct or indirect material interest; and (ii) any other material contracts, other than contracts entered into in the ordinary course of business, to which we were a party within the last two (2) fiscal years.

**Transactions with Related Parties**

See "***Executive Compensation — Employment Agreements, Arrangements or Plans***" for a description of our transactions with our former President, Chief Executive Officer and Director, Basil Botha.

See "***Description of Share Capital and Articles of Incorporation***" for a description of the Investor Rights Agreement, dated July 13, 2022, which we entered into with our Chief Executive Officer, Kuljit (Jeet) Basi, as the representative of the holders of our Warrants, and for a description of the Convertible Debentures Investor Rights Agreement, dated August 31, 2022, which we entered into with our Chief Executive Officer, Kuljit (Jeet) Basi, as the representative of the holders of our Convertible Debentures.

Between August 24, 2023 and September 25, 2024, the Company issued an aggregate of thirteen (13) interest bearing promissory notes to F1 Advisory Group Ltd. ("F1 Advisory") in exchange for working capital loans in the aggregate principal amount of CAD$520,000. On October 21, 2024, F1 Advisory, Blue Bird Capital Enterprises, LLC ("Blue Bird"), a holder of more than 10% of our Investor Rights Warrants, and the Company entered into a debt assignment agreement, pursuant to which F1 Advisory sold all of its indebtedness of principal plus accrued interest to October 21, 2024 under the notes in the amount of CAD$544,141.65 to Blue Bird and the Company issued a new note in favor of Blue Bird in that amount. This note to Blue Bird bears interest at a rate of eight percent (8%) per annum and is due on demand. All prior notes with F1 Advisory were cancelled and the Company no longer has any outstanding obligations to F1 Advisory.

Between November 7, 2024, and September 26, 2025, the Company issued an aggregate of 14 interest bearing promissory notes to Blue Bird in exchange for working capital loans in the aggregate principal amount of CAD$303,000 and in addition, USD$228,000. All these notes bear interest at a rate of eight percent (8%) per annum and are due on demand.

See note 10 to our Audited Financial Statements for the Years Ended December 31, 2024 and 2023, for a description of short-term loans with our former Chief Executive Officer and Director, Basil Botha and our former Chief Technology Officer and Director, Howard Glicksman. In accordance with an Amending Agreement with Mr. Botha, his loan to the Company in the amount of $78,050 will accrue interest at one percent (1%) compounded monthly and shall be paid within ten (10) days of the closing of this Offering.

See note 16 to our Audited Financial Statements for the Years Ended December 31, 2024 and 2023, for a description of our transactions with our key management personnel.

See note 20 to our Audited Financial Statements for the Years Ended December 31, 2024 and 2023, for a description of the transition agreement we entered into with our former Chief Executive Officer and Director, Basil Botha, to provide technical advisory services.

**Review, Approval and Ratification of Related Party Transactions**

The Company has adopted a Related Party Transactions Policy for the review and approval of related party transactions.

Our Related Party Transactions Policy is administrated by our audit and risk committee and provides that, in determining whether or not to recommend the initial approval or ratification of a related party transaction, the relevant facts and circumstances available shall be considered, including, among other factors the committee deems appropriate, (i) whether the interested transaction is on terms no less favorable than terms generally available to an unaffiliated third party under the same or similar circumstances and (ii) the extent of the related party's interest in the transaction.

**DESCRIPTION OF SHARE CAPITAL AND ARTICLES OF INCORPORATION**

We are a British Columbia corporation, and our affairs are governed by our notice of articles and our articles, each as amended from time to time, and the provisions of the *Business Corporations Act* (British Columbia). As of the date of this Offering Circular, our authorized share capital consists of an unlimited number of Shares without par value.

As of December 31, 2024, there were 5,035,142 Shares issued and outstanding. The following summary description of our share capital does not purport to be complete and is qualified in its entirety by reference to our notice of articles and articles. If you would like more information on our Shares, you should review our notice of articles, articles and the BCBCA.

As of December 31, 2024, there were 12,646,812 Warrants and nil Options issued and outstanding.

**<u>History of Share Capital</u>**

Except where otherwise stated, the history of share capital shown below has been adjusted to reflect the number of common shares issued following (i) the 1-for-4 reverse stock split of all of its issued and outstanding Shares (the "Reverse Split"), which was effected by the Company on May 11, 2023, and (ii) the 2.3529-for-1 forward stock split of all of its issued and outstanding Shares (the "Forward Split"), which was effected by the Company on September 2, 2025.

During the year ended December 31, 2019, the Company (as UMI) issued 833,334 common shares for total cash consideration of $425.

<u>During the year ended December 31, 2020:</u>

● On July 30, 2020, 419,034 preferred shares of UMI were converted to common shares on a 1:1 conversion basis.

● In July 2020, 2,045,075 units of UMI were issued as part of a private placement at a price of $0.25 per unit. Each unit consisted of one common share and one common share purchase warrant. Each warrant entitled the holder thereof to purchase one additional common share at an exercise price of C$0.96 per share for three years from the completion of the private placement. As a result, 2,045,075 warrants were issued with the fair value of $115,500.

● In July 2020, 812,941 common shares of UMI were issued to officers and directors at $0.25 per share. The fair value of the common shares issued was $210,050.

● In July 2020, as part of a debt settlement arrangement entered into with various vendors of UMI, 115,431 units were issued to settle debt valued at $95,574. Each unit consisted of one common share and one-half of one common share purchase warrant. Each full warrant entitled the holder thereof to purchase one common share of UMI at an exercise price of C$0.96 per share for three years from the completion of the private placement. As a result, 57,716 warrants were granted as debt settlement.

● In November 2020, 21,567 common shares were issued to employees of UMI at $0.25 per share. The fair value of the common shares issued was $2,750.

● In November 2020, 44,028 common shares of UMI were issued at $0.76 per share.

● During 2020, 488,316 common shares of UMI were redeemed.

<u>During the year ended December 31, 2021:</u>

● In January 2021, 78,428 units of UMI were issued at a price of $0.56 per common share. Each unit included one warrant allowing the owner to purchase one share at C$1.92 over a three-year period. The fair value of these 78,428 warrants is $15,800, and these warrants will expire on 15 January 2024.

● In February 2021, 406,471 common shares of UMI were issued to officers and directors of the Company at $0.76 per common share. The fair value of the common shares granted was $310,950.

● On August 7, 2021, UMI issued 116,468,354 Warrants (the "UMI Warrants") to investors in a private placement. Each UMI Warrant was issued for consideration of C$0.0015 for aggregate gross proceeds of C$173,250 ($137,365). The UMI Warrants were subsequently consolidated into 38,822,785 Investor Rights Warrants issued for consideration of C$0.0044 per warrant and were further consolidated into 9,705,696 Investor Rights Warrants. The Investor Rights Warrants will automatically convert on a cashless basis and assuming an Offering Price of $4.25 and a $0.34 (C$0.425) exercise price, holders of the Investor Rights Warrants will receive 0.92 Shares per Investor Rights Warrant held, subject to the IRA Blocker (as defined herein).

● On August 30, 2021, the Company granted 2,941,116 performance warrants with an exercise price of $0.085 vesting upon $10,000,000 and $20,000,000 in gross sales targets.

● On November 9, 2021, the Company completed a private placement offering of 747,148 Shares at a price of $0.85 per share for total proceeds of $635,075, share issuance costs of $6,245 and no finders' fees.

<u>During the year ended December 31, 2022</u>

On April 7, 2022, the Company issued $3,331,390 principal amount of 5% unsecured convertible debentures (the " 2022 Debentures") in a private placement (the " 2022 Debenture Offering"). The 2022 Debentures bear interest at five percent (5%) per annum. Prior to the entry into the Supplemental Indenture (as defined herein), the 2022 Debentures were due thirty-six (36) months following their issuance (on April 7, 2025). The 2022 Debenture Indenture executed in relation to the 2022 Debentures also provides that in the event the Company completes a U.S. listing (such as the Offering), the principal amount plus any accrued unpaid interest will automatically convert into Shares at a conversion price equal to the lessor of (A) a 40% discount to the Offering Price, and (B) $20.00. In connection with the 2022 Debenture Offering, the Company paid $156,994 in commissions to various investment dealers/brokers.

<u>During the year ended December 31, 2023</u>

● On May 11, 2023, the Company effected a 1 for 4 reverse split of all the issued and outstanding common shares and accordingly, 8,559,864 common shares were consolidated into 2,139,974 common shares. All figures and comparative figures reflect the 1 for 4 common shares consolidation (and the 2.3529 for 1 common share forward split, as described below), retroactively.

● On 26 May 2023, the Company modified the terms of the Investor Rights Warrants, allowing them to automatically convert into common shares upon the closing of an IPO on a cashless basis and based on the IPO share price. This resulted in the shares issuable under the warrants to be variable, thus the instrument does not meet the "fixed-for-fixed" criteria. As a result, the Company reclassified the warrants from equity instrument into financial liabilities during the year ended 31 December 2023.

<u>During the year ended December 31, 2024</u>

● On June 28, 2024, the Company issued $92,300 principal amount of 5% unsecured convertible debentures (the "2024 Debentures") in a private placement (the "2024 Debenture Offering"). The 2024 Debentures bear interest at five percent (5%) per annum. The 2024 Debentures are due thirty-six (36) months following their issuance (on June 28, 2027). The 2024 Debenture Indenture executed in relation to the 2024 Debentures also provides that in the event the Company completes a U.S. listing (such as the Offering), the principal amount plus any accrued unpaid interest will automatically convert into Shares at a conversion price equal to the lessor of (A) a 40% discount to the Offering Price, and (B) $5.00. In connection with the 2024 2024 Debenture Offering, the Company paid $2,100 in commissions to an investment dealer/broker.

● On July 6, 2024, the Company amended the IRA Warrants to provide that in the event the Company either (i) completes a financing or series of financings to raise aggregate gross proceeds of not less than $5,000,000 at any time between May 1, 2024 and the date the Shares are listed on a U.S. stock exchange a ("Listing Event"), or (b) completes a Listing Event where the market value of the Company at the time of the Listing Event is not less than $100,000,000 (each, an "IRA Warrant Trigger"), then upon valid exercise of the IRA Warrant, the holder shall receive a unit consisting of one Share and one additional warrant (an "IRA Unit Warrant") to purchase one additional Share at a price of $0.085 per share for a period of 36 months from the date of the Listing Event. If an IRA Warrant Trigger is satisfied, the IRA Unit Warrants will automatically convert on a cashless basis and assuming an Offering Price of $4.25 and a $0.085 (C$0.10625) exercise price, holders of the IRA Unit Warrants will receive 0.98 Shares per IRA Unit Warrant held, subject to the IRA Blocker (as defined herein).

<u>During the year ended December 31, 2025</u>

● On March 26, 2025, the Company entered into a supplement to the 2022 Debenture Indenture (the "Supplemental Indenture") in relation to the 2022 Debentures which provides that, among other things, (i) the maturity debate of the debentures is extended to April 7, 2027, and that the interest rate on the debentures is increased from 5% per annum to 7% per annum from the period beginning on April 7, 2025 until maturity, and (ii) the conversion price cap on the 2022 Debentures in the event of a U.S. Listing is amended from $20.00 to $5.00.

● The Company entered into an investment agreement pursuant to which the Company issued 47,058 common shares to the investor in exchange for $200,000 in cash. In addition to the cash consideration, the Company is also required to undertake a third-party study on the technical feasibility of the Company's technology, the scope, and the estimated budget and timeline of the Company's recycling facility project. In addition to the delivery of the report, the Company also agreed to grant potential future royalty rights to the investor. In the case where the Company decided to not pursue the future royalty arrangement but the investor wishes to proceed, the Company is required to pay a break up fee in the amount of $100,000. In the case where the investor does not wish to proceed with the future royalty arrangement but the Company wishes to proceed, the investor is required to render the 47,058 common shares issued to the Company.

● On September 2, 2025, the Company effected a 2.3529-for-1 forward split of all the issued and outstanding common shares and accordingly, 2,159,974 common shares were forward split into 5,082,200 common shares. All figures and comparative figures reflect the 2.3529-for-1 forward split of the common shares (and the 1-for-4 reverse stock split of the common shares, as described above), retroactively.

**<u>Warrants</u>**

The Company had a number of warrants outstanding as of December 31, 2024, and of the date hereof, having various expiry periods and exercises prices, summarized as follows:

---

| | | | |
|:---|:---|:---|:---|
| **Issuance Date** | **Expiry<br> Date** | **Exercise<br> Price** | **December 31,<br> 2024** |
| August 7, 2021 | 3 years post IPO | CAD$0.425 | 9705696 |
| August 30, 2021 | 3 years post IPO | USD$0.085 | 2941116 |
|  |  |  | 12646812 |

---

On any exercise of any of the warrants, in lieu of payment of the aggregate exercise, holders may elect to receive Shares equal to the value of the warrants, or a portion as to which the warrants are being exercised.

On July 13, 2022, the Company entered into the Investor Rights Agreement. Pursuant to the Investor Rights Agreement, the Company agreed that each Investor (as defined in the Investor Rights Agreement) shall be entitled to receive notice of and to attend any meeting of the shareholders of the Company and to vote, as a separate class, on any matter at any meetings of shareholders of the Company. Each Investor Rights Warrant entitles the holder thereof to one vote per Investor Rights Warrant. Further, the Warrantholder Representative shall be entitled to nominate three (3) directors to the Board, provided that each director nominee shall be a Canadian resident and shall meet the requirements of applicable corporate, securities and other laws. The Investor Rights Agreement will terminate on the earliest of (i) the date that Investors and its Affiliates (as defined in the Investor Rights Agreement) does not own, directly or indirectly, any Warrants (ii) the expiry date of the Warrants, and (iii) immediately prior to the completion by the Company of an initial public offering of its Shares and listing on a U.S stock exchange., and consequently, the voting rights granted under the Investor Rights Agreement to the holders of the Investor Rights Warrants will also terminate at such time.

Upon the closing of this Offering, there will be up to 211,764 Shares issuable upon exercise of the Agent Warrant. See "***Plan of Distribution—Selling Agent's Warrant***" below for a description of the selling agent's warrants.

**<u>Shares</u>**

 ****

***General***

All of our Shares are fully paid and non-assessable. Our Shares are issued in registered form and may or may not be certificated although every shareholder is entitled at their option to a share certificate that complies with the BCBCA. Except as provided in the *Investment Canada Act* (Canada), there are no limitations on the rights of shareholders who are not residents of Canada to hold and vote Shares.

 ****

***Dividends***

Holders of our Shares are entitled to receive, from funds legally available therefor, dividends when and as declared by the Board of Directors, subject to any prior rights of the holders of shares with special rights if issued. The BCBCA provides that a corporation may not declare or pay a dividend if there are reasonable grounds for believing that the corporation is, or would be after the payment of the dividend, unable to pay its liabilities as they become due or the realizable value of its assets would thereby be less than the aggregate of its liabilities and stated capital of all classes of shares of its capital. These rights are subject to the rights, privileges, restrictions and conditions attaching to any other series or class of shares ranking senior in priority to or on a pro rata basis with the holders of Shares with respect to dividends.

 ****

***Voting Rights***

Each Share is entitled to one vote on all matters upon which the Shares are entitled to vote.

 ****

***Liquidation***

With respect to a distribution of assets in the event of our liquidation, dissolution or winding-up, whether voluntary or involuntary, or any other distribution of our assets for the purposes of winding up our affairs, assets available for distribution among the holders of Shares shall be distributed among the holders of the Shares on a pro rata basis, subject to any prior rights of the holders of shares with special rights if issued.

 ****

***Transfer Agent and Registrar***

VStock Transfer, LLC is the transfer agent and registrar for our Shares. The address of VStock is 18 Lafayette Place, Woodmere, New York 11598.

***Shareholders' Rights***

The BCBCA, our notice of articles and our articles govern us and our relations with our shareholders. The following is a summary of certain rights of holders of our Shares under our articles and the BCBCA. This summary is not intended to be complete and is qualified in its entirety by reference to the BCBCA, our notice of articles and articles.

 ****

***Stated Objects or Purposes***

Our articles do not contain any stated objects or purposes and do not place any limitations on the business that we may carry on.

 ****

 ****

***Shareholder Meetings***

Pursuant to the BCBCA, we must hold an annual meeting of our shareholders at least once every calendar year at a time and place determined by the Board of Directors, provided that the meeting must not be held later than 15 months after the preceding annual meeting. A meeting of our shareholders may be held at any place within British Columbia or, if determined by our directors, any location outside British Columbia.

Subject to any special rights or restrictions attached to any shares, voting at a meeting of shareholders may be conducted by way of poll or by show of hands or, in certain other circumstances as required by the BCBCA, in any other manner that adequately discloses the intentions of the shareholders present. Accordingly, the articles provide that: (a) on a poll, every shareholder entitled to vote has one vote in respect of each share held by that shareholder that carries the right to vote on that poll and may exercise that vote either in person or by proxy; and (b) on a vote by show of hands, every person present who is a shareholder or proxy holder and entitled to vote at the meeting has one vote.

A poll may be demanded by the chairman of the meeting or by any shareholder present in person or by proxy. However, if such a poll is demanded, the poll must be taken at the meeting or within seven days after the date of the meeting, as the chair of the meeting so directs, and in the manner, at the time and at the place that the chair of the meeting directs.

A special resolution is a resolution passed by not less than two-thirds of the votes cast by the shareholders entitled to vote on the resolution at a meeting at which a quorum is present. An ordinary resolution is a resolution passed by not less than a simple majority of the votes cast by the shareholders entitled to vote on the resolution at a meeting at which a quorum is present.

 ****

***Notice of Meeting of Shareholders***

Our articles provide that we must send notice of the date, time and location of any meeting of shareholders (including, without limitation, any notice specifying the intention to propose a resolution as an exceptional resolution, a special resolution or a special separate resolution, and any notice to consider approving an amalgamation into a foreign jurisdiction, an arrangement or the adoption of an amalgamation agreement, and any notice of a general meeting, class meeting or series meeting), in the manner provided in the articles, or in such other manner, if any, as may be prescribed by ordinary resolution (whether previous notice of the resolution has been given or not), to each shareholder entitled to attend the meeting, to each director and to the auditor of the Company, unless the articles otherwise provide, at least 21 days before the meeting.

 ****

***Quorum***

Our articles provide that, subject to the special rights and restrictions attached to the shares of any affected class or series of shares, the quorum for the transaction of business at a meeting of shareholders is one or more persons, present in person or by proxy and together holding or representing by proxy shares carrying at five percent of the votes entitled to be voted at the meeting.

**Record Date for Notice of Meeting of Shareholders**

Our board may fix, in advance, a date as the record date for the determination of shareholders entitled to receive notice of a meeting of shareholders, but such record date shall not precede by more than two months or by less than 21 days the date on which the meeting is to be held. If no record date is fixed, the record date for the determination of shareholders entitled to receive notice of a meeting of shareholders shall be 5:00 p.m. on the day immediately preceding the day on which the notice is given or, if no notice is given, the beginning of the meeting.

 ****

***Ability to Requisition Special Meetings of the Shareholders***

The BCBCA provides that the holders of not less than five percent of the issued shares of a corporation that carry the right to vote at a meeting sought to be held may give notice to the directors requiring them to call a meeting for the purposes stated in the requisition.

 ****

 ****

***Authorization of Certain Corporate Action***

Under the BCBCA, certain substantive changes to the charter documents of the corporation, such as an alteration of the restrictions, if any, on the business carried on by the corporation, a change in the name of the corporation, an increase, reduction or elimination of the maximum number of shares that the corporation is authorized to issue out of any class or series of shares, or an alteration of the special rights and restrictions attached to issued shares, require a resolution of the type specified in the articles. Accordingly, if the articles fail to specify the type of resolution or, if the articles do not contain such a provision, a special resolution passed by at least two-thirds of the votes cast by shareholders on the resolution. Other fundamental changes such as a proposed amalgamation or arrangement require a similar special resolution passed by the holders of shares of each class entitled to vote at a general meeting and the holders of all classes of shares adversely affected by such changes.

Under the Company's articles, the directors have the authority to exercise all such powers of the Company as are not, by the BCBCA or by its articles, required to be exercised by the shareholders of the Company. Such powers include the power to alter the restrictions, if any, on the business carried on by the Company, to change the name of the Company, to subdivide or consolidate all or any of the Company's unissued, or fully paid issued, shares, and to alter the identifying name of any of its shares.

 ****

***Dissent Rights***

The BCBCA provides that our shareholders are entitled to exercise dissent rights and demand payment of the fair value of their shares in certain circumstances and provided that the procedures set out in the BCBCA are followed. For this purpose, there is no distinction between listed and unlisted shares. Dissent rights of holders of any class of our shares exist when we resolve to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) alter the articles to alter restrictions on our powers or
on the business we are permitted to carry on;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) adopt an amalgamation agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) approve an amalgamation into a foreign jurisdiction;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) approve an arrangement, the terms of which arrangement permit
dissent;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) authorize or ratify the sale, lease or other disposition of
all or substantially all our' undertaking;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) authorize our continuation into a jurisdiction other than
British Columbia; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) pass any other resolution, if dissent is authorized by the
resolution. In addition, a court order in connection with an arrangement proposed by us may permit shareholders to dissent if the arrangement
is adopted.

 ****

***Action by Written Consent***

Under the BCBCA, shareholders can take action by written resolution and without a meeting only if all shareholders sign the written resolution.

**<u>Directors</u>**

 ****

***Number of Directors and Election***

Under the BCBCA, our charter documents consist of (i) the notice of articles, which sets forth the name of the corporation, the corporation's registered and records office, the names and addresses of our directors and the amount and type of authorized capital, and (ii) the articles, which govern the management of the corporation, set out any special rights or restrictions attached to our shares and establishes the procedures for changing the number of directors on our board.

Accordingly, as we are a public company, as such term is defined in the BCBCA, the articles provide that the Board of Directors must consist of the greater of: (i) three directors; and (ii) such number of directors equal to the number of directors most recently elected by ordinary resolution at a meeting of shareholders. Our Board of Directors currently consists of six directors. Our articles provide that our board may appoint one or more additional directors, who shall hold office for a term expiring not later than the close of the next annual meeting of shareholders, to fill any casual vacancy occurring on the Board of Directors provided the total number of directors so appointed may not exceed one-third the number of directors elected at the previous annual meeting of shareholders. Shareholders of a corporation governed by the BCBCA elect directors by ordinary resolution at each annual meeting of shareholders at which such an election is required.

 ****

 ****

***Director Qualifications***

Under the BCBCA a director must not be:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) under eighteen years of age;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) found by a court, in Canada or elsewhere, to be incapable
of managing their own affairs;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) an undischarged bankrupt; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) convicted in or out of the Province of British Columbia of
an offence in connection with the promotion, formation or management of a corporation or unincorporated business, or of an offence involving
fraud, unless:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) a court orders otherwise,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) 5 years have elapsed since the last to occur of: (A) the
expiration of the period set for suspension of the passing of sentence without a sentence having been passed; (B) the imposition
of a fine; (C) the conclusion of the term of any imprisonment; and (D) the conclusion of the term of any probation imposed,
or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) a pardon was granted or issued, or a record suspension was
ordered, under the Criminal Records Act (Canada) and the pardon or record suspension, as the case may be, has not been revoked or ceased
to have effect.

 **

***Removal of Directors***

 

***Vacancies on the Board of Directors***

Under the BCBCA, vacancies that exist on the Board of Directors, except a vacancy resulting from an increase in the number or the minimum or maximum number of directors or a failure to elect the number or minimum number of directors provided for in the articles, may be filled by the Board of Directors if the remaining directors constitute a quorum. In the absence of a quorum, the remaining directors may only act for the purpose of appointing directors up to such number so as to establish a quorum or summon a meeting of shareholders to fill any vacancies on the Board of Directors or for any other purpose permitted by the BCBCA.

 ****

***Limitation of Personal Liability of Directors and Officers***

Under the BCBCA, in exercising their powers and discharging their duties, directors and officers must act honestly and in good faith with a view to the best interests of the corporation and exercise the care, diligence and skill that a reasonably prudent person would exercise in comparable circumstances. No provision in the corporation's articles, resolutions or contracts can relieve a director or officer from the duty to act in accordance with the BCBCA or relieve a director from liability for a breach thereof. However, a director will not be liable for breaching his or her duty to act in accordance with the BCBCA if the director relied in good faith on: (i) financial statements represented to them by an officer or in a written report of the auditor to fairly reflect the financial condition of the corporation; or (ii) a report of a person whose profession lends credibility to a statement made by such person.

 ****

 ****

***Indemnification of Directors and Officers***

Under Division 5 of Part 5 of the BCBCA, we may indemnify any present or former director or officer or an individual who acts or has acted at our request as a director or officer, or an individual acting in a similar capacity, of another corporation or entity, against all judgments, penalties or fines awarded or imposed in, or amounts paid in settlement of, a proceeding in which any such director, officer or other individual, by reason of him or her being or having been a director of officer of, or holding or having held a position equivalent to that of a director or officer of, our company or an associated corporation (a) is or may be joined as a party, or (b) is or may be liable for or in respect of a judgment, penalty or fine in, or expenses related to, the proceeding. In addition we may, after the final disposition of any such proceeding, pay the expenses actually and reasonably incurred by any such director, officer or other individual in respect of that proceeding, or in certain circumstances we may pay such expenses as they are incurred. However, Division 5 of Part 5 of the BCBCA also provides that we must not provide such indemnification or payment of expenses in certain circumstances including if, in relation to the subject matter of the proceeding, such director, officer or other individual did not act honestly and in good faith with a view to our best interests, or, as the case may be, to the best interests of the associated corporation, and if, in the case of a proceeding other than a civil proceeding, such director, officer or other individual did not have reasonable grounds for believing that his or her conduct was lawful.

Under our articles, our Board of Directors must cause us to indemnify our directors and officers and former directors and officers, and their respective heirs and personal or other legal representatives to the greatest extent permitted by Division 5 of Part 5 of the BCBCA.

We have entered into indemnity agreements with each of our directors and officers agreeing to indemnify them, to the fullest extent permitted by law, against all liability, loss, harm damage cost or expense, reasonably incurred by the director in respect of any threatened, pending, ongoing or completed claim or civil, criminal, administrative, investigative or other action or proceeding made or commenced against him or in which he is or was involved by reason of the fact that he is or was a director of our Company.

 ****

***Sources of Dividends***

Dividends may be declared at the discretion of the Board of Directors. Under the BCBCA, the directors may not declare, and we may not pay, dividends if there are reasonable grounds for believing that (i) we are, or would after such payment be unable to pay our liabilities as they become due or (ii) the realizable value of our assets would be less than the aggregate of our liabilities and of our stated capital of all classes of shares.

 ****

***Amendments to the Notice of Articles and Articles***

Subject to the articles and the BCBCA, our directors may by resolution:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) change the name of the corporation or adopt or change any
translation of that name;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) create one or more classes or series of shares or, if none
of the shares of a class or series of shares are allotted or issued, eliminate that class or series of shares;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) increase, reduce or eliminate the maximum number of shares
that we are authorized to issue out of any class or series of shares or establish a maximum number of shares that we are authorized to
issue out of any class or series of shares for which no maximum is established;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) if we are authorized to issue shares of a class of shares
with par value: (i) decrease the par value of those shares, (ii) if none of the shares of that class of shares are allotted
or issued, increase the par value of those shares, (iii) subdivide all or any of its unissued or fully paid issued shares with par
value into shares of smaller par value, or (iv) consolidate all or any of its unissued or fully paid issued shares with par value
into shares of larger par value;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) change all or any of our unissued or fully paid issued shares
with par value into shares without par value or all or any of its unissued shares without par value into shares with par value;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) alter the identifying name of any of our shares; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) otherwise alter our shares or authorized share structure when
required or permitted to do so by the BCBCA.

 ****

 ****

***Interested Directors Transactions***

Under the BCBCA, a director or senior officer of a company holds a disclosable interest in a contract or transaction if (a) the contract or transaction is material to the company, (b) the company has entered, or proposes to enter, into the contract or transaction, and (c) either the director or senior officer has a material interest in the contract or transaction, or the director or senior officer is a director or senior officer of, or has a material interest in, a person who has a material interest in the contract or transaction. A director who has a disclosable interest in a contract or transaction is not entitled to vote on any directors' resolution to approve that contract or transaction. Further, subject to the BCBCA, generally a director or senior officer of the company is liable to account to the company for any profit that accrues to him or her under or as a result of a contract or transaction in which he or she holds a disclosable interest. However in certain circumstances a director or senior officer of the company will not be liable to account for and may retain any such profit including if the contract or transaction is approved by the directors after the nature and extent of the disclosable interest has been disclosed to the directors, or if the contract or transaction is approved by a special resolution of the shareholders after the nature and extent of the disclosable interest has been disclosed to the shareholders entitled to vote on that resolution. The disclosure of the nature and extent of a disclosable interest may be made to the company in writing or be evidenced in a consent resolution, the minutes of a meeting or other record deposited in the company's records office.

 ****

***Committees***

Under the BCBCA and our articles, our directors may, by way of resolution, appoint one or more committees consisting of directors from their number or other persons, as desired, and delegate to such committee members certain powers of the directors.

 ****

***Derivative Actions***

Under the BCBCA, a complainant (as defined below) may, with leave of the court, prosecute or defend a legal proceeding in the name and on behalf of the corporation to enforce a right, duty or obligation owed to the corporation that could be enforced by the corporation itself or to obtain damages for any breach of such a right, duty or obligation. A "complainant" includes, in relation to us, a shareholder or director of the corporation. Accordingly, no such action may be brought and no such intervention in an action may be made unless the court is satisfied that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the complainant has made reasonable efforts to cause our directors
to prosecute or defend the legal proceeding;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) notice of the application for leave has been given to us and
to any other person the court may order;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) the complainant is acting in good faith; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) it appears to the court that it is in the best interests of
the company for the legal proceeding to be prosecuted or defended.

Under the BCBCA, the court in a derivative action may make any order it thinks fit, including orders pertaining to the awarding of costs and the indemnification of certain individuals, including the complainant. Further, no legal proceeding prosecuted or defended in regards to a derivative action brought forward by a complainant may be discontinued, settled or dismissed without the approval of the court under the BCBCA.

 ****

 ****

***Oppression Remedy***

Under the BCBCA, a shareholder of a corporation or any other person who, in the discretion of the court, is an appropriate person to make an application has the right to apply to the court on the grounds that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the affairs of the corporation are being or have been conducted,
or that the powers of the directors are being or have been exercised, in a manner oppressive to one or more of the shareholders, including
the applicant; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) some act of the corporation has been done or is threatened,
or that some resolution of the shareholders or of the shareholders holding shares of a class or series of shares has been passed or is
proposed, that is unfairly prejudicial to one or more of the shareholders, including the applicant.

On such an application, the court can grant a variety of remedies, ranging from an order restraining the conduct complained of to an order requiring the corporation to repurchase the shareholder's shares or an order liquidating the corporation.

 ****

***Inspection of Books and Records***

Under the BCBCA, our shareholders may examine, free of charge during normal business hours:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) our notice of articles and articles and all amendments thereto;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the minutes and resolutions of our shareholders;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) copies of all notices of directors filed under the BCBCA;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) our register of directors; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) our central securities register.

Any of our shareholders may request copies of our notice of articles and articles and all amendments thereto free of charge.

**Resale Restrictions**

See Lock-Up Agreements discussed below.

**Listing**

We have applied for listing of our Shares on the Nasdaq under the symbol "MDRN."

**PLAN OF DISTRIBUTION**

The Company is offering up to 7,058,823 Shares on a "best efforts" basis at a price of $4.25 per Share. The minimum subscription per investor is $850.00, or 200 Shares. In order to satisfy the Minimum Quantitative Requirements, we must sell at least 3,529,412 Shares in order to conduct a closing in this Offering.

The Company intends to market the Shares in this Offering using both online and offline means. Online marketing may take the form of contacting potential investors through electronic media, television broadcast advertising and posting our Offering Circular or "testing the waters" materials on an online investment platform. All advertising will direct investors to the online investment platform. This Offering Circular will be furnished to prospective investors via download from the Company's website (www.modernmining.com) on a landing page that relates to the offering.

This is a continuous offering pursuant to Rule 251(d)(3)(i)(F) of Regulation A. We will commence this Offering within two calendar days of the qualification by the SEC of the offering statement of which this offering circular forms a part and will continue to offer the Shares for an indefinite period of time (which may exceed 30 days from the date of qualification) until the Offering is terminated. This Offering will terminate at the earliest of (i) the date at which the Maximum Offering amount has been sold, (ii) one year from the date upon which the SEC qualifies the offering statement of which this Offering Circular forms a part, or (iii) the date at which this offering is earlier terminated by the Company, in its sole discretion, including after the Company reaches its internal target amount raised of $15,000,000, or February 16, 2026 (such earliest date, the "***Termination Date***").

We intend to complete one closing for this Offering and will determine the closing date at our discretion based on our review of subscriptions received and consultation with Digital Offering. While we intend to close the Offering as soon as possible following the qualification by the SEC of the offering statement of which this offering circular forms a part, we will not close the Offering until the Shares are approved for listing on Nasdaq. As a result, we will not close this Offering until we can establish that the Offering meets the Minimum Quantitative Standards of Nasdaq: (i) 300 public holders of 100 Shares or more; (ii) 1,000,000 publicly held Shares; and (iii) an aggregate market value of publicly held Shares of $15.0 million. If we do not meet the Minimum Quantitative Standards by the Termination Date, we will terminate this Offering and all funds tendered by investors with their subscriptions will be promptly returned to such investors in accordance with Rules 10b-9 and 15c2-4 under the Exchange Act. On the closing date, funds tendered by investors with their subscriptions will be made available to us and we will issue such investors their respective Shares.

**Engagement Agreement with Digital Offering**

 ****

We are currently party to an engagement agreement dated August 27, 2025, with Digital Offering. Digital Offering has agreed to act as our lead managing selling agent for the Offering. Digital Offering has made no commitment to purchase all or any part of the Shares but has agreed to use its best efforts to sell such Shares in the Offering. As such, Digital Offering is an "underwriter" within the meaning of Section 2(a)(11) of the Securities Act. Digital Offering is under no obligation to purchase any of the Shares or arrange for the sale of any specific number or dollar amount of Shares. The term of the engagement agreement will continue until the earliest to occur of: (a) the date that either party gives the other at least ten (10) days written notice of the termination of the engagement agreement, which termination may occur with or without cause, (b) July 31, 2026, and (c) the date that the Offering is consummated (such applicable date, the "Termination Date"). The engagement agreement provides that Digital Offering may engage other Financial Industry Regulatory Authority ("FINRA") member broker-dealers that are registered with the Commission to participate as soliciting dealers for this Offering. We refer to these other broker-dealers as soliciting dealers or members of the selling group. Upon engagement of any such soliciting dealer, Digital Offering will be permitted to re-allow all or part of its fees and expense allowance as described below. Such soliciting dealer will also be entitled to receive the benefits of our engagement agreement with Digital Offering, including the indemnification rights arising under the engagement agreement upon their execution of a soliciting dealer agreement with Digital Offering that confirms that such soliciting dealer is so entitled. As of the date hereof, we have been advised that Digital Offering has retained RF Lafferty and AOS Inc. dba MyIPO to participate in this Offering as soliciting dealers. We will not be responsible for paying any placement agency fees, commissions or expense reimbursements to any soliciting dealers retained by Digital Offering. None of the soliciting dealers is purchasing any of the Shares in this Offering or is required to sell any specific number or dollar amount of Shares but will instead arrange for the sale of Shares to investors on a "best efforts" basis, meaning that they need only use their best efforts to sell the Shares. In addition to the engagement agreement, we plan to enter into a definitive selling agency agreement with Digital Offering prior to the commencement of the offering.

***Offering Expenses***

We are responsible for all offering fees and expenses, including the following: (i) fees and disbursements of our legal counsel, accountants, and other professionals we engage; (ii) fees and expenses incurred in the production of offering documents, including design, printing, photograph, and written material procurement costs; (iii) all filing fees, including those charged by FINRA; (iv) all of the legal fees related to FINRA clearance; and (v) costs relating to background checks of the Company's officers and directors (in the specific invoiced amount of $950, which amount has already been paid by us and will not be exceeded) and $25,000 in accountable expenses of Digital Offering, including for travel expenses associated with site visits, tech fees and other related fees. This $25,000 has already been paid to Digital Offering by us and will be reimbursed to us to the extent not actually incurred, in compliance with FINRA Rule 5110(g)(4)(a). We have also agreed to reimburse Digital Offering for up to $100,000 in legal expenses, $25,000 of which we have already paid. The $25,000 payment for legal fees already made will be reimbursed to us to the extent not actually incurred, in compliance with FINRA Rule 5110(g)(4)(a).

***Reimbursable Expenses in the Event of Termination***

In the event the Offering does not close, or the selling agency agreement is terminated for any reason, we have agreed to reimburse Digital Offering for its legal fees not to exceed $100,000.

***Other Expenses of the Offering***

In addition, the Company has engaged Equifund to create and maintain the online subscription processing platform for the Offering. After the Company's Post Qualification Offering Statement is qualified by the Commission, the Offering will be conducted, in part, using Equifunds online subscription processing platform through the Company's website at *https://invest.equifund.com/offering/______________/details*, whereby investors will receive, review, execute and deliver subscription agreements electronically as well as make purchase price payments through a third-party processor by ACH debit transfer, wire transfer or credit card to an account we designate. We will hold closings upon the receipt of investors' subscriptions and our acceptance of such subscriptions.

The Company has paid Equifund a $45,000 onboarding fee and will pay Equifund (i) an estimated $500,000 in investor fees of $50 per investor payable by the Company to Equifund (assuming 10,000 investors in this Offering).

In addition, the Company intends to pay these fees and will reimburse Equifund for transaction fees and return fees that it incurs for returns and chargebacks in the amounts of credit card processing fees (3.8% per swipe) plus any charge back fees or expenses and 1.25% for each ACH transfer fee and 1.25% for Express wires to all purchasers in lieu of charges to investors.

Please be advised that different payment methods take different amounts of time to clear.

● **Wires**: 24 hours (one business day) following receipt of funds;

● **ACH**: 10 days following receipt of funds; and

● **Credit and Debit Cards**: 24 hours (one business day) following receipt of funds.

The Company maintains the right to accept or reject subscriptions in whole or in part, for any reason or for no reason, including, but not limited to, in the event that an investor fails to provide all necessary information, even after further requests, in the event an investor fails to provide requested follow up information to complete potential background checks or fails background checks, and in the event the Offering is oversubscribed in excess of the Maximum Offering amount. If a subscription is rejected, funds will not be accepted by wire transfer or ACH, and payments made by debit card or check will be returned to subscribers within 30 days of such rejection without deduction or interest.

***Selling Agents' Commission***

We have agreed that the definitive selling agency agreement will provide for us to pay a cash commission of 7.0% of the gross proceeds received by us in the offering, which shall be allocated by Digital Offering to members of the selling group and soliciting dealers in its sole discretion (we sometimes refer to Digital Offering and such members and dealers collectively as the "Selling Agents"). In addition Digital Offering has agreed to remit .50% of this cash commission to the Company as a rebate to be applied towards the Company's platform and marketing fees.

The following table shows the total commissions payable to Digital Offering on a per-share basis in connection with this offering, assuming a fully subscribed offering.

---

| | |
|:---|:---|
|  | **Per Share** |
| Public offering price | $4.25 |
| Digital Offering commission (7.0%)\* | $0.2975 |
| Proceeds, before expenses, to us, per share | $3.9525 |

---

\* Assuming a fully subscribed offering, Digital Offering would receive total cash commissions of $2,100,000. Digital Offering has agreed to remit $10,500 of this cash commission to the Company as a rebate to be applied towards the Company's platform and marketing fees.

**Selling Agent's Warrant**

Upon the closing of the Offering, we have agreed to issue the Agent Warrant to the Selling Agents to purchase a number of Shares equal to 3.0% of the total number of Shares sold in the Offering. The Agent Warrant will be immediately exercisable upon issuance and will be exercisable until the fifth anniversary of the date of commencement of sales in the offering (in compliance with FINRA Rule 5110(e)(1)). The exercise price for the Agent Warrant will be the amount that is 25% greater than the public offering price, or $5.3125 per share. The Agent Warrant will not be redeemable. The Agent Warrant will provide for cashless exercise in the event there is not a qualified offering statement covering the shares underlying the Agent Warrant, and immediate "piggyback" registration rights, with a duration of seven years from the date of commencement of sales in the offering (in compliance with FINRA Rule 5110(g)(8)(D)), with respect to the registration of the Shares underlying the warrants. We have qualified the Shares underlying the Agent Warrant in this Offering. Under certain circumstances, we may enter into an agreement with the Selling Agents to provide the Selling Agents with a demand registration right. Pursuant to FINRA Rule 5110(g)(8)(B)-(D), under any such agreement, the Selling Agents shall not be entitled to more than one demand registration right and the duration of this registration right shall not exceed five years from the effective date of the related registration statement.

The Agent Warrant and the Shares underlying the Agent Warrant have been deemed compensation by FINRA and are therefore subject to a 180-day lock-up pursuant to Rule 5110(e)(1) of FINRA. The Selling Agents or permitted assignees under such rule, may not exercise, sell, transfer, assign, pledge, or hypothecate the Agent Warrant or the Shares underlying the Agent Warrant, nor will the Selling Agents or permitted assignees engage in any hedging, short sale, derivative, put, or call transaction that would result in the effective economic disposition of the Agent Warrant or the underlying Shares for a period of 180 days from the date of commencement of sales in the Offering, except that they may be transferred, in whole or in part, by operation of law or by reason of our reorganization, or to any Selling Agent or selected dealer participating in the Offering and their officers, partners or registered representatives if the Agent Warrant or the underlying Shares so transferred remain subject to the foregoing lock-up restrictions for the remainder of the time period. The Agent Warrant will provide for adjustment in the number and price of such warrants (and the Shares underlying such Agent Warrant) to prevent dilution in the event of a stock dividend, stock split or other reclassification of the Shares.

**Pooling Agreements**

The holders of the Investor Rights Warrants and the Convertible Debentures, with Kuljit Basi acting as their representative, have entered into pooling agreements with the Company dated September 11, 2025 (together, the "Pooling Agreements"). The Pooling Agreements impose contractual resale restrictions on "pooled securities," defined to include all Investor Rights Warrants, all Convertible Debentures, and all securities underlying the Investor Rights Warrants and Convertible Debentures held by the participating securityholders. The Pooling Agreement restrictions prohibit securityholders from selling, transferring, pledging, or otherwise disposing of any legal or beneficial interest in their pooled securities for a period of 180 days following the Company's listing on the Nasdaq, subject to exceptions for earlier release of up to a maximum of 50% of the pooled securities in the event certain trading price and volume thresholds are achieved as follows:

● 25% of the pooled securities will be released immediately in the event the closing bid price of the Shares on the Nasdaq is greater than $21.25 for any period of 10 consecutive trading days following the date of listing and the average trading volume of the Shares is greater than 250,000 Shares per day for those 10 consecutive trading days;

● 5% of the pooled securities will be released immediately in the event the closing bid price of the Shares on the Nasdaq is greater than $6.37 on any day following the date of listing;

● 5% of the pooled securities will be released immediately in the event the closing bid price of the Shares on the Nasdaq is greater than $6.37 for any period of 10 consecutive trading days beginning at least 60 days after the date of listing and the average trading volume of the Shares was greater than 100,000 Shares per day for any 60 day period following the date of listing;

● 5% of the pooled securities will be released immediately in the event the closing bid price of the Shares on the Nasdaq is greater than $6.37 for any period of 10 consecutive trading days beginning at least 90 days after the date of listing and the average trading volume of the Shares was greater than 100,000 Shares per day for any 90 day period following the date of listing;

● 5% of the pooled securities will be released immediately in the event the closing bid price of the Shares on the Nasdaq is greater than $6.37 for any period of 10 consecutive trading days beginning at least 120 days after the date of listing and the average trading volume of the Shares was greater than 100,000 Shares per day for any 120 day period following the date of listing; and

● 5% of the pooled securities will be released immediately in the event the closing bid price of the Shares on the Nasdaq is greater than $6.37 for any period of 10 consecutive trading days beginning at least 150 days after the date of listing and the average trading volume of the Shares was greater than 100,000 Shares per day for any 150 day period following the date of listing.

Under the terms of the Merger Agreement, the holders of Shares issued in exchange for shares of common stock of UMI pursuant to the Merger Agreement are subject to contractual lock-up which prohibits the holder from selling, transferring, pledging, or otherwise disposing of any legal or beneficial interest in their Shares for a period of 12 months following the Company's listing on the Nasdaq. 20% of such shares will be released on the date that is 12 months following the listing date, and 20% will be released on the date that is each of 4, 8, 12 and 16 months following such date.

**Lock-Up Agreements**

Except as described below, we and our officers, directors, director nominees and stockholders holding 10% or more of the outstanding Common Shares following this Offering have agreed, or will agree, with Digital Offering, subject to certain exceptions, that, without the prior written consent of Digital Offering, we and they will not, directly or indirectly, during the period of six months following the closing of this Offering, offer, pledge, sell, contract to sell, sell any option or contract to purchase, purchase any option or contract to sell, grant any option, right or warrant for the sale of, or otherwise dispose of or transfer any Common Shares or any securities convertible into or exchangeable or exercisable for Common Shares, whether now owned or hereafter acquired by us or them or with respect to which we or they has or hereafter acquires the power of disposition; or enter into any swap or any other agreement or any transaction that transfers, in whole or in part, the economic consequence of ownership of the Common Shares, whether any such swap or transaction is to be settled by delivery of the Common Shares or other securities, in cash or otherwise.

The lock-up agreement does not apply, in our case, to securities issued pursuant to existing employee benefit plans or securities issued upon exercise of options. In the case of our officers, directors and director nominees, the restrictions described in the preceding paragraph do not apply to:

● transactions relating to Common Shares acquired in open market transactions after the completion of this Offering; provided that, no filing by any party under Section 16(a) of the Exchange Act or other public announcement shall be required or shall be voluntarily made in connection with such transfer;

● exercises of stock options or equity awards granted pursuant to an equity incentive or other plan or warrants to purchase Common Shares or other securities (including by cashless exercise to the extent permitted by the instruments representing such stock options or warrants so long as such cashless exercise is effected solely by the surrender of outstanding stock options or warrants to us and our cancellation of all or a portion thereof to pay the exercise price), provided that in any such case the securities issued upon exercise shall remain subject to the provisions of the agreement;

● transfers of Common Shares or other securities to us in connection with the vesting or exercise of any equity awards granted pursuant to an equity incentive or other plan and held by the undersigned to the extent, but only to the extent, as may be necessary to satisfy tax withholding obligations pursuant to our equity incentive or other plans;

● pursuant to an order of a court or regulatory agency;

● any transfer of Common Shares or any security convertible into or exercisable or exchangeable for Common Shares that occurs by operation of law, such as pursuant to a qualified domestic relations order or in connection with a divorce settlement;

● any distributions or transfers without consideration of Common Shares or any security directly or indirectly convertible into or exercisable or exchangeable for Common Shares to limited partners, members, stockholders or affiliates of the undersigned, or to any partnership, corporation or limited liability company controlled by the undersigned or by a member of the immediate family of the party to the agreement;

● any transfer made in connection with the sale or other bona fide transfer in a single transaction of all or substantially all of the undersigned's capital stock, partnership interests, membership interests or other similar equity interests, as the case may be, or all or substantially all of the undersigned's assets, in any such case not undertaken for the purpose of avoiding the restrictions imposed by the agreement;

● the establishment of a trading plan pursuant to Rule 10b5-1 under the Exchange Act, for the transfer of Common Shares, provided that such plan does not provide for the transfer of our Common Shares during the lock-up period;

● transfers to any investment fund or other entity controlled by, or under common control or management with, the party to the agreement; or

● transfers of Common Shares or any security convertible into or exercisable or exchangeable for our Common Shares pursuant to a qualifying bona fide third-party tender offer, merger, consolidation or other similar transaction made to all holders of our Common Shares.

**Exchange Listing**

We intend to apply to Nasdaq to list our Shares under the symbol "MDRN" on the Nasdaq. Neither we nor Digital Offering, however, can guarantee that the Nasdaq will approve our listing application. If the Shares are not approved for listing on Nasdaq, we will not complete the Offering contemplated hereby. As a result, we will not close this Offering until we can establish that the offering meets the Minimum Quantitative Standards. Assuming our Nasdaq listing application is approved, our Shares will not commence trading on the Nasdaq until each of the following conditions is met: we have filed a post-qualification amendment to the Offering Statement, which post-qualification amendment is qualified by the Commission; and we have filed a registration statement on Form 8-A, which Form 8-A has been declared effective by the Commission. Pursuant to applicable rules under Regulation A, the Form 8-A will not become effective until the Commission qualifies the post-qualification amendment. We intend to file the post-qualification amendment and request its qualification promptly following the closing of this Offering in order that the Form 8-A may become effective as soon as practicable. Exchange trading of our Shares on the Nasdaq will not commence until after the Offering has closed. No assurance can be given that our application to list on the Nasdaq will be approved or that an active trading market for our Shares will develop.

**Pricing of the Offering**

Prior to the Offering, there has been no public market for the Shares. The initial public offering price has been determined by negotiation between us and Digital Offering. The principal factors considered in determining the initial public offering price include:

● the information set forth in this Offering Circular and otherwise available to Digital Offering;

● our history and prospects and the history of and prospects for the industry in which we compete;

● our past and present financial performance;

● our prospects for future earnings and the present state of our development;

● the general condition of the securities markets at the time of this offering;

● the recent market prices of, and demand for, publicly traded common stock of generally comparable companies; and

● other factors deemed relevant by Digital Offering and us.

We intend to price the offering prior to its qualification pursuant to Rule 253(b).

**Indemnification** 

We have agreed to indemnify the Selling Agent, its affiliates and controlling persons and members of the selling group against certain liabilities, including liabilities under the Securities Act. If we are unable to provide this indemnification, we will contribute to the payments the Selling Agent, its affiliates and controlling persons as may be required to make in respect of these liabilities.

**Our Relationship with the Lead Selling Agent**

The Selling Agent and its affiliates are engaged in various activities, which may include securities trading, commercial and investment banking, financial advisory, investment management, investment research, principal investment, hedging, financing and brokerage activities. The Selling Agent and its affiliates may in the future perform various financial advisory and investment banking services for us, for which they received or will receive customary fees and expenses.

In the ordinary course of their various business activities, Digital Offering and its affiliates may make or hold a broad array of investments and actively trade debt and equity securities (or related derivative securities) and financial instruments (including bank loans) for their own account and for the accounts of their customers, and such investment and securities activities may involve securities and/or instruments of the Company. Digital Offering and its affiliates may also make investment recommendations and/or publish or express independent research views in respect of such securities or instruments, or recommend to clients that they acquire, long and/or short positions in such securities and instruments.

**Investment Limitations if We Do Not Obtain a Listing on a National Securities Exchange**

As set forth in Title IV of the JOBS Act, there would be no limit on how many shares an investor may purchase if this Offering results in a listing of our Shares on the Nasdaq or other national securities exchange. However, our Shares may not be listed on the Nasdaq upon the initial qualification of this Offering by the Commission. Additionally, we cannot provide any assurance that our application to list on the Nasdaq will be approved.

For individuals who are not accredited investors, if we are not listed on the Nasdaq, no sale may be made to you in this offering if the aggregate purchase price you pay is more than 10% of the greater of your annual income or net worth (please see below under "*How to Calculate Net Worth*"). Different rules apply to accredited investors and non-natural persons. Before making any representation that your investment does not exceed applicable thresholds, we encourage you to review Rule 251(d)(2)(i)(C) of Regulation A. For general information on investing, we encourage you to refer to **www.investor.gov**.

Because this is a Tier 2, Regulation A offering, most investors in the case of trading on the over-the-counter markets must comply with the 10% limitation on investment in this Offering. The only investors in this Offering exempt from this limitation, if our Shares are not listed on the Nasdaq, are "accredited investors" as defined under Rule 501 of Regulation D under the Securities Act (each, an "Accredited Investor"). If you meet one of the following tests you should qualify as an Accredited Investor:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) You are a natural person who has had individual income in
excess of $200,000 in each of the two most recent years, or joint income with your spouse in excess of $300,000 in each of these years,
and have a reasonable expectation of reaching the same income level in the current year;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) You are a natural person and your individual net worth, or
joint net worth with your spouse, exceeds $1,000,000 at the time you purchase Shares (please see below under "*How to Calculate Net Worth* ");

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) You are an executive officer or general partner of the issuer
or a director, executive officer or general partner of the general partner of the issuer;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) You are a holder in good standing of the General Securities
Representative license (Series 7), the Private Securities Offerings Representative license (Series 82), and the Licensed Investment Adviser
Representative (Series 65), each as issued by FINRA;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) You are a corporation, limited liability company, partnership
or are an organization described in Section 501(c)(3) of the Internal Revenue Code of 1986, as amended, a corporation or similar business
trust or a partnership, not formed for the specific purpose of acquiring the Shares, with total assets in excess of $5,000,000;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) You are a bank or a savings and loan association or other
institution as defined in the Securities Act, a broker or dealer registered pursuant to Section 15 of the Exchange Act, an insurance
company as defined by the Securities Act, an investment company registered under the Investment Company Act of 1940 (the "Investment
Company Act"), or a business development company as defined in that act, any Small Business Investment Company licensed by the
Small Business Investment Act of 1958 or a private business development company as defined in the Investment Advisers Act of 1940;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) You are an entity (including an Individual Retirement Account
trust) in which each equity owner is an accredited investor;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii) You are a trust with total assets in excess of $5,000,000,
your purchase of Shares is directed by a person who either alone or with his purchaser representative(s) (as defined in Regulation D
promulgated under the Securities Act) has such knowledge and experience in financial and business matters that he is capable of evaluating
the merits and risks of the prospective investment, and you were not formed for the specific purpose of investing in the Shares;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ix) You are a plan established and maintained by a state, its
political subdivisions, or any agency or instrumentality of a state or its political subdivisions, for the benefit of its employees,
if such plan has assets in excess of $5,000,000;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(x) You are a Commission or state-registered investment adviser
or a federally exempt reporting adviser;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xi) You are a Rural Business Investment Company as defined in
section 384A of the Consolidated Farm and Rural Development Act;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xii) You are an entity not listed above that that owns "investments,"
in excess of $5 million and that was not formed for the specific purpose of investing in the securities offered; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xiii) You are an Investor that certifies that (A) it is a "family
office" as defined in Rule 202(a)(11)(G)-1 under the Investment Advisers Act of 1940 (i) with at least $5 million in assets under
management, (ii) not formed for the specific purpose of acquiring the securities offered and (iii) whose investment is directed by a
person who has such knowledge and experience in financial and business matters that such family office is capable of evaluating the merits
and risks of the prospective investment or (B) that it is a "family client" as defined in Rule 202(a)(11)(G)-1, of a family
office meeting the criteria specified above.

This Offering will start on or after the date that the Offering is qualified by the Commission and will terminate on the Termination Date.

**Procedures for Subscribing**

 ****

Investors may subscribe through https://invest.equifund.com/offering/_________/details by tendering funds by wire, credit, or debit card or ACH transfer to the escrow account to be set up at Enterprise Bank & Trust, the escrow agent. Tendered funds will remain in escrow until the closing has occurred. Upon the closing, funds tendered by investors will be made available to us for our use. We will not cover credit card fees on behalf of investors.

 ****

 ****

***Procedures for subscribing directly through the Company's website***

The subscription procedure is summarized as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Go to the *https://invest.equifund.com/offering/_* *________ /details* website and click on the "Invest Now" button;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Complete the online investment
form;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Deliver funds directly by wire,
debit card, credit card or electronic funds transfer via ACH to the specified escrow account;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. Once funds or documentation
are received an automated Anti Money Laundering ("AML") check will be performed to verify the identity and status of the
investor;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. Once AML is verified, investor
will electronically receive, review, execute and deliver to us a subscription agreement. Investors will be required to complete a subscription
agreement in order to invest. The subscription agreement will include a representation by the investor to the effect that, if the investor
is not an "accredited investor" as defined under securities law, the investor is investing an amount that does not exceed
the greater of 10% of the investor's annual income or 10% of the investor's net worth (excluding the investor's principal
residence).

 ****

***Escrow Accounts***

Except with respect to investors who are clients of AOS Inc. dba MyIPO or Other Broker-Dealers (as defined below) with clearing agreements in place, investors will be required to deposit their funds to the Enterprise Bank & Trust Escrow Account. The Company intends to complete one closing of this Offering. Any such funds that Enterprise Bank & Trust receives shall be held in escrow until the closing of the Offering or such other time as mutually agreed between the Company and Digital Offering, and then used to complete securities purchases, or returned if this Offering fails to close. For the avoidance of doubt, if we do not meet the Minimum Quantitative Standards by the Termination Date, or if we otherwise terminate this Offering, all funds tendered by investors with their subscriptions will be promptly returned to such investors in accordance with Rules 10b-9 and 15c2-4 under the Exchange Act. All subscribers will be instructed by the Company or its agents to transfer funds by wire or ACH transfer directly to the applicable escrow account established for this Offering.

**Other Procedures for Subscribing**

Syndicate members clear through various clearing firms as do other broker-dealers who may participate in this Offering. We refer to such other broker-dealers that clear through their respective clearing firms and who may participate in this Offering as Other Broker-Dealers. Other Broker-Dealers with clearing agreements shall provide the Selling Agents with executed subscription agreements and delivery sheets from their customers and shall settle the transaction with the Selling Agents through DTC at closing. In the event that the Company does not qualify or list on the Nasdaq, soliciting dealers who are unable to participate in an over-the-counter security may withdraw their subscriptions prior to closing.

Prospective investors investing through Other Broker-Dealers will acquire Shares through book-entry order by opening an account with an Other Broker-Dealer, or by utilizing an existing with an Other Broker-Dealer. In each such case, the account will be an account owned by the investor and held at the clearing firm of such Other Broker-Dealer, as the clearing firm for the exclusive benefit of such investor. The investor will also be required to complete and submit a subscription agreement. Subscriptions for Shares acquired through an account at an Other Broker-Dealer can be provided directly by the Broker-Dealers. Subscriptions will be effective only upon our acceptance, and we reserve the right to reject any subscription in whole or in part.

Our transfer agent is VStock Transfer, LLC Our transfer agent will record and maintain records of the Shares issued of record by us, including shares issued of record to the Depositary Trust Corporation, which we refer to as the DTC, or its nominee, Cede & Co., for the benefit of broker-dealers, including the clearing firms. The clearing firm, as the clearing firm, will maintain the individual shareholder beneficial records for accounts at Other Broker-Dealers. All other investors that participate through the Enterprise Bank & Trust Escrow Account shall have their shares held at Vstock Transfer, LLC in digital book entry. Such shares may be transferred to the investor's outside brokerage account by requesting their outside broker dealer to effect such transfer. Request for transfer may only be made by the outside broker dealer of the investor.

You may not subscribe to this Offering prior to the date this Offering is qualified by the Commission, which we will refer to as the qualification date. Before the qualification date, you may only make non-binding indications of your interest to purchase securities in the Offering. For any subscription agreements received after the qualification date, we have the right to review and accept or reject the subscription in whole or in part, for any reason or for no reason. If rejected, we will return all funds to the rejected investor within ten business days. If accepted, the funds will remain in the applicable escrow account until we determine to have the closing of the offering and the funds in escrow will then be transferred into our general account.

Non-U.S. investors may participate in this Offering by depositing their funds in the escrow account held at Enterprise Bank & Trust Account, as applicable; any such funds that Enterprise Bank & Trust receives shall be held in escrow until the closing of this Offering or such other time as mutually agreed between the Company and the Selling Agents, and then used to complete securities purchases, or returned if this Offering fails to close.

 ****

 ****

***Right to Revoke Subscriptions***

During the period of time from when you tender your complete, executed subscription agreement through 48 hours after your receipt of an e-mail from us stating the closing date of the Offering and listing date on Nasdaq (such time, the "Revocation Deadline"), you may revoke your subscription for Shares by requesting such revocation in writing pursuant to the terms of the subscription agreement. Following such written request, all monies tendered will be returned to you, without interest or deduction. For the avoidance of doubt, you may not revoke or change your subscription or request your subscription funds after the Revocation Deadline.

***Right to Reject Subscriptions***

We will notify you as to whether we have accepted or rejected your subscription within 5 business days following our receipt of your complete, executed subscription agreement (forms of which are attached to the Offering Statement, of which this Offering Circular forms a part, as Exhibits 4.1 and 4.2) and the receipt of funds required under the subscription agreement in Enterprise Bank & Trust Escrow Account or such other selected dealer designated escrow account. During such period, we have the right to review and accept or reject your subscription in whole or in part, for any reason or no reason. The Lead Selling Agent will conduct customary know-your-customer and AML checks on investors, including background checks for financial crimes and fraud. We anticipate rejecting subscriptions if (i) such subscriptions are received after we have already received and accepted subscription agreements for the maximum offering amount or (ii) the know-your-customer and AML checks raise concerns regarding investor suitability for participation in the offering. While we will endeavor to close this Offering as soon as feasible following the qualification by the SEC of the offering statement of which this offering circular forms a part, there may be a significant amount of time between your execution of the subscription agreement and tendering of funds and closing of this Offering. During such time, you will be entitled to revoke your subscription as disclosed above under "*-Right to Revoke Subscriptions*." We will return all monies from rejected subscriptions immediately to you, without interest or deduction.

***Acceptance of Subscriptions***

Upon our acceptance of a subscription agreement, we will countersign the subscription agreement and issue the Shares subscribed for at closing. After the Revocation Deadline, you may not revoke or change your subscription or request a return of your subscription funds.

Under Rule 251 of Regulation A, unless a company's offered securities are listed on a national securities exchange, non-accredited, non-natural person investors are subject to the investment limitation and may only invest funds which do not exceed 10% of the greater of the purchaser's revenue or net assets (as of the purchaser's most recent fiscal year end). As a result, for so long as our Shares are not listed on the Nasdaq, non-accredited, natural person may only invest funds in our Shares which do not exceed 10% of the greater of the purchaser's annual income or net worth (please see below on how to calculate your net worth).

**How to Calculate Net Worth**

For the purposes of calculating your net worth, it is defined as the difference between total assets and total liabilities. This calculation must exclude the value of your primary residence and may exclude any indebtedness secured by your primary residence (up to an amount equal to the value of your primary residence). In the case of fiduciary accounts, net worth and/or income suitability requirements may be satisfied by the beneficiary of the account or by the fiduciary, if the fiduciary directly or indirectly provides funds for the purchase of the Shares.

In order to purchase the Shares and prior to the acceptance of any funds from an investor, for so long as our Shares are not listed on the Nasdaq, an investor in our Shares will be required to represent, to the Company's satisfaction, that he or she is either an accredited investor or is in compliance with the 10% of net worth or annual income limitation on investment in this offering.

**No Selling Security Holders**

No securities are being sold for the account of security holders; all net proceeds of this Offering will go to the Company**.**

**Transfer Agent and Registrar**

The Company has engaged VStock Transfer, LLC, a registered transfer agent with the SEC, who will serve as transfer agent to maintain shareholder information on a book-entry basis.

**SHARES ELIGIBLE FOR FUTURE SALE**

Prior to this Offering, there has been no market for our Shares. Future sales of substantial amounts of our Shares in the public market or the perception that such sales might occur could adversely affect market prices prevailing from time to time. Furthermore, because only a limited number of Shares will be available for sale shortly after this Offering due to existing contractual and legal restrictions on resale as described below, there may be sales of substantial amounts of our Shares in the public market after the restrictions lapse. This may adversely affect the prevailing market price of our Shares and our ability to raise equity capital in the future.

After completion of this Offering, we will have 12,141,023 Shares issued and outstanding (excluding shares issuable pursuant to the conversion of Debentures and Investor Rights Warrants as described elsewhere in this Offering Circular).

All of the Shares sold in this Offering will be freely tradable without restrictions or further registration under the Securities Act, unless the shares are purchased by our "affiliates" as that term is defined in Rule 144 and except certain shares that will be subject to an applicable lock-up period. Any shares owned by our affiliates may not be resold except in compliance with Rule 144 volume limitations, manner of sale and notice requirements, pursuant to another applicable exemption from registration or pursuant to an effective registration statement.

**Rule 144**

***Affiliate Resales of Restricted Securities***

Affiliates of ours must generally comply with Rule 144 if they wish to sell any our Shares in the public market, whether or not those shares are "restricted securities." "Restricted securities" are any securities acquired from us or one of our affiliates in a transaction not involving a public offering. The Shares sold in this Offering are not considered to be restricted securities.

**Non-Affiliate Resales of Restricted Securities**

Any person or entity who is not an affiliate of ours and who has not been an affiliate of ours at any time during the three months preceding a sale is only required to comply with Rule 144 in connection with sales of restricted shares. Subject to the lock-up agreements described above, those persons may sell our Shares that they have beneficially owned for at least one year without any restrictions under Rule 144 immediately following the effective date of the Offering Statement of which this Offering Circular is a part.

Further, beginning 90 days after the effective date of the Offering Statement of which this Offering Circular is a part, a person who is not an affiliate of ours at the time such person sells our Shares, and has not been an affiliate of ours at any time during the three months preceding such sale, and who has beneficially owned such our Shares, as applicable, for at least six months but less than a year, is entitled to sell such shares so long as there is adequate current public information, as defined in Rule 144, available about us.

Resales of restricted Shares by non-affiliates are not subject to the manner of sale, volume limitation or notice filing provisions of Rule 144, described above.

**Rule 701**

Rule 701 generally allows a shareholder who purchased our Shares pursuant to a written compensatory plan or contract and who is not deemed to have been an affiliate of ours during the immediately preceding 90 days to sell such shares in reliance upon Rule 144, but without being required to comply with the public information, holding period, volume limitation, or notice provisions of Rule 144.

Rule 701 also permits affiliates of ours to sell their Rule 701 shares under Rule 144 without complying with the holding period requirements of Rule 144. All holders of Rule 701 shares, however, are required to wait until 90 days after the date of this Offering Circular before selling such shares pursuant to Rule 701 and until expiration of any applicable lock-up period.

**Equity Incentive Awards**

We intend to file a registration statement on Form S-8 under the Securities Act after the closing of this Offering to register the Shares that are issuable pursuant to our Plan. The registration statement is expected to be filed and become effective as soon as practicable after the completion of this Offering. Accordingly, shares registered under the registration statement will be available for sale in the open market following its effective date, subject to Rule 144 volume limitations and any applicable lock-up arrangements.

**MATERIAL TAX CONSIDERATIONS**

 

*The following description is not intended to constitute a complete analysis of all tax consequences relating to the ownership or disposition of our Shares, including the Shares. You should consult your own tax advisor concerning the tax consequences of your particular situation, as well as any tax consequences that may arise under the laws of any local, state, foreign (including Canada), or other taxing jurisdiction.*

**Taxation in Canada**

**Material Canadian Federal Income Tax Considerations**

In the opinion of McMillan LLP, Canadian counsel to the Company, the following summary describes the principal Canadian federal income tax considerations pursuant to the *Income Tax Act* (Canada) and the regulations thereunder (the "Tax Act") generally applicable to the acquisition, holding and disposition of the Shares by a holder who acquires, as beneficial owner, the Shares pursuant to the Offering and who, for purposes of the Tax Act and at all relevant times, holds the Shares as capital property, deals at arm's length with the Company and each underwriter and is not affiliated with the Company or any underwriter (a "Holder"). Generally, the Shares will be considered to be capital property to a Holder provided the Holder does not acquire or hold the Shares in the course of carrying on a business of trading or dealing in securities and has not acquired them in one or more transactions considered to be an adventure or concern in the nature of trade.

This summary does not apply to a Holder (i) that is a "financial institution" for the purposes of the mark-to-market rules contained in the Tax Act; (ii) that is a "specified financial institution" as defined in the Tax Act; (iii) an interest in which would be, or for whom a Share would be, a "tax shelter investment" as defined in the Tax Act; (iv) that has made a functional currency reporting election under the Tax Act to report in a currency other than the Canadian currency; (v) that has or will enter into a "derivative forward agreement", a "synthetic disposition arrangement" or a "dividend rental arrangement", each as defined under the Tax Act, with respect to the Shares; or (vi) that carries on, or is deemed to carry on, an insurance business in Canada or elsewhere. Such Holders should consult their own tax advisors with respect to an investment in the Shares.

Additional considerations, not discussed herein, may be applicable to a Holder that is a corporation resident in Canada and that is or becomes, or does not deal at arm's length for purposes of the Tax Act with a corporation resident in Canada that is or becomes, as part of a transaction or event or series of transactions or events that includes the acquisition of the Shares, controlled by a non-resident person or group of non-resident persons not dealing with each other at arm's length for purposes of the "foreign affiliate dumping" rules in section 212.3 of the Tax Act. Such Holders should consult their own tax advisors with respect to the possible application of these rules.

In addition, this summary does not address the deductibility of interest by a Holder who has borrowed money or otherwise incurred debt in connection with the acquisition of the Shares.

This summary is based upon the provisions of the Tax Act in force as of the date hereof, all specific proposals to amend the Tax Act that have been publicly announced by or on behalf of the Minister of Finance (Canada) prior to the date hereof (the "Proposed Amendments") and counsel's understanding of the current administrative policies and assessing practices of the Canada Revenue Agency ("CRA") made publicly available prior to the date hereof. This summary assumes the Proposed Amendments will be enacted in the form proposed; however, no assurance can be given that the Proposed Amendments will be enacted in the form proposed, if at all. This summary is not exhaustive of all possible Canadian federal income tax considerations and, except for the Proposed Amendments, does not take into account or anticipate any changes in law or the administrative policies or assessing practices of the CRA, whether by legislative, governmental or judicial action or decision, nor does it take into account provincial, territorial or foreign tax considerations, which may differ significantly from those discussed herein.

Subject to certain exceptions that are not discussed in this summary, for the purposes of the Tax Act, all amounts relating to the acquisition, holding or disposition of Shares, including dividends, must be determined in Canadian dollars using the relevant exchange rate determined in accordance with the Tax Act.

This summary is of a general nature only and is not intended to be, nor should it be construed to be, legal or tax advice to any particular holder or prospective holder of the Shares, and no representations with respect to the income tax consequences to any holder or prospective holder are made. Consequently, holders and prospective holders of the Shares should consult their own tax advisors for advice with respect to the tax consequences to them of acquiring the Shares, having regard to their particular circumstances.

 ****

***Holders Resident in Canada***

This portion of the summary applies to a Holder who, at all relevant times, for purposes of the Tax Act and any applicable income tax treaty or convention, is or is deemed to be resident in Canada (a "Resident Holder").

Certain Resident Holders who might not otherwise be considered to hold their Shares as capital property may, in certain circumstances, be entitled to have the Shares, and all other "Canadian securities" (as defined in the Tax Act) owned by such Resident Holders in the taxation year of the election and any subsequent taxation year, treated as capital property by making the irrevocable election permitted by subsection 39(4) of the Tax Act. Resident Holders should consult their own tax advisors regarding the availability or advisability of this election.

 ****

***Dividends on the Shares***

Dividends received or deemed to be received on the Shares by a Resident Holder who is an individual (other than certain trusts) will generally be included in the individual's income and will be subject to the gross-up and dividend tax credit rules applicable to taxable dividends received from taxable Canadian corporations, including the enhanced dividend tax credit rules applicable to any dividends designated by the Company as "eligible dividends" in accordance with the Tax Act. There may be limitations on the ability of the Company to designate dividends as "eligible dividends."

In the case of a Resident Holder that is a corporation, the amount of any such taxable dividend that is included in its income for a taxation year will generally also be deductible in computing its taxable income for that taxation year. In certain circumstances, a dividend received or deemed to be received by a Resident Holder that is a corporation may be deemed to be proceeds of disposition or a capital gain pursuant to subsection 55(2) of the Tax Act. Resident Holders that are corporations should consult their own tax advisors having regard to their own particular circumstances.

A Resident Holder that is a "private corporation" or a "subject corporation", each as defined in the Tax Act will generally be liable to pay a refundable tax under Part IV of the Tax Act on dividends received or deemed to be received on the Shares to the extent such dividends are deductible in computing its taxable income for the taxation year. Such additional tax may be refundable in certain circumstances.

 ****

***Dispositions of Shares***

Upon a disposition (or a deemed disposition) of a Share, a Resident Holder generally will realize a capital gain (or a capital loss) equal to the amount, if any, by which the proceeds of disposition of such Share, net of any reasonable costs of disposition, are greater (or are less) than the adjusted cost base of such Share to the Resident Holder.

The adjusted cost base to a Resident Holder of Shares acquired hereunder will be determined by averaging the cost of such Shares to the Resident Holder with the adjusted cost base of any other Shares held by the Resident Holder as capital property immediately before the acquisition.

 ****

***Taxation of Capital Gains and Capital Losses***

Generally, one-half of any capital gain (a "taxable capital gain") realized by a Resident Holder in a taxation year must be included in the Resident Holder's income for the year and one-half of any capital loss (an "allowable capital loss") realized by a Resident Holder in a taxation year must be deducted from taxable capital gains realized by the Resident Holder in that year. Allowable capital losses in excess of taxable capital gains realized in a taxation year generally may be carried back and deducted in any of the three preceding taxation years or carried forward and deducted in any subsequent taxation year against net taxable capital gains realized in such years, to the extent and under the circumstances described in the Tax Act.

The amount of any capital loss realized by a Resident Holder that is a corporation on the disposition of a Share may be reduced by the amount of dividends received or deemed to be received by it on such Share, to the extent and under the circumstances described in the Tax Act. Similar rules may apply where a Share is owned by a partnership or trust of which a corporation, trust or partnership is a member or beneficiary. Resident Holders to whom these rules may be relevant should consult their own tax advisors.

 ****

 ****

***Aggregate Investment Income***

A Resident Holder that is, throughout the relevant taxation year, a "Canadian-controlled private corporation", as defined in the Tax Act, may be liable to pay a refundable tax on its "aggregate investment income", which is defined in the Tax Act to include an amount in respect of taxable capital gains and dividends or deemed dividends that are not deductible in computing such corporation's income. Pursuant to Proposed Amendments released on April 7, 2022 in a Notice of Ways and Means Motion (the "Notice") released with the federal budget, it is proposed that the refundable tax on investment income will also apply to corporations that are "substantive CCPCs" as defined in the Notice.

 ****

***Alternative Minimum Tax***

Capital gains realized and dividends received or deemed to be received by an individual (including certain trusts) may give rise to liability for alternative minimum tax as calculated under the detailed rules set out in the Tax Act. Resident Holders who are individuals should consult their own tax advisors in this regard.

 ****

***Holders Not Resident in Canada***

This portion of the summary applies to a Holder who, at all relevant times, for purposes of the Tax Act and any applicable income tax treaty or convention (i) is neither resident nor deemed to be resident in Canada, and (ii) does not, and is not deemed to, use or hold the Shares in a business carried on in Canada (a "Non-Resident Holder"). In addition, this portion of the summary does not apply to an insurer who carries on an insurance business in Canada and elsewhere or an "authorized foreign bank" (as defined in the Tax Act) and such Non-Resident Holders should consult their own tax advisors.

 ****

***Dividends on the Shares***

Any dividends paid or credited, or deemed to be paid or credited, on the Shares, as the case may be, to a Non-Resident Holder will generally be subject to Canadian withholding tax at the rate of 25% of the gross amount of the dividend, subject to any reduction in the rate of withholding to which that Non-Resident Holder may be entitled under an applicable income tax treaty or convention. For instance, where the Non-Resident Holder is a resident of the United States that is entitled to applicable benefits under the Canada-United States Income Tax Convention (1980), as amended, and is the beneficial owner of the dividends, the rate of Canadian withholding tax applicable to dividends is generally reduced to 15%. The rate of withholding tax is generally further reduced to 5% if the beneficial owner of such dividend is a company that owns, directly or indirectly, at least 10% of the voting shares of the Company. Non-Resident Holders should consult their own tax advisors to determine their entitlement to relief under an applicable income tax treaty or convention.

 ****

***Disposition of the Shares***

A Non-Resident Holder will not be subject to tax under the Tax Act in respect of any capital gain realized by such Non-Resident Holder on a disposition of a Share unless such share constitutes "taxable Canadian property" (as defined in the Tax Act) of the Non-Resident Holder at the time of disposition and the Non-Resident Holder is not entitled to relief under an applicable income tax treaty or convention.

Generally, the Shares will not constitute "taxable Canadian property" of a Non-Resident Holder at any particular time provided that the Shares are then listed on a "designated stock exchange" for the purposes of the Tax Act (which currently includes the Nasdaq), unless at any time during the 60-month period immediately preceding such time: (i) at least 25% or more of the issued shares of any class or series of the capital shares of the Company were owned by or belonged to any combination of (x) the Non-Resident Holder, (y) persons with whom the Non-Resident Holder did not deal at arm's length (for the purposes of the Tax Act), and (z) partnerships in which the Non-Resident Holder or a person described in (y) holds a membership interest directly or indirectly through one or more partnerships; and (ii) more than 50% of the fair market value of such shares was derived directly or indirectly from one, or any combination of, real or immovable property situated in Canada, Canadian resource property (as defined in the Tax Act), timber resource property (as defined in the Tax Act) or options in respect of, interests in or for civil law rights in, any such property (whether or not such property exists). Notwithstanding the foregoing, the Shares may also be deemed to be "taxable Canadian property" in certain circumstances.

In cases where a Non-Resident Holder disposes (or is deemed to have disposed) of a Share that is "taxable Canadian property" to that Non-Resident Holder, and the Non-Resident Holder is not entitled to an exemption under an applicable income tax treaty or convention, the consequences described above under the headings "***Holders Resident in Canada — Dispositions of Shares***" and "***Taxation of Capital Gains and Capital Losses***" will generally be applicable to such disposition. Non-Resident Holders for whom a Share is, or may be, "taxable Canadian property" should consult their own tax advisors.

**Material U.S. Federal Income Tax Considerations**

The following discussion is a general summary of material U.S. federal income tax considerations with respect to the ownership and disposition of shares of our Shares. This summary is based on current U.S. federal income tax laws (including provisions of the U.S. Internal Revenue Code of 1986, as amended (the "**Code**"), U.S. Treasury regulations promulgated thereunder and administrative rulings and court decisions, all in effect as of the date hereof), all of which are subject to change at any time, possibly with retroactive effect. Any such change or differing interpretation may be applied retroactively in a manner that could adversely affect owners of our Shares.

For purposes of this discussion, the term "U.S. Holder" means a beneficial owner of one or more of our Shares that is for U.S. federal income tax purposes one of the following:

● an individual citizen or resident of the United States, including individuals treated as residents of the United States solely for tax purposes;

● a corporation created or organized in or under the laws of the United States or any political subdivision thereof;

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

● a trust if (1) a court within the United States can exercise primary supervision over it, and one or more United States persons have the authority to control all substantial decisions of the trust, or (2) the trust has a valid election in effect under applicable U.S. Treasury regulations to be treated as a United States person.

This discussion applies only to a U.S. Holder that holds Shares as "capital assets" within the meaning of Section 1221 of the Code (generally, property held for investment). Unless otherwise provided, this summary does not discuss reporting requirements. This discussion is of a general nature only and does not take into account the particular facts and circumstances, with respect to U.S. federal income tax issues, of any particular U.S. Holder. In addition, this discussion does not address any tax consequences other than U.S. federal income tax consequences, such as U.S. state and local tax consequences, U.S. estate and gift tax consequences, and non-U.S. tax consequences, and does not describe all of the U.S. federal income tax consequences that may be relevant in light of a U.S. Holder's particular circumstances, including alternative minimum tax consequences, the net investment income tax, and tax consequences to holders that are subject to special provisions under the Code, including, but not limited to, holders that:

● are tax exempt organizations, qualified retirement plans, individual retirement accounts, or other tax deferred accounts;

● are financial institutions, underwriters, insurance companies, real estate investment trusts, or regulated investment companies;

● are brokers or dealers in securities or currencies or holders that are traders in securities that elect to apply a mark-to-market accounting method;

● have a "functional currency" for U.S. federal income tax purposes that is not the U.S. dollar;

● own Shares as part of a straddle, hedging transaction, conversion transaction, constructive sale, or other arrangement involving more than one position;

● acquire Shares in connection with the exercise of employee share options or otherwise as compensation for services;

● are partnerships or other pass-through entities for U.S. federal income tax purposes (or investors in such partnerships and entities);

● are required to accelerate the recognition of any item of gross income with respect to the Shares as a result of such income being recognized on an applicable financial statement;

● are controlled foreign corporations;

● are passive foreign investment companies;

● hold the Shares in connection with trade or business conducted outside of the United States or in connection with a permanent establishment or other fixed place of business outside of the United States; or

● are former U.S. citizens or former long-term residents of the United States.

If an entity or arrangement treated as a partnership for U.S. federal income tax purposes holds shares of our securities, the tax treatment of a person treated as a partner for U.S. federal income tax purposes generally will depend on the status of the partner and the activities of the partnership. Persons that for U.S. federal income tax purposes are treated as a partner in a partnership holding shares of our securities should consult their tax advisors.

We have not sought, and do not expect to seek, a ruling from the United States Internal Revenue Service (the "**IRS**"), as to any United States federal income tax consequence described herein. The IRS may disagree with the discussion herein, and its determination may be upheld by a court. Moreover, there can be no assurance that future legislation, regulations, administrative rulings or court decisions will not adversely affect the accuracy of the statements in this discussion.

**WE RECOMMEND THAT PROSPECTIVE HOLDERS OF OUR COMMON SHARES CONSULT WITH THEIR TAX ADVISORS REGARDING THE TAX CONSEQUENCES TO THEM (INCLUDING THE APPLICATION AND EFFECT OF ANY FEDERAL, STATE, LOCAL, NON-U.S. INCOME AND OTHER TAX LAWS) OF THE OWNERSHIP AND DISPOSITION OF OUR COMMON SHARES.**

**U.S. Tax Status of the Company**

Although the Company is incorporated under Canadian law, as a result of the consummation of the Merger, the Company should be treated, pursuant to Section 7874 of the Code, as a U.S. corporation for all purposes under the Code. As a result, since the Company should be treated as a U.S. corporation for U.S. federal income tax purposes, we do not intend to treat the Company as a "passive foreign investment company," as such rules apply only to non-U.S. corporations that are treated as such for U.S. federal income tax purposes. Since the Company is a taxable corporation in Canada, it would likely be subject to income taxation in both the United States and Canada on the same income, which could reduce the amount of income available for distribution to shareholders. The ability of the Company to take foreign tax credits against its U.S. tax liability in respect of taxes paid in Canada may be limited.

The rules under Section 7874 are complex and require analysis of all relevant facts and circumstances, and there is limited guidance and significant uncertainties as to aspects of their application. If it were determined that we should be taxed as a foreign corporation for U.S. federal income tax purposes under Section 7874 of the Code, the U.S. federal income tax consequences described herein could be materially and adversely affected. For example, U.S. Holders could be subject to the rules applicable to passive foreign investment companies. Beneficial owners of our shares should consult their own tax advisors with respect the tax consequences if we were classified as a foreign corporation for U.S. federal income tax purposes.

The remainder of this discussion assumes that the Company is treated as a U.S. corporation for all U.S. federal income tax purposes.

**U.S. Holders**

 ****

***Taxation of Distributions***

If we pay distributions in cash or other property (other than certain distributions of our Share or rights to acquire our Share) to U.S. Holders of our Shares, such distributions generally will constitute dividends for U.S. federal income tax purposes to the extent paid from our current or accumulated earnings and profits, as determined under U.S. federal income tax principles. Distributions in excess of current and accumulated earnings and profits will constitute a return of capital that will be applied against and reduce (but not below zero) the U.S. Holder's adjusted tax basis in our Shares. Any remaining excess will be treated as gain realized on the sale or other disposition of the Shares and will be treated as described under "***U.S. Holders — Sale, Taxable Exchange or Other Taxable Disposition of Our Shares***" below.

Dividends we pay to a U.S. Holder that is a taxable corporation generally will qualify for the dividends received deduction if the requisite holding period is satisfied. With certain exceptions and provided certain holding period requirements are met, dividends we pay to a non-corporate U.S. Holder may constitute "qualified dividend income" that will be subject to tax at the applicable tax rate accorded to long-term capital gains. If the holding period requirements are not satisfied, then a corporation may not be able to qualify for the dividends received deduction and would have taxable income equal to the entire dividend amount, and non-corporate holders may be subject to tax on such dividend at regular ordinary income tax rates instead of the preferential rate that applies to qualified dividend income. If a U.S. Holder is subject to Canadian withholding tax on dividends paid on the holder's securities to the U.S. Holder, the dividends will be considered U.S. source income, which could limit the ability of a U.S. Holder to claim a foreign tax credit for the Canadian withholding taxes imposed in respect of such a dividend. See "***U.S. Holders — Foreign Tax Credit Limitations***" below.

 ****

***Sale, Taxable Exchange or Other Taxable Disposition of Our Shares***

Subject to the discussion below under "***U.S. Holders — Redemption of Our Shares***," upon a sale, taxable exchange or other taxable disposition of our Shares, a U.S. Holder generally will recognize capital gain or loss in an amount equal to the difference between the amount realized and the U.S. Holder's adjusted tax basis in such Shares. Any such capital gain or loss generally will be long-term capital gain or loss if the U.S. Holder's holding period for the Shares so disposed of exceeds one year. Long-term capital gains recognized by non-corporate U.S. Holders currently will be eligible to be taxed at reduced rates. The deductibility of capital losses is subject to limitations.

To the extent a U.S. Holder pays any Canadian tax on a sale, exchange or disposition of our Shares, a U.S. foreign tax credit may not be available. See "***U.S. Holders — Foreign Tax Credit Limitations***" below.

 ****

***Foreign Tax Credit Limitations***

Because the Company is subject to tax both as a U.S. domestic corporation and as a Canadian corporation, a U.S. Holder may pay, through withholding, Canadian tax, as well as U.S. federal income tax, with respect to dividends paid on its securities. For U.S. federal income tax purposes, a U.S. Holder may elect for any taxable year to receive either a credit or a deduction for all foreign income taxes paid by the holder during the year. Complex limitations apply to the foreign tax credit, including a general limitation that the credit cannot exceed the proportionate share of a taxpayer's U.S. federal income tax that the taxpayer's foreign source taxable income bears to the taxpayer's worldwide taxable income. In applying this limitation, items of income and deduction must be classified, under complex rules, as either foreign source or U.S. source.

The status of the Company as a U.S. domestic corporation for U.S. federal income tax purposes will cause dividends paid by the Company to be treated as U.S. source rather than foreign source income for this purpose. As a result, a foreign tax credit may be unavailable for any Canadian tax paid on dividends received from the Company. Similarly, to the extent a sale or disposition securities by a U.S. Holder results in Canadian tax payable by the U.S. Holder (for example, because the Shares constitute taxable Canadian property within the meaning of the Tax Act), a U.S. foreign tax credit may be unavailable to the U.S. Holder for such Canadian tax. In each case, however, the U.S. Holder may be able to take a deduction for the U.S. Holder's Canadian tax paid, provided that the U.S. Holder has not elected to credit other foreign taxes during the same taxable year. The foreign tax credit rules are complex, and each U.S. Holder should consult its own tax advisor regarding these rules.

 ****

 ****

***Information Reporting and Backup Withholding***

In general, information reporting requirements may apply to dividends paid to a U.S. Holder and to the proceeds of the sale, taxable exchange or other taxable disposition of our Shares unless the U.S. Holder is an exempt recipient. Backup withholding may apply to such payments if the U.S. Holder fails to provide a taxpayer identification number, a certification of exempt status or has been notified by the IRS that it is subject to backup withholding (and such notification has not been withdrawn).

Backup withholding is not an additional tax. Any amounts withheld under the backup withholding rules will be allowed as a credit against a U.S. Holder's U.S. federal income tax liability and may entitle such holder to a refund, provided the required information is timely furnished to the IRS.

**Non-U.S. Holders**

This section applies to you if you are a "Non-U.S. Holder." As used herein, the term "Non-U.S. Holder" means a beneficial owner of our Shares that is for United States federal income tax purposes not a U.S. Holder, as defined above.

 ****

***Taxation of Distributions***

If we pay distributions in cash or other property (other than certain distributions of our Shares or rights to acquire our Shares) to Non-U.S. Holders of our Shares, such distributions generally will constitute dividends for U.S. federal income tax purposes to the extent paid from our current or accumulated earnings and profits, as determined under U.S. federal income tax principles. Distributions in excess of current and accumulated earnings and profits will constitute a return of capital that will be applied against and reduce (but not below zero) the Non-U.S. Holder's adjusted tax basis in our Shares. Any remaining excess will be treated as gain realized on the sale or other disposition of the Shares and will be treated as described under "***Non-U.S. Holders — Sale, Taxable Exchange or Other Taxable Disposition of Our Shares***."

Subject to the discussions below on effectively connected income, dividends paid to a Non-U.S. Holder of our Shares will be subject to U.S. federal withholding tax at a rate of 30% of the gross amount of the dividends (or such lower rate specified by an applicable income tax treaty, provided the Non-U.S. Holder furnishes a valid IRS Form W-8BEN or W-8BEN-E (or other applicable documentation) certifying qualification for the lower treaty rate). A Non-U.S. Holder that does not timely furnish the required documentation, but that qualifies for a reduced treaty rate, may obtain a refund of any excess amounts withheld by timely filing an appropriate claim for refund with the IRS.

If dividends paid to a Non-U.S. Holder are effectively connected with the Non-U.S. Holder's conduct of a trade or business within the United States (and, if required by an applicable income tax treaty, the Non-U.S. Holder maintains a permanent establishment in the United States to which such dividends are attributable), the Non-U.S. Holder will be exempt from the U.S. federal withholding tax described above. To claim the exemption, the Non-U.S. Holder generally must furnish to the applicable withholding agent a valid IRS Form W-8ECI, certifying that the dividends are effectively connected with the Non-U.S. Holder's conduct of a trade or business within the United States.

Any such effectively connected dividends will be subject to U.S. federal income tax on a net basis at the regular graduated rates. A Non-U.S. Holder that is a corporation also may be subject to a branch profits tax at a rate of 30% (or such lower rate specified by an applicable income tax treaty) on such effectively connected dividends, as adjusted for certain items.

Non-U.S. Holders should consult their tax advisors regarding any applicable tax treaties that may provide for different rules.

 ****

***Sale, Taxable Exchange or Other Taxable Disposition of Our Shares***

Subject to the discussion below under "***Non-U.S. Holders — Redemption of Our Shares***," a Non-U.S. Holder will not be subject to U.S. federal income tax on any gain realized upon the sale, taxable exchange or other taxable disposition of our Shares unless:

● the gain is effectively connected with the Non-U.S. Holder's conduct of a trade or business within the United States (and, if required by an applicable income tax treaty, the Non-U.S. Holder maintains a permanent establishment in the United States to which such gain is attributable);

● the Non-U.S. Holder is a nonresident alien individual present in the United States for 183 days or more during the taxable year of the disposition and certain other requirements are met; or

● our Shares constitute a U.S. real property interest ("USRPI") by reason of our status as a U.S. real property holding corporation ("USRPHC") for U.S. federal income tax purposes.

Gain described in the first bullet point above generally will be subject to U.S. federal income tax on a net income basis at the regular graduated rates. A Non-U.S. Holder that is a corporation also may be subject to a branch profits tax at a rate of 30% (or such lower rate specified by an applicable income tax treaty) on such effectively connected gain, as adjusted for certain items.

Gain described in the second bullet point above will be subject to U.S. federal income tax at a rate of 30% (or such lower rate specified by an applicable income tax treaty), which may be offset by U.S. source capital losses of the Non-U.S. Holder, provided the Non-U.S. Holder has timely filed U.S. federal income tax returns with respect to such losses.

With respect to the third bullet point above, we believe we currently are not, and do not anticipate becoming, a USRPHC. Because the determination of whether we are a USRPHC depends, however, on the fair market value of our USRPIs relative to the fair market value of our non-U.S. real property interests and our other business assets, there can be no assurance we currently are not a USRPHC or will not become one in the future. Even if we are or were to become a USRPHC, gain arising from the sale or other taxable disposition by a Non-U.S. Holder of our Shares will not be subject to U.S. federal income tax if our Shares are "regularly traded," as defined by applicable Treasury Regulations, on an established securities market, and such Non-U.S. Holder owned, actually and constructively, 5% or less of our Shares throughout the shorter of the five-year period ending on the date of the sale or other taxable disposition and the Non-U.S. Holder's holding period.

Non-U.S. Holders should consult their tax advisors regarding potentially applicable income tax treaties that may provide for different rules.

 ****

***Information Reporting and Backup Withholding***

Payments of dividends on our Shares will not be subject to backup withholding, provided the applicable withholding agent does not have actual knowledge or reason to know the Non-U.S. Holder is a United States person and the Non-U.S. Holder either certifies its non-U.S. status, such as by furnishing a valid IRS Form W-8BEN, W-8BEN-E or W-8ECI, or otherwise establishes an exemption. However, information returns are required to be filed with the IRS in connection with any dividends on our Shares paid to the Non-U.S. Holder, regardless of whether any tax was actually withheld. In addition, proceeds of the sale, taxable exchange or other taxable disposition of our Shares within the United States or conducted through certain U.S.-related brokers generally will not be subject to backup withholding or information reporting, if the applicable withholding agent receives the certification described above and does not have actual knowledge or reason to know that such Non-U.S. Holder is a United States person, or the Non-U.S. Holder otherwise establishes an exemption. Proceeds of a disposition of our Shares conducted through a non-U.S. office of a non-U.S. broker generally will not be subject to backup withholding or information reporting.

 ****

 ****

Copies of information returns that are filed with the IRS may also be made available under the provisions of an applicable treaty or agreement to the tax authorities of the country in which the Non-U.S. Holder resides or is established.

Backup withholding is not an additional tax. Any amounts withheld under the backup withholding rules may be allowed as a refund or a credit against a Non-U.S. Holder's U.S. federal income tax liability, provided the required information is timely furnished to the IRS.

All Non-U.S. Holders should consult their tax advisors regarding the application of information reporting and backup withholding to them.

 ****

***FATCA Withholding Taxes***

Sections 1471 through 1474 of the Code and the Treasury Regulations and administrative guidance promulgated thereunder (commonly referred to as the "**Foreign Account Tax Compliance Act**" or "**FATCA**") generally impose withholding of 30% on payments of dividends (including constructive dividends) on our Shares to "foreign financial institutions" (which is broadly defined for this purpose and in general includes investment vehicles) and certain other non-U.S. entities unless various U.S. information reporting and due diligence requirements (generally relating to ownership by U.S. persons of interests in or accounts with those entities) have been satisfied by, or an exemption applies to, the payee (typically certified as to by the delivery of a properly completed IRS Form W-8BEN-E). The IRS has issued proposed regulations (on which taxpayers may rely until final regulations are issued) that provide that these withholding requirements would generally not apply to gross proceeds from sales or other dispositions of our Shares. However, there can be no assurance that final Treasury regulations will provide the same exceptions from FATCA withholding as the proposed Treasury regulations. Foreign financial institutions located in jurisdictions that have an intergovernmental agreement with the United States governing FATCA may be subject to different rules. Under certain circumstances, a Non-U.S. Holder might be eligible for refunds or credits of such withholding taxes, and a Non-U.S. Holder might be required to file a U.S. federal income tax return to claim such refunds or credits. Similarly, dividends in respect of our Shares held by an investor that is a non-financial non-U.S. entity that does not qualify under certain exceptions will generally be subject to withholding at a rate of 30%, unless such entity either (1) certifies to us or the applicable withholding agent that such entity does not have any "substantial United States owners" or (2) provides certain information regarding the entity's "substantial United States owners," which will in turn be provided to the U.S. Department of Treasury. Prospective investors should consult their tax advisors regarding the effects of FATCA on their investment in our Shares.

**ENFORCEABILITY OF CIVIL LIABILITIES**

We are a corporation organized under the laws of the Province of British Columbia, Canada. Most of our directors and executive officers reside in Canada, and significantly all of our assets and the assets of such persons are located outside of the United States. As a result, it may not be possible for investors to effect service of process within the United States upon these persons or us, or to enforce against them or us judgments obtained in U.S. courts, whether or not predicated upon the civil liability provisions of the federal securities laws of the United States or of the securities laws of any state of the United States. There is doubt as to the enforceability in Canada, either in original actions or in actions for enforcement of judgments of U.S. courts, of civil liabilities predicated solely on the federal securities laws of the United States or the securities laws of any state of the United States.

**DISCLOSURE OF COMMISSION POSITION ON INDEMNIFICATION FOR SECURITIES LIABILITIES**

The Company's Certificate of Incorporation, subject to the provisions of British Columbia law, contain provisions which allow the corporation to indemnify its officers and directors against liabilities and other expenses incurred as the result of defending or administering any pending or anticipated legal issue in connection with service to the Company if it is determined that person acted in good faith and in a manner which he reasonably believed was in the best interest of the Company. Insofar as indemnification for liabilities arising under the Securities Act may be permitted to our directors, officers and controlling persons, we have been advised that in the opinion of the Commission, such indemnification is against public policy as expressed in the Securities Act of 1933 and is, therefore, may be unenforceable.

**LEGAL MATTERS**

We are being represented by Rimon, P.C., with respect to certain legal matters as to United States federal securities law. The validity of the Shares offered in this Offering and certain legal matters as to Canadian law will be passed upon for us by McMillan LLP.

**INDEPENDENT AUDITORS**

MNP LLP, an independent registered public accounting firm, has audited our consolidated financial statements as of, and for the years ended, December 31, 2024 and 2023, as set forth in their report thereon. We have included such consolidated financial statements in this Offering Circular in reliance on the report of such firm given on their authority as experts in accounting and auditing. MNP is independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the SEC and the PCAOB on auditor independence. MNP's headquarters are located at 1 Adelaide Street East, Suite 1900, Toronto, ON, M5C 2V9.

**WHERE YOU CAN FIND MORE INFORMATION**

We have filed with the Commission an Offering Statement on Form 1-A under the Securities Act with respect to the Shares that we are offering. This Offering Circular, which constitutes a part of the Offering Statement, does not contain all the information set forth in the Offering Statement or the exhibits and schedules filed with the Offering Statement. For further information about us and the Shares, we refer you to the Offering Statement and the exhibits and schedules filed with the Offering Statement. Statements contained in this Offering Circular regarding the contents of any contract or other document that is filed as an exhibit to the Offering Statement are not necessarily complete, and each such statement is qualified in all respects by reference to the full text of such contract or other document filed as an exhibit to the Offering Statement. You can read our Commission filings, including the Offering Statement, at the Commission's website which contains reports, proxy and information statements and other information about issuers, like us, that file electronically with the Commission. The address of the website is *www.sec.gov*.

Upon the consummation of this Offering, assuming that we have filed a Form 8-A, we will be required to file periodic reports and other information with the Commission pursuant to the Exchange Act. These periodic reports and other information will be available for inspection at the website of the Commission referred to above. You may access these materials free of charge as soon as reasonably practicable after they are filed electronically with, or furnished to, the Commission. We also maintain a website at *www.modernmining.com*. The inclusion of our website address in this Offering Circular is an inactive textual reference only. The information contained on, or that can be accessed through, our website is not incorporated by reference into, and is not a part of, this Offering Circular or the Offering Statement of which this Offering Circular forms a part. Investors should not rely on any such information in deciding whether to purchase the Shares.

The Offering Statement is also available on our website at *www.modernmining.com*. After the completion of this Offering, you may access these materials at the foregoing website free of charge as soon as reasonably practicable after they are electronically filed with, or furnished to, the SEC. Information contained on the website is not a part of this Offering Circular and the inclusion of the website address in this Offering Circular is an inactive textual reference only.

We may supplement the information in this Offering Circular by filing a supplement with the SEC. You should read all the available information before investing.

---

| |
|:---|
| <br>**Modern Mining Technology Corp.** |
| **Consolidated Financial Statements** |
| **For the Years Ended 31 December 2024 and 2023** |

---

---

| | |
|:---|:---|
| ![](fin_002.jpg) | **Modern Mining Technology Corp.** ***<br> US Dollars*** |

---

**Table of Contents**

---

| | |
|:---|:---|
| [Management 's Responsibility](#fin_001) | F-3 |
| [Consolidated Statements of Financial Position](#fin_002) | F-5 |
| [Consolidated Statements of Loss and Comprehensive Loss](#fin_003) | F-6 |
| [Consolidated Statements of Changes in Deficit](#fin_004) | F-7 |
| [Consolidated Statements of Cash Flows](#fin_005) | F-8 |

---

**Management's Responsibility**

**To the Shareholders of Modern Mining Technology Corp.:**

Management is responsible for the preparation and presentation of the accompanying Consolidated Financial Statements, including responsibility for significant accounting judgments and estimates in accordance with International Financial Reporting Standards. This responsibility includes selecting appropriate accounting principles and methods, and making decisions affecting the measurement of transactions in which objective judgment is required.

In discharging its responsibilities for the integrity and fairness of the Consolidated Financial Statements, management designs and maintains the necessary accounting systems and related internal controls to provide reasonable assurance that transactions are authorized, assets are safeguarded and financial records are properly maintained to provide reliable information for the preparation of financial statements.

The Board of Directors and the Audit Committee are composed primarily of Directors who are neither management nor employees of the Company. The Board is responsible for overseeing management in the performance of its financial reporting responsibilities, and for approving the financial information included in the annual report. The Board fulfils these responsibilities by reviewing the financial information prepared by management and discussing relevant matters with management and the external auditors. The Audit Committee has the responsibility of meeting with management, and the external auditors to discuss the internal controls over the financial reporting process, auditing matters and financial reporting issues. The Audit Committee is also responsible for recommending the appointment of Modern Mining Technology Corp.'s external auditors.

We draw attention to Note 1 in the Consolidated Financial Statements which indicates the existence of a material uncertainty that may cast substantial doubt on the Company's ability to continue as a going concern.

MNP LLP, an independent firm of Chartered Professional Accountants, is appointed by the shareholders to audit the Consolidated Financial Statements and report directly to them; their report follows. The external auditors have full and free access to meet periodically and separately with the Board of Directors, Audit Committee, and management to discuss their audit findings.

<u>*"Jeet Basi"*</u> <u>*"David Whitney"*</u> <br> Jeet Basi, CEO David Whitney, CFO

---

| | |
|:---|:---|
| REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM | ![](fin_003.jpg) |

---

To the Board of Directors and Shareholders of Modern Mining Technology Corp.<br> **Opinion on the Consolidated Financial Statements**

We have audited the accompanying consolidated statements of financial position of Modern Mining Technology Corp. (the "Company") as of December 31, 2024 and 2023, and the related consolidated statements of loss and comprehensive loss, changes in deficit, and cash flows for each of the years in the two-year period ended December 31, 2024, and the related notes (collectively referred to as the "consolidated financial statements").

In our opinion, the consolidated financial statements present fairly, in all material respects, the consolidated financial position of the Company as of December 31, 2024 and 2023, and the results of its consolidated operations and its consolidated cash flows for each of the years in the two-year period ended December 31, 2024, in conformity with IFRS<sup>®</sup> Accounting Standards as issued by the International Accounting Standards Board.

**Material Uncertainty Related to Going Concern**

The accompanying consolidated financial statements have been prepared assuming that the Company will continue as a going concern. As discussed in Note 1 to the consolidated financial statements, the Company has incurred recurring losses from operations and has a net capital deficiency which raises substantial doubt about its ability to continue as a going concern. Management's plans in regard to these matters are also described in Note 1. The consolidated financial statements do not include any adjustments that might result from the outcome of this uncertainty.

**Basis for Opinion**

These consolidated financial statements are the responsibility of the Company's management. Our responsibility is to express an opinion on the Company's consolidated financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) ("PCAOB") and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the consolidated financial statements are free of material misstatement, whether due to error or fraud. The Company is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audits, we are required to obtain an understanding of internal control over financial reporting, but not for the purpose of expressing an opinion on the effectiveness of the Company's internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the consolidated financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the consolidated financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the consolidated financial statements. We believe that our audits provide a reasonable basis for our opinion.

![](fin_004.jpg)

**Chartered Professional Accountants<br> Licensed Public Accountants**

We have served as the Company's auditor since 2021.

Toronto, Canada<br> September 25, 2025

**MNP LLP**

1 Adelaide Street East, Suite 1900, Toronto ON, M5C 2V9

---

| | |
|:---|:---|
| ![](fin_002.jpg) | **Modern Mining Technology Corp.**<br>***Amounts expressed in United States dollars*** <br>***except share and per share amounts*** |

---

**Consolidated Statements of Financial Position**

---

| | | | |
|:---|:---|:---|:---|
|  | Note | **As at<br> 31 December 2024** | As at 31 December <br>2023 |
| **Assets** |  |  |  |
| **Current Assets** |  |  |  |
| &nbsp;&nbsp;&nbsp;Cash and cash equivalents |  | $**101829** | $25907 |
| &nbsp;&nbsp;&nbsp;Restricted cash |  | **20000** | 20000 |
| &nbsp;&nbsp;&nbsp;Sales tax receivable |  | **30701** | 11367 |
| &nbsp;&nbsp;&nbsp;Prepaid expenses |  | **26587** | 17956 |
| &nbsp;&nbsp;&nbsp;Security deposit |  | **27303** | - |
|  |  | $**206420** | $75230 |
| **Non-Current Assets** |  |  |  |
| &nbsp;&nbsp;&nbsp;Security deposit |  | **-** | 27303 |
| &nbsp;&nbsp;&nbsp;Property and equipment, net | (7) | **24081** | 56188 |
| &nbsp;&nbsp;&nbsp;Leasehold improvements, net | (8) | **23454** | 54569 |
| &nbsp;&nbsp;&nbsp;Right-of-use assets | (12) | **76877** | 179380 |
| **Total Assets** |  | $**330832** | $392670 |
| **Liabilities** |  |  |  |
| **Current Liabilities** |  |  |  |
| &nbsp;&nbsp;&nbsp;Accounts payable and accrued liabilities | (9)(16) | $**3108040** | $2103366 |
| &nbsp;&nbsp;&nbsp;Short-term loans | (10) | **1025732** | 372557 |
| &nbsp;&nbsp;&nbsp;Equipment loan | (11) | **61000** | 61000 |
| &nbsp;&nbsp;&nbsp;Lease liability – current | (12) | **76517** | 93939 |
| &nbsp;&nbsp;&nbsp;Convertible debenture | (13) | **3311562** |  |
| &nbsp;&nbsp;&nbsp;Interest payable on convertible debenture | (13) | **455922** |  |
| &nbsp;&nbsp;&nbsp;Warrant liability | (14) | **-** | 340234 |
|  |  | **8038773** | 2971096 |
| **Non-Current Liabilities** |  |  |  |
| &nbsp;&nbsp;&nbsp;Lease liability – non-current | (12) | **-** | 86517 |
| &nbsp;&nbsp;&nbsp;Convertible debenture | (13) | **92300** | 3249145 |
| &nbsp;&nbsp;&nbsp;Interest payable on convertible debenture | (13) | **2346** | 288875 |
| **Total Liabilities** |  | $**8133419** | $6595633 |
| **Deficit** |  |  |  |
| &nbsp;&nbsp;&nbsp;Share capital | (14) | **2822311** | 2822311 |
| &nbsp;&nbsp;&nbsp;Contributed surplus – warrants |  | **127300** | 127300 |
| &nbsp;&nbsp;&nbsp;Accumulated other comprehensive income ("AOCI") |  | **717339** | 11742 |
| &nbsp;&nbsp;&nbsp;Accumulated deficit |  | **(11469537)** | (9164316) |
|  |  | **(7802587)** | (6202963) |
| **Total Liabilities and Deficit** |  | $**330832** | $392670 |
| &nbsp;&nbsp;&nbsp;Nature of operations and going concern | (1) | Commitments | (20) |
| Capital management | (17) | Subsequent events | (21) |

---

The Consolidated Financial Statements were approved by the Board of Directors and were signed on its behalf by:

<u>"Signed"</u> <u>"Signed"</u> <br> Sean Bromley, Director Michael Hepworth, Director

-- The accompanying notes form an integral part of the consolidated financial statements --

---

| | |
|:---|:---|
| ![](fin_002.jpg) | **Modern Mining Technology Corp.**<br>***Amounts expressed in United States dollars*** <br>***except share and per share amounts*** |

---

**Consolidated Statements of Loss and Comprehensive Loss**

---

| | | | |
|:---|:---|:---|:---|
|  | **Note** | **Year Ended<br> 31 December<br> 2024** | **Year Ended <br>31 December <br>2023** |
| **Expenses** |  | | |
| &nbsp;&nbsp;&nbsp;Consulting fees |  | $**506374** | $412939 |
| &nbsp;&nbsp;&nbsp;Management and director fees | (17) | **453720** | **457847** |
| &nbsp;&nbsp;&nbsp;Employee costs |  | **279344** | **286205** |
| &nbsp;&nbsp;&nbsp;Professional fees |  | **209578** | **765378** |
| &nbsp;&nbsp;&nbsp;Realized and unrealized (gain) loss from foreign exchange |  | **574218** | **(86389)** |
| &nbsp;&nbsp;&nbsp;Depreciation expense | (7)(8)(12) | **165725** | **164909** |
| &nbsp;&nbsp;&nbsp;General and administration |  | **70468** | **87852** |
| &nbsp;&nbsp;&nbsp;Insurance |  | **63029** | **79060** |
| &nbsp;&nbsp;&nbsp;Research and development |  | **26375** | **24082** |
| &nbsp;&nbsp;&nbsp;Travel and entertainment |  | **2060** | **42905** |
| &nbsp;&nbsp;&nbsp;Marketing |  | **-** | **24336** |
|  |  | **2350891** | **2259124** |
| **Other Income (Expense)** |  |  |  |
| &nbsp;&nbsp;&nbsp;Other income |  | **24885** | **12894** |
| &nbsp;&nbsp;&nbsp;Interest income |  | **30** | **2318** |
| &nbsp;&nbsp;&nbsp;Interest and accretion expense | (10)(12)(13) | **(307757)** | **(271630)** |
| &nbsp;&nbsp;&nbsp;Unrealized gain (loss) on warrant liability | (14) | **328512** | **(186508)** |
|  |  | **45670** | **(442926)** |
| **Net loss for the year** |  | $**(2305221)** | $(2702050) |
| **Other comprehensive loss subsequently reclassified to net loss** |  |  |  |
| &nbsp;&nbsp;Foreign currency translation adjustment |  | **705597** | **(133447)** |
| **Comprehensive loss for the year** |  | **(1599624)** | **(2835497)** |
| **Basic and diluted loss per share** |  | $**(0.46)** | $(0.54) |
| **Weighted average shares outstanding** |  | **5035142** | **5035142** |

---

-- The accompanying notes form an integral part of the consolidated financial statements --

---

| | |
|:---|:---|
| ![](fin_002.jpg) | **Modern Mining Technology Corp.**<br>***Amounts expressed in United States dollars*** <br>***except share and per share amounts*** |

---

**Consolidated Statements of Changes in Deficit**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Common Stock\*** | **Share Capital** | **Contributed Surplus** | **AOCI** | **Accumulated Deficit** | **Total Deficit** |
| **Balance as at 1 JANUARY 2023** | 5035142 | $2822311 | $264665 | $145189 | $(6452289) | $(3220124) |
| &nbsp;&nbsp;&nbsp;Warrant modification |  |  | (137365) |  | (9977) | (147342) |
| &nbsp;&nbsp;&nbsp;Foreign currency translation adjustment |  |  |  | (133447) |  | (133447) |
| &nbsp;&nbsp;&nbsp;Net loss for the year | - | - | - | - | (2702050) | (2702050) |
| **Balance as at 31 December 2023** | **5035142** | $2822311 | $127300 | $11742 | $(9164316) | $(6202963) |
| **Balance as at 1 January 2024** | **5035142** | $2822311 | $127300 | $11742 | $(9164316) | $(6202963) |
| &nbsp;&nbsp;&nbsp;Foreign currency translation adjustment |  |  |  | 705597 |  | 705597 |
| &nbsp;&nbsp;&nbsp;Net loss for the year | - | - | - | - | (2305221) | (2305221) |
| **Balance as at 31 December 2024** | **5035142** | $**2822311** | $**127300** | $**717339** | $**(11469537)** | $**(7802587)** |

---

\* On 11 May 2023, the Company effected a 1 for 4 reverse split of all the issued and outstanding common shares and accordingly, 8,559,864 common shares were consolidated into 2,139,974 common shares. On 3 September 2025, the Company effected a 2.3529-for-1 forward share split of its issued and outstanding common shares. Accordingly, each outstanding share was subdivided into 2.3529 common shares. All figures and comparative figures reflected these changes retroactively.

-- The accompanying notes form an integral part of the consolidated financial statements --

---

| | |
|:---|:---|
| ![](fin_002.jpg) | **Modern Mining Technology Corp.**<br>***Amounts expressed in United States dollars*** <br>***except share and per share amounts*** |

---

**Consolidated Statements of Cash Flows**

---

| | | | |
|:---|:---|:---|:---|
|  |  | **Year Ended<br> 31 December<br> 2024** | **Year Ended<br> 31 December<br> 2023** |
| **Operative Activities** |  | | |
| **Net Loss for the year** |  | $**(2305221)** | $(2702050) |
| **Items not Affecting Cash** |  |  |  |
| &nbsp;&nbsp;&nbsp;Depreciation of right-of-use asset | (12) | 102503 | **102502** |
| &nbsp;&nbsp;&nbsp;Depreciation expense | (7)(8) | 63222 | **62407** |
| &nbsp;&nbsp;&nbsp;Interest and accretion expense on convertible debentures | (13) | 231810 | **226571** |
| &nbsp;&nbsp;&nbsp;Interest on lease liability | (12) | 16061 | **27760** |
| &nbsp;&nbsp;&nbsp;Interest on short-term loan | (10) | 59886 | **17108** |
| &nbsp;&nbsp;&nbsp;Other income from the grant |  | (5000) | **(5000)** |
| &nbsp;&nbsp;&nbsp;Unrealized (gain) loss on warrant liability | (14) | (328512) | **186508** |
| &nbsp;&nbsp;&nbsp;Unrealized foreign exchange (gains) losses |  | 329040 | **(147515)** |
|  |  | 469010 | **470341** |
| **Net Change in Working Capital** |  |  |  |
| &nbsp;&nbsp;&nbsp;Sales tax receivable |  | (21274) | **56223** |
| &nbsp;&nbsp;&nbsp;Prepaid expenses |  | (9592) | **16233** |
| &nbsp;&nbsp;&nbsp;Accounts payable and accrued liabilities |  | 1123089 | **1326954** |
| **Cash Used in Operating Activities** |  | (743988) | **(832299)** |
| **Investing Activities** |  |  |  |
| &nbsp;&nbsp;&nbsp;Purchase of property, plant and equipment |  | - | **(5511)** |
| **Cash Used in Investing Activities** |  |  | **(5511)** |
| **Financing Activities** |  |  |  |
| &nbsp;&nbsp;&nbsp;Short-term loans received | (10) | 615748 | **260094** |
| &nbsp;&nbsp;&nbsp;Convertible debt received | (13) | 92300 | **-** |
| &nbsp;&nbsp;&nbsp;Lease payments | (12) | (120000) | **(130000)** |
| **Cash Provided by Financing Activities** |  | 588048 | **130094** |
| **Net effect of translation on foreign currency** |  | 231862 | **19727** |
| **Net Increase (Decrease) in cash and cash equivalents** |  | 75922 | **(687989)** |
| &nbsp;&nbsp;&nbsp;Cash and cash equivalents – Beginning of Year |  | 25907 | **713896** |
| **Cash and cash equivalents – End of Year** |  | $**101829** | $25907 |

---

**Supplemental cash flow information:**

---

| | | |
|:---|:---|:---|
|  | **Year ended<br> 31 December<br> 2024** | **Year ended<br> 31 December<br> 2023** |
| Cash interest paid | $**-** | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- |
| Income taxes paid | $**-** | $- |

---

-- The accompanying notes form an integral part of the consolidated financial statements --

**Modern Mining Technology Corp.**<br> **For The Years Ended 31 December 2024 and 2023**<br> ***Amounts expressed in United States dollars*** <br> ***except share and per share amounts*** <br>

**Notes to the Consolidated Financial Statements**

1) Nature of operations and going concern

Modern Mining Technology Corp. (the "Company" or "MMTC") was incorporated under British Columbia Business Corporations Act on 26 January 2021. The Company's registered office is held at 1500 – 1055 West Georgia Street, Royal Centre, PO Box 11, Vancouver, BC V6E 4N7, Canada.

On 19 August 2021, the Company and Urban Mining International, Inc. ("UMI") entered into a merger agreement (the "Merger Agreement"), providing for the acquisition of all the issued and outstanding common shares of UMI by the Company. Pursuant to the Merger Agreement, UMI and Urban Mining Merger Sub, Inc. (a subsidiary of UMI, created for the transaction) amalgamated and continued under the name of UMI. As a result of the Merger Transaction, UMI became a wholly owned subsidiary of MMTC on 1 September 2021. Subsequently, UMI changed its name to Modern Mining Technology Corp. as of 8 December 2021.

UMI was incorporated in the State of Delaware, USA on 8 August 2017 for the purpose of refining precious metals from electronic waste. UMI's principal operating facility is located in Greenville, NC.

These consolidated financial statements (the "Financial Statements") have been prepared on the basis of the accounting principles applicable to a going concern, which assumes the Company will be able to continue in operation for the foreseeable future and will be able to realize its assets and discharge its liabilities in the normal course of operations. There are several adverse conditions such as the Company has not generated revenue to date and has a net working capital deficiency that cast significant doubt upon the soundness of this assumption. These Financial Statements have been prepared on the assumption that the Company will continue as a going concern, meaning it will continue in operation for the foreseeable future and will be able to realize assets and discharge liabilities in the ordinary course of operations.

Management believes that the Company's ability to continue as a going concern is dependent on its ability to raise additional capital. There cannot be any assurance that the Company will ever generate revenue or even if it does generate revenue that it will achieve profitable operations. Furthermore, no assurance can be given that any future financing will be available or, if available, that it will be on terms that are satisfactory to the Company. Even if the Company is able to obtain additional financing, it may contain undue restrictions on the Company's operations, in the case of debt financing, or cause substantial dilution for the existing shareholders, in case of equity financing. These factors represent material uncertainties that cast substantial doubt about its ability to continue as a going concern.

These Financial Statements do not give effect to any adjustments which would be necessary should the Company be unable to continue as a going concern and thus be required to realize its assets and discharge its liabilities in other than the normal course of business and at amounts different from those reflected in these Financial Statements. Any such adjustments could be material.

---

| | | |
|:---|:---|:---|
|  | **31 December<br> 2024** | **31 December<br> 2023** |
| Working capital deficit (current assets minus current liabilities) | $**(7832353)** | $(2895866) |
| Accumulated deficit | $**(11469537)** | $(9164316) |

---

---

| | |
|:---|:---|
| ![](fin_002.jpg) | **Modern Mining Technology Corp.**<br>***Amounts expressed in United States dollars*** <br>***except share and per share amounts*** |

---

2) Basis of presentation – Statement of Compliance

These Financial Statements, including comparatives, have been prepared in accordance with IFRS® Accounting Standards as issued by the International Accounting Standards Board ("IASB") and interpretations issued by the International Financial Reporting Interpretations Committee ("IFRIC"). The term "IFRS" is used throughout these Financial Statements to refer collectively to all standards issued by the IASB, including those originally issued as International Accounting Standards ("IAS") and those issued as International Financial Reporting Standards. The Financial Statements have been prepared on a historical cost basis, except for financial instruments classified as financial instruments at fair value through profit and loss, which are stated at their fair value.

3) Material accounting policy information

**a)** **Basis of presentation** 

These Financial Statements incorporate the financial statements of the Company and the entity controlled by the Company, which consist of:

● Modern Mining Technology Corp., which was incorporated on 26 January 2021 in the province of British Columbia, Canada.

● Modern Mining Technology Corp., ("MMTC Delaware"), formerly known as UMI, which was incorporated on 8 August 2017 in the state of Delaware in the United States, wholly owned by the Company.

Control exists when the Company has the power, directly or indirectly, to govern the financial and operating policies of an entity so as to obtain returns from its activities. The financial activities of the subsidiary are included in these Financial Statements from the date that control commences until the date that control ceases. All intercompany transactions and balances have been eliminated.

**b)** **Foreign Currency** 

These Financial Statements are presented in the U.S. dollar ("US$"). The functional currency for the Company is the Canadian dollar. The functional currency of MMTC Delaware is the US$. The functional currency determinations were conducted through an analysis of the consideration factors identified in *IAS 21, The Effects of Changes in Foreign Exchange Rates*.

Items included in the financial statements of each consolidated entity are measured using the currency of the primary economic environment in which the entity operates (the "Functional Currency"). Foreign currency transactions are translated into the Functional Currency using the exchange rates prevailing at the dates of the transactions. At the end of the reporting period, monetary assets and liabilities of the Company which are denominated in foreign currencies are translated at the period-end exchange rate. Non-monetary assets and liabilities are translated at rates in effect at the date the assets were acquired, and liabilities incurred. Foreign exchange gains and losses resulting from the settlement of such transactions and from the translation of monetary assets and liabilities not denominated in the Functional Currency of an entity are recognized in profit or loss in the year in which the gain or loss arises.

Assets and liabilities of operations with a Functional Currency other than the US$ are translated at the reporting period end rates of exchange, and the results of its operations are translated at average rates of exchange for the year. The resulting translation adjustments are recognized in other comprehensive loss. Additionally, foreign exchange gains and losses related to certain intercompany amounts that are neither planned nor likely to be settled in the foreseeable future are included in other comprehensive loss.

---

| | |
|:---|:---|
| ![](fin_002.jpg) | **Modern Mining Technology Corp.**<br>***Amounts expressed in United States dollars*** <br>***except share and per share amounts*** |

---

3) Material accounting policy information (continued)

**c)** **Loss per share** 

The Company presents basic and diluted loss per share data for its ordinary shares. Basic loss per share is calculated by dividing the loss attributable to ordinary shareholders of the Company by the weighted average number of common shares outstanding during the period. Diluted loss per share is determined by adjusting the loss attributable to common shareholders and the weighted average number of common shares outstanding, adjusted for the effects of all dilutive potential common shares. Instruments which would be anti-dilutive are not included in the calculation of diluted loss per share.

**d)** **Cash and cash equivalents** 

Cash and cash equivalents include cash on hand and deposits held with banks.

**e)** **Property and equipment and leasehold improvements** 

Property and equipment are initially recorded at cost. As assets are available for use, they are depreciated over their estimated useful lives on a straight-line basis at the following rates: equipment 3 years; leasehold improvements 3 years based on the lease term. The depreciation method, useful life and residual values are assessed annually.

In determining amounts of depreciation, the Company is required to estimates how long the assets will be available for use.

**f)** **Leases and right-of-use assets** 

The Company has accounted for leases in accordance with IFRS 16. Contract arrangements are reviewed to determine if the agreement includes identifiable assets that the Company has the right to obtain sustainably all the economic benefits from the use of the asset during the period of use.

A right-of-use asset and lease liability are recognized at the lease commencement date. The right-of-use asset is initially measured at cost, which comprises the initial amount of the lease liability adjusted for any lease payments made at or before the commencement date.

The right-of-use asset is subsequently depreciated using the straight-line method from the commencement date to the end of the lease term. The right-of-use asset is subsequently measured at cost less accumulated depreciation and any accumulated impairment losses and adjusted for any remeasurement of the lease liability.

The lease liability is initially measured at the present value of the lease payments that are not paid at the commencement date, discounted using the interest rate implicit in the lease or, if that rate cannot be readily determined, the Company's incremental borrowing rate. The incremental borrowing rate is the rate which the Company would have to pay to borrow, over a similar term and with a similar security, the funds necessary to obtain an asset of similar value to the right-of-use asset. The lease liability is subsequently measured by reducing the carrying amount to reflect lease payments made and to reflect any reassessments or modifications. The Company has included the estimated extension of the lease in the lease term in assessing the present value of future lease payments where the exercise of the extension options is reasonably certain.

A change in the scope of a lease contract, or the consideration for a lease, that was not part of its original terms and conditions is considered a lease modification. A lease modification is assessed to determine whether it meets the criteria of a separate lease that would require a separate right-of-use asset and a corresponding lease liability at the effective date of the modification. If the lease modification is not a separate lease, the Company remeasures the lease liability to reflect changes to the lease payments and adjusts the carrying amount of the right-of-use asset.

---

| | |
|:---|:---|
| ![](fin_002.jpg) | **Modern Mining Technology Corp.**<br>***Amounts expressed in United States dollars*** <br>***except share and per share amounts*** |

---

3) Material accounting policy information (continued)

**g)** **Impairment of long-lived assets:** 

At the end of each reporting period the carrying amounts of the Company' assets are reviewed to determine whether there is any indication that those assets are impaired. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment, if any. The recoverable amount is the higher of fair value less costs to sell and value in use. Fair value is determined as the amount that would be obtained from the sale of the asset in an arm's length transaction between knowledgeable and willing parties. In assessing value in use, the estimated future cash flows are discounted to their present value using a discount rate that reflects current market assessments of the time value of money and the risks specific to the asset. If the recoverable amount of an asset is estimated to be less than its carrying amount, the carrying amount of the asset is reduced to its recoverable amount and the impairment loss is recognized in profit or loss for the period. For an asset that does not generate largely independent cash inflows, the recoverable amount is determined for the cash generating unit to which the asset belongs.

Where an impairment subsequently reverses, the carrying amount of the asset (or cash generating unit) is increased to the revised estimate and its recoverable amount, but to an amount that does not exceed the carrying amount, net of accumulated depreciation, that would have been determined had no impairment loss been recognized for the asset (or cash generating unit) in prior years. A reversal of an impairment loss is recognized immediately in profit or loss.

Assets that have an indefinite useful life are not subject to amortization are tested annually for impairment.

**h)** **Financial instruments** 

 ****

***<u>Financial liabilities</u>***

**Recognition and initial measurement**

The Company recognizes a financial liability when it becomes party to the contractual provisions of the instrument. At initial recognition, the Company measures financial liabilities at their fair value plus transaction costs that are directly attributable to their issuance, with the exception of financial liabilities subsequently measured at fair value through profit or loss for which transaction costs are immediately recorded in profit or loss.

**Classification and subsequent measurement**

Financial liabilities are subsequently classified as measured at amortized cost unless they fall into one of the following categories: financial liabilities at fair value through profit or loss ("FVTPL"), financial liabilities that arise when a transfer of a financial asset does not qualify for derecognition, financial guarantee contracts, commitments to provide a loan at a below-market interest rate, or contingent consideration recognized by an acquirer in a business combination. Interest, gains and losses relating to a financial liability held at amortized cost are recognized in profit or loss.

---

| | |
|:---|:---|
| ![](fin_002.jpg) | **Modern Mining Technology Corp.**<br>***Amounts expressed in United States dollars*** <br>***except share and per share amounts*** |

---

3) Material accounting policy information (continued)

**Derecognition of financial liabilities**

The Company derecognizes a financial liability only when its contractual obligations are discharged, cancelled or expired.

The financial instruments of the Company are classified as follows:

---

| | | |
|:---|:---|:---|
|  | **IFRS 9** | **IFRS 9** |
|  | **Classification** | **Measurement** |
| Cash and cash equivalents Restricted cash | &nbsp;&nbsp;Amortized cost Amortized cost | &nbsp;&nbsp;Amortized cost Amortized cost |
| Accounts payable and accrued liabilities | Amortized cost | Amortized cost |
| Loan payable | Amortized cost | Amortized Cost |
| Short-term loans | Amortized cost | Amortized cost |
| Convertible debenture | Amortized cost | Amortized cost |
| Interest payable on convertible debenture | Amortized cost | Amortized cost |
| Warrant liability | FVTPL | Fair Value |

---

 

*<u>Convertible debenture</u>*

 

Upon initial recognition, the Company determines whether the convertible debenture consists of liability and equity components, or if both components represent liabilities. The Company evaluated the terms and conditions of the contingent settlement provision determined that the instrument does not contain an equity component. The Company also evaluated the terms and conditions of the conversion feature and determined that the conversion feature does not meet the definition of derivative liability, therefore the entire instrument should be treated as financial liabilities. The convertible debenture was initially recorded at fair value and subsequently at amortized cost using the effective interest rate method. Any directly attributable transaction costs are allocated to the instrument to their initial carrying amount. See note 13.

*<u>Warrant liability</u>*

 

During the year ended 31 December 2023, the Company amended certain terms of the warrants that were issued during the year ended 31 December 2021, and post amendment, the terms of the warrants enabled the holders to exercise the warrants on a "cashless" basis. This resulted in the shares issuable under the warrants to be variable, thus the instrument does not meet the "fixed-for-fixed" criteria. As a result, the Company reclassified the warrants from equity instrument into financial liabilities during the year ended 31 December 2023. The warrant liability has been recognized at the fair value on the date of the amendment and subsequently measured at FVTPL. Any fair value changes in the fair value of the warrant liability has been recognized in the consolidated statements of loss and comprehensive loss. See note 14.

**k)** **Share capital** 

The Company's shares and share warrants that are not classified as financial liabilities are classified as equity instruments. Incremental costs directly attributable to the issue of new shares are charged directly to share capital. Proceeds received on the issuance of units, comprised of common shares and warrants are allocated to common shares and warrants based on the relative fair value.

---

| | |
|:---|:---|
| ![](fin_002.jpg) | **Modern Mining Technology Corp.**<br>***Amounts expressed in United States dollars*** <br>***except share and per share amounts*** |

---

4) Significant accounting judgments and key sources of estimation uncertainty

The preparation of the Company's Financial Statements in conformity with IFRS requires management to make judgments, estimates and assumptions that affect the reported amounts of assets, liabilities and contingent liabilities at the date of the Financial Statements and reported amounts of revenues and expenses during the reporting period. Estimates and assumptions are continuously evaluated and are based on management's experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. However, actual outcomes can differ from these estimates.

Management must make significant judgments or assessments as to how financial assets and liabilities are categorized. The following are the critical judgments and areas involving estimates that management have made in the process of applying the Company's accounting policies and that have the most significant effect on the amount recognized in the Financial Statements.

**a)** **Significant accounting estimates:** 

Significant assumptions about the future that management has made and about other sources of estimation uncertainty at the financial position reporting date that could result in a material adjustment to the carrying amounts of assets and liabilities relate to but are not limited to the following:

**Fair value measurement of warrants and stock options**

The Company measures the cost of equity-settled transactions by reference to the fair value of the equity instruments at the date on which they are granted. Estimating fair value for warrants and stock options requires determining the most appropriate valuation model, which is dependent on the terms and conditions of the grant. Significant estimates include estimating the fair value of the Company's common shares and the volatility of common shares.

**b)** **Significant accounting judgments:** 

Significant judgments about the future that management has made and about other sources of judgment uncertainty at the financial position reporting date that could result in a material adjustment to the carrying amounts of assets and liabilities relate to but are not limited to:

● Functional currency: The determination of the functional currency of the Company as the Canadian dollar and it's subsidiary as the US$.

● Going concern: The Company's ability to execute its strategy by funding future working capital requirements requires judgment. Estimates and assumptions are continually evaluated and are based on historical experience and other factors, such as expectations of future events that are believed to be reasonable under the circumstances.

5) New standards, amendments and interpretations not yet adopted

The following amendments to standards and interpretations became effective for the annual periods beginning on or after 1 January 2024. The application of these amendments and interpretations had no significant impact on the Company's consolidated financial position or results of operations. The IASB and the IFRIC have issued the following new and revised standards and interpretations that are not yet effective for the relevant reporting periods and the Company has not early adopted these standards, amendments and interpretations. However, the Company is currently assessing what impact the application of these standards or amendments will have on the consolidated financial statements of the Company. The Company intends to adopt these standards, if applicable, when the standards become effective:

- Effective 1 January 2027, the Company will adopt IFRS 18, Presentation and Disclosure in Financial Statements. The new standards replace IAS 1, Presentation of Financial Statements, and for all entities will -

● Introduce a new defined structure for the statement of profit and loss and require the classification of income and expenses in that statement into one of five categories: operating; investing; financing; income taxes; and discontinued operations. IFRS 18 introduces definitions of these categories for purposes of the statement of profit and loss. Specific categorization requirements will apply to entities whose 'main business activity' is to provide financing to customers or to invest in specified assets. Entities will also be required to present new subtotals for 'operating profit or loss' and 'profit or loss before financing and income taxes;

---

| | |
|:---|:---|
| ![](fin_002.jpg) | **Modern Mining Technology Corp.**<br>***Amounts expressed in United States dollars*** <br>***except share and per share amounts*** |

---

● Require disclosure of 'management-defined performance measures' (MPMs) in a single note to the financial statements. MPMs are subtotals of income and expenses that an entity uses in public communications outside of its financial statements, to communicate management's view of an aspect of the financial performance of the entity as a whole to users. Entities must disclose a reconciliation between the measure and the most directly comparable total or subtotal specifically required to be disclosed by IFRS Accounting Standards or subtotal listed in IFRS 18;

● Enhance guidance about how to group information within the financial statements; and

● For the statement of cash flows, require that 'operating profit or loss' be used as the starting point for determining cash flows from operating activities under the indirect method, and remove the optionality around classification of cash flows from interests and dividends.

IFRS 18 is effective for annual reporting periods beginning on or after 1 January 2027, including for interim financial statements. Earlier application is permitted. The new standards is to be applied retrospectively, and, in the year of adoption, a reconciliation is required between how the statement of profit or loss was presented in the comparative period under IAS 1 and how it is presented in the current year under IFRS 18.

6) Financial instruments and risk management

In common with all other businesses, the Company is exposed to risk that arise from its use of financial instruments. This note describes the Company's objectives, policies and processes for managing those risks and the method used to measure them. Further quantitative information in respect to these risks is presented throughout the Financial Statements.

Risk management is carried out by the Company's management team under policies approved by the Board of Directors. The Board of Directors also provided regular guidance for overall risk management.

**a)** **Financial instrument classification and measurement** 

Financial instruments of the Company carried on the Consolidated Statements of Financial Position are carried at amortized cost, with the exception of warrant liability, classified and held at fair value through profit or loss. There are no significant differences between the carrying value of financial instruments and their estimated fair values as at 31 December 2024 and 2023, due to the immediate or short-term maturities of the financial instruments and their subjectivity to interest rates that are similar to the market interest rates of a similar item with similar security.

The Company classifies the fair value of these transactions according to the following hierarchy:

Level 1 - quoted prices in active markets for identical financial instruments.

Level 2 - quoted prices for similar instruments in active markets; quoted prices for identical or similar instruments in markets that are not active; and model-derived valuations in which all significant inputs and significant and significant value drivers are observable in active markets.

Level 3 - valuations derived from valuation techniques in which one or more significant inputs or significant value drivers are unobservable.

The Company's warrant liability is classified at level 3 with a fair value of $nil as of 31 December 2024 (31 December 2023 - $340,234). See note 14.

**b)** **Market risk** 

Market risk is the risk that changes in market prices will affect the Company's earnings or the value of its financial instruments. Market risk is comprised of other price risk, currency risk, and interest rate risk. The objective of market risk management is to manage and control exposures within acceptable limits, while maximizing returns. These market risks are evaluated by monitoring changes in key economic indicators and market information on an on-going basis, adjusting operations and budgets accordingly. The Company is not subject to market risk.

---

| | |
|:---|:---|
| ![](fin_002.jpg) | **Modern Mining Technology Corp.**<br>***Amounts expressed in United States dollars*** <br>***except share and per share amounts*** |

---

6) Financial instruments and risk management (continued)

**c)** **Credit risk** 

Credit risk is the risk that one party to a financial instrument will fail to discharge an obligation and cause the other party to incur a financial loss. The Company's primary exposure to credit risk is on its cash and restricted cash. The Company's cash and restricted cash are held with major banks in Canada and the United States. Accordingly, the Company is not exposed to significant credit risk.

&nbsp;&nbsp;&nbsp;&nbsp;**d)** **Liquidity risk** 

Liquidity risk is the risk that the Company will not be able to settle or manage its obligations associated with financial liabilities. In the management of liquidity risk, the Company maintains a balance between continuity of funding and the flexibility through the use of borrowings. Management closely monitors the liquidity position and expects to have adequate sources of funding to finance the Company's projects and operations. The Company is dependent on external financing and will be required to raise additional capital in the future to fund its operations (Note 1).

As at 31 December 2024, the Company had a cash and cash equivalents balance of $101,823 (31 December 2023 - $25,907) to settle current liabilities of $8,055,698 (31 December 2023 - $2,971,096). So far, the Company is not profitable and has had to rely on the issuance of equity securities for cash, primarily through private placements and from related and other parties. The Company's access to financing is uncertain. There can be no assurance of continued access to significant equity or debt financing.

**e)** **Interest rate risk** 

Interest rate risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate because of changes in market interest rates. The Company is exposed to cash flow interest rate risk on the variable rate of interest earned on its cash and restricted cash. The cash flow interest rate risk on cash is insignificant since deposits are short term in nature. The Company does not hold any other financial assets or liabilities with variable interest rates that will have significant impact arising from interest rate risk. The fair value interest rate risk on the Company's other assets and liabilities are deemed to be insignificant.

The Company has not entered into any derivative instruments to manage interest rate fluctuations, thus, the Company is not subject to interest rate risk.

&nbsp;&nbsp;&nbsp;&nbsp;**f)** **Foreign currency risk** 

Foreign currency risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate because of changes in foreign exchange rates.

The Company's certain operating expenses and acquisition costs are denominated in US$ and incurred by MMTC Delaware, and a large portion of the expenses of the Company are in Canadian dollars. The Company's corporate office is based in Canada, and the exposure to exchange rate fluctuations arises mainly on foreign currencies, which are the US$.

The Company is exposed to foreign exchange risk. The Company has not entered into any derivative instruments to manage foreign exchange fluctuations; however, management monitors foreign exchange exposure, and if rates continue to fall, management will look at entering into derivative contracts. Should the US dollar and Canadian dollar exchange rate have changed by 5% at the period end, the impact to profit or loss would be +/- $118,085.

The Company's monetary assets and liabilities denominated in Canadian dollars are shown here in US$:

---

| | | |
|:---|:---|:---|
| **Rounded ('000)** | **31 December<br> 2024** | **31 December <br> 2023** |
| Cash and cash equivalents | $**48000** | $21000 |
| Accounts payable and accrued liabilities | $**913000** | $(871000) |

---

---

| | |
|:---|:---|
| ![](fin_002.jpg) | **Modern Mining Technology Corp.**<br>***Amounts expressed in United States dollars*** <br>***except share and per share amounts*** |

---

7) Property and equipment, net

---

| | |
|:---|:---|
| **Property and Equipment** | **Manufacturing Equipment** |
| **Cost** |  |
| Balance as at 1 January 2023 | $533333 |
| &nbsp;&nbsp;Additions | - |
| Balance as at 31 December 2023 | $533333 |
| &nbsp;&nbsp;**Additions** | **-** |
| **Balance as at 31 December 2024** | $**533333** |
| **Accumulated Depreciation** |  |
| Balance as at 1 January 2023 | $445036 |
| &nbsp;&nbsp;Depreciation for the year | 32109 |
| Balance as at 31 December 2023 | 477145 |
| &nbsp;&nbsp;**Depreciation for the year** | **32107** |
| **Balance as at 31 December 2024** | $**509252** |
| **Carrying Amounts** |  |
| Balance as at 31 December 2023 | $56188 |
| **Balance as at 31 December 2024** | $**24081** |

---

8) Leasehold improvements, net

---

| | |
|:---|:---|
| **Leasehold Improvements** | **Leasehold Improvements** |
| **Cost** |  |
| Balance as at 1 January 2023 | $85116 |
| &nbsp;&nbsp;Additions | 5511 |
| Balance as at 31 December 2023 | $90627 |
| &nbsp;&nbsp;**Additions** | **-** |
| **Balance as at 31 December 2024** | $**90627** |
| **Accumulated Depreciation** |  |
| Balance as at 1 January 2023 | $5760 |
| &nbsp;&nbsp;Depreciation for the year | 30298 |
| Balance as at 31 December 2023 | 36058 |
| &nbsp;&nbsp;**Depreciation for the period** | **31115** |
| **Balance as at 31 December 2024** | $**67173** |
| **Carrying Amounts** |  |
| Balance as at 31 December 2023 | $54569 |
| **Balance as at 31 December 2024** | $**23454** |

---

---

| | |
|:---|:---|
| ![](fin_002.jpg) | **Modern Mining Technology Corp.**<br>***Amounts expressed in United States dollars*** <br>***except share and per share amounts*** |

---

9) Accounts payable and accrued liabilities

Accounts payable and accrued liabilities consist of:

---

| | | |
|:---|:---|:---|
| **Accounts Payable and Accrued Liabilities** | **31 December <br>2024** | **31 December <br> 2023** |
| &nbsp;&nbsp;&nbsp;Accounts payable & accrued liabilities | $**3104117** | $2094458 |
| &nbsp;&nbsp;&nbsp;Payroll liabilities | **3923** | 3908 |
|  | $**3108040** | $2098366 |

---

10) Short term loans

---

| | | | |
|:---|:---|:---|:---|
| **Short-Term Loans** | **Principal** | **Interest** | **Total** |
| Balance as at 1 January 2023 | $78050 | $17305 | $95355 |
| &nbsp;&nbsp;&nbsp;Additions | 260094 | 17010 | 277104 |
| &nbsp;&nbsp;&nbsp;Foreign translation adjustment |  | 98 | 98 |
| Balance as at 31 December 2023 | $338144 | $34413 | $372557 |
| &nbsp;&nbsp;&nbsp;**Additions** | **615748** | **59886** | **675634** |
| &nbsp;&nbsp;&nbsp;**Foreign translation adjustment** | **-** | **(22459)** | **(22459)** |
| **Balance as at 31 December 2024** | $**953892** | $**71840** | $**1025732** |

---

During the year ended 31 December 2024, the Company received a total of CAD $886,000 ($615,748) (31 December 2023 – CAD $344,000 ($260,094)) in short-term loans. The interests accrued on the CAD denominated loans are $46,221 (2023 - $4,898) and has been included in the interest and accretion expense in the consolidated statements of loss and comprehensive loss. These short-term loans are payable on demand and have an interest rate of 8% per annum, compounded annually.

As at 31 December 2024, the Company also had $78,050 (31 December 2023 - $78,050) of short-term loans that were denominated in USD. The interests accrued on the USD denominated loans are $13,665 (2023 - $12,112) and has been included in the finance cost in the consolidated statements of loss and comprehensive loss. The USD denominated loans are payable on demand with an interest of 1% per month, compounded monthly.

11) Equipment loan

As at 31 December 2024, the balance in equipment loan is $61,000 (31 December 2023 - $61,000). This is an unsecured loan with no terms for repayment.

---

| | |
|:---|:---|
| ![](fin_002.jpg) | **Modern Mining Technology Corp.**<br>***Amounts expressed in United States dollars*** <br>***except share and per share amounts*** |

---

12) Right-of-use assets and lease liability

The Company has entered into a contractual arrangement that include right-of-use assets that relate to the lease of its operating facility. On 22 September 2022, the Company entered into a lease agreement for the lease of the Company's North Carolina facility for E-Waste feedstock processing. The lease term is for three years, with a right to extend for three additional one year terms. Annual rent during the first three lease years is $120,000, payable in monthly instalments of $10,000. This is subject to adjustment upon extension of the lease term. A security deposit in the amount of $30,000 was paid upon execution of the lease and will be returned without interest at the end of the term, or upon the earlier termination within the conditions of this lease. The incremental borrowing rate utilized to discount future lease payments was 12%.

---

| | | |
|:---|:---|:---|
| **Lease liability net book value consists of:** | **31 December <br>2024** | **31 December <br> 2023** |
| &nbsp;&nbsp;&nbsp;Current | $**76517** | $93939 |
| &nbsp;&nbsp;&nbsp;Non-current | **-** | 86517 |
| &nbsp;&nbsp;&nbsp;Total | $**76517** | $180456 |

---

The lease liability consists of the following:

---

| | |
|:---|:---|
|  | **Amount** |
| Balance as at 1 January 2023 | $282696 |
| Interest expense | 27760 |
| Lease payments | (130000) |
| **Balance as at 31 December 2023** | $**180456** |

---

---

| | |
|:---|:---|
|  | **Amount** |
| Balance as at 1 January 2024 | $180456 |
| Interest expense | **16061** |
| Lease payments | **(120000)** |
| **Balance as at 31 December 2024** | $**76517** |

---

---

| | | | |
|:---|:---|:---|:---|
| **Right-of-use assets** | **Cost** | **Depreciation** | **Carrying Amount** |
| Balance as at 1 January 2023 | $307508 | $(25626) | $281882 |
| &nbsp;&nbsp;Additions | - | (102502) | (102502) |
| Balance as at 31 December 2023 | $307508 | $(128128) | $179380 |
| &nbsp;&nbsp;**Additions** | **-** | **(102503)** | **(102503)** |
| **Balance as at 31 December 2024** | $**307508** | **(230631)** | **76877** |

---

---

| | |
|:---|:---|
| ![](fin_002.jpg) | **Modern Mining Technology Corp.**<br>***Amounts expressed in United States dollars*** <br>***except share and per share amounts*** |

---

13) Convertible debenture and interest payable

In April 2022, MMTC arranged for an offering of unsecured convertible debentures ("Debentures") in an aggregate principal amount of $3,331,390. The Debentures bear interest at five percent (5%) per annum and are unsecured obligations of the Company. The Debentures are due thirty-six months following their issuance (i.e. 7 April 2025, see Subsequent event note 22). The Debentures also provide that in the event the Company completes a U.S. Listing (i.e., the offering), the principal amount of the Debentures plus any accrued unpaid interest will automatically convert into Common Shares at a conversion price equal to the lessor of (A) a 40% discount to the price of the offering, and (B) $5.00, and shall be subject to a six (6) month hold period from the completion of the offering. Should the Company complete a Canadian Listing (i.e., the offering), the principal amount of the Debentures plus any accrued unpaid interest will automatically convert into Units, comprised of one common share and one-half warrant at a conversion price equal to the lessor of a 20% discount to the price of the offering price. Each whole warrant shall be exercisable at a price equal to a 218% premium to the offering price for a period of 24 months from the date of the Canadian Listing.

The Company evaluated the terms and conditions of the contingent settlement provision and determined that the entire instrument would be treated as a financial liability at amortised cost as there is no unconditional right to avoid delivering cash or another financial asset. The transaction price was determined to be the fair value of the convertible debt. The Company incurred $156,994 in finder's fees and $26,701 in legal fees which were deducted from the principal value of the convertible debt. Interest is accrued at the rate of 5% per annum (based on a year of 360 days comprised of twelve 30-day months), payable only on the maturity date of the Debentures. During the year ended 31 December 2024, the Company recorded $167,047 (31 December 2023 - $174,794) in interest which was recorded as interest expense in the consolidated statements of loss and comprehensive loss. The Debentures are being amortized over the life of the debenture using the effective interest rate of 7.04%. Accretion for the year ended 31 December 2024 was $64,547 (31 December 2023 - $61,187).

During the year ended 31 December 2024, MMTC arranged for an offering of unsecured convertible debentures ("2024 Debentures") in an aggregate principal amount of $92,300. The 2024 Debentures bears interest at five percent (5%) per annum and are unsecured obligations of the Company. The 2024 Debentures are due thirty-six months following their issuance (i.e. July 28, 2027). The 2024 Debentures also provide that in the event that the Company completes a go-public transaction in any recognized stock exchange, the principal amount and all accrued and unpaid interest will automatically convert into Common Shares at a conversion price equal to the lessor of (A) a 40% discount to the price of the offering and (B) $5.00 and shall be subject to a six (6) month hold period from the completion of the offering.

The Company incurred $nil in finder's fees. Interest is accrued at the rate of 5% per annum (based on a year of 360 days comprised of twelve 30-day months), payable only on the maturity date of the Debentures. During the year ended 31 December 2024, the Company recorded $2,346 (31 December 2023 - $nil) in interest which was recorded as interest expense in the consolidated statements of loss and comprehensive loss. The Debentures are being amortized over the life of the debenture using the effective interest rate of 5%. Accretion for the year ended 31 December 2024 was $nil (31 December 2023 - $nil).

---

| | | | |
|:---|:---|:---|:---|
| **Convertible Debenture** | **Principal** | **Interest** | **Total** |
| Balance as at 1 January 2023 | $3189145 | $122304 | $3311446 |
| &nbsp;&nbsp;&nbsp;Accretion expense | 60000 |  | 60000 |
| &nbsp;&nbsp;&nbsp;Interest expense | - | 166571 | 166571 |
| Balance as at 31 December 2023 | $3249145 | $288875 | $3538017 |
| &nbsp;&nbsp;&nbsp;**Additions** | **92300** | **-** | **92300** |
| &nbsp;&nbsp;&nbsp;**Accretion expense** | **62417** | **-** | **62417** |
| &nbsp;&nbsp;&nbsp;**Interest expense** | **-** | **169393** | **169393** |
| **Balance as at 31 December 2024** | $**3403862** | $**458268** | $**3862130** |
| Current – 31 December 2023 | $- | $- | $- |
| Non-current – 31 December 2023 | $3249145 | $288875 | $3538020 |
| **Current – 31 December 2024** | $**3311562** | $**455922** | $**3767484** |
| **Non-current – 31 December 2024** | $**92300** | $**2346** | $**94646** |

---

---

| | |
|:---|:---|
| ![](fin_002.jpg) | **Modern Mining Technology Corp.**<br>***Amounts expressed in United States dollars*** <br>***except share and per share amounts*** |

---

14) Warrant liability

On 7 August 2021, the Company issued 9,705,696 warrants to investors in a private placement for consideration of gross proceeds of C$173,250 ($137,365), each warrant allowing the holder to purchase one common share at a price of $0.34 (CAD$0.425) (the "Investor Rights Warrants" or "IRW") for a period of three-years from the date the Company completed an initial public offering ("IPO"). On 26 May 2023, the Company modified the terms of the Investor Rights Warrants, allowing them to automatically convert into common shares upon the closing of an IPO on a cashless basis and based on the IPO share price.

On the date of modification, the Investor Rights Warrants were reclassified as derivative financial liability in accordance with IFRS 9 Financial Instruments. The fair value of the warrants on the date of modification was determined to be $147,342 using the Black-Scholes option valuation model. The difference between fair value of the Investor Rights Warrants on the date of initial issuance and the date of modification totalling $9,977 was recognized directly as a charge to accumulated deficit. As of 31 December 2023, the warrants were remeasured at $340,234 resulting in a change in fair value of warrants totalling $186,508 recognized in the consolidated statement of loss and comprehensive loss for the year ended 31 December 2023.

On 6 July 2024, the Board of the Company approved further modification, in the event that the Company either (a) completes a financing or series of financings or enters into a royalty streaming agreement to raise aggregate gross proceeds of not less than US$5,000,000 at any time between May 1, 2024 and IPO, or (b) completes an IPO where the market value of the Company is not less than US$100,000,000, then in lieu of each common share the subscriber would have otherwise received, the subscriber shall receive a unit (a "Unit") consisting of one common share and one additional warrant (an "Underlying Warrant") to purchase one additional common share (an "Underlying Share") at a price of $0.085 per share for a period of 36 months from the date of the IPO.

On the date of modification, and as at 31 December 31, 2024, the Company assessed that the modification of the IRW does not have an impact on the classification of the IRW. As at 31 December 2024, the Company estimated the share price that is used in the valuation of the warrant liability to have a nominal value given that the Company has postponed its public listing, is operating with negative net working capital, has significant negative shareholders' equity and has not secured recent equity financing. As a result, as at 31 December 2024, the fair value of the warrant liability has been determined to be $nil (31 December 2023 - $340,234). The Company recognized a total of $328,512 fair value gain on the valuation of warrant liability for the year ended 31 December 2024 (31 December 2023 – loss of $186,508) and the gain (loss) has been included in the consolidated statements of loss and comprehensive loss.

---

| | |
|:---|:---|
| **Warrant Liability** | **Amount** |
| Balance as at 1 January 2023 | $- |
| &nbsp;&nbsp;&nbsp;Addition | 147342 |
| &nbsp;&nbsp;&nbsp;Unrealized loss on the warrant liability | 186508 |
| &nbsp;&nbsp;&nbsp;Foreign currency translation | 6384 |
| Balance as at 31 December 2023 | $340234 |
| &nbsp;&nbsp;&nbsp;**Unrealized gain on the warrant liability** | **(328512)** |
| &nbsp;&nbsp;&nbsp;**Foreign currency translation** | **(11722)** |
| **Balance as at 31 December 2024** | $**-** |

---

---

| | |
|:---|:---|
| ![](fin_002.jpg) | **Modern Mining Technology Corp.**<br>***Amounts expressed in United States dollars*** <br>***except share and per share amounts*** |

---

15) Share capital

a. Authorized:

As at 31 December 2024, 11,764,500 common shares were authorized (31 December 2023 – 11,764,500), this has taken into account the 1-for-4 reverse stock split of all of the issued and outstanding common shares effected 11 May 2023 (the "1:4 Reverse Split"), as well as the 2.3529-for-1 forward share split effected on 3 September 2025. All figures and comparative figures reflect both share consolidations/splits retroactively.

No preferred shares were authorized as at 31 December 2024 and 2023.

b. Issued or allotted and fully paid:

<u>During the year ended 31 December 2024 and 2023:</u>

● No shares were issued during the years ended 31 December 2024 and 2023.

● As at 31 December 2024 and 2023, the Company had 12,646,812 and 12,725,238 warrants that were issued and outstanding (inclusive of the warrant classified as derivative financial liabilities as described in Note 14). These warrants remained anti-dilutive as at 31 December 2024 and 2023, and therefore, were not included in the calculation of diluted loss per share.

**Warrants**

Warrant transactions for the years ended 31 December 2024 and 2023 are summarized as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Warrant Activity** | **31 December<br> 2024** | **Weighted<br> Average<br> Exercise<br> Price** | **31 December<br> 2023** | **Weighted<br> Average<br> Exercise<br> Price** |
| **Balance – Beginning of year** | **12725238** | $**0.36** | 14827974 | $0.36 |
| &nbsp;&nbsp;&nbsp;Expired | **(78426)** | **-** | (2102736) | **-** |
| **Balance – End of year** | **12646812** | $**0.35** | 12725238 | $0.36 |

---

As at 31 December 2024, 12,646,812 warrants have a weighted average remaining life of 3 years post IPO (31 December 2023 – 0.57 years) and a weighted average exercise price of $0.35 (31 December 2023- $0.36).

The number of warrants outstanding as at 31 December 2024 and 2023 are as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Issuance Date** | **Expiry Date** | **Exercise Price** | **31 December<br> 2024** | **31 December<br> 2023** |
| 15 January 2021 | 15 January 2024 CAD | $1.92 | **-** | 78426 |
| 7 August 2021 | 3 years post IPO CAD | $0.43 | **9705696** | 9705696 |
| 30 August 2021 | 3 years post IPO | $0.09 | **2941116** | 2941116 |
|  |  |  | **12646812** | 12725238 |

---

As at 31 December 2024, 2,941,116 performance warrants ("Performance Warrants") remained issued and outstanding. Out of the 2,941,116 Performance Warrants, 1,176,446 warrants are exercisable upon the Company achieving at least $10,000,000 in gross sales; 1,764,670 warrants are exercisable upon the Company achieving at least $20,000,000 in gross sales.

Each holder of IRW shall be entitled to receive notice of and to attend any meeting of the shareholders of the Company and to vote on any matter at any meetings of shareholders of the Company on the basis that each IRW had been converted or exercised for a common share. Each IRW entitles the holder thereof to one vote per IRW at any meeting of the shareholders of the Company.

---

| | |
|:---|:---|
| ![](fin_002.jpg) | **Modern Mining Technology Corp.**<br>***Amounts expressed in United States dollars*** <br>***except share and per share amounts*** |

---

16) Related party transactions and obligations

The Company compensates certain of its key management personnel to operate its business in the normal course. Key management includes the Company's executive officers and members of its Board of Directors. Transactions and balances with key management personnel and related parties not disclosed elsewhere in the Financial Statements are as follows:

---

| | | | |
|:---|:---|:---|:---|
| <br>**Related Party Disclosure**<br> **Principal Position** | **Period<sup>(i)</sup>** | **Director & Officer Fees** | **Accounts Payable** |
| Chairman | **2024** | $**62500** | $**181250** |
|  | 2023 | $62500 | $118750 |
| Directors | **2024** | $**165000** | $**477976** |
|  | 2023 | $165000 | $322521 |
| CEO & Director | **2024** | $**180000** | $**462202** |
|  | 2023 | $180000 | $275132 |
| CFO | **2024** | $**17000** | $**17850** |
|  | 2023 | $- | $- |
| Former CFO | **2024** | $**28745** | $**65575** |
|  | 2023 | $40190 | $40190 |
| Consultant | **2024** | $**133337** | $**259144** |
|  | 2023 | $134237 | $154368 |
| **Total** | **2024** | $**586582** | $**1463997** |
|  | 2023 | $581927 | $910961 |

---

<sup>i)</sup> For the year ended 31 December 2024 and 2023.

These transactions were in the normal course of operations, which is the amount of consideration established and agreed to by the related parties.

There is an investor and consultant who is considered as a related party to the Company due to his significant voting rights through his common share ownership, IRW ownership and the short-term loans outstanding. These facts resulted in the investor and consultant having significant influence over the Company. As at 31 December 2024, the Company had a total of $452,213 of short-term loans (inclusive of interest payable) (31 December 2023 - $132,569) balance owing to this investor and consultant. The terms of the short-term loans are payable on demand and bear interest at 8% per annum, compounded annually. As at 31 December 2024, the Company had accounts payable balance owing to the same investor and consultant in the amount of $259,144 (31 December 2023 - $154,368). During the year ended 31 December 2024, the Company incurred a total of $133,337 of consulting fees to the same consultant (31 December 2023 - $134,237). As at 31 December 2024, this investor and consultant owned a total of 1,058,805 of IRW of the Company (31 December 2023 – 1,058,805).

17) Capital management

The Company manages its capital structure and makes adjustments to it, based on the funds available to the Company, in order to pursue the Company's objectives. The Board of Directors does not establish quantitative return on capital criteria for management, but rather relies on the expertise of the Company's management to sustain future development of the business.

In the management of capital, the Company includes its components of equity (deficit). The Company manages the capital structure and makes adjustments to it in light of changes in economic conditions and the risk characteristics of the underlying assets. To maintain or adjust the capital structure, the Company may attempt to issue new shares, issue debt, acquire or adjust the amount of cash and cash equivalents and investments.

At this stage of the Company's development, in order to maximize ongoing development efforts, the Company does not pay out dividends. Management reviews its capital management approach on an ongoing basis and believes that this approach, given the relative size of the Company, is reasonable. The Company's capital is not subject to any externally imposed capital requirements.

---

| | |
|:---|:---|
| ![](fin_002.jpg) | **Modern Mining Technology Corp.**<br>***Amounts expressed in United States dollars*** <br>***except share and per share amounts*** |

---

18) Segmented information

The Company has one operating segment, which is the refinement of precious metals from electronic waste in the US. The following table provides segmented disclosure on assets and liabilities as reviewed by management regularly by geographical location:

---

| | | | |
|:---|:---|:---|:---|
|  | **US** | **Canada** | **Total** |
| **31 December 2024** | | | |
| Current assets | $**94588** | $**111832** | $**206420** |
| Non-current assets | $**124412** | $**-** | $**124412** |
| Current liabilities | $**(376112)** | $**(7662661)** | $**(8038773)** |
| Non-current liabilities | $**-** | $**(94646)** | $**(94646)** |
| **31 December 2023** |  |  |  |
| Current assets | $10978 | $64252 | $75230 |
| Non-current assets | $317440 | $- | $317440 |
| Current liabilities | $(330531) | $(2640565) | $(2971096) |
| Non-current liabilities | $(86517) | $(3538020) | $(3624537) |

---

---

| | |
|:---|:---|
| ![](fin_002.jpg) | **Modern Mining Technology Corp.**<br>***Amounts expressed in United States dollars*** <br>***except share and per share amounts*** |

---

19) Income taxes

The following table reconciles the expected income tax expense (recovery) at the Canadian and USA statutory income tax rates to the amounts recognized in the consolidated statements of loss and comprehensive loss for the years ended 31 December 2024 and 2023.

---

| | | |
|:---|:---|:---|
|  | **31 December<br> 2024** | **31 December<br> 2023** |
| Net loss before tax | $**(2305221)** | $(2702050) |
| Statutory tax rate | **21%** | 21% |
| Expected income tax (recovery) | **(484000)** | (567000) |
| Change in statutory, foreign tax, foreign exchange rates | **-** | (122000) |
| Permanent differences and other | **52000** | 39000 |
| Change in deferred tax asset not recognized | **432000** | 650000 |
| Total income tax expense (recovery) | $**-** | $- |

---

The significant components of the Company's deferred tax assets and liabilities are as follows:

---

| | | |
|:---|:---|:---|
|  | **31 December<br> 2024** | **31 December<br> 2023** |
| **Deferred Tax Assets** | | |
| &nbsp;&nbsp;&nbsp;Non-capital losses carried forward | **13979** | 79738 |
| &nbsp;&nbsp;&nbsp;Lease liability | **16069** | 37670 |
| **Deferred Tax Liabilities** |  |  |
| &nbsp;&nbsp;&nbsp;Convertible debenture | **4164** | 57598 |
| &nbsp;&nbsp;&nbsp;Property and equipment | **9740** | 22140 |
| &nbsp;&nbsp;&nbsp;Right-of-use assets | **16144** | 37670 |
| &nbsp;&nbsp;&nbsp;**Net Deferred Tax Liabilities** | $**-** | $- |

---

The unrecognized deductible temporary differences and deferred income tax assets as at 31 December 2024 and 2023 are comprised of the following:

---

| | | |
|:---|:---|:---|
|  | **31 December<br> 2024** | **31 December<br> 2023** |
| Non-capital losses available for future periods | $**9269000** | $12109408 |
| Right-of-use asset and lease liability | **-** | 11077 |
| Share issuance cost | **15000** | 335480 |
| Intangible assets | **29000** | 22387 |
| Financial statement and tax reserves | **812000** | - |
| Total unrecognized deductible temporary differences and deferred income tax assets | $**10125000** | $12478352 |

---

The Company is treated as a United States corporation for United States federal income tax purposes under section 7874 of the U.S. Tax Code and is expected to be subject to United States federal income tax on its worldwide income. However, for Canadian tax purposes, the Company is expected, regardless of any application of section 7874 of the U.S. Tax Code, to be treated as a Canadian resident company (as defined in the Income Tax Act (Canada) (the "ITA") for Canadian income tax purposes. As a result, the Company will be subject to taxation both in Canada and the United States.

As of 31 December 2024, $5,281,098 of the non-capital loss carry-forwards were held by the Company, with the remaining $3,988,094 held by the Company's subsidiary, MMTC Delaware. $35,911 of the non-capital loss carry-forwards in MMTC Delaware expire in 2037, with the remaining carried-forward indefinitely.

---

| | |
|:---|:---|
| ![](fin_002.jpg) | **Modern Mining Technology Corp.**<br>***Amounts expressed in United States dollars*** <br>***except share and per share amounts*** |

---

20) Commitments

In February 2022, the Company has entered into the transition agreement with the former CEO & Director, to provide technical advisory services at $14,000 per month payable until eighteen (18) months following the date of completion of the Company's IPO; and a one-time bonus of $50,000 if the IPO is successful. It was further agreed to repay the short-term loan of $78,050 plus interest within ten (10) days of closing of the offering. In June 2023, the Company agreed to increase the monthly fee to $15,000 per month following the closing of the IPO for twenty four (24) months and consulting invoices to be paid within seven (7) days of IPO proceeds including interest of 2% compounded monthly.

21) Subsequent events

Subsequent to 31 December 2024:

● The Company received additional short-term loans and promises to pay the principal sums of CAD$587,250 ($416,667) and $228,000 at 8% interest compounded annually, payable on demand.

● The Company entered into an investment agreement pursuant to which the Company issued 47,058 common shares to the investor in exchange for $200,000 in cash. In addition to the cash consideration, the Company is also required to undertake a third-party study on the technical feasibility of the Company's technology, the scope, and the estimated budget and timeline of the Company's recycling facility project. In addition to the delivery of the report, the Company also agreed to grant potential future royalty rights to the investor. In the case where the Company decided to not pursue the future royalty arrangement but the investor wishes to proceed, the Company is required to pay a break up fee in the amount of $100,000. In the case where the investor does not wish to proceed with the future royalty arrangement but the Company wishes to proceed, the investor is required to render the 47,058 common shares issued to the Company.

● The Company amended the Debentures that were issued during the year ended 2022, whereby the Company extended the maturity date from 7 April 2025 to 7 April 2027, with the interest rate on the Debentures increased from 5% per annum to 7% per annum.

● On 3 September 2025, the Company effected a 2.3529-for-1 forward share split of its issued and outstanding common shares. Accordingly, each outstanding share was subdivided into 2.3529 common shares.

---

| | |
|:---|:---|
| ![](fin_002.jpg) | **Modern Mining Technology Corp.**<br>***Amounts expressed in United States dollars*** <br>***except share and per share amounts*** |

---

**PART III** 

**INDEX TO EXHIBITS**

The documents listed in the Exhibit Index of this report are incorporated by reference or are filed with this report, in each case as indicated below.

**Exhibit Index**

---

| | |
|:---|:---|
| **Exhibit No.** | **Description** |
| 1.1 | [Selling Agency Engagement Agreement between the Company and Digital Offering, LLC dated as of September 3, 2025](ea025672201ex1-1_modern.htm) |
| 1.2\* | Form of Selling Agency Agreement between the Company and Digital Offering, LLC.(including form of Lock-Up Agreement) |
| 2.1 | [Certificate of Incorporation of Modern Mining Technology Corp.](ea025672201ex2-1_modern.htm) |
| 2.2 | [Notice of Articles of Modern Mining Technology Corp.](ea025672201ex2-2_modern.htm) |
| 2.3 | [Articles of Modern Mining Technology Corp.](ea025672201ex2-3_modern.htm) |
| 3.1\* | Form of Selling Agent Warrant |
| 3.2 | [Indenture between Modern Mining Technology Corp. and Computershare Trust Company of Canada dated April 7, 2022.](ea025672201ex3-2_modern.htm) |
| 3.3 | [Indenture between Modern Mining Technology Corp. and Computershare Trust Company of Canada dated June 28, 2024](ea025672201ex3-3_modern.htm) |
| 3.4 | [First Supplemental Debenture Indenture between Modern Mining Technology Corp. and Computershare Trust Company of Canada dated March 26, 2025](ea025672201ex3-4_modern.htm) |
| 3.5 | [Form of Investor Rights Warrant dated August 7, 2021](ea025672201ex3-5_modern.htm) |
| 3.6 | [Form of Performance Warrant exercisable upon $10,000,000 and $20,000,000 gross sales, respectively, dated August 30, 2021.](ea025672201ex3-6_modern.htm) |
| 4.1\* | Form of Subscription Agreement for purchase of Shares in this offering |
| 6.1§ | [Equity Incentive Plan dated July 6, 2022](ea025672201ex6-1_modern.htm) |
| 6.2 | [Form of Indemnity Agreement with directors and executive officers](ea025672201ex6-2_modern.htm) |
| 6.3 | [Interest Bearing Promissory Note payable by Urban Mining International Inc. to Basil Botha dated July 15, 2021](ea025672201ex6-3_modern.htm) |
| 6.4 | [Interest Bearing Promissory Note payable by Urban Mining International Inc. to Basil Botha dated March 29, 2021](ea025672201ex6-4_modern.htm) |
| 6.5 | [Interest Bearing Promissory Note payable by Urban Mining International Inc. to Basil Botha dated March 15, 2021](ea025672201ex6-5_modern.htm) |
| 6.6 | [Form of Warrant Subscription Agreement in connection with the Modern Mining Technology Corp.'s August 7, 2021 private placement](ea025672201ex6-6_modern.htm) |
| 6.7 | [Investor Rights Agreement dated July 13, 2022 between Modern Mining Technology Corp. and Kuljit (Jeet) Basi](ea025672201ex6-7_modern.htm) |
| 6.8 | [Form of Unsecured Convertible Debenture Subscription Agreement dated October 14, 2021](ea025672201ex6-8_modern.htm) |
| 6.9 | [Investor Rights Agreement dated August 31, 2022 between Modern Mining Technology Corp. and Kuljit (Jeet) Basi](ea025672201ex6-9_modern.htm) |
| 6.10 | [Amendment to Investor Rights Agreement dated November 3, 2022 between Modern Mining Technology Corp. and Kuljit (Jeet) Basi](ea025672201ex6-10_modern.htm) |
| 6.11 | [Transition Agreement, dated February 28, 2022 between Modern Mining Technology Corp. and Basil Botha](ea025672201ex6-11_modern.htm) |
| 6.12 | [Lease Agreement, dated September 21, 2022, between Modern Mining Technology Corp. and Grand Ventures, LLC](ea025672201ex6-12_modern.htm) |
| 6.13 | [Lease Extension Agreement, dated September 15, 2025, between Modern Mining Technology Corp. and Grand Ventures, LLC](ea025672201ex6-13_modern.htm) |
| 6.14 | [Form of Consent to Automatic Exercise of Warrant](ea025672201ex6-14_modern.htm) |
| 6.15 | [Amending Agreement, dated June 30, 2023 between Modern Mining Technology Corp. and Basil Botha](ea025672201ex6-15_modern.htm) |
| 6.16 | [Form of Interest Bearing Promissory Note Payable by the Company to Blue Bird and Balvinder Parhar dated August – September 2025](ea025672201ex6-16_modern.htm) |
| 6.17 | [Form of Warrant Certificate (US$0.80 Warrants)](ea025672201ex6-17_modern.htm) |
| 6.18 Ω | [Investment Agreement dated June 18, 2025 by and between Modern Mining Technology Corp. and OR Royalties Inc.](ea025672201ex6-18_modern.htm) |
| 6.19 | [Form of Subscription Agreement by and between Modern Mining Technology Corp. and OR Royalties Inc.](ea025672201ex6-19_modern.htm) |
| 6.20 | [Form of Pooling Agreement (Warrants) dated September 11, 2025 by and between Modern Mining Technology Corp. and Jeet Basi](ea025672201ex6-20_modern.htm) |
| 6.21 | [Form of Pooling Agreement (Debentures) dated September 11, 2025 by and between Modern Mining Technology Corp. and Jeet Basi](ea025672201ex6-21_modern.htm) |
| 8.1\* | Form of Escrow Agreement, among Modern Mining Technology Corp., Digital Offering, LLC and Wilmington Trust, National Association |
| 10.1 | [Power of Attorney (included on the signature page hereto)](#s_026) |
| 11.1 | [Consent of MNP LLP](ea025672201ex11-1_modern.htm) |
| 11.2 | [Consent of McMillan LLP (included in Exhibit 12.1)](ea025672201ex12-1_modern.htm) |
| 12.1 | [Opinion of McMillan LLP](ea025672201ex12-1_modern.htm) |
| 13.1\* | "Testing the waters" materials |
| 14.1 | [Form F-X](ea025672201ex14-1_modern.htm) |
| 99.3 | [Code of Business Conduct and Ethics of Modern Mining Technology Corp.](ea025672201ex99-3_modern.htm) |
| 99.4 | [Whistleblower Policy of Modern Mining Technology Corp.](ea025672201ex99-4_modern.htm) |
| 99.5 | [Related Party Transactions Policy of Modern Mining Technology Corp.](ea025672201ex99-5_modern.htm) |
| 99.6 | [Conflict Minerals Policy](ea025672201ex99-6_modern.htm) |
| 99.7 | [Incentive Compensation Recovery Policy](ea025672201ex99-7_modern.htm) |
| 99.8 | [List of subsidiaries of Modern Mining Technology Corp.](ea025672201ex99-8_modern.htm) |

---

---

| |
|:---|
| To be filed by amendment |
| Indicates compensatory plan |
| ¥Certain exhibits and schedules to this Exhibit have been omitted in accordance with Regulation S-K Item 601(a)(5). The Company agrees to furnish supplementally a copy of all omitted exhibits and schedules to the Securities and Exchange Commission upon its request. |
| Certain portions of this exhibit (indicated by "[\*\*\*]") have been omitted pursuant to Regulation S-K, Item (601)(b)(10). |

---

**SIGNATURES**

Pursuant to the requirements of Regulation A, the issuer certifies that it has reasonable grounds to believe that it meets all of the requirements for filing on Form 1-A and has duly caused this Offering Statement to be signed on its behalf by the undersigned, thereunto duly authorized, in City of Vancouver, Province of British Colombia, Canada on September 26, 2025.

---

| |
|:---|
| MODERN MINING TECHNOLOGY CORP. |
| /s/ Kuljit (Jeet) Basi |
| Kuljit (Jeet) Basi<br> President, Chief Executive Officer and<br> Director (principal executive officer) |

---

**POWER OF ATTORNEY**

We, the undersigned directors and officers of Modern Mining Technology Corp. (the "Company") hereby severally constitute and appoint Kuljit (Jeet) Basi and David Whitney, with full power of substitution, our true and lawful attorneys-in-fact and agents, to do any and all things in our names in the capacities indicated below which said Kuljit (Jeet) Basi and David Whitney may deem necessary or advisable to enable the Company to comply with the Securities Act of 1933, as amended, and any rules regulations and requirements of the Securities and Exchange Commission, in connection with this Offering Circular on Form 1-A, including specifically but not limited to, power and authority to sign for us in our names in the capacities indicated below, this Offering Circular and any and all amendments thereto; and we hereby ratify and confirm all that said Kuljit (Jeet) Basi and David Whitney shall lawfully do or cause to be done by virtue thereof.

Pursuant to the requirements of Regulation A, this report has been signed below by the following persons on behalf of the issuer in the capacities and on the dates indicated.

---

| |
|:---|
| **Signature** |
| /s/ Kuljit (Jeet) Basi |
| Kuljit (Jeet) Basi, President, Chief Executive Officer and <br> Director (principal executive officer) |
| Date: September 26, 2025 |
| /s/ David Whitney |
| David Whitney, Chief Financial Officer (principal financial officer and <br> principal accounting officer) |
| Date: September 26, 2025 |
| /s/ Sean Bromley |
| Sean Bromley, Director |
| Date: September 26, 2025 |
| /s/ Matt Chatterton |
| Matt Chatterton , Director |
| Date: September 26, 2025 |

---

---

| |
|:---|
| /s/ Mark Zorko |
| Mark Zorko, Director |
| Date: September 26, 2025 |

---

---

| |
|:---|
| /s/ Michael Hepworth |
| Michael Hepworth, Director |
| Date: September 26, 2025 |

---

## Ex1A-1

**Exhibit 1.1**

![](ex1-1_001.jpg)

Member FINRA/SIPC

1461 Glenneyre Street, Suite D<br> Laguna Beach, CA 92651<br> Phone (866) 209-1955

September 3, 2025

Modern Mining Technology Corp.

1055 West Georgia Street, 1500 Royal Centre<br> Vancouver, British Columbia, V6E 4N7, Canada

***Re: Engagement Agreement***

 ****

Re: <u>Engagement as Selling Agent for Reg A Offering</u>

The purpose of this engagement letter is to outline our agreement in principle pursuant to which Digital Offering, LLC ("**DO**" or "**Selling Agent**"), will act as the lead managing selling agent and book runner, on a commercially reasonable efforts basis, in connection with a qualified primary offering by Modern Mining Technology Corp. (the "**Company**") anticipated to be up to $30,000,000 of common shares of the Company (the common stock any other securities that may be included in the offering, collectively referred herein as the "**Securities**") under Regulation A ("**Regulation A**") of the Securities Act of 1933, as amended (the "**Act**"), on terms and conditions to be mutually agreed between the Company and the Selling Agent (the "**Offering**").

This engagement letter states certain conditions and assumptions upon which the Offering is premised. Except as expressly provided for herein, with regard to those specific sections that are agreed to be binding, this engagement letter is not intended to be a binding legal document.

The terms of our agreement in principle are as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The Company hereby engages DO, for the period (the "**Engagement Period**") beginning on the date hereof and ending on the earliest of (a) the date that either party gives the other at least ten (10) days written notice of the termination of this Agreement, which termination may occur with or without cause, (b) July 31, 2026, and (c) 6 months after the date that the Offering is closed, to act as the Company's exclusive financial advisor and investment banker in connection with the proposed Offering (including any private placements, synthetic ATM or financing transactions conducted by the Company) during the Engagement Period.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. DO will act as the exclusive, lead managing Selling Agent and book runner of the Offering of a selling group, subject to, among other things, completion of DO's due diligence examination of the Company and its affiliates and the execution of a definitive selling agency agreement between the Company and DO in connection with the Offering in a form acceptable to DO and the Company (the "**Selling Agency Agreement**") and other documentation that is customary with regard to an offering of the type contemplated herein.

![](ex1-1_001.jpg)

Member FINRA/SIPC

1461 Glenneyre Street, Suite D<br> Laguna Beach, CA 92651<br> Phone (866) 209-1955

The actual size of the Offering, the precise number and type of Securities to be offered by the Company, the minimum offering amount and the offering price of the Securities shall be determined by the Company in consultation with DO. The Company shall also consult with DO regarding the capitalization of the Company (at the time of the Offering), and general market and economic conditions, a review and finalization of audited financial statements and formal financial projections of the Company. DO will, with the Company's approval (not to be unreasonably withheld, conditioned or delayed), (i) create a selling group for the Offering comprised of broker-dealers who are registered with the SEC and members of the Financial Industry Regulatory Authority ("**FINRA**") and/or (ii) rely on soliciting dealers who are FINRA members to participate in placing a portion of the Offering.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. DO shall be entitled to aggregate placement fees as described below in this Section 3, which aggregate placement fees shall be apportioned between DO and allocated by DO to members of the selling group and soliciting dealers in its sole discretion: DO shall be entitled to a cash placement fee of seven (7.00%) of the gross proceeds received by the Company in the Offering. In addition, DO Digital Offering has agreed to remit one half of one percent (0.50%) of this cash commission to the Company as a rebate to be applied towards the Company's platform and marketing fees.

DO shall be entitled to a warrant fee consisting of share purchase warrants (the "**Selling Agent's Warrants**") covering a number of shares equal to three percent (3.0%) of the total number of shares of Common Stock actually sold in the Offering. The Selling Agent's Warrants will be non-exercisable for six (6) months after the date of the final closing of the Offering and will expire five years after the date of completion of sales in the Offering. The Selling Agent's Warrants will be exercisable at a price equal to 125% of the public offering price in connection with the Offering. The Selling Agent's Warrants shall not be redeemable. The Company will register the Common Stock underlying the Selling Agent's Warrants under the Act and will file all necessary undertakings in connection therewith as part of the Offering Statement. The Selling Agent's Warrants may not be transferred, assigned or hypothecated for a period of six (6) months following the final closing, except that they may be assigned, in whole or in part, to any successor, officer, manager, registered representative or member of DO (or to officers, managers or members of any such successor or member), and to members of the syndicate or selling group. The Selling Agent's Warrants may be exercised as to all or a lesser number of Securities and will provide for cashless exercise which may be utilized solely in the event the shares underlying such warrants are not registered under the Act. The Selling Agent's Warrants shall further provide for adjustment in the number and price of such warrants (and the Common Stock underlying such warrants) in the event of a stock dividend, stock split or other reclassification of the Common Stock.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. The Company shall, as soon as practicable following the date hereof, prepare and file with the Securities and Exchange Commission (the "**Commission**") and the appropriate state securities authorities, an Offering Statement on Form 1-A (the "**Offering Statement**") under the Act, and an Offering Circular included therein (the "**Offering Circular**") covering the Securities to be sold in the Offering. The Offering Statement (including the Offering Circular therein), and all amendments and supplements thereto, will be in form satisfactory to DO and counsel to DO and will contain such interim and other financial statements and schedules as may be required by the Act and rules and regulations of the Commission the reunder. DO and its counsel shall be given a reasonable opportunity to make such review and investigation in connection with the Offering Statement and the Company as they deem desirable. The Company, in consultation with DO, shall determine the use of proceeds of the Offering, which shall be described in detail within the Offering Circular.

![](ex1-1_001.jpg)

Member FINRA/SIPC

1461 Glenneyre Street, Suite D<br> Laguna Beach, CA 92651<br> Phone (866) 209-1955

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. The Offering Statement filing will include as an exhibit a proposed form of Selling Agency Agreement. The final Selling Agency Agreement will be in form satisfactory to the Company and DO and will include indemnification provisions and other terms and conditions customarily found in Selling Agency Agreements for primary public offerings conducted under Regulation A. Without limiting the generality of the foregoing, the Selling Agency Agreement shall contain customary representations and warranties of the Company and shall further provide that: (i) the Company, the Company's directors and officers and certain other holder(s) of of the outstanding securities of Company as of the effective date of the Offering Statement (inclusive of holders of securities exercisable for or convertible into shares of common stock) shall enter into "lock-up" or "pooling" agreements with the Company and on terms acceptable to DO.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. Concurrently with or as soon as practicable after the filing of the Offering Statement with the Commission, the Company shall make all necessary state "blue sky" securities law filings with respect to the Securities to be sold in the Offering. The Company and DO will cooperate in obtaining the necessary approvals and qualifications in such states as DO deems necessary and/or desirable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. The Company agrees to pay an accountable due diligence fee of $25,000 which shall be paid on the signing of this Agreement. This payment shall be reimbursed to the Company to the extent not actually incurred, in compliance with FINRA Rule 5110(g)(4)(a). The Company shall be responsible for and pay all expenses relating to the Offering, including, without limitation, all filing fees and communication expenses relating to the qualification of the Securities to be sold in the Offering with the Commission and the filing of the offering materials with FINRA; if applicable all fees and expenses relating to the listing of such Securities on the OTCQB, OTCQX, Nasdaq market system, NYSE or NYSE American as the Company and DO together determine all fees, expenses and disbursements relating to the registration or qualification of such Securities; the costs of all mailing and printing of the Offering documents (including Blue Sky Surveys), Offering Statements, Offering Circulars and all amendments, supplements and exhibits thereto and as many preliminary and final Offering Circulars as DO may reasonably deem necessary; the costs of preparing, printing and delivering certificates representing such Securities; fees and expenses of the transfer agent for such Securities; stock transfer taxes, if any, payable upon the transfer of securities from the Company to DO; the fees and expenses of the Company's accountants and the fees and expenses of the Company's legal counsel and other agents and representatives. For the sake of clarity, it is understood and agreed that the Company shall be responsible for DO's reasonable legal costs (which counsel shall be subject to approval by the Company) up to the amount of $100,000of which $25,000 to be deposited on the qualification of the Form 1 A and delivered directly to DO's counsel (which counsel shall be subject to approval by the Company), if the Offering is consummated or if the Company terminates this Agreement or if DO terminates this Agreement as the result of the Company's material breach of this Agreement, which breach is not cured within ten (10) days following written notice to the Company from DO of such breach up to a maximum of $100,000 of actual fees and expenses. The Company shall be solely responsible for work, fees, costs and expenses in connection with any required Blue Sky filings, the costs of preparing, electronically delivering certificates representing such securities sold in the Offering; the costs and expenses of the transfer agent for such securities; the costs and expenses of the Company's accountants and the fees and expenses of its other agents and representatives; and the costs for escrow account, cost for credit card processing fees plus any charge back fees or expenses. The Company understands that it will be entering into a third-party relationship with a service provide to provide the credit card processing fees and if required (in the Company's discretion) marketing services. Except for the due diligence fee and reimbursable legal expenses of DO identified in this Section 7, all other costs and expenses incurred by DO in connection with the Offering will be the responsibility of DO.

![](ex1-1_001.jpg)

Member FINRA/SIPC

1461 Glenneyre Street, Suite D<br> Laguna Beach, CA 92651<br> Phone (866) 209-1955

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. At such time as the Company and DO are mutually satisfied that it is appropriate to commence the Offering, the final terms of the Selling Agency Agreement will be negotiated and the Company will request the Commission to qualify the Offering Statement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9. The Offering shall be conditioned upon, among other things, the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Satisfactory completion by DO of its due diligence investigation and analysis of: (i) the Company's arrangements with its officers, directors, employees, affiliates, customers and suppliers and (ii) the Company's audited historical financial statements as may be required by the Securities Act and rules and regulations of the Commission thereunder for inclusion in the Offering Statement, and approval by the DO commitment committee;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The execution by the Company and the DO of the Selling Agency Agreement containing all applicable terms and conditions provided for in this engagement letter and for transactions of this type and acceptable to the Company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Company meeting the criteria necessary for inclusion of the Common Stock on the Nasdaq Capital Market, Nasdaq Global Market, Nasdaq Global Select Market, NYSE or the NYSE American, and seeking and using its commercially reasonable efforts to maintain such listing for a period of at least three years after the Closing;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (d) The Company's qualification of the Offering Statement under Regulation A;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) The Company retaining an independent certified public accounting firm, which will have responsibility for the preparation of the financial statements and the financial exhibits, if any, to be included in the Offering Circular and to provide a standard "cold comfort letter" in favor of DO;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) The Company retaining a transfer agent for the Common Stock offered and sold in the Offering;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) The Company engaging a financial public relations firm experienced in assisting issuers in public offerings of securities and in their relations with their security holders; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) The Company obtaining, if necessary, and maintaining a level of directors' and officers' liability insurance acceptable to DO.

![](ex1-1_001.jpg)

Member FINRA/SIPC

1461 Glenneyre Street, Suite D<br> Laguna Beach, CA 92651<br> Phone (866) 209-1955

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10. <u>Notices</u>. All notices and other communications required or permitted to be given under this Agreement shall be in writing and shall be deemed to have been duly given and effective upon receipt if (a) delivered personally, (b) sent by email transmission, or (c) sent by nationally recognized overnight courier, to the parties hereto as follows:

If to the Dealer-Manager:

Digital Offering, LLC

1461 Glenneyre Street, Suite D<br> Laguna Beach, CA 92651<br> Attention: Gordon McBean, CEO<br> Email: gmcbean@digitaloffering.com

If to the Company:

Modern Mining Technology Corporation <br> 1055 West Georgia Street, 1500 Royal Centre<br> Vancouver, British Columbia, V6E 4N7, Canada <br> Attention: Jeet Basi, CEO

Email: jbasi@modernmining.com

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11. a. Sections 8, 10, 11, 12, 13, 14, 15, 16, and 17, and Exhibit A attached hereto are intended be legally binding and enforceable on and against the Company and DO and will be embodied in the Selling Agency Agreement. Until the Selling Agency Agreement has been finally negotiated and signed, but subject to the sub paragraph (b) of this Section, the Company or DO may at any time terminate its further participation in the proposed transactions and the party so terminating shall have no liability to the other on account of any matters provided for herein, except that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. If the Company terminates this Agreement without cause prior to the end of the periods set forth in subsection (b) or (c) of the Engagement Period or if DO terminates this Agreement as the result of the Company's material breach of this Agreement, which breach is not cured within thirty (30) days following written notice to the Company from DO of such breach, the Company agrees to reimburse DO for, or otherwise pay and bear, the expenses and fees to be paid and borne by the Company subject to and as provided for in Section 7 above and to reimburse DO for the full amount of its accountable expenses incurred to such date not to exceed the amounts set forth in Section 7 above (which shall include, but shall not be limited to, all reasonable fees and disbursements of DO's counsel).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12. The Company represents and warrants to DO that the entry into this engagement letter or the any other action of the Company in connection with the proposed Offering will not violate any existing agreement between the Company and any other Selling Agent and/or placement agent.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13. The Company and DO agree that while the Company Offering Circular is being reviewed by the SEC, neither party will issue press releases or engage in any other publicity related to the Offering, without the other party's prior written consent. For clarity, prior to qualification, the Company may make ordinary course dissemination of business operations press releases without pre-approval of DO.

![](ex1-1_001.jpg)

Member FINRA/SIPC

1461 Glenneyre Street, Suite D<br> Laguna Beach, CA 92651<br> Phone (866) 209-1955

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14. During the Engagement Period, the Company agrees to cooperate with DO and to furnish, or cause to be furnished, to DO, any and all information and data concerning the Company, its subsidiaries and the Offering that DO deems appropriate, including, without limitation, the Company's acquisition plans and plans for raising capital or additional financing (the "**Information**"). The Company shall provide DO reasonable access during normal business hours from and after the date of execution of this Agreement until the date of the Closing to all of the Company's and its subsidiaries assets, properties, books, contracts, commitments and records and to the Company's and its subsidiaries officers, directors, employees, appraisers, independent accountants, legal counsel and other consultants and advisors. The Company represents and warrants to DO that all Information: (i) made available by the Company to DO or its agents, representatives and any potential group or selling group member, (ii) contained in any preliminary or final Offering Circular prepared by the Company in connection with the Offering, and (iii) contained in any filing by the Company with any court or governmental regulatory agency, commission or instrumentality, will be complete and correct in all material respects and will not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements therein not misleading in the light of the circumstances under which such statements are made. The Company further represents and warrants to DO that all such Information will have been prepared by the Company in good faith and will be based upon assumptions which, in light of the circumstances under which they were made, are reasonable. The Company acknowledges and agrees that in rendering its services hereunder, DO will be using and relying on such information (and information available from public sources and other sources deemed reliable by DO) without independent verification thereof by DO or independent appraisal by DO of any of the Company's assets. The Company acknowledges and agrees that this engagement letter and the terms hereof are confidential and will not be disclosed to anyone other than the officers and directors of the Company and the Company's accountants and legal counsel. Except as contemplated by the terms hereof or as required by applicable law, the Company and DO shall keep strictly confidential all non-public Information concerning the Company provided to DO. No obligation of confidentiality shall apply to Information that: (a) is in the public domain as of the date hereof or hereafter enters the public domain without a breach by DO, (b) was known or became known by DO prior to the Company's disclosure thereof to DO, (c) becomes known to DO from a source other than the Company, and other than by the breach of an obligation of confidentiality owed to the Company, (d) is disclosed by the Company to a third party without restrictions on its disclosure or (e) is independently developed by DO.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15. The Company agrees that any and all decisions, acts, actions, or omissions with respect to the Offering shall be the sole responsibility of the Company, and that the performance by DO of services hereunder will in no way expose DO to any liability for any such decisions, acts, actions or omissions of the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16. DO reserves the right to reduce any item of its compensation or adjust the terms thereof as specified herein in the event that a determination and/or suggestion shall be made by FINRA to the effect that the Selling Agent's aggregate compensation is in excess of FINRA rules or that the terms thereof require adjustment; *provided, however,* the aggregate compensation otherwise to be paid to the Selling Agent by the Company may not be increased above the amounts stated herein without the approval of the Company in writing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17. This Agreement shall be governed by and construed in accordance with the laws of the State of California applicable to contracts executed and to be wholly performed therein without giving effect to its conflicts of laws principles or rules. The Company and Digital Offering agree that any dispute concerning this Agreement shall be resolved exclusively through binding arbitration before FINRA pursuant to its arbitration rules. Arbitration will be venued in Santa Clara County, California USA (the "**Agreed Forum**"). Each of the Company and Digital Offering agree that the Agreed Forum is not an "inconvenient forum" for proceedings hereunder, and each hereby agree to the personal jurisdiction of the Agreed Forum and that service of process by mail to the address for such party as set forth in this letter (or such other address as a party hereto shall notify the other in writing) constitute full and valid service for such proceedings.

(Signature Page and Indemnification Provisions Follow)

![](ex1-1_001.jpg)

Member FINRA/SIPC

1461 Glenneyre Street, Suite D<br> Laguna Beach, CA 92651<br> Phone (866) 209-1955

If the foregoing correctly sets forth your understanding, please so indicate in the space provided below for that purpose, whereupon this letter shall constitute a binding agreement among us.

**Accepted and agreed as of the date first written above:**

---

| | |
|:---|:---|
| DIGITAL OFFERING, LLC | DIGITAL OFFERING, LLC |
| By: | /s/ Gordon McBean |
|  | Gordon McBean |
|  | CEO |

---

---

| | |
|:---|:---|
| MODERN MINING TECHNOLOGY CORP. | MODERN MINING TECHNOLOGY CORP. |
| By: | /s/ Kuljit (Jeet) Basi |
| Name: | Kuljit (Jeet) Basi |
| Title: | CEO |

---

![](ex1-1_001.jpg)

Member FINRA/SIPC

1461 Glenneyre Street, Suite D<br> Laguna Beach, CA 92651<br> Phone (866) 209-1955

**EXHIBIT A**

**INDEMNIFICATION AND CONTRIBUTION**

Capitalized terms used in this Appendix shall have the meanings ascribed to such terms in the Agreement to which this Appendix is attached.

The Company agrees to indemnify and hold harmless Digital Offering and its respective affiliates (as defined in Rule 405 under the Securities Act of 1933, as amended) and their respective directors, officers, employees, agents, including any and all Soliciting Dealers, and controlling persons (Digital Offering and each such person being an "**Indemnified Party**") from and against all losses, claims, damages and liabilities (or actions, including shareholder actions, in respect thereof), joint or several, to which such Indemnified Party may become subject under any applicable federal or state law, or otherwise, which are related to or result from the performance by Digital Offering of the services contemplated by or the engagement of Digital Offering pursuant to, this Agreement and will promptly reimburse any Indemnified Party on demand for all reasonable expenses (including reasonable counsel fees and expenses) as they are incurred in connection with the investigation of, preparation for or defense arising from any threatened or pending claim, whether or not such Indemnified Party is a party and whether or not such claim, action or proceeding is initiated or brought by the Company. The Company will not be liable to any Indemnified Party under the foregoing indemnification and reimbursement provisions, (i) for any settlement by an Indemnified Party effected without the Company's prior written consent (not to be unreasonably withheld); or (ii) to the extent that any loss, claim, damage or liability is found in a final, non-appealable judgment by a court of competent jurisdiction to have resulted from Digital Offering's willful misconduct or gross negligence.

Promptly after receipt by an Indemnified Party of notice of any intention or threat to commence an action, suit or proceeding or notice of the commencement of any action, suit or proceeding, such Indemnified Party will, if a claim in respect thereof is to be made against the Indemnified Party pursuant hereto, promptly notify the Company in writing of the same; in the event that such notice is not promptly provided, and such failure to provide prompt notice prejudices the defense of such matter, the Company shall be discharged of its obligations hereunder. In case any such action is brought against any Indemnified Party and such Indemnified Party notifies the Company of the commencement thereof, the Company may elect to assume the defense thereof, with counsel reasonably satisfactory to such Indemnified Party, and an Indemnified Party may employ counsel to participate in the defense of any such action provided, that the employment of such counsel shall be at the Indemnified Party's own expense, unless (i) the employment of such counsel has been authorized in writing by the Company, (ii) the Indemnified Party has reasonably concluded (based upon advice of counsel to the Indemnified Party) that there may be legal defenses available to it or other Indemnified Parties that are different from or in addition to those available to the Company, or that a conflict or potential conflict exists (based upon advice of counsel to the Indemnified Party) between the Indemnified Party and the Company that makes it impossible or inadvisable for counsel to the Indemnifying Party to conduct the defense of both the Company and the Indemnified Party (in which case the Company will not have the right to direct the defense of such action on behalf of the Indemnified Party), or (iii) the Company has not in fact employed counsel reasonably satisfactory to the Indemnified Party to assume the defense of such action within a reasonable time after receiving notice of the action, suit or proceeding, in each of which cases the reasonable fees, disbursements and other charges of such counsel will be at the expense of the Company; provided, further, that in no event shall the Company be required to pay fees and expenses for more than one firm of attorneys representing Indemnified Parties unless the defense of one Indemnified Party is materially different from that of another Indemnified Party subject to the same claim or action. Any failure or delay by an Indemnified Party to give the notice referred to in this paragraph shall not affect such Indemnified Party's right to be indemnified hereunder, except to the extent that such failure or delay causes actual harm to the Company, or prejudices its ability to defend such action, suit or proceeding on behalf of such Indemnified Party.

![](ex1-1_001.jpg)

Member FINRA/SIPC

1461 Glenneyre Street, Suite D<br> Laguna Beach, CA 92651<br> Phone (866) 209-1955

If the indemnification provided for in this Agreement is for any reason held unenforceable by an Indemnified Party, the Company agrees to contribute to the losses, claims, damages and liabilities for which such indemnification is held unenforceable (i) in such proportion as is appropriate to reflect the relative benefits to the Company, on the one hand, and Digital Offering on the other hand, of the Offering as contemplated whether or not the Offering is consummated or, (ii) if (but only if) the allocation provided for in clause (i) is for any reason unenforceable, in such proportion as is appropriate to reflect not only the relative benefits referred to in clause (i) but also the relative fault of the Company, on the one hand and Digital Offering, on the other hand, as well as any other relevant equitable considerations. The Company agrees that for the purposes of this paragraph the relative benefits to the Company and Digital Offering of the Offering as contemplated shall be deemed to be in the same proportion that the total value received or contemplated to be received by the Company or its shareholders, as the case may be, as a result of or in connection with the Offering bear to the fees paid or to be paid to Digital Offering under this Agreement. Notwithstanding the foregoing, the Company expressly agrees that Digital Offering shall not be required to contribute any amount in excess of the amount by which fees paid to Digital Offering hereunder (excluding reimbursable expenses), exceeds the amount of any damages which Digital Offering has otherwise been required to pay.

The Company agrees that without the prior written consent of Digital Offering, which shall not be unreasonably withheld, conditioned or delayed, it will not settle, compromise or consent to the entry of any judgment in any pending or threatened claim, action or proceeding in respect of which indemnification could be sought under the indemnification provisions of this Agreement (in which Digital Offering or any other Indemnified Party is an actual or potential party to such claim, action or proceeding), unless such settlement, compromise or consent includes an unconditional release of each Indemnified Party from all liability arising out of such claim, action or proceeding.

In the event that an Indemnified Party is requested or required to appear as a witness in any action brought by or on behalf of or against the Company in which such Indemnified Party is not named as a defendant, the Company agrees to promptly reimburse Digital Offering on a monthly basis for all reasonable expenses incurred by it in connection with such Indemnified Party's appearing and preparing to appear as such a witness, including, without limitation, the reasonable fees and disbursements of its legal counsel.

If multiple claims are brought with respect to at least one of which indemnification is permitted under applicable law and provided for under this Agreement, the Company agrees that any judgment or arbitration award shall be conclusively deemed to be based on claims as to which indemnification is permitted and provided for, except to the extent the judgment or arbitrate award expressly states that it, or any portion thereof, is based solely on a claim as to which indemnification is not available.

## Ex1A-2A

**Exhibit 2.1**

![](ex2-1_001.jpg)

## Ex1A-2A

**Exhibit 2.2**

![](ex2-2_001.jpg)

![](ex2-2_002.jpg)

![](ex2-2_003.jpg)

![](ex2-2_004.jpg)

![](ex2-2_005.jpg)

![](ex2-2_006.jpg)

![](ex2-2_007.jpg)

![](ex2-2_008.jpg)

## Ex1A-2A

**Exhibit 2.3**

Number: **BC1285896**

***BUSINESS CORPORATIONS ACT***

**(British Columbia)**

**ARTICLES**

**of**

**MODERN MINING TECHNOLOGY CORP.**

(the "Company")

**TABLE OF CONTENTS**

---

| | | |
|:---|:---|:---|
| **PART 1** | **INTERPRETATION** | **1** |
| **PART 2** | **SHARES AND SHARE CERTIFICATES** | **2** |
| **PART 3** | **ISSUE OF SHARES** | **4** |
| **PART 4** | **SHARE REGISTERS** | **5** |
| **PART 5** | **SHARE TRANSFERS** | **5** |
| **PART 6** | **TRANSMISSION OF SHARES** | **6** |
| **PART 7** | **PURCHASE, REDEEM OR OTHERWISE ACQUIRE SHARES** | **7** |
| **PART 8** | **BORROWING POWERS** | **7** |
| **PART 9** | **ALTERATIONS** | **8** |
| **PART 10** | **MEETINGS OF SHAREHOLDERS** | **9** |
| **PART 11** | **PROCEEDINGS AT MEETINGS OF SHAREHOLDERS** | **11** |
| **PART 12** | **VOTES OF SHAREHOLDERS** | **15** |
| **PART 13** | **DIRECTORS** | **19** |
| **PART 14** | **ELECTION AND REMOVAL OF DIRECTORS** | **21** |
| **PART 15** | **ALTERNATE DIRECTORS** | **26** |
| **PART 16** | **POWERS AND DUTIES OF DIRECTORS** | **28** |
| **PART 17** | **INTERESTS OF DIRECTORS AND OFFICERS** | **28** |
| **PART 18** | **PROCEEDINGS OF DIRECTORS** | **30** |
| **PART 19** | **EXECUTIVE AND OTHER COMMITTEES** | **33** |
| **PART 20** | **OFFICERS** | **34** |
| **PART 21** | **INDEMNIFICATION** | **35** |
| **PART 22** | **DIVIDENDS** | **37** |
| **PART 23** | **ACCOUNTING RECORDS AND AUDITORS** | **39** |
| **PART 24** | **NOTICES** | **39** |
| **PART 25** | **SEAL** | **41** |
| **PART 26** | **PROHIBITIONS** | **42** |

---

i

Number: **BC1285896**

***BUSINESS CORPORATIONS ACT***

**(British Columbia)**

**ARTICLES**

**of**

**MODERN MINING TECHNOLOGY CORP.**

(the "Company")

**PART 1**

**INTERPRETATION**

**Definitions**

1.1 In these Articles, unless the context otherwise requires:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) "**Act**" means the *Business Corporations Act* (British Columbia) from time to time in force and all amendments thereto and includes all regulations and amendments thereto made pursuant to that Act;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) "**board of directors**", "**directors**" and "**board**" mean the directors or sole director of the Company for the time being;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) "**Interpretation Act**" means the *Interpretation Act* (British Columbia) from time to time in force and all amendments thereto and includes all regulations and amendments thereto made pursuant to that Act;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) "**legal personal representative**" means the personal or other legal representative of the shareholder;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) "**registered address**" of a shareholder means the shareholder's address as recorded in the central securities register;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (f) "**seal**" means the seal of the Company, if any;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (g) "**share**" means a share in the share structure of the Company; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) "**special majority**" means the majority of votes described in §11.2 which is required to pass a special resolution.

**Act and Interpretation Act Definitions Applicable**

1.2 The definitions in the Act and the definitions and rules of construction in the Interpretation Act, with the necessary changes, so far as applicable, and except as the context requires otherwise, apply to these Articles as if they were an enactment. If there is a conflict OR inconsistency between a definition in the Act and a definition or rule in the Interpretation Act relating to a term used in these Articles, the definition in the Act will prevail. If there is a conflict or inconsistency between these Articles and the Act, the Act will prevail.

**PART 2**

**SHARES AND SHARE CERTIFICATES**

**Authorized Share Structure**

2.1 The authorized share structure of the Company consists of shares of the class or classes and series, if any, described in the Notice of Articles of the Company.

**Form of Share Certificate**

2.2 Each share certificate issued by the Company must comply with, and be signed as required by, the Act.

**Shareholder Entitled to Certificate, Acknowledgment or Written Notice**

2.3 Unless the shares of which the shareholder is the registered owner are uncertificated shares, each shareholder is entitled, without charge, to (a) one share certificate representing the shares of each class or series of shares registered in the shareholder's name or

(b) a non-transferable written acknowledgment of the shareholder's right to obtain such a share certificate, provided that in respect of a share held jointly by several persons, the Company is not bound to issue more than one share certificate and delivery of a share certificate for a share to one of several joint shareholders or to one of the shareholders' duly authorized agents will be sufficient delivery to all. If a shareholder is the registered owner of uncertificated shares, the Company must send to a holder of an uncertificated share a written notice containing the information required by the Act within a reasonable time after the issue or transfer of such share.

**Delivery by Mail**

2.4 Any share certificate or non-transferable written acknowledgment of a shareholder's right to obtain a share certificate, or written notice of the issue or transfer of an uncertificated share may be sent to the shareholder by mail at the shareholder's registered address and neither the Company nor any director, officer or agent of the Company is liable for any loss to the shareholder because the share certificate, acknowledgement or written notice is lost in the mail or stolen.

**Replacement of Worn Out or Defaced Certificate or Acknowledgement**

2.5 If a share certificate or a non-transferable written acknowledgment of the shareholder's right to obtain a share certificate is worn out or defaced, the Company must, on production of the share certificate or acknowledgment, as the case may be, and on such other terms, if any, as are deemed fit:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (a) cancel the share certificate or acknowledgment; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (b) issue a replacement share certificate or acknowledgment.

**Replacement of Lost, Stolen or Destroyed Certificate or Acknowledgment**

2.6 If a share certificate or a non-transferable written acknowledgment of a shareholder's right to obtain a share certificate is lost, stolen or destroyed, a replacement share certificate or acknowledgment, as the case may be, must be issued to the person entitled to that share certificate or acknowledgment, if the requirements of the Act are satisfied, as the case may be, if the directors receive:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (a) proof satisfactory to it of the loss, theft or destruction; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (b) any indemnity the directors consider adequate.

**Splitting Share Certificates**

2.7 If a shareholder surrenders a share certificate to the Company with a written request that the Company issue in the shareholder's name two or more share certificates, each representing a specified number of shares and in the aggregate representing the same number of shares as the share certificate so surrendered, the Company must cancel the surrendered share certificate and issue replacement share certificates in accordance with that request.

**Certificate Fee**

2.8 There must be paid to the Company, in relation to the issue of any share certificate under §2.5, §2.6 or §2.7, the amount, if any, not exceeding the amount prescribed under the Act, determined by the directors.

**Recognition of Trusts**

2.9 Except as required by law or statute or these Articles, no person will be recognized by the Company as holding any share upon any trust, and the Company is not bound by or compelled in any way to recognize (even when having notice thereof) any equitable, contingent, future or partial interest in any share or fraction of a share or (except as required by law or statute or these Articles or as ordered by a court of competent jurisdiction) any other rights in respect of any share except an absolute right to the entirety thereof in the shareholder.

**PART 3**

**ISSUE OF SHARES**

**Directors Authorized**

3.1 Subject to the Act and the rights, if any, of the holders of issued shares of the Company, the Company may allot, issue, sell or otherwise dispose of the unissued shares, and issued shares held by the Company, at the times, to the persons, including directors, in the manner, on the terms and conditions and for the consideration (including any premium at which shares with par value may be issued) that the directors may determine. The issue price for a share with par value must be equal to or greater than the par value of the share.

**Commissions and Discounts**

3.2 The Company may at any time pay a reasonable commission or allow a reasonable discount to any person in consideration of that person's purchase or agreement to purchase shares of the Company from the Company or any other person's procurement or agreement to procure purchasers for shares of the Company.

**Brokerage**

3.3 The Company may pay such brokerage fee or other consideration as may be lawful for or in connection with the sale or placement of its securities.

**Conditions of Issue**

3.4 Except as provided for by the Act, no share may be issued until it is fully paid. A share is fully paid when:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) consideration is provided to the Company for the issue of the share by one or more of the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) past services performed for the Company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) property;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) money; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the value of the consideration received by the Company equals or exceeds the issue price set for the share under §3.1.

**Share Purchase Warrants and Rights**

**PART 4**

**SHARE REGISTERS**

**Central Securities Register**

4.1 As required by and subject to the Act, the Company must maintain in British Columbia a central securities register and may appoint an agent to maintain such register. The directors may appoint one or more agents, including the agent appointed to keep the central securities register, as transfer agent for shares or any class or series of shares and the same or another agent as registrar for shares or such class or series of shares, as the case may be. The directors may terminate such appointment of any agent at any time and may appoint another agent in its place.

**PART 5**

**SHARE TRANSFERS**

**Registering Transfers**

5.1 A transfer of a share must not be registered unless the Company or the transfer agent or registrar for the class or series of shares to be transferred has received:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) except as exempted by the Act, a written instrument of transfer in respect of the share has been received by the Company (which may be a separate document or endorsed on the share certificate for the shares transferred) made by the shareholder or other appropriate person or by an agent who has actual authority to act on behalf of that person;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) if a share certificate has been issued by the Company in respect of the share to be transferred, that share certificate;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) if a non-transferable written acknowledgment of the shareholder's right to obtain a share certificate has been issued by the Company in respect of the share to be transferred, that acknowledgment; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) such other evidence, if any, as the Company or the transfer agent or registrar for the class or series of share to be transferred may require to prove the title of the transferor or the transferor's right to transfer the share, that the written instrument of transfer is genuine and the right of the transferee to have the transfer registered.

**Form of Instrument of Transfer**

5.2 The instrument of transfer in respect of any share of the Company must be either in the form, if any, on the back of the Company's share certificates or in any other form that may be approved by the directors from time to time or by the transfer agent or registrar for those shares.

**Transferor Remains Shareholder**

5.3 Except to the extent that the Act otherwise provides, the transferor of a share is deemed to remain the holder of it until the name of the transferee is entered in a securities register of the Company in respect of the transfer.

**Signing of Instrument of Transfer**

5.4 If a shareholder, or his or her duly authorized attorney, signs an instrument of transfer in respect of shares registered in the name of the shareholder, the signed instrument of transfer constitutes a complete and sufficient authority to the Company and its directors, officers and agents to register the number of shares specified in the instrument of transfer or specified in any other manner, or, if no number is specified, all the shares represented by the share certificates or set out in the written acknowledgments deposited with the instrument of transfer, or if the shares are uncertificated shares, then all of the shares registered in the name of the shareholder on the central securities register:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (a) in the name of the person named as transferee in that instrument of transfer; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) if no person is named as transferee in that instrument of transfer, in the name of the person on whose behalf the instrument is deposited for the purpose of having the transfer registered.

**Enquiry as to Title Not Required**

5.5 Neither the Company nor any director, officer or agent of the Company is bound to inquire into the title of the person named in the instrument of transfer as transferee or, if no person is named as transferee in the instrument of transfer, of the person on whose behalf the instrument is deposited for the purpose of having the transfer registered or is liable for any claim related to registering the transfer by the shareholder or by any intermediate owner or holder of the shares transferred, of any interest in such shares, of any share certificate representing such shares or of any written acknowledgment of a right to obtain a share certificate for such shares.

**Transfer Fee**

5.6 There must be paid to the Company, in relation to the registration of a transfer, the amount, if any, determined by the directors.

**PART 6**

**TRANSMISSION OF SHARES**

**Legal Personal Representative Recognized on Death**

6.1 In case of the death of a shareholder, the legal personal representative of the shareholder, or in the case of shares registered in the shareholder's name and the name of another person in joint tenancy, the surviving joint holder, will be the only person recognized by the Company as having any title to the shareholder's interest in the shares. Before recognizing a person as a legal personal representative of a shareholder, the Company shall receive the documentation required by the Act.

**Rights of Legal Personal Representative**

6.2 The legal personal representative of a shareholder has the same rights, privileges and obligations that attach to the shares held by the shareholder, including the right to transfer the shares in accordance with these Articles, provided the documents required by the Act and the directors have been deposited with the Company. This §6.2 does not apply in the case of the death of a shareholder with respect to shares registered in the name of the shareholder and the name of another person in joint tenancy.

**PART 7**

**PURCHASE, REDEEM OR OTHERWISE ACQUIRE SHARES**

**Company Authorized to Purchase, Redeem or Otherwise Acquire Shares**

7.1 Subject to §7.2, to the special rights and restrictions attached to the shares of any class or series and to the Act, the Company may, if authorized by the directors, purchase, redeem or otherwise acquire any of its shares at the price and upon the terms determined by the directors.

**Purchase When Insolvent**

7.2 The Company must not make a payment or provide any other consideration to purchase, redeem or otherwise acquire any of its shares if there are reasonable grounds for believing that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (a) the Company is insolvent; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) making the payment or providing the consideration would render the Company insolvent.

**Sale and Voting of Purchased Shares, Redeemed or Otherwise Acquired Shares**

7.3 If the Company retains a share redeemed, purchased or otherwise acquired by it, the Company may sell, gift or otherwise dispose of the share, but, while such share is held by the Company, it:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (a) is not entitled to vote the share at a meeting of its shareholders;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (b) must not pay a dividend in respect of the share; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (c) must not make any other distribution in respect of the share.

**Company Entitled to Purchase or Redeem Share Fractions**

7.4 The Company may, without prior notice to the holders, purchase, redeem or otherwise acquire for fair value any and all outstanding share fractions of any class or kind of shares in its authorized share structure as may exist at any time and from time to time. Upon the Company delivering the purchase funds and confirmation of purchase or redemption of the share fractions to the holders' registered or last known address, or if the Company has a transfer agent then to such agent for the benefit of and forwarding to such holders, the Company shall thereupon amend its central securities register to reflect the purchase or redemption of such share fractions and if the Company has a transfer agent, shall direct the transfer agent to amend the central securities register accordingly. Any holder of a share fraction, who upon receipt of the funds and confirmation of purchase or redemption of same, disputes the fair value paid for the fraction, shall have the right to apply to the court to request that it set the price and terms of payment and make consequential orders and give directions the court considers appropriate, as if the Company were the "acquiring person" as contemplated by Division 6, Compulsory Acquisitions, under the Act and the holder were an "offeree" subject to the provisions contained in such Division, *mutatis mutandis*.

**PART 8**

**BORROWING POWERS**

8.1 The Company, if authorized by the directors, may:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) borrow money in the manner and amount, on the security, from the sources and on the terms and conditions that they consider appropriate;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) issue bonds, debentures and other debt obligations either outright or as security for any liability or obligation of the Company or any other person and at such discounts or premiums and on such other terms as the directors consider appropriate;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) guarantee the repayment of money by any other person or the performance of any obligation of any other person; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) mortgage, charge, whether by way of specific or floating charge, grant a security interest in, or give other security on, the whole or any part of the present and future assets and undertaking of the Company.

**PART 9**

**ALTERATIONS**

**Alteration of Authorized Share Structure**

9.1 Subject to §9.2 and the Act, the Company may by ordinary resolution (or a resolution of the directors in the case of §9.1(c) or §9.1(f):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) create one or more classes or series of shares or, if none of the shares of a class or series of shares are allotted or issued, eliminate that class or series of shares;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) increase, reduce or eliminate the maximum number of shares that the Company is authorized to issue out of any class or series of shares or establish a maximum number of shares that the Company is authorized to issue out of any class or series of shares for which no maximum is established;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (c) subdivide or consolidate all or any of its unissued, or fully paid issued, shares;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (d) if the Company is authorized to issue shares of a class of shares with par value:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) decrease the par value of those shares; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) if none of the shares of that class of shares are allotted
or issued, increase the par value of those shares;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) change all or any of its unissued, or fully paid issued, shares with par value into shares without par value or any of its unissued shares without par value into shares with par value;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (f) alter the identifying name of any of its shares; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) otherwise alter its shares or authorized share structure when required or permitted to do so by the Act where it does not specify by a special resolution;

and, if applicable, alter its Notice of Articles and Articles accordingly.

**Special Rights and Restrictions**

9.2 Subject to the Act and in particular those provisions of the Act relating to the rights of holders of outstanding shares to vote if their rights are prejudiced or interfered with, the Company may by ordinary resolution:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) create special rights or restrictions for, and attach those special rights or restrictions to, the shares of any class or series of shares, whether or not any or all of those shares have been issued; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) vary or delete any special rights or restrictions attached to the shares of any class or series of shares, whether or not any or all of those shares have been issued,

and alter its Notice of Articles and Articles accordingly.

**Change of Name**

9.3 The Company may by directors resolution authorize an alteration of its Notice of Articles in order to change its name or adopt or change any translation of that name.

**Other Alterations**

9.4 If the Act does not specify the type of resolution and these Articles do not specify another type of resolution, the Company may by ordinary resolution alter these Articles.

**PART 10**

**MEETINGS OF SHAREHOLDERS**

**Annual General Meetings**

10.1 Unless an annual general meeting is deferred or waived in accordance with the Act, the Company must hold its first annual general meeting within 18 months after the date on which it was incorporated or otherwise recognized, and after that must hold an annual general meeting at least once in each calendar year and not more than 15 months after the last annual reference date at such time and place as may be determined by the directors.

**Resolution Instead of Annual General Meeting**

10.2 If all the shareholders who are entitled to vote at an annual general meeting consent in writing by a unanimous resolution to all of the business that is required to be transacted at that annual general meeting, the annual general meeting is deemed to have been held on the date of the unanimous resolution. The shareholders must, in any unanimous resolution passed under this §10.2, select as the Company's annual reference date a date that would be appropriate for the holding of the applicable annual general meeting.

**Calling of Meetings of Shareholders**

10.3 The directors may, at any time, call a meeting of shareholders.

**Notice for Meetings of Shareholders**

10.4 The Company must send notice of the date, time and location of any meeting of shareholders (including, without limitation, any notice specifying the intention to propose a resolution as an exceptional resolution, a special resolution or a special separate resolution, and any notice to consider approving an amalgamation into a foreign jurisdiction, an arrangement or the adoption of an amalgamation agreement, and any notice of a general meeting, class meeting or series meeting), in the manner provided in these Articles, or in such other manner, if any, as may be prescribed by ordinary resolution (whether previous notice of the resolution has been given or not), to each shareholder entitled to attend the meeting, to each director and to the auditor of the Company, unless these Articles otherwise provide, at least the following number of days before the meeting:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (a) if the Company is a public company, 21 days;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (b) otherwise, 10 days.

**Record Date for Notice**

10.5 The directors may set a date as the record date for the purpose of determining shareholders entitled to notice of any meeting of shareholders. The record date must not precede the date on which the meeting is to be held by more than two months or, in the case of a general meeting requisitioned by shareholders under the Act, by more than four months. The record date must not precede the date on which the meeting is held by fewer than:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (a) if the Company is a public company, 21 days;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (b) otherwise, 10 days.

If no record date is set, the record date is 5 p.m. on the day immediately preceding the first date on which the notice is sent or, if no notice is sent, the beginning of the meeting.

**Record Date for Voting**

10.6 The directors may set a date as the record date for the purpose of determining shareholders entitled to vote at any meeting of shareholders. The record date must not precede the date on which the meeting is to be held by more than two months or, in the case of a general meeting requisitioned by shareholders under the Act, by more than four months. If no record date is set, the record date is 5 p.m. on the day immediately preceding the first date on which the notice is sent or, if no notice is sent, the beginning of the meeting.

**Failure to Give Notice and Waiver of Notice**

10.7 The accidental omission to send notice of any meeting of shareholders to, or the non-receipt of any notice by, any of the persons entitled to notice does not invalidate any proceedings at that meeting. Any person entitled to notice of a meeting of shareholders may, in writing or otherwise, waive that entitlement or may agree to reduce the period of that notice. Attendance of a person at a meeting of shareholders is a waiver of entitlement to notice of the meeting unless that person attends the meeting for the express purpose of objecting to the transaction of any business on the grounds that the meeting is not lawfully called.

**Notice of Special Business at Meetings of Shareholders**

10.8 If a meeting of shareholders is to consider special business within the meaning of §11.1, the notice of meeting must:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (a) state the general nature of the special business; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) if the special business includes considering, approving, ratifying, adopting or authorizing any document or the signing of or giving of effect to any document, have attached to it a copy of the document or state that a copy of the document will be available for inspection by shareholders:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) at the Company's records office, or at such other reasonably
accessible location in British Columbia as is specified in the notice; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) during statutory business hours on any one or more specified
days before the day set for the holding of the meeting.

**Place of Meetings**

10.9 In addition to any location in British Columbia, any general meeting may be held in any location outside British Columbia approved by a resolution of the directors.

**PART 11**

**PROCEEDINGS AT MEETINGS OF SHAREHOLDERS**

**Special Business**

11.1 At a meeting of shareholders, the following business is special business:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) at a meeting of shareholders that is not an annual general meeting, all business is special business except business relating to the conduct of or voting at the meeting;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) at an annual general meeting, all business is special business except for the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) business relating to the conduct of or voting at the meeting;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) consideration of any financial statements of the Company
presented to the meeting;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) consideration of any reports of the directors or auditor;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) the setting or changing of the number of directors;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) the election or appointment of directors;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) the appointment of an auditor;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) the setting of the remuneration of an auditor;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii) business arising out of a report of the directors not requiring
the passing of a special resolution or an exceptional resolution;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ix) any other business which, under these Articles or the Act,
may be transacted at a meeting of shareholders without prior notice of the business being given to the shareholders.

**Special Majority**

11.2 The majority of votes required for the Company to pass a special resolution at a general meeting of shareholders is two-thirds of the votes cast on the resolution.

**Quorum**

11.3 Subject to the special rights and restrictions attached to the shares of any class or series of shares, and to §11.4, the quorum for the transaction of business at a meeting of shareholders is at least one person who is, or who represents by proxy, one or more shareholders who, in the aggregate, hold at least five percent of the issued shares entitled to be voted at the meeting.

**One Shareholder May Constitute Quorum**

11.4 If there is only one shareholder entitled to vote at a meeting of shareholders:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the quorum is one person who is, or who represents by proxy, that shareholder, and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (b) that shareholder, present in person or by proxy, may constitute the meeting.

**Persons Entitled to Attend Meeting**

11.5 In addition to those persons who are entitled to vote at a meeting of shareholders, the only other persons entitled to be present at the meeting are the directors, the president (if any), the secretary (if any), the assistant secretary (if any), any lawyer for the Company, the auditor of the Company, any persons invited to be present at the meeting by the directors or by the chair of the meeting and any persons entitled or required under the Act or these Articles to be present at the meeting; but if any of those persons does attend the meeting, that person is not to be counted in the quorum and is not entitled to vote at the meeting unless that person is a shareholder or proxy holder entitled to vote at the meeting.

**Requirement of Quorum**

11.6 No business, other than the election of a chair of the meeting and the adjournment of the meeting, may be transacted at any meeting of shareholders unless a quorum of shareholders entitled to vote is present at the commencement of the meeting, but such quorum need not be present throughout the meeting.

**Lack of Quorum**

11.7 If, within one-half hour from the time set for the holding of a meeting of shareholders, a quorum is not present:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) in the case of a general meeting requisitioned by shareholders, the meeting is dissolved, and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) in the case of any other meeting of shareholders, the meeting stands adjourned to the same day in the next week at the same time and place.

**Lack of Quorum at Succeeding Meeting**

11.8 If, at the meeting to which the meeting referred to in §11.7(b) was adjourned, a quorum is not present within one-half hour from the time set for the holding of the meeting, the person or persons present and being, or representing by proxy, one or more shareholders entitled to attend and vote at the meeting shall be deemed to constitute a quorum.

**Chair**

11.9 The following individual is entitled to preside as chair at a meeting of shareholders:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (a) the chair of the board, if any; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) if the chair of the board is absent or unwilling to act as chair of the meeting, the president, if any.

**Selection of Alternate Chair**

11.10 If, at any meeting of shareholders, there is no chair of the board or president present within 15 minutes after the time set for holding the meeting, or if the chair of the board and the president are unwilling to act as chair of the meeting, or if the chair of the board and the president have advised the secretary, if any, or any director present at the meeting, that they will not be present at the meeting, the directors present may choose either one of their number or the solicitor of the Company to be chair of the meeting. If all of the directors present decline to take the chair or fail to so choose or if no director is present or the solicitor of the Company declines to take the chair, the shareholders entitled to vote at the meeting who are present in person or by proxy may choose any person present at the meeting to chair the meeting.

**Adjournments**

11.11 The chair of a meeting of shareholders may, and if so directed by the meeting must, adjourn the meeting from time to time and from place to place, but no business may be transacted at any adjourned meeting other than the business left unfinished at the meeting from which the adjournment took place.

**Notice of Adjourned Meeting**

11.12 It is not necessary to give any notice of an adjourned meeting of shareholders or of the business to be transacted at an adjourned meeting of shareholders except that, when a meeting is adjourned for 30 days or more, notice of the adjourned meeting must be given as in the case of the original meeting.

**Decisions by Show of Hands or Poll**

11.13 Subject to the Act, every motion put to a vote at a meeting of shareholders will be decided on a show of hands unless a poll, before or on the declaration of the result of the vote by show of hands, is directed by the chair or demanded by any shareholder entitled to vote who is present in person or by proxy.

**Declaration of Result**

11.14 The chair of a meeting of shareholders must declare to the meeting the decision on every question in accordance with the result of the show of hands or the poll, as the case may be, and that decision must be entered in the minutes of the meeting. A declaration of the chair that a resolution is carried by the necessary majority or is defeated is, unless a poll is directed by the chair or demanded under §11.13, conclusive evidence without proof of the number or proportion of the votes recorded in favour of or against the resolution.

**Motion Need Not be Seconded**

11.15 No motion proposed at a meeting of shareholders need be seconded unless the chair of the meeting rules otherwise, and the chair of any meeting of shareholders is entitled to propose or second a motion.

**Casting Vote**

11.16 In case of an equality of votes, the chair of a meeting of shareholders does not, either on a show of hands or on a poll, have a second or casting vote in addition to the vote or votes to which the chair may be entitled as a shareholder.

**Manner of Taking Poll**

11.17 Subject to §11.18, if a poll is duly demanded at a meeting of shareholders:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (a) the poll must be taken:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) at the meeting, or within seven days after the date of the meeting, as the chair of the meeting directs; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) in the manner, at the time and at the place that the chair of the meeting directs;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the result of the poll is deemed to be the decision of the meeting at which the poll is demanded; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (c) the demand for the poll may be withdrawn by the person who demanded it.

**Demand for Poll on Adjournment**

11.18 A poll demanded at a meeting of shareholders on a question of adjournment must be taken immediately at the meeting.

**Chair Must Resolve Dispute**

11.19 In the case of any dispute as to the admission or rejection of a vote given on a poll, the chair of the meeting must determine the dispute, and his or her determination made in good faith is final and conclusive.

**Casting of Votes**

11.20 On a poll, a shareholder entitled to more than one vote need not cast all the votes in the same way.

**No Demand for Poll on Election of Chair**

11.21 No poll may be demanded in respect of the vote by which a chair of a meeting of shareholders is elected.

**Demand for Poll Not to Prevent Continuance of Meeting**

11.22 The demand for a poll at a meeting of shareholders does not, unless the chair of the meeting so rules, prevent the continuation of a meeting for the transaction of any business other than the question on which a poll has been demanded.

**Retention of Ballots and Proxies**

11.23 The Company must, for at least three months after a meeting of shareholders, keep each ballot cast on a poll and each proxy voted at the meeting, and, during that period, make them available for inspection during normal business hours by any shareholder or proxyholder entitled to vote at the meeting. At the end of such three month period, the Company may destroy such ballots and proxies.

**PART 12**

**VOTES OF SHAREHOLDERS**

**Number of Votes by Shareholder or by Shares**

12.1 Subject to any special rights or restrictions attached to any shares and to the restrictions imposed on joint shareholders under §12.3:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) on a vote by show of hands, every person present who is a shareholder or proxy holder and entitled to vote on the matter has one vote; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) on a poll, every shareholder entitled to vote on the matter has one vote in respect of each share entitled to be voted on the matter and held by that shareholder and may exercise that vote either in person or by proxy.

**Votes of Persons in Representative Capacity**

12.2 A person who is not a shareholder may vote at a meeting of shareholders, whether on a show of hands or on a poll, and may appoint a proxy holder to act at the meeting, if, before doing so, the person satisfies the chair of the meeting, or the directors, that the person is a legal personal representative or a trustee in bankruptcy for a shareholder who is entitled to vote at the meeting.

**Votes by Joint Holders**

12.3 If there are joint shareholders registered in respect of any share:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) any one of the joint shareholders may vote at any meeting of shareholders, personally or by proxy, in respect of the share as if that joint shareholder were solely entitled to it; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) if more than one of the joint shareholders is present at any meeting of shareholders, personally or by proxy, and more than one of them votes in respect of that share, then only the vote of the joint shareholder present whose name stands first on the central securities register in respect of the share will be counted.

**Legal Personal Representatives as Joint Shareholders**

12.4 Two or more legal personal representatives of a shareholder in whose sole name any share is registered are, for the purposes of §12.3, deemed to be joint shareholders registered in respect of that share.

**Representative of a Corporate Shareholder**

12.5 If a corporation, that is not a subsidiary of the Company, is a shareholder, that corporation may appoint a person to act as its representative at any meeting of shareholders of the Company, and:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (a) for that purpose, the instrument appointing a representative must be received:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) at the registered office of the Company or at any other place
specified, in the notice calling the meeting, for the receipt of proxies, at least the number of business days specified in the notice
for the receipt of proxies, or if no number of days is specified, two business days before the day set for the holding of the meeting
or any adjourned meeting; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) at the meeting or any adjourned meeting, by the chair of
the meeting or adjourned meeting or by a person designated by the chair of the meeting or adjourned meeting;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (b) if a representative is appointed under this §12.5:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the representative is entitled to exercise in respect of
and at that meeting the same rights on behalf of the corporation that the representative represents as that corporation could exercise
if it were a shareholder who is an individual, including, without limitation, the right to appoint a proxy holder; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the representative, if present at the meeting, is to be counted
for the purpose of forming a quorum and is deemed to be a shareholder present in person at the meeting.

Evidence of the appointment of any such representative may be sent to the Company by written instrument, fax or any other customary method of transmitting recorded messages.

**Proxy Provisions Do Not Apply to All Companies**

12.6 If and for so long as the Company is a public company or a pre-existing reporting company which has the Statutory Reporting Company Provisions as part of its Articles or to which the Statutory Reporting Company Provisions apply, then §12.7 to §12.15 are not mandatory, however the directors of the Company are authorized to apply all or part of such sections or to adopt alternative procedures for proxy form, deposit and revocation procedures to the extent that the directors deem necessary in order to comply with securities laws applicable to the Company.

**Appointment of Proxy Holders**

12.7 Every shareholder of the Company entitled to vote at a meeting of shareholders may, by proxy, appoint one or more (but not more than two) proxy holders to attend and act at the meeting in the manner, to the extent and with the powers conferred by the proxy.

**Alternate Proxy Holders**

12.8 A shareholder may appoint one or more alternate proxy holders to act in the place of an absent proxy holder.

**Proxy Holder Need Not Be Shareholder**

12.9 A proxy holder need not be a shareholder of the Company.

**Deposit of Proxy**

12.10 A proxy for a meeting of shareholders must:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) be received at the registered office of the Company or at any other place specified, in the notice calling the meeting, for the receipt of proxies, at least the number of business days specified in the notice, or if no number of days is specified, two business days before the day set for the holding of the meeting or any adjourned meeting; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) unless the notice provides otherwise, be received, at the meeting or any adjourned meeting, by the chair of the meeting or adjourned meeting or by a person designated by the chair of the meeting or adjourned meeting.

A proxy may be sent to the Company by written instrument, fax or any other method of transmitting legibly recorded messages, including through Internet or telephone voting or by email, if permitted by the notice calling the meeting or the information circular for the meeting.

**Validity of Proxy Vote**

12.11 A vote given in accordance with the terms of a proxy is valid notwithstanding the death or incapacity of the shareholder giving the proxy and despite the revocation of the proxy or the revocation of the authority under which the proxy is given, unless notice in writing of that death, incapacity or revocation is received:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) at the registered office of the Company, at any time up to and including the last business day before the day set for the holding of the meeting or any adjourned meeting at which the proxy is to be used; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) at the meeting or any adjourned meeting by the chair of the meeting or adjourned meeting, before any vote in respect of which the proxy has been given has been taken.

**Form of Proxy**

12.12 A proxy, whether for a specified meeting or otherwise, must be either in the following form or in any other form approved by the directors or the chair of the meeting:

[name of company]

(the "Company")

The undersigned, being a shareholder of the Company, hereby appoints [name] or, failing that person, [name], as proxy holder for the undersigned to attend, act and vote for and on behalf of the undersigned at the meeting of shareholders of the Company to be held on [month, day, year] and at any adjournment of that meeting.

Number of shares in respect of which this proxy is given (if no number is specified, then this proxy if given in respect of all shares registered in the name of the undersigned): <u>____________________</u>

---

| |
|:---|
| Signed [month, day, year] |
| [Signature of shareholder] |
| [Name of shareholder—printed] |

---

**Revocation of Proxy**

12.13 Subject to §12.14, every proxy may be revoked by an instrument in writing that is received:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) at the registered office of the Company at any time up to and including the last business day before the day set for the holding of the meeting or any adjourned meeting at which the proxy is to be used; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) at the meeting or any adjourned meeting, by the chair of the meeting or adjourned meeting, before any vote in respect of which the proxy has been given has been taken.

**Revocation of Proxy Must Be Signed**

12.14 An instrument referred to in §12.13 must be signed as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) if the shareholder for whom the proxy holder is appointed is an individual, the instrument must be signed by the shareholder or the shareholder's legal personal representative or trustee in bankruptcy;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) if the shareholder for whom the proxy holder is appointed is a corporation, the instrument must be signed by the corporation or by a representative appointed for the corporation under §12.5.

**Production of Evidence of Authority to Vote**

12.15 The chair of any meeting of shareholders may, but need not, inquire into the authority of any person to vote at the meeting and may, but need not, demand from that person production of evidence as to the existence of the authority to vote.

**PART 13**

**DIRECTORS**

**First Directors; Number of Directors**

13.1 The first directors are the persons designated as directors of the Company in the Notice of Articles that applies to the Company when it is recognized under the Act. The number of directors, excluding additional directors appointed under §14.8, is set at:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) subject to §(b) and §(c), the number of directors that is equal to the number of the Company's first directors;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) if the Company is a public company, the greater of three and the most recently set of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the number of directors set by a resolution of the directors
(whether or not previous notice of the resolution was given); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the number of directors in office pursuant to §14.4;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (c) if the Company is not a public company, the most recently set of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the number of directors set by a resolution of the directors
(whether or not previous notice of the resolution was given); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the number of directors in office pursuant to §14.4.

**Change in Number of Directors**

13.2 If the number of directors is set under §13.1(b)(i) or §13.1(c)(i):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the shareholders may elect or appoint the directors needed to fill any vacancies in the board of directors up to that number; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) if the shareholders do not elect or appoint the directors needed to fill any vacancies in the board of directors up to that number then the directors, subject to §14.8, may appoint directors to fill those vacancies.

**Directors' Acts Valid Despite Vacancy**

13.3 An act or proceeding of the directors is not invalid merely because fewer than the number of directors set or otherwise required under these Articles is in office.

**Qualifications of Directors**

13.4 A director is not required to hold a share as qualification for his or her office but must be qualified as required by the Act to become, act or continue to act as a director.

**Remuneration of Directors**

13.5 The directors are entitled to the remuneration for acting as directors, if any, as the directors may from time to time determine. If the directors so decide, the remuneration of the directors, if any, will be determined by the shareholders.

**Reimbursement of Expenses of Directors**

13.6 The Company must reimburse each director for the reasonable expenses that he or she may incur in and about the business of the Company.

**Special Remuneration for Directors**

13.7 If any director performs any professional or other services for the Company that in the opinion of the directors are outside the ordinary duties of a director, he or she may be paid remuneration fixed by the directors, or at the option of the directors, fixed by ordinary resolution, and such remuneration will be in addition to any other remuneration that he or she may be entitled to receive.

**Gratuity, Pension or Allowance on Retirement of Director**

13.8 Unless otherwise determined by ordinary resolution, the directors on behalf of the Company may pay a gratuity or pension or allowance on retirement to any director who has held any salaried office or place of profit with the Company or to his or her spouse or dependants and may make contributions to any fund and pay premiums for the purchase or provision of any such gratuity, pension or allowance.

**PART 14**

**ELECTION AND REMOVAL OF DIRECTORS**

**Election at Annual General Meeting**

14.1 At every annual general meeting and in every unanimous resolution contemplated by §10.2:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the shareholders entitled to vote at the annual general meeting for the election of directors must elect, or in the unanimous resolution appoint, a board of directors consisting of the number of directors for the time being set under these Articles; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) all the directors cease to hold office immediately before the election or appointment of directors under §(a), but are eligible for re-election or re-appointment.

**Consent to be a Director**

14.2 No election, appointment or designation of an individual as a director is valid unless:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (a) that individual consents to be a director in the manner provided for in the Act;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) that individual is elected or appointed at a meeting at which the individual is present and the individual does not refuse, at the meeting, to be a director; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (c) with respect to first directors, the designation is otherwise valid under the Act.

**Failure to Elect or Appoint Directors**

14.3 If:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the Company fails to hold an annual general meeting, and all the shareholders who are entitled to vote at an annual general meeting fail to pass the unanimous resolution contemplated by §10.2, on or before the date by which the annual general meeting is required to be held under the Act; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the shareholders fail, at the annual general meeting or in the unanimous resolution contemplated by §10.2, to elect or appoint any directors; then each director then in office continues to hold office until the earlier of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (c) when his or her successor is elected or appointed; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (d) when he or she otherwise ceases to hold office under the Act or these Articles.

**Places of Retiring Directors Not Filled**

14.4 If, at any meeting of shareholders at which there should be an election of directors, the places of any of the retiring directors are not filled by that election, those retiring directors who are not re-elected and who are asked by the newly elected directors to continue in office will, if willing to do so, continue in office to complete the number of directors for the time being set pursuant to these Articles but their term of office shall expire when new directors are elected at a meeting of shareholders convened for that purpose. If any such election or continuance of directors does not result in the election or continuance of the number of directors for the time being set pursuant to these Articles, the number of directors of the Company is deemed to be set at the number of directors actually elected or continued in office.

**Directors May Fill Casual Vacancies**

14.5 Any casual vacancy occurring in the board of directors may be filled by the directors.

**Remaining Directors Power to Act**

14.6 The directors may act notwithstanding any vacancy in the board of directors, but if the Company has fewer directors in office than the number set pursuant to these Articles as the quorum of directors, the directors may only act for the purpose of appointing directors up to that number or of calling a meeting of shareholders for the purpose of filling any vacancies on the board of directors or, subject to the Act, for any other purpose.

**Shareholders May Fill Vacancies**

14.7 If the Company has no directors or fewer directors in office than the number set pursuant to these Articles as the quorum of directors, the shareholders may elect or appoint directors to fill any vacancies on the board of directors.

**Additional Directors**

14.8 Notwithstanding §13.1 and §13.2, between annual general meetings or by unanimous resolutions contemplated by §10.2, the directors may appoint one or more additional directors, but the number of additional directors appointed under this §14.8 must not at any time exceed:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) one-third of the number of first directors, if, at the time of the appointments, one or more of the first directors have not yet completed their first term of office; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) in any other case, one-third of the number of the current directors who were elected or appointed as directors other than under this §14.8.

Any director so appointed ceases to hold office immediately before the next election or appointment of directors under §14.1(a), but is eligible for re-election or re-appointment.

**Ceasing to be a Director**

14.9 A director ceases to be a director when:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (a) the term of office of the director expires;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (b) the director dies;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) the director resigns as a director by notice in writing provided to the Company or a lawyer for the Company; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (d) the director is removed from office pursuant to §14.10 or §14.11.

**Removal of Director by Shareholders**

14.10 The Company may remove any director before the expiration of his or her term of office by special resolution. In that event, the shareholders may elect, or appoint by ordinary resolution, a director to fill the resulting vacancy. If the shareholders do not elect or appoint a director to fill the resulting vacancy contemporaneously with the removal, then the directors may appoint or the shareholders may elect, or appoint by ordinary resolution, a director to fill that vacancy.

**Removal of Director by Directors**

14.11 The directors may remove any director before the expiration of his or her term of office if the director is convicted of an indictable offence, or if the director ceases to be qualified to act as a director of a company and does not promptly resign, and the directors may appoint a director to fill the resulting vacancy.

**Nomination of Directors**

14.12 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Subject only to the Act, only persons who are nominated in accordance with the following procedures shall be eligible for election as directors of the Company. Nominations of persons for election to the board may be made at any annual meeting of shareholders, or at any special meeting of shareholders (but only if the election of directors is a matter specified in the notice of meeting given by or at the direction of the person calling such special meeting):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) by or at the direction of the board or an authorized officer of the Company, including pursuant to a notice of meeting;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) by or at the direction or request of one or more shareholders pursuant to a proposal made in accordance
with the provisions of the Act or a requisition of the shareholders made in accordance with the provisions of the Act; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) by any person (a "**Nominating Shareholder**") (A) who, at the close of business on the
date of the giving of the notice provided for below in this §14.12 and on the record date
for notice of such meeting, is entered in the securities register as a holder of one or more shares carrying the right to vote at such
meeting or who beneficially owns shares that are entitled to be voted at such meeting and (B) who complies with the notice procedures
set forth below in this §14.12.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) In addition to any other applicable requirements, for a nomination to be made by a Nominating Shareholder, such person must be give

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) timely notice thereof in proper written form to the Corporate Secretary of the Company at the principal
executive offices of the Company in accordance with this §14.12.and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the representation and agreement with respect to each candidate for nomination as required by, and within the time period specified
in §14.12(d).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) To be timely under §14.12(b)(i), a Nominating Shareholder's notice to the Corporate Secretary of the Company must be made:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) in the case of an annual meeting of shareholders, not less than 30 nor more than 65 days prior to the
date of the annual meeting of shareholders; provided, however, that in the event that the annual meeting of shareholders is called for
a date that is less than 40 days after the date (the "**Notice Date**") on which the first public announcement of the date
of the annual meeting was made, notice by the Nominating Shareholder may be made not later than the tenth (10th) day following the Notice
Date; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) in the case of a special meeting (which is not also an annual meeting) of shareholders called for the
purpose of electing directors (whether or not called for other purposes), not later than the fifteenth (15th) day following the day on
which the first public announcement of the date of the special meeting of shareholders was made.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) Notwithstanding the foregoing, the board may, in its sole discretion, waive any requirement in this §14.12(c).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) To be in proper written form, a Nominating Shareholder's notice to the Corporate Secretary of the Company, under §14.12(b)(i) must set forth:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) as to each person whom the Nominating Shareholder proposes to nominate for election as a director (A)
the name, age, business address and residence address of the person, (B) the principal occupation or employment of the person, (C) the
class or series and number of shares in the capital of the Company which are controlled or which are owned beneficially or of record by
the person as of the record date for the Meeting of Shareholders (if such date shall then have been made publicly available and shall
have occurred) and as of the date of such notice, (D) a statement as to whether such person would be "independent" of the
Company (within the meaning of sections 1.4 and 1.5 of National Instrument 52-110 – *Audit Committees* of the Canadian Securities
Administrators, as such provisions may be amended from time to time) if elected as a director at such meeting and the reasons and basis
for such determination and (E) any other information relating to the person that would be required to be disclosed in a dissident's
proxy circular in connection with solicitations of proxies for election of directors pursuant to the Act and Applicable Securities Laws;
and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) as to the Nominating Shareholder giving the notice, (A) any information relating to such Nominating Shareholder
that would be required to be made in a dissident's proxy circular in connection with solicitations of proxies for election of directors
pursuant to the Act and Applicable Securities Laws, and (B) the class or series and number of shares in the capital of the Company which
are controlled or which are owned beneficially or of record by the Nominating Shareholder as of the record date for the Meeting of Shareholders
(if such date shall then have been made publicly available and shall have occurred) and as of the date of such notice.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) To be eligible to be a candidate for election as a director of the Company and to be duly nominated, a candidate must be nominated in the manner prescribed in this §14.12 and the candidate for nomination, whether nominated by the board or otherwise, must have previously delivered to the Corporate Secretary of the Company at the principal executive offices of the Company, not less than 5 days prior to the date of the Meeting of Shareholders, a written representation and agreement (in form provided by the Company) that such candidate for nomination, if elected as a director of the Company, will comply with all applicable corporate governance, conflict of interest, confidentiality, share ownership, majority voting and insider trading policies and other policies and guidelines of the Company applicable to directors and in effect during such person's term in office as a director (and, if requested by any candidate for nomination, the Corporate Secretary of the Company shall provide to such candidate for nomination all such policies and guidelines then in effect).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) No person shall be eligible for election as a director of the Company unless nominated in accordance with the provisions of this §14.12; provided, however, that nothing in this §14.12 shall be deemed to preclude discussion by a shareholder (as distinct from nominating directors) at a meeting of shareholders of any matter in respect of which it would have been entitled to submit a proposal pursuant to the provisions of the Act. The chair of the meeting shall have the power and duty to determine whether a nomination was made in accordance with the procedures set forth in the foregoing provisions and, if any proposed nomination is not in compliance with such foregoing provisions, to declare that such defective nomination shall be disregarded.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (g) For purposes of this §14.12:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) "**Affiliate** ", when used to indicate a relationship with a person, shall mean a person
that directly, or indirectly through one or more intermediaries, controls, or is controlled by, or is under common control with, such
specified person;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) "**Applicable Securities Laws**" means the *Securities Act* (British Columbia) and
the equivalent legislation in the other provinces and in the territories of Canada, as amended from time to time, the rules, regulations
and forms made or promulgated under any such statute and the published national instruments, multilateral instruments, policies, bulletins
and notices of the securities commissions and similar regulatory authorities of each of the applicable provinces and territories of Canada;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) "**Associate** ", when used to indicate a relationship with a specified person, shall mean
(A) any corporation or trust of which such person owns beneficially, directly or indirectly, voting securities carrying more than 10%
of the voting rights attached to all voting securities of such corporation or trust for the time being outstanding, (B) any partner of
that person, (C) any trust or estate in which such person has a substantial beneficial interest or as to which such person serves as trustee
or in a similar capacity, (D) a spouse of such specified person, (E) any person of either sex with whom such specified person is living
in conjugal relationship outside marriage or (F) any relative of such specified person or of a person mentioned in clauses (D) or (E)
of this definition if that relative has the same residence as the specified person;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) "**Derivatives Contract**" shall mean a contract between two parties (the "Receiving
Party" and the "Counterparty") that is designed to expose the Receiving Party to economic benefits and risks that correspond
substantially to the ownership by the Receiving Party of a number of shares in the capital of the Company or securities convertible into
such shares specified or referenced in such contract (the number corresponding to such economic benefits and risks, the "Notional
Securities"), regardless of whether obligations under such contract are required or permitted to be settled through the delivery
of cash, shares in the capital of the Company or securities convertible into such shares or other property, without regard to any short
position under the same or any other Derivatives Contract. For the avoidance of doubt, interests in broad-based index options, broad-
based index futures and broad-based publicly traded market baskets of stocks approved for trading by the appropriate governmental
authority shall not be deemed to be Derivatives Contracts;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) "**Meeting of Shareholders**" shall mean such annual shareholders meeting or special shareholders
meeting, whether general or not, at which one or more persons are nominated for election to the board by a Nominating Shareholder;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) "**owned beneficially**" or "**owns beneficially**" means, in connection
with the ownership of shares in the capital of the Company by a person, (A) any such shares as to which such person or any of such person's
Affiliates or Associates owns at law or in equity, or has the right to acquire or become the owner at law or in equity, where such right
is exercisable immediately or after the passage of time and whether or not on condition or the happening of any contingency or the making
of any payment, upon the exercise of any conversion right, exchange right or purchase right attaching to any securities, or pursuant to
any agreement, arrangement, pledge or understanding whether or not in writing; (B) any such shares as to which such person or any of such
person's Affiliates or Associates has the right to vote, or the right to direct the voting, where such right is exercisable immediately
or after the passage of time and whether or not on condition or the happening of any contingency or the making of any payment, pursuant
to any agreement, arrangement, pledge or understanding whether or not in writing; (C) any such shares which are beneficially owned, directly
or indirectly, by a Counterparty (or any of such Counterparty's Affiliates or Associates) under any Derivatives Contract (without
regard to any short or similar position under the same or any other Derivatives Contract) to which such person or any of such person's
Affiliates or Associates is a Receiving Party; provided, however that the number of shares that a person owns beneficially pursuant to
this clause (C) in connection with a particular Derivatives Contract shall not exceed the number of Notional Securities with respect to
such Derivatives Contract; provided, further, that the number of securities owned beneficially by each Counterparty (including their respective
Affiliates and Associates) under a Derivatives Contract shall for purposes of this clause be deemed to include all securities that are
owned beneficially, directly or indirectly, by any other Counterparty (or any of such other Counterparty's Affiliates or Associates)
under any Derivatives Contract to which such first Counterparty (or any of such first Counterparty's Affiliates or Associates) is
a Receiving Party and this proviso shall be applied to successive Counterparties as appropriate; and (D) any such shares which are owned
beneficially within the meaning of this definition by any other person with whom such person is acting jointly or in concert with respect
to the Company or any of its securities; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) "**public announcement**" shall mean disclosure in a press release reported by a national
news service in Canada, or in a document publicly filed by the Company or its agents under its profile on the System
of Electronic Document Analysis and Retrieval at www.sedar.com.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) Notwithstanding any other provision to this §14.12, notice or any delivery given to the Corporate Secretary of the Company pursuant to this §14.12 may only be given by personal delivery, facsimile transmission or by email (provided that the Corporate Secretary of the Company has stipulated an email address for purposes of this notice, at such email address as stipulated from time to time), and shall be deemed to have been given and made only at the time it is served by personal delivery, email (at the address as aforesaid) or sent by facsimile transmission (provided that receipt of confirmation of such transmission has been received) to the Corporate Secretary at the address of the principal executive offices of the Company; provided that if such delivery or electronic communication is made on a day which is a not a business day or later than 5:00 p.m. (Vancouver time) on a day which is a business day, then such delivery or electronic communication shall be deemed to have been made on the subsequent day that is a business day.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) In no event shall any adjournment or postponement of a Meeting of Shareholders or the announcement thereof commence a new time period for the giving of a Nominating Shareholder's notice as described in §14.12(c) or the delivery of a representation and agreement as described in §14.12(e).

**PART 15**

**ALTERNATE DIRECTORS**

**Appointment of Alternate Director**

15.1 Any director (an "appointor") may by notice in writing received by the Company appoint any person (an "appointee") who is qualified to act as a director to be his or her alternate to act in his or her place at meetings of the directors or committees of the directors at which the appointor is not present unless (in the case of an appointee who is not a director) the directors have reasonably disapproved the appointment of such person as an alternate director and have given notice to that effect to his or her appointor within a reasonable time after the notice of appointment is received by the Company.

**Notice of Meetings**

15.2 Every alternate director so appointed is entitled to notice of meetings of the directors and of committees of the directors of which his or her appointor is a member and to attend and vote as a director at any such meetings at which his or her appointor is not present.

**Alternate for More than One Director Attending Meetings**

15.3 A person may be appointed as an alternate director by more than one director, and an alternate director:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) will be counted in determining the quorum for a meeting of directors once for each of his or her appointors and, in the case of an appointee who is also a director, once more in that capacity;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) has a separate vote at a meeting of directors for each of his or her appointors and, in the case of an appointee who is also a director, an additional vote in that capacity;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) will be counted in determining the quorum for a meeting of a committee of directors once for each of his or her appointors who is a member of that committee and, in the case of an appointee who is also a member of that committee as a directors, once more in that capacity; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) has a separate vote at a meeting of a committee of directors for each of his or her appointors who is a member of that committee and, in the case of an appointee who is also a member of that committee as a director, an additional vote in that capacity.

**Consent Resolutions**

15.4 Every alternate director, if authorized by the notice appointing him or her, may sign in place of his or her appointor any resolutions to be consented to in writing.

**Alternate Director an Agent**

15.5 Every alternate director is deemed to be the agent of his or her appointor.

**Revocation or Amendment of Appointment of Alternate Director**

15.6 An appointor may at any time, by notice in writing received by the Company, revoke or amend the terms of the appointment of an alternate director appointed by him or her.

**Ceasing to be an Alternate Director**

15.7 The appointment of an alternate director ceases when:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) his or her appointor ceases to be a director and is not promptly re-elected or re- appointed;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (b) the alternate director dies;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) the alternate director resigns as an alternate director by notice in writing provided to the Company or a lawyer for the Company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (d) the alternate director ceases to be qualified to act as a director; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) the term of his appointment expires, or his or her appointor revokes the appointment of the alternate directors.

**Remuneration and Expenses of Alternate Director**

15.8 The Company may reimburse an alternate director for the reasonable expenses that would be properly reimbursed if he or she were a director, and the alternate director is entitled to receive from the Company such proportion, if any, of the remuneration otherwise payable to the appointor as the appointor may from time to time direct.

**PART 16**

**POWERS AND DUTIES OF DIRECTORS**

**Powers of Management**

16.1 The directors must, subject to the Act and these Articles, manage or supervise the management of the business and affairs of the Company and have the authority to exercise all such powers of the Company as are not, by the Act or by these Articles, required to be exercised by the shareholders of the Company. Notwithstanding the generality of the foregoing, the directors may set the remuneration of the auditor of the Company.

**Appointment of Attorney of Company**

16.2 The directors may from time to time, by power of attorney or other instrument, under seal if so required by law, appoint any person to be the attorney of the Company for such purposes, and with such powers, authorities and discretions (not exceeding those vested in or exercisable by the directors under these Articles and excepting the power to fill vacancies in the board of directors, to remove a director, to change the membership of, or fill vacancies in, any committee of the directors, to appoint or remove officers appointed by the directors and to declare dividends) and for such period, and with such remuneration and subject to such conditions as the directors may think fit. Any such power of attorney may contain such provisions for the protection or convenience of persons dealing with such attorney as the directors think fit. Any such attorney may be authorized by the directors to sub-delegate all or any of the powers, authorities and discretions for the time being vested in him or her.

**Remuneration of an Auditor**

16.3 The directors may from time to time set the remuneration of an auditor.

**PART 17**

**INTERESTS OF DIRECTORS AND OFFICERS**

**Obligation to Account for Profits**

17.1 A director or senior officer who holds a disclosable interest (as that term is used in the Act) in a contract or transaction into which the Company has entered or proposes to enter is liable to account to the Company for any profit that accrues to the director or senior officer under or as a result of the contract or transaction only if and to the extent provided in the Act.

**Restrictions on Voting by Reason of Interest**

17.2 A director who holds a disclosable interest in a contract or transaction into which the Company has entered or proposes to enter is not entitled to vote on any directors' resolution to approve that contract or transaction, unless all the directors have a disclosable interest in that contract or transaction, in which case any or all of those directors may vote on such resolution.

**Interested Director Counted in Quorum**

17.3 A director who holds a disclosable interest in a contract or transaction into which the Company has entered or proposes to enter and who is present at the meeting of directors at which the contract or transaction is considered for approval may be counted in the quorum at the meeting whether or not the director votes on any or all of the resolutions considered at the meeting.

**Disclosure of Conflict of Interest or Property**

17.4 A director or senior officer who holds any office or possesses any property, right or interest that could result, directly or indirectly, in the creation of a duty or interest that materially conflicts with that individual's duty or interest as a director or senior officer, must disclose the nature and extent of the conflict as required by the Act.

**Director Holding Other Office in the Company**

17.5 A director may hold any office or place of profit with the Company, other than the office of auditor of the Company, in addition to his or her office of director for the period and on the terms (as to remuneration or otherwise) that the directors may determine.

**No Disqualification**

17.6 No director or intended director is disqualified by his or her office from contracting with the Company either with regard to the holding of any office or place of profit the director holds with the Company or as vendor, purchaser or otherwise, and no contract or transaction entered into by or on behalf of the Company in which a director is in any way interested is liable to be voided for that reason.

**Professional Services by Director or Officer**

17.7 Subject to the Act, a director or officer, or any person in which a director or officer has an interest, may act in a professional capacity for the Company, except as auditor of the Company, and the director or officer or such person is entitled to remuneration for professional services as if that director or officer were not a director or officer.

**Director or Officer in Other Corporations**

17.8 A director or officer may be or become a director, officer or employee of, or otherwise interested in, any person in which the Company may be interested as a shareholder or otherwise, and, subject to the Act, the director or officer is not accountable to the Company for any remuneration or other benefits received by him or her as director, officer or employee of, or from his or her interest in, such other person.

**PART 18**

**PROCEEDINGS OF DIRECTORS**

**Meetings of Directors**

18.1 The directors may meet together for the conduct of business, adjourn and otherwise regulate their meetings as they think fit, and meetings of the directors held at regular intervals may be held at the place, at the time and on the notice, if any, as the directors may from time to time determine.

**Voting at Meetings**

18.2 Questions arising at any meeting of directors are to be decided by a majority of votes and, in the case of an equality of votes, the chair of the meeting has a second or casting vote.

**Chair of Meetings**

18.3 The following individual is entitled to preside as chair at a meeting of directors:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (a) the chair of the board, if any;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) in the absence of the chair of the board, the president, if any, if the president is a director; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (c) any other director chosen by the directors if:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) neither the chair of the board nor the president, if a director,
is present at the meeting within 15 minutes after the time set for holding the meeting;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) neither the chair of the board nor the president, if a director,
is willing to chair the meeting; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) the chair of the board and the president, if a director,
have advised the secretary, if any, or any other director, that they will not be present at the meeting.

**Meetings by Telephone or Other Communications Medium**

18.4 A director may participate in a meeting of the directors or of any committee of the directors:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (a) in person; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) by telephone or by other communications medium if all directors participating in the meeting, whether in person or by telephone or other communications medium, are able to communicate with each other.

A director who participates in a meeting in a manner contemplated by this §18.4 is deemed for all purposes of the Act and these Articles to be present at the meeting and to have agreed to participate in that manner.

**Calling of Meetings**

18.5 A director may, and the secretary or an assistant secretary of the Company, if any, on the request of a director must, call a meeting of the directors at any time.

**Notice of Meetings**

18.6 Other than for meetings held at regular intervals as determined by the directors pursuant to §18.1, 48 hours' notice of each meeting of the directors, specifying the place, day and time of that meeting must be given to each of the directors by any method set out in §24.1 or orally or by telephone.

**When Notice Not Required**

18.7 It is not necessary to give notice of a meeting of the directors to a director if:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the meeting is to be held immediately following a meeting of shareholders at which that director was elected or appointed, or is the meeting of the directors at which that director is appointed; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (b) the director has waived notice of the meeting.

**Meeting Valid Despite Failure to Give Notice**

18.8 The accidental omission to give notice of any meeting of directors to, or the non- receipt of any notice by, any director, does not invalidate any proceedings at that meeting.

**Waiver of Notice of Meetings**

18.9 Any director may send to the Company a document signed by him or her waiving notice of any past, present or future meeting or meetings of the directors and may at any time withdraw that waiver with respect to meetings held after that withdrawal. After sending a waiver with respect to all future meetings and until that waiver is withdrawn, no notice of any meeting of the directors need be given to that director and all meetings of the directors so held are deemed not to be improperly called or constituted by reason of notice not having been given to such director. Attendance of a director or alternate director at a meeting of the directors is a waiver of notice of the meeting unless that director or alternate director attends the meeting for the express purpose of objecting to the transaction of any business on the grounds that the meeting is not lawfully called.

**Quorum**

18.10 The quorum necessary for the transaction of the business of the directors may be set by the directors and, if not so set, is deemed to be a majority of the directors or, if the number of directors is set at one, is deemed to be set at one director, and that director may constitute a meeting.

**Validity of Acts Where Appointment Defective**

18.11 Subject to the Act, an act of a director or officer is not invalid merely because of an irregularity in the election or appointment or a defect in the qualification of that director or officer.

**Consent Resolutions in Writing**

18.12 A resolution of the directors or of any committee of the directors may be passed without a meeting:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) in all cases, if each of the directors entitled to vote on the resolution consents to it in writing; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) in the case of a resolution to approve a contract or transaction in respect of which a director has disclosed that he or she has or may have a disclosable interest, if each of the other directors who have not made such a disclosure consents in writing to the resolution.

A consent in writing under this Article 18 may be by signed document, fax, email or any other method of transmitting legibly recorded messages. A consent in writing may be in two or more counterparts which together are deemed to constitute one consent in writing. A resolution of the directors or of any committee of the directors passed in accordance with this §18.12 is effective on the date stated in the consent in writing or on the latest date stated on any counterpart and is deemed to be a proceeding at a meeting of directors or of the committee of the directors and to be as valid and effective as if it had been passed at a meeting of the directors or of the committee of the directors that satisfies all the requirements of the Act and all the requirements of these Articles relating to meetings of the directors or of a committee of the directors.

**PART 19**

**EXECUTIVE AND OTHER COMMITTEES**

**Appointment and Powers of Executive Committee**

19.1 The directors may, by resolution, appoint an executive committee consisting of the director or directors that they consider appropriate, and this committee has, during the intervals between meetings of the board of directors, all of the directors' powers, except:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (a) the power to fill vacancies in the board of directors;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (b) the power to remove a director;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) the power to change the membership of, or fill vacancies in, any committee of the directors; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) such other powers, if any, as may be set out in the resolution or any subsequent directors' resolution.

**Appointment and Powers of Other Committees**

19.2 The directors may, by resolution:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) appoint one or more committees (other than the executive committee) consisting of the director or directors that they consider appropriate;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (b) delegate to a committee appointed under §(a) any of the directors' powers, except:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the power to fill vacancies in the board of directors;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the power to remove a director;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) the power to change the membership of, or fill vacancies
in, any committee of the directors; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) the power to appoint or remove officers appointed by the directors; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) make any delegation referred to in §(b) subject to the conditions set out in the resolution or any subsequent directors' resolution.

**Obligations of Committees**

19.3 Any committee appointed under §19.1 or §19.2, in the exercise of the powers delegated to it, must:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) conform to any rules that may from time to time be imposed on it by the directors; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) report every act or thing done in exercise of those powers at such times as the directors may require.

**Powers of Board**

19.4 The directors may, at any time, with respect to a committee appointed under §19.1 or §19.2:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) revoke or alter the authority given to the committee, or override a decision made by the committee, except as to acts done before such revocation, alteration or overriding;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (b) terminate the appointment of, or change the membership of, the committee; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (c) fill vacancies in the committee.

**Committee Meetings**

19.5 Subject to §19.3(a) and unless the directors otherwise provide in the resolution appointing the committee or in any subsequent resolution, with respect to a committee appointed under §19.1 or §19.2:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (a) the committee may meet and adjourn as it thinks proper;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the committee may elect a chair of its meetings but, if no chair of a meeting is elected, or if at a meeting the chair of the meeting is not present within 15 minutes after the time set for holding the meeting, the directors present who are members of the committee may choose one of their number to chair the meeting;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) a majority of the members of the committee constitutes a quorum of the committee; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) questions arising at any meeting of the committee are determined by a majority of votes of the members present, and in case of an equality of votes, the chair of the meeting does not have a second or casting vote.

**PART 20**

**OFFICERS**

**Directors May Appoint Officers**

20.1 The directors may, from time to time, appoint such officers, if any, as the directors determine and the directors may, at any time, terminate any such appointment.

**Functions, Duties and Powers of Officers**

20.2 The directors may, for each officer:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (a) determine the functions and duties of the officer;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) entrust to and confer on the officer any of the powers exercisable by the directors on such terms and conditions and with such restrictions as the directors think fit; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) revoke, withdraw, alter or vary all or any of the functions, duties and powers of the officer.

**Qualifications**

20.3 No person may be appointed as an officer unless that person is qualified in accordance with the Act. One person may hold more than one position as an officer of the Company. Any person appointed as the chair of the board or as a managing director must be a director. Any other officer need not be a director.

**Remuneration and Terms of Appointment**

20.4 All appointments of officers are to be made on the terms and conditions and at the remuneration (whether by way of salary, fee, commission, participation in profits or otherwise) that the directors thinks fit and are subject to termination at the pleasure of the directors, and an officer may in addition to such remuneration be entitled to receive, after he or she ceases to hold such office or leaves the employment of the Company, a pension or gratuity.

**PART 21**

**INDEMNIFICATION**

**Definitions**

21.1 In this Part 21:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (a) "**eligible party**", in relation to a company, means an individual who:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) is or was a director, alternate director or officer of the Company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) is or was a director, alternate director or officer of another 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;(A) at a time when the corporation is or was an affiliate of
the Company, or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) at the request of the Company; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) at the request of the Company, is or was, or holds or held
a position equivalent to that of, a director, alternate director or officer of a partnership, trust, joint venture or other unincorporated
entity;

and includes, except in the definition of "eligible proceeding", and §163(1)(c) and (d) and §165 of the Act, the heirs and personal or other legal representatives of that individual;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) "**eligible penalty**" means a judgment, penalty or fine awarded or imposed in, or an amount paid in settlement of, an eligible proceeding;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) "**eligible proceeding**" means a proceeding in which an eligible party or any of the heirs and personal or other legal representatives of the eligible party, by reason of the eligible party being or having been a director or officer of, or holding or having held a position equivalent to that of a director or officer of, the Company or an associated corporation

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) is or may be joined as a party; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) is or may be liable for or in respect of a judgment, penalty
or fine in, or expenses related to, the proceeding;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) "**expenses**" has the meaning set out in the Act and includes costs, charges and expenses, including legal and other fees, but does not include judgments, penalties, fines or amounts paid in settlement of a proceeding; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) "**proceeding**" includes any legal proceeding or investigative action, whether current, threatened, pending or completed.

**Mandatory Indemnification of Eligible Parties**

21.2 Subject to the Act, the Company must indemnify each eligible party and the heirs and legal personal representatives of each eligible party against all eligible penalties to which such person is or may be liable, and the Company must, after the final disposition of an eligible proceeding, pay the expenses actually and reasonably incurred by such person in respect of that proceeding. Each eligible party is deemed to have contracted with the Company on the terms of the indemnity contained in this §21.2.

**Indemnification of Other Persons**

21.3 Subject to any restrictions in the Act, the Company may agree to indemnify and may indemnify any person (including an eligible party) against eligible penalties and pay expenses incurred in connection with the performance of services by that person for the Company.

**Authority to Advance Expenses**

21.4 The Company may advance expenses to an eligible party to the extent permitted by and in accordance with the Act.

**Non-Compliance with Act**

21.5 Subject to the Act, the failure of an eligible party of the Company to comply with the Act or these Articles or, if applicable, any former *Companies Act* or former Articles does not, of itself, invalidate any indemnity to which he or she is entitled under this Part 21.

**Company May Purchase Insurance**

21.6 The Company may purchase and maintain insurance for the benefit of any eligible party person (or his or her heirs or legal personal representatives of any eligible party) against any liability incurred by any eligible party.

**PART 22**

**DIVIDENDS**

**Payment of Dividends Subject to Special Rights**

22.1 The provisions of this Part 22 are subject to the rights, if any, of shareholders holding shares with special rights as to dividends.

**Declaration of Dividends**

22.2 Subject to the Act, the directors may from time to time declare and authorize payment of such dividends as they may deem advisable.

**No Notice Required**

22.3 The directors need not give notice to any shareholder of any declaration under §22.2.

**Record Date**

22.4 The directors must set a date as the record date for the purpose of determining shareholders entitled to receive payment of a dividend. The record date must not precede the date on which the dividend is to be paid by more than two months.

**Manner of Paying Dividend**

22.5 A resolution declaring a dividend may direct payment of the dividend wholly or partly in money or by the distribution of specific assets or of fully paid shares or of bonds, debentures or other securities of the Company or any other corporation, or in any one or more of those ways.

**Settlement of Difficulties**

22.6 If any difficulty arises in regard to a distribution under §22.5, the directors may settle the difficulty as they deem advisable, and, in particular, may:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (a) set the value for distribution of specific assets;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) determine that money in substitution for all or any part of the specific assets to which any shareholders are entitled may be paid to any shareholders on the basis of the value so fixed in order to adjust the rights of all parties; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (c) vest any such specific assets in trustees for the persons entitled to the dividend.

**When Dividend Payable**

22.7 Any dividend may be made payable on such date as is fixed by the directors.

**Dividends to be Paid in Accordance with Number of Shares**

22.8 All dividends on shares of any class or series of shares must be declared and paid according to the number of such shares held.

**Receipt by Joint Shareholders**

22.9 If several persons are joint shareholders of any share, any one of them may give an effective receipt for any dividend, bonus or other money payable in respect of the share.

**Dividend Bears No Interest**

22.10 No dividend bears interest against the Company.

**Fractional Dividends**

22.11 If a dividend to which a shareholder is entitled includes a fraction of the smallest monetary unit of the currency of the dividend, that fraction may be disregarded in making payment of the dividend and that payment represents full payment of the dividend.

**Payment of Dividends**

22.12 Any dividend or other distribution payable in money in respect of shares may be paid by cheque, made payable to the order of the person to whom it is sent, and mailed to the registered address of the shareholder, or in the case of joint shareholders, to the registered address of the joint shareholder who is first named on the central securities register, or to the person and to the address the shareholder or joint shareholders may direct in writing. The mailing of such cheque will, to the extent of the sum represented by the cheque (plus the amount of the tax required by law to be deducted), discharge all liability for the dividend unless such cheque is not paid on presentation or the amount of tax so deducted is not paid to the appropriate taxing authority.

**Capitalization of Retained Earnings or Surplus**

22.13 Notwithstanding anything contained in these Articles, the directors may from time to time capitalize any retained earnings or surplus of the Company and may from time to time issue, as fully paid, shares or any bonds, debentures or other securities of the Company as a dividend representing the retained earnings or surplus so capitalized or any part thereof.

**PART 23**

**ACCOUNTING RECORDS AND AUDITORS**

**Recording of Financial Affairs**

23.1 The directors must cause adequate accounting records to be kept to record properly the financial affairs and condition of the Company and to comply with the Act.

**Inspection of Accounting Records**

23.2 Unless the directors determine otherwise, or unless otherwise determined by ordinary resolution, no shareholder of the Company is entitled to inspect or obtain a copy of any accounting records of the Company.

**Remuneration of Auditor**

23.3 The directors may set the remuneration of the auditor of the Company.

**PART 24**

**NOTICES**

**Method of Giving Notice**

24.1 Unless the Act or these Articles provide otherwise, a notice, statement, report or other record required or permitted by the Act or these Articles to be sent by or to a person may be sent by:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (a) mail addressed to the person at the applicable address for that person as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) for a record mailed to a shareholder, the shareholder's
registered address;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) for a record mailed to a director or officer, the prescribed
address for mailing shown for the director or officer in the records kept by the Company or the mailing address provided by the recipient
for the sending of that record or records of that class;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) in any other case, the mailing address of the intended recipient;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) delivery at the applicable address for that person as follows, addressed to the person:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) for a record delivered to a shareholder, the shareholder's
registered address;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) for a record delivered to a director or officer, the prescribed
address for delivery shown for the director or officer in the records kept by the Company or the delivery address provided by the recipient
for the sending of that record or records of that class;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) in any other case, the delivery address of the intended recipient;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) sending the record by fax to the fax number provided by the intended recipient for the sending of that record or records of that class;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) sending the record by email to the email address provided by the intended recipient for the sending of that record or records of that class;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (e) physical delivery to the intended recipient.

**Deemed Receipt of Mailing**

24.2 A notice, statement, report or other record that is:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) mailed to a person by ordinary mail to the applicable address for that person referred to in §24.1 i is deemed to be received by the person to whom it was mailed on the day (Saturdays, Sundays and holidays excepted) following the date of mailing;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) faxed to a person to the fax number provided by that person referred to in §24.1 is deemed to be received by the person to whom it was faxed on the day it was faxed; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) emailed to a person to the e-mail address provided by that person referred to in §24.1 is deemed to be received by the person to whom it was e-mailed on the day that it was emailed.

**Certificate of Sending**

24.3 A certificate signed by the secretary, if any, or other officer of the Company or of any other corporation acting in that capacity on behalf of the Company stating that a notice, statement, report or other record was sent in accordance with §24.1is conclusive evidence of that fact.

**Notice to Joint Shareholders**

24.4 A notice, statement, report or other record may be provided by the Company to the joint shareholders of a share by providing such record to the joint shareholder first named in the central securities register in respect of the share.

**Notice to Legal Personal Representatives and Trustees**

24.5 A notice, statement, report or other record may be provided by the Company to the persons entitled to a share in consequence of the death, bankruptcy or incapacity of a shareholder by:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) mailing the record, addressed to them:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) by name, by the title of the legal personal representative
of the deceased or incapacitated shareholder, by the title of trustee of the bankrupt shareholder or by any similar description; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) at the address, if any, supplied to the Company for that
purpose by the persons claiming to be so entitled; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) if an address referred to in §(a)(ii) has not been supplied to the Company, by giving the notice in a manner in which it might have been given if the death, bankruptcy or incapacity had not occurred.

**Undelivered Notices**

24.6 If on two consecutive occasions, a notice, statement, report or other record is sent to a shareholder pursuant to §24.1 and on each of those occasions any such record is returned because the shareholder cannot be located, the Company shall not be required to send any further records to the shareholder until the shareholder informs the Company in writing of his or her new address.

**PART 25**

**SEAL**

**Who May Attest Seal**

25.1 Except as provided in §25.2 and §25.3, the Company's seal, if any, must not be impressed on any record except when that impression is attested by the signatures of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (a) any two directors;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (b) any officer, together with any director;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (c) if the Company only has one director, that director; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) any one or more directors or officers or persons as may be determined by the directors.

**Sealing Copies**

25.2 For the purpose of certifying under seal a certificate of incumbency of the directors or officers of the Company or a true copy of any resolution or other document, despite §25.1, the impression of the seal may be attested by the signature of any director or officer or the signature of any other person as may be determined by the directors.

**Mechanical Reproduction of Seal**

25.3 The directors may authorize the seal to be impressed by third parties on share certificates or bonds, debentures or other securities of the Company as they may determine appropriate from time to time. To enable the seal to be impressed on any share certificates or bonds, debentures or other securities of the Company, whether in definitive or interim form, on which facsimiles of any of the signatures of the directors or officers of the Company are, in accordance with the Act or these Articles, printed or otherwise mechanically reproduced, there may be delivered to the person employed to engrave, lithograph or print such definitive or interim share certificates or bonds, debentures or other securities one or more unmounted dies reproducing the seal and such persons as are authorized under §25.1 to attest the Company's seal may in writing authorize such person to cause the seal to be impressed on such definitive or interim share certificates or bonds, debentures or other securities by the use of such dies. Share certificates or bonds, debentures or other securities to which the seal has been so impressed are for all purposes deemed to be under and to bear the seal impressed on them.

**PART 26**

**PROHIBITIONS**

**Definitions**

26.1 In this PART 26:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (a) "**designated security**" means:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) a voting security of the Company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) a security of the Company that is not a debt security and
that carries a residual right to participate in the earnings of the Company or, on the liquidation or winding up of the Company, in its
assets; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) a security of the Company convertible, directly or indirectly,
into a security described in §(a) or §(b);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (b) "**security**" has the meaning assigned in the *Securities Act* (British Columbia); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (c) "**voting security**" means a security of the Company that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) is not a debt security; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) carries a voting right either under all circumstances or
under some circumstances that have occurred and are continuing.

**Application**

26.2 §26.3 does not apply to the Company if and for so long as it is a public company, a private company which is no longer eligible to use the private issuer exemption under the *Securities Act (*British Columbia), or a pre-existing reporting company which has the Statutory Reporting Company Provisions as part of its Articles or a company to which the Statutory Reporting Company Provisions apply.

**Consent Required for Transfer of Shares or Designated Securities**

26.3 No share or designated security may be sold, transferred or otherwise disposed of without the consent of the directors and the directors are not required to give any reason for refusing to consent to any such sale, transfer or other disposition

---

| | |
|:---|:---|
| **Full name and signature of Incorporator** | **Date of signing** |
| /s/ DANNY MATTHEWS |  |
| DANNY MATTHEWS | January 26, 2021 |

---

## Ex1A-3

**Exhibit 3.2**

**INDENTURE**

Made as of April 7, 2022

<br> Between

**MODERN MINING TECHNOLOGY CORP.**

(the "**Corporation**")

<br> and

**COMPUTERSHARE TRUST COMPANY OF CANADA**

(the "**Trustee**")

**TABLE OF CONTENTS**

---

| | |
|:---|:---|
| RECITALS | 1 |
| ARTICLE 1 – INTERPRETATION | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 1.1 Definitions | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 1.2 Meaning of "Outstanding" | 7 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 1.3 Interpretation | 8 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 1.4 Headings, etc. | 9 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 1.5 Time of Essence | 9 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 1.6 Monetary References | 9 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 1.7 Invalidity, etc. | 9 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 1.8 Language | 9 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 1.9 Successors and Assigns | 9 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 1.10 Severability | 9 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 1.11 Entire Agreement | 9 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 1.12 Benefits of Indenture | 10 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 1.13 Applicable Law and Attornment | 10 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 1.14 Currency of Payment | 10 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 1.15 Non-Business Days | 10 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 1.16 Accounting Terms | 10 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 1.17 Calculations | 10 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 1.18 Schedules | 11 |
| ARTICLE 2 – THE DEBENTURES | 11 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 2.1 Issue of Global Debentures | 11 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 2.2 Limit of Debentures | 12 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 2.3 Terms of Debentures of any Series | 12 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 2.4 Form of Debentures | 14 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 2.5 Form and Terms of Initial Debentures | 14 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 2.6 Certification and Delivery of Additional Debentures | 20 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 2.7 Uncertificated Deposit | 21 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 2.8 Execution of Debentures | 23 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 2.9 Certification | 23 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 2.10 Interim Debentures or Certificates | 24 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 2.11 Mutilation, Loss, Theft or Destruction | 24 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 2.12 Concerning Interest | 25 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 2.13 Debentures to Rank Pari Passu | 25 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 2.14 Payments of Amounts Due on Maturity | 25 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 2.15 Legends on the Debentures and Common Shares. | 26 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 2.16 Payment of Interest | 28 |
| ARTICLE 3 – REGISTRATION, TRANSFER, EXCHANGE AND OWNERSHIP | 29 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 3.1 Global Debentures or Book based Debentures | 29 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 3.2 Fully Registered Debentures | 32 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 3.3 Transferee Entitled to Registration | 35 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 3.4 No Notice of Trusts | 35 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 3.5 Registers Open for Inspection | 35 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 3.6 Exchanges of Debentures | 35 |

---

(i) ---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 3.7 Closing of Registers | 36.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 3.8 Charges for Registration, Transfer and Exchange | 36.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 3.9 Ownership of Debentures | 37.0 |
| ARTICLE 4 – PURCHASE OF DEBENTURES | 37.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 4.1 Purchase of Debentures by the Corporation | 37.0 |
| ARTICLE 5 – SUBORDINATION OF DEBENTURES | 38.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 5.1 Applicability of Article | 38.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 5.2 Order of Payment | 38.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 5.3 Subrogation to Rights of Holders of Secured Indebtedness | 40.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 5.4 Obligation to Pay Not Impaired | 40.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 5.5 No Payment if Secured Indebtedness in Default | 40.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 5.6 Payment on Debentures Permitted | 41.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 5.7 Confirmation of Subordination | 41.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 5.8 Knowledge of Trustee | 42.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 5.9 Trustee May Hold Secured Indebtedness | 42.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 5.10 Rights of Holders of Secured Indebtedness Not Impaired | 42.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 5.11 Altering the Secured Indebtedness | 42.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 5.12 Additional Indebtedness | 42.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 5.13 Right of Debentureholder to Convert Not Impaired | 43.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 5.14 Invalidated Payments | 43.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 5.15 Contesting Security | 43.0 |
| ARTICLE 6 – CONVERSION OF DEBENTURES | 43.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 6.1 Forced Conversion of Debentures | 43.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 6.2 Effect of Conversion | 44.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 6.3 Adjustment of Conversion Price | 44.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 6.4 No Requirement to Issue Fractional Common Shares | 49.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 6.5 Corporation to Reserve the Underlying Securities | 49.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 6.6 Cancellation of Converted Debentures | 49.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 6.7 Certificate as to Adjustment | 50.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 6.8 Notice of Special Matters | 50.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 6.9 Protection of Trustee | 50.0 |
| ARTICLE 7 – COVENANTS OF THE CORPORATION | 51.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 7.1 To Pay Principal, Premium (if any) and Interest | 51.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 7.2 To Pay Trustee's Remuneration | 51.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 7.3 To Give Notice of Default | 51.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 7.4 Preservation of Existence, etc. | 51.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 7.5 Keeping of Books | 51.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 7.6 Annual Certificate of Compliance | 52.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 7.7 Performance of Covenants by Trustee | 52.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 7.8 No Dividends on Common Shares if Event of Default | 52.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 7.9 Withholding Matters | 52.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 7.10 SEC Reporting Status | 53.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 7.11 Stay, Extension and Usury Laws | 53.0 |
| ARTICLE 8 – DEFAULT | 54.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 8.1 Events of Default | 54.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 8.2 Notice of Events of Default | 56.0 |

---

(ii) ---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 8.3 Waiver of Default | 56.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 8.4 Enforcement by the Trustee | 57.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 8.5 No Suits by Debentureholders | 58.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 8.6 Application of Monies by Trustee | 59.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 8.7 Notice of Payment by Trustee | 60.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 8.8 Trustee May Demand Production of Debentures | 60.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 8.9 Remedies Cumulative | 60.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 8.10 Judgment Against the Corporation | 60.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 8.11 Immunity of Directors, Officers and Others | 60.0 |
| ARTICLE 9 – SATISFACTION AND DISCHARGE | 61.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 9.1 Cancellation and Destruction | 61.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 9.2 Non-Presentation of Debentures | 61.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 9.3 Repayment of Unclaimed Monies | 61.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 9.4 Discharge | 62.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 9.5 Satisfaction | 62.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 9.6 Continuance of Rights, Duties and Obligations | 64.0 |
| ARTICLE 10 – SUCCESSORS | 65.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 10.1 Corporation may Consolidate, etc., Only on Certain Terms | 65.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 10.2 Successor Substituted | 66.0 |
| ARTICLE 11 – COMPULSORY ACQUISITION | 66.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 11.1 Definitions In this Article: | 66.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 11.2 Offer for Debentures | 67.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 11.3 Offeror's Notice to Dissenting Shareholders | 67.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 11.4 Delivery of Debenture Certificates. | 68.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 11.5 Payment of Consideration to Trustee | 68.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 11.6 Consideration to be held in Trust | 68.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 11.7 Completion of Transfer of Debentures to Offeror | 68.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 11.8 Communication of Offer to the Corporation | 69.0 |
| ARTICLE 12 – MEETINGS OF DEBENTUREHOLDERS | 69.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 12.1 Right to Convene Meeting | 69.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 12.2 Notice of Meetings | 69.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 12.3 Chairman | 71.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 12.4 Quorum | 71.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 12.5 Power to Adjourn | 71.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 12.6 Show of Hands | 71.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 12.7 Poll | 72.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 12.8 Voting | 72.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 12.9 Proxies. | 72.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 12.10 Persons Entitled to Attend Meetings | 73.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 12.11 Powers Exercisable by Extraordinary Resolution | 73.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 12.12 Meaning of "Extraordinary Resolution" | 75.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 12.13 Powers Cumulative | 76.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 12.14 Minutes | 76.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 12.15 Instruments in Writing | 76.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 12.16 Binding Effect of Resolutions | 76.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 12.17 Evidence of Rights Of Debentureholders | 77.0 |

---

(iii) ---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 12.18 Concerning Serial Meetings | 77 |
| ARTICLE 13 – NOTICES | 77 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 13.1 Notice to Corporation | 77 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 13.2 Notice to Debentureholders | 77 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 13.3 Notice to Trustee | 78 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 13.4 Mail Service Interruption | 78 |
| ARTICLE 14 – CONCERNING THE TRUSTEE | 78 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 14.1 Replacement of Trustee | 78 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 14.2 Duties of Trustee | 79 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 14.3 Reliance Upon Declarations, Opinions, etc. | 79 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 14.4 Evidence and Authority to Trustee, Opinions, etc. | 80 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 14.5 Officer's Certificates Evidence | 81 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 14.6 Experts, Advisers and Agents | 81 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 14.7 Trustee May Deal in Debentures | 82 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 14.8 Investment of Monies Held by Trustee | 82 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 14.9 Trustee Not Ordinarily Bound | 82 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 14.10 Trustee Not Required to Give Security | 83 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 14.11 Trustee Not Bound to Act on Trust's Request | 83 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 14.12 Conditions Precedent to Trustee's Obligations to Act Hereunder | 83 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 14.13 Authority to Carry on Business. | 83 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 14.14 Compensation and Indemnity | 84 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 14.15 Acceptance of Trust | 84 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 14.16 Third Party Interests | 84 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 14.17 Anti-Money Laundering | 85 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 14.18 Privacy Laws | 85 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 14.19 Force Majeure | 86 |
| ARTICLE 15 – SUPPLEMENTAL INDENTURES | 86 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 15.1 Supplemental Indentures | 86 |
| ARTICLE 16 – EXECUTION AND FORMAL DATE | 87 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 16.1 Execution | 87 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 16.2 Formal Date | 87 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Schedule A – Form of Debenture | 1 |

---

(iv) **INDENTURE**

This agreement is made as of April 7, 2022 between

**MODERN MINING TECHNOLOGY CORP**.

a corporation existing under the laws of the Province of British Columbia and having its head office in the City of Vancouver, in the Province of British Columbia

(the "**Corporation**")

AND

**COMPUTERSHARE TRUST COMPANY OF CANADA**

a trust company existing under the laws of Canada and registered to carry on business in the Province of British Columbia

(the "**Trustee**")

**RECITALS**

The Corporation wishes to create and issue the Debentures (as herein defined) in the manner and subject to the terms and conditions of this Indenture;

**FOR VALUE RECEIVED**, the parties agree as follows:

**ARTICLE 1 – INTERPRETATION**

**Section 1.1 Definitions**

In this Indenture and in the Debentures, unless there is something in the subject matter or context inconsistent therewith, the expressions following shall have the following meanings, namely:

(1) "**1933 Act**" means the United States *Securities Act of 1933*, as amended, and the rules and regulations promulgated thereunder;

(2) "**90% Redemption Right**" has the meaning ascribed thereto in clause 2.5(7)(b);

(3) "**this Indenture**", "**this Convertible Debenture Indenture**", "**hereto**", "**herein**", "**hereby**", "**hereunder**", "**hereof**" and similar expressions refer to this Indenture and not to any particular Article, Section, subsection, clause, subdivision or other portion hereof and include any and every instrument supplemental or ancillary hereto;

(4) "**Additional Debentures**" means Debentures of any one or more series, other than the first series of Debentures, being the Initial Debentures, issued under this Indenture;

(5) "**Applicable Securities Legislation**" means applicable securities laws (including rules, regulations, policies and instruments) in each of the applicable provinces and territories of Canada;

(6) "**Auditors of the Corporation**" means an independent firm of chartered accountants duly appointed as auditors of the Corporation;

(7) "**Beneficial Holder**" means any Person who holds a beneficial interest in a Debenture that is represented by a Debenture Certificate or an Uncertificated Debenture registered in the name of such person's nominee;

(8) "**Board of Directors**" means the board of directors of the Corporation;

(9) "**Book based Debentures**" means Debentures issued under this Indenture in uncertificated form which are held only by way of book based (electronic) register maintained by the Trustee;

(10) "**Business Day**" means any day other than a Saturday, Sunday or a statutory or civic holiday, or any other day on which the Trustee at its offices in Vancouver, British Columbia, Calgary, Alberta or Toronto, Ontario, is not open for business, and shall be a day on which the Recognized Stock Exchange is open for business;

(11) "**Change of Control**" means: (a) any event as a result of or following which a Person or group of Persons acting jointly or in concert within the meaning of Applicable Securities Legislation, beneficially owns or exercises control or direction over an aggregate of more than 50% of the then outstanding Common Shares; or (b) the sale or other transfer of all or substantially all of the consolidated assets of the Corporation, unless the holders of voting securities of the Corporation immediately prior to such sale, merger, reorganization or other similar transaction hold securities representing 50% or more of the voting control or direction in the Corporation or the successor entity upon completion of such merged, reorganized or other continuing entity;

(12) "**Change of Control Notice**" has the meaning ascribed thereto in subsection 2.5(7);

(13) "**Change of Control Offer**" has the meaning ascribed thereto in subsection 2.5(7);

(14) "**Change of Control Purchase Date**" means the date upon which the Change of Control becomes effective;

(15) "**Common Shares**" means the common shares in the capital of the Corporation, as such common shares are constituted on the date of execution and delivery of this Indenture; provided that in the event of a change or a subdivision, revision, reduction, combination or consolidation thereof, any reclassification, capital reorganization, consolidation, amalgamation, arrangement, merger, sale or conveyance or liquidation, dissolution or winding- up, or such successive changes, subdivisions, redivisions, reductions, combinations or consolidations, reclassifications, capital reorganizations, consolidations, amalgamations, arrangements, mergers, sales or conveyances or liquidations, dissolutions or windings-up, then, subject to adjustments, if any, having been made in accordance with the provisions of Section 6.3, "**Common Shares**" shall, as the context may require, mean the shares or other securities or property resulting from such change, subdivision, redivision, reduction, combination or consolidation, reclassification, capital reorganization, consolidation, amalgamation, arrangement, merger, sale or conveyance or liquidation, dissolution or winding-up;

(16) "**Conversion Price**" means the dollar amount for which each Common Share or Unit, as applicable, may be issued from time to time upon the conversion of Debentures or any series of Debentures which are by their terms convertible in accordance with the provisions of Article 2;

(17) "**Corporation**" means Modern Mining Technology Corp. and includes any successor to or of the Corporation which shall have complied with the provisions of Article 10;

(18) "**Counsel**" means a barrister or solicitor or firm of barristers or solicitors retained or employed by the Trustee or retained or employed by the Corporation and reasonably acceptable to the Trustee;

(19) "**Current Market Price**" means the fair value of a Common Share as reasonably determined by the Board of Directors;

(20) "**Debenture Certificate**" means a certificate evidencing Debentures substantially in the form attached as Schedule A hereto;

(21) "**Debenture Liabilities**" has the meaning ascribed thereto in Section 5.1;

(22) "**Debentureholders**" or "**holders**" means the Persons for the time being entered in the register for Debentures as registered holders of Debentures or any transferees of such Persons by endorsement or delivery;

(23) "**Debentures**" means the debentures, notes or other evidence of indebtedness of the Corporation issued and certified hereunder, or deemed to be issued and certified hereunder, including, without limitation, the Initial Debentures, and for the time being outstanding, whether in definitive, uncertificated or interim form;

(24) "**Defeased Debentures**" has the meaning ascribed thereto in subsection 9.6(2);

(25) "**Depository**" **or** "**CDS**" means CDS Clearing and Depository Services Inc. and its successors in interest;

(26) "**Event of Default**" has the meaning ascribed thereto in Section 8.1;

(27) "**Extraordinary Resolution**" has the meaning ascribed thereto in Section 12.12;

(28) "**Forced Conversion Date**" has the meaning ascribed thereto in Section 2.5(5);

(29) "**Forced Conversion Notice**" has the meaning ascribed thereto in Section 2.5(5);

(30) "**Fully Registered Debentures**" means Debentures registered as to both principal and interest;

(31) "**Global Debenture**" means a Debenture that is issued to and registered in the name of the Depository, or its nominee, pursuant to Section 2.1 for the purpose of being held by or on behalf of the Depository as custodian for participants in the Depository's book-entry only registration system or uncertificated inventory system;

(32) "**Guarantees**" means any guarantee, undertaking to assume, endorse, contingently agree to purchase, or to provide funds for the payment of, or otherwise become liable in respect of, any indebtedness, liability or obligation of any Person;

(33) "**IFRS**" means International Financial Reporting Standards issued by the International Accounting Standards Board (including as further described in Section 1.16);

(34) "**Initial Debentures**" means the Debentures designated as "5.0% Unsecured Convertible Debentures" and described in Section 2.5;

(35) "**Internal Procedures**" means, in respect of the making of any one or more entries to, changes in or deletions of any one or more entries in the register of Debentureholders (including without limitation, original issuance or registration of transfer of ownership), the Trustee's then- current internal procedures customary for such entry, change or deletion;

(36) "**IPO Price**" means the price per security of the Corporation's initial public offering in the event of a Public Listing;

(37) "**Issue Date**" means, in respect of a Debenture, the date on which such Debenture is issued;

(38) "**Material Subsidiary**" means any Subsidiary of the Corporation which has consolidated assets equal to or greater than 10% of the consolidated assets of the Corporation and its Subsidiaries;

(39) "**Maturity Account**" means an account or accounts required to be established by the Corporation (and which shall be maintained by and subject to the control of the Trustee) for each series of Debentures issued pursuant to and in accordance with this Indenture;

(40) "**Maturity Date**" means the date specified for maturity of any Debentures;

(41) "**Merger Event**" has the meaning ascribed thereto in Section 6.3(d);

(42) "**NI 62-104**" means National Instrument 62-104 — *Take-Over Bids and Issuer Bids*;

(43) "**Non-Recourse Debt**" means any indebtedness, liabilities or other obligations (including purchase money obligations), and Guarantees, indemnities, endorsements (other than endorsements for collection in the ordinary course of business) or other contingent obligations in respect of obligations of another Person and, in each case, incurred to finance the creation, development, construction or acquisition of real and tangible personal property (including fixtures) and any increases in or extensions, renewals or refunding of any such indebtedness, liabilities and obligations, provided that the recourse of the lender thereof or any agent, trustee, receiver or other Person acting on behalf of the lender in respect of such indebtedness, liabilities and obligations or any judgment in respect thereof is limited in all circumstances to the real and tangible personal property (including fixtures) created, developed, constructed or acquired in respect of which such indebtedness, liabilities and obligations have been incurred and to any receivables, inventory, equipment, chattel paper, intangibles and other rights or collateral arising from or connected with such property (and, for certainty, shall include the shares or other ownership interests of a Subsidiary of the Corporation which holds only such property and other rights and collateral arising from or connected therewith) and to which the lender has recourse;

(44) "**Offer Price**" has the meaning ascribed thereto in subsection 2.5(7);

(45) "**Offering**" means the private placement of up to $5,000,000 aggregate principal amount of Initial Debentures;

(46) "**Offeror's Notice**" has the meaning ascribed thereto in Section 11.3;

(47) "**Officer's Certificate**" means a certificate of the Corporation signed by any authorized officer or director of the Corporation, in their capacity as an officer or director of the Corporation, and not in their personal capacity;

(48) "**Participant**" means a Person recognized by CDS as a participant in the uncertificated inventory system administered by CDS;

(49) "**Periodic Offering**" means an offering of Debentures of a series from time to time, the specific terms of which Debentures, including, without limitation, the rate or rates of interest, if any, thereon, the stated maturity or maturities thereof and the redemption provisions, if any, with respect thereto, are to be determined by the Corporation upon the issuance of such Debentures from time to time;

(50) "**Person**" includes an individual, corporation, company, partnership, joint venture, association, trust, trustee, unincorporated organization or government or any agency or political subdivision thereof (and for the purposes of the definition of "**Change of Control**", in addition to the foregoing, "**Person**" shall include any syndicate or group that would be deemed to be a "**Person**" under NI 62-104);

(51) "**Public Listing**" means the listing of the Common Shares on a Recognized Stock Exchange;

(52) "**Recognized Stock Exchange**" means the Canadian Securities Exchange, the TSX Venture Exchange, the Toronto Stock Exchange, the Neo Exchange Inc., the Nasdaq Stock Market or any United States stock exchange;

(53) "**Regulation S**" means Regulation S adopted by the SEC under the 1933 Act;

(54) "**Restricted Debentures**" means collectively the Restricted Uncertificated Debentures and Restricted Physical Debentures;

(55) "**Restricted Physical Debenture**" means a definitive Debenture that bears the U.S. Legend;

(56) "**Restricted Uncertificated Debenture**" means an Uncertificated Debenture that is deemed to bear the U.S. Legend;

(57) "**Rule 904 Declaration**" has the meaning ascribed thereto in Section 3.2(3)(a)(ii)(A);

(58) "**SEC**" has the meaning ascribed thereto in Section 7.10;

(59) "**Secured Creditor**" means a holder or holders of Secured Indebtedness and includes any representative or representatives, agent or agents or trustee or trustees of any such holder or holders;

(60) "**Secured Indebtedness**" means the principal of, the premium (if any) and interest and other obligations on secured indebtedness, statutory liens (other than statutory liens where the party is defending same in good faith), secured bank or other institutional indebtedness, and secured project indebtedness, in each case owing by the Corporation, or renewals, extensions and refunding of such indebtedness, including, without limitation: (a) obligations of the Corporation or its Subsidiaries under any swap, hedging or other similar contracts or arrangements; (b) all costs and expenses incurred by or on behalf of the holder of any Secured Indebtedness in enforcing payment or collection of any such Secured Indebtedness, including enforcing any security interest securing the same. "Secured Indebtedness" shall not include any indebtedness that would otherwise be Secured Indebtedness if it is expressly stated to be subordinate to or rank *pari passu* with the Debentures;

(61) "**Senior Security**" has the meaning ascribed thereto in Section 5.2(2)(a);

(62) "**Serial Meeting**" has the meaning ascribed thereto in clause 12.2(2)(a);

(63) "**Subsidiary**" has the meaning ascribed thereto in the *Securities Act* (British Columbia);

(64) "**Trustee**" means Computershare Trust Company of Canada, or its successor or successors for the time being as trustee hereunder;

(65) "**Uncertificated Debenture**" means any Debenture which is not issued as part of a Debenture Certificate;

(66) "**Underlying Securities**" means the Common Shares or Units issuable upon the forced conversion of the Debentures as set out in Section 2.5;

(67) "**United States**" or "**U.S.**" means the United States of America, its territories and possessions, any state of the United States, or any political subdivision thereof, and the District of Columbia;

(68) "**Units**" means the units of the Corporation, whereby each Unit will be comprised of one Common Share and one-half of one Warrant;

(69) "**U.S. Debentureholder**" is (a) any U.S. Person that purchased Debentures, (b) any person that purchased Debentures on behalf of any U.S. Person or any person in the United States, (c) any purchaser of Debentures that received an offer for the Debentures while in the United States, (d) any person that was in the United States at the time the purchaser's buy order was made or the subscription agreement for Debentures was executed or delivered;

(70) "**U.S. Legend**" has the meaning ascribed to such term in subsection 2.15(1);

(71) "**U.S. Person**" has the meaning ascribed to such term in Regulation S;

(72) "**U.S. Securities Exchange Act**" means the United States Securities Exchange Act of 1934, as amended, and the rules and regulations promulgated thereunder;

(73) "**Warrants**" means the Common Share purchase warrant of the Corporation of which one-half forms part of a Unit, whereby each Warrant will be exercisable for one Common Share at a price equal to a 218% premium to the IPO Price for a period of 24 months from the date of such Public Listing;

(74) "**Withholding Taxes**" has the meaning ascribed to it in Section 7.9; and

(75) "**Written Direction of the Corporation**" means an instrument in writing signed by any one officer or director of the Corporation.

**Section 1.2 Meaning of "Outstanding"**

Every Debenture certified and delivered by the Trustee or every Uncertificated Debenture authenticated by the Trustee by completing its internal procedures hereunder shall be deemed to be outstanding until it is cancelled, converted or redeemed or delivered to the Trustee for cancellation, conversion or redemption for monies and/or the Underlying Securities, as the case may be, or the payment thereof shall have been set aside under Section 9.2, provided that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Debentures which have been partially redeemed, purchased or
converted shall be deemed to be outstanding only to the extent of the unredeemed, unpurchased or unconverted part of the principal amount
thereof;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) when a new Debenture has been issued in substitution for a Debenture which has
been lost, stolen or destroyed, only one of such Debentures shall be counted for the purpose of determining the aggregate principal amount
of Debentures outstanding; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) for the purposes of any provision of this Indenture entitling holders of
 outstanding Debentures to vote, sign consents, requisitions or other instruments or take any other action under this Indenture, or
 to constitute a quorum of any meeting of Debentureholders, Debentures owned directly or indirectly, legally or equitably, by the
 Corporation shall be disregarded except that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) for the purpose of determining whether the Trustee shall be
protected in relying on any such vote, consent, requisition or other instrument or action, or on the holders of Debentures present or
represented at any meeting of Debentureholders, only the Debentures which the Trustee knows are so owned shall be so disregarded; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Debentures so owned which have been pledged in good faith other than to the Corporation shall not be so
disregarded if the pledgee shall establish to the satisfaction of the Trustee the pledgee's right to vote such Debentures, sign
consents, requisitions or other instruments or take such other actions in his discretion free from the control of the Corporation or a
Subsidiary of the Corporation.

**Section 1.3 Interpretation**

In this Indenture:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) words importing the singular number or masculine gender shall include the plural
number or the feminine or neuter genders, and vice versa;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) all references to Articles and Schedules refer, unless otherwise specified, to
articles of and schedules to this Indenture;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) all references to Sections, subsections or clauses refer, unless otherwise specified, to Sections, subsections
or clauses of this Indenture;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) words and terms denoting inclusiveness (such as "include" or "includes" or "including"),
whether or not so stated, are not limited by and do not imply limitation of their context or the words or phrases which precede or succeed
them;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) reference to any agreement or other instrument in writing means such agreement or other instrument in
writing as amended, modified, replaced or supplemented from time to time;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) unless otherwise indicated, reference to a statute shall be deemed to be a reference to such statute as
amended, re-enacted or replaced from time to time; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) unless otherwise indicated, time periods within which a payment is to be made or any other action is to
be taken hereunder shall be calculated by including the day on which the period commences and excluding the day on which the period ends.

**Section 1.4 Headings, etc.**

The division of this Indenture into Articles and Sections, the provision of a **Table of Contents** and the insertion of headings are for convenience of reference only and shall not affect the construction or interpretation of this Indenture or of the Debentures.

**Section 1.5 Time of Essence**

Time shall be of the essence of this Indenture.

**Section 1.6 Monetary References**

Whenever any amounts of money are referred to herein, such amounts shall be deemed to be in lawful money of the United States of America unless otherwise expressed.

**Section 1.7 Invalidity, etc.**

Any provision hereof which is prohibited or unenforceable shall be ineffective only to the extent of such prohibition or unenforceability, without invalidating the remaining provisions hereof.

**Section 1.8 Language**

Each of the parties hereto hereby acknowledges that it has consented to and requested that this Indenture and all documents relating hereto, including, without limiting the generality of the foregoing, the form of Debenture attached hereto as Schedule A, be drawn up in the English language only.

**Section 1.9 Successors and Assigns**

All covenants and agreements of the Corporation in this Indenture and the Debentures shall bind its successors and assigns, whether so expressed or not. All covenants and agreements of the Trustee in this Indenture shall bind its successors.

**Section 1.10 Severability**

In case any provision in this Indenture or in the Debentures shall be invalid, illegal or unenforceable, such provision shall be deemed to be severed herefrom or therefrom and the validity, legality and enforceability of the remaining provisions shall not in any way be affected, prejudiced or impaired thereby.

**Section 1.11 Entire Agreement**

This Indenture and all supplemental indentures and Schedules hereto and thereto, and the Debentures issued hereunder and thereunder, together constitute the entire agreement between the parties hereto with respect to the indebtedness created hereunder and thereunder and under the Debentures and supersedes as of the date hereof all prior memoranda, agreements, negotiations, discussions and term sheets, whether oral or written, with respect to the indebtedness created hereunder or thereunder and under the Debentures.

**Section 1.12 Benefits of Indenture**

Nothing in this Indenture or in the Debentures, express or implied, shall give to any Person, other than the parties hereto and their successors hereunder, any paying agent, the holders of Debentures, the Secured Creditors (to the extent provided in Article 5 only), and (to the extent provided in Section 8.11) the holders of Common Shares, any benefit or any legal or equitable right, remedy or claim under this Indenture.

**Section 1.13 Applicable Law and Attornment**

This Indenture, any supplemental indenture and the Debentures shall be governed by and interpreted in accordance with the laws of the Province of British Columbia and the federal laws of Canada applicable therein and shall be treated in all respects as British Columbia contracts, with respect to any suit, action or proceedings relating to this Indenture, any supplemental indenture or any Debenture, the Corporation, the Trustee and each holder irrevocably submit and attorn to the non-exclusive jurisdiction of the courts of the Province of British Columbia.

**Section 1.14 Currency of Payment**

Unless otherwise indicated in a supplemental indenture with respect to any particular series of Debentures, all payments to be made under this Indenture or a supplemental indenture shall be made in United States dollars.

**Section 1.15 Non-Business Days**

Whenever any payment to be made hereunder shall be due, any period of time would begin or end, any calculation is to be made or any other action is to be taken on, or as of, or from a period ending on, a day other than a Business Day, such payment shall be made, such period of time shall begin or end, such calculation shall be made and such other action shall be taken, as the case may be, unless otherwise specifically provided herein, on or as of the next succeeding Business Day without any additional interest, cost or charge to the Corporation.

**Section 1.16 Accounting Terms**

Except as hereinafter provided or as otherwise indicated in this Indenture, all calculations required or permitted to be made hereunder pursuant to the terms of this Indenture shall be made in accordance with IFRS. For greater certainty, IFRS shall include any accounting standards that may from time to time be approved for general application by the Canadian Institute of Chartered Accountants.

**Section 1.17 Calculations**

The Corporation shall be responsible for making all calculations called for hereunder including, without limitation, calculations of Current Market Price. The Corporation shall make such calculations in good faith and, absent manifest error, the Corporation's calculations shall be final and binding on holders and the Trustee. The Corporation will provide a schedule of its calculations to the Trustee and the Trustee shall be entitled to rely conclusively on the accuracy of such calculations without independent verification.

**Section 1.18 Schedules**

(1) The following Schedules are incorporated into and form part of this Indenture:

Schedule A – Form of Debenture

(2) In the event of any inconsistency between the provisions of any Section of this Indenture and the provisions of the Schedules which form a part hereof, the provisions of this Indenture shall prevail to the extent of the inconsistency.

**ARTICLE 2 – THE DEBENTURES**

**Section 2.1 Issue of Global Debentures**

(1) The Corporation may specify that the Debentures of a series are to be issued in whole or in part as one or more Global Debentures, that may or may not be Book based Debentures, registered in the name of a Depository, or its nominee, designated by the Corporation in the Written Direction of the Corporation delivered to the Trustee at the time of issue of such Debentures, and in such event the Corporation shall execute and the Trustee shall certify and deliver one or more Global Debentures that are Book based Debentures that shall:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) represent an aggregate amount equal to the principal amount of the outstanding Debentures of such series
to be represented by one or more Global Debentures;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) be released by the Trustee as instructed by the Corporation for further delivery to such Depository or pursuant to such Depository's
instructions; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) bear a legend substantially to the following effect, or as may otherwise be required by the Depositary:

"THIS DEBENTURE IS A GLOBAL DEBENTURE WITHIN THE MEANING OF THE INDENTURE HEREIN REFERRED TO AND IS REGISTERED IN THE NAME OF A DEPOSITORY OR A NOMINEE THEREOF. THIS DEBENTURE MAY NOT BE TRANSFERRED TO OR EXCHANGED FOR DEBENTURES REGISTERED IN THE NAME OF ANY PERSON OTHER THAN THE DEPOSITORY OR A NOMINEE THEREOF AND NO SUCH TRANSFER MAY BE REGISTERED EXCEPT IN THE LIMITED CIRCUMSTANCES DESCRIBED IN THE TRUST INDENTURE DATED AS OF THE 7TH DAY OF APRIL, 2022 BETWEEN MODERN MINING TECHNOLOGY CORP. AND COMPUTERSHARE TRUST COMPANY OF CANADA (THE "**INDENTURE**"). EVERY DEBENTURE AUTHENTICATED AND DELIVERED UPON REGISTRATION OF, TRANSFER OF, OR IN EXCHANGE FOR, OR IN LIEU OF, THIS DEBENTURE SHALL BE A GLOBAL DEBENTURE SUBJECT TO THE FOREGOING, EXCEPT IN SUCH LIMITED CIRCUMSTANCES DESCRIBED IN THE INDENTURE.

UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF CDS CLEARING AND DEPOSITORY SERVICES INC. ("**CDS**") TO MODERN MINING TECHNOLOGY CORP. OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY CERTIFICATE ISSUED IN RESPECT THEREOF IS REGISTERED IN THE NAME OF CDS & CO., OR IN SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF CDS (AND ANY PAYMENT IS MADE TO CDS & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF CDS), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL SINCE THE REGISTERED HOLDER HEREOF, CDS & CO., HAS A PROPERTY INTEREST IN THE SECURITIES REPRESENTED BY THIS CERTIFICATE HEREIN AND IT IS A VIOLATION OF ITS RIGHTS FOR ANOTHER PERSON TO HOLD, TRANSFER OR DEAL WITH THIS CERTIFICATE."

(2) The Depository must, at the time of its designation and at all times while it serves as such Depository, be a clearing agency registered or designated under the Applicable Securities Legislation of the jurisdiction where the Depository has its principal offices.

**Section 2.2 Limit of Debentures**

The aggregate principal amount of Debentures authorized to be issued under this Indenture is unlimited, but Debentures may be issued only upon and subject to the conditions and limitations herein set forth.

**Section 2.3 Terms of Debentures of any Series**

(1) The Debentures may be issued in one or more series. There shall be established herein or in or pursuant to one or more indentures supplemental hereto, prior to the initial issuance of Debentures of any particular series:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the designation of the Debentures of the series (which need not include the term
" **Debentures** "), which shall distinguish the Debentures of the series from the Debentures of all other series;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) any limit upon the aggregate principal amount of the Debentures of the series that
may be certified and delivered under this Indenture (except for Debentures certified and delivered upon registration of, transfer of,
amendment of, or in exchange for, or in lieu of, other Debentures of the series pursuant to Section 2.10, Section 2.11, Section 3.1 and
Section 3.6 and Articles 4 and 6);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) the date or dates on which the principal of the Debentures of the series is payable;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) the rate or rates at which the Debentures of the series shall bear interest, if
any, the date or dates from which such interest shall accrue, on which such interest shall be payable and on which record date, if any,
shall be taken for the determination of holders to whom such interest shall be payable and/or the method or methods by which such rate
or rates or date or dates shall be determined;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) the place or places where the principal of and any interest on Debentures of the
series shall be payable or where any Debentures of the series may be surrendered for registration of transfer or exchange;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) the right, if any, of the Corporation to redeem Debentures of the series, in whole
or in part, at its option and the period or periods within which, the price or prices at which and any terms and conditions upon which,
Debentures of the series may be so redeemed;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) the obligation, if any, of the Corporation to redeem, purchase or repay Debentures
of the series pursuant to any mandatory redemption, sinking fund or analogous provisions or at the option of a holder thereof and the
price or prices at which, the period or periods within which, the date or dates on which, and any terms and conditions upon which, Debentures
of the series shall be redeemed, purchased or repaid, in whole or in part, pursuant to such obligations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) if other than denominations of $10, $1,000 and any integral multiple thereof, the
denominations in which Debentures of the series shall be issuable;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) subject to the provisions of this Indenture, any trustee, Depositories, authenticating
or paying agents, transfer agents or registrars or any other agents with respect to the Debentures of the series;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) any other events of default or covenants with respect to the Debentures of the
series;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) whether and under what circumstances the Debentures of the series will be convertible into or exchangeable
for securities of any Person;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) the form and terms of the Debentures of the series;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m) if applicable, that the Debentures of the series shall be issuable in certificated or uncertificated form;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n) if other than Canadian currency, the currency in which the Debentures of the series are issuable; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(o) any other terms of the Debentures of the series (which terms shall not be inconsistent with the provisions
of this Indenture).

(2) All Debentures of any one series shall be substantially identical, except as may otherwise be established herein or by or pursuant to a resolution of the Board of Directors, Officer's Certificate or in an indenture supplemental hereto. All Debentures of any one series need not be issued at the same time and may be issued from time to time, including pursuant to a Periodic Offering, consistent with the terms of this Indenture, if so provided herein, by or pursuant to such resolution of the Board of Directors, Officer's Certificate, an indenture supplemental hereto.

**Section 2.4 Form of Debentures**

Except in respect of the Initial Debentures, the form of which is provided for herein, the Debentures of each series shall be substantially in such form or forms (not inconsistent with this Indenture) as shall be established herein or by or pursuant to one or more resolutions of the Board of Directors (or to the extent established pursuant to, rather than set forth in, a resolution of the Board of Directors, in an Officer's Certificate detailing such establishment) or in one or more indentures supplemental hereto, in each case with such appropriate insertions, omissions, substitutions and other variations as are required or permitted by this Indenture, and may have imprinted or otherwise reproduced thereon such legend or legends or endorsements, not inconsistent with the provisions of this Indenture, as may be required to comply with any law or with any rules or regulations pursuant thereto or with any rules or regulations of any securities exchange or securities regulatory authority or to conform to general usage, all as may be determined by the directors or officers of the Corporation executing such Debentures on behalf of the Corporation, as conclusively evidenced by their execution of such Debentures.

**Section 2.5 Form and Terms of Initial Debentures**

(1) The first series of Debentures (the "**Initial Debentures**") authorized for issue immediately is limited to an aggregate principal amount of up to $5,000,000 and shall be designated as "5.0% Unsecured Convertible Debentures".

(2) The Initial Debentures shall be dated as of the Issue Date, and shall mature on April 7, 2025 (the "**Maturity Date**" for the Initial Debentures).

(3) The Initial Debentures shall bear interest from the Issue Date thereof at the rate of 5.0% per annum (based on a year of 360 days comprised of twelve 30-day months), payable only on the Maturity Date of the Initial Debentures or upon the exercise of the 90% Redemption Right pursuant to subsection 2.5(7), and after as well as before default, with interest on amounts in default or after maturity at the same rate, compounded semi-annually. Any payment required to be made on any day that is not a Business Day will be made on the next succeeding Business Day. The record date for the payment of interest on the Initial Debentures will be that date which is five Business Days prior to the Maturity Date.

(4) The Initial Debentures will be subordinated to all existing and future Secured Indebtedness of the Corporation in accordance with the provisions of Article 5. The Initial Debentures will rank *pari passu* with each other series of Debentures issued under this Indenture or under indentures supplemental to this Indenture (regardless of their actual date or terms of issue) and, except as prescribed by law, with all other existing and future unsecured indebtedness of the Corporation.

(5) Upon and subject to the provisions and conditions of Section 3.6, Section 3.7 and Article 6, the Initial Debentures may be converted into the Underlying Securities on the following terms and subject to the following conditions:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) In the event the Corporation completes a Public Listing and
upon giving the Debentureholders advance written notice by way of a news release and concurrently providing a written notice to the Trustee
in accordance with Section 13.3 (the "**Forced Conversion Notice** "), the principal amount of the Initial Debentures and
all accrued and unpaid interest thereon (less any tax required by law to be deducted or withheld) will, upon surrender of the Debenture
Certificate, automatically convert into the Underlying Securities at the following conversion price (the "**Conversion Price** "):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) in the event the Corporation completes a Public Listing on
a Recognized Stock Exchange in Canada, the principal amount of the Initial Debentures and all accrued and unpaid interest thereon (less
any tax required by law to be deducted or withheld) will automatically convert into Units at the Conversion Price equal to a 20% discount
to the IPO Price and each Warrant (of which one-half forms part of the Unit) will be exercisable for one Common Share at a price equal
to a 218% premium to the IPO Price for a period of 24 months from the date of such Public Listing; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) in the event the Corporation completes a Public Listing on a Recognized Stock
Exchange in the United States, the principal amount of the Initial Debentures and all accrued and unpaid interest thereon (less any tax
required by law to be deducted or withheld) will automatically convert into Common Shares at a Conversion Price equal to the lesser of
(i) a 40% discount to the IPO Price; and (ii) $5.00 and such Common Shares issued shall be subject to a six month hold period from the
completion of such Public Listing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The effective date for the forced conversion (the "**Forced Conversion Date**") shall be the date the Corporation completes a Public Listing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Conversion Price for each Underlying Security to be issued upon the conversion
of Initial Debentures shall be as set out in subsection 2.5(b) and (c), as applicable. Except as provided below, no adjustment in the
number of the Underlying Securities to be issued upon conversion will be made for dividends or distributions on Common Shares issuable
upon conversion, the record date for the payment of which precedes the date upon which the holder becomes a holder of Common Shares in
accordance with Article 6, or for interest accrued on Initial Debentures surrendered. No fractional Underlying Securities will be issued,
and holders will receive a cash payment in satisfaction of any fractional interest based on the Current Market Price as of the date of
conversion, provided, however, the Corporation shall not be required to make any payment of less than $5.00. The Conversion Price applicable
to, and the Underlying Securities or other property receivable on the conversion of, the Initial Debentures is subject to adjustment pursuant
to the provisions of Section 6.3. The Conversion Price will not be adjusted for accrued interest.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) If any Initial Debenture becomes issuable after the Forced Conversion Date, such Initial Debenture shall
not be issued, and the Person that would otherwise have been entitled to receive such Initial Debenture shall instead receive the number
of Common Shares that such Person would be entitled to receive upon conversion of such Initial Debenture in accordance with this Indenture,
as adjusted in accordance with Section 6.3 (including, for greater certainty, in connection with any event occurring after the Forced
Conversion Date).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) An Initial Debenture in respect of which a holder has accepted a notice in respect
of a Change of Control Offer pursuant to the provisions of subsection 2.5(7) may be surrendered for conversion only if such notice is
withdrawn in accordance with this Indenture.

(6) The Initial Debentures shall be issued in denominations of $10, and integral multiples thereof and to CDS in denominations of $1,000 and integral multiples thereof. Each Initial Debenture and the certificate of the Trustee endorsed thereon shall be issued in substantially the form set out in Schedule A, with such insertions, omissions, substitutions or other variations as shall be required or permitted by this Indenture, and may have imprinted or otherwise reproduced thereon such legend or legends or endorsements, not inconsistent with the provisions of this Indenture, as may be required to comply with any law or with any rules or regulations pursuant thereto or with any rules or regulations of any securities exchange or securities regulatory authority or to conform with general usage, as more particularly specified by the Corporation in writing to the Trustee. Each Initial Debenture shall additionally bear such distinguishing letters and numbers as the Trustee shall approve. Notwithstanding the foregoing, an Initial Debenture may be in such other form or forms as may, from time to time, be, approved by a resolution of the Board of Directors, or as specified in an Officer's Certificate. The Initial Debentures may be engraved, lithographed, printed, mimeographed or typewritten or partly in one form and partly in another.

(7) Within 30 days prior to the consummation of a Change of Control, and subject to the provisions and conditions of this subsection 2.5(7), the Corporation shall, at the discretion of the holders of Initial Debentures, be obligated to offer to purchase or convert all of the Initial Debentures then outstanding. The terms and conditions of such obligation are set forth below:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Not less than 30 days prior to the consummation of a Change of Control **,** the Corporation shall deliver
to the Trustee, and the Trustee shall promptly deliver to the holders of the Initial Debentures, notice of the Change of Control (a "**Change of Control Notice**") specifying the date on which such Change of Control will occur and the circumstances or events giving rise
to such Change of Control, and the Debentureholders shall, in their sole discretion, have the right to require the Corporation to, either:
(i) purchase the Debentures at 105% of the principal amount thereof plus unpaid interest to the Maturity Date (the "**Offer Price** ");
or (ii) convert the Debentures at the Conversion Price (the "**Change of Control Offer** ").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) If 90% or more in aggregate principal amount of Initial Debentures outstanding on
the date the Corporation provides the Change of Control Notice to holders of the Initial Debentures have been surrendered for purchase
pursuant to the Change of Control Offer on the expiration thereof, the Corporation has the right upon written notice provided to the Trustee
within 10 days following the expiration of the Change of Control Offer, to redeem all the Initial Debentures remaining outstanding on
the expiration of the Change of Control Offer at the Offer Price as at the Change of Control Purchase Date (the "**90% Redemption Right** ").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Upon receipt of notice that the Corporation has exercised or is exercising the
90% Redemption Right and is acquiring the remaining Initial Debentures, the Trustee shall promptly provide written notice to each Debentureholder
that did not previously accept the Change of Control Offer that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the Corporation has exercised the 90% Redemption Right and is
purchasing all outstanding Initial Debentures effective on the expiry of the Change of Control Offer at the Offer Price, and shall include
a calculation of the amount payable to such holder as payment of the Offer Price as at the Change of Control Purchase Date;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) each such holder must transfer their Initial Debentures to the Trustee on the same terms as those holders
that accepted the Change of Control Offer and must send their respective Initial Debentures, duly endorsed for transfer, to the Trustee
within 10 days after the sending of such notice; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) the rights of such holder under the terms of the Initial Debentures and this Indenture cease effective
as of the date of expiry of the Change of Control Offer provided the Corporation has, on or before the time of notifying the Trustee of
the exercise of the 90% Redemption Right, paid the Offer Price to, or to the order of, the Trustee and thereafter the Initial Debentures
shall not be considered to be outstanding and the holder shall not have any right except to receive such holder's Offer Price upon
surrender and delivery of such holder's Initial Debentures in accordance with the Indenture.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The Corporation shall, on or before 11:00 a.m. (Vancouver time) on the Business
Day immediately prior to the Change of Control Purchase Date, deposit with the Trustee or any paying agent to the order of the Trustee,
such sums of money as may be sufficient to pay the Offer Price of the Initial Debentures to be purchased or redeemed by the Corporation
on the Change of Control Purchase Date (less any tax required by law to be deducted or withheld in respect of accrued and unpaid interest),
provided the Corporation may elect to satisfy this requirement by providing the Trustee with a wire transfer for such amounts required
under this clause 2.5(7)(d). The Corporation shall also deposit with the Trustee a sum of money sufficient to pay any charges or expenses
which may be incurred by the Trustee in connection with such purchase. Every such deposit shall be irrevocable. From the sums so deposited,
the Trustee shall pay or cause to be paid to the holders of such Initial Debentures, the Offer Price to which they are entitled (less
any tax required by law to be deducted or withheld in respect of accrued and unpaid interest) on the Corporation's purchase.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) In the event that one or more of such Initial Debentures being purchased in accordance
with this subsection 2.5(7) becomes subject to purchase in part only, upon surrender of such Initial Debentures for payment of the Offer
Price, the Corporation shall execute and the Trustee shall certify or authenticate and deliver without charge to the holder thereof or
upon the holder's order, one or more new Initial Debentures for the portion of the principal amount of the Initial Debentures not
purchased.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) Initial Debentures for which holders have accepted the Change of Control Offer and Initial Debentures
which the Corporation has elected to redeem in accordance with this subsection 2.5(7) shall become due and payable at the Offer Price
on the Change of Control Purchase Date, in the same manner and with the same effect as if it were the date of maturity specified in such
Initial Debentures, anything therein or herein to the contrary notwithstanding, and from and after the Change of Control Purchase Date,
if the money necessary to purchase or redeem, or the Common Shares necessary to purchase or redeem, the Initial Debentures shall have
been deposited as provided in this subsection 2.5(7) and affidavits or other proofs satisfactory to the Trustee as to the publication
and/or mailing of such notices shall have been lodged with it, interest on the Initial Debentures shall cease. If any question shall arise
as to whether any notice has been
given as above provided and such deposit made, such question shall be decided by the Trustee whose decision shall be final and binding
upon all parties in interest.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) In case the holder of any Initial Debenture to be purchased or redeemed in accordance
with this subsection 2.5(7) shall fail on or before the Change of Control Purchase Date to so surrender such holder's Initial Debenture
or shall not within such time accept payment of the monies payable, to take delivery of certificates representing such Common Shares issuable
in respect thereof, or give such receipt therefor, if any, as the Trustee may require, such monies may be set aside in trust, or such
certificates may be held in trust, without interest, either in the deposit department of the Trustee or in a chartered bank, and such
setting aside shall for all purposes be deemed a payment to the Debentureholder of the sum or the Common Shares so set aside and the Debentureholder
shall have no other right except to receive payment of the monies so paid and deposited, or take delivery of the certificates so deposited,
or both, upon surrender and delivery of such holder's Initial Debenture. In the event that any money or certificates representing
Common Shares required to be deposited hereunder with the Trustee or any depository or paying agent on account of principal, premium,
if any, or interest, if any, on Initial Debentures issued hereunder shall remain so deposited for a period of six years from the Change
of Control Purchase Date, then such monies, or certificates representing Common Shares, together with any accumulated interest thereon,
or any distributions paid thereon, shall at the end of such period be paid over or delivered over by the Trustee or such depository or
paying agent to the Corporation and the Trustee shall not be responsible to Debentureholders for any amounts owing to them.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) Subject to the provisions above related to Initial Debentures purchased in part,
all Initial Debentures redeemed and paid under this subsection 2.5(7) shall forthwith be delivered to the Trustee and cancelled and no
Initial Debentures shall be issued in substitution therefor.

(8) The Initial Debentures shall be subject to escrow as required by Applicable Securities Legislation or stock exchange policies or any escrow conditions the Issuer with the consent of any underwriter that may assist in the Corporation's initial public offering may impose on the Initial Debentures and Underlying Securities. Any Initial Debentures or Underlying Securities required to be held in escrow will be released in accordance with Applicable Securities Legislation, stock exchange polices or the terms of the applicable escrow agreement. If any holder of any Debenture shall fail to execute and deliver an escrow agreement under this subsection, such holder shall be deemed to have surrendered the holder's Initial Debentures or Underlying Securities, as applicable, to the Corporation as a gift for cancellation and will receive no consideration for such cancellation.

**Section 2.6 Certification and Delivery of Additional Debentures**

The Corporation may from time to time request the Trustee to certify or authenticate and deliver Additional Debentures of any series by delivering to the Trustee the documents referred to below in this Section 2.6 whereupon the Trustee shall certify or authenticate such Debentures and cause the same to be delivered in accordance with the Written Direction of the Corporation referred to below or pursuant to such procedures acceptable to the Trustee as may be specified from time to time by a Written Direction of the Corporation. The maturity date, issue date, interest rate (if any) and any other terms of the Debentures of such series shall be set forth in or determined by or pursuant to such Written Direction of the Corporation and procedures. In certifying or authenticating such Debentures, the Trustee shall be entitled to receive and shall be fully protected in relying upon, unless and until such documents have been superseded or revoked:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) an Officer's Certificate and/or executed supplemental indenture by or pursuant to which the form
and terms of such Additional Debentures were established;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) a Written Direction of the Corporation requesting certification and delivery of
such Additional Debentures and setting forth delivery instructions, provided that, with respect to Debentures of a series subject to a
Periodic Offering:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) such Written Direction of the Corporation may be delivered by the Corporation
to the Trustee prior to the delivery to the Trustee of such Additional Debentures of such series for certification and delivery;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the Trustee shall certify or authenticate and deliver Additional Debentures of
such series for original issue from time to time, in an aggregate principal amount not exceeding the aggregate principal amount, if any,
established for such series, pursuant to a Written Direction of the Corporation or pursuant to procedures acceptable to the Trustee as
may be specified from time to time by a Written Direction of the Corporation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) the maturity date or dates, issue date or dates, interest rate or rates (if any) and any other terms of
Additional Debentures of such series shall be determined by an executed supplemental indenture or by Written Direction of the Corporation
or pursuant to such procedures; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) if provided for in such procedures, such Written Direction of the Corporation may authorize certification
and delivery pursuant to oral or electronic instructions from the Corporation which oral or electronic instructions shall be promptly
confirmed in writing;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) an opinion of Counsel, in form and substance satisfactory to the Trustee, acting
reasonably, to the effect that all requirements imposed by this Indenture and by law in connection with the proposed issue of Additional
Debentures have been complied with, subject to the delivery of certain documents
or instruments specified in such opinion; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) an Officer's Certificate (which Officer's Certificate shall be in such
form that satisfies all applicable laws) certifying that the Corporation is not in default under this Indenture, that the terms and conditions
for the certification and delivery of Additional Debentures (including those set forth in Section 14.4), have been complied with subject
to the delivery of any documents or instruments specified in such Officer's Certificate and that no Event of Default exists or will
exist upon such certification and delivery.

**Section 2.7 Uncertificated Deposit**

(1) Subject to the provisions hereof, at the Corporation's option, Debentures may be issued and registered in the name of CDS or its nominee and:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the deposit of which may be confirmed electronically by the Trustee to a particular
Participant through CDS; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) shall be identified by a specific CUSIP/ISIN as requested by the Corporation from
CDS to identify each specific series of Debentures.

(2) If the Corporation issues Debentures in a uncertificated format, Beneficial Holders of such Debentures registered and deposited with CDS may receive Debenture Certificates in definitive form if required under securities law. Beneficial interests in Debentures registered and deposited with CDS will be represented through the uncertificated inventory system administered by CDS. Transfers of Debentures registered and deposited with CDS between Participants shall occur in accordance with the rules and procedures of CDS. Neither the Corporation nor the Trustee shall have any responsibility or liability for any aspects of the records relating to or payments made by CDS or its nominee, on account of the beneficial interests in Debentures registered and deposited with CDS. Nothing herein shall prevent the Beneficial Holders of Debentures registered and deposited with CDS from voting such Debentures using duly executed proxies or voting instruction forms.

(3) All references herein to actions by, notices given or payments made to Debentures shall, where Debentures are held through CDS, refer to actions taken by, or notices given or payments made to, CDS upon instruction from the Participants in accordance with its rules and procedures. For the purposes of any provision hereof requiring or permitting actions with the consent of or the direction of Debentureholders evidencing a specified percentage of the aggregate Debentures outstanding, such direction or consent may be given by Beneficial Holders acting through CDS and the Participants owning Debentures evidencing the requisite percentage of the Debentures. The rights of a Beneficial Holder whose Debentures are held established by law and agreements between such holders and CDS and the Participants upon instructions from the Participants. Each Trustee and the Corporation may deal with CDS for all purposes (including the making of payments) as the authorized representative of the respective Debentures and such dealing with CDS shall constitute satisfaction or performance, as applicable, of their respective obligations hereunder.

(4) For so long as Debentures are held through CDS, if any notice or other communication is required to be given to Debentureholders, the Trustee will give such notices and communications to CDS.

(5) If CDS resigns or is removed from its responsibility as Depository and the Trustee is unable or does not wish to locate a qualified successor, CDS shall provide the Trustee with instructions for registration of Debentures in the names and in the amounts specified by CDS and the Corporation shall issue and the Trustee shall certify or authenticate and deliver the aggregate number of Debentures then outstanding in the form of Debentures Certificates representing such Debentures.

(6) The rights of Beneficial Holders who hold securities entitlements in respect of the Debentures through uncertificated inventory system administered by CDS shall be limited to those established by applicable law and agreements between the Depository and the Participants and between such Participants and the Beneficial Holders who hold securities entitlements in respect of the Debentures through the uncertificated inventory system administered by CDS, and such rights must be exercised through a Participant in accordance with the rules and procedures of the Depository.

(7) Notwithstanding anything herein to the contrary, none of the Corporation nor the Trustee nor any agent thereof shall have any responsibility or liability for:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the electronic records maintained by the Depository relating to any ownership
interests or other interests in the Debentures or the depository system maintained by the Depository, or payments made on account of any
ownership interest or any other interest of any Person in any Debenture represented by an electronic position in the uncertificated inventory
system administered by CDS (other than Depository or its nominee);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) for maintaining, supervising or reviewing any records of the Depository or any
Participant relating to any such interest; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) any advice or representation made or given by the Depository or those contained
herein that relate to the rules and regulations of the Depository or any action to be taken by the Depository on its own direction or
at the direction of any Participant.

(8) The Corporation may terminate the application of this Section 2.7 in its sole discretion in which case all Debentures shall be evidenced by Debenture Certificates registered in the name of a Person other than the Depository.

**Section 2.8 Execution of Debentures**

All Debentures shall be signed (either manually or by facsimile or other electronic signature) by any one authorized director or officer of the Corporation holding office at the time of signing. A facsimile or electronic signature upon a Debenture shall for all purposes of this Indenture be deemed to be the signature of the Person whose signature it purports to be. Notwithstanding that any Person whose signature, either manual or in facsimile or electronic form, appears on a Debenture as a director or officer may no longer hold such office at the date of the Debenture or at the date of the certification and delivery thereof, such Debenture shall be valid and binding upon the Corporation and entitled to the benefits of this Indenture.

**Section 2.9 Certification**

(1) No Debenture shall be issued or, if issued, shall be obligatory or shall entitle the holder to the benefits of this Indenture, until it has been certified or authenticated by or on behalf of the Trustee in accordance with this Indenture, the relevant supplemental indenture, or in some other manner approved by the Trustee. Such certification or authentication of any Debenture shall be conclusive evidence that such Debenture is duly issued, is a valid obligation of the Corporation and the holder is entitled to the benefits hereof. Debentures will be authenticated on a Written Direction of the Corporation.

(2) The certificate of the Trustee signed on the Debentures, or interim Debentures hereinafter mentioned, and the authentication of Uncertificated Debentures, shall not be construed as a representation or warranty by the Trustee as to the validity of this Indenture or of the Debentures or interim Debentures or as to the issuance of the Debentures or interim Debentures and the Trustee shall in no respect be liable or answerable for the use made of the Debentures or interim Debentures or any of them or the proceeds thereof. The certificate of the Trustee on the Debentures or interim Debentures, and the authentication of Uncertificated Debentures, shall, however, be a representation and warranty by the Trustee that the Debentures or interim Debentures have been duly certified by or on behalf of the Trustee pursuant to the provisions of this Indenture.

(3) The Trustee shall authenticate Uncertificated Debentures (whether upon original issuance, exchange, registration of transfer or otherwise) by completing its Internal Procedures and the Corporation shall, and hereby acknowledges that it shall, thereupon be deemed to have duly and validly issued such Uncertificated Debentures have been duly issued hereunder and that the holder or holders are entitled to the benefits of this Indenture. The register shall be final and conclusive evidence as to all matters relating to Uncertificated Debentures with respect to which this Indenture requires the Trustee to maintain records or accounts. In case of differences between the register at any time and any other time the register at the later time shall be controlling, absent manifest error and such Uncertificated Debentures are binding on the Corporation.

**Section 2.10 Interim Debentures or Certificates**

Pending the delivery of definitive Debentures of any series to the Trustee, the Corporation may issue and the Trustee certify or authenticate in lieu thereof interim Debentures in such forms and in such denominations and signed in such manner as provided herein, entitling the holders thereof to definitive Debentures of the series when the same are ready for delivery; or the Corporation may execute and the Trustee certify or authenticate a temporary Debenture for the whole principal amount of Debentures of the series then authorized to be issued hereunder and deliver the same to the Trustee and thereupon the Trustee may issue its own interim certificates in such form and in such amounts, not exceeding in the aggregate the principal amount of the temporary Debenture so delivered to it, as the Corporation and the Trustee may approve entitling the holders thereof to definitive Debentures of the series when the same are ready for delivery; and, when so issued and certified, such interim or temporary Debentures or interim certificates shall, for all purposes but without duplication, rank in respect of this Indenture equally with Debentures duly issued hereunder and, pending the exchange thereof for definitive Debentures, the holders of the interim or temporary Debentures or interim certificates shall be deemed without duplication to be Debentureholders and entitled to the benefit of this Indenture to the same extent and in the same manner as though the said exchange had actually been made. Forthwith after the Corporation shall have delivered the definitive Debentures to the Trustee, the Trustee shall cancel such temporary Debentures, if any, and shall call in for exchange all interim Debentures or certificates that shall have been issued and forthwith after such exchange shall cancel the same. No charge shall be made by the Corporation or the Trustee to the holders of such interim or temporary Debentures or interim certificates for the exchange thereof. All interest paid upon interim or temporary Debentures or interim certificates shall be noted thereon as a condition precedent to such payment unless paid by cheque to the registered holders thereof.

**Section 2.11 Mutilation, Loss, Theft or Destruction**

In case any of the Debenture Certificate issued hereunder shall become mutilated or be lost, stolen or destroyed, the Corporation, in its discretion, may issue, and thereupon the Trustee shall certify and deliver, a new Debenture Certificate upon surrender and cancellation of the mutilated Debenture Certificate, or in the case of a lost, stolen or destroyed Debenture, in lieu of and in substitution for the same, and the substituted Debenture shall be in a form approved by the Trustee and shall be entitled to the benefits of this Indenture and rank equally in accordance with its terms with all other Debentures issued or to be issued hereunder. In case of loss, theft or destruction the applicant for a substituted Debenture shall furnish to the Corporation and to the Trustee such evidence of the loss, theft or destruction of the Debenture as shall be satisfactory to them in their discretion and shall also furnish an indemnity and surety bond satisfactory to them in their discretion. The applicant shall pay all reasonable expenses incidental to the issuance of any substituted Debenture.

**Section 2.12 Concerning Interest**

(1) All Debentures issued hereunder, whether originally or upon exchange or in substitution for previously issued Debentures which are interest bearing, shall bear interest from and including their issue date.

(2) Unless otherwise specifically provided in the terms of the Debentures of any series, interest shall be computed on the basis of a year of 360 days comprised of twelve 30-day months. With respect to any series of Debentures, whenever interest is computed on the basis of a year (the "**deemed year**") which contains fewer days than the actual number of days in the calendar year of calculation, such rate of interest shall be expressed as a yearly rate for purposes of the *Interest Act* (Canada) by multiplying such rate of interest by the actual number of days in the calendar year of calculation and dividing it by the number of days in the deemed year.

**Section 2.13 Debentures to Rank Pari Passu**

The Debentures will be direct unsecured obligations of the Corporation. Each Debenture of the same series of Debentures will rank *pari passu* with each other Debenture of the same series (regardless of their actual date or terms of issue) and, subject to statutory preferred exceptions, with all other present and future unsecured indebtedness of the Corporation.

**Section 2.14 Payments of Amounts Due on Maturity**

Except as may otherwise be provided herein or in any supplemental indenture in respect of any series of Debentures, payments of amounts due upon maturity of the Debentures will be made in the following manner:

(1) The Corporation will establish and maintain with the Trustee a Maturity Account for each series of Debentures. Each such Maturity Account shall be maintained by and be subject to the control of the Trustee for the purposes of this Indenture.

(2) The Corporation shall deposit with the Trustee on or before 11:00 a.m. (Vancouver time) on the Business Day immediately prior to the Maturity Date such sums of money as may be sufficient to pay all the principal, premium (if any), and accrued and unpaid interest thereon up to but excluding the Maturity Date (less any tax required by law to be deducted or withheld), provided the Corporation may elect to satisfy this requirement by providing the Trustee with a wire for such amounts required under this Section 2.14. The Corporation shall also deposit with the Trustee a sum of money sufficient to pay any charges or expenses which may be incurred by the Trustee in connection therewith. Every such deposit shall be irrevocable.

(3) The Trustee, on behalf of the Corporation, will pay to each Debentureholder entitled to receive payment the principal amount of and premium (if any) and accrued and unpaid interest on the Debenture, upon surrender of the Debenture at any branch of the Trustee designated for such purpose from time to time by the Corporation and the Trustee. The delivery of such funds to the Trustee for deposit to the applicable Maturity Account will satisfy and discharge the liability of the Corporation for the Debentures to which the delivery of funds relates to the extent of the amount delivered (plus the amount of any deducted or withheld as aforesaid) and such Debentures will thereafter to that extent not be considered as outstanding under this Indenture and such holder will have no other right in regard thereto other than to receive out of the money so delivered or made available the amount to which it is entitled.

**Section 2.15 Legends on the Debentures and Common Shares**

(1) The Debentures and the Underlying Securities issuable upon conversion of thereof have been and will not be registered under the 1933 Act or under any United States state securities laws. To the extent that any Debentures are offered and sold in the United States to U.S. Debentureholders in reliance on an exemption from the registration requirements under the 1933 Act, such Debentures and all Common Shares issuable on conversion thereof, shall be "restricted securities" within the meaning assigned to that term in Rule 144(a)(3) under the 1933 Act, and each Debenture Certificate representing Restricted Debentures issued to a U.S. Debentureholder shall bear or be deemed to bear the following legends (collectively, the "**U.S. Legend**") or such variations thereof as the Corporation may prescribed from time to time:

"THESE DEBENTURES AND THE SECURITIES DELIVERABLE UPON THE CONVERSION THEREOF HAVE NOT BEEN AND WILL NOT BE REGISTERED UNDER THE UNITED STATES SECURITIES ACT OF 1933, AS AMENDED (THE "U.S. SECURITIES ACT"), OR ANY STATE SECURITIES LAWS, AND MAY BE OFFERED, SOLD, PLEDGED OR OTHERWISE TRANSFERRED ONLY (A) TO MODERN MINING TECHNOLOGY CORP. (THE "CORPORATION") (B) OUTSIDE THE UNITED STATES IN COMPLIANCE WITH RULE 904 OF REGULATION S UNDER THE U.S. SECURITIES ACT AND IN COMPLIANCE WITH LOCAL LAWS AND REGULATIONS, (C) IN ACCORDANCE WITH (1) RULE 144A UNDER THE U.S. SECURITIES ACT, IF AVAILABLE, OR (2) RULE 144 UNDER THE U.S. SECURITIES ACT, IF AVAILABLE, AND, IN EACH CASE, IN COMPLIANCE WITH APPLICABLE STATE SECURITIES LAWS, OR (D) IN ANOTHER TRANSACTION THAT DOES NOT REQUIRE REGISTRATION UNDER THE U.S. SECURITIES ACT OR ANY APPLICABLE STATE SECURITIES LAWS; PROVIDED THAT IN THE CASE OF TRANSFERS PURSUANT TO (C)(2) OR (D) ABOVE, A LEGAL OPINION SATISFACTORY TO THE CORPORATION MUST FIRST BE PROVIDED TO COMPUTERSHARE TRUST COMPANY OF CANADA TO THE EFFECT THAT SUCH TRANSFER IS EXEMPT FROM REGISTRATION UNDER THE U.S. SECURITIES ACT AND APPLICABLE STATE SECURITIES LAWS.

THESE DEBENTURES MAY NOT BE CONVERTED IN THE UNITED STATES, OR BY OR FOR THE ACCOUNT OR BENEFIT OF, A U.S. PERSON OR A PERSON IN THE UNITED STATES, UNLESS THESE DEBENTURES AND THE COMMON SHARES ISSUABLE UPON CONVERSION THEREOF HAVE BEEN REGISTERED UNDER THE U.S. SECURITIES ACT AND THE APPLICABLE STATE SECURITIES LAWS OR AN EXEMPTION FROM SUCH REGISTRATION REQUIREMENTS IS AVAILABLE. "UNITED STATES" AND "U.S. PERSON" ARE AS DEFINED BY REGULATION S UNDER THE U.S. SECURITIES ACT.";

provided that, if the Debentures are being sold outside the United States in accordance with Rule 904 of Regulation S under the U.S. Securities Act, and if the Corporation is a "foreign issuer" within the meaning of Regulation S at the time of issuance of the Debentures, this legend may be removed by the transferor providing a Rule 904 Declaration to the Trustee, and if required by the Trustee, including an opinion of counsel, of recognised standing reasonably satisfactory to the Corporation and the Trustee, that the proposed transfer may be effected without registration under the U.S. Securities Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) Prior to the issuance of any Debentures, the Corporation shall notify the Trustee, in writing, concerning which Debentures are to be issued as Restricted Debentures and which shall bear the legend contained in subsection 2.15(1). The Trustee will maintain a list of all registered holders from time to time of such legended Debentures which are included in the Restricted Debentures.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) The Debenture Certificates or other instruments representing the Debentures, and the stock certificates representing any Underlying Securities issued upon conversion of such Debentures, (if issued prior to the expiration of the applicable hold periods), if any, will bear the following legend in accordance with Applicable Securities Legislation:

**"UNDER SECURITIES LEGISLATION, THE HOLDER OF THIS SECURITY MUST NOT TRADE THE SECURITY BEFORE THE DATE THAT IS FOUR MONTHS AND A DAY AFTER THE LATER OF (I) APRIL 7, 2022 AND (II) THE DATE THE ISSUER BECAME UNLESS PERMITTED A REPORTING ISUER IN ANY PROVINCE OR TERRITORY."**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) Notwithstanding any other provisions of this Indenture, in processing and registering transfers of Debentures, no duty or responsibility whatsoever shall rest upon the Trustee to determine the compliance by any transferor or transferee with the terms of the legend contained in subsections 2.15(1) or 2.15(3) or with the relevant securities laws or regulations, including, without limitation, Regulation S, and the Trustee shall be entitled to assume that all transfers are legal and proper.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5) Each Underlying Security issued upon conversion of Debentures represented by the Restricted Debentures shall be represented by a certificate with a restricted CUSIP or a U.S. restrictive legend in customary form at the Corporation may from time to time prescribe, and each certificate representing Underlying Securities issued upon conversion of Debentures bearing the U.S. Legend shall have imprinted or otherwise reproduced thereon such U.S. restrictive legend

**Section 2.16 Payment of Interest**

The following provisions shall apply to Debentures, except as otherwise provided in subsection 2.5(3) or specified in a resolution of the Board of Directors, an Officer's Certificate or a supplemental indenture relating to a particular series of Additional Debentures:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) As interest becomes due on each Debenture (except, subject to certain exceptions set forth herein including
in subsection 2.5(3), on conversion or on redemption, when interest may at
the option of the Corporation be paid upon surrender of such Debenture), the Corporation, either directly or through the Trustee or any
agent of the Trustee, shall send or forward by prepaid ordinary mail, wire transfer of funds or such other means as may be agreed to by
the Trustee, payment of such interest (less any tax required by law to be deducted or withheld) to the order of the registered holder
of such Debenture appearing on the registers maintained by the Trustee at the close of business on the record date prior to the applicable
payment date and addressed to the holder at the holder's last address appearing on the register, unless such holder otherwise directs.
If payment is made by cheque, such cheque shall be forwarded at least three days prior to each date on which interest becomes due and
if payment is made by other means (such as electronic transfer of funds), provided that for any payment to be made by the Trustee, it
must receive confirmation of receipt of funds prior to being able to forward funds or cheques to holders and such payment shall be made
in a manner whereby the holder receives credit for such payment on the date such interest on such Debenture becomes due. The mailing of
such cheque or the making of such payment by other means shall, to the extent of the sum represented thereby, plus the amount of any tax
withheld as aforesaid, satisfy and discharge all liability for interest on such Debenture, unless in the case of payment by cheque, such
cheque is not paid at par on presentation. In the event of non-receipt of any cheque for or other payment of interest by the Person to
whom it is so sent as aforesaid, the Corporation will issue to such Person a replacement cheque or other payment for a like amount upon
being furnished with such evidence of non-receipt as it shall reasonably require and upon being indemnified to its satisfaction. Notwithstanding
the foregoing, if the Corporation is prevented by circumstances beyond its control (including, without limitation, any interruption in
mail service) from making payment of any interest due on each Debenture in the manner provided above, the Corporation may make payment
of such interest or make such interest available for payment in any other manner acceptable to the Trustee with the same effect as though
payment had been made in the manner provided above.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) All payments of interest on the Debenture shall be made by wire funds transfer
or certified cheque made payable (i) to the Trustee for payment to the Depository or its nominee by 10:00 a.m. MST on the Business Day
before the day interest is payable. None of the Corporation, the Trustee or any agent of the Trustee for any Debenture issued as an Uncertificated
Debenture will be liable or responsible to any Person for any aspect of the records related to or payments made on account of beneficial
interests in any Uncertificated Debenture or for maintaining, reviewing, or supervising any records relating to such beneficial interests.

**ARTICLE 3 – REGISTRATION, TRANSFER, EXCHANGE AND OWNERSHIP**

**Section 3.1 Global Debentures or Book based Debentures**

(1) With respect to each series of Debentures issuable in whole or in part as one or more Global Debentures and/or as Book based Debentures, the Corporation shall cause to be kept by and at the principal offices of the Trustee in Calgary, Alberta, and by the Trustee or such other registrar as the Corporation, with the approval of the Trustee, may appoint at such other place or places, if any, as the Corporation may designate with the approval of the Trustee, a register in which shall be entered the name and address of the holder of each such Global Debenture as holder thereof and particulars of the Global Debenture held by it, and of all transfers thereof. If any Debentures of such series are at any time not Global Debentures, the provisions of Section 3.2 shall govern with respect to registrations and transfers of such Debentures.

(2) Notwithstanding any other provision of this Indenture, a Global Debenture may not be transferred by the registered holder thereof and accordingly, definitive Debenture Certificates may be issued to Beneficial Holders in the following circumstances or as otherwise specified in a resolution of the Directors, an Officer's Certificate or a supplemental indenture relating to a particular series of Additional Debentures:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Global Debentures may be transferred by a Depository to a nominee of such Depository
or by a nominee of a Depository to such Depository or to another nominee of such Depository or by a Depository or its nominee to a successor
Depository or its nominee;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Global Debentures or Book based Debentures may be transferred at any time after
(i) the Depository for such Global Debentures, as the case may be, or the Corporation has notified the Trustee that the Depository is
unwilling or unable to continue as Depository for such Global Debentures, or (ii) the Depository ceases to be a clearing agency or otherwise
ceases to be eligible to be a Depository under Section 2.1(2), provided in each case that at the time of such transfer the Trustee and
the Corporation are unable to locate a qualified successor Depository for such Global Debentures;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Global Debentures may be transferred at any time after the Corporation has determined, in its sole discretion,
with the consent of the Trustee to terminate the book-entry only registration system or book based entry, as the case may be, in respect
of such Global Debentures or Book based Debentures and has communicated such determination to the Trustee in writing;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Global Debentures may be transferred at any time after the Trustee has determined
that an Event of Default has occurred and is continuing with respect to the Debentures of the series issued as a Global Debenture, as
the case may be, provided that Beneficial Holders of the Debentures representing, in the aggregate, more than 25% of the aggregate principal
amount of the Debentures of such series advise the Depository in writing, through the Participants, that the continuation of the book-entry
only registration system or book based entry, as applicable, for such series of Debentures is no longer in their best interest and also
provided that at the time of such transfer the Debentureholders have not waived the Event of Default pursuant to Section 8.3;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Global Debentures may be transferred if required by applicable law; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) Global Debentures may be transferred if the book-entry only registration system
or book based entry, as applicable, ceases to exist.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) Global Debentures may be transferred and Debenture Certificates may be issued to Beneficial Holders if
requested, in writing, by a Beneficial Holder through the Participant through whom the beneficial interest in the Debenture Certificates
are held at the time of the request and in accordance with the agreements and policies between the Depositary and Participants.

(3) With respect to the Global Debentures, unless and until Debenture Certificates have been issued to Beneficial Holders of the Debentures pursuant to subsection Section 3.1(2):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the Corporation and the Trustee may deal with the Depository for all purposes
(including paying interest on the Debentures) as the sole holder of such series of Debentures and the authorized representative of the
Beneficial Holders;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the rights of the Beneficial Holders of the Debentures shall be exercised only through the Depository
and shall be limited to those established by law and agreements between such Beneficial Holders and the Depository or the Participants;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) the Depository will make book-entry or book based, as applicable, transfers among the Participants; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) whenever this Indenture requires or permits actions to be taken based upon instructions
or directions of Debentureholders evidencing a specified percentage of the outstanding Debentures, the Depository shall be deemed to be
counted in that percentage only to the extent that it has received instructions to such effect from the Beneficial Holders of the Debentures
or the Participants, and has delivered such instructions to the Trustee.

(4) Whenever a notice or other communication is required to be provided to Debentureholders, unless and until Debenture Certificates have been issued to Beneficial Holders of the Debentures pursuant to this Section 3.1, the Trustee shall provide all such notices and communications to the Depository for forwarding by the Depository to such Beneficial Holders in accordance with Applicable Securities Legislation. Upon the termination of the book-entry only registration system or book based entry, as applicable, on the occurrence of one of the conditions specified in Section 3.1(2) with respect to a series of Debentures issued hereunder, the Trustee shall notify all applicable Participants and Beneficial Holders, through the Depository, of the availability of Debenture Certificates. Upon surrender by the Depository of the Debenture Certificate(s) representing the Global Debentures and receipt of new registration instructions from the Depository, the Trustee shall deliver the Debenture Certificates for such Debentures to the holders thereof in accordance with the new registration instructions and thereafter, the registration and transfer of such Debentures will be governed by Section 3.2 and the remaining Sections of this Article 3, as applicable.

(5) Notwithstanding any other provisions of this Indenture or the Debentures, transfers and exchanges of Debentures and beneficial interests in Global Debentures shall be made in accordance the applicable rules and guidelines of the Securities Transfer Association of Canada.

(6) Notwithstanding any provisions made in this Indenture for the issuance, certification and authentication of Debentures in physical form as Additional Debentures, Debentures or Global Debentures, the Debentures issued under the terms of this Indenture may also be issued to the Depository in Book based form, uncertificated and appearing on the register of the Trustee as a book based entry. In the absence of any physical securities being created for certification by the Corporation and authentication by the Trustee both at the initial issuance of the Debentures and at the time of any subsequent additional issuance of Debentures pursuant to the terms of a supplemental indenture, confirmation of the due issuance and validity of any Debentures shall be based upon the comparison of the Debentures in quantity and description appearing under the relevant broker's or Participant's instant deposit request identification number to the quantity and description of Debentures as detailed in the Written Direction of the Corporation addressed to the Trustee and to the broker or Participant upon whose posting of the Book based Debentures to the book entry records of the Depository on a uncertificated basis on which both the Corporation and the Trustee shall depend. It is the responsibility of the Corporation to make the necessary arrangements with its brokers or Participants to obtain, in a timely manner, the necessary instant deposit request identification number to facilitate the issuance of Book based Debentures.

(7) In the establishment and maintenance of a Book based Debenture issue, the Trustee shall maintain such a record on its register for Debentures in book based form only. Transfers of Debentures appearing on the register of the Depository shall otherwise occur as provided for in this Indenture. The parties hereto further recognize that, notwithstanding the issuance of Book based Debentures, conversions of Debentures shall occur as contemplated by the terms of this Indenture but the Trustee is permitted to employ whatever reasonable means it may from time to time require in order to guarantee the unhindered (but subject to the terms and conditions hereof) conversion of such Debentures appearing on the register for Debentures in Book based form by making whatever arrangements are deemed necessary by it with the Depository.

(8) At the time of the execution of this Indenture, the parties hereto understand that no declarations or other paper certificates or documentation will be required in order to effect conversions of Debentures held by Persons in the United States. If at any time subsequent to the initial issuance of Debentures it is determined by the Depository, the Trustee, the Corporation or legal counsel that physical declarations or other paper documentation are required for conversions or otherwise, the parties hereto and the Debentureholders acknowledge that the Trustee may be obliged to require the Debentures held by such Persons converting their Debentures to be certificated rather than held in book based form.

**Section 3.2 Fully Registered Debentures**

(1) With respect to each series of Debentures issuable as Fully Registered Debentures, the Corporation shall cause to be kept by and at the principal office of the Trustee in Calgary, Alberta, and by the Trustee or such other registrar as the Corporation, with the approval of the Trustee, may appoint at such other place or places, if any, as may be specified in the Debentures of such series or as the Corporation may designate with the approval of the Trustee, a register in which shall be entered the names and addresses of the holders of Fully Registered Debentures and particulars of the Debentures held by them respectively and of all transfers of Fully Registered Debentures. Such registration shall be noted on the Debentures by the Trustee or other registrar unless a new Debenture shall be issued upon such transfer.

(2) No transfer of a Fully Registered Debenture shall be valid unless made on such register referred to in subsection 3.2(1) by the registered holder or such holder's executors, administrators or other legal representatives or an attorney duly appointed by an instrument in writing in form and executed in a manner satisfactory to the Trustee or other registrar upon surrender of the Debentures together with a duly executed form of transfer acceptable to the Trustee upon compliance with such other reasonable requirements as the Trustee or other registrar may prescribe, or unless the name of the transferee shall have been noted on the Debenture by the Trustee or other registrar.

(3) Notwithstanding any other provisions in this Indenture or the Debentures, transfers and exchanges of Restricted Debentures shall be made in accordance with this Section 3.2(3):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) **Transfer and Exchange of Interests in a Restricted Uncertificated Debenture for Interests in an Unrestricted Uncertificated Debenture**. An interest in a Restricted Uncertificated Debenture may be exchanged by any holder thereof for an interest
in an Unrestricted Uncertificated Debenture or transferred to a Person who takes delivery thereof in the form of a beneficial interest
in an Unrestricted Uncertificated Debenture if the Corporation and Trustee receive the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) if the holder of such Restricted Uncertificated Debenture proposes
to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) exchange such Debenture for an Unrestricted Uncertificated Debenture
or an Unrestricted Physical Debenture, or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) transfer such Debenture to a Person who will be a U.S. Debentureholder and shall
take delivery thereof in the form of an Unrestricted Uncertificated Debenture or Unrestricted Physical Debenture,

in addition to such other documents as the Corporation and/or the Trustee may require, an opinion of counsel in form reasonably acceptable to the Corporation to the effect that such transfer or exchange is in compliance with the 1933 Act and all applicable state securities laws; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) if the holder of such Restricted Uncertificated Debenture proposes to transfer such Debenture to a Person
outside of the United States and will not be a U.S. Debentureholder and who shall take delivery thereof in the form of an Unrestricted
Physical Debenture or Unrestricted Uncertificated Debenture, in addition to such other documents as the Corporation and/or the Trustee
may require:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) a declaration in writing from such holder (a "**Rule 904 Declaration** ")
in such form that the Trustee or the Corporation may prescribe from time to time confirming that: (1) such transfer is being effected
pursuant to and in accordance with Rule 904 of Regulation S; (2) the holder is not an "affiliate" of the Corporation (as that
term is defined in Rule 405 under the 1933 Act), except solely by virtue of being an officer or director of the Corporation, a "distributor"
(as such term is defined in Rule 902 of Regulation S) or an affiliate of a distributor, (3) the offer was not made, and the transfer is
not being made, to a Person in the United States, and (x) at the time the buy order was originated, the transferee was outside the United
States or the holder and any Person acting on its behalf reasonably believed and believes that the transferee was outside the United States
or (y) the transaction was executed in, on or through the facilities of the Toronto Stock Exchange, the TSX Venture Exchange, the Canadian
Securities Exchange or another "designated offshore securities market" (as such term is defined in Rule 902 of Regulation
S) and neither the holder nor any Person acting on its behalf knows that the transaction was prearranged with a buyer in the United States,
(4) neither the holder nor any affiliate of the holder nor any Person acting on any of their behalf has engaged or will engage in any
"directed selling efforts" (as such term is defined in Rule 902 of Regulation S) in the United States in connection with the
transfer, (5) the transfer is bona fide and not for the purpose of "washing off' the resale restrictions imposed because the
securities are "restricted securities" (as that term is defined in Rule 144(a)(3) under the 1933 Act), (F) the holder does
not intend to replace such securities with fungible unrestricted securities, and (6) the transaction is not part of a plan or scheme to
evade the registration requirements of the 1933 Act; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) if requested by the Corporation and/or the transfer agent at their discretion, an opinion of counsel in
form reasonably acceptable to them to the effect that such transfer is in compliance with the 1933 Act and all applicable state securities
laws.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) **Transfer of Restricted Physical Debenture for Restricted Physical Debenture or Restricted Uncertificated Debenture.** A
Restricted Physical Debenture may be transferred to a Person who takes delivery thereof in the form of a Restricted Physical Debenture
or a Restricted Uncertificated Debenture if the Corporation receives an opinion of counsel of recognised standing, in form and substance
reasonably satisfactory to the Corporation, to the effect that such transfer is in compliance with an available exemption from the registration
requirements of the 1933 Act and all applicable state securities laws.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) **Transfer and Exchange of Restricted Physical Debentures for Unrestricted Physical Debentures or Unrestricted Uncertificated Debentures.** A Restricted Physical Debenture may be exchanged by the holder thereof for an Unrestricted Physical Debenture
or transferred to a Person who takes delivery thereof in the form of an Unrestricted Physical Debenture if the Corporation receives the
following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) if the holder of such Restricted Physical Debenture proposes
to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) exchange such Debenture for an Unrestricted Physical Debenture or an Unrestricted Uncertificated Debenture,
or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) transfer such Debenture to a Person who will be a U.S. Debentureholder and shall take delivery thereof
in the form of an Unrestricted Uncertificated Debenture or an Unrestricted Physical Debenture,

in addition to such other documents as the Corporation and/or the Trustee may require, an opinion of counsel in form reasonably acceptable to the Corporation to the effect that such transfer or exchange is in compliance with the 1933 Act and all applicable state securities laws; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) if the holder of such Restricted Physical Debenture proposes to transfer such Debenture to a Person outside
of the United States and will not be a U.S. Debentureholder and who
shall take delivery thereof in the form of an Unrestricted Physical Debenture or Unrestricted Uncertificated Debenture, in addition to
such other documents as the Corporation and/or the Trustee may require;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) a Rule 904 Declaration; provided that the Corporation and/or the transfer agent
may in their discretion also require an opinion of counsel in form reasonably acceptable to them to the effect that such transfer is in
compliance with the 1933 Act and all applicable state securities laws; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) if requested by the Corporation and/or the transfer agent at their discretion, an opinion of counsel in
form reasonably acceptable to them to the effect that such transfer is in compliance with the 1933 Act and all applicable state securities
laws.

**Section 3.3 Transferee Entitled to Registration**

The transferee of a Debenture shall be entitled, after the appropriate form of transfer is lodged with the Trustee or other registrar and upon compliance with all other conditions in that behalf required by this Indenture or by law, to be entered on the register as the owner of such Debenture free from all equities or rights of set-off or counterclaim between the Corporation and the transferor or any previous holder of such Debenture, save in respect of equities of which the Corporation is required to take notice by statute or by order of a court of competent jurisdiction. Upon surrender for registration of transfer of Debentures, the Corporation shall issue and thereupon the Trustee shall certify and deliver a new Debenture Certificate or authenticate and confirm the electronic deposit of Uncertificated Debentures of like tenor in the name of the designated transferee and register such transfer in accordance with Section 3.2. If less than all the Debentures evidenced by the Debenture Certificate(s) or Uncertificated Debentures so surrendered are transferred, the transferor shall be entitled to receive, in the same manner, a new Debenture Certificate or electronically deposited Uncertificated Debentures registered in the transferor's name evidencing the Debentures not transferred.

**Section 3.4 No Notice of Trusts**

**Section 3.5 Registers Open for Inspection**

The registers referred to in Section 3.1 and Section 3.2 shall at all reasonable times be open for inspection by the Corporation, the Trustee or any Debentureholder. Every registrar, including the Trustee, shall from time to time when requested so to do by the Corporation, in writing, furnish the Corporation with a list of names and addresses of holders of registered Debentures entered on the register kept by them and showing the principal amount and serial numbers of the Debentures held by each such holder, provided the Trustee shall be entitled to charge a reasonable fee to the Corporation to provide such a list.

**Section 3.6 Exchanges of Debentures**

(1) Subject to Section 3.1, Section 3.2, Section 3.6 and Section 3.7, Debentures in any authorized form or denomination, other than Uncertificated Debentures, may be exchanged for Debentures in any other authorized form or denomination, of the same series and date of maturity, bearing the same interest rate and of the same aggregate principal amount as the Debentures so exchanged.

(2) In respect of exchanges of Debentures permitted by subsection 3.6(1), Debentures of any series may be exchanged only at the principal offices of the Trustee in the city of Vancouver, British Columbia, or Toronto, Ontario, or at such other place or places, if any, as may be specified in the Debentures of such series and at such other place or places as may from time to time be designated by the Corporation with the approval of the Trustee. Any Debentures tendered for exchange shall be surrendered to the Trustee. The Corporation shall execute and the Trustee shall certify all Debentures necessary to carry out exchanges as aforesaid. All Debenture surrendered for exchange shall be cancelled.

(3) Debentures issued in exchange for Debentures which at the time of such issue have been selected or called for redemption at a later date shall be deemed to have been selected or called for redemption in the same manner and shall have noted thereon a statement to that effect.

**Section 3.7 Closing of Registers**

(1) Neither the Corporation nor the Trustee nor any registrar shall be required to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) make transfers or exchanges of any Debentures on any day selected by the Trustee
for the redemption of such Debentures or during the ten preceding Business Days;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) make exchanges of any Debentures which will have been selected or called for redemption
unless upon due presentation thereof for redemption such Debentures shall not be redeemed, as the register for the applicable series of
Debentures shall be closed in respect of such actions on such dates; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) make conversions of any Debentures on the Maturity Date.

(2) Subject to any restriction herein provided, the Corporation with the approval of the Trustee may at any time close any register for any series of Debentures, other than those kept at the principal offices of the Trustee in Vancouver, British Columbia, or Toronto, Ontario, and transfer the registration of any Debentures registered thereon to another register (which may be an existing register) and thereafter such Debentures shall be deemed to be registered on such other register. Notice of such transfer shall be given to the holders of such Debentures.

**Section 3.8 Charges for Registration, Transfer and Exchange**

For each Debenture exchanged, registered, transferred or discharged from registration, the Trustee or other registrar, except as otherwise herein provided, may make a reasonable charge for its services and in addition may charge a reasonable sum for each new Debenture issued (such amounts to be agreed upon from time to time by the Trustee and the Corporation), and payment of such charges and reimbursement of the Trustee or other registrar for any stamp taxes or governmental or other charges required to be paid shall be made by the party requesting such exchange, registration, transfer or discharge from registration as a condition precedent thereto. Notwithstanding the foregoing provisions, charges shall be made to a Debentureholder hereunder for:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) any exchange, registration, transfer or discharge from registration of any Debenture applied for
 within a period of two months from the date of the first delivery of Debentures of that series or, with respect to Debentures
 subject to a Periodic Offering, within a period of two months from
the date of delivery of any such Debenture;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) any exchange of any interim or temporary Debenture or interim certificate that has been issued under Section 2.10 for a Debenture
Certificate;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) any exchange of an Uncertificated Debenture as contemplated in Section 3.1; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) any exchange or registration of Debentures representing the balance remaining after the partial redemption,
conversion, or transfer of outstanding Debentures.

**Section 3.9 Ownership of Debentures**

(1) Unless otherwise required by law, the Person in whose name any registered Debenture is registered shall for all purposes of this Indenture be and be deemed to be the owner thereof and payment of or on account of the principal of and premium, if any, on such Debenture and interest thereon shall be made to such registered holder.

(2) The registered holder for the time being of any registered Debenture shall be entitled to the principal, premium, if any, and/or interest evidenced by such instruments, respectively, free from all equities or rights of set-off or counterclaim between the Corporation and the original or any intermediate holder thereof and all persons may act accordingly and the receipt of any such registered holder for any such principal, premium or interest shall be a good discharge to the Trustee, any registrar and to the Corporation for the same and none shall be bound to inquire into the title of any such registered holder.

(3) Where Debentures are registered in more than one name, the principal, premium, if any, and interest from time to time payable in respect thereof may be paid to the order of all such holders, failing written instructions from them to the contrary, and the receipt of any one of such holders therefor shall be a valid discharge, to the Trustee, any registrar and to the Corporation.

(4) In the case of the death of one or more joint holders of any Debenture the principal, premium, if any, and interest from time to time payable thereon may be paid to the order of the survivor or survivors of such registered holders and the receipt of any such survivor or survivors therefor shall be a valid discharge to the Trustee and any registrar and to the Corporation.

**ARTICLE 4 – PURCHASE OF DEBENTURES**

**Section 4.1 Purchase of Debentures by the Corporation**

(1) Unless otherwise specifically provided with respect to a particular series of Debentures, the Corporation may, if it is not at the time in default hereunder, at any time and from time to time, purchase Debentures by tender or by contract, at any price. All Debentures so purchased will be delivered to the Trustee and shall be cancelled and no Debentures shall be issued in substitution therefor.

(2) If, upon an invitation for tenders, more Debentures are tendered at the same lowest price than the Corporation is prepared to accept, the Debentures to be purchased by the Corporation shall be selected by the Trustee on a pro rata basis from the Debentures tendered by each tendering Debentureholder who tendered at such lowest price. For this purpose the Trustee may make, and from time to time amend, regulations with respect to the manner in which Debentures may be so selected, and regulations so made shall be valid and binding upon all Debentureholders, notwithstanding the fact that as a result thereof one or more of such Debentures become subject to purchase in part only. The holder of a Debenture of which a part only is purchased, upon surrender of such Debenture for payment, shall be entitled to receive, without expense to such holder, one or more new Debentures for the unpurchased part so surrendered, and the Trustee shall certify or authenticate and deliver such new Debenture or Debentures upon receipt of the Debenture so surrendered or, with respect to an Uncertificated Debenture, the Depository shall electronically deposit the unpurchased part so surrendered.

**ARTICLE 5 – SUBORDINATION OF DEBENTURES**

**Section 5.1 Applicability of Article**

The indebtedness, liabilities and obligations of the Corporation hereunder (except as provided in Section 14.14) or under the Debentures, whether on account of principal, premium, if any, interest or otherwise, but excluding the issuance of Common Shares upon any conversion pursuant to Article 6, upon any purchase pursuant to Article 4, or at maturity pursuant to Section 2.14 (collectively, the "**Debenture Liabilities**"), shall be subordinated and postponed and subject in right of payment, to the extent and in the manner hereinafter set forth in the following Sections of this Article 5, to the full and final payment of all Secured Indebtedness, and each holder of any such Debenture by his acceptance thereof agrees to and shall be bound by the provisions of this Article 5.

**Section 5.2 Order of Payment**

(1) In the event of any insolvency or bankruptcy proceedings, or any receivership, liquidation, reorganization or other similar proceedings relative to the Corporation, or to its property or assets, or in the event of any proceedings for voluntary liquidation, dissolution or voluntary winding-up of the Corporation, whether or not involving insolvency or bankruptcy, or any marshalling of the assets and liabilities of the Corporation:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Trustee

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) all Secured Indebtedness shall first be paid in full, or provision made for such
payment, before any payment is made on account of Debenture Liabilities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) any payment or distribution of assets of the Corporation, whether in cash, property or securities, to
which the holders of the Debentures or the Trustee on behalf of such holders would be entitled except for the provisions of this Article
5, shall be paid or delivered by the trustee in bankruptcy, receiver, assignee for the benefit of creditors, or other liquidating agent
making such payment or distribution, directly
to the holders of Secured Indebtedness or their representative or representatives, or to the trustee or trustees under any indenture pursuant
to which any instruments evidencing any of such Secured Indebtedness may have been issued, to the extent necessary to pay all Secured
Indebtedness in full after giving effect to any concurrent payment or distribution, or provision therefor, to the holders of such Secured
Indebtedness; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) the Secured Creditors or a receiver or a receiver-manager of the Corporation or
of all or part of its assets or any other enforcement agent may sell, mortgage, or otherwise dispose of the Corporation's assets
in whole or in part, free and clear of all Debenture Liabilities and without the approval of the Debentureholders or the Trustee.

(2) The rights and priority of the Secured Indebtedness and the subordination pursuant hereto shall not be affected by:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the time, sequence or order of creating, granting, executing, delivering of, or
registering, perfecting or failing to register or perfect any security notice, caveat, financing statement or other notice in respect
of any security securing the Secured Indebtedness (the "**Senior Security** ");

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the time or order of the attachment, perfection or crystallization of any security constituted by the
Senior Security;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) the taking of any collection, enforcement or realization proceedings pursuant
to the Senior Security;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) the date of obtaining of any judgment or order of any bankruptcy court or any
court administering bankruptcy, insolvency or similar proceedings as to the entitlement of the Secured Creditors, or any of them or the
Debentureholders or any of them to any money or property of the Corporation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) the failure to exercise any power or remedy reserved to the Secured Creditors under
the Senior Security or to insist upon a strict compliance with any terms thereof;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) whether any Senior Security is now perfected, hereafter ceases to be perfected,
is avoidable by any trustee in bankruptcy or like official or is otherwise set aside, invalidated or lapses;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) the date of giving or failing to give notice to or making demand upon the Corporation;
or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) any other matter whatsoever.

**Section 5.3 Subrogation to Rights of Holders of Secured Indebtedness**

(1) Subject to the prior payment in full of all Secured Indebtedness, the holders of the Debentures shall be subrogated to the rights of the holders of Secured Indebtedness to receive payments or distributions of assets of the Corporation to the extent of the application thereto of such payments or other assets which would have been received by the holders of the Debentures but for the provisions hereof until the principal of, premium, if any, and interest on the Debentures shall be paid in full, and no such payments or distributions to the holders of the Debentures of cash, property or securities, which otherwise would be payable or distributable to the holders of the Secured Indebtedness, shall, as between the Corporation, its creditors other than the holders of Secured Indebtedness, and the holders of Debentures, be deemed to be a payment by the Corporation to the holders of the Secured Indebtedness or on account of the Secured Indebtedness, it being understood that the provisions of this Article 5 are and are intended solely for the purpose of defining the relative rights of the holders of the Debentures, on the one hand, and the holders of Secured Indebtedness, on the other hand.

(2) The Trustee, for itself and on behalf of each of the Debentureholders, hereby waives any and all rights to require a Secured Creditor to pursue or exhaust any rights or remedies with respect to the Corporation or any property and assets subject to any Senior Security or in any other manner to require the marshalling of property, assets or security in connection with the exercise by the Secured Creditors of any rights, remedies or recourses available to them.

**Section 5.4 Obligation to Pay Not Impaired**

Nothing contained in this Article 5 or elsewhere in this Indenture or in the Debentures is intended to or shall impair, as between the Corporation, its creditors other than the holders of Secured Indebtedness, and the holders of the Debentures, the obligation of the Corporation, which is absolute and unconditional, to pay to the holders of the Debentures the principal of, premium, if any, and interest on the Debentures, as and when the same shall become due and payable in accordance with their terms, or affect the relative rights of the holders of the Debentures and creditors of the Corporation other than the holders of the Secured Indebtedness, nor shall anything herein or therein prevent the Trustee or the holder of any Debenture from exercising all remedies otherwise permitted by applicable law upon default under this Indenture, subject to the rights, if any, under this Article 5 of the holders of Secured Indebtedness in respect of cash, property or securities.

**Section 5.5 No Payment if Secured Indebtedness in Default**

(1) Upon the maturity of any Secured Indebtedness by lapse of time, acceleration or otherwise, or any other enforcement of any Secured Indebtedness, then, except as provided in Section 5.8, all such Secured Indebtedness shall first be paid in full, or shall first have been duly provided for, before any payment is made on account of the Debenture Liabilities.

(2) In case of a circumstance constituting a default or event of default with respect to any Secured Indebtedness permitting (whether at that time or upon notice, lapse of time, or satisfaction of any other condition precedent) a Secured Creditor to demand payment or accelerate the maturity thereof where the notice of such default or event of default has been given by or on behalf of the holders of Secured Indebtedness to the Corporation or the Corporation otherwise has knowledge thereof, unless and until such default or event of default shall have been cured or waived or shall have ceased to exist, no payment (by purchase of Debentures or otherwise) shall be made by the Corporation (except as provided in Section 5.8) with respect to the Debenture Liabilities and neither the Trustee nor the holders of Debentures shall be entitled to demand, institute proceedings for the collection of (which shall, for certainty include proceedings related to an adjudication or declaration as to the insolvency or bankruptcy of the Corporation and other similar creditor proceedings), or receive any payment or benefit (including without limitation by set-off, combination of accounts or otherwise in any manner whatsoever) on account of the Debentures after the happening of such a default or event of default (except as provided in Section 5.8), and unless and until such default or event of default shall have been cured or waived or shall have ceased to exist, such payments shall be held in trust for the benefit of, and, if and when such Secured Indebtedness shall have become due and payable, shall be paid over to, the holders of the Secured Indebtedness or their representative or representatives or to the trustee or trustees under any indenture under which any instruments evidencing an amount of the Secured Indebtedness remaining unpaid until all such Secured Indebtedness shall have been paid in full, after giving effect to any concurrent payment or distribution to the holders of such Secured Indebtedness.

(3) The fact that any payment hereunder is prohibited by this Section 5.5 shall not prevent the failure to make such payment from being an Event of Default hereunder.

**Section 5.6 Payment on Debentures Permitted**

Nothing contained in this Article 5 or elsewhere in this Indenture, or in any of the Debentures, shall affect the obligation of the Corporation to make, or prevent the Corporation from making, at any time except as prohibited by Sections 5.2 or 5.5, any payment of principal of or, premium, if any, or interest on the Debentures. The fact that any such payment is prohibited by Sections 5.2 or 5.5 shall not prevent the failure to make such payment from being an Event of Default hereunder. Nothing contained in this Article 5 or elsewhere in this Indenture, or in any of the Debentures, shall prevent the conversion of the Debentures or, except as prohibited by Sections 5.2 or 5.5, the application by the Trustee of any monies deposited with the Trustee hereunder for the purpose, to the payment of or on account of the Debenture Liabilities.

**Section 5.7 Confirmation of Subordination**

Each holder of Debentures by his acceptance thereof authorizes and directs the Trustee on his behalf to take such action as may be necessary or appropriate to effect the subordination as provided in this Article 5 and appoints the Trustee his attorney-in-fact for any and all such purposes. Upon request of the Corporation, and upon being furnished an Officer's Certificate stating that one or more named Persons are Secured Creditors and specifying the amount and nature of the Secured Indebtedness of such Secured Creditor, the Trustee shall enter into a written agreement or agreements with the Corporation and the Person or Persons named in such Officer's Certificate providing that such Person or Persons are entitled to all the rights and benefits of this Article 5 as a Secured Creditor and for such other matters, such as an agreement not to amend the provisions of this Article 5 and the definitions herein without the consent of such Secured Creditor, as the Secured Creditor may reasonably request. Such agreement shall be conclusive evidence that the indebtedness specified therein is Secured Indebtedness, however, nothing herein shall impair the rights of any Secured Creditor who has not entered into such an agreement.

**Section 5.8 Knowledge of Trustee**

Notwithstanding the provisions of this Article 5 or any provision in this Indenture or in the Debentures contained, the Trustee will not be charged with knowledge of any Secured Indebtedness or of any default in the payment thereof, or of the existence of any Event of Default or any other fact that would prohibit the making of any payment of monies to or by the Trustee, or the taking of any other action by the Trustee, unless and until the Trustee has received written notice thereof from the Corporation, any Debentureholder or any Secured Creditor.

**Section 5.9 Trustee May Hold Secured Indebtedness**

The Trustee is entitled to all the rights set forth in this Article 5 with respect to any Secured Indebtedness at the time held by it, to the same extent as any other holder of Secured Indebtedness, and nothing in this Indenture deprives the Trustee of any of its rights as such holder.

**Section 5.10 Rights of Holders of Secured Indebtedness Not Impaired**

No right of any present or future holder of any Secured Indebtedness to enforce the subordination herein will at any time or in any way be prejudiced or impaired by any act or failure to act on the part of the Corporation or by any non-compliance by the Corporation with the terms, provisions and covenants of this Indenture, regardless of any knowledge thereof which any such holder may have or be otherwise charged with.

**Section 5.11 Altering the Secured Indebtedness**

The holders of the Secured Indebtedness have the right to extend, renew, modify or amend the terms of the Secured Indebtedness or any security therefor and to release, sell or exchange such security and otherwise to deal freely with the Corporation, all without notice to or consent of the Debentureholders or the Trustee and without affecting the liabilities and obligations of the parties to this Indenture or the Debentureholders.

**Section 5.12 Additional Indebtedness**

This Indenture does not restrict the Corporation from incurring additional indebtedness for borrowed money or other obligations or liabilities (including Secured Indebtedness) or mortgaging, pledging or charging its properties to secure any indebtedness or liabilities. Except for Secured Indebtedness, any additional indebtedness for borrowed money or other obligations or liabilities or other debts will be subordinated to the Debentures.

**Section 5.13 Right of Debentureholder to Convert Not Impaired**

The subordination of the Debentures to the Secured Indebtedness and the provisions of this Article 5 do not impair in any way the right of a Debentureholder to convert its Debentures pursuant to Article 6 provided that there is no continuing default or event under Secured Indebtedness or acceleration of Secured Indebtedness that has not been rescinded and provided that such conversion does not result in a payment that could reasonably be expected to cause a default or event of default under any Secured Indebtedness.

**Section 5.14 Invalidated Payments**

In the event that any of the Secured Indebtedness shall be paid in full and subsequently, for whatever reason, such formerly paid or satisfied Secured Indebtedness becomes unpaid or unsatisfied, the terms and conditions of this Article 5 shall be reinstated and the provisions of this Article shall again be operative until all Secured Indebtedness is repaid in full, provided that such reinstatement shall not give the Secured Creditors any rights or recourses against the Trustee or the Debentureholders for amounts paid to the Debentureholders subsequent to such payment or satisfaction in full and prior to such reinstatement.

**Section 5.15 Contesting Security**

The Trustee, for itself and on behalf of the Debentureholders, agrees that it shall not contest or bring into question the validity, perfection or enforceability of any of the Secured Indebtedness, the Senior Security or the relative priority of the Senior Security.

**ARTICLE 6 – CONVERSION OF DEBENTURES**

**Section 6.1 Forced Conversion of Debentures**

(1) Immediately, and upon receipt of the Forced Conversion Notice by the Trustee pursuant to Section 2.5(5), all Debentures will be automatically converted by the Trustee at the Forced Conversion Date for and on behalf of the holder thereof and the holder thereof shall, upon surrender of the Debenture Certificate, be deemed to have subscribed for the corresponding number of Underlying Securities issuable upon the conversion of such holder's Debentures.

(2) In the case of Uncertificated Debenture, the Corporation will direct the Depository to cause to be entered and issued, as the case may be, to the person or persons in whose name or names the Underlying Securities have been issued, a book entry only system customer confirmation. After the conversion contemplated above, Debenture Certificates will represent only the right of the registered holder thereof to receive the Underlying Securities to be issued upon conversion.

(3) The holder of any Debentures converted pursuant to Section 2.5(5) hereof shall have no rights hereunder except to be issued the Underlying Securities upon the conversion of the Debentures.

(4) The parties hereby irrevocably authorize and direct the Trustee to convert the Debentures pursuant to Section 2.5(5) hereof upon receipt of the Forced Conversion Notice.

**Section 6.2 Effect of Conversion**

Upon the conversion of any Debentures in accordance with Section 2.5(5), the securities thereby issuable will be issued, and the Person or Persons to whom such securities are to be issued will be the holder or holders of record thereof, on the Forced Conversion Date unless the transfer registers for the Underlying Securities are closed on that date, in which case the Underlying Securities will be deemed to have been issued and such Person or Persons will become the holder or holders of record thereof on the date on which such transfer registers are reopened, but the Underlying Securities will be issued on the basis of the number of the Underlying Securities to which such Person or Persons were entitled on the Forced Conversion Date.

**Section 6.3 Adjustment of Conversion Price**

The Conversion Price in effect at any date shall be subject to adjustment from time to time as set forth below.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) If and whenever at any time prior to the Maturity Date the Corporation shall

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) subdivide or redivide the outstanding Common Shares into a greater number of shares,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) reduce, combine or consolidate the outstanding Common Shares into a smaller number
of shares, or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) issue Common Shares to the holders of all or substantially all of the outstanding
Common Shares by way of a dividend or distribution (other than the issue of Common Shares to holders of Common Shares who have elected
to receive dividends or distributions in the form of Common Shares in lieu of cash dividends or cash distributions paid in the ordinary
course on the Common Shares),

the Conversion Price in effect on the effective date of such subdivision, redivision, reduction, combination or consolidation or on the record date for such issue of Common Shares by way of a dividend or distribution, as the case may be, shall in the case of any of the events referred to in (i) and (iii) above be decreased in proportion to the number of outstanding Common Shares resulting from such subdivision, redivision or dividend, or shall, in the case of any of the events referred to in (ii) above, be increased in proportion to the number of outstanding Common Shares resulting from such reduction, combination or consolidation. Such adjustment shall be made successively whenever any event referred to in this subsection 6.3(a) shall occur. Any such issue of Common Shares by way of a dividend or distribution shall be deemed to have been made on the record date for the dividend or distribution for the purpose of calculating the number of outstanding Common Shares under subsections (c) and (d) of this Section 6.3.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) If and whenever at any time prior to the Maturity Date the Corporation shall fix
a record date for the payment of a cash dividend or distribution to the holders of all or substantially all of the outstanding Common
Shares, the Conversion Price shall be adjusted immediately after such record date so that it shall be equal to the price determined by
multiplying the Conversion Price in effect on such record date by a fraction, of which the denominator shall be the Current Market Price
on such record date and of which the numerator shall be the Current Market Price on such record date minus the amount in cash per Common
Share distributed to holders of Common Shares. Such adjustment shall be made successively whenever such a record date is fixed. To the
extent that any such cash dividend or distribution is not paid, the Conversion Price shall be re- adjusted to the Conversion Price which
would then be in effect if such record date had not been fixed.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) If and whenever at any time prior to the Maturity Date the Corporation shall fix
a record date for the issuance of options, rights or warrants to all or substantially all the holders of its outstanding Common Shares
entitling them, for a period expiring not more than 45 days after such record date, to subscribe for or purchase Common Shares (or securities
convertible into Common Shares) at a price per share (or having a conversion or exchange price per share) less than 95% of the Current
Market Price on such record date, the Conversion Price shall be adjusted immediately after such record date so that it shall equal the
price determined by multiplying the Conversion Price in effect on such record date by a fraction, of which the numerator shall be the
total number of Common Shares outstanding on such record date plus a number of Common Shares equal to the number arrived at by dividing
the aggregate price of the total number of additional Common Shares offered for subscription or purchase (or the aggregate conversion
or exchange price of the convertible securities so offered) by such Current Market Price, and of which the denominator shall be the total
number of Common Shares outstanding on such record date plus the total number of additional Common Shares offered for subscription or
purchase (or into which the convertible securities so offered are convertible). Such adjustment shall be made successively whenever such
a record date is fixed. To the extent that any such options, rights or warrants are not so issued or any such options, rights or warrants
are not exercised prior to the expiration thereof, the Conversion Price shall be re-adjusted to the Conversion Price which would then
be in effect if such record date had not been fixed or to the Conversion Price which would then be in effect based upon the number of
Common Shares (or securities convertible into Common Shares) actually issued upon the exercise of such options, rights or warrants were
included in such fraction, as the case may be.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) If and whenever at any time prior to the Maturity Date, there is a reclassification
of the Common Shares or a capital reorganization of the Corporation other than as described in subsection 6.2(a) or a consolidation, amalgamation,
arrangement, binding share exchange, merger of the Corporation with or into any other Person or other entity or acquisition of the Corporation
or other combination pursuant to which the Common Shares are converted into or acquired for cash, securities or other property; or a sale
or conveyance of the property and assets of the Corporation as an entirety or substantially as an entirety to any other Person (other
than a direct or indirect wholly-owned subsidiary of the Corporation) or other entity or a liquidation, dissolution or winding-up of the
Corporation (any such event, a "**Merger Event** "), any holder of a Debenture who has not exercised its right of conversion
prior to the effective date of such reclassification, capital reorganization, consolidation, amalgamation, arrangement, merger, share
exchange, acquisition, combination, sale or conveyance or liquidation, dissolution or winding-up, upon the exercise of such right thereafter,
shall be entitled to receive and shall accept, in lieu of the number of Common Shares then sought to be acquired by it, such amount of
cash or the number of shares or other securities or property of the Corporation or of the Person or other entity resulting from such merger,
amalgamation, arrangement, acquisition, combination or consolidation, or to which such sale or conveyance may be made or which holders
of Common Shares receive pursuant to such liquidation, dissolution or winding-up, as the case may be, that such holder of a Debenture
would have been entitled to receive on such reclassification, capital reorganization, consolidation, amalgamation, arrangement, merger,
share exchange, acquisition, combination, sale or conveyance or liquidation, dissolution or winding-up, if, on the record date or the
effective date thereof, as the case may be, the holder had been the registered holder of the number of Common Shares sought to be acquired
by it and to which it was entitled to acquire upon the exercise of the conversion right, subject to subsection 6.2(k). If determined appropriate
by the Board of Directors, to give effect to or to evidence the provisions of this subsection 6.2(d), the Corporation, its successor,
or such purchasing Person or other entity, as the case may be, shall, prior to or contemporaneously with any such reclassification, capital
reorganization, consolidation, amalgamation, arrangement, merger, share exchange, acquisition, combination, sale or conveyance or liquidation,
dissolution or winding-up, enter into an indenture which shall provide, to the extent possible, for the application of the provisions
set forth in this Indenture with respect to the rights and interests thereafter of the holder of Debentures to the end that the provisions
set forth in this Indenture shall thereafter correspondingly be made applicable, as nearly as may reasonably be, with respect to any cash,
shares or other securities or property to which a holder of Debentures is entitled on the exercise of its acquisition rights thereafter.
Any indenture entered into between the Corporation and the Trustee pursuant to the provisions of this subsection 6.3(d) shall be a supplemental
indenture entered into pursuant to the provisions of Article 15. Any indenture entered into between the Corporation,
any successor to the Corporation or such purchasing Person or other entity and the Trustee shall provide for adjustments which shall be
as nearly equivalent as may be practicable to the adjustments provided in this subsection 6.3(d) and which shall apply to successive reclassifications,
capital reorganizations, amalgamations, consolidations, mergers, share exchanges, acquisitions, combinations, sales or conveyances. For
greater certainty, nothing in this subsection 6.3(d) shall affect or reduce the requirement for any Person to make a Change of Control
Offer, and notice of any transaction to which this subsection 6.3(d) applies shall be given in accordance with Section 6.7.

The Corporation shall not become a party to any Merger Event unless its terms are consistent with this subsection 6.3(d).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) If any issuer bid made by the Corporation or any of its Subsidiaries for all
 or any portion of Common Shares shall expire, then, if the issuer bid shall require the payment to shareholders of consideration per
 Common Share having a fair market value (determined as provided below) that exceeds the Current Market Price on the last date (the
 "**Expiration Date**") tenders could have been made pursuant to such issuer bid (as it may be amended) (the last time
 at which such tenders could have been made on the Expiration Date is hereinafter sometimes called the "**Expiration Time** "), the Conversion Price shall be adjusted so that the same shall equal the rate determined by multiplying the
 Conversion Price in effect immediately preceding the close of business on the Expiration Date by a fraction of which (i) the
 denominator shall be the sum of (A) the fair market value of the aggregate consideration (the fair market value as determined by the
 Board of Directors, whose determination shall be conclusive evidence of such fair market value and which shall be evidenced by an
 Officer's Certificate delivered to the Trustee) payable to shareholders based on the acceptance (up to any maximum specified
 in the terms of the issuer bid) of all Common Shares validly tendered and not withdrawn as of the Expiration Time (the Common Shares
 deemed so accepted, up to any such maximum, being referred to as the "**Purchased Common Shares**") and (B) the
 product of the number of Common Shares outstanding (less any Purchased Common Shares and excluding any Common Shares held in the
 treasury of the Corporation) at the Expiration Time and the Current Market Price on the Expiration Date and (ii) the numerator of
 which shall be the product of the number of Common Shares outstanding (including Purchased Common Shares but excluding any Common
 Shares held in the treasury of the Corporation) at the Expiration Time multiplied by the Current Market Price on the Expiration
 Date, such increase to become effective immediately preceding the opening of business on the day following the Expiration Date. In
 the event that the Corporation is obligated to purchase Common Shares pursuant to any such issuer bid, but the Corporation is
 permanently prevented by applicable law from effecting any or all such purchases or any or all such purchases are rescinded, the
 Conversion Price shall again be adjusted
to be the Conversion Price which would have been in effect based upon the number of Common Shares actually purchased, if any. If the application
of this subsection 6.2(e) to any issuer bid would result in a decrease in the Conversion Price, no adjustment shall be made for such
issuer bid under this subsection 6.2(e).

For purposes of this subsection 6.3(e), the term "**issuer bid**" shall mean an issuer bid under Applicable Securities Legislation or a take-over bid under Applicable Securities Legislation by a Subsidiary of the Corporation for the Common Shares and all references to "purchases" of Common Shares in issuer bids (and all similar references) shall mean and include the purchase of Common Shares in issuer bids and all references to "tendered Common Shares" (and all similar references) shall mean and include Common Shares tendered in issuer bids.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) The adjustments provided for in this Section 6.3 are cumulative and shall apply to successive subdivisions,
redivisions, reductions, combinations, consolidations, distributions, issues or other events resulting in any adjustment under the provisions
of this Section, provided that, notwithstanding any other provision of this Section, no adjustment of the Conversion Price shall be required
unless such adjustment would require an increase or decrease of at least 1% in the Conversion Price then in effect; provided however,
that any adjustments which by reason of this subsection 6.3(f) are not required to be made shall be carried forward and taken into account
in any subsequent adjustment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) For the purpose of calculating the number of Common Shares outstanding, Common
Shares owned by or for the benefit of the Corporation shall not be counted.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) In the event of any question arising with respect to the adjustments provided
in this Section 6.3, such question shall be conclusively determined by a firm of nationally recognized chartered accountants appointed
by the Corporation and acceptable to the Trustee (who may be the Auditors of the Corporation); such accountants shall have access to all
necessary records of the Corporation and such determination shall be binding upon the Corporation, the Trustee, and the Debentureholders.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) In case the Corporation shall take any action affecting the Common Shares other
than action described in this Section 6.3, which in the opinion of the Board of Directors, would materially affect the rights of Debentureholders,
the Conversion Price shall be adjusted in such manner and at such time, by action of the Board of Directors, as the Board of Directors,
in their sole discretion may determine to be equitable in the circumstances. Failure of the directors to make such an adjustment shall
be conclusive evidence that they have determined that it is equitable to make no adjustment in the circumstances.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) No adjustment in the Conversion Price shall be made in respect of any event described
in subsections 6.3(a), 6.3(b), 6.3(c), or 6.3(e) other than the events described in clauses 6.3(a)(i) or 6.3(a)(ii) if the holders of
the Debentures are entitled to participate in such event on the same terms mutatis mutandis as if they had converted their Debentures
prior to the effective date or record date, as the case may be, of such event.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) Except as stated above in this Section 6.3, no adjustment will be made in the Conversion Price for any
Debentures as a result of the issuance of Common Shares at less than the Current Market Price on the date of issuance or the then applicable
Conversion Price.

**Section 6.4 No Requirement to Issue Fractional Common Shares**

The Corporation shall not be required to issue fractional Common Shares upon the conversion of Debentures. If more than one Debenture shall be surrendered for conversion at one time by the same holder, the number of whole Common Shares issuable upon conversion thereof shall be computed on the basis of the aggregate principal amount of such Debentures and all accrued and unpaid interest thereon to be converted. If any fractional interest in a Common Share would, except for the provisions of this Section 6.4, be deliverable upon the conversion of any amount of Debentures, the Corporation shall, in lieu of delivering any certificate representing such fractional interest, make a cash payment to the holder of such Debenture of an amount equal to the fractional interest which would have been issuable multiplied by the Current Market Price, provided, however, the Corporation shall not be required to make any payment of less than $25.00.

**Section 6.5 Corporation to Reserve the Underlying Securities**

The Corporation covenants with the Trustee that it will at all times reserve and keep available out of its authorized Common Shares and Warrants (if the number thereof is or becomes limited), solely for the purpose of issue upon conversion of Debentures pursuant to Section 2.5(5) and conditionally allot to Debentureholders such number of Common Shares and Warrants as is equal to the maximum number of Common Shares and Warrants issuable upon the conversion of all outstanding Debentures from time to time. The Corporation covenants with the Trustee that all Common Shares which shall be so issuable shall be duly and validly issued as fully-paid and non-assessable.

**Section 6.6 Cancellation of Converted Debentures**

All Debentures converted under Section 2.5(5) shall be cancelled by the Trustee and no Debenture shall be issued in substitution for those converted.

**Section 6.7 Certificate as to Adjustment**

The Corporation shall from time to time immediately after the occurrence of any event which requires an adjustment or readjustment as provided in Section 6.3, deliver an Officer's Certificate to the Trustee specifying the nature of the event requiring the same and the amount of the adjustment necessitated thereby and setting forth in reasonable detail the method of calculation and the facts upon which such calculation is based, which certificate and the amount of the adjustment specified therein shall be conclusively determined by a firm of nationally recognized chartered accountants appointed by the Corporation and acceptable to the Trustee (who may be the Auditors of the Corporation) and such advice or determination shall be conclusive and binding on all parties in interest. When so approved, the Corporation shall, except in respect of any subdivision, redivision, reduction, combination or consolidation of the Common Shares, forthwith give notice to the Debentureholders in the manner provided in Section 13.2 specifying the event requiring such adjustment or readjustment and the results thereof, including the resulting Conversion Price; provided that, if the Corporation has given notice under this Section 6.7 covering all the relevant facts in respect of such event and if the Trustee approves, no such notice need be given under this Section 6.7.

**Section 6.8 Notice of Special Matters**

(1) The Corporation covenants with the Trustee that so long as any Debenture remains outstanding, it will give notice to the Trustee, and to the Debentureholders in the manner provided in Section 13.2, of its intention to fix a record date for any event referred to in subsection 6.3(a), subsection Section 6.3(b), Section 6.3(c) or Section 6.3(d) (other than the subdivision, redivision, reduction, combination or consolidation of its Common Shares) which may give rise to an adjustment in the Conversion Price, and, in each case, such notice shall specify the particulars of such event and the record date and the effective date for such event; provided that the Corporation shall only be required to specify in such notice such particulars of such event as shall have been fixed and determined on the date on which such notice is given. Such notice shall be given not less than 14 days in each case prior to such applicable record date.

(2) In addition, the Corporation covenants with the Trustee that so long as any Debenture remains outstanding, it will give notice to the Trustee, and to the Debentureholders in the manner provided in Section 13.2, at least 30 days prior to the (i) effective date of any transaction referred to in Section 6.3(d) stating the consideration into which the Debentures will be convertible after the effective date of such transaction, and (ii) Expiration Date of any transaction referred to in subsection 6.3(e) stating the consideration paid per Common Share in such transaction.

**Section 6.9 Protection of Trustee**

The Trustee:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) shall not at any time be under any duty or responsibility
to any Debentureholder to determine whether any facts exist which may require any adjustment in the Conversion Price, or with respect
to the nature or extent of any such adjustment when made, or with respect to the method employed in making the same;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) shall not be accountable with respect to the validity or value (or the kind or
amount) of any Common Shares or of any shares or other securities or property which may at any time be issued or delivered upon the conversion
of any Debenture; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) shall not be responsible for any failure of the Corporation to make any cash payment
or to issue, transfer or deliver Common Shares or share certificates upon the surrender of any Debenture for the purpose of conversion,
or to comply with any of the covenants contained in this Article.

**ARTICLE 7– COVENANTS OF THE CORPORATION**

The Corporation hereby covenants and agrees with the Trustee for the benefit of the Trustee and the Debentureholders, that so long as any Debentures remain outstanding:

**Section 7.1 To Pay Principal, Premium (if any) and Interest**

The Corporation will duly and punctually pay or cause to be paid to every Debentureholder the principal of, premium (if any) and interest accrued on the Debentures of which it is the holder on the dates, at the places and in the manner mentioned herein and in the Debentures.

**Section 7.2 To Pay Trustee's Remuneration**

The Corporation will pay the Trustee reasonable remuneration for its services as Trustee hereunder and will repay to the Trustee on demand all monies which shall have been paid by the Trustee in connection with the execution of the trusts hereby created and such monies including the Trustee's remuneration, shall be payable out of any funds coming into the possession of the Trustee in priority to payment of any principal of the Debentures or interest or premium thereon. Such remuneration shall continue to be payable until the trusts hereof be finally wound up and whether or not the trusts of this Indenture shall be in the course of administration by or under the direction of a court of competent jurisdiction.

**Section 7.3 To Give Notice of Default**

The Corporation shall notify the Trustee and the Debentureholders immediately upon becoming aware of the occurrence of any Event of Default.

**Section 7.4 Preservation of Existence, etc.**

Subject to the express provisions hereof, the Corporation will carry on and conduct its activities, and cause its Subsidiaries to carry on and conduct their businesses, in a business-like manner and in accordance with good business practices; and, subject to the express provisions hereof, it will do or cause to be done all things necessary to preserve and keep in full force and effect its corporate existence and rights.

**Section 7.5 Keeping of Books**

The Corporation will keep or cause to be kept proper books of record and account, in which full and correct entries shall be made of all financial transactions and the assets and business of the Corporation and each Material Subsidiary in accordance with generally accepted accounting principles.

**Section 7.6 Annual Certificate of Compliance**

The Corporation shall deliver to the Trustee, within 120 days after the end of each calendar year, (and at any reasonable time upon demand by the Trustee) an Officer's Certificate as to the knowledge of such officers of the Corporation who execute the Officer's Certificate of the Corporation's compliance with all conditions and covenants in this Indenture certifying that after reasonable investigation and inquiry, the Corporation has complied with all covenants, conditions or other requirements contained in this Indenture, the non-compliance with which could, with the giving of notice, lapse of time or otherwise, constitute an Event of Default hereunder, or if such is not the case, setting forth with reasonable particulars the circumstances of any failure to comply and steps taken or proposed to be taken to eliminate such circumstances and remedy such Event of Default, as the case may be.

**Section 7.7 Performance of Covenants by Trustee**

If the Corporation shall fail to perform any of its covenants contained in this Indenture, the Trustee may notify the Debentureholders of such failure on the part of the Corporation or may itself perform any of the covenants capable of being performed by it, but shall be under no obligation to do so or to notify the Debentureholders. All sums so expended or advanced by the Trustee shall be repayable by the Corporation as provided in Section 7.2. No such performance, expenditure or advance by the Trustee shall be deemed to relieve the Corporation of any default hereunder.

**Section 7.8 No Dividends on Common Shares if Event of Default**

The Corporation shall not declare or pay any dividend to the holders of Common Shares or any other securities representing equity interests in the Corporation after the occurrence of an Event of Default unless and until such default shall have been cured or waived or shall have ceased to exist.

**Section 7.9 Withholding Matters**

All payments made by or on behalf of the Corporation under or with respect to the Debentures (including, without limitation, any penalties, interest and other liabilities related thereto) will be made free and clear of and without withholding, or deduction for, or on account of, any present or future tax, duty, levy, impost, assessment or other governmental charge (including, without limitation, penalties, interest and other liabilities related hereto) imposed or levied by or on behalf of the Government of Canada or elsewhere, or of any province or territory thereof or by any authority or agency therein or thereof having power to tax ("**Withholding Taxes**"), unless the Corporation is required by law or the interpretation or administration thereof, to withhold or deduct any amounts for, or on account of Withholding Taxes. If the Corporation is so required to withhold or deduct any amount for, or on account of, Withholding Taxes from any payment made under or with respect to the Debentures, the Corporation shall deduct and withhold such Withholding Taxes from any payment to be made or with respect to the Debentures and, provided that the Corporation forthwith remits such amount to the relevant governmental authority or agency, the amount of any such deduction or withholding will be considered an amount paid in satisfaction of the Corporation's obligations under the Debentures. There is no obligation on the Corporation to gross-up or pay additional amounts to a holder of Debentures in respect of such deductions or withholdings. For greater certainty, if any amount is required to be deducted or withheld in respect of Withholding Taxes upon a conversion of a Debenture, the Corporation shall be entitled to liquidate such number of Common Shares (or other securities) issuable as a result of such conversion as shall be necessary in order to satisfy such requirement. The Corporation shall provide the Trustee with copies of receipts or other communications relating to the remittance of such withheld amount or the filing of any forms received from such government authority or agency promptly after receipt thereof.

**Section 7.10 SEC Reporting Status**

(1) The Corporation confirms that as at the date of execution of this Indenture it does not have a class of securities registered pursuant to Section 12 of the U.S. Securities Exchange Act or have a reporting obligation pursuant to Section 15(d) of the U.S. Securities Exchange Act.

(2) The Corporation covenants that in the event that (a) any class of its securities shall become registered pursuant to Section 12 of the U.S. Securities Exchange Act or such Corporation shall incur a reporting obligation pursuant to Section 15(d) of the U.S. Securities Exchange Act, or (b) any such registration or reporting obligation shall be terminated by such Corporation in accordance with the U.S. Securities Exchange Act, such Corporation shall promptly deliver to the Trustee an Officers' Certificate (in a form provided by the Trustee) notifying the Trustee of such registration or termination and such other information as the Trustee may require at the time. The Corporation acknowledges that the Trustee is relying upon the foregoing representation and covenants in order to meet certain U.S. Securities and Exchange Commission (the "**SEC**") obligations with respect to those clients who are filing with the SEC.

**Section 7.11 Stay, Extension and Usury Laws**

The Corporation covenants (to the extent that it may lawfully do so) that it shall not at any time insist upon, plead, or in any manner whatsoever claim or take the benefit or advantage of, any stay, extension or usury law or other law which would prohibit or forgive the Corporation from paying all or any portion of the principal of or accrued but unpaid interest on the Debentures as contemplated herein, wherever enacted, now or at any time hereafter in force, or which may affect the covenants or the performance of this Indenture, and the Corporation (to the extent it may lawfully do so) hereby expressly waives all benefit or advantage of any such law and covenants that it will not, by resort to any such law, hinder, delay or impede the execution of any power herein granted to the Trustee, but will suffer and permit the execution of every such power as though no such law had been enacted.

**ARTICLE 8 – DEFAULT**

**Section 8.1 Events of Default**

(1) Each of the following events constitutes, and is herein sometimes referred to as, an "**Event of Default**":

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the Corporation shall fail to pay an installment of interest on any of the Debentures,
which failure continues for five Business Days after the date when due

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) failure to pay principal or premium (whether by way of payment of cash or delivery
of Common Shares), if any, when due on the Debentures whether at maturity, upon redemption or a Change of Control, by acceleration or
otherwise;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) default in the delivery, when due, of all cash, Underlying Securities, and any
other consideration deliverable upon repayment or conversion of the Debentures, which failure continues for five Business Days;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) default in the observance or performance of any covenant or condition of the Indenture by the Corporation
and the failure to cure (or obtain a waiver for) such default for a period of 15 days after notice in writing has been given by the Trustee
or from holders of not less than 25% in aggregate principal amount of the Debentures to the Corporation specifying such default and requiring
the Corporation to rectify such default or obtain a waiver for same;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) if the Corporation ceases to carry on business;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) if a decree or order of a Court having jurisdiction is entered adjudging the Corporation or any Material
Subsidiary a bankrupt or insolvent under the *Bankruptcy and Insolvency Act* (Canada) or any other bankruptcy, insolvency or analogous
laws, or issuing sequestration or process of execution against, or against any substantial part of, the property of the Corporation or
any Material Subsidiary, or appointing a receiver of, or of any substantial part of, the property of the Corporation or any Material Subsidiary
or ordering the winding- up or liquidation of its affairs, and any such decree or order continues unstayed and in effect for a period
of 60 days;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) if the Corporation or any Material Subsidiary institutes proceedings to be adjudicated
a bankrupt or insolvent, or consents to the institution of bankruptcy or insolvency proceedings against it under the *Bankruptcy and Insolvency Act* (Canada) or any other bankruptcy, insolvency or analogous laws, or consents to the filing of any such petition or to
the appointment of a receiver of, or of any substantial part of, the property of the Corporation or any Material Subsidiary or makes a
general assignment for the benefit of creditors, or admits in writing its inability to pay its debts generally as they become due;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) if a resolution is passed for the winding-up or liquidation of the Corporation
or any Material Subsidiary except in the course of carrying out or pursuant to a transaction in respect of which the conditions of Section
10.1 are duly observed and performed;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) if, after the date of this Indenture, any proceedings with respect to the Corporation
or any Material Subsidiary are taken with respect to a compromise or arrangement, with respect to creditors of the Corporation or any
Material Subsidiary generally, under the applicable legislation of any jurisdiction; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) if an event of default occurs or exists under any indenture, agreement or other
instrument evidencing or governing indebtedness for borrowed money (other than Non-Recourse Debt) of the Corporation or any Material Subsidiary
and as a result of such event of default (i) indebtedness for borrowed money thereunder in excess of $500,000 (or the equivalent amount
in any other currency) has become due and payable before the date it would otherwise have been due and payable or (ii) the holders of
such indebtedness are entitled to commence, and have commenced, the enforcement of security they hold for such indebtedness (if any) or
the exercise of any other creditors' remedies to collect such indebtedness; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) if the Corporation fails to comply with Article 10 hereof;

then: (i) in each and every such event listed above, the Trustee may, in its discretion, but subject to the provisions of this Section, and shall, upon receipt of a request in writing signed by the holders of not less than 25% in principal amount of the Debentures then outstanding (or if the Event of Default shall exist only in respect of one or more series of the Debentures then outstanding, then upon receipt of a request in writing signed by the holders of not less than 25% in principal amount of the Debentures of such series then outstanding), subject to the provisions of Section 8.3, by notice in writing to the Corporation declare the principal of and interest and premium, if any, on all Debentures then outstanding and all other monies outstanding hereunder to be due and payable and the same shall thereupon forthwith become immediately due and payable (or, if the Event of Default shall exist only in respect of one or more series of the Debentures then outstanding, then the Trustee may declare due and payable the principal and interest and premium, if any, only with respect to such Debentures in respect of which there is an Event of Default) to the Trustee, and (ii) on the occurrence of an Event of Default under clauses 8.1(1)(f), 8.1(1)(g), 8.1(1)(h) or 8.1(1)(j), the principal of and interest and premium, if any, on all Debentures then outstanding hereunder and all other monies outstanding hereunder, shall automatically without any declaration or other act on the part of the Trustee or any Debentureholder become immediately due and payable to the Trustee and, in either case, upon such amounts becoming due and payable in either (i) or (ii) above, the Corporation shall forthwith pay to the Trustee for the benefit of the Debentureholders such principal, accrued and unpaid interest and premium, if any, and interest on amounts in default on such Debenture and all other monies outstanding hereunder, together with subsequent interest at the rate borne by the Debentures on such principal, interest, premium and such other monies from the date of such declaration or event until payment is received by the Trustee, such subsequent interest to be payable at the times and places and in the manner mentioned in and according to the tenor of the Debentures. Such payment when made shall be deemed to have been made in discharge of the Corporation's obligations hereunder and any monies so received by the Trustee shall be applied in the manner provided in Section 8.6.

(2) For greater certainty, for the purposes of this Section 8.1, a series of Debentures shall be in default in respect of an Event of Default if such Event of Default relates to a default in the payment of principal, premium, if any, or interest on the Debentures of such series in which case references to Debentures in this Section 8.1 refer to Debentures of that particular series.

(3) For purposes of this Article 8, where the Event of Default refers to an Event of Default with respect to a particular series of Debentures as described in this Section 8.1, then this Article 8 shall apply *mutatis mutandis* to the Debentures of such series and references in this Article 8 to the Debentures shall mean Debentures of the particular series and references to the Debentureholders shall refer to the Debentureholders of the particular series, as applicable.

**Section 8.2 Notice of Events of Default**

If an Event of Default shall occur and be continuing the Trustee shall, within 30 days following an Event of Default or after it receives written notice of the occurrence of such Event of Default, give notice of such Event of Default to the Debentureholders in the manner provided in Section 12.2, provided that notwithstanding the foregoing, unless the Trustee shall have been requested to do so by the holders of at least 25% of the principal amount of the Debentures then outstanding, the Trustee shall not be required to give such notice if the Trustee in good faith shall have determined that the withholding of such notice is in the best interests of the Debentureholders and shall have so advised the Corporation in writing.

When notice of the occurrence of an Event of Default has been given and the Event of Default is thereafter cured, notice that the Event of Default is no longer continuing shall be given by the Trustee to the Debentureholders within 15 days after the Trustee becomes aware the Event of Default has been cured.

**Section 8.3 Waiver of Default**

(1) Upon the happening of any Event of Default hereunder:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the holders of the Debentures shall have the power (in addition to the powers
exercisable by Extraordinary Resolution as hereinafter provided) by requisition in writing by the holders of more than 66⅔% of
the principal amount of Debentures then outstanding, to instruct the Trustee to waive any Event of Default and to cancel any declaration
made by the Trustee pursuant to Section 8.1 and the Trustee shall thereupon
waive the Event of Default and cancel such declaration, or either, upon such terms and conditions as shall be prescribed in such requisition;
provided that notwithstanding the foregoing if the Event of Default has occurred by reason of the non-observance or non-performance by
the Corporation of any covenant applicable only to one or more series of Debentures, then the holders of more than 66⅔% of the
principal amount of the outstanding Debentures of that series shall be entitled to exercise the foregoing power and the Trustee shall
so act and it shall not be necessary to obtain a waiver from the holders of any other series of Debentures; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the Trustee, so long as it has not become bound to declare the principal and interest
on the Debentures then outstanding to be due and payable, or to obtain or enforce payment of the same, shall have power to waive any Event
of Default if, in the Trustee's opinion, the same shall have been cured or adequate satisfaction made therefor, and in such event
to cancel any such declaration theretofore made by the Trustee in the exercise of its discretion, upon such terms and conditions as the
Trustee may deem advisable.

(2) No such act or omission either of the Trustee or of the Debentureholders shall extend to or be taken in any manner whatsoever to affect any subsequent Event of Default or the rights resulting therefrom.

**Section 8.4 Enforcement by the Trustee**

(1) Subject to the provisions of Section 8.3 and to the provisions of any Extraordinary Resolution that may be passed by the Debentureholders, if the Corporation shall fail to pay to the Trustee, forthwith after the same shall have been declared to be due and payable under Section 8.1, the principal of and premium (if any) and interest on all Debentures then outstanding, together with any other amounts due hereunder, the Trustee may in its discretion and shall upon receipt of a request in writing signed by the holders of not less than 25% in principal amount of the Debentures then outstanding and upon being funded and indemnified to its reasonable satisfaction against all costs, expenses and liabilities to be incurred, proceed in its name as trustee hereunder to obtain or enforce payment of such principal of and premium (if any) and interest on all the Debentures then outstanding together with any other amounts due hereunder by such proceedings authorized by this Indenture or by law or equity as the Trustee in such request shall have been directed to take, or if such request contains no such direction, or if the Trustee shall act without such request, then by such proceedings authorized by this Indenture or by suit at law or in equity as the Trustee shall deem expedient.

(2) The Trustee shall be entitled and empowered, either in its own name or as Trustee of an express trust, or as attorney-in-fact for the holders of the Debentures, or in any one or more of such capacities, to file such proof of debt, amendment of proof of debt, claim, petition or other document as may be necessary or advisable in order to have the claims of the Trustee and of the holders of the Debentures allowed in any insolvency, bankruptcy, liquidation or other judicial proceedings relative to the Corporation or its creditors or relative to or affecting its property. The Trustee is hereby irrevocably appointed (and the successive respective holders of the Debentures by taking and holding the same shall be conclusively deemed to have so appointed the Trustee) the true and lawful attorney-in-fact of the respective holders of the Debentures with authority to make and file in the respective names of the holders of the Debentures or on behalf of the holders of the Debentures as a class, subject to deduction from any such claims of the amounts of any claims filed by any of the holders of the Debentures themselves, any proof of debt, amendment of proof of debt, claim, petition or other document in any such proceedings and to receive payment of any sums becoming distributable on account thereof, and to execute any such other papers and documents and to do and perform any and all such acts and things for and on behalf of such holders of the Debentures, as may be necessary or advisable in the opinion of the Trustee, in order to have the respective claims of the Trustee and of the holders of the Debentures against the Corporation or its property allowed in any such proceeding, and to receive payment of or on account of such claims; provided, however, that subject to Section 8.3, nothing contained in this Indenture shall be deemed to give to the Trustee, unless so authorized by Extraordinary Resolution, any right to accept or consent to any plan of reorganization or otherwise by action of any character in such proceeding to waive or change in any way any right of any Debentureholder.

(3) The Trustee shall also have the power at any time and from time to time to institute and to maintain such suits and proceedings as it may be advised shall be necessary or advisable to preserve and protect its interests and the interests of the Debentureholders.

(4) All rights of action hereunder may be enforced by the Trustee without the possession of any of the Debentures or the production thereof on the trial or other proceedings relating thereto.

(5) Any such suit or proceeding instituted by the Trustee shall be brought in the name of the Trustee as trustee of an express trust, and any recovery of judgment shall be for the rateable benefit of the holders of the Debentures subject to the provisions of this Indenture. In any proceeding brought by the Trustee (and also any proceeding in which a declaratory judgment of a court may be sought as to the interpretation or construction of any provision of this Indenture, to which the Trustee shall be a party) the Trustee shall be held to represent all the holders of the Debentures, and it shall not be necessary to make any holders of the Debentures parties to any such proceeding.

**Section 8.5 No Suits by Debentureholders**

No holder of any Debenture shall have any right to institute any action, suit or proceeding at law or in equity for the purpose of enforcing payment of the principal of or interest on the Debentures or for the execution of any trust or power hereunder or for the appointment of a liquidator or receiver or for a receiving order under the *Bankruptcy and Insolvency Act* (Canada) or to have the Corporation wound up or to file or prove a claim in any liquidation or bankruptcy proceeding or for any other remedy hereunder, unless: (a) such holder shall previously have given to the Trustee written notice of the happening of an Event of Default hereunder; and (b) the Debentureholders by Extraordinary Resolution or by written instrument signed by the holders of at least 25% in principal amount of the Debentures then outstanding shall have made a request to the Trustee and the Trustee shall have been afforded reasonable opportunity either itself to proceed to exercise the powers hereinbefore granted or to institute an action, suit or proceeding in its name for such purpose; and (c) the Debentureholders or any of them shall have furnished to the Trustee, when so requested by the Trustee, sufficient funds and security and indemnity satisfactory to it against the costs, expenses and liabilities to be incurred therein or thereby; and (d) the Trustee shall have failed to act within a reasonable time after such notification, request and offer of indemnity and such notification, request and offer of indemnity are hereby declared in every such case, at the option of the Trustee, to be conditions precedent to any such proceeding or for any other remedy hereunder by or on behalf of the holder of any Debentures.

**Section 8.6 Application of Monies by Trustee**

(1) Except as herein otherwise expressly provided, any monies received by the Trustee from the Corporation pursuant to the foregoing provisions of this Article 8, or as a result of legal or other proceedings or from any trustee in bankruptcy or liquidator of the Corporation, shall be applied, together with any other monies in the hands of the Trustee available for such purpose, as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) first, in payment or in reimbursement to the Trustee of its compensation, costs,
charges, expenses, borrowings, advances or other monies furnished or provided by or at the instance of the Trustee in or about the execution
of its trusts under, or otherwise in relation to, this Indenture, with interest thereon as herein provided;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) second, but subject as hereinafter in this Section 8.6 provided, in payment, rateably
and proportionately to the holders of Debentures, of the principal of and premium (if any) and accrued and unpaid interest and interest
on amounts in default on the Debentures which shall then be outstanding in the priority of principal first and then premium and then accrued
and unpaid interest and interest on amounts in default unless otherwise directed by Extraordinary Resolution and in that case in such
order or priority as between principal, premium (if any) and interest as may be directed by such resolution; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) third, in payment of the surplus, if any, of such monies to the Corporation or
its assigns;

provided, however, that no payment shall be made pursuant to clause 8.6(1)(b) above in respect of the principal, premium or interest on any Debenture held, directly or indirectly, by or for the benefit of the Corporation or any Subsidiary (other than any Debenture pledged for value and in good faith to a Person other than the Corporation or any Subsidiary but only to the extent of such person's interest therein) except subject to the prior payment in full of the principal, premium (if any) and interest (if any) on all Debentures which are not so held.

(2) The Trustee shall not be bound to apply or make any partial or interim payment of any monies coming into its hands if the amount so received by it, after reserving thereout such amount as the Trustee may think necessary to provide for the payments mentioned in subsection 8.6(1), is insufficient to make a distribution of at least 2% of the aggregate principal amount of the outstanding Debentures, but it may retain the money so received by it and invest or deposit the same as provided in Section 14.8 until the money or the investments representing the same, with the income derived therefrom, together with any other monies for the time being under its control shall be sufficient for the said purpose or until it shall consider it advisable to apply the same in the manner hereinbefore set forth. The foregoing shall, however, not apply to a final payment in distribution hereunder.

**Section 8.7 Notice of Payment by Trustee**

Not less than 15 days' notice shall be given in the manner provided in Section 13.2 by the Trustee to the Debentureholders of any payment to be made under this Article 8. Such notice shall state the time when and place where such payment is to be made and also the liability under this Indenture to which it is to be applied. After the day so fixed, unless payment shall have been duly demanded and have been refused, the Debentureholders will be entitled to interest only on the balance (if any) of the principal monies, premium (if any) and interest due (if any) to them, respectively, on the Debentures, after deduction of the respective amounts payable in respect thereof on the day so fixed.

**Section 8.8 Trustee May Demand Production of Debentures**

The Trustee shall have the right to demand production of the Debentures in respect of which any payment of principal, interest or premium required by this Article 8 is made and may cause to be endorsed on the same a memorandum of the amount so paid and the date of payment, but the Trustee may, in its discretion, dispense with such production and endorsement, upon such indemnity being given to it and to the Corporation as the Trustee shall deem sufficient.

**Section 8.9 Remedies Cumulative**

No remedy herein conferred upon or reserved to the Trustee, or upon or to the holders of Debentures is intended to be exclusive of any other remedy, but each and every such remedy shall be cumulative and shall be in addition to every other remedy given hereunder or now existing or hereafter to exist by law or by statute.

**Section 8.10 Judgment Against the Corporation**

The Corporation covenants and agrees with the Trustee that, in case of any judicial or other proceedings to enforce the rights of the Debentureholders, judgment may be rendered against it in favour of the Debentureholders or in favour of the Trustee, as trustee for the Debentureholders, for any amount which may remain due in respect of the Debentures and premium (if any) and the interest thereon and any other monies owing hereunder.

**Section 8.11 Immunity of Directors, Officers and Others**

The Debentureholders and the Trustee hereby waive and release any right, cause of action or remedy now or hereafter existing in any jurisdiction against any past, present or future officer, director or employee of the Corporation or holder of Common Shares of the Corporation or of any successor for the payment of the principal of or premium or interest on any of the Debentures or on any covenant, agreement, representation or warranty by the Corporation contained herein or in the Debentures.

**ARTICLE 9 – SATISFACTION AND DISCHARGE**

**Section 9.1 Cancellation and Destruction**

All Debentures shall forthwith after payment thereof be delivered to the Trustee and cancelled by it. All Debentures cancelled or required to be cancelled under this or any other provision of this Indenture shall be destroyed by the Trustee and, if required by the Corporation, the Trustee shall furnish to it a destruction certificate setting out the designating numbers of the Debentures so destroyed.

**Section 9.2 Non-Presentation of Debentures**

In case the holder of any Debenture shall fail to present the same for payment on the date on which the principal of, premium (if any) or the interest thereon or represented thereby becomes payable either at maturity or otherwise or shall not accept payment on account thereof and give such receipt therefor, if any, as the Trustee may require:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the Corporation shall be entitled to pay or deliver to the Trustee and direct
it to set aside; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) in respect of monies in the hands of the Trustee which may or should be applied
to the payment of the Debentures, the Corporation shall be entitled to direct the Trustee to set aside; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) if the redemption was pursuant to notice given by the Trustee, the Trustee may
itself set aside;

the monies in trust to be paid to the holder of such Debenture upon due presentation or surrender thereof in accordance with the provisions of this Indenture; and thereupon the principal of, premium (if any) or the interest payable on or represented by each Debenture in respect whereof such monies have been set aside shall be deemed to have been paid and the holder thereof shall thereafter have no right in respect thereof except that of receiving delivery and payment of the monies so set aside by the Trustee upon due presentation and surrender thereof, subject always to the provisions of Section 9.3.

**Section 9.3 Repayment of Unclaimed Monies**

Subject to applicable law, any monies set aside under Section 9.2 and not claimed by and paid to holders of Debentures as provided in Section 9.2 within six years after the date of such setting aside shall be repaid and delivered to the Corporation by the Trustee and thereupon the Trustee shall be released from all further liability with respect to such monies and thereafter the holders of the Debentures in respect of which such monies were so repaid to the Corporation shall have no rights in respect thereof except to obtain payment and delivery of the monies from the Corporation subject to any limitation provided by the laws of the Province of Ontario.

**Section 9.4 Discharge**

The Trustee shall at the written request of the Corporation release and discharge this Indenture and execute and deliver such instruments as it shall be advised by Counsel are requisite for that purpose and to release the Corporation from its covenants herein contained (other than the provisions relating to the indemnification of the Trustee), upon proof being given to the reasonable satisfaction of the Trustee that the principal of, premium (if any) and interest (including interest on amounts in default, if any), on all the Debentures and all other monies payable hereunder have been paid or satisfied or that all the Debentures having matured or having been duly called for redemption, payment of the principal of and interest (including interest on amounts in default, if any) on such Debentures and of all other monies payable hereunder has been duly and effectually provided for in accordance with the provisions hereof.

**Section 9.5 Satisfaction**

(1) The Corporation shall be deemed to have fully paid, satisfied and discharged all of the outstanding Debentures of any series and the Trustee, at the expense of the Corporation, shall execute and deliver proper instruments acknowledging the full payment, satisfaction and discharge of such Debentures, when, with respect to all of the outstanding Debentures or all of the outstanding Debentures of any series, as applicable:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the Corporation has deposited or caused to be deposited with the Trustee as trust
funds or property in trust for the purpose of making payment on such Debentures, an amount in money sufficient to pay, satisfy and discharge
the entire amount of principal of, premium, if any, and interest, if any, to maturity, or any repayment date, or any Change of Control
Purchase Date, or upon conversion or otherwise as the case may be, of such Debentures;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the Corporation has deposited or caused to be deposited with the Trustee as trust
property in trust for the purpose of making payment on such Debentures:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) if the Debentures are issued in Canadian dollars, such amount
in Canadian dollars of direct obligations of, or obligations the principal and interest of which are guaranteed by, the Government of
Canada; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) if the Debentures are issued in a currency or currency unit other than Canadian dollars, cash in the currency
or currency unit in which the Debentures are payable and/or such amount in such currency or currency unit of direct obligations of, or
obligations the principal and interest of which are guaranteed by, the Government of Canada or the government that issued the currency
or currency unit in which the Debentures are payable;

as will be sufficient to pay and discharge the entire amount of principal of, premium, if any on, and accrued and unpaid interest to maturity or any repayment date, as the case may be, of all such Debentures; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) all Debentures authenticated and delivered (other than (i) Debentures which have
been destroyed, lost or stolen and which have been replaced or paid as provided in Section 2.11 and (ii) Debentures for whose payment
has been deposited in trust and thereafter repaid to the Corporation as provided in Section 9.3) have been delivered to the Trustee
for cancellation;

so long as in any such event:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) the Corporation has paid, caused to be paid or made provisions to the satisfaction of the Trustee for
the payment of all other sums payable or which may be payable with respect to all of such Debentures (together with all applicable expenses
of the Trustee in connection with the payment of such Debentures); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) the Corporation has delivered to the Trustee an Officer's Certificate stating
that all conditions precedent herein provided relating to the payment, satisfaction and discharge of all such Debentures have been complied
with.

Any deposits with the Trustee referred to in this Section 9.5 shall be irrevocable, subject to Section 9.6, and shall be made under the terms of an escrow and/or trust agreement in form and substance satisfactory to the Trustee and which provides for the due and punctual payment of the principal of, premium, if any, and interest on the Debentures being satisfied.

(2) Upon the satisfaction of the conditions set forth in this Section 9.5 with respect to all the outstanding Debentures, or all the outstanding Debentures of any series, as applicable, the terms and conditions of the Debentures, including the terms and conditions with respect thereto set forth in this Indenture (other than those contained in Article 2 and Article 4 and the provisions of Article 1 pertaining to Article 2 and Article 4) shall no longer be binding upon or applicable to the Corporation.

(3) Any funds or obligations deposited with the Trustee pursuant to this Section 9.5 shall be denominated in the currency or denomination of the Debentures in respect of which such deposit is made.

(4) If the Trustee is unable to apply any money or securities in accordance with this Section 9.5 by reason of any legal proceeding or any order or judgment of any court or governmental authority enjoining, restraining or otherwise prohibiting such application, the Corporation's obligations under this Indenture and the affected Debentures shall be revived and reinstated as though no money or securities had been deposited pursuant to this Section 9.5 until such time as the Trustee is permitted to apply all such money or securities in accordance with this Section 9.5, provided that if the Corporation has made any payment in respect of principal of, premium, if any, or interest on Debentures or, as applicable, other amounts because of the reinstatement of its obligations, the Corporation shall be subrogated to the rights of the holders of such Debentures to receive such payment from the money or securities held by the Trustee.

**Section 9.6 Continuance of Rights, Duties and Obligations**

(1) Where trust funds or trust property have been deposited pursuant to Section 9.5, the holders of Debentures and the Corporation shall continue to have and be subject to their respective rights, duties and obligations under Article 2 and Article 4.

(2) In the event that, after the deposit of trust funds or trust property pursuant to Section 9.5 in respect of a series of Debentures (the "**Defeased Debentures**"), any holder of any of the Defeased Debentures from time to time converts its Debentures to Common Shares or other securities of the Corporation in accordance with Section 2.5 (in respect of Initial Debentures or the comparable provision of any other series of Debentures), Article 6 or any other provision of this Indenture, the Trustee shall upon receipt of a Written Direction of the Corporation return to the Corporation from time to time the proportionate amount of the trust funds or other trust property deposited with the Trustee pursuant to Section 9.5 in respect of the Defeased Debentures which is applicable to the Defeased Debentures so converted (which amount shall be based on the applicable principal amount of the Defeased Debentures and accrued and unpaid interest thereon being converted in relation to the aggregate outstanding principal amount of all the Defeased Debentures and all accrued and unpaid interest thereon).

(3) In the event that, after the deposit of trust funds or trust property pursuant to Section 9.5, the Corporation is required to make a Change of Control Offer to purchase any outstanding Debentures pursuant to subsection 2.5(7) (in respect of Initial Debentures or the comparable provision of any other series of Debentures), in relation to Initial Debentures or to make an offer to purchase Debentures pursuant to any other similar provisions relating to any other series of Debentures, the Corporation shall be entitled to use any trust money or trust property deposited with the Trustee pursuant to Section 9.5 for the purpose of paying to any holders of Defeased Debentures who have accepted any such offer of the Corporation the Offer Price payable to such holders in respect of such Change of Control Offer in respect of Initial Debentures (or the total offer price payable in respect of an offer relating to any other series of Debentures). Upon receipt of a Written Direction from the Corporation, the Trustee shall be entitled to pay to such holder from such trust money or trust property deposited with the Trustee pursuant to Section 9.5 in respect of the Defeased Debentures which is applicable to the Defeased Debentures held by such holders who have accepted any such offer to the Corporation (which amount shall be based on the applicable principal amount of the Defeased Debentures and accrued and unpaid interest thereon held by accepting offerees in relation to the aggregate outstanding principal amount of all the Defeased Debentures and all accrued and unpaid interest thereon).

**ARTICLE 10 – SUCCESSORS**

**Section 10.1 Corporation may Consolidate, etc., Only on Certain Terms**

(1) The Corporation may not, without the consent of the holders of the Debentures by Extraordinary Resolution hereunder, consolidate with or amalgamate or merge with or into any Person (other than a directly or indirectly wholly-owned Subsidiary of the Corporation) or sell, convey, transfer or lease all or substantially all of the properties and assets of the Corporation to another Person (other than a directly or indirectly wholly-owned Subsidiary of the Corporation) unless:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the Person formed by such consolidation or into which the Corporation is amalgamated
or merged, or the Person which acquires by sale, conveyance, transfer or lease all or substantially all of the properties and assets of
the Corporation is a corporation, organized and existing under the laws of Canada or any province or territory thereof or the laws of
the United States or any state thereof and such corporation (if other than the Corporation or the continuing corporation resulting from
the amalgamation of the Corporation with another corporation under the laws of Canada or any province or territory thereof) expressly
assumes, by an indenture supplemental hereto, executed and delivered to the Trustee, in form satisfactory to the Trustee, the obligations
of the Corporation under the Debentures and this Indenture and the performance or observance of every covenant and provision of this Indenture
and the Debentures required on the part of the Corporation to be performed or observed and the conversion rights shall be provided for
in accordance with Article 6, by supplemental indenture satisfactory in form to the Trustee, executed and delivered to the Trustee, by
the Person (if other than the Corporation or the continuing corporation resulting from the amalgamation of the Corporation with another
corporation under the laws of Canada or any province or territory thereof) formed by such consolidation or into which the Corporation
shall have been merged or by the Person which shall have acquired the Corporation's assets;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) after giving effect to such transaction, no Event of Default, and no event which,
after notice or lapse of time or both, would become an Event of Default, shall have occurred and be continuing; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) if the Corporation or the continuing corporation resulting from the amalgamation
or merger of the Corporation with another Person under the laws of Canada or any province or territory thereof or the laws of the United
States or any state thereof will not be the resulting, continuing or surviving corporation, the Corporation shall have, at or prior to
the effective date of such consolidation, amalgamation, merger or sale, conveyance, transfer or lease, delivered to the Trustee an Officer's
Certificate and an opinion of Counsel, each stating that such consolidation, merger or transfer complies with this Article and, if a supplemental
indenture is required in connection with such transaction, such supplemental indenture complies with this Article, and that all conditions
precedent herein provided for relating to such transaction have been complied with.

(2) For purposes of the foregoing, the sale, conveyance, transfer or lease (in a single transaction or a series of related transactions) of the properties or assets of one or more Subsidiaries of the Corporation (other than to the Corporation or another wholly-owned Subsidiary of the Corporation), which, if such properties or assets were directly owned by the Corporation, would constitute all or substantially all of the properties and assets of the Corporation and its Subsidiaries, taken as a whole, shall be deemed to be the sale, conveyance, transfer or lease of all or substantially all of the properties and assets of the Corporation.

**Section 10.2 Successor Substituted**

Upon any consolidation of the Corporation with, or amalgamation or merger of the Corporation into, any other Person or any sale, conveyance, transfer or lease of all or substantially all of the properties and assets of the Corporation and its Subsidiaries, taken as a whole, in accordance with Section 10.1, the successor Person formed by such consolidation or into which the Corporation is amalgamated or merged or to which such sale, conveyance, transfer or lease is made shall succeed to, and be substituted for, and may exercise every right and power of, the Corporation under this Indenture with the same effect as if such successor Person had been named as the Corporation herein, and thereafter, except in the case of a lease, and except for obligations the predecessor Person may have under a supplemental indenture entered into pursuant to clause 10.1(1)(c), the predecessor Person shall be relieved of all obligations and covenants under this Indenture and the Debentures.

**ARTICLE 11– COMPULSORY ACQUISITION**

**Section 11.1 Definitions In this Article:**

(1) "**Affiliate**" and "**Associate**" shall have their respective meanings set forth in the

*Securities Act* (Ontario);

(2) "**Dissenting Debentureholders**" means a Debentureholder who does not accept an Offer referred to in Section 11.2 and includes any assignee of the Debenture of a Debentureholder to whom such an Offer is made, whether or not such assignee is recognized under this Indenture;

(3) "**Offer**" means an offer to acquire outstanding Debentures, which is a takeover bid for Debentures within the meaning ascribed thereto in NI 62-104, whereas of the date of the offer to acquire, the Debentures that are subject to the offer to acquire, together with the Offeror's Debentures, constitute in the aggregate 20% or more of the outstanding principal amount of the Debentures;

(4) "**offer to acquire**" includes an acceptance of an offer to sell;

(5) "**Offeror**" means a person, or two or more persons acting jointly or in concert, who make an Offer to acquire Debentures;

(6) "**Offeror's Debentures**" means Debentures beneficially owned, or over which control or direction is exercised, on the date of an Offer by the Offeror, any Affiliate or Associate of the Offeror or any Person or company acting jointly or in concert with the Offeror; and

(7) "**Offeror's Notice**" means the notice described in Section 11.3.

**Section 11.2 Offer for Debentures**

If an Offer for all of the outstanding Debentures (other than Debentures held by or on behalf of the Offeror or an Affiliate or Associate of the Offeror) is made and:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) within the time provided in the Offer for its acceptance or within 120 days after the date the Offer is
made, whichever period is the shorter, the Offer is accepted by Debentureholders representing at least 90% of the outstanding principal
amount of the Debentures, other than the Offeror's Debentures;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the Offeror is bound to take up and pay for, or has taken up and paid for the
Debentures of the Debentureholders who accepted the Offer;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) the Offeror complies with Sections 11.3 and 11.5; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) the Offer complies with applicable securities laws (including any applicable requirements
of the U.S. Securities Exchange Act).

the Offeror is entitled to acquire, and the Dissenting Debentureholders are required to sell to the Offeror, the Debentures held by the Dissenting Debentureholder for the same consideration per Debenture payable or paid, as the case may be, under the Offer.

**Section 11.3 Offeror's Notice to Dissenting Shareholders**

Where an Offeror is entitled to acquire Debentures held by Dissenting Debentureholders pursuant to Section 11.2 and the Offeror wishes to exercise such right, the Offeror shall send by registered mail within 30 days after the date of termination of the Offer a notice (the "**Offeror's Notice**") to each Dissenting Debentureholder stating that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Debentureholders holding at least 90% of the principal amount of all outstanding
Debentures, other than Offeror's Debentures, have accepted the Offer;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the Offeror is bound to take up and pay for, or has taken up and paid for, the Debentures of the Debentureholders
who accepted the Offer;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Dissenting Debentureholders must transfer their respective Debentures to the Offeror
on the terms on which the Offeror acquired the Debentures of the Debentureholders who accepted the Offer within 21 days after the date
of the sending of the Offeror's Notice; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Dissenting Debentureholders must send their respective Debenture certificate(s)
to the Trustee within 21 days after the date of the sending of the Offeror's Notice.

**Section 11.4 Delivery of Debenture Certificates**

A Dissenting Debentureholder to whom an Offeror's Notice is sent pursuant to Section 11.3 shall, within 21 days after the sending of the Offeror's Notice, send his or her Debenture certificate(s) to the Trustee duly endorsed for transfer.

**Section 11.5 Payment of Consideration to Trustee**

Within 21 days after the Offeror sends an Offeror's Notice pursuant to Section 11.3, the Offeror shall pay or transfer to the Trustee, or to such other Person as the Trustee may direct, the cash or other consideration that is payable to Dissenting Debentureholders pursuant to Section 11.2. The acquisition by the Offeror of all Debentures held by all Dissenting Debentureholders shall be effective as of the time of such payment or transfer.

**Section 11.6 Consideration to be held in Trust**

The Trustee, or the Person directed by the Trustee, shall hold in trust for the Dissenting Debentureholders the cash or other consideration they or it receives under Section 11.5. The Trustee, or such persons, shall deposit cash in a separate account in a Canadian chartered bank, or other body corporate, any of whose deposits are insured by the Canada Deposit Insurance Corporation, and shall place other consideration in the custody of a Canadian chartered bank or such other body corporate.

**Section 11.7 Completion of Transfer of Debentures to Offeror**

Within 30 days after the date of the sending of an Offeror's Notice pursuant to Section 11.3, the Trustee, if the Offeror has complied with Section 11.5, shall:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) do all acts and things and execute and cause to be executed all instruments as
in the Trustee's opinion may be necessary or desirable to cause the transfer of the Debentures of the Dissenting Debentureholders
to the Offeror;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) send to each Dissenting Debentureholder who has complied with Section 11.4 the consideration to which
such Dissenting Debentureholder is entitled under this Article 11; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) send to each Dissenting Debentureholder who has not complied with Section 11.4 a notice stating that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) his or her Debentures have been transferred to the Offeror;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the Trustee or some other Person designated in such notice are holding in trust the consideration for
such Debentures; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) the Trustee, or such other Person, will send the consideration to such Dissenting Debentureholder as
soon as possible after receiving such Dissenting Debentureholder's Debenture Certificate(s)
or such other documents as the Trustee or such other Person may require in lieu thereof;

and the Trustee is hereby appointed the agent and attorney of the Dissenting Debentureholders for the purposes of giving effect to the foregoing provisions.

**Section 11.8 Communication of Offer to the Corporation**

An Offeror cannot make an Offer for Debentures unless, concurrent with the communication of the Offer to any Debentureholder, a copy of the Offer is provided to the Corporation.

**ARTICLE 12 – MEETINGS OF DEBENTUREHOLDERS**

**Section 12.1 Right to Convene Meeting**

The Trustee or the Corporation may at any time and from time to time, and the Trustee shall, on receipt of a Written Direction of the Corporation or a written request signed by the holders of not less than 25% of the principal amount of the Debentures then outstanding and upon receiving funding and being indemnified to its reasonable satisfaction by the Corporation or by the Debentureholders signing such request against the costs which may be incurred in connection with the calling and holding of such meeting, convene a meeting of the Debentureholders. In the event of the Trustee failing, within 30 days after receipt of any such request and such funding of indemnity, to give notice convening a meeting, the Corporation or such Debentureholders, as the case may be, may convene such meeting. Every such meeting shall be held in the City of Vancouver or at such other place as may be approved or determined by the Trustee.

**Section 12.2 Notice of Meetings**

(1) At least 21 days' notice of any meeting shall be given to the Debentureholders in the manner provided in Section 13.2 and a copy of such notice shall be sent by post to the Trustee, unless the meeting has been called by it. Such notice shall state the time when and the place where the meeting is to be held and shall state briefly the general nature of the business to be transacted thereat and it shall not be necessary for any such notice to set out the terms of any resolution to be proposed or any of the provisions of this Article. The accidental omission to give notice of a meeting to any holder of Debentures shall not invalidate any resolution passed at any such meeting. A holder may waive notice of a meeting either before or after the meeting.

(2) If the business to be transacted at any meeting by Extraordinary Resolution or otherwise, or any action to be taken or power exercised by instrument in writing under Section 12.15, especially affects the rights of holders of Debentures of one or more series in a manner or to an extent differing in any material way from that in or to which the rights of holders of Debentures of any other series are affected (determined as provided in subsections 12.2(3) and (4)), then:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) a reference to such fact, indicating each series of Debentures
in the opinion of the Trustee so especially affected (hereinafter referred to as the "especially affected series") shall
be made in the notice of such meeting, and in any such case the meeting shall be and be deemed to be and is herein referred to as a "**Serial Meeting** "; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the holders of Debentures of an especially affected series shall not be bound by any action taken at a
Serial Meeting or by instrument in writing under Section 12.15 unless in addition to compliance with the other provisions of this Article
12:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) at such Serial Meeting: (A) there are Debentureholders present
in person or by proxy and representing at least 25% in principal amount of the Debentures then outstanding of such series, subject to
the provisions of this Article 12 as to quorum at adjourned meetings; and (B) the resolution is passed by the affirmative vote of the
holders of more than 50% (or in the case of an Extraordinary Resolution not less than 66⅔%) of the principal amount of the Debentures
of such series present in person or represented by proxy at such Serial Meeting; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) in the case of action taken or power exercised by instrument in writing under Section 12.15, such instrument
is signed in one or more counterparts by the holders of not less than 66⅔% in principal amount of the Debentures of such series
then outstanding.

(3) Subject to subsection 12.2(4), the determination as to whether any business to be transacted at a meeting of Debentureholders, or any action to be taken or power to be exercised by instrument in writing under Section 12.15, especially affects the rights of the Debentureholders of one or more series in a manner or to an extent differing in any material way from that in or to which it affects the rights of Debentureholders of any other series (and is therefore an especially affected series) shall be determined by an opinion of Counsel, which shall be binding on all Debentureholders, the Trustee and the Corporation for all purposes hereof.

(4) A proposal:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) to extend the maturity of Debentures of any particular series or to reduce the principal amount thereof,
the rate of interest or redemption premium thereon or to impair any conversion right thereof;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) to modify or terminate any covenant or agreement which by its terms is effective
only so long as Debentures of a particular series are outstanding; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) to reduce with respect to Debentureholders of any particular series any percentage
stated in this Section 12.2 or Sections 12.4, 12.12 and 12.15;

shall be deemed to especially affect the rights of the Debentureholders of such series in a manner differing in a material way from that in which it affects the rights of holders of Debentures of any other series, whether or not a similar extension, reduction, modification or termination is proposed with respect to Debentures of any or all other series.

**Section 12.3 Chairman**

Some person, who need not be a Debentureholder, nominated in writing by the Trustee shall be chairman of the meeting and if no Person is so nominated, or if the Person so nominated is not present within 15 minutes from the time fixed for the holding of the meeting, a majority of the Debentureholders present in person or by proxy shall choose some Person present to be chairman.

**Section 12.4 Quorum**

Subject to the provisions of Section 12.12, at any meeting of the Debentureholders a quorum shall consist of Debentureholders present in person or by proxy and representing at least 25% in principal amount of the outstanding Debentures and, if the meeting is a Serial Meeting, at least 25% of the Debentures then outstanding of each especially affected series. If a quorum of the Debentureholders shall not be present within 30 minutes from the time fixed for holding any meeting, the meeting, if summoned by the Debentureholders or pursuant to a request of the Debentureholders, shall be dissolved, but in any other case the meeting shall be adjourned to the same day in the next week (unless such day is not a Business Day in which case it shall be adjourned to the next following Business Day thereafter) at the same time and place to the extent possible and no notice shall be required to be given in respect of such adjourned meeting. At the adjourned meeting, the Debentureholders present in person or by proxy shall, subject to the provisions of Section 12.12, constitute a quorum and may transact the business for which the meeting was originally convened notwithstanding that they may not represent 25% of the principal amount of the outstanding Debentures or of the Debentures then outstanding of each especially affected series. Any business may be brought before or dealt with at an adjourned meeting which might have been brought before or dealt with at the original meeting in accordance with the notice calling the same. No business shall be transacted at any meeting unless the required quorum is present at the commencement of business.

**Section 12.5 Power to Adjourn**

The chairman of any meeting at which a quorum of the Debentureholders is present may, with the consent of the holders of a majority in principal amount of the Debentures represented thereat, adjourn any such meeting and no notice of such adjournment need be given except such notice, if any, as the meeting may prescribe.

**Section 12.6 Show of Hands**

Every question submitted to a meeting shall, subject to Section 12.7, be decided in the first place by a majority of the votes given on a show of hands except that votes on Extraordinary Resolutions shall be given in the manner hereinafter provided. At any such meeting, unless a poll is duly demanded as herein provided, a declaration by the chairman that a resolution has been carried or carried unanimously or by a particular majority or lost or not carried by a particular majority shall be conclusive evidence of the fact. The chairman of any meeting shall be entitled, both on a show of hands and on a poll, to vote in respect of the Debentures, if any, held by him.

**Section 12.7 Poll**

On every Extraordinary Resolution, and on any other question submitted to a meeting when demanded by the chairman or by one or more Debentureholders or proxies for Debentureholders, a poll shall be taken in such manner and either at once or after an adjournment as the chairman shall direct. Questions other than Extraordinary Resolutions shall, if a poll be taken, be decided by the votes of the holders of a majority in principal amount of the Debentures and of each especially affected series, if applicable, represented at the meeting and voted on the poll.

**Section 12.8 Voting**

On a show of hands every Person who is present and entitled to vote, whether as a Debentureholder or as proxy for one or more Debentureholders or both, shall have one vote. On a poll each Debentureholder present in person or represented by a proxy duly appointed by an instrument in writing shall be entitled to one vote in respect of each $1.00 principal amount of Debentures of which he shall then be the holder. In the case of any Debenture denominated in a currency or currency unit other than Canadian dollars, the principal amount thereof for these purposes shall be computed in Canadian dollars on the basis of the conversion of the principal amount thereof at the applicable spot buying rate of exchange for such other currency or currency unit as reported by the Bank of Canada at the close of business on the Business Day next preceding the meeting. Any fractional amounts resulting from such conversion shall be rounded to the nearest $100. A proxy need not be a Debentureholder. In the case of joint holders of a Debenture, any one of them present in person or by proxy at the meeting may vote in the absence of the other or others but in case more than one of them be present in person or by proxy, they shall vote together in respect of the Debentures of which they are joint holders.

**Section 12.9 Proxies**

A Debentureholder may be present and vote at any meeting of Debentureholders by an authorized representative. The Corporation (in case it convenes the meeting) or the Trustee (in any other case) for the purpose of enabling the Debentureholders to be present and vote at any meeting without producing their Debentures, and of enabling them to be present and vote at any such meeting by proxy and of lodging instruments appointing such proxies at some place other than the place where the meeting is to be held, may from time to time make and vary such regulations as it shall think fit providing for and governing the form of the instrument appointing a proxy, which shall be in writing, and the manner in which the same shall be executed and the production of the authority of any Person signing on behalf of a Debentureholder.

Any regulations so made shall be binding and effective and the votes given in accordance therewith shall be valid and shall be counted. Save as such regulations may provide, the only persons who shall be recognized at any meeting as the holders of any Debentures, or as entitled to vote or be present at the meeting in respect thereof, shall be Debentureholders and persons whom Debentureholders have by instrument in writing duly appointed as their proxies.

**Section 12.10 Persons Entitled to Attend Meetings**

The Corporation and the Trustee, by their respective officers and directors, the Auditors of the Corporation and the legal advisors of the Corporation, the Trustee or any Debentureholder may attend any meeting of the Debentureholders, but shall have no vote as such.

**Section 12.11 Powers Exercisable by Extraordinary Resolution**

(1) In addition to the powers conferred upon them by any other provisions of this Indenture or by law, a meeting of the Debentureholders shall have the following powers exercisable from time to time by Extraordinary Resolution (subject in the case of the matters in paragraphs (a)–(d) and (l) to the prior approval of the Recognized Stock Exchange on which the Common Shares are listed for trading, if the Common Shares are listed):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) power to authorize the Trustee to grant extensions of time for payment of any principal, premium or interest
on the Debentures, whether or not the principal, premium, or interest, the payment of which is extended, is at the time due or overdue;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) power to sanction any modification, abrogation, alteration, compromise or arrangement
of the rights of the Debentureholders or the Trustee (with its consent) against the Corporation, or against its property, whether such
rights arise under this Indenture or the Debentures or otherwise;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) power to assent to any modification of or change in or addition to or omission
from the provisions contained in this Indenture or any Debenture which shall be agreed to by the Corporation and to authorize the Trustee
to concur in and execute any indenture supplemental hereto embodying any modification, change, addition or omission;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) power to sanction any scheme for the reconstruction, reorganization or recapitalization
of the Corporation or for the consolidation, amalgamation, arrangement, combination or merger of the Corporation with any other Person
or for the sale, leasing, transfer or other disposition of all or substantially all of the undertaking, property and assets of the Corporation
or any part thereof, provided that no such sanction shall be necessary in respect of any such transaction if the provisions of Section
10.1 shall have been complied with;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) power to direct or authorize the Trustee to exercise any power, right, remedy or authority given to it
by this Indenture in any manner specified in any such Extraordinary Resolution or to refrain from exercising any such power, right, remedy
or authority;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) power to waive, and direct the Trustee to waive, any default hereunder and/or cancel any declaration made
by the Trustee pursuant to Section 8.1 either unconditionally or upon any condition specified in such Extraordinary Resolution;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) power to restrain any Debentureholder from taking or instituting any suit, action or proceeding for the
purpose of enforcing payment of the principal, premium or interest on the Debentures, or for the execution of any trust or power hereunder;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) power to direct any Debentureholder who, as such, has brought any action, suit
or proceeding to stay or discontinue or otherwise deal with the same upon payment, if the taking of such suit, action or proceeding shall
have been permitted by Section 8.5, of the costs, charges and expenses reasonably and properly incurred by such Debentureholder in connection
therewith;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) power to assent to any compromise or arrangement with any creditor or creditors or any class or classes
of creditors, whether secured or otherwise, and with holders of any shares or other securities of the Corporation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) power to appoint a committee with power and authority (subject to such limitations,
if any, as may be prescribed in the resolution) to exercise, and to direct the Trustee to exercise, on behalf of the Debentureholders,
such of the powers of the Debentureholders as are exercisable by Extraordinary Resolution or other resolution as shall be included in
the resolution appointing the committee. The resolution making such appointment may provide for payment of the expenses and disbursements
of and compensation to such committee. Such committee shall consist of such number of persons as shall be prescribed in the resolution
appointing it and the members need not be themselves Debentureholders. Every such committee may elect its chairman and may make regulations
respecting its quorum, the calling of its meetings and the filling of vacancies occurring in its number and its procedure generally. Such
regulations may provide that the committee may act at a meeting at which a quorum is present or may act by minutes signed by the number
of members thereof necessary to constitute a quorum. All acts of any such committee within the authority delegated to it shall be binding
upon all Debentureholders. Neither the committee nor any member thereof shall be liable for any loss arising from or in connection with
any action taken or omitted to be taken by them in good faith;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) power to remove the Trustee from office and to appoint a new Trustee or Trustees
provided that no such removal shall be effective unless and until a new Trustee or Trustees shall have become bound by this Indenture;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) power to sanction the exchange of the Debentures for or the conversion thereof
into shares, bonds, debentures or other securities or obligations of the Corporation or of any other Person formed or to be formed;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m) power to authorize the distribution in specie of any shares or securities received pursuant to a transaction
authorized under the provisions of subsection 12.11(1); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n) power to amend, alter or repeal any Extraordinary Resolution previously passed
or sanctioned by the Debentureholders or by any committee appointed pursuant to clause 12.11(1)(j).

(2) Notwithstanding the foregoing provisions of this Section 12.11 none of such provisions shall in any manner allow or permit any amendment, modification, abrogation or addition to the provisions of Article 5 which could reasonably be expected to detrimentally affect the rights, remedies or recourse of the priority of the Secured Creditors.

**Section 12.12 Meaning of "Extraordinary Resolution"**

(1) The expression "**Extraordinary Resolution**" when used in this Indenture means, subject as hereinafter in this Article provided, a resolution proposed to be passed as an Extraordinary Resolution at a meeting of Debentureholders (including an adjourned meeting) duly convened for the purpose and held in accordance with the provisions of this Article at which the holders of not less than 25% of the principal amount of the Debentures then outstanding, and if the meeting is a Serial Meeting, at which holders of not less than 25% of the principal amount of the Debentures then outstanding of each especially affected series, are present in person or by proxy and passed by the favourable votes of the holders of not less than 66⅔% of the principal amount of the Debentures, and if the meeting is a Serial Meeting by the affirmative vote of the holders of not less than 66⅔% of each especially affected series, in each case present or represented by proxy at the meeting and voted upon on a poll on such resolution.

(2) If, at any such meeting, the holders of not less than 25% of the principal amount of the Debentures then outstanding and, if the meeting is a Serial Meeting, 25% of the principal amount of the Debentures then outstanding of each especially affected series, in each case are not present in person or by proxy within 30 minutes after the time appointed for the meeting, then the meeting, if convened by or on the requisition of Debentureholders, shall be dissolved but in any other case it shall stand adjourned to such date, being not less than 14 nor more than 60 days later, and to such place and time as may be appointed by the chairman. Not less than 10 days' notice shall be given of the time and place of such adjourned meeting in the manner provided in Section 13.2. Such notice shall state that at the adjourned meeting the Debentureholders present in person or by proxy shall form a quorum. At the adjourned meeting the Debentureholders present in person or by proxy shall form a quorum and may transact the business for which the meeting was originally convened and a resolution proposed at such adjourned meeting and passed thereat by the affirmative vote of holders of not less than 66⅔% of the principal amount of the Debentures and, if the meeting is a Serial Meeting, by the affirmative vote of the holders of not less than 66⅔% of the principal amount of the Debentures of each especially affected series, in each case present or represented by proxy at the meeting and voted upon on a poll shall be an Extraordinary Resolution within the meaning of this Indenture, notwithstanding that the holders of not less than 25% in principal amount of the Debentures then outstanding, and if the meeting is a Serial Meeting, holders of not less than 25% of the principal amount of the Debentures then outstanding of each especially affected series, are not present in person or by proxy at such adjourned meeting.

(3) Votes on an Extraordinary Resolution shall always be given on a poll and no demand for a poll on an Extraordinary Resolution shall be necessary.

**Section 12.13 Powers Cumulative**

Any one or more of the powers in this Indenture stated to be exercisable by the Debentureholders by Extraordinary Resolution or otherwise may be exercised from time to time and the exercise of any one or more of such powers from time to time shall not be deemed to exhaust the rights of the Debentureholders to exercise the same or any other such power or powers thereafter from time to time.

**Section 12.14 Minutes**

Minutes of all resolutions and proceedings at every meeting as aforesaid shall be made and duly entered in books to be from time to time provided for that purpose by the Trustee at the expense of the Corporation, and any such minutes as aforesaid, if signed by the chairman of the meeting at which such resolutions were passed or proceedings had, or by the chairman of the next succeeding meeting of the Debentureholders, shall be prima facie evidence of the matters therein stated and, until the contrary is proved, every such meeting, in respect of the proceedings of which minutes shall have been made, shall be deemed to have been duly held and convened, and all resolutions passed thereat or proceedings taken thereat to have been duly passed and taken.

**Section 12.15 Instruments in Writing**

All actions which may be taken and all powers that may be exercised by the Debentureholders at a meeting held as hereinbefore in this Article provided may also be taken and exercised by the holders of 66⅔% of the principal amount of all the Debentures outstanding and, if the meeting at which such actions might be taken would be a Serial Meeting, by the holders of 66⅔% of the principal amount of the Debentures then outstanding of each especially affected series, by an instrument in writing signed in one or more counterparts and the expression "**Extraordinary Resolution**" when used in this Indenture shall include an instrument so signed.

**Section 12.16 Binding Effect of Resolutions**

Every resolution and every Extraordinary Resolution passed in accordance with the provisions of this Article at a meeting of Debentureholders shall be binding upon all the Debentureholders, whether present at or absent from such meeting, and every instrument in writing signed by Debentureholders in accordance with Section 12.15 shall be binding upon all the Debentureholders, whether signatories thereto or not, and each and every Debentureholder and the Trustee (subject to the provisions for its indemnity herein contained) shall be bound to give effect accordingly to every such resolution, Extraordinary Resolution and instrument in writing.

**Section 12.17 Evidence of Rights Of Debentureholders**

(1) Any request, direction, notice, consent or other instrument which this Indenture may require or permit to be signed or executed by the Debentureholders may be in any number of concurrent instruments of similar tenor signed or executed by such Debentureholders.

(2) The Trustee may, in its discretion, require proof of execution in cases where it deems proof desirable and may accept such proof as it shall consider proper.

**Section 12.18 Concerning Serial Meetings**

If in the opinion of Counsel any business to be transacted at any meeting, or any action to be taken or power to be exercised by instrument in writing under Section 12.15, does not adversely affect the rights of the holders of Debentures of one or more series, the provisions of this Article 12 shall apply as if the Debentures of such series were not outstanding and no notice of any such meeting need be given to the holders of Debentures of such series. Without limiting the generality of the foregoing, a proposal to modify or terminate any covenant or agreement which is effective only so long as Debentures of a particular series are outstanding shall be deemed not to adversely affect the rights of the holders of Debentures of any other series.

**ARTICLE 13 – NOTICES**

**Section 13.1 Notice to Corporation**

Any notice to the Corporation under the provisions of this Indenture shall be valid and effective if delivered to the Corporation at: Kuljit Basi, Attention: Chief Executive Officer, or if given by registered letter, postage prepaid, to such offices and so addressed and if mailed, shall be deemed to have been effectively given three days following the mailing thereof. The Corporation may from time to time notify the Trustee in writing of a change of address which thereafter, until changed by like notice, shall be the address of the Corporation for all purposes of this Indenture.

**Section 13.2 Notice to Debentureholders**

(1) All notices to be given hereunder with respect to the Debentures shall be deemed to be validly given to the holders thereof if sent by first class mail, postage prepaid, by letter or circular addressed to such holders at their post office addresses appearing in any of the registers hereinbefore mentioned and shall be deemed to have been effectively given three days following the day of mailing. Accidental error or omission in giving notice or accidental failure to mail notice to any Debentureholder or the inability of the Corporation to give or mail any notice due to anything beyond the reasonable control of the Corporation shall not invalidate any action or proceeding founded thereon.

(2) If any notice given in accordance with the foregoing paragraph would be unlikely to reach the Debentureholders to whom it is addressed in the ordinary course of post by reason of an interruption in mail service, whether at the place of dispatch or receipt or both, the Corporation shall give such notice by publication at least once in the city of Vancouver (or in such of those cities as, in the opinion of the Trustee, is sufficient in the particular circumstances), each such publication to be made in a daily newspaper of general circulation in the designated city.

(3) Any notice given to Debentureholders by publication shall be deemed to have been given on the day on which publication shall have been effected at least once in each of the newspapers in which publication was required.

(4) All notices with respect to any Debenture may be given to whichever one of the holders thereof (if more than one) is named first in the registers hereinbefore mentioned, and any notice so given shall be sufficient notice to all holders of any persons interested in such Debenture.

**Section 13.3 Notice to Trustee**

Any notice to the Trustee under the provisions of this Indenture shall be valid and effective if delivered, receipt confirmed, to the Trustee as follows:

Computershare Trust Company of Canada

800 - 324 8 Avenue SW

Calgary, Alberta T2P 2Z2

Attention: Manager, Corporate Trust

Email: corporatetrust.calgary@computershare.com

and shall be deemed to have been effectively given as of the date of such receipt confirmation or if given by registered letter, postage prepaid, to such office and so addressed and, if mailed, shall be deemed to have been effectively given three days following the mailing thereof.

**Section 13.4 Mail Service Interruption**

If by reason of any interruption of mail service, actual or threatened, any notice to be given to the Trustee would reasonably be unlikely to reach its destination by the time notice by mail is deemed to have been given pursuant to Section 13.3, such notice shall be valid and effective only if delivered at the appropriate address in accordance with Section 13.3.

**ARTICLE 14 – CONCERNING THE TRUSTEE**

**Section 14.1 Replacement of Trustee**

(1) The Trustee may resign its trust and be discharged from all further duties and liabilities hereunder by giving to the Corporation 90 days' notice in writing or such shorter notice as the Corporation may accept as sufficient. If at any time a material conflict of interest exists in the Trustee's role as a fiduciary hereunder the Trustee shall, within 30 days after ascertaining that such a material conflict of interest exists, either eliminate such material conflict of interest or resign in the manner and with the effect specified in this Section 14.1. The validity and enforceability of this Indenture and of the Debentures issued hereunder shall not be affected in any manner whatsoever by reason only that such a material conflict of interest exists. In the event of the Trustee resigning or being removed or being dissolved, becoming bankrupt, going into liquidation or otherwise becoming incapable of acting hereunder, the Corporation shall forthwith appoint a new Trustee unless a new Trustee has already been appointed by the Debentureholders. Failing such appointment by the Corporation, the retiring Trustee or any Debentureholder may apply to a Judge of the Ontario Superior Court of Justice, on such notice as such Judge may direct at the Corporation's expense, for the appointment of a new Trustee but any new Trustee so appointed by the Corporation or by the Court shall be subject to removal as aforesaid by the Debentureholders and the appointment of such new Trustee shall be effective only upon such new Trustee becoming bound by this Indenture. Any new Trustee appointed under any provision of this Section 14.1 shall be a corporation authorized to carry on the business of a trust company in all of the Provinces of Canada. On any new appointment the new Trustee shall be vested with the same powers, rights, duties and responsibilities as if it had been originally named herein as Trustee.

(2) Any company into which the Trustee may be merged or, with or to which it may be consolidated, amalgamated or sold, or any company resulting from any merger, consolidation, sale or amalgamation to which the Trustee shall be a party, or any company which shall purchase all or substantially all of the corporate trust book of business of the Trustee, shall be the successor trustee under this Indenture without the execution of any instrument or any further act. Nevertheless, upon the written request of the successor Trustee or of the Corporation, the Trustee ceasing to act shall execute and deliver an instrument assigning and transferring to such successor Trustee, upon the trusts herein expressed, all the rights, powers and trusts of the Trustee so ceasing to act, and, upon receipt by the Trustee of payment in full for any outstanding charges due to it, shall duly assign, transfer and deliver all property and money held by such Trustee to the successor Trustee so appointed in its place. Should any deed, conveyance or instrument in writing from the Corporation be required by any new Trustee for more fully and certainly vesting in and confirming to it such estates, properties, rights, powers and trusts, then any and all such deeds, conveyances and instruments in writing shall on request of said new Trustee, be made, executed, acknowledged and delivered by the Corporation.

**Section 14.2 Duties of Trustee**

In the exercise of the rights, duties and obligations prescribed or conferred by the terms of this Indenture, the Trustee shall act honestly and in good faith, with a view to the best interests of the Debentureholders, and shall exercise that degree of care, diligence and skill that a reasonably prudent trustee would exercise in comparable circumstances.

**Section 14.3 Reliance Upon Declarations, Opinions, etc.**

In the exercise of its rights, duties and obligations hereunder the Trustee may, if acting in good faith, rely, as to the truth of the statements and accuracy of the opinions expressed therein, upon statutory declarations, opinions, reports or certificates furnished pursuant to any covenant, condition or requirement of this Indenture or required by the Trustee to be furnished to it in the exercise of its rights and duties hereunder, if the Trustee examines such statutory declarations, opinions, reports or certificates and determines that they comply with Section 14.4, if applicable, and with any other applicable requirements of this Indenture. The Trustee may nevertheless, in its discretion, require further proof in cases where it deems further proof desirable. Without restricting the foregoing, the Trustee may rely on an opinion of Counsel satisfactory to the Trustee notwithstanding that it is delivered by a solicitor or firm which acts as solicitors for the Corporation.

**Section 14.4 Evidence and Authority to Trustee, Opinions, etc.**

(1) The Corporation shall furnish to the Trustee evidence of compliance with the conditions precedent provided for in this Indenture relating to any action or step required or permitted to be taken by the Corporation or the Trustee under this Indenture or as a result of any obligation imposed under this Indenture, including without limitation, the certification and delivery of Debentures hereunder, the satisfaction and discharge of this Indenture and the taking of any other action to be taken by the Trustee at the request of or on the application of the Corporation, forthwith if and when (a) such evidence is required by any other Section of this Indenture to be furnished to the Trustee in accordance with the terms of this Section 14.4, or (b) the Trustee, in the exercise of its rights and duties under this Indenture, gives the Corporation written notice requiring it to furnish such evidence in relation to any particular action or obligation specified in such notice.

(2) Such evidence shall consist of

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) a certificate made by any two officers or directors of the Corporation, stating
that any such condition precedent has been complied with in accordance with the terms of this Indenture;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) in the case of a condition precedent compliance with which is, by the terms of
this Indenture, made subject to review or examination by a solicitor, an opinion of Counsel that such condition precedent has been complied
with in accordance with the terms of this Indenture; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) in the case of any such condition precedent compliance with which is subject to review or examination
by auditors or accountants, an opinion or report of the Auditors of the Corporation whom the Trustee for such purposes hereby approves,
that such condition precedent has been complied with in accordance with the terms of this Indenture.

(3) Whenever such evidence relates to a matter other than the certificates and delivery of Debentures and the satisfaction and discharge of this Indenture, and except as otherwise specifically provided herein, such evidence may consist of a report or opinion of any solicitor, auditor, accountant, engineer or appraiser or any other Person whose qualifications give authority to a statement made by him, provided that if such report or opinion is furnished by a trustee, officer or employee of the Corporation it shall be in the form of a statutory declaration. Such evidence shall be, so far as appropriate, in accordance with the immediately preceding paragraph of this Section.

(4) Each statutory declaration, certificate, opinion or report with respect to compliance with a condition precedent provided for in the Indenture shall include (a) a statement by the Person giving the evidence that he has read and is familiar with those provisions of this Indenture relating to the condition precedent in question, (b) a brief statement of the nature and scope of the examination or investigation upon which the statements or opinions contained in such evidence are based, (c) a statement that, in the belief of the Person giving such evidence, he has made such examination or investigation as is necessary to enable him to make the statements or give the opinions contained or expressed therein, and (d) a statement whether in the opinion of such Person the conditions precedent in question have been complied with or satisfied.

(5) The Corporation shall furnish or cause to be furnished to the Trustee at any time if the Trustee reasonably so requires, its certificate that the Corporation has complied with all covenants, conditions or other requirements contained in this Indenture, the non-compliance with which would, with the giving of notice or the lapse of time, or both, or otherwise, constitute an Event of Default, or if such is not the case, specifying the covenant, condition or other requirement which has not been complied with and giving particulars of such non-compliance. The Corporation shall, whenever the Trustee so requires, furnish the Trustee with evidence by way of statutory declaration, opinion, report or certificate as specified by the Trustee as to any action or step required or permitted to be taken by the Corporation or as a result of any obligation imposed by this Indenture.

**Section 14.5 Officer's Certificates Evidence**

Except as otherwise specifically provided or prescribed by this Indenture, whenever in the administration of the provisions of this Indenture the Trustee shall deem it necessary or desirable that a matter be proved or established prior to taking or omitting any action hereunder, the Trustee, if acting in good faith, may rely upon an Officer's Certificate.

**Section 14.6 Experts, Advisers and Agents**

The Trustee may:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) employ or retain and act and rely on the opinion or advice of or information obtained from any solicitor,
auditor, valuer, engineer, surveyor, appraiser or other expert, whether obtained by the Trustee or by the Corporation, or otherwise, and
shall not be liable for acting, or refusing to act, in good faith on any such opinion or advice and shall not be responsible for any misconduct
on the part of any of them and may pay proper and reasonable compensation for all such legal and other advice or assistance as aforesaid.
The reasonable costs of such services shall be added to and become part of the Trustee's remuneration hereunder; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) employ such agents and other assistants as it may reasonably require for the proper
discharge of its duties hereunder, and may pay reasonable remuneration for all services performed for it (and shall be entitled to receive
reasonable remuneration for all services performed by it) in the discharge of the trusts hereof and compensation for all
disbursements, costs and expenses made or incurred by it in the discharge of its duties hereunder and in the management of the trusts
hereof and any solicitors employed or consulted by the Trustee may, but need not be, solicitors for the Corporation.

**Section 14.7 Trustee May Deal in Debentures**

Subject to Section 14.2, the Trustee may, in its personal or other capacity, buy, sell, lend upon and deal in the Debentures and generally contract and enter into financial transactions with the Corporation or otherwise, without being liable to account for any profits made thereby.

**Section 14.8 Investment of Monies Held by Trustee**

Until released in accordance with this Agreement, monies held by the Trustee shall be kept segregated in the records of the Trustee and shall be deposited in one or more interest- bearing trust accounts to be maintained by the Trustee in the name of the Trustee at one or more banks having a Standard and Poors Issuer Credit rating of AA- or above (an "**Approved Bank**"). All amounts held by the Trustee pursuant to this Agreement shall be held by the Trustee pursuant to the term of this Agreement and shall not give rise to a debtor-creditor or other similar relationship. The amounts held by the Trustee pursuant to this Agreement are at the sole risk of Corporation and, without limiting the generality of the foregoing, the Trustee shall have no responsibility or liability for any diminution of the monies which may result from any deposit made with an Approved Bank pursuant to this Section 14.8, including any losses resulting from a default by the Approved Bank or other credit losses (whether or not resulting from such a default) and any credit or other losses on any deposit liquidated or sold prior to maturity. The parties hereto acknowledge and agree that the Trustee will have acted prudently in depositing the monies at any Approved Bank.

**Section 14.9 Trustee Not Ordinarily Bound**

Except as provided in Section 8.2 and as otherwise specifically provided herein, the Trustee shall not, subject to Section 14.2, be bound to give notice to any Person of the execution hereof, nor to do, observe or perform or see to the observance or performance by the Corporation of any of the obligations herein imposed upon the Corporation or of the covenants on the part of the Corporation herein contained, nor in any way to supervise or interfere with the conduct of the Corporation's business, unless the Trustee shall have been required to do so in writing by the holders of not less than 25% of the aggregate principal amount of the Debentures then outstanding or by any Extraordinary Resolution of the Debentureholders passed in accordance with the provisions contained in Article 12, and then only after it shall have been funded and indemnified to its satisfaction against all actions, proceedings, claims and demands to which it may render itself liable and all costs, charges, damages and expenses which it may incur by so doing.

**Section 14.10 Trustee Not Required to Give Security**

The Trustee shall not be required to give any bond or security in respect of the execution of the trusts and powers of this Indenture or otherwise in respect of the premises.

**Section 14.11 Trustee Not Bound to Act on Trust's Request**

Except as otherwise specifically provided in this Indenture, the Trustee shall not be bound to act in accordance with any direction or request of the Corporation until a duly authenticated copy of the instrument or resolution containing such direction or request shall have been delivered to the Trustee, and the Trustee shall be empowered to act upon any such copy purporting to be authenticated and believed by the Trustee to be genuine.

**Section 14.12 Conditions Precedent to Trustee's Obligations to Act Hereunder**

(1) The obligation of the Trustee to commence or continue any act, action or proceeding for the purpose of enforcing the rights of the Trustee and of the Debentureholders hereunder shall be conditional upon the Debentureholders furnishing when required by notice in writing by the Trustee, sufficient funds to commence or continue such act, action or proceeding and indemnity reasonably satisfactory to the Trustee to protect and hold harmless the Trustee against the costs, charges and expenses and liabilities to be incurred thereby and any loss and damage it may suffer by reason thereof.

(2) None of the provisions contained in this Indenture shall require the Trustee to expend or risk its own funds or otherwise incur financial liability in the performance of any of its duties or in the exercise of any of its rights or powers.

(3) The Trustee may, before commencing or at any time during the continuance of any such act, action or proceeding require the Debentureholders at whose instance it is acting to deposit with the Trustee the Debentures held by them for which Debentures the Trustee shall issue receipts.

**Section 14.13 Authority to Carry on Business**

The Trustee represents to the Corporation that at the date of execution and delivery by it of this Indenture it is authorized to carry on the business of a trust company in each of the provinces and territories of Canada but if, notwithstanding the provisions of this Section 14.13, it ceases to be so authorized to carry on business, the validity and enforceability of this Indenture and the securities issued hereunder shall not be affected in any manner whatsoever by reason only of such event but the Trustee shall, within 90 days after ceasing to be authorized to carry on the business of a trust company in any of the provinces of Canada, either become so authorized or resign in the manner and with the effect specified in Section 14.1.

**Section 14.14 Compensation and Indemnity**

(1) The Corporation shall pay to the Trustee from time to time compensation for its services hereunder as agreed separately by the Corporation and the Trustee, and shall pay or reimburse the Trustee upon its request for all reasonable expenses, disbursements and advances incurred or made by the Trustee in the administration or execution of its duties under this Indenture (including the reasonable and documented compensation and disbursements of its Counsel and all other advisers and assistants not regularly in its employ), both before any default hereunder and thereafter until all duties of the Trustee under this Indenture shall be finally and fully performed. Any fees and expenses of the trustee in connection herewith shall be paid by the Corporation within 30 days of issuance of an invoice therefor and, if not so paid, shall bear interest at a rate per annum to the then-current rate of interest charged by the Trustee to its corporate clients. The Trustee's compensation shall not be limited by any law on compensation of a trustee of an express trust.

(2) The Corporation hereby indemnifies and holds the Trustee and its affiliates, their successors and assigns, as well as its and their respective directors, officers, employees and agents, harmless from and against any and all claims, demands, assessments, interest, penalties, actions, suits, proceedings, liabilities, losses, damages, costs and expenses, including, without limiting the foregoing, expert, consultant and counsel fees and disbursements on a solicitor and client basis, arising from or in connection with any actions or omissions that the Trustee or they take pursuant to this Indenture, provided that the Corporation need not reimburse any cost or expense or indemnify against any loss or liability incurred by the Trustee through gross negligence or bad faith or fraud. This indemnity shall survive the resignation or removal of the Trustee and the termination or discharge of this Indenture.

(3) Notwithstanding any other provision of this Indenture, the Trustee shall not be liable for any (i) breach by any other party of the Applicable Securities Legislation, (ii) lost profits or (iii) punitive, consequential or special damages of any Person.

**Section 14.15 Acceptance of Trust**

The Trustee hereby accepts the trusts in this Indenture declared and provided for and agrees to perform the same upon the terms and conditions herein set forth and to hold all rights, privileges and benefits conferred hereby and by law in trust for the various persons who shall from time to time be Debentureholders, subject to all the terms and conditions herein set forth.

**Section 14.16 Third Party Interests**

Each party to this Indenture (in this paragraph referred to as a "representing party") hereby represents to the Trustee that any account to be opened by, or interest to be held by, the Trustee in connection with this Indenture, for or to the credit of such representing party, either (i) is not intended to be used by or on behalf of any third party; or (ii) is intended to be used by or on behalf of a third party, in which case such representing party hereby agrees to complete, execute and deliver forthwith to the Trustee a declaration, in the Trustee's prescribed form or in such other form as may be satisfactory to it, as to the particulars of such third party.

**Section 14.17 Anti-Money Laundering**

The Trustee shall retain the right not to act and shall not be liable for refusing to act if, due to a lack of information or for any other reason whatsoever, the Trustee, in its sole judgment, acting reasonably, determines that such act might cause it to be in noncompliance with any applicable anti-money laundering or anti-terrorist or economic sanctions legislation, regulation or guideline. Further, should the Trustee, in its sole judgment, acting reasonably, determine at any time that its acting under this Indenture has resulted in its being in non-compliance with any applicable anti-money laundering or anti-terrorist or economic sanctions legislation, regulation or guideline, then it shall have the right to resign on 10 days' prior written notice sent to the Corporation provided that (i) the Trustee's written notice shall describe the circumstances of such non-compliance; and (ii) if such circumstances are rectified to the Trustee's satisfaction within such 10-day period, then such resignation shall not be effective.

**Section 14.18 Privacy Laws**

The Corporation acknowledges that the Trustee may, in the course of providing services hereunder, collect or receive financial and other personal information about such parties and/or their representatives, as individuals, or about other individuals related to the subject matter hereof, and use such information for the following purposes:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) to provide the services required under this Indenture and other services that may be requested from
time to time;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) to help the Trustee manage its servicing relationships with such individuals;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) to meet the Trustee's legal and regulatory requirements; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) if Social Insurance Numbers are collected by the Trustee, to perform tax reporting and to assist in
verification of an individual's identity for security purposes.

Each party acknowledges and agrees that the Trustee may receive, collect, use and disclose personal information provided to it or acquired by it in the course of this Indenture for the purposes described above and, generally, in the manner and on the terms described in its Privacy Code, which the Trustee shall make available on its website, www.computershare.com, or upon request, including revisions thereto. The Trustee may transfer personal information to other companies in or outside of Canada that provide data processing and storage or other support in order to facilitate the services it provides.

Further, each party agrees that it shall not provide or cause to be provided to the Trustee any personal information relating to an individual who is not a party to this Indenture unless that party has assured itself that such individual understands and has consented to the aforementioned uses and disclosures.

**Section 14.19 Force Majeure**

Except for the payment obligations of the Corporation, neither party shall be liable to the other, or held in breach of this Indenture, if prevented, hindered, or delayed in the performance or observance of any provision contained herein by reason of act of God, riots, terrorism, acts of war, epidemics, governmental action or judicial order, earthquakes, or any other similar causes (including, but not limited to, mechanical, electronic or communication interruptions, disruptions or failures). Performance times under this Indenture shall be extended for a period of time equivalent to the time lost because of any delay that is excusable under this Section.

**ARTICLE 15– SUPPLEMENTAL INDENTURES**

**Section 15.1 Supplemental Indentures**

From time to time the Trustee and, when authorized by a resolution of the directors of Corporation, the Corporation, may, subject to the provisions hereof, as need be, and they shall when required by this Indenture, execute, acknowledge and deliver by their proper officers deeds or indentures supplemental hereto which thereafter shall form part hereof, for any one or more of the following purposes:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) providing for the issuance of Additional Debentures under
this Indenture;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) adding to the covenants of the Corporation herein contained for the protection
of the Debentureholders, or of the Debentures of any series, or providing for events of default, in addition to those herein specified;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) making such provisions not inconsistent with this Indenture as may be necessary or desirable with respect
to matters or questions arising hereunder, including the making of any modifications in the form of the Debentures which do not affect
the substance thereof and which in the opinion of the Trustee relying on an opinion of Counsel will not be prejudicial to the interests
of the Debentureholders;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) evidencing the succession, or successive successions, of others to the Corporation
and the covenants of and obligations assumed by any such successor in accordance with the provisions of this Indenture;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) giving effect to any Extraordinary Resolution passed as provided in Article 12;
and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) for any other purpose not inconsistent with the terms of this Indenture.

Unless the supplemental indenture requires the consent or concurrence of Debentureholders or the holders of a particular series of Debentures, as the case may be, by Extraordinary Resolution, the consent or concurrence of Debentureholders or the holders of a particular series of Debentures, as the case may be, shall not be required in connection with the execution, acknowledgement or delivery of a supplemental indenture. The Corporation and the Trustee may amend any of the provisions of this Indenture related to matters of United States law or the issuance of Debentures into the United States in order to ensure that such issuances can be made in accordance with applicable law in the United States without the consent or approval of the Debentureholders. Further, the Corporation and the Trustee may without the consent or concurrence of the Debentureholders or the holders of a particular series of Debentures, as the case may be, by supplemental indenture or otherwise, make any changes or corrections in this Indenture which it shall have been advised by Counsel are required for the purpose of curing or correcting any ambiguity or defective or inconsistent provisions or clerical omissions or mistakes or manifest errors contained herein or in any indenture supplemental hereto or any Written Direction of the Corporation provided for the issue of Debentures, providing that in the opinion of the Trustee (relying upon an opinion of Counsel) the rights of the Debentureholders are in no way prejudiced thereby.

**ARTICLE 16– EXECUTION AND FORMAL DATE**

**Section 16.1 Execution**

This Indenture may be simultaneously executed in several counterparts, each of which when so executed shall be deemed to be an original and such counterparts together shall constitute one and the same instrument.

**Section 16.2 Formal Date**

For the purpose of convenience this Indenture may be referred to as bearing the formal date of April 7, 2022 irrespective of the actual date of execution hereof.

The parties have executed this Indenture.

---

| | | |
|:---|:---|:---|
| **MODERN MINING TECHNOLOGY CORP.** | **MODERN MINING TECHNOLOGY CORP.** | **MODERN MINING TECHNOLOGY CORP.** |
| By: | /s/ Kuljit Basi | /s/ Kuljit Basi |
|  | Name: | Kuljit Basi |
|  | Title: | Chief Executive Officer |
| **COMPUTERSHARE TRUST COMPANY OF CANADA** | **COMPUTERSHARE TRUST COMPANY OF CANADA** | **COMPUTERSHARE TRUST COMPANY OF CANADA** |
| By: | /s/ Luci Scholes | /s/ Luci Scholes |
|  | Name: | Luci Scholes |
|  | Title: | Professional, Corporate Trust |
| By: | /s/ Shannon Grover | /s/ Shannon Grover |
|  | Name: | Shannon Grover |
|  | Title: | Manager Corporate Trust |

---

**Schedule A – Form of Debenture**

**UNDER SECURITIES LEGISLATION, THE HOLDER OF THIS SECURITY MUST NOT TRADE THE SECURITY BEFORE THE DATE THAT IS FOUR MONTHS AND A DAY AFTER THE LATER OF (I) APRIL 7, 2022 AND (II) THE DATE THE ISSUER BECAME UNLESS PERMITTED A REPORTING ISUER IN ANY PROVINCE OR TERRITORY**

**[If to a U.S Debentureholder, add:**

**"THESE DEBENTURES AND THE SECURITIES DELIVERABLE UPON THE CONVERSION THEREOF HAVE NOT BEEN AND WILL NOT BE REGISTERED UNDER THE UNITED STATES SECURITIES ACT OF 1933, AS AMENDED (THE "U.S. SECURITIES ACT"), OR ANY STATE SECURITIES LAWS, AND MAY BE OFFERED, SOLD, PLEDGED OR OTHERWISE TRANSFERRED ONLY (A) TO MODERN MINING TECHNOLOGY CORP. (THE "CORPORATION") (B) OUTSIDE THE UNITED STATES IN COMPLIANCE WITH RULE 904 OF REGULATION S UNDER THE U.S. SECURITIES ACT AND IN COMPLIANCE WITH LOCAL LAWS AND REGULATIONS, (C) IN ACCORDANCE WITH (1) RULE 144A UNDER THE U.S. SECURITIES ACT, IF AVAILABLE, OR (2) RULE 144 UNDER THE U.S. SECURITIES ACT, IF AVAILABLE, AND, IN EACH CASE, IN COMPLIANCE WITH APPLICABLE STATE SECURITIES LAWS, OR (D) IN ANOTHER TRANSACTION THAT DOES NOT REQUIRE REGISTRATION UNDER THE U.S. SECURITIES ACT OR ANY APPLICABLE STATE SECURITIES LAWS; PROVIDED THAT IN THE CASE OF TRANSFERS PURSUANT TO (C)(2) OR (D) ABOVE, A LEGAL OPINION SATISFACTORY TO THE CORPORATION MUST FIRST BE PROVIDED TO COMPUTERSHARE TRUST COMPANY OF CANADA TO THE EFFECT THAT SUCH TRANSFER IS EXEMPT FROM REGISTRATION UNDER THE U.S. SECURITIES ACT AND APPLICABLE STATE SECURITIES LAWS.**

**THESE DEBENTURES MAY NOT BE CONVERTED IN THE UNITED STATES, OR BY OR FOR THE ACCOUNT OR BENEFIT OF, A U.S. PERSON OR A PERSON IN THE UNITED STATES, UNLESS THESE DEBENTURES AND THE COMMON SHARES ISSUABLE UPON CONVERSION THEREOF HAVE BEEN REGISTERED UNDER THE U.S. SECURITIES ACT AND THE APPLICABLE STATE SECURITIES LAWS OR AN EXEMPTION FROM SUCH REGISTRATION REQUIREMENTS IS AVAILABLE. "UNITED STATES" AND "U.S. PERSON" ARE AS DEFINED BY REGULATION S UNDER THE U.S. SECURITIES ACT."]**

**[If a Global Debenture, add:**

**THIS DEBENTURE IS A GLOBAL DEBENTURE WITHIN THE MEANING OF THE INDENTURE HEREIN REFERRED TO AND IS REGISTERED IN THE NAME OF A DEPOSITORY OR A NOMINEE THEREOF. THIS DEBENTURE MAY NOT BE TRANSFERRED TO OR EXCHANGED FOR DEBENTURES REGISTERED IN THE NAME OF ANY PERSON OTHER THAN THE DEPOSITORY OR A NOMINEE THEREOF AND NO SUCH TRANSFER MAY BE REGISTERED EXCEPT IN THE LIMITED CIRCUMSTANCES DESCRIBED IN THE TRUST INDENTURE DATED AS OF THE 7TH DAY OF APRIL, 2022 BETWEEN MODERN MINING TECHNOLOGY CORP. AND COMPUTERSHARE TRUST COMPANY OF CANADA (THE "INDENTURE"). EVERY DEBENTURE AUTHENTICATED AND DELIVERED UPON REGISTRATION OF, TRANSFER OF, OR IN EXCHANGE FOR, OR IN LIEU OF, THIS DEBENTURE SHALL BE A GLOBAL DEBENTURE SUBJECT TO THE FOREGOING, EXCEPT IN SUCH LIMITED CIRCUMSTANCES DESCRIBED IN THE INDENTURE.**

**UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF CDS CLEARING AND DEPOSITORY SERVICES INC. ("CDS") TO MODERN MINING TECHNOLOGY CORP. OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY CERTIFICATE ISSUED IN RESPECT THEREOF IS REGISTERED IN THE NAME OF CDS & CO., OR IN SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF CDS (AND ANY PAYMENT IS MADE TO CDS & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED**

**BY AN AUTHORIZED REPRESENTATIVE OF CDS), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL SINCE THE REGISTERED HOLDER HEREOF, CDS & CO., HAS A PROPERTY INTEREST IN THE SECURITIES CERTIFICATE REPRESENTED BY THIS HEREIN AND IT IS A VIOLATION OF ITS RIGHTS FOR ANOTHER PERSON TO HOLD, TRANSFER OR DEAL WITH THIS CERTIFICATE.]**

**CUSIP 607673AA8**

**ISIN CA607673AA81**

---

| | |
|:---|:---|
| No. ● | Principal Amount $● |

---

**MODERN MINING TECHNOLOGY CORP.**

**(a corporation incorporated under the laws of British Columbia)**

**5.0% UNSECURED CONVERTIBLE DEBENTURE**

**DUE APRIL 7, 2025**

**MODERN MINING TECHNOLOGY CORP.** (the "**Corporation**") for value received hereby acknowledges itself indebted and, subject to the provisions of the debenture indenture (the "**Indenture**") dated as of April 7, 2022, between the Corporation and Computershare Trust Company of Canada (the "**Trustee**"), promises to pay to the registered holder hereof on April 7, 2025 or on such earlier date as the principal amount hereof may become due in accordance with the provisions of the Indenture (any such date, the "**Maturity Date**") the principal amount hereof in lawful money of the United States of America on presentation and surrender of this Initial Debenture at the office of the Trustee in Vancouver, British Columbia, Calgary, Alberta or Toronto, Ontario, in accordance with the terms of the Indenture and, subject as hereinafter provided, to pay interest on the principal amount hereof from, and including, the date hereof, at the rate of 5.0% per annum (based on a year of 360 days comprised of twelve 30-day months), in like money, in arrears in equal (less any tax required by law to be deducted or withheld) on the Maturity Date and, should the Corporation at any time make default in the payment of any principal, premium, if any, or interest, to pay interest on the amount in default at the same rate, in like money and on the same date.

This Initial Debenture is one of the 5.0% Unsecured Convertible Debentures (referred to herein as the "**Initial Debentures**") of the Corporation issued or issuable in one or more series under the provisions of the Indenture. The Initial Debentures authorized for issue immediately are limited to an aggregate principal amount of $5,000,000 in lawful money of the United States of America. Reference is hereby expressly made to the Indenture for a description of the terms and conditions upon which the Initial Debentures are or are to be issued and held and the rights and remedies of the holders of the Initial Debentures and of the Corporation and of the Trustee, all to the same effect as if the provisions of the Indenture were herein set forth to all of which provisions the holder of this Initial Debenture by acceptance hereof assents.

The Initial Debentures shall be issued in denominations of $10, and integral multiples thereof and to CDS in denominations of $1,000 and integral multiples thereof. Upon compliance with the provisions of the Indenture, Debentures of any denomination may be exchanged for an equal aggregate principal amount of Debentures in any other authorized denomination or denominations.

Subject to the provisions in the Indenture and without further action on the part of the Registered Holder, if after April 7, 2022, and prior to the Maturity Date, the Corporation completes a listing of its Common Shares on a Recognized Stock Exchange, the principal amount of the Initial Debentures and all accrued and unpaid interest thereon (less any tax required by law to be deducted or withheld) to the Forced Conversion Date into the Underlying Securities at the Conversion Price upon delivering a written notice (the "**Forced Conversion Notice**") to the Trustee in accordance with the Indenture and to the Registered Holder by way of news release. The effective date for the forced conversion (the "**Forced Conversion Date**") shall be the date the common shares of the Corporation (the "**Common Shares**") are listed on such Recognized Stock Exchange, and on such Forced Conversion Date: (i) all of the principal amount of this Debenture and all accrued and unpaid interest thereon (less any tax required by law to be deducted or withheld) shall be deemed to be converted into securities of the Corporation at the then-applicable Conversion Price; and (ii) the registered holder hereof shall be entered in the books of the Corporation as at the Forced Conversion Date as the holder of the number of securities of the Corporation, as applicable, into which this Initial Debenture is convertible. For greater certainty, the Initial Debenture represented by this certificate may not be converted by the holder and may only be converted pursuant to the foregoing forced conversion.

On and after the Forced Conversion Date of the Initial Debentures represented by this Debenture Certificate, the holder will have no rights hereunder except to the Underlying Securities issued to such holder.

The Indenture makes provision for the adjustment of the Conversion Price in the events therein specified. No fractional Common Shares will be issued on any conversion but in lieu thereof, the Corporation will satisfy such fractional interest by a cash payment equal to the market price of such fractional interest determined in accordance with the Indenture.

Not less than 30 days prior to the consummation of: (i) any event as a result of or following which any person, or persons acting jointly or in concert directly or indirectly within the meaning of applicable securities legislation, beneficially owns or exercises control or direction over an aggregate of more than 50% of the outstanding Common Shares; or (ii) the sale or other transfer of all or substantially all of the consolidated assets of the Corporation, unless the holders of voting securities of the Corporation immediately prior to such sale, merger, reorganization or other similar transaction hold securities representing 50% or more of the voting control or direction in the Corporation or the successor entity upon completion of such merged, reorganized or other continuing entity (collectively, a "**Change of Control**"), the Corporation shall notify the holders of the Initial Debentures of the Change of Control, and the holders of the Initial Debentures shall, in their sole discretion, have the right to require the Corporation to, either: (i) purchase the Debentures at 105% of the principal amount thereof plus unpaid interest to the Maturity Date; or (ii) convert the Debentures at the Conversion Price (the "**Change of Control Offer**"). If 90% or more of the principal amount of all Debentures outstanding on the date the Corporation provides notice of a Change of Control to the Trustee have been tendered for purchase pursuant to the Change of Control Offer, the Corporation has the right to redeem all the remaining outstanding Initial Debentures on the same date and at the same price.

If an offer is made for the Initial Debentures which is a take-over bid for the Initial Debentures within the meaning of Applicable Securities Legislation and 90% or more of the principal amount of all the Initial Debentures (other than Initial Debentures held at the date of the offer by or on behalf of the Offeror, associates or affiliates of the Offeror or anyone acting jointly or in concert with the Offeror) are taken up and paid for by the Offeror, the Offeror will be entitled to acquire the Initial Debentures of those holders who did not accept the offer on the same terms as the Offeror acquired the first 90% of the principal amount of the Initial Debentures.

The indebtedness evidenced by this Initial Debenture, and by all other Initial Debentures now or hereafter certified and delivered under the Indenture, is a direct unsecured obligation of the Corporation, and is subordinated in right of payment, to the extent and in the manner provided in the Indenture, to the prior payment in full of all Secured Indebtedness, whether outstanding at the date of the Indenture or thereafter created, incurred, assumed or guaranteed.

These Initial Debentures and the Common Shares issuable upon conversion hereof have not been and will not be registered under the United States Securities Act of 1933, as amended (the "**U.S. Securities Act**"), or the securities laws of any state of the United States. The Initial Debentures may not be converted by or for the account or benefit of a U.S. person or a person in the United States absent an exemptrion from the registration requirements of the U.S. Securities Act and applicable state securities laws. In addition, the Initial Debentures and Common Shares may only be offered and sold to a U.S. person or a person in the United States pursuant to an exemption from the registration requirements of the U.S. Securities Act and applicable state securities laws. "**U.S. person**" and "**United States**" are as defined in Regulation S under the U.S. Securities Act.

The Indenture contains provisions whereby all holders of outstanding Debentures (or in certain circumstances, specific series of Debentures) will be bound resolutions passed at meetings of such holders held in accordance with such provisions, and instruments signed by the holders of a specified majority of outstanding Debentures (or specific series), which resolutions or instruments may have the effect of amending the terms of this Initial Debenture or the Indenture.

The Indenture contains provisions disclaiming any personal liability on the part of holders of Common Shares and officers, directors and employees of the Corporation in respect of any obligation or claim arising out of the Indenture or this Initial Debenture.

This Initial Debenture may only be transferred, upon compliance with the conditions prescribed in the Indenture, in one of the registers to be kept at the principal office of the Trustee in the City of Vancouver, the City of Toronto, and in such other place or places and/or by such other registrars (if any) as the Corporation with the approval of the Trustee may designate. No transfer of this Initial Debenture shall be valid unless made on the register by the registered holder hereof or his executors or administrators or other legal representatives, or his or their attorney duly appointed by an instrument in form and substance satisfactory to the Trustee or other registrar, and upon compliance with such reasonable requirements as the Trustee and/or other registrar may prescribe and upon surrender of this Initial Debenture for cancellation. Thereupon a new Initial Debenture or Initial Debentures in the same aggregate principal amount shall be issued to the transferee in exchange hereof.

This Initial Debenture shall not become obligatory for any purpose until it shall have been certified by the Trustee under the Indenture.

Capitalized words or expressions used in this Initial Debenture shall, unless otherwise defined herein, have the meaning ascribed thereto in the Indenture. In the event of any inconsistency between the terms of this Initial Debenture and the Indenture, the terms of the Indenture shall govern.

**IN WITNESS WHEREOF MODERN MINING TECHNOLOGY CORP.** has caused this Debenture to be signed by its authorized representative as of April 7, 2022.

---

| | |
|:---|:---|
| **MODERN MINING TECHNOLOGY CORP.** | **MODERN MINING TECHNOLOGY CORP.** |
| By: |  |
|  | Kuljit Basi |
|  | Chief Executive Officer |

---

**TRUSTEE'S CERTIFICATE**

This Initial Debenture is one of the 5.0% Unsecured Convertible Debentures due April 7, 2025 referred to in the Indenture within mentioned.

Dated:

---

| | |
|:---|:---|
| **COMPUTERSHARE TRUST COMPANY OF CANADA** | **COMPUTERSHARE TRUST COMPANY OF CANADA** |
| By: |  |
|  | Name: |
|  | Title: |

---

**REGISTRATION PANEL**

(No writing hereon except by Trustee or other registrar)

---

| | | |
|:---|:---|:---|
| **Date of Registration** | **In Whose Name Registered** | **Signature of Trustee or Registrar** |

---

**FORM OF ASSIGNMENT**

**FOR VALUE RECEIVED**, the undersigned hereby sells, assigns and transfers unto <u>____________</u>, whose address and social insurance number, if applicable, are set forth below, this Initial Debenture (or $____________ principal amount hereof<sup>\*</sup>) of **MODERN MINING TECHNOLOGY CORP.** standing in the name(s) of the undersigned in the register maintained by the Corporation with respect to such Initial Debenture and does hereby irrevocably authorize and direct the Trustee to transfer such Initial Debenture in such register, with full power of substitution in the premises.

Dated: __________________________________________________________________________________________

Address of Transferee: _____________________________________________________________________________

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Street Address, City, Province and Postal Code)

Social Insurance Number of Transferee, if applicable: <u>__________________________</u>

\* If less than the full principal amount of the within Initial Debenture is to be transferred, indicate in the space provided the principal amount (which must be $10, $1,000 or an integral multiple thereof, unless you hold an Initial Debenture in a non-integral multiple of $10 or $1,000 by reason of your having exercised your right to exchange upon the making of a Change of Control Offer, in which case such Initial Debenture is transferable only in its entirety) to be transferred.

☐ **If the undersigned holder is transferring the Initial Debenture to, or for the account or benefit of, a U.S. Person or a person in the United States, please check this box. IF THIS BOX IS CHECKED, THE TRANSFEROR MUST COMPLETE AND DELIVER AN OPINION OF COUNSEL WHICH WILL NOT BE SUFFICIENT UNLESS IT IS IN FORM AND SUBSTANCE REASONABLY SATISFACTORY TO THE CORPORATION AND TRUSTEE) OR SUCH OTHER EVIDENCE REASONABLY SATISFACTORY TO THE CORPORATION AND TRUSTEE TO THE EFFECT THAT WITH RESPECT TO THE INITIAL DEBENTURES TO BE TRANSFERRED HAVE BEEN REGISTERED UNDER THE U.S. SECURITIES ACT AND APPLICABLE STATE SECURITIES LAWS, OR AN EXEMPTION FROM SUCH REGISTRATION REQUIREMENTS IS AVAILABLE.**

Certificates will not be registered or delivered to an address in the United States unless the above box is checked.

If the box above is checked, holders are encouraged to consult with the Corporation and the Trustee in advance to determine that the legal opinion tendered in connection with the transfer will be satisfactory in form and substance to the Corporation and the Trustee.

"United States" and "U.S. Person" are as defined in Rule 902 of Regulation S under the U.S. Securities Act.

**REASON FOR TRANSFER – For US Residents only (where the individual(s) or corporation receiving the securities is a US resident). Please select only one (see instructions below).**

---

| | | | | |
|:---|:---|:---|:---|:---|
| ☐ **Gift** | ☐ **Estate** | ☐ **Private Sale** | ☐ | **Other (or no change in ownership)** |

---

---

| | | |
|:---|:---|:---|
| **Date of Event (Date of gift, death or sale):** | **Value per Debenture on the date of event:** | **Value per Debenture on the date of event:** |
| ![](ex3-2_001.jpg) | ![](ex3-2_002.jpg) | ☐ **CAD <u>OR</u> ☐ USD** |

---

The signature(s) of the transferor(s) must correspond with the name(s) as written upon the face of this certificate(s), in every particular, without alteration or enlargement, or any change whatsoever. The signature(s) on this form must be guaranteed by an authorized officer of Royal Bank of Canada, Scotia Bank or TD Canada Trust whose sample signature(s) are on file with the transfer agent, or by a member of an acceptable Medallion Signature Guarantee Program (STAMP, SEMP, NYSE, MSP). Notarized or witnessed signatures are not acceptable as guaranteed signatures. The Guarantor must affix a stamp bearing the actual words: "SIGNATURE GUARANTEED", "MEDALLION GUARANTEED" OR "SIGNATURE & AUTHORITY TO SIGN GUARANTEE", all in accordance with the transfer agent's then current guidelines and requirements at the time of transfer. For corporate holders, corporate signing resolutions, including certificate of incumbency, will also be required to accompany the transfer unless there is a "SIGNATURE & AUTHORITY TO SIGN GUARANTEE" Stamp affixed to the Form of Transfer obtained from an authorized officer of the Royal Bank of Canada, Scotia Bank or TD Canada Trust or a "MEDALLION GUARANTEED" Stamp affixed to the Form of Transfer, with the correct prefix covering the face value of the certificate.

The registered holder of this Initial Debenture is responsible for the payment of any documentary, stamp or other transfer taxes that may be payable in respect of the transfer of this Debenture.

---

| | |
|:---|:---|
| Signature of Guarantor: |  |
| Authorized Officer | Signature of transferring registered holder |
| Name of Institution |  |

---

## Ex1A-3

**Exhibit 3.3**

**INDENTURE**

Made as of June 28, 2024

Between

**MODERN MINING TECHNOLOGY CORP.**

(the "**Corporation**")

and

**COMPUTERSHARE TRUST COMPANY OF CANADA**

(the "**Trustee**")

INDENTURE

**TABLE OF CONTENTS**

---

| | |
|:---|:---|
| RECITALS | 1 |
| ARTICLE 1 – INTERPRETATION | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 1.1 Definitions | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 1.2 Meaning of "Outstanding" | 7 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 1.3 Interpretation | 8 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 1.4 Headings, etc | 9 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 1.5 Time of Essence | 9 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 1.6 Monetary References | 9 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 1.7 Invalidity, etc | 9 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 1.8 Language | 9 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 1.9 Successors and Assigns | 9 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 1.10 Severability | 9 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 1.11 Entire Agreement | 9 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 1.12 Benefits of Indenture | 10 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 1.13 Applicable Law and Attornment | 10 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 1.14 Currency of Payment | 10 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 1.15 Non-Business Days | 10 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 1.16 Accounting Terms | 10 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 1.17 Calculations | 10 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 1.18 Schedules | 11 |
| ARTICLE 2 – THE DEBENTURES | 11 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 2.1 Issue of Global Debentures | 11 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 2.2 Limit of Debentures | 12 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 2.3 Terms of Debentures of any Series | 12 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 2.4 Form of Debentures | 14 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 2.5 Form and Terms of Initial Debentures | 14 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 2.6 Certification and Delivery of Additional Debentures | 19 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 2.7 Uncertificated Deposit | 20 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 2.8 Execution of Debentures | 22 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 2.9 Certification | 22 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 2.10 Interim Debentures or Certificates | 23 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 2.11 Mutilation, Loss, Theft or Destruction | 24 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 2.12 Concerning Interest | 24 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 2.13 Debentures to Rank Pari Passu | 24 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 2.14 Payments of Amounts Due on Maturity | 24 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 2.15 Legends on the Debentures and Common Shares | 25 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 2.16 Payment of Interest | 27 |
| ARTICLE 3 – REGISTRATION, TRANSFER, EXCHANGE AND OWNERSHIP | 28 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 3.1 Global Debentures or Book based Debentures | 28 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 3.2 Fully Registered Debentures | 31 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 3.3 Transferee Entitled to Registration | 34 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 3.4 No Notice of Trusts | 34 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 3.5 Registers Open for Inspection | 35 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 3.6 Exchanges of Debentures | 35 |

---

i INDENTURE

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 3.7 Closing of Registers | 35.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 3.8 Charges for Registration, Transfer and Exchange | 36.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 3.9 Ownership of Debentures | 36.0 |
| ARTICLE 4 – PURCHASE OF DEBENTURES | 37.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 4.1 Purchase of Debentures by the Corporation | 37.0 |
| ARTICLE 5 – SUBORDINATION OF DEBENTURES | 37.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 5.1 Applicability of Article | 37.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 5.2 Order of Payment | 38.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 5.3 Subrogation to Rights of Holders of Secured Indebtedness | 39.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 5.4 Obligation to Pay Not Impaired | 39.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 5.5 No Payment if Secured Indebtedness in Default | 40.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 5.6 Payment on Debentures Permitted | 40.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 5.7 Confirmation of Subordination | 41.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 5.8 Knowledge of Trustee | 41.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 5.9 Trustee May Hold Secured Indebtedness | 41.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 5.10 Rights of Holders of Secured Indebtedness Not Impaired | 41.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 5.11 Altering the Secured Indebtedness | 42.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 5.12 Additional Indebtedness | 42.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 5.13 Right of Debentureholder to Convert Not Impaired | 42.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 5.14 Invalidated Payments | 42.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 5.15 Contesting Security | 42.0 |
| ARTICLE 6 – CONVERSION OF DEBENTURES | 42.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 6.1 Forced Conversion of Debentures | 42.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 6.2 Effect of Conversion | 43.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 6.3 Adjustment of Conversion Price | 43.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 6.4 No Requirement to Issue Fractional Common Shares | 47.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 6.5 Corporation to Reserve the Underlying Common Shares | 47.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 6.6 Cancellation of Converted Debentures | 48.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 6.7 Certificate as to Adjustment | 48.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 6.8 Notice of Special Matters | 48.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 6.9 Protection of Trustee | 49.0 |
| ARTICLE 7 – COVENANTS OF THE CORPORATION | 49.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 7.1 To Pay Principal, Premium (if any) and Interest | 49.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 7.2 To Pay Trustee's Remuneration | 49.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 7.3 To Give Notice of Default | 49.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 7.4 Preservation of Existence, etc. | 50.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 7.5 Keeping of Books | 50.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 7.6 Annual Certificate of Compliance | 50.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 7.7 Performance of Covenants by Trustee | 50.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 7.8 No Dividends on Common Shares if Event of Default | 50.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 7.9 Withholding Matters | 51.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 7.10 SEC Reporting Status | 51.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 7.11 Stay, Extension and Usury Laws | 52.0 |
| ARTICLE 8 – DEFAULT | 52.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 8.1 Events of Default | 52.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 8.2 Notice of Events of Default | 54.0 |

---

ii INDENTURE

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 8.3 Waiver of Default | 55.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 8.4 Enforcement by the Trustee | 55.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 8.5 No Suits by Debentureholders | 57.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 8.6 Application of Monies by Trustee | 57.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 8.7 Notice of Payment by Trustee | 58.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 8.8 Trustee May Demand Production of Debentures | 58.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 8.9 Remedies Cumulative | 58.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 8.10 Judgment Against the Corporation | 59.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 8.11 Immunity of Directors, Officers and Others | 59.0 |
| ARTICLE 9 – SATISFACTION AND DISCHARGE | 59.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 9.1 Cancellation and Destruction | 59.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 9.2 Non-Presentation of Debentures | 59.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 9.3 Repayment of Unclaimed Monies | 60.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 9.4 Discharge | 60.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 9.5 Satisfaction | 60.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 9.6 Continuance of Rights, Duties and Obligations | 62.0 |
| ARTICLE 10 – SUCCESSORS | 63.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 10.1 Corporation may Consolidate, etc., Only on Certain Terms | 63.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 10.2 Successor Substituted | 64.0 |
| ARTICLE 11 – COMPULSORY ACQUISITION | 64.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 11.1 Definitions In this Article: | 64.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 11.2 Offer for Debentures | 65.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 11.3 Offeror's Notice to Dissenting Shareholders | 65.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 11.4 Delivery of Debenture Certificates | 66.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 11.5 Payment of Consideration to Trustee | 66.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 11.6 Consideration to be held in Trust | 66.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 11.7 Completion of Transfer of Debentures to Offeror | 66.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 11.8 Communication of Offer to the Corporation | 67.0 |
| ARTICLE 12 – MEETINGS OF DEBENTUREHOLDERS | 67.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 12.1 Right to Convene Meeting | 67.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 12.2 Notice of Meetings | 67.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 12.3 Chairman | 69.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 12.4 Quorum | 69.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 12.5 Power to Adjourn | 70.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 12.6 Show of Hands | 70.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 12.7 Poll | 70.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 12.8 Voting | 70.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 12.9 Proxies | 71.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 12.10 Persons Entitled to Attend Meetings | 71.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 12.11 Powers Exercisable by Extraordinary Resolution | 71.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 12.12 Meaning of "Extraordinary Resolution" | 73.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 12.13 Powers Cumulative | 74.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 12.14 Minutes | 74.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 12.15 Instruments in Writing | 74.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 12.16 Binding Effect of Resolutions | 75.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 12.17 Evidence of Rights Of Debentureholders | 75.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 12.18 Concerning Serial Meetings | 75.0 |

---

iii INDENTURE

---

| | |
|:---|:---|
| ARTICLE 13 – NOTICES | 75 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 13.1 Notice to Corporation | 75 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 13.2 Notice to Debentureholders | 76 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 13.3 Notice to Trustee | 76 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 13.4 Mail Service Interruption | 77 |
| ARTICLE 14 – CONCERNING THE TRUSTEE | 77 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 14.1 Replacement of Trustee | 77 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 14.2 Duties of Trustee | 78 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 14.3 Reliance Upon Declarations, Opinions, etc. | 78 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 14.4 Evidence and Authority to Trustee, Opinions, etc. | 78 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 14.5 Officer's Certificates Evidence | 79 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 14.6 Experts, Advisers and Agents | 80 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 14.7 Trustee May Deal in Debentures | 80 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 14.8 Investment of Monies Held by Trustee | 80 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 14.9 Trustee Not Ordinarily Bound | 81 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 14.10 Trustee Not Required to Give Security | 81 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 14.11 Trustee Not Bound to Act on Trust's Request | 81 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 14.12 Conditions Precedent to Trustee's Obligations to Act Hereunder | 81 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 14.13 Authority to Carry on Business | 82 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 14.14 Compensation and Indemnity | 82 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 14.15 Acceptance of Trust | 82 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 14.16 Third Party Interests | 83 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 14.17 Anti-Money Laundering | 83 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 14.18 Privacy Laws | 83 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 14.19 Force Majeure | 84 |
| ARTICLE 15 – SUPPLEMENTAL INDENTURES | 84 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 15.1 Supplemental Indentures | 84 |
| ARTICLE 16 – EXECUTION AND FORMAL DATE | 85 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 16.1 Execution | 85 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 16.2 Formal Date | 85 |
| Schedule A – Form of Debenture | A-1 |

---

iv INDENTURE

**INDENTURE**

This agreement is made as of June 28, 2024 between

**MODERN MINING TECHNOLOGY CORP**.

a corporation existing under the laws of the Province of British Columbia and having its head office in the City of Vancouver, in the Province of British Columbia (the "**Corporation**")

AND

**COMPUTERSHARE TRUST COMPANY OF CANADA**

a trust company existing under the laws of Canada and registered to carry on business in the Province of British Columbia

(the "**Trustee**")

**RECITALS**

The Corporation wishes to create and issue the Debentures (as herein defined) in the manner and subject to the terms and conditions of this Indenture;

**FOR VALUE RECEIVED**, the parties agree as follows:

**ARTICLE 1 – INTERPRETATION**

**Section 1.1 Definitions**

In this Indenture and in the Debentures, unless there is something in the subject matter or context inconsistent therewith, the expressions following shall have the following meanings, namely:

(1) **1933 Act**" means the United States *Securities Act of 1933*, as amended, and the rules and regulations promulgated thereunder;

(2) "**90% Redemption Right**" has the meaning ascribed thereto in clause 2.5(7)(b);

(3) **this Indenture**", "**this Convertible Debenture Indenture**", "**hereto**", "**herein**", "**hereby**", "**hereunder**", "**hereof**" and similar expressions refer to this Indenture and not to any particular Article, Section, subsection, clause, subdivision or other portion hereof and include any and every instrument supplemental or ancillary hereto;

(4) **Additional Debentures**" means Debentures of any one or more series, other than the first series of Debentures, being the Initial Debentures, issued under this Indenture;

- 1 - INDENTURE

(5) **Applicable Securities Legislation**" means applicable securities laws (including rules, regulations, policies and instruments) in each of the applicable provinces and territories of Canada;

(6) **Auditors of the Corporation**" means an independent firm of chartered accountants duly appointed as auditors of the Corporation;

(7) **Beneficial Holder**" means any Person who holds a beneficial interest in a Debenture that is represented by a Debenture Certificate or an Uncertificated Debenture registered in the name of such person's nominee;

(8) "**Board of Directors**" means the board of directors of the Corporation;

(9) **Book based Debentures**" means Debentures issued under this Indenture in uncertificated form which are held only by way of book based (electronic) register maintained by the Trustee;

(10) **Business Day**" means any day other than a Saturday, Sunday or a statutory or civic holiday, or any other day on which the Trustee at its offices in Vancouver, British Columbia, Calgary, Alberta or Toronto, Ontario, is not open for business, and shall be a day on which the Recognized Stock Exchange is open for business;

(11) **Change of Control**" means: (a) any event as a result of or following which a Person or group of Persons acting jointly or in concert within the meaning of Applicable Securities Legislation, beneficially owns or exercises control or direction over an aggregate of more than 50% of the then outstanding Common Shares; or (b) the sale or other transfer of all or substantially all of the consolidated assets of the Corporation, unless the holders of voting securities of the Corporation immediately prior to such sale, merger, reorganization or other similar transaction hold securities representing 50% or more of the voting control or direction in the Corporation or the successor entity upon completion of such merged, reorganized or other continuing entity, provided that any of the foregoing events that are a Going Public Transaction shall be deemed not to be a Change of Control;

(12) "**Change of Control Notice**" has the meaning ascribed thereto in subsection 2.5(7);

(13) "**Change of Control Offer**" has the meaning ascribed thereto in subsection 2.5(7);

(14) **Change of Control Purchase Date**" means the date upon which the Change of Control becomes effective;

(15) **Common Shares**" means the common shares in the capital of the Corporation, as such common shares are constituted on the date of execution and delivery of this Indenture; provided that in the event of a change or a subdivision, revision, reduction, combination or consolidation thereof, any reclassification, capital reorganization, consolidation, amalgamation, arrangement, merger, sale or conveyance or liquidation, dissolution or winding- up, or such successive changes, subdivisions, redivisions, reductions, combinations or consolidations, reclassifications, capital reorganizations, consolidations, amalgamations, arrangements, mergers, sales or conveyances or liquidations, dissolutions or windings-up, then, subject to adjustments, if any, having been made in accordance with the provisions of Section 6.3, "**Common Shares**" shall, as the context may require, mean the shares or other securities or property resulting from such change, subdivision, redivision, reduction, combination or consolidation, reclassification, capital reorganization, consolidation, amalgamation, arrangement, merger, sale or conveyance or liquidation, dissolution or winding-up;

- 2 - INDENTURE

(16) **Conversion Price**" means the dollar amount for which each Common Share or Unit, as applicable, may be issued from time to time upon the conversion of Debentures or any series of Debentures which are by their terms convertible in accordance with the provisions of Article 2;

(17) **Corporation**" means Modern Mining Technology Corp. and includes any successor to or of the Corporation which shall have complied with the provisions of Article 10;

(18) **Counsel**" means a barrister or solicitor or firm of barristers or solicitors retained or employed by the Trustee or retained or employed by the Corporation and reasonably acceptable to the Trustee;

(19) **Current Market Price**" means the fair value of a Common Share as reasonably determined by the Board of Directors;

(20) **Debenture Certificate**" means a certificate evidencing Debentures substantially in the form attached as Schedule A hereto;

(21) "**Debenture Liabilities**" has the meaning ascribed thereto in Section 5.1;

(22) **Debentureholders**" or "**holders**" means the Persons for the time being entered in the register for Debentures as registered holders of Debentures or any transferees of such Persons by endorsement or delivery;

(23) **Debentures**" means the debentures, notes or other evidence of indebtedness of the Corporation issued and certified hereunder, or deemed to be issued and certified hereunder, including, without limitation, the Initial Debentures, and for the time being outstanding, whether in definitive, uncertificated or interim form;

(24) "**Defeased Debentures**" has the meaning ascribed thereto in subsection 9.6(2);

(25) **Depository**" **or** "**CDS**" means CDS Clearing and Depository Services Inc. and its successors in interest;

(26) "**Event of Default**" has the meaning ascribed thereto in Section 8.1;

(27) "**Extraordinary Resolution**" has the meaning ascribed thereto in Section 12.12;

(28) "**Forced Conversion Date**" has the meaning ascribed thereto in Section 2.5(5);

(29) "**Forced Conversion Notice**" has the meaning ascribed thereto in Section 2.5(5);

- 3 - INDENTURE

(30) **Fully Registered Debentures**" means Debentures registered as to both principal and interest;

(31) **Global Debenture**" means a Debenture that is issued to and registered in the name of the Depository, or its nominee, pursuant to Section 2.1 for the purpose of being held by or on behalf of the Depository as custodian for participants in the Depository's book-entry only registration system or uncertificated inventory system;

(32) **Going Public Transaction**" means an initial offering or other transaction involving the Corporation, including without limitation, a merger, business combination, amalgamation, arrangement, share exchange, reverse-takeover, capital pool transaction or any similar transaction resulting in the Common Shares, a derivative of the Common Shares, or common shares of another issuer exchanged therefor being listed on a Recognized Stock Exchange;

(33) **Guarantees**" means any guarantee, undertaking to assume, endorse, contingently agree to purchase, or to provide funds for the payment of, or otherwise become liable in respect of, any indebtedness, liability or obligation of any Person;

(34) **IFRS**" means International Financial Reporting Standards issued by the International Accounting Standards Board (including as further described in Section 1.16);

(35) **Initial Debentures**" means the Debentures designated as "5.0% Unsecured Convertible Debentures" and described in Section 2.5;

(36) **Internal Procedures**" means, in respect of the making of any one or more entries to, changes in or deletions of any one or more entries in the register of Debentureholders (including without limitation, original issuance or registration of transfer of ownership), the Trustee's then- current internal procedures customary for such entry, change or deletion;

(37) **IPO Price**" means the price per security of the Corporation's initial public offering in the event of a Going Public Transaction;

(38) **Issue Date**" means, in respect of a Debenture, the date on which such Debenture is issued;

(39) **Material Subsidiary**" means any Subsidiary of the Corporation which has consolidated assets equal to or greater than 10% of the consolidated assets of the Corporation and its Subsidiaries;

(40) **Maturity Account**" means an account or accounts required to be established by the Corporation (and which shall be maintained by and subject to the control of the Trustee) for each series of Debentures issued pursuant to and in accordance with this Indenture;

(41) "**Maturity Date**" means the date specified for maturity of any Debentures;

(42) "**Merger Event**" has the meaning ascribed thereto in Section 6.3(d);

- 4 - INDENTURE

(43) "**NI 62-104**" means National Instrument 62-104 — *Take-Over Bids and Issuer Bids*;

(44) **Non-Recourse Debt**" means any indebtedness, liabilities or other obligations (including purchase money obligations), and Guarantees, indemnities, endorsements (other than endorsements for collection in the ordinary course of business) or other contingent obligations in respect of obligations of another Person and, in each case, incurred to finance the creation, development, construction or acquisition of real and tangible personal property (including fixtures) and any increases in or extensions, renewals or refunding of any such indebtedness, liabilities and obligations, provided that the recourse of the lender thereof or any agent, trustee, receiver or other Person acting on behalf of the lender in respect of such indebtedness, liabilities and obligations or any judgment in respect thereof is limited in all circumstances to the real and tangible personal property (including fixtures) created, developed, constructed or acquired in respect of which such indebtedness, liabilities and obligations have been incurred and to any receivables, inventory, equipment, chattel paper, intangibles and other rights or collateral arising from or connected with such property (and, for certainty, shall include the shares or other ownership interests of a Subsidiary of the Corporation which holds only such property and other rights and collateral arising from or connected therewith) and to which the lender has recourse;

(45) "**Offer Price**" has the meaning ascribed thereto in subsection 2.5(7);

(46) **Offering**" means the private placement of up to $10,000,000 aggregate principal amount of Initial Debentures;

(47) "**Offeror's Notice**" has the meaning ascribed thereto in Section 11.3;

(48) **Officer's Certificate**" means a certificate of the Corporation signed by any authorized officer or director of the Corporation, in their capacity as an officer or director of the Corporation, and not in their personal capacity;

(49) **Participant**" means a Person recognized by CDS as a participant in the uncertificated inventory system administered by CDS;

(50) **Periodic Offering**" means an offering of Debentures of a series from time to time, the specific terms of which Debentures, including, without limitation, the rate or rates of interest, if any, thereon, the stated maturity or maturities thereof and the redemption provisions, if any, with respect thereto, are to be determined by the Corporation upon the issuance of such Debentures from time to time;

(51) **Person**" includes an individual, corporation, company, partnership, joint venture, association, trust, trustee, unincorporated organization or government or any agency or political subdivision thereof (and for the purposes of the definition of "**Change of Control**", in addition to the foregoing, "**Person**" shall include any syndicate or group that would be deemed to be a "**Person**" under NI 62-104);

(52) **Recognized Stock Exchange**" means the Canadian Securities Exchange, the TSX Venture Exchange, the Toronto Stock Exchange, the Neo Exchange Inc., the Nasdaq Stock Market or any United States stock exchange;

- 5 - INDENTURE

(53) **Reference Price**" means, as applicable, the IPO Price, the deemed share price of the Going Public Transaction or the reference share per Common Share calculated in accordance with the policies of the applicable stock exchange in the event the Corporation completes a direct listing on such stock exchange;

(54) "**Regulation S**" means Regulation S adopted by the SEC under the 1933 Act;

(55) **Restricted Debentures**" means collectively the Restricted Uncertificated Debentures and Restricted Physical Debentures;

(56) **Restricted Physical Debenture**" means a definitive Debenture that bears the U.S. Legend;

(57) **Restricted Uncertificated Debenture**" means an Uncertificated Debenture that is deemed to bear the U.S. Legend;

(58) "**Rule 904 Declaration**" has the meaning ascribed thereto in Section 3.2(3)(a)(ii)(A);

(59) "**SEC**" has the meaning ascribed thereto in Section 7.10;

(60) **Secured Creditor**" means a holder or holders of Secured Indebtedness and includes any representative or representatives, agent or agents or trustee or trustees of any such holder or holders;

(61) **Secured Indebtedness**" means the principal of, the premium (if any) and interest and other obligations on secured indebtedness, statutory liens (other than statutory liens where the party is defending same in good faith), secured bank or other institutional indebtedness, and secured project indebtedness, in each case owing by the Corporation, or renewals, extensions and refunding of such indebtedness, including, without limitation: (a) obligations of the Corporation or its Subsidiaries under any swap, hedging or other similar contracts or arrangements; (b) all costs and expenses incurred by or on behalf of the holder of any Secured Indebtedness in enforcing payment or collection of any such Secured Indebtedness, including enforcing any security interest securing the same. "Secured Indebtedness" shall not include any indebtedness that would otherwise be Secured Indebtedness if it is expressly stated to be subordinate to or rank *pari passu* with the Debentures;

(62) "**Senior Security**" has the meaning ascribed thereto in Section 5.2(2)(a);

(63) "**Serial Meeting**" has the meaning ascribed thereto in clause 12.2(2)(a);

(64) "**Subsidiary**" has the meaning ascribed thereto in the *Securities Act* (British Columbia);

(65) **Trustee**" means Computershare Trust Company of Canada, or its successor or successors for the time being as trustee hereunder;

(66) **Uncertificated Debenture**" means any Debenture which is not issued as part of a Debenture Certificate;

- 6 - INDENTURE

(67) **United States**" or "**U.S.**" means the United States of America, its territories and possessions, any state of the United States, or any political subdivision thereof, and the District of Columbia;

(68) **Units**" means the units of the Corporation, whereby each Unit will be comprised of one Common Share and one-half of one Warrant;

(69) **U.S. Debentureholder**" is (a) any U.S. Person that purchased Debentures, (b) any person that purchased Debentures on behalf of any U.S. Person or any person in the United States, (c) any purchaser of Debentures that received an offer for the Debentures while in the United States, (d) any person that was in the United States at the time the purchaser's buy order was made or the subscription agreement for Debentures was executed or delivered;

(70) "**U.S. Legend**" has the meaning ascribed to such term in subsection 2.15(1);

(71) "**U.S. Person**" has the meaning ascribed to such term in Regulation S;

(72) **U.S. Securities Exchange Act**" means the United States Securities Exchange Act of 1934, as amended, and the rules and regulations promulgated thereunder;

(73) "**Withholding Taxes**" has the meaning ascribed to it in Section 7.9; and

(74) **Written Direction of the Corporation**" means an instrument in writing signed by any one officer or director of the Corporation.

**Section 1.2 Meaning of "Outstanding"**

Every Debenture certified and delivered by the Trustee or every Uncertificated Debenture authenticated by the Trustee by completing its internal procedures hereunder shall be deemed to be outstanding until it is cancelled, converted or redeemed or delivered to the Trustee for cancellation, conversion or redemption for monies and/or the underlying Common Shares, as the case may be, or the payment thereof shall have been set aside under Section 9.2, provided that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Debentures which have been partially redeemed, purchased or converted shall be deemed to be outstanding
only to the extent of the unredeemed, unpurchased or unconverted part of the principal amount thereof;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) when a new Debenture has been issued in substitution for a Debenture which has been lost, stolen or destroyed,
only one of such Debentures shall be counted for the purpose of determining the aggregate principal amount of Debentures outstanding;
and

- 7 - INDENTURE

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) for the purposes of any provision of this Indenture entitling holders of outstanding Debentures to vote,
sign consents, requisitions or other instruments or take any other action under this Indenture, or to constitute a quorum of any meeting
of Debentureholders, Debentures owned directly or indirectly, legally or equitably, by the Corporation shall be disregarded except that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) for the purpose of determining whether the Trustee shall be protected in relying on any such vote, consent,
requisition or other instrument or action, or on the holders of Debentures present or represented at any meeting of Debentureholders,
only the Debentures which the Trustee knows are so owned shall be so disregarded; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Debentures so owned which have been pledged in good faith other than to the Corporation shall not be so
disregarded if the pledgee shall establish to the satisfaction of the Trustee the pledgee's right to vote such Debentures, sign
consents, requisitions or other instruments or take such other actions in his discretion free from the control of the Corporation or a
Subsidiary of the Corporation.

**Section 1.3 Interpretation**

In this Indenture:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) words importing the singular number or masculine gender shall include the plural number or the feminine
or neuter genders, and vice versa;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) all references to Articles and Schedules refer, unless otherwise specified, to articles of and schedules
to this Indenture;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) all references to Sections, subsections or clauses refer, unless otherwise specified, to Sections, subsections
or clauses of this Indenture;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) words and terms denoting inclusiveness (such as "include" or "includes" or "including"),
whether or not so stated, are not limited by and do not imply limitation of their context or the words or phrases which precede or succeed
them;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) reference to any agreement or other instrument in writing means such agreement or other instrument in
writing as amended, modified, replaced or supplemented from time to time;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) unless otherwise indicated, reference to a statute shall be deemed to be a reference to such statute as
amended, re-enacted or replaced from time to time; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) unless otherwise indicated, time periods within which a payment is to be made or any other action is to
be taken hereunder shall be calculated by including the day on which the period commences and excluding the day on which the period ends.

- 8 - INDENTURE

**Section 1.4 Headings, etc.**

The division of this Indenture into Articles and Sections, the provision of a **Table of Contents** and the insertion of headings are for convenience of reference only and shall not affect the construction or interpretation of this Indenture or of the Debentures.

**Section 1.5 Time of Essence**

Time shall be of the essence of this Indenture.

**Section 1.6 Monetary References**

Whenever any amounts of money are referred to herein, such amounts shall be deemed to be in lawful money of the United States of America unless otherwise expressed.

**Section 1.7 Invalidity, etc.**

Any provision hereof which is prohibited or unenforceable shall be ineffective only to the extent of such prohibition or unenforceability, without invalidating the remaining provisions hereof.

**Section 1.8 Language**

Each of the parties hereto hereby acknowledges that it has consented to and requested that this Indenture and all documents relating hereto, including, without limiting the generality of the foregoing, the form of Debenture attached hereto as Schedule A, be drawn up in the English language only.

**Section 1.9 Successors and Assigns**

All covenants and agreements of the Corporation in this Indenture and the Debentures shall bind its successors and assigns, whether so expressed or not. All covenants and agreements of the Trustee in this Indenture shall bind its successors.

**Section 1.10 Severability**

In case any provision in this Indenture or in the Debentures shall be invalid, illegal or unenforceable, such provision shall be deemed to be severed herefrom or therefrom and the validity, legality and enforceability of the remaining provisions shall not in any way be affected, prejudiced or impaired thereby.

**Section 1.11 Entire Agreement**

This Indenture and all supplemental indentures and Schedules hereto and thereto, and the Debentures issued hereunder and thereunder, together constitute the entire agreement between the parties hereto with respect to the indebtedness created hereunder and thereunder and under the Debentures and supersedes as of the date hereof all prior memoranda, agreements, negotiations, discussions and term sheets, whether oral or written, with respect to the indebtedness created hereunder or thereunder and under the Debentures.

- 9 - INDENTURE

**Section 1.12 Benefits of Indenture**

Nothing in this Indenture or in the Debentures, express or implied, shall give to any Person, other than the parties hereto and their successors hereunder, any paying agent, the holders of Debentures, the Secured Creditors (to the extent provided in Article 5 only), and (to the extent provided in Section 8.11) the holders of Common Shares, any benefit or any legal or equitable right, remedy or claim under this Indenture.

**Section 1.13 Applicable Law and Attornment**

This Indenture, any supplemental indenture and the Debentures shall be governed by and interpreted in accordance with the laws of the Province of British Columbia and the federal laws of Canada applicable therein and shall be treated in all respects as British Columbia contracts, with respect to any suit, action or proceedings relating to this Indenture, any supplemental indenture or any Debenture, the Corporation, the Trustee and each holder irrevocably submit and attorn to the non-exclusive jurisdiction of the courts of the Province of British Columbia.

**Section 1.14 Currency of Payment**

Unless otherwise indicated in a supplemental indenture with respect to any particular series of Debentures, all payments to be made under this Indenture or a supplemental indenture shall be made in United States dollars.

**Section 1.15 Non-Business Days**

Whenever any payment to be made hereunder shall be due, any period of time would begin or end, any calculation is to be made or any other action is to be taken on, or as of, or from a period ending on, a day other than a Business Day, such payment shall be made, such period of time shall begin or end, such calculation shall be made and such other action shall be taken, as the case may be, unless otherwise specifically provided herein, on or as of the next succeeding Business Day without any additional interest, cost or charge to the Corporation.

**Section 1.16 Accounting Terms**

Except as hereinafter provided or as otherwise indicated in this Indenture, all calculations required or permitted to be made hereunder pursuant to the terms of this Indenture shall be made in accordance with IFRS. For greater certainty, IFRS shall include any accounting standards that may from time to time be approved for general application by the Canadian Institute of Chartered Accountants.

**Section 1.17 Calculations**

The Corporation shall be responsible for making all calculations called for hereunder including, without limitation, calculations of Current Market Price. The Corporation shall make such calculations in good faith and, absent manifest error, the Corporation's calculations shall be final and binding on holders and the Trustee. The Corporation will provide a schedule of its calculations to the Trustee and the Trustee shall be entitled to rely conclusively on the accuracy of such calculations without independent verification.

- 10 - INDENTURE

**Section 1.18 Schedules**

(1) The following Schedules are incorporated into and form part of this Indenture:

Schedule A – Form of Debenture

(2) In the event of any inconsistency between the provisions of any Section of this Indenture and the provisions of the Schedules which form a part hereof, the provisions of this Indenture shall prevail to the extent of the inconsistency.

**ARTICLE 2 – THE DEBENTURES**

**Section 2.1 Issue of Global Debentures**

(1) The Corporation may specify that the Debentures of a series are to be issued in whole or in part as one or more Global Debentures, that may or may not be Book based Debentures, registered in the name of a Depository, or its nominee, designated by the Corporation in the Written Direction of the Corporation delivered to the Trustee at the time of issue of such Debentures, and in such event the Corporation shall execute and the Trustee shall certify and deliver one or more Global Debentures that are Book based Debentures that shall:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) represent an aggregate amount equal to the principal amount of the outstanding Debentures of such series to be represented by one
or more Global Debentures;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) be released by the Trustee as instructed by the Corporation for further delivery to such Depository or pursuant to such Depository's
instructions; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) bear a legend substantially to the following effect, or as may otherwise be required by the Depositary:

"THIS DEBENTURE IS A GLOBAL DEBENTURE WITHIN THE MEANING OF THE INDENTURE HEREIN REFERRED TO AND IS REGISTERED IN THE NAME OF A DEPOSITORY OR A NOMINEE THEREOF. THIS DEBENTURE MAY NOT BE TRANSFERRED TO OR EXCHANGED FOR DEBENTURES REGISTERED IN THE NAME OF ANY PERSON OTHER THAN THE DEPOSITORY OR A NOMINEE THEREOF AND NO SUCH TRANSFER MAY BE REGISTERED EXCEPT IN THE LIMITED CIRCUMSTANCES DESCRIBED IN THE TRUST INDENTURE DATED AS OF THE 28TH DAY OF JUNE, 2024 BETWEEN MODERN MINING TECHNOLOGY CORP. AND COMPUTERSHARE TRUST COMPANY OF CANADA (THE "**INDENTURE**"). EVERY DEBENTURE AUTHENTICATED AND DELIVERED UPON REGISTRATION OF, TRANSFER OF, OR IN EXCHANGE FOR, OR IN LIEU OF, THIS DEBENTURE SHALL BE A GLOBAL DEBENTURE SUBJECT TO THE FOREGOING, EXCEPT IN SUCH LIMITED CIRCUMSTANCES DESCRIBED IN THE INDENTURE.

- 11 - INDENTURE

UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF CDS CLEARING AND DEPOSITORY SERVICES INC. ("**CDS**") TO MODERN MINING TECHNOLOGY CORP. OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY CERTIFICATE ISSUED IN RESPECT THEREOF IS REGISTERED IN THE NAME OF CDS & CO., OR IN SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF CDS (AND ANY PAYMENT IS MADE TO CDS & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF CDS), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL SINCE THE REGISTERED HOLDER HEREOF, CDS & CO., HAS A PROPERTY INTEREST IN THE SECURITIES REPRESENTED BY THIS CERTIFICATE HEREIN AND IT IS A VIOLATION OF ITS RIGHTS FOR ANOTHER PERSON TO HOLD, TRANSFER OR DEAL WITH THIS CERTIFICATE."

(2) The Depository must, at the time of its designation and at all times while it serves as such Depository, be a clearing agency registered or designated under the Applicable Securities Legislation of the jurisdiction where the Depository has its principal offices.

**Section 2.2 Limit of Debentures**

The aggregate principal amount of Debentures authorized to be issued under this Indenture is unlimited, but Debentures may be issued only upon and subject to the conditions and limitations herein set forth.

**Section 2.3 Terms of Debentures of any Series**

(1) The Debentures may be issued in one or more series. There shall be established herein or in or pursuant to one or more indentures supplemental hereto, prior to the initial issuance of Debentures of any particular series:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the designation of the Debentures of the series (which need not include the term "**Debentures** "),
which shall distinguish the Debentures of the series from the Debentures of all other series;

- 12 - INDENTURE

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) any limit upon the aggregate principal amount of the Debentures of the series that may be certified and
delivered under this Indenture (except for Debentures certified and delivered upon registration of, transfer of, amendment of, or in exchange
for, or in lieu of, other Debentures of the series pursuant to Section 2.10, Section 2.11, Section 3.1 and Section 3.6 and Articles 4
and 6);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) the date or dates on which the principal of the Debentures of the series is payable;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) the rate or rates at which the Debentures of the series shall bear interest, if any, the date or dates
from which such interest shall accrue, on which such interest shall be payable and on which record date, if any, shall be taken for the
determination of holders to whom such interest shall be payable and/or the method or methods by which such rate or rates or date or dates
shall be determined;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) the place or places where the principal of and any interest on Debentures of the series shall be payable
or where any Debentures of the series may be surrendered for registration of transfer or exchange;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) the right, if any, of the Corporation to redeem Debentures of the series, in whole or in part, at its
option and the period or periods within which, the price or prices at which and any terms and conditions upon which, Debentures of the
series may be so redeemed;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) the obligation, if any, of the Corporation to redeem, purchase or repay Debentures of the series pursuant
to any mandatory redemption, sinking fund or analogous provisions or at the option of a holder thereof and the price or prices at which,
the period or periods within which, the date or dates on which, and any terms and conditions upon which, Debentures of the series shall
be redeemed, purchased or repaid, in whole or in part, pursuant to such obligations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) if other than denominations of $1,000 and any integral multiple thereof, the denominations in which Debentures
of the series shall be issuable;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) subject to the provisions of this Indenture, any trustee, Depositories, authenticating or paying agents,
transfer agents or registrars or any other agents with respect to the Debentures of the series;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) any other events of default or covenants with respect to the Debentures of the series;

- 13 - INDENTURE

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) whether and under what circumstances the Debentures of the series will be convertible into or exchangeable for securities of any Person;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) the form and terms of the Debentures of the series;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m) if applicable, that the Debentures of the series shall be issuable in certificated or uncertificated form;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n) if other than Canadian currency, the currency in which the Debentures of the series are issuable; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(o) any other terms of the Debentures of the series (which terms shall not be inconsistent with the provisions of this Indenture).

(2) All Debentures of any one series shall be substantially identical, except as may otherwise be established herein or by or pursuant to a resolution of the Board of Directors, Officer's Certificate or in an indenture supplemental hereto. All Debentures of any one series need not be issued at the same time and may be issued from time to time, including pursuant to a Periodic Offering, consistent with the terms of this Indenture, if so provided herein, by or pursuant to such resolution of the Board of Directors, Officer's Certificate, an indenture supplemental hereto.

**Section 2.4 Form of Debentures**

Except in respect of the Initial Debentures, the form of which is provided for herein, the Debentures of each series shall be substantially in such form or forms (not inconsistent with this Indenture) as shall be established herein or by or pursuant to one or more resolutions of the Board of Directors (or to the extent established pursuant to, rather than set forth in, a resolution of the Board of Directors, in an Officer's Certificate detailing such establishment) or in one or more indentures supplemental hereto, in each case with such appropriate insertions, omissions, substitutions and other variations as are required or permitted by this Indenture, and may have imprinted or otherwise reproduced thereon such legend or legends or endorsements, not inconsistent with the provisions of this Indenture, as may be required to comply with any law or with any rules or regulations pursuant thereto or with any rules or regulations of any securities exchange or securities regulatory authority or to conform to general usage, all as may be determined by the directors or officers of the Corporation executing such Debentures on behalf of the Corporation, as conclusively evidenced by their execution of such Debentures.

**Section 2.5 Form and Terms of Initial Debentures**

(1) The first series of Debentures (the "**Initial Debentures**") authorized for issue immediately is limited to an aggregate principal amount of up to $10,000,000 and shall be designated as "5.0% Unsecured Convertible Debentures".

(2) The Initial Debentures shall be dated as of the Issue Date, and shall mature on June 28, 2027 (the "**Maturity Date**" for the Initial Debentures).

- 14 - INDENTURE

(3) The Initial Debentures shall bear interest from the Issue Date thereof at the rate of 5.0% per annum (based on a year of 360 days comprised of twelve 30-day months), payable only on the Maturity Date of the Initial Debentures or upon the exercise of the 90% Redemption Right pursuant to subsection 2.5(7), and after as well as before default, with interest on amounts in default or after maturity at the same rate, compounded semi-annually. Any payment required to be made on any day that is not a Business Day will be made on the next succeeding Business Day. The record date for the payment of interest on the Initial Debentures will be that date which is five Business Days prior to the Maturity Date.

(4) The Initial Debentures will be subordinated to all existing and future Secured Indebtedness of the Corporation in accordance with the provisions of Article 5. The Initial Debentures will rank *pari passu* with each other series of Debentures issued under this Indenture or under indentures supplemental to this Indenture (regardless of their actual date or terms of issue) and, except as prescribed by law, with all other existing and future unsecured indebtedness of the Corporation.

(5) Upon and subject to the provisions and conditions of Section 3.6, Section 3.7 and Article 6, the Initial Debentures may be converted into Common Shares on the following terms and subject to the following conditions:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) In the event the Corporation completes a Going Public Transaction and upon giving the Debentureholders
advance written notice by way of a news release and concurrently providing a written notice to the Trustee in accordance with Section
13.3 (the "**Forced Conversion Notice** "), the principal amount of the Initial Debentures and all accrued and unpaid interest
thereon (less any tax required by law to be deducted or withheld) will, upon surrender of the Debenture Certificate, automatically convert
into the Common Shares at a conversion price (the "**Conversion Price**") equal to the lesser of (i) a 40% discount to
the Reference Price; and (ii) $5.00 and such Common Shares issued shall be subject to a six month hold period from the completion of such
Going Public Transaction.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The effective date for the forced conversion (the "**Forced Conversion Date**") shall be
the date the Corporation completes Going Public Transaction.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Except as provided below, no adjustment in the number of Common Shares to be issued upon conversion will
be made for dividends or distributions on Common Shares issuable upon conversion, the record date for the payment of which precedes the
date upon which the holder becomes a holder of Common Shares in accordance with Article 6, or for interest accrued on Initial Debentures
surrendered. No fractional Common Shares will be issued, and holders will receive a cash payment in satisfaction of any fractional interest
based on the Current Market Price as of the date of conversion, provided, however, the Corporation shall not be required to make any payment
of less than $5.00. The Conversion Price applicable to, and the Common Shares or other property receivable on the conversion of, the Initial
Debentures is subject to adjustment pursuant to the provisions of Section 6.3.
The Conversion Price will not be adjusted for accrued interest.

- 15 - INDENTURE

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) If any Initial Debenture becomes issuable after the Forced Conversion Date, such Initial Debenture shall
not be issued, and the Person that would otherwise have been entitled to receive such Initial Debenture shall instead receive the number
of Common Shares that such Person would be entitled to receive upon conversion of such Initial Debenture in accordance with this Indenture,
as adjusted in accordance with Section 6.3 (including, for greater certainty, in connection with any event occurring after the Forced
Conversion Date).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) An Initial Debenture in respect of which a holder has accepted a notice in respect of a Change of Control
Offer pursuant to the provisions of subsection 2.5(7) may be surrendered for conversion only if such notice is withdrawn in accordance
with this Indenture.

(6) The Initial Debentures shall be issued in denominations of $1,000 and integral multiples of $1,000. Each Initial Debenture and the certificate of the Trustee endorsed thereon shall be issued in substantially the form set out in Schedule A, with such insertions, omissions, substitutions or other variations as shall be required or permitted by this Indenture, and may have imprinted or otherwise reproduced thereon such legend or legends or endorsements, not inconsistent with the provisions of this Indenture, as may be required to comply with any law or with any rules or regulations pursuant thereto or with any rules or regulations of any securities exchange or securities regulatory authority or to conform with general usage, as more particularly specified by the Corporation in writing to the Trustee. Each Initial Debenture shall additionally bear such distinguishing letters and numbers as the Trustee shall approve. Notwithstanding the foregoing, an Initial Debenture may be in such other form or forms as may, from time to time, be, approved by a resolution of the Board of Directors, or as specified in an Officer's Certificate. The Initial Debentures may be engraved, lithographed, printed, mimeographed or typewritten or partly in one form and partly in another.

(7) Within 30 days prior to the consummation of a Change of Control, and subject to the provisions and conditions of this subsection 2.5(7), the Corporation shall, at the discretion of the holders of Initial Debentures, be obligated to offer to purchase or convert all of the Initial Debentures then outstanding. The terms and conditions of such obligation are set forth below:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Not less than 30 days prior to the consummation of a Change of Control **,** the Corporation shall
 deliver to the Trustee, and the Trustee shall promptly deliver to the holders of the Initial Debentures, notice of the Change of
 Control (a "**Change of Control Notice**") specifying the date on which such Change of Control will occur and the
 circumstances or events giving rise to such Change of Control, and the Debentureholders shall, in their sole discretion, have the
 right to require the Corporation to, either: (i) purchase the Debentures at 105% of the principal amount thereof plus unpaid
 interest to the Maturity Date (the "**Offer Price** "); or (ii) convert the Debentures
at the Conversion Price (the "**Change of Control Offer** ").

- 16 - INDENTURE

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) If 90% or more in aggregate principal amount of Initial Debentures outstanding on the date the Corporation
provides the Change of Control Notice to holders of the Initial Debentures have been surrendered for purchase pursuant to the Change of
Control Offer on the expiration thereof, the Corporation has the right upon written notice provided to the Trustee within 10 days following
the expiration of the Change of Control Offer, to redeem all the Initial Debentures remaining outstanding on the expiration of the Change
of Control Offer at the Offer Price as at the Change of Control Purchase Date (the "**90% Redemption Right** ").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Upon receipt of notice that the Corporation has exercised or is exercising the 90% Redemption Right and
is acquiring the remaining Initial Debentures, the Trustee shall promptly provide written notice to each Debentureholder that did not
previously accept the Change of Control Offer that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the Corporation has exercised the 90% Redemption Right and is purchasing all outstanding Initial Debentures
effective on the expiry of the Change of Control Offer at the Offer Price, and shall include a calculation of the amount payable to such
holder as payment of the Offer Price as at the Change of Control Purchase Date;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) each such holder must transfer their Initial Debentures to the Trustee on the same terms as those holders
that accepted the Change of Control Offer and must send their respective Initial Debentures, duly endorsed for transfer, to the Trustee
within 10 days after the sending of such notice; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) the rights of such holder under the terms of the Initial Debentures and this Indenture cease effective
as of the date of expiry of the Change of Control Offer provided the Corporation has, on or before the time of notifying the Trustee of
the exercise of the 90% Redemption Right, paid the Offer Price to, or to the order of, the Trustee and thereafter the Initial Debentures
shall not be considered to be outstanding and the holder shall not have any right except to receive such holder's Offer Price upon
surrender and delivery of such holder's Initial Debentures in accordance with the Indenture.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The Corporation shall, on or before 11:00 a.m. (Vancouver time) on the Business Day immediately prior
to the Change of Control Purchase Date, deposit with the Trustee or any paying agent to the order of the Trustee, such sums of money as
may be sufficient to pay the Offer Price of the Initial Debentures to be purchased or redeemed by the Corporation on the Change of Control
Purchase Date (less any tax required by law to be deducted or withheld in respect of accrued and unpaid interest), provided the Corporation
may elect to satisfy this requirement by providing the Trustee with a wire transfer for such amounts required under this clause 2.5(7)(d).
The Corporation shall also deposit with the Trustee a sum of money sufficient to pay any charges or expenses which may be incurred by
the Trustee in connection with such purchase. Every such deposit shall be irrevocable. From the sums so deposited, the Trustee shall pay
or cause to be paid to the holders of such Initial Debentures, the Offer Price to which they are entitled (less any tax required by law
to be deducted or withheld in respect of accrued and unpaid interest) on the Corporation's purchase.

- 17 - INDENTURE

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) In the event that one or more of such Initial Debentures being purchased in accordance with this subsection
2.5(7) becomes subject to purchase in part only, upon surrender of such Initial Debentures for payment of the Offer Price, the Corporation
shall execute and the Trustee shall certify or authenticate and deliver without charge to the holder thereof or upon the holder's
order, one or more new Initial Debentures for the portion of the principal amount of the Initial Debentures not purchased.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) Initial Debentures for which holders have accepted the Change of Control Offer and Initial Debentures
which the Corporation has elected to redeem in accordance with this subsection 2.5(7) shall become due and payable at the Offer Price
on the Change of Control Purchase Date, in the same manner and with the same effect as if it were the date of maturity specified in such
Initial Debentures, anything therein or herein to the contrary notwithstanding, and from and after the Change of Control Purchase Date,
if the money necessary to purchase or redeem, or the Common Shares necessary to purchase or redeem, the Initial Debentures shall have
been deposited as provided in this subsection 2.5(7) and affidavits or other proofs satisfactory to the Trustee as to the publication
and/or mailing of such notices shall have been lodged with it, interest on the Initial Debentures shall cease. If any question shall arise
as to whether any notice has been given as above provided and such deposit made, such question shall be decided by the Trustee whose decision
shall be final and binding upon all parties in interest.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) In case the holder of any Initial Debenture to be purchased or redeemed in accordance with this subsection
2.5(7) shall fail on or before the Change of Control Purchase Date to so surrender such holder's Initial Debenture or shall not
within such time accept payment of the monies payable, to take delivery of certificates representing such Common Shares issuable in respect
thereof, or give such receipt therefor, if any, as the Trustee may require, such monies may be set aside in trust, or such certificates
may be held in trust, without interest, either in the deposit department of the Trustee or in a chartered bank, and such setting aside
shall for all purposes be deemed a payment to the Debentureholder of the sum or the Common Shares so set aside and the Debentureholder
shall have no other right except to receive payment of the monies so paid and deposited, or take delivery of the certificates so deposited,
or both, upon surrender and delivery of such holder's Initial Debenture. In the event that any money or certificates representing Common
Shares required to be deposited hereunder with the Trustee or any depository or paying agent on account of principal, premium, if any,
or interest, if any, on Initial Debentures issued hereunder shall remain so deposited for a period of six years from the Change of Control
Purchase Date, then such monies, or certificates representing Common Shares, together with any accumulated interest thereon, or any distributions
paid thereon, shall at the end of such period be paid over or delivered over by the Trustee or such depository or paying agent to the
Corporation and the Trustee shall not be responsible to Debentureholders for any amounts owing to them.

- 18 - INDENTURE

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) Subject to the provisions above related to Initial Debentures purchased in part, all Initial Debentures
redeemed and paid under this subsection 2.5(7) shall forthwith be delivered to the Trustee and cancelled and no Initial Debentures shall
be issued in substitution therefor.

(8) The Initial Debentures shall be subject to escrow as required by Applicable Securities Legislation or stock exchange policies or any escrow conditions the Issuer with the consent of any underwriter that may assist in the Corporation's initial public offering may impose on the Initial Debentures and the Common Shares issuable upon conversion of thereof. Any Initial Debentures or Common Shares issuable upon conversion of thereof required to be held in escrow will be released in accordance with Applicable Securities Legislation, stock exchange polices or the terms of the applicable escrow agreement. If any holder of any Debenture shall fail to execute and deliver an escrow agreement under this subsection, such holder shall be deemed to have surrendered the holder's Initial Debentures or Common Shares issuable upon conversion of thereof, as applicable, to the Corporation as a gift for cancellation and will receive no consideration for such cancellation.

**Section 2.6 Certification and Delivery of Additional Debentures**

The Corporation may from time to time request the Trustee to certify or authenticate and deliver Additional Debentures of any series by delivering to the Trustee the documents referred to below in this Section 2.6 whereupon the Trustee shall certify or authenticate such Debentures and cause the same to be delivered in accordance with the Written Direction of the Corporation referred to below or pursuant to such procedures acceptable to the Trustee as may be specified from time to time by a Written Direction of the Corporation. The maturity date, issue date, interest rate (if any) and any other terms of the Debentures of such series shall be set forth in or determined by or pursuant to such Written Direction of the Corporation and procedures. In certifying or authenticating such Debentures, the Trustee shall be entitled to receive and shall be fully protected in relying upon, unless and until such documents have been superseded or revoked:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) an Officer's Certificate and/or executed supplemental indenture by or pursuant to which the form and terms of such Additional
Debentures were established;

- 19 - INDENTURE

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) a Written Direction of the Corporation requesting certification and delivery of such Additional Debentures
and setting forth delivery instructions, provided that, with respect to Debentures of a series subject to a Periodic Offering:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) such Written Direction of the Corporation may be delivered by the Corporation to the Trustee prior to
the delivery to the Trustee of such Additional Debentures of such series for certification and delivery;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the Trustee shall certify or authenticate and deliver Additional Debentures of such series for original
issue from time to time, in an aggregate principal amount not exceeding the aggregate principal amount, if any, established for such series,
pursuant to a Written Direction of the Corporation or pursuant to procedures acceptable to the Trustee as may be specified from time to
time by a Written Direction of the Corporation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) the maturity date or dates, issue date or dates, interest rate or rates (if any) and any other terms of
Additional Debentures of such series shall be determined by an executed supplemental indenture or by Written Direction of the Corporation
or pursuant to such procedures; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) if provided for in such procedures, such Written Direction of the Corporation may authorize certification
and delivery pursuant to oral or electronic instructions from the Corporation which oral or electronic instructions shall be promptly
confirmed in writing;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) an opinion of Counsel, in form and substance satisfactory to the Trustee, acting reasonably, to the effect
that all requirements imposed by this Indenture and by law in connection with the proposed issue of Additional Debentures have been complied
with, subject to the delivery of certain documents or instruments specified in such opinion; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) an Officer's Certificate (which Officer's Certificate shall be in such form that satisfies
all applicable laws) certifying that the Corporation is not in default under this Indenture, that the terms and conditions for the certification
and delivery of Additional Debentures (including those set forth in Section 14.4), have been complied with subject to the delivery of
any documents or instruments specified in such Officer's Certificate and that no Event of Default exists or will exist upon such
certification and delivery.

**Section 2.7 Uncertificated Deposit**

(1) Subject to the provisions hereof, at the Corporation's option, Debentures may be issued and registered in the name of CDS or its nominee and:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the deposit of which may be confirmed electronically by the Trustee to a particular Participant through
CDS; and

- 20 - INDENTURE

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) shall be identified by a specific CUSIP/ISIN as requested by the Corporation from CDS to identify each specific series of Debentures.

(2) If the Corporation issues Debentures in a uncertificated format, Beneficial Holders of such Debentures registered and deposited with CDS may receive Debenture Certificates in definitive form if required under securities law. Beneficial interests in Debentures registered and deposited with CDS will be represented through the uncertificated inventory system administered by CDS. Transfers of Debentures registered and deposited with CDS between Participants shall occur in accordance with the rules and procedures of CDS. Neither the Corporation nor the Trustee shall have any responsibility or liability for any aspects of the records relating to or payments made by CDS or its nominee, on account of the beneficial interests in Debentures registered and deposited with CDS. Nothing herein shall prevent the Beneficial Holders of Debentures registered and deposited with CDS from voting such Debentures using duly executed proxies or voting instruction forms.

(3) All references herein to actions by, notices given or payments made to Debentures shall, where Debentures are held through CDS, refer to actions taken by, or notices given or payments made to, CDS upon instruction from the Participants in accordance with its rules and procedures. For the purposes of any provision hereof requiring or permitting actions with the consent of or the direction of Debentureholders evidencing a specified percentage of the aggregate Debentures outstanding, such direction or consent may be given by Beneficial Holders acting through CDS and the Participants owning Debentures evidencing the requisite percentage of the Debentures. The rights of a Beneficial Holder whose Debentures are held established by law and agreements between such holders and CDS and the Participants upon instructions from the Participants. Each Trustee and the Corporation may deal with CDS for all purposes (including the making of payments) as the authorized representative of the respective Debentures and such dealing with CDS shall constitute satisfaction or performance, as applicable, of their respective obligations hereunder.

(4) For so long as Debentures are held through CDS, if any notice or other communication is required to be given to Debentureholders, the Trustee will give such notices and communications to CDS.

(5) If CDS resigns or is removed from its responsibility as Depository and the Trustee is unable or does not wish to locate a qualified successor, CDS shall provide the Trustee with instructions for registration of Debentures in the names and in the amounts specified by CDS and the Corporation shall issue and the Trustee shall certify or authenticate and deliver the aggregate number of Debentures then outstanding in the form of Debentures Certificates representing such Debentures.

(6) The rights of Beneficial Holders who hold securities entitlements in respect of the Debentures through uncertificated inventory system administered by CDS shall be limited to those established by applicable law and agreements between the Depository and the Participants and between such Participants and the Beneficial Holders who hold securities entitlements in respect of the Debentures through the uncertificated inventory system administered by CDS, and such rights must be exercised through a Participant in accordance with the rules and procedures of the Depository.

- 21 - INDENTURE

(7) Notwithstanding anything herein to the contrary, none of the Corporation nor the Trustee nor any agent thereof shall have any responsibility or liability for:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the electronic records maintained by the Depository relating to any ownership interests or other interests
in the Debentures or the depository system maintained by the Depository, or payments made on account of any ownership interest or any
other interest of any Person in any Debenture represented by an electronic position in the uncertificated inventory system administered
by CDS (other than Depository or its nominee);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) for maintaining, supervising or reviewing any records of the Depository or any Participant relating to
any such interest; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) any advice or representation made or given by the Depository or those contained herein that relate to
the rules and regulations of the Depository or any action to be taken by the Depository on its own direction or at the direction of any
Participant.

(8) The Corporation may terminate the application of this Section 2.7 in its sole discretion in which case all Debentures shall be evidenced by Debenture Certificates registered in the name of a Person other than the Depository.

**Section 2.8 Execution of Debentures**

All Debentures shall be signed (either manually or by facsimile or other electronic signature) by any one authorized director or officer of the Corporation holding office at the time of signing. A facsimile or electronic signature upon a Debenture shall for all purposes of this Indenture be deemed to be the signature of the Person whose signature it purports to be. Notwithstanding that any Person whose signature, either manual or in facsimile or electronic form, appears on a Debenture as a director or officer may no longer hold such office at the date of the Debenture or at the date of the certification and delivery thereof, such Debenture shall be valid and binding upon the Corporation and entitled to the benefits of this Indenture.

**Section 2.9 Certification**

(1) No Debenture shall be issued or, if issued, shall be obligatory or shall entitle the holder to the benefits of this Indenture, until it has been certified or authenticated by or on behalf of the Trustee in accordance with this Indenture, the relevant supplemental indenture, or in some other manner approved by the Trustee. Such certification or authentication of any Debenture shall be conclusive evidence that such Debenture is duly issued, is a valid obligation of the Corporation and the holder is entitled to the benefits hereof. Debentures will be authenticated on a Written Direction of the Corporation.

- 22 - INDENTURE

(2) The certificate of the Trustee signed on the Debentures, or interim Debentures hereinafter mentioned, and the authentication of Uncertificated Debentures, shall not be construed as a representation or warranty by the Trustee as to the validity of this Indenture or of the Debentures or interim Debentures or as to the issuance of the Debentures or interim Debentures and the Trustee shall in no respect be liable or answerable for the use made of the Debentures or interim Debentures or any of them or the proceeds thereof. The certificate of the Trustee on the Debentures or interim Debentures, and the authentication of Uncertificated Debentures, shall, however, be a representation and warranty by the Trustee that the Debentures or interim Debentures have been duly certified by or on behalf of the Trustee pursuant to the provisions of this Indenture.

(3) The Trustee shall authenticate Uncertificated Debentures (whether upon original issuance, exchange, registration of transfer or otherwise) by completing its Internal Procedures and the Corporation shall, and hereby acknowledges that it shall, thereupon be deemed to have duly and validly issued such Uncertificated Debentures have been duly issued hereunder and that the holder or holders are entitled to the benefits of this Indenture. The register shall be final and conclusive evidence as to all matters relating to Uncertificated Debentures with respect to which this Indenture requires the Trustee to maintain records or accounts. In case of differences between the register at any time and any other time the register at the later time shall be controlling, absent manifest error and such Uncertificated Debentures are binding on the Corporation.

**Section 2.10 Interim Debentures or Certificates**

Pending the delivery of definitive Debentures of any series to the Trustee, the Corporation may issue and the Trustee certify or authenticate in lieu thereof interim Debentures in such forms and in such denominations and signed in such manner as provided herein, entitling the holders thereof to definitive Debentures of the series when the same are ready for delivery; or the Corporation may execute and the Trustee certify or authenticate a temporary Debenture for the whole principal amount of Debentures of the series then authorized to be issued hereunder and deliver the same to the Trustee and thereupon the Trustee may issue its own interim certificates in such form and in such amounts, not exceeding in the aggregate the principal amount of the temporary Debenture so delivered to it, as the Corporation and the Trustee may approve entitling the holders thereof to definitive Debentures of the series when the same are ready for delivery; and, when so issued and certified, such interim or temporary Debentures or interim certificates shall, for all purposes but without duplication, rank in respect of this Indenture equally with Debentures duly issued hereunder and, pending the exchange thereof for definitive Debentures, the holders of the interim or temporary Debentures or interim certificates shall be deemed without duplication to be Debentureholders and entitled to the benefit of this Indenture to the same extent and in the same manner as though the said exchange had actually been made. Forthwith after the Corporation shall have delivered the definitive Debentures to the Trustee, the Trustee shall cancel such temporary Debentures, if any, and shall call in for exchange all interim Debentures or certificates that shall have been issued and forthwith after such exchange shall cancel the same. No charge shall be made by the Corporation or the Trustee to the holders of such interim or temporary Debentures or interim certificates for the exchange thereof. All interest paid upon interim or temporary Debentures or interim certificates shall be noted thereon as a condition precedent to such payment unless paid by cheque to the registered holders thereof.

- 23 - INDENTURE

**Section 2.11 Mutilation, Loss, Theft or Destruction**

In case any of the Debenture Certificate issued hereunder shall become mutilated or be lost, stolen or destroyed, the Corporation, in its discretion, may issue, and thereupon the Trustee shall certify and deliver, a new Debenture Certificate upon surrender and cancellation of the mutilated Debenture Certificate, or in the case of a lost, stolen or destroyed Debenture, in lieu of and in substitution for the same, and the substituted Debenture shall be in a form approved by the Trustee and shall be entitled to the benefits of this Indenture and rank equally in accordance with its terms with all other Debentures issued or to be issued hereunder. In case of loss, theft or destruction the applicant for a substituted Debenture shall furnish to the Corporation and to the Trustee such evidence of the loss, theft or destruction of the Debenture as shall be satisfactory to them in their discretion and shall also furnish an indemnity and surety bond satisfactory to them in their discretion. The applicant shall pay all reasonable expenses incidental to the issuance of any substituted Debenture.

**Section 2.12 Concerning Interest**

(1) All Debentures issued hereunder, whether originally or upon exchange or in substitution for previously issued Debentures which are interest bearing, shall bear interest from and including their issue date.

(2) Unless otherwise specifically provided in the terms of the Debentures of any series, interest shall be computed on the basis of a year of 360 days comprised of twelve 30-day months. With respect to any series of Debentures, whenever interest is computed on the basis of a year (the "**deemed year**") which contains fewer days than the actual number of days in the calendar year of calculation, such rate of interest shall be expressed as a yearly rate for purposes of the *Interest Act* (Canada) by multiplying such rate of interest by the actual number of days in the calendar year of calculation and dividing it by the number of days in the deemed year.

**Section 2.13 Debentures to Rank Pari Passu**

The Debentures will be direct unsecured obligations of the Corporation. Each Debenture of the same series of Debentures will rank *pari passu* with each other Debenture of the same series (regardless of their actual date or terms of issue) and, subject to statutory preferred exceptions, with all other present and future unsecured indebtedness of the Corporation.

**Section 2.14 Payments of Amounts Due on Maturity**

Except as may otherwise be provided herein or in any supplemental indenture in respect of any series of Debentures, payments of amounts due upon maturity of the Debentures will be made in the following manner:

(1) The Corporation will establish and maintain with the Trustee a Maturity Account for each series of Debentures. Each such Maturity Account shall be maintained by and be subject to the control of the Trustee for the purposes of this Indenture.

- 24 - INDENTURE

(2) The Corporation shall deposit with the Trustee on or before 11:00 a.m. (Vancouver time) on the Business Day immediately prior to the Maturity Date such sums of money as may be sufficient to pay all the principal, premium (if any), and accrued and unpaid interest thereon up to but excluding the Maturity Date (less any tax required by law to be deducted or withheld), provided the Corporation may elect to satisfy this requirement by providing the Trustee with a wire for such amounts required under this Section 2.14. The Corporation shall also deposit with the Trustee a sum of money sufficient to pay any charges or expenses which may be incurred by the Trustee in connection therewith. Every such deposit shall be irrevocable.

(3) The Trustee, on behalf of the Corporation, will pay to each Debentureholder entitled to receive payment the principal amount of and premium (if any) and accrued and unpaid interest on the Debenture, upon surrender of the Debenture at any branch of the Trustee designated for such purpose from time to time by the Corporation and the Trustee. The delivery of such funds to the Trustee for deposit to the applicable Maturity Account will satisfy and discharge the liability of the Corporation for the Debentures to which the delivery of funds relates to the extent of the amount delivered (plus the amount of any deducted or withheld as aforesaid) and such Debentures will thereafter to that extent not be considered as outstanding under this Indenture and such holder will have no other right in regard thereto other than to receive out of the money so delivered or made available the amount to which it is entitled.

**Section 2.15 Legends on the Debentures and Common Shares**

(1) The Debentures and the Common Shares issuable upon conversion of thereof have been and will not be registered under the 1933 Act or under any United States state securities laws. To the extent that any Debentures are offered and sold in the United States to U.S. Debentureholders in reliance on an exemption from the registration requirements under the 1933 Act, such Debentures and all Common Shares issuable on conversion thereof, shall be "restricted securities" within the meaning assigned to that term in Rule 144(a)(3) under the 1933 Act, and each Debenture Certificate representing Restricted Debentures issued to a U.S. Debentureholder shall bear or be deemed to bear the following legends (collectively, the "**U.S. Legend**") or such variations thereof as the Corporation may prescribed from time to time:

"THESE DEBENTURES AND THE SECURITIES DELIVERABLE UPON THE CONVERSION THEREOF HAVE NOT BEEN AND WILL NOT BE REGISTERED UNDER THE UNITED STATES SECURITIES ACT OF 1933, AS AMENDED (THE "U.S. SECURITIES ACT"), OR ANY STATE SECURITIES LAWS, AND MAY BE OFFERED, SOLD, PLEDGED OR OTHERWISE TRANSFERRED ONLY (A) TO MODERN MINING TECHNOLOGY CORP. (THE "CORPORATION") (B) OUTSIDE THE UNITED STATES IN COMPLIANCE WITH RULE 904 OF REGULATION S UNDER THE U.S. SECURITIES ACT AND IN COMPLIANCE WITH LOCAL LAWS AND REGULATIONS, (C) IN ACCORDANCE WITH (1) RULE 144A UNDER THE U.S. SECURITIES ACT, IF AVAILABLE, OR (2) RULE 144 UNDER THE U.S. SECURITIES ACT, IF AVAILABLE, AND, IN EACH CASE, IN COMPLIANCE WITH APPLICABLE STATE SECURITIES LAWS, OR (D) IN ANOTHER TRANSACTION THAT DOES NOT REQUIRE REGISTRATION UNDER THE U.S. SECURITIES ACT OR ANY APPLICABLE STATE SECURITIES LAWS; PROVIDED THAT IN THE CASE OF TRANSFERS PURSUANT TO (C)(2) OR (D) ABOVE, A LEGAL OPINION SATISFACTORY TO THE CORPORATION MUST FIRST BE PROVIDED TO COMPUTERSHARE TRUST COMPANY OF CANADA TO THE EFFECT THAT SUCH TRANSFER IS EXEMPT FROM REGISTRATION UNDER THE U.S. SECURITIES ACT AND APPLICABLE STATE SECURITIES LAWS.

- 25 - INDENTURE

THESE DEBENTURES MAY NOT BE CONVERTED IN THE UNITED STATES, OR BY OR FOR THE ACCOUNT OR BENEFIT OF, A U.S. PERSON OR A PERSON IN THE UNITED STATES, UNLESS THESE DEBENTURES AND THE COMMON SHARES ISSUABLE UPON CONVERSION THEREOF HAVE BEEN REGISTERED UNDER THE U.S. SECURITIES ACT AND THE APPLICABLE STATE SECURITIES LAWS OR AN EXEMPTION FROM SUCH REGISTRATION REQUIREMENTS IS AVAILABLE. "UNITED STATES" AND "U.S. PERSON" ARE AS DEFINED BY REGULATION S UNDER THE U.S. SECURITIES ACT.";

provided that, if the Debentures are being sold outside the United States in accordance with Rule 904 of Regulation S under the U.S. Securities Act, and if the Corporation is a "foreign issuer" within the meaning of Regulation S at the time of issuance of the Debentures, this legend may be removed by the transferor providing a Rule 904 Declaration to the Trustee, and if required by the Trustee, including an opinion of counsel, of recognised standing reasonably satisfactory to the Corporation and the Trustee, that the proposed transfer may be effected without registration under the U.S. Securities Act.

(2) Prior to the issuance of any Debentures, the Corporation shall notify the Trustee, in writing, concerning which Debentures are to be issued as Restricted Debentures and which shall bear the legend contained in subsection 2.15(1). The Trustee will maintain a list of all registered holders from time to time of such legended Debentures which are included in the Restricted Debentures.

(3) The Debenture Certificates or other instruments representing the Debentures, and the stock certificates representing any Common Shares issued upon conversion of such Debentures, (if issued prior to the expiration of the applicable hold periods), if any, will bear the following legend in accordance with Applicable Securities Legislation:

**"UNLESS PERMITTED UNDER SECURITIES LEGISLATION, THE HOLDER OF THIS SECURITY MUST NOT TRADE THE SECURITY BEFORE THE DATE THAT IS FOUR MONTHS AND A DAY AFTER THE LATER OF (I) JUNE 28, 2024 AND (II) THE DATE THE ISSUER BECAME A REPORTING ISUER IN ANY PROVINCE OR TERRITORY."**

(4) Notwithstanding any other provisions of this Indenture, in processing and registering transfers of Debentures, no duty or responsibility whatsoever shall rest upon the Trustee to determine the compliance by any transferor or transferee with the terms of the legend contained in subsections 2.15(1) or 2.15(3) or with the relevant securities laws or regulations, including, without limitation, Regulation S, and the Trustee shall be entitled to assume that all transfers are legal and proper.

- 26 - INDENTURE

(5) Each Common Share issued upon conversion of Debentures represented by the Restricted Debentures shall be represented by a certificate with a restricted CUSIP or a U.S. restrictive legend in customary form at the Corporation may from time to time prescribe, and each certificate representing Common Shares issued upon conversion of Debentures bearing the U.S. Legend shall have imprinted or otherwise reproduced thereon such U.S. restrictive legend

**Section 2.16 Payment of Interest**

The following provisions shall apply to Debentures, except as otherwise provided in subsection 2.5(3) or specified in a resolution of the Board of Directors, an Officer's Certificate or a supplemental indenture relating to a particular series of Additional Debentures:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) As interest becomes due on each Debenture (except, subject to certain exceptions set forth herein including
in subsection 2.5(3), on conversion or on redemption, when interest may at the option of the Corporation be paid upon surrender of such
Debenture), the Corporation, either directly or through the Trustee or any agent of the Trustee, shall send or forward by prepaid ordinary
mail, wire transfer of funds or such other means as may be agreed to by the Trustee, payment of such interest (less any tax required by
law to be deducted or withheld) to the order of the registered holder of such Debenture appearing on the registers maintained by the Trustee
at the close of business on the record date prior to the applicable payment date and addressed to the holder at the holder's last
address appearing on the register, unless such holder otherwise directs. If payment is made by cheque, such cheque shall be forwarded
at least three days prior to each date on which interest becomes due and if payment is made by other means (such as electronic transfer
of funds), provided that for any payment to be made by the Trustee, it must receive confirmation of receipt of funds prior to being able
to forward funds or cheques to holders and such payment shall be made in a manner whereby the holder receives credit for such payment
on the date such interest on such Debenture becomes due. The mailing of such cheque or the making of such payment by other means shall,
to the extent of the sum represented thereby, plus the amount of any tax withheld as aforesaid, satisfy and discharge all liability for
interest on such Debenture, unless in the case of payment by cheque, such cheque is not paid at par on presentation. In the event of non-receipt
of any cheque for or other payment of interest by the Person to whom it is so sent as aforesaid, the Corporation will issue to such Person
a replacement cheque or other payment for a like amount upon being furnished with such evidence of non-receipt as it shall reasonably
require and upon being indemnified to its satisfaction. Notwithstanding the foregoing, if the Corporation is prevented by circumstances
beyond its control (including, without limitation, any interruption in mail service) from making payment of any interest due on each Debenture
in the manner provided above, the Corporation may make payment of such interest or make such interest available for payment in any other
manner acceptable to the Trustee with the same effect as though payment had been made in the manner provided above.

- 27 - INDENTURE

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) All payments of interest on the Debenture shall be made by wire funds transfer or certified cheque made
payable (i) to the Trustee for payment to the Depository or its nominee by 10:00 a.m. MST on the Business Day before the day interest
is payable. None of the Corporation, the Trustee or any agent of the Trustee for any Debenture issued as an Uncertificated Debenture will
be liable or responsible to any Person for any aspect of the records related to or payments made on account of beneficial interests in
any Uncertificated Debenture or for maintaining, reviewing, or supervising any records relating to such beneficial interests.

**ARTICLE 3 – REGISTRATION, TRANSFER, EXCHANGE AND OWNERSHIP**

**Section 3.1 Global Debentures or Book based Debentures**

(1) With respect to each series of Debentures issuable in whole or in part as one or more Global Debentures and/or as Book based Debentures, the Corporation shall cause to be kept by and at the principal offices of the Trustee in Calgary, Alberta, and by the Trustee or such other registrar as the Corporation, with the approval of the Trustee, may appoint at such other place or places, if any, as the Corporation may designate with the approval of the Trustee, a register in which shall be entered the name and address of the holder of each such Global Debenture as holder thereof and particulars of the Global Debenture held by it, and of all transfers thereof. If any Debentures of such series are at any time not Global Debentures, the provisions of Section 3.2 shall govern with respect to registrations and transfers of such Debentures.

(2) Notwithstanding any other provision of this Indenture, a Global Debenture may not be transferred by the registered holder thereof and accordingly, definitive Debenture Certificates may be issued to Beneficial Holders in the following circumstances or as otherwise specified in a resolution of the Directors, an Officer's Certificate or a supplemental indenture relating to a particular series of Additional Debentures:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Global Debentures may be transferred by a Depository to a nominee of such Depository or by a nominee of
a Depository to such Depository or to another nominee of such Depository or by a Depository or its nominee to a successor Depository or
its nominee;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Global Debentures or Book based Debentures may be transferred at any time after (i) the Depository for
such Global Debentures, as the case may be, or the Corporation has notified the Trustee that the Depository is unwilling or unable to
continue as Depository for such Global Debentures, or (ii) the Depository ceases to be a clearing agency or otherwise ceases to be eligible
to be a Depository under Section 2.1(2), provided in each case that at the time of such transfer the Trustee and the Corporation
are unable to locate a qualified successor Depository for such Global Debentures;

- 28 - INDENTURE

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Global Debentures may be transferred at any time after the Corporation has determined, in its sole discretion,
with the consent of the Trustee to terminate the book-entry only registration system or book based entry, as the case may be, in respect
of such Global Debentures or Book based Debentures and has communicated such determination to the Trustee in writing;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Global Debentures may be transferred at any time after the Trustee has determined that an Event of Default
has occurred and is continuing with respect to the Debentures of the series issued as a Global Debenture, as the case may be, provided
that Beneficial Holders of the Debentures representing, in the aggregate, more than 25% of the aggregate principal amount of the Debentures
of such series advise the Depository in writing, through the Participants, that the continuation of the book-entry only registration system
or book based entry, as applicable, for such series of Debentures is no longer in their best interest and also provided that at the time
of such transfer the Debentureholders have not waived the Event of Default pursuant to Section 8.3;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Global Debentures may be transferred if required by applicable law; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) Global Debentures may be transferred if the book-entry only registration system or book based entry, as
applicable, ceases to exist.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) Global Debentures may be transferred and Debenture Certificates may be issued to Beneficial Holders if
requested, in writing, by a Beneficial Holder through the Participant through whom the beneficial interest in the Debenture Certificates
are held at the time of the request and in accordance with the agreements and policies between the Depositary and Participants.

(3) With respect to the Global Debentures, unless and until Debenture Certificates have been issued to Beneficial Holders of the Debentures pursuant to subsection Section 3.1(2):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the Corporation and the Trustee may deal with the Depository for all purposes (including paying interest
on the Debentures) as the sole holder of such series of Debentures and the authorized representative of the Beneficial Holders;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the rights of the Beneficial Holders of the Debentures shall be exercised only through the Depository
and shall be limited to those established by law and agreements between such Beneficial Holders and the Depository or the Participants;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) the Depository will make book-entry or book based, as applicable, transfers among the Participants; and

- 29 - INDENTURE

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) whenever this Indenture requires or permits actions to be taken based upon instructions or directions
of Debentureholders evidencing a specified percentage of the outstanding Debentures, the Depository shall be deemed to be counted in that
percentage only to the extent that it has received instructions to such effect from the Beneficial Holders of the Debentures or the Participants,
and has delivered such instructions to the Trustee.

(4) Whenever a notice or other communication is required to be provided to Debentureholders, unless and until Debenture Certificates have been issued to Beneficial Holders of the Debentures pursuant to this Section 3.1, the Trustee shall provide all such notices and communications to the Depository for forwarding by the Depository to such Beneficial Holders in accordance with Applicable Securities Legislation. Upon the termination of the book-entry only registration system or book based entry, as applicable, on the occurrence of one of the conditions specified in Section 3.1(2) with respect to a series of Debentures issued hereunder, the Trustee shall notify all applicable Participants and Beneficial Holders, through the Depository, of the availability of Debenture Certificates. Upon surrender by the Depository of the Debenture Certificate(s) representing the Global Debentures and receipt of new registration instructions from the Depository, the Trustee shall deliver the Debenture Certificates for such Debentures to the holders thereof in accordance with the new registration instructions and thereafter, the registration and transfer of such Debentures will be governed by Section 3.2 and the remaining Sections of this Article 3, as applicable.

(5) Notwithstanding any other provisions of this Indenture or the Debentures, transfers and exchanges of Debentures and beneficial interests in Global Debentures shall be made in accordance the applicable rules and guidelines of the Securities Transfer Association of Canada.

(6) Notwithstanding any provisions made in this Indenture for the issuance, certification and authentication of Debentures in physical form as Additional Debentures, Debentures or Global Debentures, the Debentures issued under the terms of this Indenture may also be issued to the Depository in Book based form, uncertificated and appearing on the register of the Trustee as a book based entry. In the absence of any physical securities being created for certification by the Corporation and authentication by the Trustee both at the initial issuance of the Debentures and at the time of any subsequent additional issuance of Debentures pursuant to the terms of a supplemental indenture, confirmation of the due issuance and validity of any Debentures shall be based upon the comparison of the Debentures in quantity and description appearing under the relevant broker's or Participant's instant deposit request identification number to the quantity and description of Debentures as detailed in the Written Direction of the Corporation addressed to the Trustee and to the broker or Participant upon whose posting of the Book based Debentures to the book entry records of the Depository on a uncertificated basis on which both the Corporation and the Trustee shall depend. It is the responsibility of the Corporation to make the necessary arrangements with its brokers or Participants to obtain, in a timely manner, the necessary instant deposit request identification number to facilitate the issuance of Book based Debentures.

(7) In the establishment and maintenance of a Book based Debenture issue, the Trustee shall maintain such a record on its register for Debentures in book based form only. Transfers of Debentures appearing on the register of the Depository shall otherwise occur as provided for in this Indenture. The parties hereto further recognize that, notwithstanding the issuance of Book based Debentures, conversions of Debentures shall occur as contemplated by the terms of this Indenture but the Trustee is permitted to employ whatever reasonable means it may from time to time require in order to guarantee the unhindered (but subject to the terms and conditions hereof) conversion of such Debentures appearing on the register for Debentures in Book based form by making whatever arrangements are deemed necessary by it with the Depository.

- 30 - INDENTURE

(8) At the time of the execution of this Indenture, the parties hereto understand that no declarations or other paper certificates or documentation will be required in order to effect conversions of Debentures held by Persons in the United States. If at any time subsequent to the initial issuance of Debentures it is determined by the Depository, the Trustee, the Corporation or legal counsel that physical declarations or other paper documentation are required for conversions or otherwise, the parties hereto and the Debentureholders acknowledge that the Trustee may be obliged to require the Debentures held by such Persons converting their Debentures to be certificated rather than held in book based form.

**Section 3.2 Fully Registered Debentures**

(1) With respect to each series of Debentures issuable as Fully Registered Debentures, the Corporation shall cause to be kept by and at the principal office of the Trustee in Calgary, Alberta, and by the Trustee or such other registrar as the Corporation, with the approval of the Trustee, may appoint at such other place or places, if any, as may be specified in the Debentures of such series or as the Corporation may designate with the approval of the Trustee, a register in which shall be entered the names and addresses of the holders of Fully Registered Debentures and particulars of the Debentures held by them respectively and of all transfers of Fully Registered Debentures. Such registration shall be noted on the Debentures by the Trustee or other registrar unless a new Debenture shall be issued upon such transfer.

(2) No transfer of a Fully Registered Debenture shall be valid unless made on such register referred to in subsection 3.2(1) by the registered holder or such holder's executors, administrators or other legal representatives or an attorney duly appointed by an instrument in writing in form and executed in a manner satisfactory to the Trustee or other registrar upon surrender of the Debentures together with a duly executed form of transfer acceptable to the Trustee upon compliance with such other reasonable requirements as the Trustee or other registrar may prescribe, or unless the name of the transferee shall have been noted on the Debenture by the Trustee or other registrar.

(3) Notwithstanding any other provisions in this Indenture or the Debentures, transfers and exchanges of Restricted Debentures shall be made in accordance with this Section 3.2(3):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) **Transfer and Exchange of Interests in a Restricted Uncertificated Debenture for Interests in an Unrestricted Uncertificated Debenture**. An interest in a Restricted Uncertificated Debenture may be exchanged by any holder
 thereof for an interest in an Unrestricted Uncertificated Debenture or transferred to a Person who takes delivery thereof in the
 form of a beneficial interest in an Unrestricted Uncertificated
Debenture if the Corporation and Trustee receive the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) if the holder of such Restricted Uncertificated Debenture proposes to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) exchange such Debenture for an Unrestricted Uncertificated Debenture or an Unrestricted Physical Debenture,
or

- 31 - INDENTURE

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) transfer such Debenture to a Person who will be a U.S. Debentureholder and shall take delivery thereof
in the form of an Unrestricted Uncertificated Debenture or Unrestricted Physical Debenture,

in addition to such other documents as the Corporation and/or the Trustee may require, an opinion of counsel in form reasonably acceptable to the Corporation to the effect that such transfer or exchange is in compliance with the 1933 Act and all applicable state securities laws; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) if the holder of such Restricted Uncertificated Debenture proposes to transfer such Debenture to a Person
outside of the United States and will not be a U.S. Debentureholder and who shall take delivery thereof in the form of an Unrestricted
Physical Debenture or Unrestricted Uncertificated Debenture, in addition to such other documents as the Corporation and/or the Trustee
may require:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) a declaration in writing from such holder (a "**Rule 904 Declaration**") in such form that
the Trustee or the Corporation may prescribe from time to time confirming that: (1) such transfer is being effected pursuant to and in
accordance with Rule 904 of Regulation S; (2) the holder is not an "affiliate" of the Corporation (as that term is defined
in Rule 405 under the 1933 Act), except solely by virtue of being an officer or director of the Corporation, a "distributor"
(as such term is defined in Rule 902 of Regulation S) or an affiliate of a distributor, (3) the offer was not made, and the transfer is
not being made, to a Person in the United States, and (x) at the time the buy order was originated, the transferee was outside the United
States or the holder and any Person acting on its behalf reasonably believed and believes that the transferee was outside the United States
or (y) the transaction was executed in, on or through the facilities of the Toronto Stock Exchange, the TSX Venture Exchange, the Canadian
Securities Exchange or another "designated offshore securities market" (as such term is defined in Rule 902 of Regulation
S) and neither the holder nor any Person acting on its behalf knows that the transaction was prearranged with a buyer in the United States,
(4) neither the holder nor any affiliate of the holder nor any Person acting on any of their behalf has engaged or will engage in any
"directed selling efforts" (as such term is defined in Rule 902 of Regulation S) in the United States in connection with the
transfer, (5) the transfer is bona fide and not for the purpose of "washing off' the resale restrictions imposed because the
securities are "restricted securities" (as that term is defined in Rule 144(a)(3) under the 1933 Act), (F) the holder does
not intend to replace such securities with fungible unrestricted securities, and (6) the transaction is not part of a plan or scheme to
evade the registration requirements of the 1933 Act; and

- 32 - INDENTURE

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) if requested by the Corporation and/or the transfer agent at their discretion, an opinion of counsel in
form reasonably acceptable to them to the effect that such transfer is in compliance with the 1933 Act and all applicable state securities
laws.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) **Transfer of Restricted Physical Debenture for Restricted Physical Debenture or Restricted Uncertificated Debenture.** A Restricted Physical Debenture may be transferred to a Person who takes delivery thereof in the form of a Restricted Physical
Debenture or a Restricted Uncertificated Debenture if the Corporation receives an opinion of counsel of recognised standing, in form and
substance reasonably satisfactory to the Corporation, to the effect that such transfer is in compliance with an available exemption from
the registration requirements of the 1933 Act and all applicable state securities laws.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) **Transfer and Exchange of Restricted Physical Debentures for Unrestricted Physical Debentures or Unrestricted Uncertificated Debentures.** A Restricted Physical Debenture may be exchanged by the holder thereof for an Unrestricted Physical Debenture
or transferred to a Person who takes delivery thereof in the form of an Unrestricted Physical Debenture if the Corporation receives the
following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) if the holder of such Restricted Physical Debenture proposes to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) exchange such Debenture for an Unrestricted Physical Debenture or an Unrestricted Uncertificated Debenture, or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) transfer such Debenture to a Person who will be a U.S. Debentureholder and shall take delivery thereof in the form of an Unrestricted
Uncertificated Debenture or an Unrestricted Physical Debenture,

in addition to such other documents as the Corporation and/or the Trustee may require, an opinion of counsel in form reasonably acceptable to the Corporation to the effect that such transfer or exchange is in compliance with the 1933 Act and all applicable state securities laws; and

- 33 - INDENTURE

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) if the holder of such Restricted Physical Debenture proposes
to transfer such Debenture to a Person outside of the United States and will not be aU .S. Debentureholder and who shall take delivery
thereof in the form of an Unrestricted Physical Debenture or Unrestricted Uncertificated Debenture, in addition to such other documents
as the Corporation and/or the Trustee may require;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) a Rule 904 Declaration; provided that the Corporation and/or the transfer agent may in their discretion
also require an opinion of counsel in form reasonably acceptable to them to the effect that such transfer is in compliance with the 1933
Act and all applicable state securities laws; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) if requested by the Corporation and/or the transfer agent at their discretion, an opinion of counsel in
form reasonably acceptable to them to the effect that such transfer is in compliance with the 1933 Act and all applicable state securities
laws.

**Section 3.3 Transferee Entitled to Registration**

The transferee of a Debenture shall be entitled, after the appropriate form of transfer is lodged with the Trustee or other registrar and upon compliance with all other conditions in that behalf required by this Indenture or by law, to be entered on the register as the owner of such Debenture free from all equities or rights of set-off or counterclaim between the Corporation and the transferor or any previous holder of such Debenture, save in respect of equities of which the Corporation is required to take notice by statute or by order of a court of competent jurisdiction. Upon surrender for registration of transfer of Debentures, the Corporation shall issue and thereupon the Trustee shall certify and deliver a new Debenture Certificate or authenticate and confirm the electronic deposit of Uncertificated Debentures of like tenor in the name of the designated transferee and register such transfer in accordance with Section 3.2. If less than all the Debentures evidenced by the Debenture Certificate(s) or Uncertificated Debentures so surrendered are transferred, the transferor shall be entitled to receive, in the same manner, a new Debenture Certificate or electronically deposited Uncertificated Debentures registered in the transferor's name evidencing the Debentures not transferred.

**Section 3.4 No Notice of Trusts**

- 34 - INDENTURE

**Section 3.5 Registers Open for Inspection**

The registers referred to in Section 3.1 and Section 3.2 shall at all reasonable times be open for inspection by the Corporation, the Trustee or any Debentureholder. Every registrar, including the Trustee, shall from time to time when requested so to do by the Corporation, in writing, furnish the Corporation with a list of names and addresses of holders of registered Debentures entered on the register kept by them and showing the principal amount and serial numbers of the Debentures held by each such holder, provided the Trustee shall be entitled to charge a reasonable fee to the Corporation to provide such a list.

**Section 3.6 Exchanges of Debentures**

(1) Subject to Section 3.1, Section 3.2, Section 3.6 and Section 3.7, Debentures in any authorized form or denomination, other than Uncertificated Debentures, may be exchanged for Debentures in any other authorized form or denomination, of the same series and date of maturity, bearing the same interest rate and of the same aggregate principal amount as the Debentures so exchanged.

(2) In respect of exchanges of Debentures permitted by subsection 3.6(1), Debentures of any series may be exchanged only at the principal offices of the Trustee in the city of Vancouver, British Columbia, or Toronto, Ontario, or at such other place or places, if any, as may be specified in the Debentures of such series and at such other place or places as may from time to time be designated by the Corporation with the approval of the Trustee. Any Debentures tendered for exchange shall be surrendered to the Trustee. The Corporation shall execute and the Trustee shall certify all Debentures necessary to carry out exchanges as aforesaid. All Debenture surrendered for exchange shall be cancelled.

(3) Debentures issued in exchange for Debentures which at the time of such issue have been selected or called for redemption at a later date shall be deemed to have been selected or called for redemption in the same manner and shall have noted thereon a statement to that effect.

**Section 3.7 Closing of Registers**

(1) Neither the Corporation nor the Trustee nor any registrar shall be required to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) make transfers or exchanges of any Debentures on any day selected by the Trustee for the redemption of
such Debentures or during the ten preceding Business Days;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) make exchanges of any Debentures which will have been selected or called for redemption unless upon due
presentation thereof for redemption such Debentures shall not be redeemed, as the register for the applicable series of Debentures shall
be closed in respect of such actions on such dates; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) make conversions of any Debentures on the Maturity Date.

- 35 - INDENTURE

(2) Subject to any restriction herein provided, the Corporation with the approval of the Trustee may at any time close any register for any series of Debentures, other than those kept at the principal offices of the Trustee in Vancouver, British Columbia, or Toronto, Ontario, and transfer the registration of any Debentures registered thereon to another register (which may be an existing register) and thereafter such Debentures shall be deemed to be registered on such other register. Notice of such transfer shall be given to the holders of such Debentures.

**Section 3.8 Charges for Registration, Transfer and Exchange**

For each Debenture exchanged, registered, transferred or discharged from registration, the Trustee or other registrar, except as otherwise herein provided, may make a reasonable charge for its services and in addition may charge a reasonable sum for each new Debenture issued (such amounts to be agreed upon from time to time by the Trustee and the Corporation), and payment of such charges and reimbursement of the Trustee or other registrar for any stamp taxes or governmental or other charges required to be paid shall be made by the party requesting such exchange, registration, transfer or discharge from registration as a condition precedent thereto. Notwithstanding the foregoing provisions, no charges shall be made to a Debentureholder hereunder for:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) any exchange, registration, transfer or discharge from registration of any Debenture applied for within
a period of two months from the date of the first delivery of Debentures of that series or, with respect to Debentures subject to a Periodic
Offering, within a period of two months from the date of delivery of any such Debenture;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) any exchange of any interim or temporary Debenture or interim certificate that has been issued under Section
2.10 for a Debenture Certificate;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) any exchange of an Uncertificated Debenture as contemplated in Section 3.1; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) any exchange or registration of Debentures representing the balance remaining after the partial redemption,
conversion, or transfer of outstanding Debentures.

**Section 3.9 Ownership of Debentures**

(1) Unless otherwise required by law, the Person in whose name any registered Debenture is registered shall for all purposes of this Indenture be and be deemed to be the owner thereof and payment of or on account of the principal of and premium, if any, on such Debenture and interest thereon shall be made to such registered holder.

(2) The registered holder for the time being of any registered Debenture shall be entitled to the principal, premium, if any, and/or interest evidenced by such instruments, respectively, free from all equities or rights of set-off or counterclaim between the Corporation and the original or any intermediate holder thereof and all persons may act accordingly and the receipt of any such registered holder for any such principal, premium or interest shall be a good discharge to the Trustee, any registrar and to the Corporation for the same and none shall be bound to inquire into the title of any such registered holder.

- 36 - INDENTURE

(3) Where Debentures are registered in more than one name, the principal, premium, if any, and interest from time to time payable in respect thereof may be paid to the order of all such holders, failing written instructions from them to the contrary, and the receipt of any one of such holders therefor shall be a valid discharge, to the Trustee, any registrar and to the Corporation.

(4) In the case of the death of one or more joint holders of any Debenture the principal, premium, if any, and interest from time to time payable thereon may be paid to the order of the survivor or survivors of such registered holders and the receipt of any such survivor or survivors therefor shall be a valid discharge to the Trustee and any registrar and to the Corporation.

**ARTICLE 4 – PURCHASE OF DEBENTURES**

**Section 4.1 Purchase of Debentures by the Corporation**

(1) Unless otherwise specifically provided with respect to a particular series of Debentures, the Corporation may, if it is not at the time in default hereunder, at any time and from time to time, purchase Debentures by tender or by contract, at any price. All Debentures so purchased will be delivered to the Trustee and shall be cancelled and no Debentures shall be issued in substitution therefor.

(2) If, upon an invitation for tenders, more Debentures are tendered at the same lowest price than the Corporation is prepared to accept, the Debentures to be purchased by the Corporation shall be selected by the Trustee on a pro rata basis from the Debentures tendered by each tendering Debentureholder who tendered at such lowest price. For this purpose the Trustee may make, and from time to time amend, regulations with respect to the manner in which Debentures may be so selected, and regulations so made shall be valid and binding upon all Debentureholders, notwithstanding the fact that as a result thereof one or more of such Debentures become subject to purchase in part only. The holder of a Debenture of which a part only is purchased, upon surrender of such Debenture for payment, shall be entitled to receive, without expense to such holder, one or more new Debentures for the unpurchased part so surrendered, and the Trustee shall certify or authenticate and deliver such new Debenture or Debentures upon receipt of the Debenture so surrendered or, with respect to an Uncertificated Debenture, the Depository shall electronically deposit the unpurchased part so surrendered.

**ARTICLE 5 – SUBORDINATION OF DEBENTURES**

**Section 5.1 Applicability of Article**

The indebtedness, liabilities and obligations of the Corporation hereunder (except as provided in Section 14.14) or under the Debentures, whether on account of principal, premium, if any, interest or otherwise, but excluding the issuance of Common Shares upon any conversion pursuant to Article 6, upon any purchase pursuant to Article 4, or at maturity pursuant to Section 2.14 (collectively, the "**Debenture Liabilities**"), shall be subordinated and postponed and subject in right of payment, to the extent and in the manner hereinafter set forth in the following Sections of this Article 5, to the full and final payment of all Secured Indebtedness, and each holder of any such Debenture by his acceptance thereof agrees to and shall be bound by the provisions of this Article 5.

- 37 - INDENTURE

**Section 5.2 Order of Payment**

(1) In the event of any insolvency or bankruptcy proceedings, or any receivership, liquidation, reorganization or other similar proceedings relative to the Corporation, or to its property or assets, or in the event of any proceedings for voluntary liquidation, dissolution or voluntary winding-up of the Corporation, whether or not involving insolvency or bankruptcy, or any marshalling of the assets and liabilities of the Corporation:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) all Secured Indebtedness shall first be paid in full, or provision made for such payment, before any payment
is made on account of Debenture Liabilities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) any payment or distribution of assets of the Corporation, whether in cash, property or securities, to
which the holders of the Debentures or the Trustee on behalf of such holders would be entitled except for the provisions of this Article
5, shall be paid or delivered by the trustee in bankruptcy, receiver, assignee for the benefit of creditors, or other liquidating agent
making such payment or distribution, directly to the holders of Secured Indebtedness or their representative or representatives, or to
the trustee or trustees under any indenture pursuant to which any instruments evidencing any of such Secured Indebtedness may have been
issued, to the extent necessary to pay all Secured Indebtedness in full after giving effect to any concurrent payment or distribution,
or provision therefor, to the holders of such Secured Indebtedness; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) the Secured Creditors or a receiver or a receiver-manager of the Corporation or of all or part of its
assets or any other enforcement agent may sell, mortgage, or otherwise dispose of the Corporation's assets in whole or in part,
free and clear of all Debenture Liabilities and without the approval of the Debentureholders or the Trustee.

(2) The rights and priority of the Secured Indebtedness and the subordination pursuant hereto shall not be affected by:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the time, sequence or order of creating, granting, executing, delivering of, or registering, perfecting
or failing to register or perfect any security notice, caveat, financing statement or other notice in respect of any security securing
the Secured Indebtedness (the "**Senior Security** ");

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the time or order of the attachment, perfection or crystallization of any security constituted by the
Senior Security;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) the taking of any collection, enforcement or realization proceedings pursuant to the Senior Security;

- 38 - INDENTURE

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) the date of obtaining of any judgment or order of any bankruptcy court or any court administering bankruptcy,
insolvency or similar proceedings as to the entitlement of the Secured Creditors, or any of them or the Debentureholders or any of them
to any money or property of the Corporation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) the failure to exercise any power or remedy reserved to the Secured Creditors under the Senior Security
or to insist upon a strict compliance with any terms thereof;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) whether any Senior Security is now perfected, hereafter ceases to be perfected, is avoidable by any trustee
in bankruptcy or like official or is otherwise set aside, invalidated or lapses;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) the date of giving or failing to give notice to or making demand upon the Corporation; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) any other matter whatsoever.

**Section 5.3 Subrogation to Rights of Holders of Secured Indebtedness**

(1) Subject to the prior payment in full of all Secured Indebtedness, the holders of the Debentures shall be subrogated to the rights of the holders of Secured Indebtedness to receive payments or distributions of assets of the Corporation to the extent of the application thereto of such payments or other assets which would have been received by the holders of the Debentures but for the provisions hereof until the principal of, premium, if any, and interest on the Debentures shall be paid in full, and no such payments or distributions to the holders of the Debentures of cash, property or securities, which otherwise would be payable or distributable to the holders of the Secured Indebtedness, shall, as between the Corporation, its creditors other than the holders of Secured Indebtedness, and the holders of Debentures, be deemed to be a payment by the Corporation to the holders of the Secured Indebtedness or on account of the Secured Indebtedness, it being understood that the provisions of this Article 5 are and are intended solely for the purpose of defining the relative rights of the holders of the Debentures, on the one hand, and the holders of Secured Indebtedness, on the other hand.

(2) The Trustee, for itself and on behalf of each of the Debentureholders, hereby waives any and all rights to require a Secured Creditor to pursue or exhaust any rights or remedies with respect to the Corporation or any property and assets subject to any Senior Security or in any other manner to require the marshalling of property, assets or security in connection with the exercise by the Secured Creditors of any rights, remedies or recourses available to them.

**Section 5.4 Obligation to Pay Not Impaired**

Nothing contained in this Article 5 or elsewhere in this Indenture or in the Debentures is intended to or shall impair, as between the Corporation, its creditors other than the holders of Secured Indebtedness, and the holders of the Debentures, the obligation of the Corporation, which is absolute and unconditional, to pay to the holders of the Debentures the principal of, premium, if any, and interest on the Debentures, as and when the same shall become due and payable in accordance with their terms, or affect the relative rights of the holders of the Debentures and creditors of the Corporation other than the holders of the Secured Indebtedness, nor shall anything herein or therein prevent the Trustee or the holder of any Debenture from exercising all remedies otherwise permitted by applicable law upon default under this Indenture, subject to the rights, if any, under this Article 5 of the holders of Secured Indebtedness in respect of cash, property or securities.

- 39 - INDENTURE

**Section 5.5 No Payment if Secured Indebtedness in Default**

(1) Upon the maturity of any Secured Indebtedness by lapse of time, acceleration or otherwise, or any other enforcement of any Secured Indebtedness, then, except as provided in Section 5.8, all such Secured Indebtedness shall first be paid in full, or shall first have been duly provided for, before any payment is made on account of the Debenture Liabilities.

(2) In case of a circumstance constituting a default or event of default with respect to any Secured Indebtedness permitting (whether at that time or upon notice, lapse of time, or satisfaction of any other condition precedent) a Secured Creditor to demand payment or accelerate the maturity thereof where the notice of such default or event of default has been given by or on behalf of the holders of Secured Indebtedness to the Corporation or the Corporation otherwise has knowledge thereof, unless and until such default or event of default shall have been cured or waived or shall have ceased to exist, no payment (by purchase of Debentures or otherwise) shall be made by the Corporation (except as provided in Section 5.8) with respect to the Debenture Liabilities and neither the Trustee nor the holders of Debentures shall be entitled to demand, institute proceedings for the collection of (which shall, for certainty include proceedings related to an adjudication or declaration as to the insolvency or bankruptcy of the Corporation and other similar creditor proceedings), or receive any payment or benefit (including without limitation by set-off, combination of accounts or otherwise in any manner whatsoever) on account of the Debentures after the happening of such a default or event of default (except as provided in Section 5.8), and unless and until such default or event of default shall have been cured or waived or shall have ceased to exist, such payments shall be held in trust for the benefit of, and, if and when such Secured Indebtedness shall have become due and payable, shall be paid over to, the holders of the Secured Indebtedness or their representative or representatives or to the trustee or trustees under any indenture under which any instruments evidencing an amount of the Secured Indebtedness remaining unpaid until all such Secured Indebtedness shall have been paid in full, after giving effect to any concurrent payment or distribution to the holders of such Secured Indebtedness.

(3) The fact that any payment hereunder is prohibited by this Section 5.5 shall not prevent the failure to make such payment from being an Event of Default hereunder.

**Section 5.6 Payment on Debentures Permitted**

Nothing contained in this Article 5 or elsewhere in this Indenture, or in any of the Debentures, shall affect the obligation of the Corporation to make, or prevent the Corporation from making, at any time except as prohibited by Sections 5.2 or 5.5, any payment of principal of or, premium, if any, or interest on the Debentures. The fact that any such payment is prohibited by Sections 5.2 or 5.5 shall not prevent the failure to make such payment from being an Event of Default hereunder. Nothing contained in this Article 5 or elsewhere in this Indenture, or in any of the Debentures, shall prevent the conversion of the Debentures or, except as prohibited by Sections 5.2 or 5.5, the application by the Trustee of any monies deposited with the Trustee hereunder for the purpose, to the payment of or on account of the Debenture Liabilities.

- 40 - INDENTURE

**Section 5.7 Confirmation of Subordination**

Each holder of Debentures by his acceptance thereof authorizes and directs the Trustee on his behalf to take such action as may be necessary or appropriate to effect the subordination as provided in this Article 5 and appoints the Trustee his attorney-in-fact for any and all such purposes. Upon request of the Corporation, and upon being furnished an Officer's Certificate stating that one or more named Persons are Secured Creditors and specifying the amount and nature of the Secured Indebtedness of such Secured Creditor, the Trustee shall enter into a written agreement or agreements with the Corporation and the Person or Persons named in such Officer's Certificate providing that such Person or Persons are entitled to all the rights and benefits of this Article 5 as a Secured Creditor and for such other matters, such as an agreement not to amend the provisions of this Article 5 and the definitions herein without the consent of such Secured Creditor, as the Secured Creditor may reasonably request. Such agreement shall be conclusive evidence that the indebtedness specified therein is Secured Indebtedness, however, nothing herein shall impair the rights of any Secured Creditor who has not entered into such an agreement.

**Section 5.8 Knowledge of Trustee**

Notwithstanding the provisions of this Article 5 or any provision in this Indenture or in the Debentures contained, the Trustee will not be charged with knowledge of any Secured Indebtedness or of any default in the payment thereof, or of the existence of any Event of Default or any other fact that would prohibit the making of any payment of monies to or by the Trustee, or the taking of any other action by the Trustee, unless and until the Trustee has received written notice thereof from the Corporation, any Debentureholder or any Secured Creditor.

**Section 5.9 Trustee May Hold Secured Indebtedness**

The Trustee is entitled to all the rights set forth in this Article 5 with respect to any Secured Indebtedness at the time held by it, to the same extent as any other holder of Secured Indebtedness, and nothing in this Indenture deprives the Trustee of any of its rights as such holder.

**Section 5.10 Rights of Holders of Secured Indebtedness Not Impaired**

No right of any present or future holder of any Secured Indebtedness to enforce the subordination herein will at any time or in any way be prejudiced or impaired by any act or failure to act on the part of the Corporation or by any non-compliance by the Corporation with the terms, provisions and covenants of this Indenture, regardless of any knowledge thereof which any such holder may have or be otherwise charged with.

- 41 - INDENTURE

**Section 5.11 Altering the Secured Indebtedness**

The holders of the Secured Indebtedness have the right to extend, renew, modify or amend the terms of the Secured Indebtedness or any security therefor and to release, sell or exchange such security and otherwise to deal freely with the Corporation, all without notice to or consent of the Debentureholders or the Trustee and without affecting the liabilities and obligations of the parties to this Indenture or the Debentureholders.

**Section 5.12 Additional Indebtedness**

This Indenture does not restrict the Corporation from incurring additional indebtedness for borrowed money or other obligations or liabilities (including Secured Indebtedness) or mortgaging, pledging or charging its properties to secure any indebtedness or liabilities. Except for Secured Indebtedness, any additional indebtedness for borrowed money or other obligations or liabilities or other debts will be subordinated to the Debentures.

**Section 5.13 Right of Debentureholder to Convert Not Impaired**

The subordination of the Debentures to the Secured Indebtedness and the provisions of this Article 5 do not impair in any way the right of a Debentureholder to convert its Debentures pursuant to Article 6 provided that there is no continuing default or event under Secured Indebtedness or acceleration of Secured Indebtedness that has not been rescinded and provided that such conversion does not result in a payment that could reasonably be expected to cause a default or event of default under any Secured Indebtedness.

**Section 5.14 Invalidated Payments**

In the event that any of the Secured Indebtedness shall be paid in full and subsequently, for whatever reason, such formerly paid or satisfied Secured Indebtedness becomes unpaid or unsatisfied, the terms and conditions of this Article 5 shall be reinstated and the provisions of this Article shall again be operative until all Secured Indebtedness is repaid in full, provided that such reinstatement shall not give the Secured Creditors any rights or recourses against the Trustee or the Debentureholders for amounts paid to the Debentureholders subsequent to such payment or satisfaction in full and prior to such reinstatement.

**Section 5.15 Contesting Security**

The Trustee, for itself and on behalf of the Debentureholders, agrees that it shall not contest or bring into question the validity, perfection or enforceability of any of the Secured Indebtedness, the Senior Security or the relative priority of the Senior Security.

**ARTICLE 6 – CONVERSION OF DEBENTURES**

**Section 6.1 Forced Conversion of Debentures**

(1) Immediately, and upon receipt of the Forced Conversion Notice by the Trustee pursuant to Section 2.5(5), all Debentures will be automatically converted by the Trustee at the Forced Conversion Date for and on behalf of the holder thereof and the holder thereof shall, upon surrender of the Debenture Certificate, be deemed to have subscribed for the corresponding number of Common Shares issuable upon the conversion of such holder's Debentures.

- 42 - INDENTURE

(2) In the case of Uncertificated Debenture, the Corporation will direct the Depository to cause to be entered and issued, as the case may be, to the person or persons in whose name or names the Common Shares have been issued, a book entry only system customer confirmation. After the conversion contemplated above, Debenture Certificates will represent only the right of the registered holder thereof to receive the Common Shares to be issued upon conversion.

(3) The holder of any Debentures converted pursuant to Section 2.5(5) hereof shall have no rights hereunder except to be issued the Common Shares upon the conversion of the Debentures.

(4) The parties hereby irrevocably authorize and direct the Trustee to convert the Debentures pursuant to Section 2.5(5) hereof upon receipt of the Forced Conversion Notice.

**Section 6.2 Effect of Conversion**

Upon the conversion of any Debentures in accordance with Section 2.5(5), the securities thereby issuable will be issued, and the Person or Persons to whom such securities are to be issued will be the holder or holders of record thereof, on the Forced Conversion Date unless the transfer registers for the Common Shares are closed on that date, in which case the Common Shares will be deemed to have been issued and such Person or Persons will become the holder or holders of record thereof on the date on which such transfer registers are reopened, but the Common Shares will be issued on the basis of the number of the Common Shares to which such Person or Persons were entitled on the Forced Conversion Date.

**Section 6.3 Adjustment of Conversion Price**

The Conversion Price in effect at any date shall be subject to adjustment from time to time as set forth below.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) If and whenever at any time prior to the Maturity Date the Corporation shall

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) subdivide or redivide the outstanding Common Shares into a greater number of shares,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) reduce, combine or consolidate the outstanding Common Shares into a smaller number of shares, or

- 43 - INDENTURE

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) issue Common Shares to the holders of all or substantially all of the outstanding Common Shares by way
of a dividend or distribution (other than the issue of Common Shares to holders of Common Shares who have elected to receive dividends
or distributions in the form of Common Shares in lieu of cash dividends or cash distributions paid in the ordinary course on the Common
Shares), the Conversion Price in effect on the
effective date of such subdivision, redivision, reduction, combination or consolidation or on the record date for such issue of Common
Shares by way of a dividend or distribution, as the case may be, shall in the case of any of the events referred to in (i) and (iii) above
be decreased in proportion to the number of outstanding Common Shares resulting from such subdivision, redivision or dividend, or shall,
in the case of any of the events referred to in (ii) above, be increased in proportion to the number of outstanding Common Shares resulting
from such reduction, combination or consolidation. Such adjustment shall be made successively whenever any event referred to in this subsection
6.3(a) shall occur. Any such issue of Common Shares by way of a dividend or distribution shall be deemed to have been made on the record
date for the dividend or distribution for the purpose of calculating the number of outstanding Common Shares under subsections (c) and
(d) of this Section 6.3.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) If and whenever at any time prior to the Maturity Date the Corporation shall fix a record date for the
payment of a cash dividend or distribution to the holders of all or substantially all of the outstanding Common Shares, the Conversion
Price shall be adjusted immediately after such record date so that it shall be equal to the price determined by multiplying the Conversion
Price in effect on such record date by a fraction, of which the denominator shall be the Current Market Price on such record date and
of which the numerator shall be the Current Market Price on such record date minus the amount in cash per Common Share distributed to
holders of Common Shares. Such adjustment shall be made successively whenever such a record date is fixed. To the extent that any such
cash dividend or distribution is not paid, the Conversion Price shall be re-adjusted to the Conversion Price which would then be in effect
if such record date had not been fixed.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) If and whenever at any time prior to the Maturity Date the Corporation shall fix a record date for
 the issuance of options, rights or warrants to all or substantially all the holders of its outstanding Common Shares entitling them,
 for a period expiring not more than 45 days after such record date, to subscribe for or purchase Common Shares (or securities
 convertible into Common Shares) at a price per share (or having a conversion or exchange price per share) less than 95% of the
 Current Market Price on such record date, the Conversion Price shall be adjusted immediately after such record date so that it shall
 equal the price determined by multiplying the Conversion Price in effect on such record date by a fraction, of which the numerator
 shall be the total number of Common Shares outstanding on such record date plus a number of Common Shares equal to the number
 arrived at by dividing the aggregate price of the total number of additional Common Shares offered for subscription or purchase (or
 the aggregate conversion or exchange price of the convertible securities so offered) by such Current Market Price, and of which the
 denominator shall be the total number of Common Shares outstanding on such record date plus the total number of additional Common
 Shares offered for subscription or purchase (or into which the convertible securities
so offered are convertible). Such adjustment shall be made successively whenever such a record date is fixed. To the extent that any such
options, rights or warrants are not so issued or any such options, rights or warrants are not exercised prior to the expiration thereof,
the Conversion Price shall be re-adjusted to the Conversion Price which would then be in effect if such record date had not been fixed
or to the Conversion Price which would then be in effect based upon the number of Common Shares (or securities convertible into Common
Shares) actually issued upon the exercise of such options, rights or warrants were included in such fraction, as the case may be.

- 44 - INDENTURE

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) If and whenever at any time prior to the Maturity Date, there is a reclassification of the Common
 Shares or a capital reorganization of the Corporation other than as described in subsection 6.2(a) or a consolidation, amalgamation,
 arrangement, binding share exchange, merger of the Corporation with or into any other Person or other entity or acquisition of the
 Corporation or other combination pursuant to which the Common Shares are converted into or acquired for cash, securities or other
 property; or a sale or conveyance of the property and assets of the Corporation as an entirety or substantially as an entirety to
 any other Person (other than a direct or indirect wholly-owned subsidiary of the Corporation) or other entity or a liquidation,
 dissolution or winding-up of the Corporation (any such event, a "**Merger Event** "), any holder of a Debenture who
 has not exercised its right of conversion prior to the effective date of such reclassification, capital reorganization,
 consolidation, amalgamation, arrangement, merger, share exchange, acquisition, combination, sale or conveyance or liquidation,
 dissolution or winding-up, upon the exercise of such right thereafter, shall be entitled to receive and shall accept, in lieu of the
 number of Common Shares then sought to be acquired by it, such amount of cash or the number of shares or other securities or
 property of the Corporation or of the Person or other entity resulting from such merger, amalgamation, arrangement, acquisition,
 combination or consolidation, or to which such sale or conveyance may be made or which holders of Common Shares receive pursuant to
 such liquidation, dissolution or winding-up, as the case may be, that such holder of a Debenture would have been entitled to receive
 on such reclassification, capital reorganization, consolidation, amalgamation, arrangement, merger, share exchange, acquisition,
 combination, sale or conveyance or liquidation, dissolution or winding-up, if, on the record date or the effective date thereof, as
 the case may be, the holder had been the registered holder of the number of Common Shares sought to be acquired by it and to which
 it was entitled to acquire upon the exercise of the conversion right, subject to subsection 6.2(k). If determined appropriate by the
 Board of Directors, to give effect to or to evidence the provisions of this subsection 6.2(d), the Corporation, its successor, or
 such purchasing Person or other entity, as the case may be, shall, prior to or contemporaneously with any such reclassification,
 capital reorganization, consolidation, amalgamation, arrangement, merger, share exchange, acquisition, combination, sale or conveyance or liquidation, dissolution
or winding-up, enter into an indenture which shall provide, to the extent possible, for the application of the provisions set forth in
this Indenture with respect to the rights and interests thereafter of the holder of Debentures to the end that the provisions set forth
in this Indenture shall thereafter correspondingly be made applicable, as nearly as may reasonably be, with respect to any cash, shares
or other securities or property to which a holder of Debentures is entitled on the exercise of its acquisition rights thereafter. Any
indenture entered into between the Corporation and the Trustee pursuant to the provisions of this subsection 6.3(d) shall be a supplemental
indenture entered into pursuant to the provisions of Article 15. Any indenture entered into between the Corporation, any successor to
the Corporation or such purchasing Person or other entity and the Trustee shall provide for adjustments which shall be as nearly equivalent
as may be practicable to the adjustments provided in this subsection 6.3(d) and which shall apply to successive reclassifications, capital
reorganizations, amalgamations, consolidations, mergers, share exchanges, acquisitions, combinations, sales or conveyances. For greater
certainty, nothing in this subsection 6.3(d) shall affect or reduce the requirement for any Person to make a Change of Control Offer,
and notice of any transaction to which this subsection 6.3(d) applies shall be given in accordance with Section 6.7.

The Corporation shall not become a party to any Merger Event unless its terms are consistent with this subsection 6.3(d).

- 45 - INDENTURE

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) If any issuer bid made by the Corporation or any of its Subsidiaries for all or any portion of Common
Shares shall expire, then, if the issuer bid shall require the payment to shareholders of consideration per Common Share having a fair
market value (determined as provided below) that exceeds the Current Market Price on the last date (the "**Expiration Date** ")
tenders could have been made pursuant to such issuer bid (as it may be amended) (the last time at which such tenders could have been made
on the Expiration Date is hereinafter sometimes called the "**Expiration Time** "), the Conversion Price shall be adjusted
so that the same shall equal the rate determined by multiplying the Conversion Price in effect immediately preceding the close of business
on the Expiration Date by a fraction of which (i) the denominator shall be the sum of (A) the fair market value of the aggregate consideration
(the fair market value as determined by the Board of Directors, whose determination shall be conclusive evidence of such fair market value
and which shall be evidenced by an Officer's Certificate delivered to the Trustee) payable to shareholders based on the acceptance
(up to any maximum specified in the terms of the issuer bid) of all Common Shares validly tendered and not withdrawn as of the Expiration
Time (the Common Shares deemed so accepted, up to any such maximum, being referred to as the "**Purchased Common Shares** ")
and (B) the product of the number of Common Shares outstanding (less any Purchased Common Shares and excluding any Common Shares held
in the treasury of the Corporation) at the Expiration Time and the Current Market Price on the Expiration
Date and (ii) the numerator of which shall be the product of the number of Common Shares outstanding (including Purchased Common Shares
but excluding any Common Shares held in the treasury of the Corporation) at the Expiration Time multiplied by the Current Market Price
on the Expiration Date, such increase to become effective immediately preceding the opening of business on the day following the Expiration
Date. In the event that the Corporation is obligated to purchase Common Shares pursuant to any such issuer bid, but the Corporation is
permanently prevented by applicable law from effecting any or all such purchases or any or all such purchases are rescinded, the Conversion
Price shall again be adjusted to be the Conversion Price which would have been in effect based upon the number of Common Shares actually
purchased, if any. If the application of this subsection 6.2(e) to any issuer bid would result in a decrease in the Conversion Price,
no adjustment shall be made for such issuer bid under this subsection 6.2(e).

For purposes of this subsection 6.3(e), the term "**issuer bid**" shall mean an issuer bid under Applicable Securities Legislation or a take-over bid under Applicable Securities Legislation by a Subsidiary of the Corporation for the Common Shares and all references to "purchases" of Common Shares in issuer bids (and all similar references) shall mean and include the purchase of Common Shares in issuer bids and all references to "tendered Common Shares" (and all similar references) shall mean and include Common Shares tendered in issuer bids.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) The adjustments provided for in this Section 6.3 are cumulative and shall apply to successive subdivisions,
redivisions, reductions, combinations, consolidations, distributions, issues or other events resulting in any adjustment under the provisions
of this Section, provided that, notwithstanding any other provision of this Section, no adjustment of the Conversion Price shall be required
unless such adjustment would require an increase or decrease of at least 1% in the Conversion Price then in effect; provided however,
that any adjustments which by reason of this subsection 6.3(f) are not required to be made shall be carried forward and taken into account
in any subsequent adjustment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) For the purpose of calculating the number of Common Shares outstanding, Common Shares owned by or for
the benefit of the Corporation shall not be counted.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) In the event of any question arising with respect to the adjustments provided in this Section 6.3, such
question shall be conclusively determined by a firm of nationally recognized chartered accountants appointed by the Corporation and acceptable
to the Trustee (who may be the Auditors of the Corporation); such accountants shall have access to all necessary records of the Corporation
and such determination shall be binding upon
the Corporation, the Trustee, and the Debentureholders.

- 46 - INDENTURE

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) In case the Corporation shall take any action affecting the Common Shares other than action described
in this Section 6.3, which in the opinion of the Board of Directors, would materially affect the rights of Debentureholders, the Conversion
Price shall be adjusted in such manner and at such time, by action of the Board of Directors, as the Board of Directors, in their sole
discretion may determine to be equitable in the circumstances. Failure of the directors to make such an adjustment shall be conclusive
evidence that they have determined that it is equitable to make no adjustment in the circumstances.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) No adjustment in the Conversion Price shall be made in respect of any event described in subsections 6.3(a),
6.3(b), 6.3(c), or 6.3(e) other than the events described in clauses 6.3(a)(i) or 6.3(a)(ii) if the holders of the Debentures are entitled
to participate in such event on the same terms mutatis mutandis as if they had converted their Debentures prior to the effective date
or record date, as the case may be, of such event.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) Except as stated above in this Section 6.3, no adjustment will be made in the Conversion Price for any
Debentures as a result of the issuance of Common Shares at less than the Current Market Price on the date of issuance or the then applicable
Conversion Price.

**Section 6.4 No Requirement to Issue Fractional Common Shares**

The Corporation shall not be required to issue fractional Common Shares upon the conversion of Debentures. If more than one Debenture shall be surrendered for conversion at one time by the same holder, the number of whole Common Shares issuable upon conversion thereof shall be computed on the basis of the aggregate principal amount of such Debentures and all accrued and unpaid interest thereon to be converted. If any fractional interest in a Common Share would, except for the provisions of this Section 6.4, be deliverable upon the conversion of any amount of Debentures, the Corporation shall, in lieu of delivering any certificate representing such fractional interest, make a cash payment to the holder of such Debenture of an amount equal to the fractional interest which would have been issuable multiplied by the Current Market Price, provided, however, the Corporation shall not be required to make any payment of less than

$25.00.

**Section 6.5 Corporation to Reserve the Underlying Common Shares**

The Corporation covenants with the Trustee that it will at all times reserve and keep available out of its authorized Common Shares (if the number thereof is or becomes limited), solely for the purpose of issue upon conversion of Debentures pursuant to Section 2.5(5) and conditionally allot to Debentureholders such number of Common Shares as is equal to the maximum number of Common Shares issuable upon the conversion of all outstanding Debentures from time to time. The Corporation covenants with the Trustee that all Common Shares which shall be so issuable shall be duly and validly issued as fully-paid and non- assessable.

- 47 - INDENTURE

**Section 6.6 Cancellation of Converted Debentures**

All Debentures converted under Section 2.5(5) shall be cancelled by the Trustee and no Debenture shall be issued in substitution for those converted.

**Section 6.7 Certificate as to Adjustment**

The Corporation shall from time to time immediately after the occurrence of any event which requires an adjustment or readjustment as provided in Section 6.3, deliver an Officer's Certificate to the Trustee specifying the nature of the event requiring the same and the amount of the adjustment necessitated thereby and setting forth in reasonable detail the method of calculation and the facts upon which such calculation is based, which certificate and the amount of the adjustment specified therein shall be conclusively determined by a firm of nationally recognized chartered accountants appointed by the Corporation and acceptable to the Trustee (who may be the Auditors of the Corporation) and such advice or determination shall be conclusive and binding on all parties in interest. When so approved, the Corporation shall, except in respect of any subdivision, redivision, reduction, combination or consolidation of the Common Shares, forthwith give notice to the Debentureholders in the manner provided in Section 13.2 specifying the event requiring such adjustment or readjustment and the results thereof, including the resulting Conversion Price; provided that, if the Corporation has given notice under this Section 6.7 covering all the relevant facts in respect of such event and if the Trustee approves, no such notice need be given under this Section 6.7.

**Section 6.8 Notice of Special Matters**

(1) The Corporation covenants with the Trustee that so long as any Debenture remains outstanding, it will give notice to the Trustee, and to the Debentureholders in the manner provided in Section 13.2, of its intention to fix a record date for any event referred to in subsection 6.3(a), subsection Section 6.3(b), Section 6.3(c) or Section 6.3(d) (other than the subdivision, redivision, reduction, combination or consolidation of its Common Shares) which may give rise to an adjustment in the Conversion Price, and, in each case, such notice shall specify the particulars of such event and the record date and the effective date for such event; provided that the Corporation shall only be required to specify in such notice such particulars of such event as shall have been fixed and determined on the date on which such notice is given. Such notice shall be given not less than 14 days in each case prior to such applicable record date.

(2) In addition, the Corporation covenants with the Trustee that so long as any Debenture remains outstanding, it will give notice to the Trustee, and to the Debentureholders in the manner provided in Section 13.2, at least 30 days prior to the (i) effective date of any transaction referred to in Section 6.3(d) stating the consideration into which the Debentures will be convertible after the effective date of such transaction, and (ii) Expiration Date of any transaction referred to in subsection 6.3(e) stating the consideration paid per Common Share in such transaction.

- 48 - INDENTURE

**Section 6.9 Protection of Trustee**

The Trustee:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) shall not at any time be under any duty or responsibility to any Debentureholder to determine whether
any facts exist which may require any adjustment in the Conversion Price, or with respect to the nature or extent of any such adjustment
when made, or with respect to the method employed in making the same;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) shall not be accountable with respect to the validity or value (or the kind or amount) of any Common Shares
or of any shares or other securities or property which may at any time be issued or delivered upon the conversion of any Debenture; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) shall not be responsible for any failure of the Corporation to make any cash payment or to issue, transfer
or deliver Common Shares or share certificates upon the surrender of any Debenture for the purpose of conversion, or to comply with any
of the covenants contained in this Article.

**ARTICLE 7– COVENANTS OF THE CORPORATION**

The Corporation hereby covenants and agrees with the Trustee for the benefit of the Trustee and the Debentureholders, that so long as any Debentures remain outstanding:

**Section 7.1 To Pay Principal, Premium (if any) and Interest**

The Corporation will duly and punctually pay or cause to be paid to every Debentureholder the principal of, premium (if any) and interest accrued on the Debentures of which it is the holder on the dates, at the places and in the manner mentioned herein and in the Debentures.

**Section 7.2 To Pay Trustee's Remuneration**

The Corporation will pay the Trustee reasonable remuneration for its services as Trustee hereunder and will repay to the Trustee on demand all monies which shall have been paid by the Trustee in connection with the execution of the trusts hereby created and such monies including the Trustee's remuneration, shall be payable out of any funds coming into the possession of the Trustee in priority to payment of any principal of the Debentures or interest or premium thereon. Such remuneration shall continue to be payable until the trusts hereof be finally wound up and whether or not the trusts of this Indenture shall be in the course of administration by or under the direction of a court of competent jurisdiction.

**Section 7.3 To Give Notice of Default**

The Corporation shall notify the Trustee and the Debentureholders immediately upon becoming aware of the occurrence of any Event of Default.

- 49 - INDENTURE

**Section 7.4 Preservation of Existence, etc.**

Subject to the express provisions hereof, the Corporation will carry on and conduct its activities, and cause its Subsidiaries to carry on and conduct their businesses, in a business-like manner and in accordance with good business practices; and, subject to the express provisions hereof, it will do or cause to be done all things necessary to preserve and keep in full force and effect its corporate existence and rights.

**Section 7.5 Keeping of Books**

The Corporation will keep or cause to be kept proper books of record and account, in which full and correct entries shall be made of all financial transactions and the assets and business of the Corporation and each Material Subsidiary in accordance with generally accepted accounting principles.

**Section 7.6 Annual Certificate of Compliance**

The Corporation shall deliver to the Trustee, within 120 days after the end of each calendar year, (and at any reasonable time upon demand by the Trustee) an Officer's Certificate as to the knowledge of such officers of the Corporation who execute the Officer's Certificate of the Corporation's compliance with all conditions and covenants in this Indenture certifying that after reasonable investigation and inquiry, the Corporation has complied with all covenants, conditions or other requirements contained in this Indenture, the non-compliance with which could, with the giving of notice, lapse of time or otherwise, constitute an Event of Default hereunder, or if such is not the case, setting forth with reasonable particulars the circumstances of any failure to comply and steps taken or proposed to be taken to eliminate such circumstances and remedy such Event of Default, as the case may be.

**Section 7.7 Performance of Covenants by Trustee**

If the Corporation shall fail to perform any of its covenants contained in this Indenture, the Trustee may notify the Debentureholders of such failure on the part of the Corporation or may itself perform any of the covenants capable of being performed by it, but shall be under no obligation to do so or to notify the Debentureholders. All sums so expended or advanced by the Trustee shall be repayable by the Corporation as provided in Section 7.2. No such performance, expenditure or advance by the Trustee shall be deemed to relieve the Corporation of any default hereunder.

**Section 7.8 No Dividends on Common Shares if Event of Default**

The Corporation shall not declare or pay any dividend to the holders of Common Shares or any other securities representing equity interests in the Corporation after the occurrence of an Event of Default unless and until such default shall have been cured or waived or shall have ceased to exist.

- 50 - INDENTURE

**Section 7.9 Withholding Matters**

All payments made by or on behalf of the Corporation under or with respect to the Debentures (including, without limitation, any penalties, interest and other liabilities related thereto) will be made free and clear of and without withholding, or deduction for, or on account of, any present or future tax, duty, levy, impost, assessment or other governmental charge (including, without limitation, penalties, interest and other liabilities related hereto) imposed or levied by or on behalf of the Government of Canada or elsewhere, or of any province or territory thereof or by any authority or agency therein or thereof having power to tax ("**Withholding Taxes**"), unless the Corporation is required by law or the interpretation or administration thereof, to withhold or deduct any amounts for, or on account of Withholding Taxes. If the Corporation is so required to withhold or deduct any amount for, or on account of, Withholding Taxes from any payment made under or with respect to the Debentures, the Corporation shall deduct and withhold such Withholding Taxes from any payment to be made or with respect to the Debentures and, provided that the Corporation forthwith remits such amount to the relevant governmental authority or agency, the amount of any such deduction or withholding will be considered an amount paid in satisfaction of the Corporation's obligations under the Debentures. There is no obligation on the Corporation to gross-up or pay additional amounts to a holder of Debentures in respect of such deductions or withholdings. For greater certainty, if any amount is required to be deducted or withheld in respect of Withholding Taxes upon a conversion of a Debenture, the Corporation shall be entitled to liquidate such number of Common Shares (or other securities) issuable as a result of such conversion as shall be necessary in order to satisfy such requirement. The Corporation shall provide the Trustee with copies of receipts or other communications relating to the remittance of such withheld amount or the filing of any forms received from such government authority or agency promptly after receipt thereof.

**Section 7.10 SEC Reporting Status**

(1) The Corporation confirms that as at the date of execution of this Indenture it does not have a class of securities registered pursuant to Section 12 of the U.S. Securities Exchange Act or have a reporting obligation pursuant to Section 15(d) of the U.S. Securities Exchange Act.

(2) The Corporation covenants that in the event that (a) any class of its securities shall become registered pursuant to Section 12 of the U.S. Securities Exchange Act or such Corporation shall incur a reporting obligation pursuant to Section 15(d) of the U.S. Securities Exchange Act, or (b) any such registration or reporting obligation shall be terminated by such Corporation in accordance with the U.S. Securities Exchange Act, such Corporation shall promptly deliver to the Trustee an Officers' Certificate (in a form provided by the Trustee) notifying the Trustee of such registration or termination and such other information as the Trustee may require at the time. The Corporation acknowledges that the Trustee is relying upon the foregoing representation and covenants in order to meet certain U.S. Securities and Exchange Commission (the "**SEC**") obligations with respect to those clients who are filing with the SEC.

- 51 - INDENTURE

**Section 7.11 Stay, Extension and Usury Laws**

The Corporation covenants (to the extent that it may lawfully do so) that it shall not at any time insist upon, plead, or in any manner whatsoever claim or take the benefit or advantage of, any stay, extension or usury law or other law which would prohibit or forgive the Corporation from paying all or any portion of the principal of or accrued but unpaid interest on the Debentures as contemplated herein, wherever enacted, now or at any time hereafter in force, or which may affect the covenants or the performance of this Indenture, and the Corporation (to the extent it may lawfully do so) hereby expressly waives all benefit or advantage of any such law and covenants that it will not, by resort to any such law, hinder, delay or impede the execution of any power herein granted to the Trustee, but will suffer and permit the execution of every such power as though no such law had been enacted.

**ARTICLE 8 – DEFAULT**

**Section 8.1 Events of Default**

(1) Each of the following events constitutes, and is herein sometimes referred to as, an "**Event of Default**":

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the Corporation shall fail to pay an installment of interest on any of the Debentures, which failure continues
for five Business Days after the date when due

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) failure to pay principal or premium (whether by way of payment of cash or delivery of Common Shares),
if any, when due on the Debentures whether at maturity, upon redemption or a Change of Control, by acceleration or otherwise;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) default in the delivery, when due, of all cash, Common Shares, and any other consideration deliverable
upon repayment or conversion of the Debentures, which failure continues for five Business Days;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) default in the observance or performance of any covenant or condition of the Indenture by the Corporation
and the failure to cure (or obtain a waiver for) such default for a period of 15 days after notice in writing has been given by the Trustee
or from holders of not less than 25% in aggregate principal amount of the Debentures to the Corporation specifying such default and requiring
the Corporation to rectify such default or obtain a waiver for same;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) if the Corporation ceases to carry on business;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) if a decree or order of a Court having jurisdiction is entered adjudging the Corporation or any
 Material Subsidiary a bankrupt or insolvent under the *Bankruptcy and Insolvency Act* (Canada) or any other bankruptcy,
 insolvency or analogous laws, or issuing sequestration or process of execution against, or against any substantial part of, the
 property of the Corporation or any Material Subsidiary, or appointing a receiver of, or of any substantial part of, the property of
 the Corporation or any Material Subsidiary or ordering the winding- up or liquidation of its affairs, and any such decree or order
 continues unstayed and in effect for a period of 60 days;

- 52 - INDENTURE

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) if the Corporation or any Material Subsidiary institutes proceedings to be adjudicated a bankrupt or insolvent,
or consents to the institution of bankruptcy or insolvency proceedings against it under the *Bankruptcy and Insolvency Act* (Canada)
or any other bankruptcy, insolvency or analogous laws, or consents to the filing of any such petition or to the appointment of a receiver
of, or of any substantial part of, the property of the Corporation or any Material Subsidiary or makes a general assignment for the benefit
of creditors, or admits in writing its inability to pay its debts generally as they become due;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) if a resolution is passed for the winding-up or liquidation of the Corporation or any Material Subsidiary
except in the course of carrying out or pursuant to a transaction in respect of which the conditions of Section 10.1 are duly observed
and performed;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) if, after the date of this Indenture, any proceedings with respect to the Corporation or any Material
Subsidiary are taken with respect to a compromise or arrangement, with respect to creditors of the Corporation or any Material Subsidiary
generally, under the applicable legislation of any jurisdiction; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) if an event of default occurs or exists under any indenture, agreement or other instrument evidencing
or governing indebtedness for borrowed money (other than Non-Recourse Debt) of the Corporation or any Material Subsidiary and as a result
of such event of default (i) indebtedness for borrowed money thereunder in excess of $500,000 (or the equivalent amount in any other currency)
has become due and payable before the date it would otherwise have been due and payable or (ii) the holders of such indebtedness are entitled
to commence, and have commenced, the enforcement of security they hold for such indebtedness (if any) or the exercise of any other creditors'
remedies to collect such indebtedness; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) if the Corporation fails to comply with Article 10 hereof;

then: (i) in each and every such event listed above, the Trustee may, in its discretion, but subject to the provisions of this Section, and shall, upon receipt of a request in writing signed by the holders of not less than 25% in principal amount of the Debentures then outstanding (or if the Event of Default shall exist only in respect of one or more series of the Debentures then outstanding, then upon receipt of a request in writing signed by the holders of not less than 25% in principal amount of the Debentures of such series then outstanding), subject to the provisions of Section 8.3, by notice in writing to the Corporation declare the principal of and interest and premium, if any, on all Debentures then outstanding and all other monies outstanding hereunder to be due and payable and the same shall thereupon forthwith become immediately due and payable (or, if the Event of Default shall exist only in respect of one or more series of the Debentures then outstanding, then the Trustee may declare due and payable the principal and interest and premium, if any, only with respect to such Debentures in respect of which there is an Event of Default) to the Trustee, and (ii) on the occurrence of an Event of Default under clauses 8.1(1)(f), 8.1(1)(g), 8.1(1)(h) or 8.1(1)(j), the principal of and interest and premium, if any, on all Debentures then outstanding hereunder and all other monies outstanding hereunder, shall automatically without any declaration or other act on the part of the Trustee or any Debentureholder become immediately due and payable to the Trustee and, in either case, upon such amounts becoming due and payable in either (i) or (ii) above, the Corporation shall forthwith pay to the Trustee for the benefit of the Debentureholders such principal, accrued and unpaid interest and premium, if any, and interest on amounts in default on such Debenture and all other monies outstanding hereunder, together with subsequent interest at the rate borne by the Debentures on such principal, interest, premium and such other monies from the date of such declaration or event until payment is received by the Trustee, such subsequent interest to be payable at the times and places and in the manner mentioned in and according to the tenor of the Debentures. Such payment when made shall be deemed to have been made in discharge of the Corporation's obligations hereunder and any monies so received by the Trustee shall be applied in the manner provided in Section 8.6.

- 53 - INDENTURE

(2) For greater certainty, for the purposes of this Section 8.1, a series of Debentures shall be in default in respect of an Event of Default if such Event of Default relates to a default in the payment of principal, premium, if any, or interest on the Debentures of such series in which case references to Debentures in this Section 8.1 refer to Debentures of that particular series.

(3) For purposes of this Article 8, where the Event of Default refers to an Event of Default with respect to a particular series of Debentures as described in this Section 8.1, then this Article 8 shall apply *mutatis mutandis* to the Debentures of such series and references in this Article 8 to the Debentures shall mean Debentures of the particular series and references to the Debentureholders shall refer to the Debentureholders of the particular series, as applicable.

**Section 8.2 Notice of Events of Default**

If an Event of Default shall occur and be continuing the Trustee shall, within 30 days following an Event of Default or after it receives written notice of the occurrence of such Event of Default, give notice of such Event of Default to the Debentureholders in the manner provided in Section 12.2, provided that notwithstanding the foregoing, unless the Trustee shall have been requested to do so by the holders of at least 25% of the principal amount of the Debentures then outstanding, the Trustee shall not be required to give such notice if the Trustee in good faith shall have determined that the withholding of such notice is in the best interests of the Debentureholders and shall have so advised the Corporation in writing.

When notice of the occurrence of an Event of Default has been given and the Event of Default is thereafter cured, notice that the Event of Default is no longer continuing shall be given by the Trustee to the Debentureholders within 15 days after the Trustee becomes aware the Event of Default has been cured.

- 54 - INDENTURE

**Section 8.3 Waiver of Default**

(1) Upon the happening of any Event of Default hereunder:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the holders of the Debentures shall have the power (in addition to the powers exercisable by Extraordinary
Resolution as hereinafter provided) by requisition in writing by the holders of more than 66⅔% of the principal amount of Debentures
then outstanding, to instruct the Trustee to waive any Event of Default and to cancel any declaration made by the Trustee pursuant to
Section 8.1 and the Trustee shall thereupon waive
the Event of Default and cancel such declaration, or either, upon such terms and conditions as shall be prescribed in such requisition;
provided that notwithstanding the foregoing if the Event of Default has occurred by reason of the non-observance or non-performance by
the Corporation of any covenant applicable only to one or more series of Debentures, then the holders of more than 66⅔% of the
principal amount of the outstanding Debentures of that series shall be entitled to exercise the foregoing power and the Trustee shall
so act and it shall not be necessary to obtain a waiver from the holders of any other series of Debentures; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the Trustee, so long as it has not become bound to declare the principal and interest on the Debentures
then outstanding to be due and payable, or to obtain or enforce payment of the same, shall have power to waive any Event of Default if,
in the Trustee's opinion, the same shall have been cured or adequate satisfaction made therefor, and in such event to cancel any
such declaration theretofore made by the Trustee in the exercise of its discretion, upon such terms and conditions as the Trustee may
deem advisable.

(2) No such act or omission either of the Trustee or of the Debentureholders shall extend to or be taken in any manner whatsoever to affect any subsequent Event of Default or the rights resulting therefrom.

**Section 8.4 Enforcement by the Trustee**

(1) Subject to the provisions of Section 8.3 and to the provisions of any Extraordinary Resolution that may be passed by the Debentureholders, if the Corporation shall fail to pay to the Trustee, forthwith after the same shall have been declared to be due and payable under Section 8.1, the principal of and premium (if any) and interest on all Debentures then outstanding, together with any other amounts due hereunder, the Trustee may in its discretion and shall upon receipt of a request in writing signed by the holders of not less than 25% in principal amount of the Debentures then outstanding and upon being funded and indemnified to its reasonable satisfaction against all costs, expenses and liabilities to be incurred, proceed in its name as trustee hereunder to obtain or enforce payment of such principal of and premium (if any) and interest on all the Debentures then outstanding together with any other amounts due hereunder by such proceedings authorized by this Indenture or by law or equity as the Trustee in such request shall have been directed to take, or if such request contains no such direction, or if the Trustee shall act without such request, then by such proceedings authorized by this Indenture or by suit at law or in equity as the Trustee shall deem expedient.

- 55 - INDENTURE

(2) The Trustee shall be entitled and empowered, either in its own name or as Trustee of an express trust, or as attorney-in-fact for the holders of the Debentures, or in any one or more of such capacities, to file such proof of debt, amendment of proof of debt, claim, petition or other document as may be necessary or advisable in order to have the claims of the Trustee and of the holders of the Debentures allowed in any insolvency, bankruptcy, liquidation or other judicial proceedings relative to the Corporation or its creditors or relative to or affecting its property. The Trustee is hereby irrevocably appointed (and the successive respective holders of the Debentures by taking and holding the same shall be conclusively deemed to have so appointed the Trustee) the true and lawful attorney-in-fact of the respective holders of the Debentures with authority to make and file in the respective names of the holders of the Debentures or on behalf of the holders of the Debentures as a class, subject to deduction from any such claims of the amounts of any claims filed by any of the holders of the Debentures themselves, any proof of debt, amendment of proof of debt, claim, petition or other document in any such proceedings and to receive payment of any sums becoming distributable on account thereof, and to execute any such other papers and documents and to do and perform any and all such acts and things for and on behalf of such holders of the Debentures, as may be necessary or advisable in the opinion of the Trustee, in order to have the respective claims of the Trustee and of the holders of the Debentures against the Corporation or its property allowed in any such proceeding, and to receive payment of or on account of such claims; provided, however, that subject to Section 8.3, nothing contained in this Indenture shall be deemed to give to the Trustee, unless so authorized by Extraordinary Resolution, any right to accept or consent to any plan of reorganization or otherwise by action of any character in such proceeding to waive or change in any way any right of any Debentureholder.

(3) The Trustee shall also have the power at any time and from time to time to institute and to maintain such suits and proceedings as it may be advised shall be necessary or advisable to preserve and protect its interests and the interests of the Debentureholders.

(4) All rights of action hereunder may be enforced by the Trustee without the possession of any of the Debentures or the production thereof on the trial or other proceedings relating thereto.

(5) Any such suit or proceeding instituted by the Trustee shall be brought in the name of the Trustee as trustee of an express trust, and any recovery of judgment shall be for the rateable benefit of the holders of the Debentures subject to the provisions of this Indenture. In any proceeding brought by the Trustee (and also any proceeding in which a declaratory judgment of a court may be sought as to the interpretation or construction of any provision of this Indenture, to which the Trustee shall be a party) the Trustee shall be held to represent all the holders of the Debentures, and it shall not be necessary to make any holders of the Debentures parties to any such proceeding.

- 56 - INDENTURE

**Section 8.5 No Suits by Debentureholders**

No holder of any Debenture shall have any right to institute any action, suit or proceeding at law or in equity for the purpose of enforcing payment of the principal of or interest on the Debentures or for the execution of any trust or power hereunder or for the appointment of a liquidator or receiver or for a receiving order under the *Bankruptcy and Insolvency Act* (Canada) or to have the Corporation wound up or to file or prove a claim in any liquidation or bankruptcy proceeding or for any other remedy hereunder, unless: (a) such holder shall previously have given to the Trustee written notice of the happening of an Event of Default hereunder; and (b) the Debentureholders by Extraordinary Resolution or by written instrument signed by the holders of at least 25% in principal amount of the Debentures then outstanding shall have made a request to the Trustee and the Trustee shall have been afforded reasonable opportunity either itself to proceed to exercise the powers hereinbefore granted or to institute an action, suit or proceeding in its name for such purpose; and (c) the Debentureholders or any of them shall have furnished to the Trustee, when so requested by the Trustee, sufficient funds and security and indemnity satisfactory to it against the costs, expenses and liabilities to be incurred therein or thereby; and

(d) the Trustee shall have failed to act within a reasonable time after such notification, request and offer of indemnity and such notification, request and offer of indemnity are hereby declared in every such case, at the option of the Trustee, to be conditions precedent to any such proceeding or for any other remedy hereunder by or on behalf of the holder of any Debentures.

**Section 8.6 Application of Monies by Trustee**

(1) Except as herein otherwise expressly provided, any monies received by the Trustee from the Corporation pursuant to the foregoing provisions of this Article 8, or as a result of legal or other proceedings or from any trustee in bankruptcy or liquidator of the Corporation, shall be applied, together with any other monies in the hands of the Trustee available for such purpose, as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) first, in payment or in reimbursement to the Trustee of its compensation, costs, charges, expenses, borrowings,
advances or other monies furnished or provided by or at the instance of the Trustee in or about the execution of its trusts under, or
otherwise in relation to, this Indenture, with interest thereon as herein provided;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) second, but subject as hereinafter in this Section 8.6 provided, in payment, rateably and proportionately
to the holders of Debentures, of the principal of and premium (if any) and accrued and unpaid interest and interest on amounts in default
on the Debentures which shall then be outstanding in the priority of principal first and then premium and then accrued and unpaid interest
and interest on amounts in default unless otherwise directed by Extraordinary Resolution and in that case in such order or priority as
between principal, premium (if any) and interest as may be directed by such resolution; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) third, in payment of the surplus, if any, of such monies to the Corporation or its assigns;

provided, however, that no payment shall be made pursuant to clause 8.6(1)(b) above in respect of the principal, premium or interest on any Debenture held, directly or indirectly, by or for the benefit of the Corporation or any Subsidiary (other than any Debenture pledged for value and in good faith to a Person other than the Corporation or any Subsidiary but only to the extent of such person's interest therein) except subject to the prior payment in full of the principal, premium (if any) and interest (if any) on all Debentures which are not so held.

- 57 - INDENTURE

(2) The Trustee shall not be bound to apply or make any partial or interim payment of any monies coming into its hands if the amount so received by it, after reserving thereout such amount as the Trustee may think necessary to provide for the payments mentioned in subsection 8.6(1), is insufficient to make a distribution of at least 2% of the aggregate principal amount of the outstanding Debentures, but it may retain the money so received by it and invest or deposit the same as provided in Section 14.8 until the money or the investments representing the same, with the income derived therefrom, together with any other monies for the time being under its control shall be sufficient for the said purpose or until it shall consider it advisable to apply the same in the manner hereinbefore set forth. The foregoing shall, however, not apply to a final payment in distribution hereunder.

**Section 8.7 Notice of Payment by Trustee**

Not less than 15 days' notice shall be given in the manner provided in Section 13.2 by the Trustee to the Debentureholders of any payment to be made under this Article 8. Such notice shall state the time when and place where such payment is to be made and also the liability under this Indenture to which it is to be applied. After the day so fixed, unless payment shall have been duly demanded and have been refused, the Debentureholders will be entitled to interest only on the balance (if any) of the principal monies, premium (if any) and interest due (if any) to them, respectively, on the Debentures, after deduction of the respective amounts payable in respect thereof on the day so fixed.

**Section 8.8 Trustee May Demand Production of Debentures**

The Trustee shall have the right to demand production of the Debentures in respect of which any payment of principal, interest or premium required by this Article 8 is made and may cause to be endorsed on the same a memorandum of the amount so paid and the date of payment, but the Trustee may, in its discretion, dispense with such production and endorsement, upon such indemnity being given to it and to the Corporation as the Trustee shall deem sufficient.

**Section 8.9 Remedies Cumulative**

No remedy herein conferred upon or reserved to the Trustee, or upon or to the holders of Debentures is intended to be exclusive of any other remedy, but each and every such remedy shall be cumulative and shall be in addition to every other remedy given hereunder or now existing or hereafter to exist by law or by statute.

- 58 - INDENTURE

**Section 8.10 Judgment Against the Corporation**

The Corporation covenants and agrees with the Trustee that, in case of any judicial or other proceedings to enforce the rights of the Debentureholders, judgment may be rendered against it in favour of the Debentureholders or in favour of the Trustee, as trustee for the Debentureholders, for any amount which may remain due in respect of the Debentures and premium (if any) and the interest thereon and any other monies owing hereunder.

**Section 8.11 Immunity of Directors, Officers and Others**

The Debentureholders and the Trustee hereby waive and release any right, cause of action or remedy now or hereafter existing in any jurisdiction against any past, present or future officer, director or employee of the Corporation or holder of Common Shares of the Corporation or of any successor for the payment of the principal of or premium or interest on any of the Debentures or on any covenant, agreement, representation or warranty by the Corporation contained herein or in the Debentures.

**ARTICLE 9 – SATISFACTION AND DISCHARGE**

**Section 9.1 Cancellation and Destruction**

All Debentures shall forthwith after payment thereof be delivered to the Trustee and cancelled by it. All Debentures cancelled or required to be cancelled under this or any other provision of this Indenture shall be destroyed by the Trustee and, if required by the Corporation, the Trustee shall furnish to it a destruction certificate setting out the designating numbers of the Debentures so destroyed.

**Section 9.2 Non-Presentation of Debentures**

In case the holder of any Debenture shall fail to present the same for payment on the date on which the principal of, premium (if any) or the interest thereon or represented thereby becomes payable either at maturity or otherwise or shall not accept payment on account thereof and give such receipt therefor, if any, as the Trustee may require:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the Corporation shall be entitled to pay or deliver to the Trustee and direct it to set aside; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) in respect of monies in the hands of the Trustee which may or should be applied to the payment of the
Debentures, the Corporation shall be entitled to direct the Trustee to set aside; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) if the redemption was pursuant to notice given by the Trustee, the Trustee may itself set aside;

the monies in trust to be paid to the holder of such Debenture upon due presentation or surrender thereof in accordance with the provisions of this Indenture; and thereupon the principal of, premium (if any) or the interest payable on or represented by each Debenture in respect whereof such monies have been set aside shall be deemed to have been paid and the holder thereof shall thereafter have no right in respect thereof except that of receiving delivery and payment of the monies so set aside by the Trustee upon due presentation and surrender thereof, subject always to the provisions of Section 9.3.

- 59 - INDENTURE

**Section 9.3 Repayment of Unclaimed Monies**

Subject to applicable law, any monies set aside under Section 9.2 and not claimed by and paid to holders of Debentures as provided in Section 9.2 within six years after the date of such setting aside shall be repaid and delivered to the Corporation by the Trustee and thereupon the Trustee shall be released from all further liability with respect to such monies and thereafter the holders of the Debentures in respect of which such monies were so repaid to the Corporation shall have no rights in respect thereof except to obtain payment and delivery of the monies from the Corporation subject to any limitation provided by the laws of the Province of Ontario.

**Section 9.4 Discharge**

The Trustee shall at the written request of the Corporation release and discharge this Indenture and execute and deliver such instruments as it shall be advised by Counsel are requisite for that purpose and to release the Corporation from its covenants herein contained (other than the provisions relating to the indemnification of the Trustee), upon proof being given to the reasonable satisfaction of the Trustee that the principal of, premium (if any) and interest (including interest on amounts in default, if any), on all the Debentures and all other monies payable hereunder have been paid or satisfied or that all the Debentures having matured or having been duly called for redemption, payment of the principal of and interest (including interest on amounts in default, if any) on such Debentures and of all other monies payable hereunder has been duly and effectually provided for in accordance with the provisions hereof.

**Section 9.5 Satisfaction**

(1) The Corporation shall be deemed to have fully paid, satisfied and discharged all of the outstanding Debentures of any series and the Trustee, at the expense of the Corporation, shall execute and deliver proper instruments acknowledging the full payment, satisfaction and discharge of such Debentures, when, with respect to all of the outstanding Debentures or all of the outstanding Debentures of any series, as applicable:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the Corporation has deposited or caused to be deposited with the Trustee as trust funds or property in
trust for the purpose of making payment on such Debentures, an amount in money sufficient to pay, satisfy and discharge the entire amount
of principal of, premium, if any, and interest, if any, to maturity, or any repayment date, or any Change of Control Purchase Date, or
upon conversion or otherwise as the case may be, of such Debentures;

- 60 - INDENTURE

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the Corporation has deposited or caused to be deposited with the Trustee as trust property in trust for
the purpose of making payment on such Debentures:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) if the Debentures are issued in Canadian dollars, such amount in Canadian dollars of direct obligations
of, or obligations the principal and interest of which are guaranteed by, the Government of Canada; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) if the Debentures are issued in a currency or currency unit other than Canadian dollars, cash in the currency
or currency unit in which the Debentures are payable and/or such amount in such currency or currency unit of direct obligations of, or
obligations the principal and interest of which are guaranteed by, the Government of Canada or the government that issued the currency
or currency unit in which the Debentures are payable;

as will be sufficient to pay and discharge the entire amount of principal of, premium, if any on, and accrued and unpaid interest to maturity or any repayment date, as the case may be, of all such Debentures; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) all Debentures authenticated and delivered (other than (i) Debentures which have been destroyed, lost
or stolen and which have been replaced or paid as provided in Section 2.11 and (ii) Debentures for whose payment has been deposited in
trust and thereafter repaid to the Corporation as provided in Section 9.3) have been delivered to the Trustee
for cancellation;

so long as in any such event:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) the Corporation has paid, caused to be paid or made provisions to the satisfaction of the Trustee for
the payment of all other sums payable or which may be payable with respect to all of such Debentures (together with all applicable expenses
of the Trustee in connection with the payment of such Debentures); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) the Corporation has delivered to the Trustee an Officer's Certificate stating that all conditions
precedent herein provided relating to the payment, satisfaction and discharge of all such Debentures have been complied with.

Any deposits with the Trustee referred to in this Section 9.5 shall be irrevocable, subject to Section 9.6, and shall be made under the terms of an escrow and/or trust agreement in form and substance satisfactory to the Trustee and which provides for the due and punctual payment of the principal of, premium, if any, and interest on the Debentures being satisfied.

(2) Upon the satisfaction of the conditions set forth in this Section 9.5 with respect to all the outstanding Debentures, or all the outstanding Debentures of any series, as applicable, the terms and conditions of the Debentures, including the terms and conditions with respect thereto set forth in this Indenture (other than those contained in Article 2 and Article 4 and the provisions of Article 1 pertaining to Article 2 and Article 4) shall no longer be binding upon or applicable to the Corporation.

- 61 - INDENTURE

(3) Any funds or obligations deposited with the Trustee pursuant to this Section 9.5 shall be denominated in the currency or denomination of the Debentures in respect of which such deposit is made.

(4) If the Trustee is unable to apply any money or securities in accordance with this Section 9.5 by reason of any legal proceeding or any order or judgment of any court or governmental authority enjoining, restraining or otherwise prohibiting such application, the Corporation's obligations under this Indenture and the affected Debentures shall be revived and reinstated as though no money or securities had been deposited pursuant to this Section 9.5 until such time as the Trustee is permitted to apply all such money or securities in accordance with this Section 9.5, provided that if the Corporation has made any payment in respect of principal of, premium, if any, or interest on Debentures or, as applicable, other amounts because of the reinstatement of its obligations, the Corporation shall be subrogated to the rights of the holders of such Debentures to receive such payment from the money or securities held by the Trustee.

**Section 9.6 Continuance of Rights, Duties and Obligations**

(1) Where trust funds or trust property have been deposited pursuant to Section 9.5, the holders of Debentures and the Corporation shall continue to have and be subject to their respective rights, duties and obligations under Article 2 and Article 4.

(2) In the event that, after the deposit of trust funds or trust property pursuant to Section 9.5 in respect of a series of Debentures (the "**Defeased Debentures**"), any holder of any of the Defeased Debentures from time to time converts its Debentures to Common Shares or other securities of the Corporation in accordance with Section 2.5 (in respect of Initial Debentures or the comparable provision of any other series of Debentures), Article 6 or any other provision of this Indenture, the Trustee shall upon receipt of a Written Direction of the Corporation return to the Corporation from time to time the proportionate amount of the trust funds or other trust property deposited with the Trustee pursuant to Section 9.5 in respect of the Defeased Debentures which is applicable to the Defeased Debentures so converted (which amount shall be based on the applicable principal amount of the Defeased Debentures and accrued and unpaid interest thereon being converted in relation to the aggregate outstanding principal amount of all the Defeased Debentures and all accrued and unpaid interest thereon).

(3) In the event that, after the deposit of trust funds or trust property pursuant to Section 9.5, the Corporation is required to make a Change of Control Offer to purchase any outstanding Debentures pursuant to subsection 2.5(7) (in respect of Initial Debentures or the comparable provision of any other series of Debentures), in relation to Initial Debentures or to make an offer to purchase Debentures pursuant to any other similar provisions relating to any other series of Debentures, the Corporation shall be entitled to use any trust money or trust property deposited with the Trustee pursuant to Section 9.5 for the purpose of paying to any holders of Defeased Debentures who have accepted any such offer of the Corporation the Offer Price payable to such holders in respect of such Change of Control Offer in respect of Initial Debentures (or the total offer price payable in respect of an offer relating to any other series of Debentures). Upon receipt of a Written Direction from the Corporation, the Trustee shall be entitled to pay to such holder from such trust money or trust property deposited with the Trustee pursuant to Section 9.5 in respect of the Defeased Debentures which is applicable to the Defeased Debentures held by such holders who have accepted any such offer to the Corporation (which amount shall be based on the applicable principal amount of the Defeased Debentures and accrued and unpaid interest thereon held by accepting offerees in relation to the aggregate outstanding principal amount of all the Defeased Debentures and all accrued and unpaid interest thereon).

- 62 - INDENTURE

**ARTICLE 10 – SUCCESSORS**

**Section 10.1 Corporation may Consolidate, etc., Only on Certain Terms**

(1) The Corporation may not, without the consent of the holders of the Debentures by Extraordinary Resolution hereunder, consolidate with or amalgamate or merge with or into any Person (other than a directly or indirectly wholly-owned Subsidiary of the Corporation) or sell, convey, transfer or lease all or substantially all of the properties and assets of the Corporation to another Person (other than a directly or indirectly wholly-owned Subsidiary of the Corporation) unless:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the Person formed by such consolidation or into which the Corporation is amalgamated or merged, or the
Person which acquires by sale, conveyance, transfer or lease all or substantially all of the properties and assets of the Corporation
is a corporation, organized and existing under the laws of Canada or any province or territory thereof or the laws of the United States
or any state thereof and such corporation (if other than the Corporation or the continuing corporation resulting from the amalgamation
of the Corporation with another corporation under the laws of Canada or any province or territory thereof) expressly assumes, by an indenture
supplemental hereto, executed and delivered to the Trustee, in form satisfactory to the Trustee, the obligations of the Corporation under
the Debentures and this Indenture and the performance or observance of every covenant and provision of this Indenture and the Debentures
required on the part of the Corporation to be performed or observed and the conversion rights shall be provided for in accordance with
Article 6, by supplemental indenture satisfactory in form to the Trustee, executed and delivered to the Trustee, by the Person (if other
than the Corporation or the continuing corporation resulting from the amalgamation of the Corporation with another corporation under the
laws of Canada or any province or territory thereof) formed by such consolidation or into which the Corporation shall have been merged
or by the Person which shall have acquired the Corporation's assets;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) after giving effect to such transaction, no Event of Default, and no event which, after notice or lapse
of time or both, would become an Event of Default, shall have occurred and be continuing; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) if the Corporation or the continuing corporation resulting from the amalgamation or merger of the
 Corporation with another Person under the laws of Canada or any province or territory thereof or the laws of the United States or any state thereof will not be the resulting,
continuing or surviving corporation, the Corporation shall have, at or prior to the effective date of such consolidation, amalgamation,
merger or sale, conveyance, transfer or lease, delivered to the Trustee an Officer's Certificate and an opinion of Counsel, each
stating that such consolidation, merger or transfer complies with this Article and, if a supplemental indenture is required in connection
with such transaction, such supplemental indenture complies with this Article, and that all conditions precedent herein provided for relating
to such transaction have been complied with.

- 63 - INDENTURE

(2) For purposes of the foregoing, the sale, conveyance, transfer or lease (in a single transaction or a series of related transactions) of the properties or assets of one or more Subsidiaries of the Corporation (other than to the Corporation or another wholly-owned Subsidiary of the Corporation), which, if such properties or assets were directly owned by the Corporation, would constitute all or substantially all of the properties and assets of the Corporation and its Subsidiaries, taken as a whole, shall be deemed to be the sale, conveyance, transfer or lease of all or substantially all of the properties and assets of the Corporation.

**Section 10.2 Successor Substituted**

Upon any consolidation of the Corporation with, or amalgamation or merger of the Corporation into, any other Person or any sale, conveyance, transfer or lease of all or substantially all of the properties and assets of the Corporation and its Subsidiaries, taken as a whole, in accordance with Section 10.1, the successor Person formed by such consolidation or into which the Corporation is amalgamated or merged or to which such sale, conveyance, transfer or lease is made shall succeed to, and be substituted for, and may exercise every right and power of, the Corporation under this Indenture with the same effect as if such successor Person had been named as the Corporation herein, and thereafter, except in the case of a lease, and except for obligations the predecessor Person may have under a supplemental indenture entered into pursuant to clause 10.1(1)(c), the predecessor Person shall be relieved of all obligations and covenants under this Indenture and the Debentures.

**ARTICLE 11– COMPULSORY ACQUISITION**

**Section 11.1 Definitions In this Article:**

(1) "**Affiliate**" and "**Associate**" shall have their respective meanings set forth in the *Securities Act* (Ontario);

(2) **Dissenting Debentureholders**" means a Debentureholder who does not accept an Offer referred to in Section 11.2 and includes any assignee of the Debenture of a Debentureholder to whom such an Offer is made, whether or not such assignee is recognized under this Indenture;

(3) **Offer**" means an offer to acquire outstanding Debentures, which is a takeover bid for Debentures within the meaning ascribed thereto in NI 62-104, whereas of the date of the offer to acquire, the Debentures that are subject to the offer to acquire, together with the Offeror's Debentures, constitute in the aggregate 20% or more of the outstanding principal amount of the Debentures;

- 64 - INDENTURE

(4) "**offer to acquire**" includes an acceptance of an offer to sell;

(5) **Offeror**" means a person, or two or more persons acting jointly or in concert, who make an Offer to acquire Debentures;

(6) **Offeror's Debentures**" means Debentures beneficially owned, or over which control or direction is exercised, on the date of an Offer by the Offeror, any Affiliate or Associate of the Offeror or any Person or company acting jointly or in concert with the Offeror; and

(7) "**Offeror's Notice**" means the notice described in Section 11.3.

**Section 11.2 Offer for Debentures**

If an Offer for all of the outstanding Debentures (other than Debentures held by or on behalf of the Offeror or an Affiliate or Associate of the Offeror) is made and:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) within the time provided in the Offer for its acceptance or within 120 days after the date the Offer is
made, whichever period is the shorter, the Offer is accepted by Debentureholders representing at least 90% of the outstanding principal
amount of the Debentures, other than the Offeror's Debentures;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the Offeror is bound to take up and pay for, or has taken up and paid for the Debentures of the Debentureholders
who accepted the Offer;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) the Offeror complies with Sections 11.3 and 11.5; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) the Offer complies with applicable securities laws (including any applicable requirements of the U.S.
Securities Exchange Act).

the Offeror is entitled to acquire, and the Dissenting Debentureholders are required to sell to the Offeror, the Debentures held by the Dissenting Debentureholder for the same consideration per Debenture payable or paid, as the case may be, under the Offer.

**Section 11.3 Offeror's Notice to Dissenting Shareholders**

Where an Offeror is entitled to acquire Debentures held by Dissenting Debentureholders pursuant to Section 11.2 and the Offeror wishes to exercise such right, the Offeror shall send by registered mail within 30 days after the date of termination of the Offer a notice (the "**Offeror's Notice**") to each Dissenting Debentureholder stating that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Debentureholders holding at least 90% of the principal amount of all outstanding Debentures, other than
Offeror's Debentures, have accepted the Offer;

- 65 - INDENTURE

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the Offeror is bound to take up and pay for, or has taken up and paid for, the Debentures of the Debentureholders
who accepted the Offer;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Dissenting Debentureholders must transfer their respective Debentures to the Offeror on the terms on which
the Offeror acquired the Debentures of the Debentureholders who accepted the Offer within 21 days after the date of the sending of the
Offeror's Notice; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Dissenting Debentureholders must send their respective Debenture certificate(s) to the Trustee within
21 days after the date of the sending of the Offeror's Notice.

**Section 11.4 Delivery of Debenture Certificates**

A Dissenting Debentureholder to whom an Offeror's Notice is sent pursuant to Section 11.3 shall, within 21 days after the sending of the Offeror's Notice, send his or her Debenture certificate(s) to the Trustee duly endorsed for transfer.

**Section 11.5 Payment of Consideration to Trustee**

Within 21 days after the Offeror sends an Offeror's Notice pursuant to Section 11.3, the Offeror shall pay or transfer to the Trustee, or to such other Person as the Trustee may direct, the cash or other consideration that is payable to Dissenting Debentureholders pursuant to Section 11.2. The acquisition by the Offeror of all Debentures held by all Dissenting Debentureholders shall be effective as of the time of such payment or transfer.

**Section 11.6 Consideration to be held in Trust**

The Trustee, or the Person directed by the Trustee, shall hold in trust for the Dissenting Debentureholders the cash or other consideration they or it receives under Section 11.5. The Trustee, or such persons, shall deposit cash in a separate account in a Canadian chartered bank, or other body corporate, any of whose deposits are insured by the Canada Deposit Insurance Corporation, and shall place other consideration in the custody of a Canadian chartered bank or such other body corporate.

**Section 11.7 Completion of Transfer of Debentures to Offeror**

Within 30 days after the date of the sending of an Offeror's Notice pursuant to Section 11.3, the Trustee, if the Offeror has complied with Section 11.5, shall:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) do all acts and things and execute and cause to be executed all instruments as in the Trustee's
opinion may be necessary or desirable to cause the transfer of the Debentures of the Dissenting Debentureholders to the Offeror;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) send to each Dissenting Debentureholder who has complied with Section 11.4 the consideration to which
such Dissenting Debentureholder is entitled under this Article 11; and

- 66 - INDENTURE

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) send to each Dissenting Debentureholder who has not complied with Section 11.4 a notice stating that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) his or her Debentures have been transferred to the Offeror;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the Trustee or some other Person designated in such notice are holding in trust the consideration for
such Debentures; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) the Trustee, or such other Person, will send the consideration to such Dissenting Debentureholder as soon
as possible after receiving such Dissenting Debentureholder's Debenture Certificate(s) or such other documents as the Trustee or
such other Person may require in lieu thereof;

and the Trustee is hereby appointed the agent and attorney of the Dissenting Debentureholders for the purposes of giving effect to the foregoing provisions.

**Section 11.8 Communication of Offer to the Corporation**

An Offeror cannot make an Offer for Debentures unless, concurrent with the communication of the Offer to any Debentureholder, a copy of the Offer is provided to the Corporation.

**ARTICLE 12 – MEETINGS OF DEBENTUREHOLDERS**

**Section 12.1 Right to Convene Meeting**

The Trustee or the Corporation may at any time and from time to time, and the Trustee shall, on receipt of a Written Direction of the Corporation or a written request signed by the holders of not less than 25% of the principal amount of the Debentures then outstanding and upon receiving funding and being indemnified to its reasonable satisfaction by the Corporation or by the Debentureholders signing such request against the costs which may be incurred in connection with the calling and holding of such meeting, convene a meeting of the Debentureholders. In the event of the Trustee failing, within 30 days after receipt of any such request and such funding of indemnity, to give notice convening a meeting, the Corporation or such Debentureholders, as the case may be, may convene such meeting. Every such meeting shall be held in the City of Vancouver or at such other place as may be approved or determined by the Trustee.

**Section 12.2 Notice of Meetings**

(1) At least 21 days' notice of any meeting shall be given to the Debentureholders in the manner provided in Section 13.2 and a copy of such notice shall be sent by post to the Trustee, unless the meeting has been called by it. Such notice shall state the time when and the place where the meeting is to be held and shall state briefly the general nature of the business to be transacted thereat and it shall not be necessary for any such notice to set out the terms of any resolution to be proposed or any of the provisions of this Article. The accidental omission to give notice of a meeting to any holder of Debentures shall not invalidate any resolution passed at any such meeting. A holder may waive notice of a meeting either before or after the meeting.

- 67 - INDENTURE

(2) If the business to be transacted at any meeting by Extraordinary Resolution or otherwise, or any action to be taken or power exercised by instrument in writing under Section 12.15, especially affects the rights of holders of Debentures of one or more series in a manner or to an extent differing in any material way from that in or to which the rights of holders of Debentures of any other series are affected (determined as provided in subsections 12.2(3) and (4)), then:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) a reference to such fact, indicating each series of Debentures in the opinion of the Trustee so especially
affected (hereinafter referred to as the "especially affected series") shall be made in the notice of such meeting, and in
any such case the meeting shall be and be deemed to be and is herein referred to as a "**Serial Meeting** "; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the holders of Debentures of an especially affected series shall not be bound by any action taken at a
Serial Meeting or by instrument in writing under Section 12.15 unless in addition to compliance with the other provisions of this Article
12:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) at such Serial Meeting: (A) there are Debentureholders present in person or by proxy and representing
at least 25% in principal amount of the Debentures then outstanding of such series, subject to the provisions of this Article 12 as to
quorum at adjourned meetings; and (B) the resolution is passed by the affirmative vote of the holders of more than 50% (or in the case
of an Extraordinary Resolution not less than 66⅔%) of the principal amount of the Debentures of such series present in person or
represented by proxy at such Serial Meeting; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) in the case of action taken or power exercised by instrument in writing under Section 12.15, such instrument
is signed in one or more counterparts by the holders of not less than 66⅔% in principal amount of the Debentures of such series
then outstanding.

(3) Subject to subsection 12.2(4), the determination as to whether any business to be transacted at a meeting of Debentureholders, or any action to be taken or power to be exercised by instrument in writing under Section 12.15, especially affects the rights of the Debentureholders of one or more series in a manner or to an extent differing in any material way from that in or to which it affects the rights of Debentureholders of any other series (and is therefore an especially affected series) shall be determined by an opinion of Counsel, which shall be binding on all Debentureholders, the Trustee and the Corporation for all purposes hereof.

- 68 - INDENTURE

(4) A proposal:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) to extend the maturity of Debentures of any particular series or to reduce the principal amount thereof,
the rate of interest or redemption premium thereon or to impair any conversion right thereof;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) to modify or terminate any covenant or agreement which by its terms is effective only so long as Debentures
of a particular series are outstanding; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) to reduce with respect to Debentureholders of any particular series any percentage stated in this Section
12.2 or Sections 12.4, 12.12 and 12.15;

shall be deemed to especially affect the rights of the Debentureholders of such series in a manner differing in a material way from that in which it affects the rights of holders of Debentures of any other series, whether or not a similar extension, reduction, modification or termination is proposed with respect to Debentures of any or all other series.

**Section 12.3 Chairman**

Some person, who need not be a Debentureholder, nominated in writing by the Trustee shall be chairman of the meeting and if no Person is so nominated, or if the Person so nominated is not present within 15 minutes from the time fixed for the holding of the meeting, a majority of the Debentureholders present in person or by proxy shall choose some Person present to be chairman.

**Section 12.4 Quorum**

Subject to the provisions of Section 12.12, at any meeting of the Debentureholders a quorum shall consist of Debentureholders present in person or by proxy and representing at least 25% in principal amount of the outstanding Debentures and, if the meeting is a Serial Meeting, at least 25% of the Debentures then outstanding of each especially affected series. If a quorum of the Debentureholders shall not be present within 30 minutes from the time fixed for holding any meeting, the meeting, if summoned by the Debentureholders or pursuant to a request of the Debentureholders, shall be dissolved, but in any other case the meeting shall be adjourned to the same day in the next week (unless such day is not a Business Day in which case it shall be adjourned to the next following Business Day thereafter) at the same time and place to the extent possible and no notice shall be required to be given in respect of such adjourned meeting. At the adjourned meeting, the Debentureholders present in person or by proxy shall, subject to the provisions of Section 12.12, constitute a quorum and may transact the business for which the meeting was originally convened notwithstanding that they may not represent 25% of the principal amount of the outstanding Debentures or of the Debentures then outstanding of each especially affected series. Any business may be brought before or dealt with at an adjourned meeting which might have been brought before or dealt with at the original meeting in accordance with the notice calling the same. No business shall be transacted at any meeting unless the required quorum is present at the commencement of business.

- 69 - INDENTURE

**Section 12.5 Power to Adjourn**

The chairman of any meeting at which a quorum of the Debentureholders is present may, with the consent of the holders of a majority in principal amount of the Debentures represented thereat, adjourn any such meeting and no notice of such adjournment need be given except such notice, if any, as the meeting may prescribe.

**Section 12.6 Show of Hands**

Every question submitted to a meeting shall, subject to Section 12.7, be decided in the first place by a majority of the votes given on a show of hands except that votes on Extraordinary Resolutions shall be given in the manner hereinafter provided. At any such meeting, unless a poll is duly demanded as herein provided, a declaration by the chairman that a resolution has been carried or carried unanimously or by a particular majority or lost or not carried by a particular majority shall be conclusive evidence of the fact. The chairman of any meeting shall be entitled, both on a show of hands and on a poll, to vote in respect of the Debentures, if any, held by him.

**Section 12.7 Poll**

On every Extraordinary Resolution, and on any other question submitted to a meeting when demanded by the chairman or by one or more Debentureholders or proxies for Debentureholders, a poll shall be taken in such manner and either at once or after an adjournment as the chairman shall direct. Questions other than Extraordinary Resolutions shall, if a poll be taken, be decided by the votes of the holders of a majority in principal amount of the Debentures and of each especially affected series, if applicable, represented at the meeting and voted on the poll.

**Section 12.8 Voting**

On a show of hands every Person who is present and entitled to vote, whether as a Debentureholder or as proxy for one or more Debentureholders or both, shall have one vote. On a poll each Debentureholder present in person or represented by a proxy duly appointed by an instrument in writing shall be entitled to one vote in respect of each $1.00 principal amount of Debentures of which he shall then be the holder. In the case of any Debenture denominated in a currency or currency unit other than Canadian dollars, the principal amount thereof for these purposes shall be computed in Canadian dollars on the basis of the conversion of the principal amount thereof at the applicable spot buying rate of exchange for such other currency or currency unit as reported by the Bank of Canada at the close of business on the Business Day next preceding the meeting. Any fractional amounts resulting from such conversion shall be rounded to the nearest $100. A proxy need not be a Debentureholder. In the case of joint holders of a Debenture, any one of them present in person or by proxy at the meeting may vote in the absence of the other or others but in case more than one of them be present in person or by proxy, they shall vote together in respect of the Debentures of which they are joint holders.

- 70 - INDENTURE

**Section 12.9 Proxies**

A Debentureholder may be present and vote at any meeting of Debentureholders by an authorized representative. The Corporation (in case it convenes the meeting) or the Trustee (in any other case) for the purpose of enabling the Debentureholders to be present and vote at any meeting without producing their Debentures, and of enabling them to be present and vote at any such meeting by proxy and of lodging instruments appointing such proxies at some place other than the place where the meeting is to be held, may from time to time make and vary such regulations as it shall think fit providing for and governing the form of the instrument appointing a proxy, which shall be in writing, and the manner in which the same shall be executed and the production of the authority of any Person signing on behalf of a Debentureholder.

Any regulations so made shall be binding and effective and the votes given in accordance therewith shall be valid and shall be counted. Save as such regulations may provide, the only persons who shall be recognized at any meeting as the holders of any Debentures, or as entitled to vote or be present at the meeting in respect thereof, shall be Debentureholders and persons whom Debentureholders have by instrument in writing duly appointed as their proxies.

**Section 12.10 Persons Entitled to Attend Meetings**

The Corporation and the Trustee, by their respective officers and directors, the Auditors of the Corporation and the legal advisors of the Corporation, the Trustee or any Debentureholder may attend any meeting of the Debentureholders, but shall have no vote as such.

**Section 12.11 Powers Exercisable by Extraordinary Resolution**

(1) In addition to the powers conferred upon them by any other provisions of this Indenture or by law, a meeting of the Debentureholders shall have the following powers exercisable from time to time by Extraordinary Resolution (subject in the case of the matters in paragraphs (a)–(d) and (l) to the prior approval of the Recognized Stock Exchange on which the Common Shares are listed for trading, if the Common Shares are listed):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) power to authorize the Trustee to grant extensions of time for payment of any principal, premium or interest
on the Debentures, whether or not the principal, premium, or interest, the payment of which is extended, is at the time due or overdue;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) power to sanction any modification, abrogation, alteration, compromise or arrangement of the rights of
the Debentureholders or the Trustee (with its consent) against the Corporation, or against its property, whether such rights arise under
this Indenture or the Debentures or otherwise;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) power to assent to any modification of or change in or addition to or omission from the provisions contained
in this Indenture or any Debenture which shall be agreed to by the Corporation and to authorize the Trustee to concur in and execute any
indenture supplemental hereto embodying any modification, change, addition or omission;

- 71 - INDENTURE

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) power to sanction any scheme for the reconstruction, reorganization or recapitalization of the Corporation
or for the consolidation, amalgamation, arrangement, combination or merger of the Corporation with any other Person or for the sale, leasing,
transfer or other disposition of all or substantially all of the undertaking, property and assets of the Corporation or any part thereof,
provided that no such sanction shall be necessary in respect of any such transaction if the provisions of Section 10.1 shall have been
complied with;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) power to direct or authorize the Trustee to exercise any power, right, remedy or authority given to it
by this Indenture in any manner specified in any such Extraordinary Resolution or to refrain from exercising any such power, right, remedy
or authority;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) power to waive, and direct the Trustee to waive, any default hereunder and/or cancel any declaration made
by the Trustee pursuant to Section 8.1 either unconditionally or upon any condition specified in such Extraordinary Resolution;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) power to restrain any Debentureholder from taking or instituting any suit, action or proceeding for the
purpose of enforcing payment of the principal, premium or interest on the Debentures, or for the execution of any trust or power hereunder;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) power to direct any Debentureholder who, as such, has brought any action, suit or proceeding to stay or
discontinue or otherwise deal with the same upon payment, if the taking of such suit, action or proceeding shall have been permitted by
Section 8.5, of the costs, charges and expenses reasonably and properly incurred by such Debentureholder in connection therewith;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) power to assent to any compromise or arrangement with any creditor or creditors or any class or classes
of creditors, whether secured or otherwise, and with holders of any shares or other securities of the Corporation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) power to appoint a committee with power and authority (subject to such limitations, if any, as may
 be prescribed in the resolution) to exercise, and to direct the Trustee to exercise, on behalf of the Debentureholders, such of the
 powers of the Debentureholders as are exercisable by Extraordinary Resolution or other resolution as shall be included in the
 resolution appointing the committee. The resolution making such appointment may provide for payment of the expenses and
 disbursements of and compensation to such committee. Such committee shall consist of such number of persons as shall be prescribed
 in the resolution appointing it and the members need not be themselves Debentureholders. Every such committee may elect its chairman
 and may make regulations respecting its quorum, the calling of its meetings and the filling of vacancies occurring in its number and
 its procedure generally. Such regulations may provide that the committee may act at a meeting at which a quorum is present or may
 act by minutes signed by the number of members thereof necessary to constitute a quorum. All
acts of any such committee within the authority delegated to it shall be binding upon all Debentureholders. Neither the committee nor
any member thereof shall be liable for any loss arising from or in connection with any action taken or omitted to be taken by them in
good faith;

- 72 - INDENTURE

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) power to remove the Trustee from office and to appoint a new Trustee or Trustees provided that no such
removal shall be effective unless and until a new Trustee or Trustees shall have become bound by this Indenture;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) power to sanction the exchange of the Debentures for or the conversion thereof into shares, bonds, debentures
or other securities or obligations of the Corporation or of any other Person formed or to be formed;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m) power to authorize the distribution in specie of any shares or securities received pursuant to a transaction
authorized under the provisions of subsection 12.11(1); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n) power to amend, alter or repeal any Extraordinary Resolution previously passed or sanctioned by the Debentureholders
or by any committee appointed pursuant to clause 12.11(1)(j).

(2) Notwithstanding the foregoing provisions of this Section 12.11 none of such provisions shall in any manner allow or permit any amendment, modification, abrogation or addition to the provisions of Article 5 which could reasonably be expected to detrimentally affect the rights, remedies or recourse of the priority of the Secured Creditors.

**Section 12.12 Meaning of "Extraordinary Resolution"**

(1) The expression "**Extraordinary Resolution**" when used in this Indenture means, subject as hereinafter in this Article provided, a resolution proposed to be passed as an Extraordinary Resolution at a meeting of Debentureholders (including an adjourned meeting) duly convened for the purpose and held in accordance with the provisions of this Article at which the holders of not less than 25% of the principal amount of the Debentures then outstanding, and if the meeting is a Serial Meeting, at which holders of not less than 25% of the principal amount of the Debentures then outstanding of each especially affected series, are present in person or by proxy and passed by the favourable votes of the holders of not less than 66⅔% of the principal amount of the Debentures, and if the meeting is a Serial Meeting by the affirmative vote of the holders of not less than 66⅔% of each especially affected series, in each case present or represented by proxy at the meeting and voted upon on a poll on such resolution.

(2) If, at any such meeting, the holders of not less than 25% of the principal amount of the Debentures then outstanding and, if the meeting is a Serial Meeting, 25% of the principal amount of the Debentures then outstanding of each especially affected series, in each case are not present in person or by proxy within 30 minutes after the time appointed for the meeting, then the meeting, if convened by or on the requisition of Debentureholders, shall be dissolved but in any other case it shall stand adjourned to such date, being not less than 14 nor more than 60 days later, and to such place and time as may be appointed by the chairman. Not less than 10 days' notice shall be given of the time and place of such adjourned meeting in the manner provided in Section 13.2. Such notice shall state that at the adjourned meeting the Debentureholders present in person or by proxy shall form a quorum. At the adjourned meeting the Debentureholders present in person or by proxy shall form a quorum and may transact the business for which the meeting was originally convened and a resolution proposed at such adjourned meeting and passed thereat by the affirmative vote of holders of not less than 66⅔% of the principal amount of the Debentures and, if the meeting is a Serial Meeting, by the affirmative vote of the holders of not less than 66⅔% of the principal amount of the Debentures of each especially affected series, in each case present or represented by proxy at the meeting and voted upon on a poll shall be an Extraordinary Resolution within the meaning of this Indenture, notwithstanding that the holders of not less than 25% in principal amount of the Debentures then outstanding, and if the meeting is a Serial Meeting, holders of not less than 25% of the principal amount of the Debentures then outstanding of each especially affected series, are not present in person or by proxy at such adjourned meeting.

- 73 - INDENTURE

(3) Votes on an Extraordinary Resolution shall always be given on a poll and no demand for a poll on an Extraordinary Resolution shall be necessary.

**Section 12.13 Powers Cumulative**

Any one or more of the powers in this Indenture stated to be exercisable by the Debentureholders by Extraordinary Resolution or otherwise may be exercised from time to time and the exercise of any one or more of such powers from time to time shall not be deemed to exhaust the rights of the Debentureholders to exercise the same or any other such power or powers thereafter from time to time.

**Section 12.14 Minutes**

Minutes of all resolutions and proceedings at every meeting as aforesaid shall be made and duly entered in books to be from time to time provided for that purpose by the Trustee at the expense of the Corporation, and any such minutes as aforesaid, if signed by the chairman of the meeting at which such resolutions were passed or proceedings had, or by the chairman of the next succeeding meeting of the Debentureholders, shall be prima facie evidence of the matters therein stated and, until the contrary is proved, every such meeting, in respect of the proceedings of which minutes shall have been made, shall be deemed to have been duly held and convened, and all resolutions passed thereat or proceedings taken thereat to have been duly passed and taken.

**Section 12.15 Instruments in Writing**

All actions which may be taken and all powers that may be exercised by the Debentureholders at a meeting held as hereinbefore in this Article provided may also be taken and exercised by the holders of 66⅔% of the principal amount of all the Debentures outstanding and, if the meeting at which such actions might be taken would be a Serial Meeting, by the holders of 66⅔% of the principal amount of the Debentures then outstanding of each especially affected series, by an instrument in writing signed in one or more counterparts and the expression "**Extraordinary Resolution**" when used in this Indenture shall include an instrument so signed.

- 74 - INDENTURE

**Section 12.16 Binding Effect of Resolutions**

Every resolution and every Extraordinary Resolution passed in accordance with the provisions of this Article at a meeting of Debentureholders shall be binding upon all the Debentureholders, whether present at or absent from such meeting, and every instrument in writing signed by Debentureholders in accordance with Section 12.15 shall be binding upon all the Debentureholders, whether signatories thereto or not, and each and every Debentureholder and the Trustee (subject to the provisions for its indemnity herein contained) shall be bound to give effect accordingly to every such resolution, Extraordinary Resolution and instrument in writing.

**Section 12.17 Evidence of Rights Of Debentureholders**

(1) Any request, direction, notice, consent or other instrument which this Indenture may require or permit to be signed or executed by the Debentureholders may be in any number of concurrent instruments of similar tenor signed or executed by such Debentureholders.

(2) The Trustee may, in its discretion, require proof of execution in cases where it deems proof desirable and may accept such proof as it shall consider proper.

**Section 12.18 Concerning Serial Meetings**

If in the opinion of Counsel any business to be transacted at any meeting, or any action to be taken or power to be exercised by instrument in writing under Section 12.15, does not adversely affect the rights of the holders of Debentures of one or more series, the provisions of this Article 12 shall apply as if the Debentures of such series were not outstanding and no notice of any such meeting need be given to the holders of Debentures of such series. Without limiting the generality of the foregoing, a proposal to modify or terminate any covenant or agreement which is effective only so long as Debentures of a particular series are outstanding shall be deemed not to adversely affect the rights of the holders of Debentures of any other series.

**ARTICLE 13 – NOTICES**

**Section 13.1 Notice to Corporation**

Any notice to the Corporation under the provisions of this Indenture shall be valid and effective if delivered to the Corporation at: Kuljit Basi, Attention: Chief Executive Officer, or if given by registered letter, postage prepaid, to such offices and so addressed and if mailed, shall be deemed to have been effectively given three days following the mailing thereof. The Corporation may from time to time notify the Trustee in writing of a change of address which thereafter, until changed by like notice, shall be the address of the Corporation for all purposes of this Indenture.

- 75 - INDENTURE

**Section 13.2 Notice to Debentureholders**

(1) All notices to be given hereunder with respect to the Debentures shall be deemed to be validly given to the holders thereof if sent by first class mail, postage prepaid, by letter or circular addressed to such holders at their post office addresses appearing in any of the registers hereinbefore mentioned and shall be deemed to have been effectively given three days following the day of mailing. Accidental error or omission in giving notice or accidental failure to mail notice to any Debentureholder or the inability of the Corporation to give or mail any notice due to anything beyond the reasonable control of the Corporation shall not invalidate any action or proceeding founded thereon.

(2) If any notice given in accordance with the foregoing paragraph would be unlikely to reach the Debentureholders to whom it is addressed in the ordinary course of post by reason of an interruption in mail service, whether at the place of dispatch or receipt or both, the Corporation shall give such notice by publication at least once in the city of Vancouver (or in such of those cities as, in the opinion of the Trustee, is sufficient in the particular circumstances), each such publication to be made in a daily newspaper of general circulation in the designated city.

(3) Any notice given to Debentureholders by publication shall be deemed to have been given on the day on which publication shall have been effected at least once in each of the newspapers in which publication was required.

(4) All notices with respect to any Debenture may be given to whichever one of the holders thereof (if more than one) is named first in the registers hereinbefore mentioned, and any notice so given shall be sufficient notice to all holders of any persons interested in such Debenture.

**Section 13.3 Notice to Trustee**

Any notice to the Trustee under the provisions of this Indenture shall be valid and effective if delivered, receipt confirmed, to the Trustee as follows:

Computershare Trust Company of Canada

800 - 324 8 Avenue SW

Calgary, Alberta T2P 2Z2

Attention:Manager, Corporate Trust

Email: corporatetrust.calgary@computershare.com

and shall be deemed to have been effectively given as of the date of such receipt confirmation or if given by registered letter, postage prepaid, to such office and so addressed and, if mailed, shall be deemed to have been effectively given three days following the mailing thereof.

- 76 - INDENTURE

**Section 13.4 Mail Service Interruption**

If by reason of any interruption of mail service, actual or threatened, any notice to be given to the Trustee would reasonably be unlikely to reach its destination by the time notice by mail is deemed to have been given pursuant to Section 13.3, such notice shall be valid and effective only if delivered at the appropriate address in accordance with Section 13.3.

**ARTICLE 14 – CONCERNING THE TRUSTEE**

**Section 14.1 Replacement of Trustee**

(1) The Trustee may resign its trust and be discharged from all further duties and liabilities hereunder by giving to the Corporation 90 days' notice in writing or such shorter notice as the Corporation may accept as sufficient. If at any time a material conflict of interest exists in the Trustee's role as a fiduciary hereunder the Trustee shall, within 30 days after ascertaining that such a material conflict of interest exists, either eliminate such material conflict of interest or resign in the manner and with the effect specified in this Section 14.1. The validity and enforceability of this Indenture and of the Debentures issued hereunder shall not be affected in any manner whatsoever by reason only that such a material conflict of interest exists. In the event of the Trustee resigning or being removed or being dissolved, becoming bankrupt, going into liquidation or otherwise becoming incapable of acting hereunder, the Corporation shall forthwith appoint a new Trustee unless a new Trustee has already been appointed by the Debentureholders. Failing such appointment by the Corporation, the retiring Trustee or any Debentureholder may apply to a Judge of the Ontario Superior Court of Justice, on such notice as such Judge may direct at the Corporation's expense, for the appointment of a new Trustee but any new Trustee so appointed by the Corporation or by the Court shall be subject to removal as aforesaid by the Debentureholders and the appointment of such new Trustee shall be effective only upon such new Trustee becoming bound by this Indenture. Any new Trustee appointed under any provision of this Section 14.1 shall be a corporation authorized to carry on the business of a trust company in all of the Provinces of Canada. On any new appointment the new Trustee shall be vested with the same powers, rights, duties and responsibilities as if it had been originally named herein as Trustee.

(2) Any company into which the Trustee may be merged or, with or to which it may be consolidated, amalgamated or sold, or any company resulting from any merger, consolidation, sale or amalgamation to which the Trustee shall be a party, or any company which shall purchase all or substantially all of the corporate trust book of business of the Trustee, shall be the successor trustee under this Indenture without the execution of any instrument or any further act. Nevertheless, upon the written request of the successor Trustee or of the Corporation, the Trustee ceasing to act shall execute and deliver an instrument assigning and transferring to such successor Trustee, upon the trusts herein expressed, all the rights, powers and trusts of the Trustee so ceasing to act, and, upon receipt by the Trustee of payment in full for any outstanding charges due to it, shall duly assign, transfer and deliver all property and money held by such Trustee to the successor Trustee so appointed in its place. Should any deed, conveyance or instrument in writing from the Corporation be required by any new Trustee for more fully and certainly vesting in and confirming to it such estates, properties, rights, powers and trusts, then any and all such deeds, conveyances and instruments in writing shall on request of said new Trustee, be made, executed, acknowledged and delivered by the Corporation.

- 77 - INDENTURE

**Section 14.2 Duties of Trustee**

In the exercise of the rights, duties and obligations prescribed or conferred by the terms of this Indenture, the Trustee shall act honestly and in good faith, with a view to the best interests of the Debentureholders, and shall exercise that degree of care, diligence and skill that a reasonably prudent trustee would exercise in comparable circumstances.

**Section 14.3 Reliance Upon Declarations, Opinions, etc.**

In the exercise of its rights, duties and obligations hereunder the Trustee may, if acting in good faith, rely, as to the truth of the statements and accuracy of the opinions expressed therein, upon statutory declarations, opinions, reports or certificates furnished pursuant to any covenant, condition or requirement of this Indenture or required by the Trustee to be furnished to it in the exercise of its rights and duties hereunder, if the Trustee examines such statutory declarations, opinions, reports or certificates and determines that they comply with Section 14.4, if applicable, and with any other applicable requirements of this Indenture. The Trustee may nevertheless, in its discretion, require further proof in cases where it deems further proof desirable. Without restricting the foregoing, the Trustee may rely on an opinion of Counsel satisfactory to the Trustee notwithstanding that it is delivered by a solicitor or firm which acts as solicitors for the Corporation.

**Section 14.4 Evidence and Authority to Trustee, Opinions, etc.**

(1) The Corporation shall furnish to the Trustee evidence of compliance with the conditions precedent provided for in this Indenture relating to any action or step required or permitted to be taken by the Corporation or the Trustee under this Indenture or as a result of any obligation imposed under this Indenture, including without limitation, the certification and delivery of Debentures hereunder, the satisfaction and discharge of this Indenture and the taking of any other action to be taken by the Trustee at the request of or on the application of the Corporation, forthwith if and when (a) such evidence is required by any other Section of this Indenture to be furnished to the Trustee in accordance with the terms of this Section 14.4, or (b) the Trustee, in the exercise of its rights and duties under this Indenture, gives the Corporation written notice requiring it to furnish such evidence in relation to any particular action or obligation specified in such notice.

(2) Such evidence shall consist of

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) a certificate made by any two officers or directors of the Corporation, stating that any such condition
precedent has been complied with in accordance with the terms of this Indenture;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) in the case of a condition precedent compliance with which is, by the terms of this Indenture, made subject
to review or examination by a solicitor, an opinion of Counsel that such condition precedent
has been complied with in accordance with the terms of this Indenture; and

- 78 - INDENTURE

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) in the case of any such condition precedent compliance with which is subject to review or examination
by auditors or accountants, an opinion or report of the Auditors of the Corporation whom the Trustee for such purposes hereby approves,
that such condition precedent has been complied with in accordance with the terms of this Indenture.

(3) Whenever such evidence relates to a matter other than the certificates and delivery of Debentures and the satisfaction and discharge of this Indenture, and except as otherwise specifically provided herein, such evidence may consist of a report or opinion of any solicitor, auditor, accountant, engineer or appraiser or any other Person whose qualifications give authority to a statement made by him, provided that if such report or opinion is furnished by a trustee, officer or employee of the Corporation it shall be in the form of a statutory declaration. Such evidence shall be, so far as appropriate, in accordance with the immediately preceding paragraph of this Section.

(4) Each statutory declaration, certificate, opinion or report with respect to compliance with a condition precedent provided for in the Indenture shall include (a) a statement by the Person giving the evidence that he has read and is familiar with those provisions of this Indenture relating to the condition precedent in question, (b) a brief statement of the nature and scope of the examination or investigation upon which the statements or opinions contained in such evidence are based, (c) a statement that, in the belief of the Person giving such evidence, he has made such examination or investigation as is necessary to enable him to make the statements or give the opinions contained or expressed therein, and (d) a statement whether in the opinion of such Person the conditions precedent in question have been complied with or satisfied.

(5) The Corporation shall furnish or cause to be furnished to the Trustee at any time if the Trustee reasonably so requires, its certificate that the Corporation has complied with all covenants, conditions or other requirements contained in this Indenture, the non-compliance with which would, with the giving of notice or the lapse of time, or both, or otherwise, constitute an Event of Default, or if such is not the case, specifying the covenant, condition or other requirement which has not been complied with and giving particulars of such non-compliance. The Corporation shall, whenever the Trustee so requires, furnish the Trustee with evidence by way of statutory declaration, opinion, report or certificate as specified by the Trustee as to any action or step required or permitted to be taken by the Corporation or as a result of any obligation imposed by this Indenture.

**Section 14.5 Officer's Certificates Evidence**

Except as otherwise specifically provided or prescribed by this Indenture, whenever in the administration of the provisions of this Indenture the Trustee shall deem it necessary or desirable that a matter be proved or established prior to taking or omitting any action hereunder, the Trustee, if acting in good faith, may rely upon an Officer's Certificate.

- 79 - INDENTURE

**Section 14.6 Experts, Advisers and Agents**

The Trustee may:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) employ or retain and act and rely on the opinion or advice of or information obtained from any solicitor,
auditor, valuer, engineer, surveyor, appraiser or other expert, whether obtained by the Trustee or by the Corporation, or otherwise, and
shall not be liable for acting, or refusing to act, in good faith on any such opinion or advice and shall not be responsible for any misconduct
on the part of any of them and may pay proper and reasonable compensation for all such legal and other advice or assistance as aforesaid.
The reasonable costs of such services shall be added to and become part of the Trustee's remuneration hereunder; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) employ such agents and other assistants as it may reasonably require for the proper discharge of its duties
hereunder, and may pay reasonable remuneration for all services performed for it (and shall be entitled to receive reasonable remuneration
for all services performed by it) in the discharge of the trusts hereof and compensation for all disbursements, costs and expenses made
or incurred by it in the discharge of its duties hereunder and in the management of the trusts hereof and any solicitors employed or consulted
by the Trustee may, but need not be, solicitors for the Corporation.

**Section 14.7 Trustee May Deal in Debentures**

Subject to Section 14.2, the Trustee may, in its personal or other capacity, buy, sell, lend upon and deal in the Debentures and generally contract and enter into financial transactions with the Corporation or otherwise, without being liable to account for any profits made thereby.

**Section 14.8 Investment of Monies Held by Trustee**

Until released in accordance with this Agreement, monies held by the Trustee shall be kept segregated in the records of the Trustee and shall be deposited in one or more interest- bearing trust accounts to be maintained by the Trustee in the name of the Trustee at one or more banks having a Standard and Poors Issuer Credit rating of AA- or above (an "**Approved Bank**"). All amounts held by the Trustee pursuant to this Agreement shall be held by the Trustee pursuant to the term of this Agreement and shall not give rise to a debtor-creditor or other similar relationship. The amounts held by the Trustee pursuant to this Agreement are at the sole risk of Corporation and, without limiting the generality of the foregoing, the Trustee shall have no responsibility or liability for any diminution of the monies which may result from any deposit made with an Approved Bank pursuant to this Section 14.8, including any losses resulting from a default by the Approved Bank or other credit losses (whether or not resulting from such a default) and any credit or other losses on any deposit liquidated or sold prior to maturity. The parties hereto acknowledge and agree that the Trustee will have acted prudently in depositing the monies at any Approved Bank.

- 80 - INDENTURE

**Section 14.9 Trustee Not Ordinarily Bound**

Except as provided in Section 8.2 and as otherwise specifically provided herein, the Trustee shall not, subject to Section 14.2, be bound to give notice to any Person of the execution hereof, nor to do, observe or perform or see to the observance or performance by the Corporation of any of the obligations herein imposed upon the Corporation or of the covenants on the part of the Corporation herein contained, nor in any way to supervise or interfere with the conduct of the Corporation's business, unless the Trustee shall have been required to do so in writing by the holders of not less than 25% of the aggregate principal amount of the Debentures then outstanding or by any Extraordinary Resolution of the Debentureholders passed in accordance with the provisions contained in Article 12, and then only after it shall have been funded and indemnified to its satisfaction against all actions, proceedings, claims and demands to which it may render itself liable and all costs, charges, damages and expenses which it may incur by so doing.

**Section 14.10 Trustee Not Required to Give Security**

The Trustee shall not be required to give any bond or security in respect of the execution of the trusts and powers of this Indenture or otherwise in respect of the premises.

**Section 14.11 Trustee Not Bound to Act on Trust's Request**

Except as otherwise specifically provided in this Indenture, the Trustee shall not be bound to act in accordance with any direction or request of the Corporation until a duly authenticated copy of the instrument or resolution containing such direction or request shall have been delivered to the Trustee, and the Trustee shall be empowered to act upon any such copy purporting to be authenticated and believed by the Trustee to be genuine.

**Section 14.12 Conditions Precedent to Trustee's Obligations to Act Hereunder**

(1) The obligation of the Trustee to commence or continue any act, action or proceeding for the purpose of enforcing the rights of the Trustee and of the Debentureholders hereunder shall be conditional upon the Debentureholders furnishing when required by notice in writing by the Trustee, sufficient funds to commence or continue such act, action or proceeding and indemnity reasonably satisfactory to the Trustee to protect and hold harmless the Trustee against the costs, charges and expenses and liabilities to be incurred thereby and any loss and damage it may suffer by reason thereof.

(2) None of the provisions contained in this Indenture shall require the Trustee to expend or risk its own funds or otherwise incur financial liability in the performance of any of its duties or in the exercise of any of its rights or powers.

(3) The Trustee may, before commencing or at any time during the continuance of any such act, action or proceeding require the Debentureholders at whose instance it is acting to deposit with the Trustee the Debentures held by them for which Debentures the Trustee shall issue receipts.

- 81 - INDENTURE

**Section 14.13 Authority to Carry on Business**

The Trustee represents to the Corporation that at the date of execution and delivery by it of this Indenture it is authorized to carry on the business of a trust company in each of the provinces and territories of Canada but if, notwithstanding the provisions of this Section 14.13, it ceases to be so authorized to carry on business, the validity and enforceability of this Indenture and the securities issued hereunder shall not be affected in any manner whatsoever by reason only of such event but the Trustee shall, within 90 days after ceasing to be authorized to carry on the business of a trust company in any of the provinces of Canada, either become so authorized or resign in the manner and with the effect specified in Section 14.1.

**Section 14.14 Compensation and Indemnity**

(1) The Corporation shall pay to the Trustee from time to time compensation for its services hereunder as agreed separately by the Corporation and the Trustee, and shall pay or reimburse the Trustee upon its request for all reasonable expenses, disbursements and advances incurred or made by the Trustee in the administration or execution of its duties under this Indenture (including the reasonable and documented compensation and disbursements of its Counsel and all other advisers and assistants not regularly in its employ), both before any default hereunder and thereafter until all duties of the Trustee under this Indenture shall be finally and fully performed. Any fees and expenses of the trustee in connection herewith shall be paid by the Corporation within 30 days of issuance of an invoice therefor and, if not so paid, shall bear interest at a rate per annum to the then-current rate of interest charged by the Trustee to its corporate clients. The Trustee's compensation shall not be limited by any law on compensation of a trustee of an express trust.

(2) The Corporation hereby indemnifies and holds the Trustee and its affiliates, their successors and assigns, as well as its and their respective directors, officers, employees and agents, harmless from and against any and all claims, demands, assessments, interest, penalties, actions, suits, proceedings, liabilities, losses, damages, costs and expenses, including, without limiting the foregoing, expert, consultant and counsel fees and disbursements on a solicitor and client basis, arising from or in connection with any actions or omissions that the Trustee or they take pursuant to this Indenture, provided that the Corporation need not reimburse any cost or expense or indemnify against any loss or liability incurred by the Trustee through gross negligence or bad faith or fraud. This indemnity shall survive the resignation or removal of the Trustee and the termination or discharge of this Indenture.

(3) Notwithstanding any other provision of this Indenture, the Trustee shall not be liable for any (i) breach by any other party of the Applicable Securities Legislation, (ii) lost profits or (iii) punitive, consequential or special damages of any Person.

**Section 14.15 Acceptance of Trust**

The Trustee hereby accepts the trusts in this Indenture declared and provided for and agrees to perform the same upon the terms and conditions herein set forth and to hold all rights, privileges and benefits conferred hereby and by law in trust for the various persons who shall from time to time be Debentureholders, subject to all the terms and conditions herein set forth.

- 82 - INDENTURE

**Section 14.16 Third Party Interests**

Each party to this Indenture (in this paragraph referred to as a "representing party") hereby represents to the Trustee that any account to be opened by, or interest to be held by, the Trustee in connection with this Indenture, for or to the credit of such representing party, either (i) is not intended to be used by or on behalf of any third party; or (ii) is intended to be used by or on behalf of a third party, in which case such representing party hereby agrees to complete, execute and deliver forthwith to the Trustee a declaration, in the Trustee's prescribed form or in such other form as may be satisfactory to it, as to the particulars of such third party.

**Section 14.17 Anti-Money Laundering**

The Trustee shall retain the right not to act and shall not be liable for refusing to act if, due to a lack of information or for any other reason whatsoever, the Trustee, in its sole judgment, acting reasonably, determines that such act might cause it to be in noncompliance with any applicable anti-money laundering or anti-terrorist or economic sanctions legislation, regulation or guideline. Further, should the Trustee, in its sole judgment, acting reasonably, determine at any time that its acting under this Indenture has resulted in its being in non-compliance with any applicable anti-money laundering or anti-terrorist or economic sanctions legislation, regulation or guideline, then it shall have the right to resign on 10 days' prior written notice sent to the Corporation provided that (i) the Trustee's written notice shall describe the circumstances of such non-compliance; and (ii) if such circumstances are rectified to the Trustee's satisfaction within such 10-day period, then such resignation shall not be effective.

**Section 14.18 Privacy Laws**

The Corporation acknowledges that the Trustee may, in the course of providing services hereunder, collect or receive financial and other personal information about such parties and/or their representatives, as individuals, or about other individuals related to the subject matter hereof, and use such information for the following purposes:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) to provide the services required under this Indenture and other services that may be requested from time to time;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) to help the Trustee manage its servicing relationships with such individuals;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) to meet the Trustee's legal and regulatory requirements; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) if Social Insurance Numbers are collected by the Trustee, to perform tax reporting and to assist in verification of an individual's
identity for security purposes.

Each party acknowledges and agrees that the Trustee may receive, collect, use and disclose personal information provided to it or acquired by it in the course of this Indenture for the purposes described above and, generally, in the manner and on the terms described in its Privacy Code, which the Trustee shall make available on its website, <u>www.computershare.com</u>, or upon request, including revisions thereto. The Trustee may transfer personal information to other companies in or outside of Canada that provide data processing and storage or other support in order to facilitate the services it provides.

- 83 - INDENTURE

Further, each party agrees that it shall not provide or cause to be provided to the Trustee any personal information relating to an individual who is not a party to this Indenture unless that party has assured itself that such individual understands and has consented to the aforementioned uses and disclosures.

**Section 14.19 Force Majeure**

Except for the payment obligations of the Corporation, neither party shall be liable to the other, or held in breach of this Indenture, if prevented, hindered, or delayed in the performance or observance of any provision contained herein by reason of act of God, riots, terrorism, acts of war, epidemics, governmental action or judicial order, earthquakes, or any other similar causes (including, but not limited to, mechanical, electronic or communication interruptions, disruptions or failures). Performance times under this Indenture shall be extended for a period of time equivalent to the time lost because of any delay that is excusable under this Section.

**ARTICLE 15 – SUPPLEMENTAL INDENTURES**

**Section 15.1 Supplemental Indentures**

From time to time the Trustee and, when authorized by a resolution of the directors of Corporation, the Corporation, may, subject to the provisions hereof, as need be, and they shall when required by this Indenture, execute, acknowledge and deliver by their proper officers deeds or indentures supplemental hereto which thereafter shall form part hereof, for any one or more of the following purposes:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) providing for the issuance of Additional Debentures under this Indenture;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) adding to the covenants of the Corporation herein contained for the protection of the Debentureholders,
or of the Debentures of any series, or providing for events of default, in addition to those herein specified;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) making such provisions not inconsistent with this Indenture as may be necessary or desirable with respect
to matters or questions arising hereunder, including the making of any modifications in the form of the Debentures which do not affect
the substance thereof and which in the opinion of the Trustee relying on an opinion of Counsel will not be prejudicial to the interests
of the Debentureholders;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) evidencing the succession, or successive successions, of others to the Corporation and the covenants of
and obligations assumed by any such successor in accordance with the provisions of this Indenture;

- 84 - INDENTURE

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) giving effect to any Extraordinary Resolution passed as provided in Article 12; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) for any other purpose not inconsistent with the terms of this Indenture.

Unless the supplemental indenture requires the consent or concurrence of Debentureholders or the holders of a particular series of Debentures, as the case may be, by Extraordinary Resolution, the consent or concurrence of Debentureholders or the holders of a particular series of Debentures, as the case may be, shall not be required in connection with the execution, acknowledgement or delivery of a supplemental indenture. The Corporation and the Trustee may amend any of the provisions of this Indenture related to matters of United States law or the issuance of Debentures into the United States in order to ensure that such issuances can be made in accordance with applicable law in the United States without the consent or approval of the Debentureholders. Further, the Corporation and the Trustee may without the consent or concurrence of the Debentureholders or the holders of a particular series of Debentures, as the case may be, by supplemental indenture or otherwise, make any changes or corrections in this Indenture which it shall have been advised by Counsel are required for the purpose of curing or correcting any ambiguity or defective or inconsistent provisions or clerical omissions or mistakes or manifest errors contained herein or in any indenture supplemental hereto or any Written Direction of the Corporation provided for the issue of Debentures, providing that in the opinion of the Trustee (relying upon an opinion of Counsel) the rights of the Debentureholders are in no way prejudiced thereby.

**ARTICLE 16– EXECUTION AND FORMAL DATE**

**Section 16.1 Execution**

This Indenture may be simultaneously executed in several counterparts, each of which when so executed shall be deemed to be an original and such counterparts together shall constitute one and the same instrument.

**Section 16.2 Formal Date**

For the purpose of convenience this Indenture may be referred to as bearing the formal date of June 28, 2024 irrespective of the actual date of execution hereof.

- 85 - INDENTURE

The parties have executed this Indenture.

---

| | | |
|:---|:---|:---|
| **MODERN MINING TECHNOLOGY CORP.** | **MODERN MINING TECHNOLOGY CORP.** | **MODERN MINING TECHNOLOGY CORP.** |
| By: | /s/ Kuljit Basi | /s/ Kuljit Basi |
|  | Name: | Kuljit Basi |
|  | Title: | Chief Executive Officer |
| **COMPUTERSHARE TRUST COMPANY OF CANADA** | **COMPUTERSHARE TRUST COMPANY OF CANADA** | **COMPUTERSHARE TRUST COMPANY OF CANADA** |
| By: |  |  |
|  | Name: |  |
|  | Title: |  |
| By: |  |  |
|  | Name: |  |
|  | Title: |  |

---

**Schedule A – Form of Debenture**

**UNLESS PERMITTED UNDER SECURITIES LEGISLATION, THE HOLDER OF THIS SECURITY MUST NOT TRADE THE SECURITY BEFORE THE DATE THAT IS FOUR MONTHS AND A DAY AFTER THE LATER OF (I) JUNE 28, 2024 AND (II) THE DATE THE ISSUER BECAME A REPORTING ISUER IN ANY PROVINCE OR TERRITORY**

**[If to a U.S Debentureholder, add:**

**"THESE DEBENTURES AND THE SECURITIES DELIVERABLE UPON THE CONVERSION THEREOF HAVE NOT BEEN AND WILL NOT BE REGISTERED UNDER THE UNITED STATES SECURITIES ACT OF 1933, AS AMENDED (THE "U.S. SECURITIES ACT"), OR ANY STATE SECURITIES LAWS, AND MAY BE OFFERED, SOLD, PLEDGED OR OTHERWISE TRANSFERRED ONLY (A) TO MODERN MINING TECHNOLOGY CORP. (THE "CORPORATION") (B) OUTSIDE THE UNITED STATES IN COMPLIANCE WITH RULE 904 OF REGULATION S UNDER THE U.S. SECURITIES ACT AND IN COMPLIANCE WITH LOCAL LAWS AND REGULATIONS, (C) IN ACCORDANCE WITH (1) RULE 144A UNDER THE U.S. SECURITIES ACT, IF AVAILABLE, OR (2) RULE 144 UNDER THE U.S. SECURITIES ACT, IF AVAILABLE, AND, IN EACH CASE, IN COMPLIANCE WITH APPLICABLE STATE SECURITIES LAWS, OR (D) IN ANOTHER TRANSACTION THAT DOES NOT REQUIRE REGISTRATION UNDER THE U.S. SECURITIES ACT OR ANY APPLICABLE STATE SECURITIES LAWS; PROVIDED THAT IN THE CASE OF TRANSFERS PURSUANT TO (C)(2) OR (D) ABOVE, A LEGAL OPINION SATISFACTORY TO THE CORPORATION MUST FIRST BE PROVIDED TO COMPUTERSHARE TRUST COMPANY OF CANADA TO THE EFFECT THAT SUCH TRANSFER IS EXEMPT FROM REGISTRATION UNDER THE U.S. SECURITIES ACT AND APPLICABLE STATE SECURITIES LAWS.**

**THESE DEBENTURES MAY NOT BE CONVERTED IN THE UNITED STATES, OR BY OR FOR THE ACCOUNT OR BENEFIT OF, A U.S. PERSON OR A PERSON IN THE UNITED STATES, UNLESS THESE DEBENTURES AND THE COMMON SHARES ISSUABLE UPON CONVERSION THEREOF HAVE BEEN REGISTERED UNDER THE U.S. SECURITIES ACT AND THE APPLICABLE STATE SECURITIES LAWS OR AN EXEMPTION FROM SUCH REGISTRATION REQUIREMENTS IS AVAILABLE. "UNITED STATES" AND "U.S. PERSON" ARE AS DEFINED BY REGULATION S UNDER THE U.S. SECURITIES ACT."]**

**[If a Global Debenture, add:**

**THIS DEBENTURE IS A GLOBAL DEBENTURE WITHIN THE MEANING OF THE INDENTURE HEREIN REFERRED TO AND IS REGISTERED IN THE NAME OF A DEPOSITORY OR A NOMINEE THEREOF. THIS DEBENTURE MAY NOT BE TRANSFERRED TO OR EXCHANGED FOR DEBENTURES REGISTERED IN THE NAME OF ANY PERSON OTHER THAN THE DEPOSITORY OR A NOMINEE THEREOF AND NO SUCH TRANSFER MAY BE REGISTERED EXCEPT IN THE LIMITED CIRCUMSTANCES DESCRIBED IN THE TRUST INDENTURE DATED AS OF THE 28TH DAY OF JUNE, 2024 BETWEEN MODERN MINING TECHNOLOGY CORP. AND COMPUTERSHARE TRUST COMPANY OF CANADA (THE "INDENTURE"). EVERY DEBENTURE AUTHENTICATED AND DELIVERED UPON REGISTRATION OF, TRANSFER OF, OR IN EXCHANGE FOR, OR IN LIEU OF, THIS DEBENTURE SHALL BE A GLOBAL DEBENTURE SUBJECT TO THE FOREGOING, EXCEPT IN SUCH LIMITED CIRCUMSTANCES DESCRIBED IN THE INDENTURE.**

**UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF CDS CLEARING AND DEPOSITORY SERVICES INC. ("CDS") TO MODERN MINING TECHNOLOGY CORP. OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY CERTIFICATE ISSUED IN RESPECT THEREOF IS REGISTERED IN THE NAME OF CDS & CO., OR IN SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF CDS (AND ANY PAYMENT IS MADE TO CDS & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF CDS), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL SINCE THE REGISTERED HOLDER HEREOF, CDS & CO., HAS A PROPERTY INTEREST IN THE SECURITIES REPRESENTED BY THIS CERTIFICATE HEREIN AND IT IS A VIOLATION OF ITS RIGHTS FOR ANOTHER PERSON TO HOLD, TRANSFER OR DEAL WITH THIS CERTIFICATE.]**

**CUSIP 607673AB6**

**ISIN CA607673AB64**

---

| | |
|:---|:---|
| No. ● | Principal Amount $● |

---

**MODERN MINING TECHNOLOGY CORP.**

**(a corporation incorporated under the laws of British Columbia)**

**5.0% UNSECURED CONVERTIBLE DEBENTURE**

**DUE JUNE 28, 2027**

**MODERN MINING TECHNOLOGY CORP.** (the "**Corporation**") for value received hereby acknowledges itself indebted and, subject to the provisions of the debenture indenture (the "**Indenture**") dated as of June 28, 2024, between the Corporation and Computershare Trust Company of Canada (the "**Trustee**"), promises to pay to the registered holder hereof on June 28, 2027 or on such earlier date as the principal amount hereof may become due in accordance with the provisions of the Indenture (any such date, the "**Maturity Date**") the principal amount hereof in lawful money of the United States of America on presentation and surrender of this Initial Debenture at the office of the Trustee in Vancouver, British Columbia, Calgary, Alberta or Toronto, Ontario, in accordance with the terms of the Indenture and, subject as hereinafter provided, to pay interest on the principal amount hereof from, and including, the date hereof, at the rate of 5.0% per annum (based on a year of 360 days comprised of twelve 30-day months), in like money, in arrears in equal (less any tax required by law to be deducted or withheld) on the Maturity Date and, should the Corporation at any time make default in the payment of any principal, premium, if any, or interest, to pay interest on the amount in default at the same rate, in like money and on the same date.

This Initial Debenture is one of the 5.0% Unsecured Convertible Debentures (referred to herein as the "**Initial Debentures**") of the Corporation issued or issuable in one or more series under the provisions of the Indenture. The Initial Debentures authorized for issue immediately are limited to an aggregate principal amount of $**[**·**]** in lawful money of the United States. Reference is hereby expressly made to the Indenture for a description of the terms and conditions upon which the Initial Debentures are or are to be issued and held and the rights and remedies of the holders of the Initial Debentures and of the Corporation and of the Trustee, all to the same effect as if the provisions of the Indenture were herein set forth to all of which provisions the holder of this Initial Debenture by acceptance hereof assents.

The Initial Debentures are issuable only in denominations of $1,000 and integral multiples thereof. Upon compliance with the provisions of the Indenture, Debentures of any denomination may be exchanged for an equal aggregate principal amount of Debentures in any other authorized denomination or denominations.

Subject to the provisions in the Indenture and without further action on the part of the Registered Holder, if after June 28, 2024, and prior to the Maturity Date, the Corporation completes a Going Public Transaction, the principal amount of the Initial Debentures and all accrued and unpaid interest thereon (less any tax required by law to be deducted or withheld) to the Forced Conversion Date into common shares of the Corporation (the "**Common Shares**") at the Conversion Price upon delivering a written notice (the "**Forced Conversion Notice**") to the Trustee in accordance with the Indenture and to the Registered Holder by way of news release. The effective date for the forced conversion (the "**Forced Conversion Date**") shall be the date the Corporation completes the Going Public Transaction, and on such Forced Conversion Date: (i) all of the principal amount of this Debenture and all accrued and unpaid interest thereon (less any tax required by law to be deducted or withheld) shall be deemed to be converted into Common Shares at the then-applicable Conversion Price; and (ii) the registered holder hereof shall be entered in the books of the Corporation as at the Forced Conversion Date as the holder of the number of Common Shares, as applicable, into which this Initial Debenture is convertible. For greater certainty, the Initial Debenture represented by this certificate may not be converted by the holder and may only be converted pursuant to the foregoing forced conversion.

On and after the Forced Conversion Date of the Initial Debentures represented by this Debenture Certificate, the holder will have no rights hereunder except to the Common Shares issued to such holder.

The Indenture makes provision for the adjustment of the Conversion Price in the events therein specified. No fractional Common Shares will be issued on any conversion but in lieu thereof, the Corporation will satisfy such fractional interest by a cash payment equal to the market price of such fractional interest determined in accordance with the Indenture.

Not less than 30 days prior to the consummation of: (i) any event as a result of or following which any person, or persons acting jointly or in concert directly or indirectly within the meaning of applicable securities legislation, beneficially owns or exercises control or direction over an aggregate of more than 50% of the outstanding Common Shares; or (ii) the sale or other transfer of all or substantially all of the consolidated assets of the Corporation, unless the holders of voting securities of the Corporation immediately prior to such sale, merger, reorganization or other similar transaction hold securities representing 50% or more of the voting control or direction in the Corporation or the successor entity upon completion of such merged, reorganized or other continuing entity (collectively, a "**Change of Control**"), the Corporation shall notify the holders of the Initial Debentures of the Change of Control, and the holders of the Initial Debentures shall, in their sole discretion, have the right to require the Corporation to, either: (i) purchase the Debentures at 105% of the principal amount thereof plus unpaid interest to the Maturity Date; or (ii) convert the Debentures at the Conversion Price (the "**Change of Control Offer**"). If 90% or more of the principal amount of all Debentures outstanding on the date the Corporation provides notice of a Change of Control to the Trustee have been tendered for purchase pursuant to the Change of Control Offer, the Corporation has the right to redeem all the remaining outstanding Initial Debentures on the same date and at the same price.

If an offer is made for the Initial Debentures which is a take-over bid for the Initial Debentures within the meaning of Applicable Securities Legislation and 90% or more of the principal amount of all the Initial Debentures (other than Initial Debentures held at the date of the offer by or on behalf of the Offeror, associates or affiliates of the Offeror or anyone acting jointly or in concert with the Offeror) are taken up and paid for by the Offeror, the Offeror will be entitled to acquire the Initial Debentures of those holders who did not accept the offer on the same terms as the Offeror acquired the first 90% of the principal amount of the Initial Debentures.

The indebtedness evidenced by this Initial Debenture, and by all other Initial Debentures now or hereafter certified and delivered under the Indenture, is a direct unsecured obligation of the Corporation, and is subordinated in right of payment, to the extent and in the manner provided in the Indenture, to the prior payment in full of all Secured Indebtedness, whether outstanding at the date of the Indenture or thereafter created, incurred, assumed or guaranteed.

These Initial Debentures and the Common Shares issuable upon conversion hereof have not been and will not be registered under the United States Securities Act of 1933, as amended (the "**U.S. Securities Act**"), or the securities laws of any state of the United States. The Initial Debentures may not be converted by or for the account or benefit of a U.S. person or a person in the United States absent an exemptrion from the registration requirements of the U.S. Securities Act and applicable state securities laws. In addition, the Initial Debentures and Common Shares may only be offered and sold to a U.S. person or a person in the United States pursuant to an exemption from the registration requirements of the U.S. Securities Act and applicable state securities laws. "**U.S. person**" and "**United States**" are as defined in Regulation S under the

U.S. Securities Act.

The Indenture contains provisions whereby all holders of outstanding Debentures (or in certain circumstances, specific series of Debentures) will be bound resolutions passed at meetings of such holders held in accordance with such provisions, and instruments signed by the holders of a specified majority of outstanding Debentures (or specific series), which resolutions or instruments may have the effect of amending the terms of this Initial Debenture or the Indenture.

The Indenture contains provisions disclaiming any personal liability on the part of holders of Common Shares and officers, directors and employees of the Corporation in respect of any obligation or claim arising out of the Indenture or this Initial Debenture.

This Initial Debenture may only be transferred, upon compliance with the conditions prescribed in the Indenture, in one of the registers to be kept at the principal office of the Trustee in the City of Vancouver, the City of Toronto, and in such other place or places and/or by such other registrars (if any) as the Corporation with the approval of the Trustee may designate. No transfer of this Initial Debenture shall be valid unless made on the register by the registered holder hereof or his executors or administrators or other legal representatives, or his or their attorney duly appointed by an instrument in form and substance satisfactory to the Trustee or other registrar, and upon compliance with such reasonable requirements as the Trustee and/or other registrar may prescribe and upon surrender of this Initial Debenture for cancellation. Thereupon a new Initial Debenture or Initial Debentures in the same aggregate principal amount shall be issued to the transferee in exchange hereof.

This Initial Debenture shall not become obligatory for any purpose until it shall have been certified by the Trustee under the Indenture.

Capitalized words or expressions used in this Initial Debenture shall, unless otherwise defined herein, have the meaning ascribed thereto in the Indenture. In the event of any inconsistency between the terms of this Initial Debenture and the Indenture, the terms of the Indenture shall govern.

**IN WITNESS WHEREOF MODERN MINING TECHNOLOGY CORP.** has caused this Debenture to be signed by its authorized representative as of June 28, 2024.

---

| | |
|:---|:---|
| **MODERN MINING TECHNOLOGY CORP.** | **MODERN MINING TECHNOLOGY CORP.** |
| By: |  |
|  | Kuljit Basi |
|  | Chief Executive Officer |

---

**TRUSTEE'S CERTIFICATE**

This Initial Debenture is one of the 5.0% Unsecured Convertible Debentures due June 28, 2027 referred to in the Indenture within mentioned.

Dated:

---

| | |
|:---|:---|
| **COMPUTERSHARE TRUST COMPANY OF CANADA** | **COMPUTERSHARE TRUST COMPANY OF CANADA** |
| By: |  |
|  | Name: |
|  | Title: |

---

**REGISTRATION PANEL**

(No writing hereon except by Trustee or other registrar)

---

| | | |
|:---|:---|:---|
| **Date of Registration** | **In Whose Name Registered** | **Signature of Trustee or Registrar** |

---

**FORM OF ASSIGNMENT**

**FOR VALUE RECEIVED**, the undersigned hereby sells, assigns and transfers unto____________, whose address and social insurance number, if applicable, are set forth below, this Initial Debenture (or $<u> </u>principal amount hereof<sup>\*</sup>) of **MODERN MINING TECHNOLOGY CORP.** standing in the name(s) of the undersigned in the register maintained by the Corporation with respect to such Initial Debenture and does hereby irrevocably authorize and direct the Trustee to transfer such Initial Debenture in such register, with full power of substitution in the premises.

Dated:

Address of Transferee:   <br> (Street Address, City, Province and Postal Code)

Social Insurance Number of Transferee, if applicable:<u> </u>  

\* If less than the full principal amount of the within Initial Debenture is to be transferred, indicate in the space provided the principal amount (which must be $1,000 or an integral multiple thereof, unless you hold an Initial Debenture in a non-integral multiple of $1,000 by reason of your having exercised your right to exchange upon the making of a Change of Control Offer, in which case such Initial Debenture is transferable only in its entirety) to be transferred.

☐ **If the undersigned holder is transferring the Initial Debenture to, or for the account or benefit of, a U.S. Person or a person in the United States, please check this box. IF THIS BOX IS CHECKED, THE TRANSFEROR MUST COMPLETE AND DELIVER AN OPINION OF COUNSEL WHICH WILL NOT BE SUFFICIENT UNLESS IT IS IN FORM AND SUBSTANCE REASONABLY SATISFACTORY TO THE CORPORATION AND TRUSTEE) OR SUCH OTHER EVIDENCE REASONABLY SATISFACTORY TO THE CORPORATION AND TRUSTEE TO THE EFFECT THAT WITH RESPECT TO THE INITIAL DEBENTURES TO BE TRANSFERRED HAVE BEEN REGISTERED UNDER THE U.S. SECURITIES ACT AND APPLICABLE STATE SECURITIES LAWS, OR AN EXEMPTION FROM SUCH REGISTRATION REQUIREMENTS IS AVAILABLE.**

Certificates will not be registered or delivered to an address in the United States unless the above box is checked.

If the box above is checked, holders are encouraged to consult with the Corporation and the Trustee in advance to determine that the legal opinion tendered in connection with the transfer will be satisfactory in form and substance to the Corporation and the Trustee.

"United States" and "U.S. Person" are as defined in Rule 902 of Regulation S under the U.S. Securities Act.

**REASON FOR TRANSFER – For US Residents only (where the individual(s) or corporation receiving the securities is a US resident). Please select only one (see instructions below).**

---

| | | | |
|:---|:---|:---|:---|
| **☐ Gift** | **☐ Estate** | **☐ Private Sale** | **☐ Other (or no change in ownership)** |

---

---

| | |
|:---|:---|
| **Date of Event (Date of gift, death or sale):** | **Value per Debenture on the date of event:** |

---

---

| | | | |
|:---|:---|:---|:---|
| ![](ex3-3_001.jpg) | ![](ex3-3_002.jpg) | ☐ **CAD <u>OR</u>** | ☐ **USD** |

---

The signature(s) of the transferor(s) must correspond with the name(s) as written upon the face of this certificate(s), in every particular, without alteration or enlargement, or any change whatsoever. The signature(s) on this form must be guaranteed by an authorized officer of Royal Bank of Canada, Scotia Bank or TD Canada Trust whose sample signature(s) are on file with the transfer agent, or by a member of an acceptable Medallion Signature Guarantee Program (STAMP, SEMP, NYSE, MSP). Notarized or witnessed signatures are not acceptable as guaranteed signatures. The Guarantor must affix a stamp bearing the actual words: "SIGNATURE GUARANTEED", "MEDALLION GUARANTEED" OR "SIGNATURE & AUTHORITY TO SIGN GUARANTEE", all in accordance with the transfer agent's then current guidelines and requirements at the time of transfer. For corporate holders, corporate signing resolutions, including certificate of incumbency, will also be required to accompany the transfer unless there is a "SIGNATURE & AUTHORITY TO SIGN GUARANTEE" Stamp affixed to the Form of Transfer obtained from an authorized officer of the Royal Bank of Canada, Scotia Bank or TD Canada Trust or a "MEDALLION GUARANTEED" Stamp affixed to the Form of Transfer, with the correct prefix covering the face value of the certificate.

The registered holder of this Initial Debenture is responsible for the payment of any documentary, stamp or other transfer taxes that may be payable in respect of the transfer of this Debenture.

Signature of Guarantor:

---

| | |
|:---|:---|
| Authorized Officer | Signature of transferring registered holder |
| Name of Institution |  |

---

## Ex1A-3

**Exhibit 3.4**

**MODERN MINING TECHNOLOGY CORP.**

as the Corporation

- and -

**COMPUTERSHARE TRUST COMPANY OF CANADA**

as the Trustee

**FIRST SUPPLEMENTAL CONVERTIBLE DEBENTURE INDENTURE**

Dated as of March 26, 2025

**THIS FIRST SUPPLEMENTAL CONVERTIBLE DEBENTURE INDENTURE** is dated as of March 26, 2025.

**BETWEEN:**

**MODERN MINING TECHNOLOGY CORP.**

a private company incorporated under the laws of the Province of British <br> Columbia and having its principal office at 1500 – 1055 West Georgia Street, <br> Vancouver, BC, V6E 4N7

(the "**Corporation**")

AND

**COMPUTERSHARE TRUST COMPANY OF CANADA** 

a trust company existing under the laws of Canada and registered to carry on

business in the Province of British Columbia

(the "**Trustee**")

**WHEREAS:**

A. The Corporation and the Trustee executed a convertible debenture
indenture (the "**Original Indenture**") dated as of April 7, 2022, governing the terms of unsecured convertible debentures
(the "**Debentures**") of the Corporation thereunder;

B. The Corporation desires to supplement the Original Indenture by amending and replacing certain terms and
provisions and schedules contained in the Original Indenture;

C. Section 15.1(e) of the Original Indenture provides for the creation of indentures supplemental to the
Original Indenture for the purposes giving effect to any Extraordinary Resolution passed as provided in Article 12 of the Original Indenture;

D. The Trustee is authorized and directed to enter into this first supplemental indenture (the "**First Supplemental Indenture**") and to hold all rights, interests and benefits contained herein for and on behalf of those persons
who are Debentureholders issued pursuant to the Original Indenture as modified by this First Supplemental Indenture from time to time;

E. All necessary acts and proceedings have been performed and taken and all necessary resolutions have been
passed to authorize the execution and delivery of this First Supplemental Indenture and to make this First Supplemental Indenture legal,
valid, effective and binding upon each of the Corporation and the Trustee for and on behalf of the Debentureholders in accordance with
the terms of the Original Indenture, as amended by this First Supplemental Indenture; and

F. The foregoing recitals are made as representations and statements of fact by the Corporation and not by
the Trustee.

**NOW THEREFORE**, in consideration of the premises and mutual covenants hereinafter contained and other good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, the Parties agree as follows:

**Amendments to the Original Indenture**

The Original Indenture is hereby amended as follows (the "**Amendments**"):

1. Deleting the definition of "**IPO Price**" in
Section 1.1 in its entirety and replacing it with:

**""IPO Price" means, as applicable, the price per security of the Corporation's initial public offering, the deemed share price of the Going Public Transaction or the reference share price per Common Share calculated in accordance with the policies of the applicable stock exchange in the event the Corporation completes a direct Public Listing;"**

2. Inserting after the definition of "**Global Debenture** "
in Section 1.1 the following definition:

""**Going Public Transaction**" means an initial offering or other transaction involving the Corporation, including without limitation, a merger, business combination, amalgamation, arrangement, share exchange, reverse-takeover, capital pool transaction or any similar transaction resulting in the Common Shares, a derivative of the Common Shares, or common shares of another issuer exchanged therefor being listed on a recognized stock exchange in Canada or the United States;"

3. Deleting Section 2.5(2) in its entirety and replacing it with:

"The Initial Debentures shall be dated as of the Issue Date, and shall mature on April 7, 2027 (the "**Maturity Date**" for the Initial Debentures).";

4. Deleting Section 2.5(3) in its entirety and replacing it with: "The Initial Debentures shall bear interest as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) from the Issue Date thereof until April 6, 2025 at the rate of 5.0% per annum (based on a year of 360 days comprised of twelve 30-day
months); and

&nbsp;&nbsp;&nbsp;&nbsp;(b) from April 7, 2025 thereof until the Maturity Date at the rate of 7.0% per annum (based on a year of 360 days comprised of twelve
30-day months),

payable on the Maturity Date of the Initial Debentures or upon the exercise of the 90% Redemption Right pursuant to subsection 2.5(7), and after as well as before default, with interest on amounts in default or after maturity at the same rate, compounded semi-annually. Any payment required to be made on any day that is not a Business Day will be made on the next succeeding Business Day. The record date for the payment of interest on the Initial Debentures will be that date which is five Business Days prior to the Maturity Date.";

5. Deleting Section 2.5(a)(ii) in its entirety and replacing it with:

"(c) in the event the Corporation completes a Public Listing on a Recognized Stock Exchange in the United States, the principal amount of the Initial Debentures and all accrued and unpaid interest thereon (less any tax required by law to be deducted or withheld) will automatically convert into Common Shares at a Conversion Price equal to the lesser of (i) a 40% discount to the IPO Price; and (ii) $5.00 and such Common Shares issued shall be subject to a six month hold period from the completion of such Public Listing."

6. Deleting the first sentence in Section 2.5(6) in its entirety and replacing it with:

"The Initial Debentures shall be issued in denominations of $10, and integral multiples thereof."; and

7. Schedule A will be deleted in its entirety and replaced with Appendix A attached hereto.

**Other**

8. This First Supplemental Indenture is supplemental to the Original Indenture and the Original Indenture
will henceforth be read in conjunction with this First Supplemental Indenture and all the provisions of the Original Indenture, except
only insofar as the same may be inconsistent with the express provisions hereof, will apply and have the same effect as if all the provisions
of the Original Indenture and of this First Supplemental Indenture were contained in one instrument and the expressions used herein will
have the same meaning as is ascribed to the corresponding expressions in the Original Indenture.

9. On and after the date hereof, each reference to the Original Indenture, as amended by this First Supplemental
Indenture, "this Indenture", "herein", "hereby", and similar references, and each reference to the
Original Indenture in any other agreement, certificate, document or instrument relating thereto, shall mean and refer to the Original
Indenture as amended hereby. Except as specifically amended by this First Supplemental Indenture, all other terms and conditions of the
Original Indenture shall remain in full force and unchanged.

10. The Debentures issued and outstanding shall be deemed to include the Amendments as set forth herein, without
any further action of the Debentureholders or surrender or exchange of their Debenture Certificates.

11. The Original Indenture shall be and continue to be in full force and effect, unamended, except as provided
herein, and the Corporation hereby confirms the Original Indenture in all other respects.

12. This First Supplemental Indenture shall be governed by and be construed in accordance with the laws of
the Province of British Columbia and shall be binding upon the Parties hereto and their respective successors and assigns.

13. This First Supplemental Indenture may be simultaneously executed in several counterparts, each of which
when so executed shall be deemed to be an original and such counterparts together shall constitute one and the same instrument and notwithstanding
their date of execution shall be deemed to bear the date set out at the top of the first page of this First Supplemental Indenture.

14. All capitalized terms used and not otherwise defined in this First Supplemental Indenture shall have the
meanings ascribed to them in the Original Indenture.

*[Signature page follows]*

**IN WITNESS WHEREOF** the Parties hereto have executed this First Supplemental Indenture under the hands of their proper officers in that behalf.

---

| | | |
|:---|:---|:---|
| **MODERN MINING TECHNOLOGY CORP.** | **MODERN MINING TECHNOLOGY CORP.** | **MODERN MINING TECHNOLOGY CORP.** |
| By: | /s/ Kuljit Basi | /s/ Kuljit Basi |
|  | Name: | Kuljit Basi |
|  | Title: | Chief Executive Officer |
| **COMPUTERSHARE TRUST COMPANY OF CANADA** | **COMPUTERSHARE TRUST COMPANY OF CANADA** | **COMPUTERSHARE TRUST COMPANY OF CANADA** |
| By: | /s/ Luci Scholes | /s/ Luci Scholes |
|  | Name: | Luci Scholes |
|  | Title: | Corporate Trust Officer |
| By: | /s/ Sue-Anne Wong | /s/ Sue-Anne Wong |
|  | Name: | Sue-Anne Wong |
|  | Title: | Corporate Trust Officer |

---

**EXHIBIT A**

**Schedule A – Form of Debenture**

**UNDER SECURITIES LEGISLATION, THE HOLDER OF THIS SECURITY MUST NOT TRADE THE SECURITY BEFORE THE DATE THAT IS FOUR MONTHS AND A DAY AFTER THE LATER OF (I) APRIL 7, 2022 AND (II) THE DATE THE ISSUER BECAME UNLESS PERMITTED A REPORTING ISUER IN ANY PROVINCE OR TERRITORY.**

***[If to a U.S Debentureholder, add:***

 ****

**THESE DEBENTURES AND THE SECURITIES DELIVERABLE UPON THE CONVERSION THEREOF HAVE NOT BEEN AND WILL NOT BE REGISTERED UNDER THE UNITED STATES SECURITIES ACT OF 1933, AS AMENDED (THE "U.S. SECURITIES ACT"), OR ANY STATE SECURITIES LAWS, AND MAY BE OFFERED, SOLD, PLEDGED OR OTHERWISE TRANSFERRED ONLY (A) TO MODERN MINING TECHNOLOGY CORP. (THE "CORPORATION") (B) OUTSIDE THE UNITED STATES IN COMPLIANCE WITH RULE 904 OF REGULATION S UNDER THE U.S. SECURITIES ACT AND IN COMPLIANCE WITH LOCAL LAWS AND REGULATIONS, (C) IN ACCORDANCE WITH (1) RULE 144A UNDER THE U.S. SECURITIES ACT, IF AVAILABLE, OR (2) RULE 144 UNDER THE U.S. SECURITIES ACT, IF AVAILABLE, AND, IN EACH CASE, IN COMPLIANCE WITH APPLICABLE STATE SECURITIES LAWS, OR (D) IN ANOTHER TRANSACTION THAT DOES NOT REQUIRE REGISTRATION UNDER THE U.S. SECURITIES ACT OR ANY APPLICABLE STATE SECURITIES LAWS; PROVIDED THAT IN THE CASE OF TRANSFERS PURSUANT TO (C)(2) OR (D) ABOVE, A LEGAL OPINION SATISFACTORY TO THE CORPORATION MUST FIRST BE PROVIDED TO COMPUTERSHARE TRUST COMPANY OF CANADA TO THE EFFECT THAT SUCH TRANSFER IS EXEMPT FROM REGISTRATION UNDER THE U.S. SECURITIES ACT AND APPLICABLE STATE SECURITIES LAWS.**

**THESE DEBENTURES MAY NOT BE CONVERTED IN THE UNITED STATES, OR BY OR FOR THE ACCOUNT OR BENEFIT OF, A U.S. PERSON OR A PERSON IN THE UNITED STATES, UNLESS THESE DEBENTURES AND THE COMMON SHARES ISSUABLE UPON CONVERSION THEREOF HAVE BEEN REGISTERED UNDER THE U.S. SECURITIES ACT AND THE APPLICABLE STATE SECURITIES LAWS OR AN EXEMPTION FROM SUCH REGISTRATION REQUIREMENTS IS AVAILABLE. "UNITED STATES" AND "U.S. PERSON" ARE AS DEFINED BY REGULATION S UNDER THE U.S. SECURITIES ACT.]**

***[If a Global Debenture, add:***

 ****

**THIS DEBENTURE IS A GLOBAL DEBENTURE WITHIN THE MEANING OF THE INDENTURE HEREIN REFERRED TO AND IS REGISTERED IN THE NAME OF A DEPOSITORY OR A NOMINEE THEREOF. THIS DEBENTURE MAY NOT BE TRANSFERRED TO OR EXCHANGED FOR DEBENTURES REGISTERED IN THE NAME OF ANY PERSON OTHER THAN THE DEPOSITORY OR A NOMINEE THEREOF AND NO SUCH TRANSFER MAY BE REGISTERED EXCEPT IN THE LIMITED CIRCUMSTANCES DESCRIBED IN THE TRUST INDENTURE DATED AS OF THE 7TH DAY OF APRIL, 2022 BETWEEN MODERN MINING TECHNOLOGY CORP. AND COMPUTERSHARE TRUST COMPANY OF CANADA, AS SUPPLEMENTED BY THE FIRST SUPPLEMENTAL INDENTURE (THE "INDENTURE"). EVERY DEBENTURE AUTHENTICATED AND DELIVERED UPON REGISTRATION OF, TRANSFER OF, OR IN EXCHANGE FOR, OR IN LIEU OF, THIS DEBENTURE SHALL BE A GLOBAL DEBENTURE SUBJECT TO THE **FOREGOING, EXCEPT IN SUCH LIMITED CIRCUMSTANCES DESCRIBED IN THE INDENTURE.**

**UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF CDS CLEARING AND DEPOSITORY SERVICES INC. ("CDS") TO MODERN MINING TECHNOLOGY CORP. OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY CERTIFICATE ISSUED IN RESPECT THEREOF IS REGISTERED IN THE NAME OF CDS & CO., OR IN SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF CDS (AND ANY PAYMENT IS MADE TO CDS & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF CDS), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL SINCE THE REGISTERED HOLDER HEREOF, CDS & CO., HAS A PROPERTY INTEREST IN THE SECURITIES REPRESENTED BY THIS CERTIFICATE HEREIN AND IT IS A VIOLATION OF ITS RIGHTS FOR ANOTHER PERSON TO HOLD, TRANSFER OR DEAL WITH THIS CERTIFICATE.]**

**CUSIP 607673AA8**

**ISIN CA607673AA81**

---

| | |
|:---|:---|
| No.[●] | Principal Amount $[●] |

---

**MODERN MINING TECHNOLOGY CORP.**

**(a corporation incorporated under the laws of British Columbia)**

**5.0% UNSECURED CONVERTIBLE DEBENTURE**

**DUE APRIL 7, 2027**

**MODERN MINING TECHNOLOGY CORP.** (the "**Corporation**") for value received hereby acknowledges itself indebted and, subject to the provisions of the debenture indenture (the "**Indenture**") dated as of April 7, 2022, as supplemented by the first supplemental indenture dated March 26, 2025, between the Corporation and Computershare Trust Company of Canada (the "**Trustee**"), promises to pay to the registered holder hereof on April 7, 2027 or on such earlier date as the principal amount hereof may become due in accordance with the provisions of the Indenture (any such date, the "**Maturity Date**") the principal amount hereof in lawful money of the United States of America on presentation and surrender of this Initial Debenture at the office of the Trustee in Vancouver, British Columbia, Calgary, Alberta or Toronto, Ontario, in accordance with the terms of the Indenture and, subject as hereinafter provided, to pay interest on the principal amount hereof (a) from, and including, the date hereof, to April 6, 2025 at the rate of 5.0% per annum; and (b) from April 7, 2025 to the Maturity Date at the rate of 7.0% per annum (based on a year of 360 days comprised of twelve 30-day months), in like money, in arrears in equal (less any tax required by law to be deducted or withheld) on the Maturity Date and, should the Corporation at any time make default in the payment of any principal, premium, if any, or interest, to pay interest on the amount in default at the same rate, in like money and on the same date.

This Initial Debenture is one of the 5.0% Unsecured Convertible Debentures (referred to herein as the "**Initial Debentures**") of the Corporation issued or issuable in one or more series under the provisions of the Indenture. The Initial Debentures authorized for issue immediately are limited to an aggregate principal amount of $5,000,000 in lawful money of the United States of America. Reference is hereby expressly made to the Indenture for a description of the terms and conditions upon which the Initial Debentures are or are to be issued and held and the rights and remedies of the holders of the Initial Debentures and of the Corporation and of the Trustee, all to the same effect as if the provisions of the Indenture were herein set forth to all of which provisions the holder of this Initial Debenture by acceptance hereof assents.

The Initial Debentures shall be issued in denominations of $10, and integral multiples thereof. Upon compliance with the provisions of the Indenture, Debentures of any denomination may be exchanged for an equal aggregate principal amount of Debentures in any other authorized denomination or denominations.

Subject to the provisions in the Indenture and without further action on the part of the Registered Holder, if after April 7, 2022, and prior to the Maturity Date, the Corporation completes a listing of its Common Shares on a Recognized Stock Exchange, the principal amount of the Initial Debentures and all accrued and unpaid interest thereon (less any tax required by law to be deducted or withheld) to the Forced Conversion Date into the Underlying Securities at the Conversion Price upon delivering a written notice (the "**Forced Conversion Notice**") to the Trustee in accordance with the Indenture and to the Registered Holder by way of news release. The effective date for the forced conversion (the "**Forced Conversion Date**") shall be the date the common shares of the Corporation (the "**Common Shares**") are listed on such Recognized Stock Exchange, and on such Forced Conversion Date: (i) all of the principal amount of this Debenture and all accrued and unpaid interest thereon (less any tax required by law to be deducted or withheld) shall be deemed to be converted into securities of the Corporation at the then-applicable Conversion Price; and (ii) the registered holder hereof shall be entered in the books of the Corporation as at the Forced Conversion Date as the holder of the number of securities of the Corporation, as applicable, into which this Initial Debenture is convertible. For greater certainty, the Initial Debenture represented by this certificate may not be converted by the holder and may only be converted pursuant to the foregoing forced conversion.

On and after the Forced Conversion Date of the Initial Debentures represented by this Debenture Certificate, the holder will have no rights hereunder except to the Underlying Securities issued to such holder.

The Indenture makes provision for the adjustment of the Conversion Price in the events therein specified. No fractional Common Shares will be issued on any conversion but in lieu thereof, the Corporation will satisfy such fractional interest by a cash payment equal to the market price of such fractional interest determined in accordance with the Indenture.

Not less than 30 days prior to the consummation of: (i) any event as a result of or following which any person, or persons acting jointly or in concert directly or indirectly within the meaning of applicable securities legislation, beneficially owns or exercises control or direction over an aggregate of more than 50% of the outstanding Common Shares; or (ii) the sale or other transfer of all or substantially all of the consolidated assets of the Corporation, unless the holders of voting securities of the Corporation immediately prior to such sale, merger, reorganization or other similar transaction hold securities representing 50% or more of the voting control or direction in the Corporation or the successor entity upon completion of such merged, reorganized or other continuing entity (collectively, a "**Change of Control**"), the Corporation shall notify the holders of the Initial Debentures of the Change of Control, and the holders of the Initial Debentures shall, in their sole discretion, have the right to require the Corporation to, either: (i) purchase the Debentures at 105% of the principal amount thereof plus unpaid interest to the Maturity Date; or (ii) convert the Debentures at the Conversion Price (the "**Change of Control Offer**"). If 90% or more of the principal amount of all Debentures outstanding on the date the Corporation provides notice of a Change of Control to the Trustee have been tendered for purchase pursuant to the Change of Control Offer, the Corporation has the right to redeem all the remaining outstanding Initial Debentures on the same date and at the same price.

If an offer is made for the Initial Debentures which is a take-over bid for the Initial Debentures within the meaning of Applicable Securities Legislation and 90% or more of the principal amount of all the Initial Debentures (other than Initial Debentures held at the date of the offer by or on behalf of the Offeror, associates or affiliates of the Offeror or anyone acting jointly or in concert with the Offeror) are taken up and paid for by the Offeror, the Offeror will be entitled to acquire the Initial Debentures of those holders who did not accept the offer on the same terms as the Offeror acquired the first 90% of the principal amount of the Initial Debentures.

The indebtedness evidenced by this Initial Debenture, and by all other Initial Debentures now or hereafter certified and delivered under the Indenture, is a direct unsecured obligation of the Corporation, and is subordinated in right of payment, to the extent and in the manner provided in the Indenture, to the prior payment in full of all Secured Indebtedness, whether outstanding at the date of the Indenture or thereafter created, incurred, assumed or guaranteed.

These Initial Debentures and the Common Shares issuable upon conversion hereof have not been and will not be registered under the United States Securities Act of 1933, as amended (the "**U.S. Securities Act**"), or the securities laws of any state of the United States. The Initial Debentures may not be converted by or for the account or benefit of a U.S. person or a person in the United States absent an exemption from the registration requirements of the U.S. Securities Act and applicable state securities laws. In addition, the Initial Debentures and Common Shares may only be offered and sold to a U.S. person or a person in the United States pursuant to an exemption from the registration requirements of the U.S. Securities Act and applicable state securities laws. "**U.S. person**" and "**United States**" are as defined in Regulation S under the U.S. Securities Act.

The Indenture contains provisions whereby all holders of outstanding Debentures (or in certain circumstances, specific series of Debentures) will be bound resolutions passed at meetings of such holders held in accordance with such provisions, and instruments signed by the holders of a specified majority of outstanding Debentures (or specific series), which resolutions or instruments may have the effect of amending the terms of this Initial Debenture or the Indenture.

The Indenture contains provisions disclaiming any personal liability on the part of holders of Common Shares and officers, directors and employees of the Corporation in respect of any obligation or claim arising out of the Indenture or this Initial Debenture.

This Initial Debenture may only be transferred, upon compliance with the conditions prescribed in the Indenture, in one of the registers to be kept at the principal office of the Trustee in the City of Vancouver, the City of Toronto, and in such other place or places and/or by such other registrars (if any) as the Corporation with the approval of the Trustee may designate. No transfer of this Initial Debenture shall be valid unless made on the register by the registered holder hereof or his executors or administrators or other legal representatives, or his or their attorney duly appointed by an instrument in form and substance satisfactory to the Trustee or other registrar, and upon compliance with such reasonable requirements as the Trustee and/or other registrar may prescribe and upon surrender of this Initial Debenture for cancellation. Thereupon a new Initial Debenture or Initial Debentures in the same aggregate principal amount shall be issued to the transferee in exchange hereof.

This Initial Debenture shall not become obligatory for any purpose until it shall have been certified by the Trustee under the Indenture.

Capitalized words or expressions used in this Initial Debenture shall, unless otherwise defined herein, have the meaning ascribed thereto in the Indenture. In the event of any inconsistency between the terms of this Initial Debenture and the Indenture, the terms of the Indenture shall govern.

**IN WITNESS WHEREOF MODERN MINING TECHNOLOGY CORP.** has caused this Debenture to be signed by its authorized representative as of<u> </u>, 2025.

---

| | |
|:---|:---|
| **MODERN MINING TECHNOLOGY CORP.** | **MODERN MINING TECHNOLOGY CORP.** |
| By: |  |
|  | Kuljit Basi |
|  | Chief Executive Officer |

---

**TRUSTEE'S CERTIFICATE**

This Initial Debenture is one of the 5.0% Unsecured Convertible Debentures due April 7, 2027 referred to in the Indenture within mentioned.

Dated:<u> </u> , 2025.

---

| | |
|:---|:---|
| **COMPUTERSHARE TRUST COMPANY OF CANADA** | **COMPUTERSHARE TRUST COMPANY OF CANADA** |
| By: |  |
|  | Name: |
|  | Title: |

---

**REGISTRATION PANEL**

(No writing hereon except by Trustee or other registrar)

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Date of Registration** | &nbsp;&nbsp;&nbsp;&nbsp;**In Whose Name Registered** | **Signature of Trustee or Registrar** |

---

**FORM OF ASSIGNMENT**

**FOR VALUE RECEIVED**, the undersigned hereby sells, assigns and transfers unto<u> </u>, whose address and social insurance number, if applicable, are set forth below, this Initial Debenture (or $<u> </u> principal amount hereof\*) of **MODERN MINING TECHNOLOGY CORP.** standing in the name(s) of the undersigned in the register maintained by the Corporation with respect to such Initial Debenture and does hereby irrevocably authorize and direct the Trustee to transfer such Initial Debenture in such register, with full power of substitution in the premises.

Dated:

Address of Transferee:   <br> (Street Address, City, Province and Postal Code)

Social Insurance Number of Transferee, if applicable:<u> </u>  

\* If less than the full principal amount of the within Initial Debenture is to be transferred, indicate in the space provided the principal amount (which must be $10 or an integral multiple thereof, unless you hold an Initial Debenture in a non-integral multiple of $10 by reason of your having exercised your right to exchange upon the making of a Change of Control Offer, in which case such Initial Debenture is transferable only in its entirety) to be transferred.

**☐** If the undersigned holder is transferring the Initial Debenture to, or for the account or benefit of, a U.S. Person or a person in the United States, please check this box. IF THIS BOX IS CHECKED, THE TRANSFEROR MUST COMPLETE AND DELIVER AN OPINION OF COUNSEL WHICH WILL NOT BE SUFFICIENT UNLESS IT IS IN FORM AND SUBSTANCE REASONABLY SATISFACTORY TO THE CORPORATION AND TRUSTEE) OR SUCH OTHER EVIDENCE REASONABLY SATISFACTORY TO THE CORPORATION AND TRUSTEE TO THE EFFECT THAT WITH RESPECT TO THE INITIAL DEBENTURES TO BE TRANSFERRED HAVE BEEN REGISTERED UNDER THE U.S. SECURITIES ACT AND APPLICABLE STATE SECURITIES LAWS, OR AN EXEMPTION FROM SUCH REGISTRATION REQUIREMENTS IS AVAILABLE.

Certificates will not be registered or delivered to an address in the United States unless the above box is checked.

If the box above is checked, holders are encouraged to consult with the Corporation and the Trustee in advance to determine that the legal opinion tendered in connection with the transfer will be satisfactory in form and substance to the Corporation and the Trustee.

"United States" and "U.S. Person" are as defined in Rule 902 of Regulation S under the U.S. Securities Act.

REASON FOR TRANSFER – For US Residents only (where the individual(s) or corporation receiving the securities is a US resident). Please select only one (see instructions below).

☐ Gift ☐ Estate ☐ Private Sale ☐ Other (or no change in ownership)

<u>Date of Event (Date of gift, death or sale):</u> <u>Value per Debenture on the date of event:</u>

---

| | | | |
|:---|:---|:---|:---|
| ![](ex3-4_001.jpg) | ![](ex3-4_002.jpg) | ☐ **CAD <u>OR</u>** | ☐ **USD** |

---

The signature(s) of the transferor(s) must correspond with the name(s) as written upon the face of this certificate(s), in every particular, without alteration or enlargement, or any change whatsoever. The signature(s) on this form must be guaranteed by an authorized officer of Royal Bank of Canada, Scotia Bank or TD Canada Trust whose sample signature(s) are on file with the transfer agent, or by a member of an acceptable Medallion Signature Guarantee Program (STAMP, SEMP, NYSE, MSP). Notarized or witnessed signatures are not acceptable as guaranteed signatures. The Guarantor must affix a stamp bearing the actual words: "SIGNATURE GUARANTEED", "MEDALLION GUARANTEED" OR "SIGNATURE & AUTHORITY TO SIGN GUARANTEE", all in accordance with the transfer agent's then current guidelines and requirements at the time of transfer. For corporate holders, corporate signing resolutions, including certificate of incumbency, will also be required to accompany the transfer unless there is a "SIGNATURE & AUTHORITY TO SIGN GUARANTEE" Stamp affixed to the Form of Transfer obtained from an authorized officer of the Royal Bank of Canada, Scotia Bank or TD Canada Trust or a "MEDALLION GUARANTEED" Stamp affixed to the Form of Transfer, with the correct prefix covering the face value of the certificate.

The registered holder of this Initial Debenture is responsible for the payment of any documentary, stamp or other transfer taxes that may be payable in respect of the transfer of this Debenture.

Signature of Guarantor:

---

| | |
|:---|:---|
| Authorized Officer | Signature of transferring registered holder |
| Name of Institution |  |

---

## Ex1A-3

**Exhibit 3.5**

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;No.:W2021-[X] | &nbsp;&nbsp; <br> **1055 West Georgia Street, 1500 Royal Centre,** <br> **Vancouver, BC V6E 4N7**<br> Continued under the *Business Corporations Act* (British Columbia) |  |
| &nbsp;&nbsp;No.:W2021-[X] | &nbsp;&nbsp; <br> **1055 West Georgia Street, 1500 Royal Centre,** <br> **Vancouver, BC V6E 4N7**<br> Continued under the *Business Corporations Act* (British Columbia) |  |
|  | &nbsp;&nbsp; <br> **1055 West Georgia Street, 1500 Royal Centre,** <br> **Vancouver, BC V6E 4N7**<br> Continued under the *Business Corporations Act* (British Columbia) |  |
|  | **WARRANT CERTIFICATE** |  |
| &nbsp;&nbsp;THIS CERTIFICATE ATTESTS THAT | **[NAME OF HOLDER]** |  |
|  | **[NAME OF HOLDER]** |  |
| &nbsp;&nbsp;**Is the registered holder of** |  | &nbsp;&nbsp;**[NUMBER] WARRANTS** |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; THIS CERTIFICATE ATTESTS THAT the registered holder of this Warrant Certificate has the right to purchase, at any time, until 5:00 p.m. (Toronto time) on that date which is three (3) years following the Corporation's initial public offering of its common shares on Nasdaq, the number of common shares (the "**Common Shares**") as fully paid and non-assessable in the capital of Modern Mining Technology Corp. (hereinafter the "**Corporation**"), pursuant to the number of hereinabove warrants granted, subject to the terms and conditions contained herein, at an exercise price of Cdn.$0.25. **Unless permitted under applicable securities legislation, the holder of this Warrant Certificate and the Common Shares issued following the exercise of any warrants underlying this Warrant Certificate must not trade such securities before the date that is 4 months and a day after the later (i) July 28, 2021 and (ii) the date the Corporation becomes a reporting issuer in any province or territory.** <br>IN WITNESS WHEREOF THE Corporation caused this Warrant Certificate to be signed by of its duly authorized officer as of the 30th day of August, 2021.<br>**MODERN MINING TECHNOLOGY CORP.**<br>By: ___________________________<br> Name: Thomas A. Fenton<br> Title: Corporate Secretary | **EXERCISE FORM**<br> (COMPLETE THIS FORM ONLY IF YOU ARE EXERCISING WARRANTS FOR COMMON SHARES) | **EXERCISE FORM**<br> (COMPLETE THIS FORM ONLY IF YOU ARE EXERCISING WARRANTS FOR COMMON SHARES) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; THIS CERTIFICATE ATTESTS THAT the registered holder of this Warrant Certificate has the right to purchase, at any time, until 5:00 p.m. (Toronto time) on that date which is three (3) years following the Corporation's initial public offering of its common shares on Nasdaq, the number of common shares (the "**Common Shares**") as fully paid and non-assessable in the capital of Modern Mining Technology Corp. (hereinafter the "**Corporation**"), pursuant to the number of hereinabove warrants granted, subject to the terms and conditions contained herein, at an exercise price of Cdn.$0.25. **Unless permitted under applicable securities legislation, the holder of this Warrant Certificate and the Common Shares issued following the exercise of any warrants underlying this Warrant Certificate must not trade such securities before the date that is 4 months and a day after the later (i) July 28, 2021 and (ii) the date the Corporation becomes a reporting issuer in any province or territory.** <br>IN WITNESS WHEREOF THE Corporation caused this Warrant Certificate to be signed by of its duly authorized officer as of the 30th day of August, 2021.<br>**MODERN MINING TECHNOLOGY CORP.**<br>By: ___________________________<br> Name: Thomas A. Fenton<br> Title: Corporate Secretary | TO: MODERN MINING TECHNOLOGY CORP. (the "**Corporation**") | TO: MODERN MINING TECHNOLOGY CORP. (the "**Corporation**") |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; THIS CERTIFICATE ATTESTS THAT the registered holder of this Warrant Certificate has the right to purchase, at any time, until 5:00 p.m. (Toronto time) on that date which is three (3) years following the Corporation's initial public offering of its common shares on Nasdaq, the number of common shares (the "**Common Shares**") as fully paid and non-assessable in the capital of Modern Mining Technology Corp. (hereinafter the "**Corporation**"), pursuant to the number of hereinabove warrants granted, subject to the terms and conditions contained herein, at an exercise price of Cdn.$0.25. **Unless permitted under applicable securities legislation, the holder of this Warrant Certificate and the Common Shares issued following the exercise of any warrants underlying this Warrant Certificate must not trade such securities before the date that is 4 months and a day after the later (i) July 28, 2021 and (ii) the date the Corporation becomes a reporting issuer in any province or territory.** <br>IN WITNESS WHEREOF THE Corporation caused this Warrant Certificate to be signed by of its duly authorized officer as of the 30th day of August, 2021.<br>**MODERN MINING TECHNOLOGY CORP.**<br>By: ___________________________<br> Name: Thomas A. Fenton<br> Title: Corporate Secretary | The undersigned holder hereby exercises its right to purchase Common Shares and hereby subscribes for _____________ Common Shares in the capital of the Corporation at an exercise price equal to Cdn$0.25 per Common Share pursuant to the terms and conditions of this Warrant Certificate and hereby delivers the total payment of the exercise price for the number of subscribed Common Shares. | The undersigned holder hereby exercises its right to purchase Common Shares and hereby subscribes for _____________ Common Shares in the capital of the Corporation at an exercise price equal to Cdn$0.25 per Common Share pursuant to the terms and conditions of this Warrant Certificate and hereby delivers the total payment of the exercise price for the number of subscribed Common Shares. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; THIS CERTIFICATE ATTESTS THAT the registered holder of this Warrant Certificate has the right to purchase, at any time, until 5:00 p.m. (Toronto time) on that date which is three (3) years following the Corporation's initial public offering of its common shares on Nasdaq, the number of common shares (the "**Common Shares**") as fully paid and non-assessable in the capital of Modern Mining Technology Corp. (hereinafter the "**Corporation**"), pursuant to the number of hereinabove warrants granted, subject to the terms and conditions contained herein, at an exercise price of Cdn.$0.25. **Unless permitted under applicable securities legislation, the holder of this Warrant Certificate and the Common Shares issued following the exercise of any warrants underlying this Warrant Certificate must not trade such securities before the date that is 4 months and a day after the later (i) July 28, 2021 and (ii) the date the Corporation becomes a reporting issuer in any province or territory.** <br>IN WITNESS WHEREOF THE Corporation caused this Warrant Certificate to be signed by of its duly authorized officer as of the 30th day of August, 2021.<br>**MODERN MINING TECHNOLOGY CORP.**<br>By: ___________________________<br> Name: Thomas A. Fenton<br> Title: Corporate Secretary | The undersigned holder hereby exercises its right to purchase Common Shares and hereby subscribes for _____________ Common Shares in the capital of the Corporation at an exercise price equal to Cdn$0.25 per Common Share pursuant to the terms and conditions of this Warrant Certificate and hereby delivers the total payment of the exercise price for the number of subscribed Common Shares. | The undersigned holder hereby exercises its right to purchase Common Shares and hereby subscribes for _____________ Common Shares in the capital of the Corporation at an exercise price equal to Cdn$0.25 per Common Share pursuant to the terms and conditions of this Warrant Certificate and hereby delivers the total payment of the exercise price for the number of subscribed Common Shares. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; THIS CERTIFICATE ATTESTS THAT the registered holder of this Warrant Certificate has the right to purchase, at any time, until 5:00 p.m. (Toronto time) on that date which is three (3) years following the Corporation's initial public offering of its common shares on Nasdaq, the number of common shares (the "**Common Shares**") as fully paid and non-assessable in the capital of Modern Mining Technology Corp. (hereinafter the "**Corporation**"), pursuant to the number of hereinabove warrants granted, subject to the terms and conditions contained herein, at an exercise price of Cdn.$0.25. **Unless permitted under applicable securities legislation, the holder of this Warrant Certificate and the Common Shares issued following the exercise of any warrants underlying this Warrant Certificate must not trade such securities before the date that is 4 months and a day after the later (i) July 28, 2021 and (ii) the date the Corporation becomes a reporting issuer in any province or territory.** <br>IN WITNESS WHEREOF THE Corporation caused this Warrant Certificate to be signed by of its duly authorized officer as of the 30th day of August, 2021.<br>**MODERN MINING TECHNOLOGY CORP.**<br>By: ___________________________<br> Name: Thomas A. Fenton<br> Title: Corporate Secretary | Number of Common Shares: | Total exercise price: $|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; THIS CERTIFICATE ATTESTS THAT the registered holder of this Warrant Certificate has the right to purchase, at any time, until 5:00 p.m. (Toronto time) on that date which is three (3) years following the Corporation's initial public offering of its common shares on Nasdaq, the number of common shares (the "**Common Shares**") as fully paid and non-assessable in the capital of Modern Mining Technology Corp. (hereinafter the "**Corporation**"), pursuant to the number of hereinabove warrants granted, subject to the terms and conditions contained herein, at an exercise price of Cdn.$0.25. **Unless permitted under applicable securities legislation, the holder of this Warrant Certificate and the Common Shares issued following the exercise of any warrants underlying this Warrant Certificate must not trade such securities before the date that is 4 months and a day after the later (i) July 28, 2021 and (ii) the date the Corporation becomes a reporting issuer in any province or territory.** <br>IN WITNESS WHEREOF THE Corporation caused this Warrant Certificate to be signed by of its duly authorized officer as of the 30th day of August, 2021.<br>**MODERN MINING TECHNOLOGY CORP.**<br>By: ___________________________<br> Name: Thomas A. Fenton<br> Title: Corporate Secretary |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; THIS CERTIFICATE ATTESTS THAT the registered holder of this Warrant Certificate has the right to purchase, at any time, until 5:00 p.m. (Toronto time) on that date which is three (3) years following the Corporation's initial public offering of its common shares on Nasdaq, the number of common shares (the "**Common Shares**") as fully paid and non-assessable in the capital of Modern Mining Technology Corp. (hereinafter the "**Corporation**"), pursuant to the number of hereinabove warrants granted, subject to the terms and conditions contained herein, at an exercise price of Cdn.$0.25. **Unless permitted under applicable securities legislation, the holder of this Warrant Certificate and the Common Shares issued following the exercise of any warrants underlying this Warrant Certificate must not trade such securities before the date that is 4 months and a day after the later (i) July 28, 2021 and (ii) the date the Corporation becomes a reporting issuer in any province or territory.** <br>IN WITNESS WHEREOF THE Corporation caused this Warrant Certificate to be signed by of its duly authorized officer as of the 30th day of August, 2021.<br>**MODERN MINING TECHNOLOGY CORP.**<br>By: ___________________________<br> Name: Thomas A. Fenton<br> Title: Corporate Secretary | <br> DATED this _____day of _______________, 20____ | <br> DATED this _____day of _______________, 20____ |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; THIS CERTIFICATE ATTESTS THAT the registered holder of this Warrant Certificate has the right to purchase, at any time, until 5:00 p.m. (Toronto time) on that date which is three (3) years following the Corporation's initial public offering of its common shares on Nasdaq, the number of common shares (the "**Common Shares**") as fully paid and non-assessable in the capital of Modern Mining Technology Corp. (hereinafter the "**Corporation**"), pursuant to the number of hereinabove warrants granted, subject to the terms and conditions contained herein, at an exercise price of Cdn.$0.25. **Unless permitted under applicable securities legislation, the holder of this Warrant Certificate and the Common Shares issued following the exercise of any warrants underlying this Warrant Certificate must not trade such securities before the date that is 4 months and a day after the later (i) July 28, 2021 and (ii) the date the Corporation becomes a reporting issuer in any province or territory.** <br>IN WITNESS WHEREOF THE Corporation caused this Warrant Certificate to be signed by of its duly authorized officer as of the 30th day of August, 2021.<br>**MODERN MINING TECHNOLOGY CORP.**<br>By: ___________________________<br> Name: Thomas A. Fenton<br> Title: Corporate Secretary |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; THIS CERTIFICATE ATTESTS THAT the registered holder of this Warrant Certificate has the right to purchase, at any time, until 5:00 p.m. (Toronto time) on that date which is three (3) years following the Corporation's initial public offering of its common shares on Nasdaq, the number of common shares (the "**Common Shares**") as fully paid and non-assessable in the capital of Modern Mining Technology Corp. (hereinafter the "**Corporation**"), pursuant to the number of hereinabove warrants granted, subject to the terms and conditions contained herein, at an exercise price of Cdn.$0.25. **Unless permitted under applicable securities legislation, the holder of this Warrant Certificate and the Common Shares issued following the exercise of any warrants underlying this Warrant Certificate must not trade such securities before the date that is 4 months and a day after the later (i) July 28, 2021 and (ii) the date the Corporation becomes a reporting issuer in any province or territory.** <br>IN WITNESS WHEREOF THE Corporation caused this Warrant Certificate to be signed by of its duly authorized officer as of the 30th day of August, 2021.<br>**MODERN MINING TECHNOLOGY CORP.**<br>By: ___________________________<br> Name: Thomas A. Fenton<br> Title: Corporate Secretary | Complete name of the subscriber | Signature of the subscriber |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; THIS CERTIFICATE ATTESTS THAT the registered holder of this Warrant Certificate has the right to purchase, at any time, until 5:00 p.m. (Toronto time) on that date which is three (3) years following the Corporation's initial public offering of its common shares on Nasdaq, the number of common shares (the "**Common Shares**") as fully paid and non-assessable in the capital of Modern Mining Technology Corp. (hereinafter the "**Corporation**"), pursuant to the number of hereinabove warrants granted, subject to the terms and conditions contained herein, at an exercise price of Cdn.$0.25. **Unless permitted under applicable securities legislation, the holder of this Warrant Certificate and the Common Shares issued following the exercise of any warrants underlying this Warrant Certificate must not trade such securities before the date that is 4 months and a day after the later (i) July 28, 2021 and (ii) the date the Corporation becomes a reporting issuer in any province or territory.** <br>IN WITNESS WHEREOF THE Corporation caused this Warrant Certificate to be signed by of its duly authorized officer as of the 30th day of August, 2021.<br>**MODERN MINING TECHNOLOGY CORP.**<br>By: ___________________________<br> Name: Thomas A. Fenton<br> Title: Corporate Secretary |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; THIS CERTIFICATE ATTESTS THAT the registered holder of this Warrant Certificate has the right to purchase, at any time, until 5:00 p.m. (Toronto time) on that date which is three (3) years following the Corporation's initial public offering of its common shares on Nasdaq, the number of common shares (the "**Common Shares**") as fully paid and non-assessable in the capital of Modern Mining Technology Corp. (hereinafter the "**Corporation**"), pursuant to the number of hereinabove warrants granted, subject to the terms and conditions contained herein, at an exercise price of Cdn.$0.25. **Unless permitted under applicable securities legislation, the holder of this Warrant Certificate and the Common Shares issued following the exercise of any warrants underlying this Warrant Certificate must not trade such securities before the date that is 4 months and a day after the later (i) July 28, 2021 and (ii) the date the Corporation becomes a reporting issuer in any province or territory.** <br>IN WITNESS WHEREOF THE Corporation caused this Warrant Certificate to be signed by of its duly authorized officer as of the 30th day of August, 2021.<br>**MODERN MINING TECHNOLOGY CORP.**<br>By: ___________________________<br> Name: Thomas A. Fenton<br> Title: Corporate Secretary | Subscriber's complete address | Subscriber's complete address |

---

**TERMS AND CONDITIONS**

**1. Exercise of warrant; partial exercise.** The preferred share purchase warrants of the Corporation may only be exercised by the registered holder thereof within the time stipulated on the front of this Warrant Certificate by:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(a)** signing and filling out the exercise form on the front of this Warrant Certificate
; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(b)** delivering this Warrant Certificate to the Secretary of the Corporation,
at the head office at 1055 West Georgia Street, 1500 Royal Centre, Vancouver, BC, V6E 4N7, accompanied by a wire transfer in the name
of the Corporation, in Canadian dollars, for the applicable exercise price for the subscribed Common Shares.

Upon delivery and payment as mentioned above, the registered holder, shall be deemed, for all purposes, the registered holder of the number of Common Shares of the Corporation that must be issued to such holder: (i) shall have the right to receive one or more share certificates (or DRS advices) representing these Common Shares; and (ii) the Corporation shall cause the share certificate(s) (or DRS advices) to be mailed to the registered holder at the address indicated in the exercise form within ten days of the delivery and of the payment. The registered holder of the Warrant Certificate may subscribe or purchase any number of whole Common Shares lower than the number of Common Shares that it may purchase pursuant to the terms of this Warrant Certificate; in that case, it has the right to receive a new certificate for the remainder of the warrants that were not exercised at the time of this exercise and purchase. The possession of this Warrant Certificate shall not make its holder a shareholder of the Corporation and shall not grant any right or interest with regards to this Warrant Certificate, except as expressly provided herein.

**2. Transfer Prohibited.** This Warrant Certificate is non-assignable and non-transferable by the holder, without the prior written approval of the Corporation.

The holder of this Warrant Certificate may, at any time before its expiration date and upon delivery of this Warrant Certificate to the Corporation's Secretary at its head office, exchange this Warrant Certificate for certificates of any other denomination, attesting the same total number of warrants as those attested in this Warrant Certificate.

**3. Replacement of certificates.** Upon receipt of reasonably satisfactory evidence for the Corporation of the loss, theft, destruction or mutilation of this Warrant Certificate and, in case of such loss, theft or destruction, upon receipt of an indemnification agreement in a form and amount reasonably satisfactory to the Corporation or, in case of such mutilation, upon delivery and cancellation of this Warrant Certificate, the Corporation, at its expense, shall execute and deliver a new replacement certificate of the same content and denomination.

**4. Adjustment of the exercise price and the shares that may be issued at the time of the exercise.** At any time after the date hereof, if the Corporation splits or consolidates its issued Common Shares, the exercise price and the number of Common Shares that may be purchased under this Warrant Certificate for every warrant shall be adjusted accordingly.

In the event of a reclassification or modification of the Common Shares which have been issued (other than a split or consolidation) after the date hereof, or in the event of a consolidation or a merger of the Corporation with another corporation (other than a merger with a subsidiary resulting in the continuation of the Corporation following such merger and does not cause a reclassification or modification of the issued Common Shares) after the date hereof, or in the event of a sale or transfer to another corporation, after the date hereof, of all or substantially all of the Corporation's assets, the holder of this Warrant Certificate shall thus have the right to purchase and receive, instead of the Common Shares which it had the right to purchase and receive immediately before exercising this Warrant Certificate, the type and the number of shares, other securities and property likely to be received following such reclassification, modification, consolidation, merger, sale or transfer, that the holder of a number of Common Shares equal to the number of Common Shares that may be purchased and received immediately before exercising this warrant and would have received following such reclassification, modification, consolidation, merger, sale or transfer. The provisions of this Section 4 apply to successive consolidations, mergers, sales or transfers.

The Corporation shall not be obliged to issue fractions of Common Shares in order to satisfy its obligations herein. In lieu of any fractional entitlement the number of Common Shares issuable to the holder shall be rounded down to the next whole number of Common Shares.

In the event that at any time after the date hereof the Corporation distributes shares of any category of the Corporation or the Corporation's property to the holders of Common Shares (except a share dividend instead of a cash dividend paid in the normal course of business), the registered holder of this Warrant Certificate shall have the right, after the warrants are exercised, to receive, with the Common Shares resulting from the exercise of the warrants without additional payment, the number of shares or property that the registered holder would have received if it would have been the owner of the Common Shares resulting from the exercise at the moment of the distribution of shares or property.

**5. Expiration.** No holder of this Warrant Certificate shall have the right, pursuant to this Warrant Certificate, to purchase Common Shares of the Corporation after 5:00 p.m. (Toronto time) on that date that is three (3) years following the closing of the Corporation's initial public offering on its Common Shares on Nasdaq at the Corporation's head office where this Warrant Certificate is to be delivered in order to be exercised (herein designated as the "*expiration date*"). After the expiration date of this Warrant Certificate, all warrants under this Warrant Certificate which were not yet exercised shall expire and this Warrant Certificate shall be null and void.

**6. Creation of warrants and reservation of shares.** The Corporation agrees and declares that it is duly authorized to create and issue this Warrant Certificate and that this Warrant Certificate, when signed as provided herein, will be valid and enforceable against the Corporation in accordance with the provisions of this Warrant Certificate and that, subject to the provisions herein, the Corporation shall issue or cause to be issued the Common Shares purchased from time to time as provided herein; moreover, the Corporation agrees and declares that at any time while this Warrant Certificate is in circulation, it will reserve and will keep within its share capital a sufficient number of non-issued Common Shares in order to satisfy the purchase rights herein. All Common Shares that shall be issued at the time this warrant is exercised shall be deemed fully paid and non-assessable upon payment for the Common Shares, as provided herein, of the applicable amount to which the Common Shares may be purchased in accordance of the provision hereof.

**7. Claims.** Subject to the following provisions, all of the rights conferred to the registered holder of this Warrant Certificate may be exercised by the holder hereof via suitable legal procedures. No claims under the terms of an obligation, agreement or undertaking contained herein may be exercised against a shareholder, an officer or a director of the Corporation whether directly or through the Corporation, being expressly agreed and declared that the obligations under the terms of this Warrant Certificate are only corporate obligations and that no personal liability whatsoever will bind or will be incurred by the shareholders, the officers or the directors of the Corporation nor either of them in this respect; as a condition and in consideration of the execution and issuance of this Warrant Certificate, any right and claim against each of its shareholders, officers or directors are hereby expressly waived.

**8. Use of terms.** Unless otherwise required by the subject or the context, the words hereto, hereby, herein, hereof, under or pursuant and other similar expressions refer to this Warrant Certificate in general and not to a section, paragraph or any other particular part of this Warrant Certificate, the word holder designates the registered holder at the issuance of this Warrant Certificate; the singular includes the plural and vice versa, any reference to gender includes both the masculine and the feminine and words referring to persons include corporations, companies and vice versa.

**9. Statutory holidays.** If the date to take any action pursuant to this Warrant Certificate is a Saturday, a Sunday or a statutory holiday, the action shall be taken the first business day following said day and shall have the same effect as if it had been taken on the appropriate date on which it was to be taken.

**10. Notices.** All notices issued by the Corporation to the holder of this Warrant Certificate shall be via first class pre-paid postage at the registered address of the holder and shall be deemed to have been given on the date of postage.

**11. Governing law.** This Warrant Certificate herein attested are governed in all respects by the laws of the Province of British Columbia and shall be treated as contracts entered into and entirely executed in the Province of Ontario.

**12. Execution.** This certificate may be executed in one or more counterparts, each of which may be delivered by facsimile, by email in PDF, or other legally permissible electronic signature, and each of which will be deemed an original, and all of which together will be deemed to be one and the same document.

**13. Time of the essence.** Time is of the essence in the performance of all obligations contained herein.

## Ex1A-3

**Exhibit 3.6**

**THIS WARRANT CERTIFICATE, AND THE WARRANTS EVIDENCED HEREBY ARE NOT TRANSFERABLE AND WILL BE VOID AND OF NO VALUE UNLESS EXERCISED WITHIN THE LIMITS HEREIN PROVIDED**

**THE WARRANTS REPRESENTED HEREBY AND THE SECURITIES DELIVERABLE UPON THE EXERCISE THEREOF HAVE NOT BEEN AND WILL NOT BE REGISTERED UNDER THE UNITED STATES SECURITIES ACT OF 1933, AS AMENDED (THE "U.S. SECURITIES ACT"), OR ANY STATE SECURITIES LAWS, AND MAY BE OFFERED, SOLD, PLEDGED OR OTHERWISE TRANSFERRED ONLY: (A) TO MODERN MINING TECHNOLOGY CORP. (THE "COMPANY"), (B) OUTSIDE THE UNITED STATES IN COMPLIANCE WITH RULE 904 OF REGULATION S UNDER THE U.S. SECURITIES ACT AND IN COMPLIANCE WITH LOCAL LAWS AND REGULATIONS, (C) WITHIN THE UNITED STATES IN ACCORDANCE WITH (1) RULE 144A UNDER THE U.S. SECURITIES ACT, OR (2) RULE 144 UNDER THE U.S. SECURITIES ACT AND, IN EACH CASE, IN COMPLIANCE WITH APPLICABLE STATE SECURITIES LAWS, OR (D) IN ANOTHER TRANSACTION THAT DOES NOT REQUIRE REGISTRATION UNDER THE U.S. SECURITIES ACT OR ANY APPLICABLE STATE SECURITIES LAWS PROVIDED THAT IN THE CASE OF TRANSFERS PURSUANT TO (C)(2) OR (D) ABOVE, A LEGAL OPINION SATISFACTORY TO THE COMPANY MUST FIRST BE PROVIDED TO ENDEAVOR TRUST COMPANY TO THE EFFECT THAT SUCH TRANSFER IS EXEMPT FROM REGISTRATION UNDER THE U.S. SECURITIES ACT AND APPLICABLE STATE SECURITIES LAWS.**

**THESE WARRANTS MAY NOT BE EXERCISED IN THE UNITED STATES OR BY OR ON BEHALF OF, OR FOR THE ACCOUNT OR BENEFIT OF, A U.S. PERSON UNLESS THIS SECURITY AND THE COMMON SHARES ISSUABLE UPON EXERCISE OF THIS SECURITY HAVE BEEN REGISTERED UNDER THE U.S. SECURITIES ACT AND APPLICABLE STATE SECURITIES LEGISLATION OR AN EXEMPTION FROM SUCH REGISTRATION REQUIREMENTS IS AVAILABLE. "UNITED STATES" AND "U.S. PERSON" ARE AS DEFINED BY REGULATION S UNDER THE U.S. SECURITIES ACT."**

**PERFORMANCE WARRANT TO PURCHASE COMMON SHARES**

**OF**

**MODERN MINING TECHNOLOGY CORP.**<br> (a company incorporated under the laws of the British Columbia)

---

| | |
|:---|:---|
| **Number: PW - [●]** | Number of Warrants represented by this Certificate: [●] |

---

**THIS CERTIFIES THAT**, for value received, [Name], of [Address] (the "**Holder**"), being a Service Provider (as defined herein) and the registered holder of that number of performance warrants (individually, a "**Warrant**" and collectively, the "**Warrants**") set forth above is entitled, at any time after the Performance Date (as defined herein) and prior to the Expiry Time (as defined herein) to subscribe for and purchase the number of common shares (the "**Shares**", and each, a "**Share**") of the Company set forth above on the basis of one Share at a price of US$0.05 (the "**Exercise Price**") for each Warrant exercised, subject to adjustment as set out herein, by surrendering to the Company at its principal office, 1500-1055 West Georgia Street, Vancouver, BC V6E 4N7, this warrant certificate (the "**Warrant Certificate**"), together with a completed and executed Subscription Form attached hereto, and payment in full for the Shares being purchased.

The Company shall treat the Holder as the absolute owner of the Warrants evidenced by this Warrant Certificate for all purposes and the Company shall not be affected by any notice or knowledge to the contrary. The Holder shall be entitled to the rights evidenced by this Warrant Certificate free from all equities and rights of set-off or counterclaim between the Company and the original or any intermediate holder and all persons may act accordingly and the receipt by the Holder of the Shares issuable upon exercise hereof shall be a good discharge to the Company and the Company shall not be bound to inquire into the title of any such Holder.

1.  **<u>Definitions</u>:** In this Warrant Certificate, unless there is something in the subject matter or context
 inconsistent therewith, the following expressions shall have the following meanings:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) "**Adjustment Period**" means the period commencing on the date hereof and ending at the Expiry
 Time;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) **"Affiliate"** means a company that is a parent or subsidiary of the Company, or that is controlled
 by the same entity as the Company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) **"Board"** means the board of directors of the Company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) "**Business Day**" means any day other than a Saturday, Sunday, legal holiday or a day on which
 banking institutions are closed in Vancouver, British Columbia;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) "**Company** "
 means Modern Mining Technology Corp., and its successors and assigns;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) "**Common Shares**" means the common shares of the Company as such shares are constituted on
 the date hereof, as the same may be reorganized, reclassified or otherwise changed pursuant
 to any of the events set out in Section 11 or Section 13 hereof;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) **"Consultant"** means an individual or Consultant Company, other than an Employee, Officer or Director
 that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) provides
 on an ongoing bona fide basis, consulting, technical, managerial or like services to the
 Company or an Affiliate of the Company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) provides
 the services under a written contract between the Company or an Affiliate and the individual
 or the Consultant Company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) in
 the reasonable opinion of the Company, spends or will spend a significant amount of time
 and attention on the business and affairs of the Company or an Affiliate of the Company;
 and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) has
 a relationship with the Company or an Affiliate of the Company that enables the individual
 or Consultant Company to be knowledgeable about the business and affairs of the Company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) "**Consultant Company"** means for an individual Consultant, a company or partnership of which
 the individual is an employee, shareholder or partner;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) "**Current Market Price**" of a Common Share at any date means the price per share equal to
 the volume weighted average trading price at which the Common Shares have traded on the principal
 stock exchange or over-the-counter market on which the Common Shares may then be listed or
 posted for trading during the twenty (20) consecutive Trading Days prior to the relevant
 date, with the volume weighted average trading price per Common Share being determined by
 dividing the aggregate sale price of all Common Shares sold on the said exchange or market,
 as the case may be, during the said twenty (20) consecutive Trading Days by the aggregate
 number of Common Shares so sold or, if the Common Shares are not listed or quoted on any
 stock exchange or over-the-counter market, then the Current Market Price shall be as determined
 by the directors of the Company, acting reasonably;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) "**Directors** "
 means the directors of the Company as may be elected from time to time;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) "**Dividends Paid in the Common Course**" means dividends paid in any financial year of the Company,
 whether in (i) cash, (ii) shares of the Company, or (iii) warrants or similar rights to purchase
 any shares of the Company or property or other assets of the Company, provided that the value
 of such dividends does not in such financial year exceed the greater of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) 150%
 of the aggregate amount of dividends paid by the Company on the Common Shares in the 12-month
 period ending immediately prior to the first day of such financial year; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) 100%
 of the consolidated net earnings from continuing operations of the Company, before any extraordinary
 items, for the 12-month period ending immediately prior to the first day of such financial
 year (such consolidated net earnings from continuing operations to be computed in accordance
 with generally accepted accounting principles in Canada);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) **"Employee"** means:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) an
 individual who is considered an employee under the Income Tax Act Canada (i.e. for whom income
 tax, employment insurance and CPP deductions must be made at source);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) an
 individual who works full-time for the Company or a subsidiary thereof providing services
 normally provided by an employee and who is subject to the same control and direction by
 the Company over the details and methods of work as an employee of the Company, but for whom
 income tax deductions are not made at source; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) an
 individual who works for the Company or its subsidiary on a continuing and regular basis
 for a minimum amount of time per week providing services normally provided by an employee
 and who is subject to the same control and direction by the Company over the details and
 methods of work as an employee of the Company, but for whom income tax deductions need not
 be made at source;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m) "**Exercise Price**" means CAD$0.05 per Share, subject to adjustment in accordance with Section
 11 hereof;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n) "**Expiry Time**" means three years from the date of the IPO; provided however:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) in
 the case of the death of a Holder following the Performance Date, any Warrant held by him
 or her at the date of death will become exercisable by the Holder's lawful personal
 representatives, heirs or executors until one year after the date of death of such Holder;
 and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) if
 the Performance Date has occurred on or before the date the Holder ceased to be so employed
 by or to provide services to the Company, a Warrant issued to any Service Provider will expire
 90 days after the date the Holder ceases to be employed by or provide services to the Company,
 provided that in the case of the Service Provider being dismissed from employment or service
 for cause, such Warrants, whether or not the Performance Date has occurred at the date of
 dismissal will immediately terminate without right to exercise same;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(o) "**Holder** "
 means the holder set forth on the first page hereof;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(p) "**IPO** "
 means the initial public offering of the Company and listing of its Common Shares on a recognized
 stock exchange in Canada or the United States;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(q) "**Management Company Employee**" means an individual employed by a person providing management
 services to the Company which are required for the ongoing successful operation of the business
 enterprise of the Company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(r) "**Officer** "
 means a officer of the Company appointed by the Board;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(s) "**Performance Date**" means the date on which the Board determines, based on the Company's
 published financial statements, that the Company achieves cumulative Gross Revenue (as defined
 under International Financial Reporting Standards as issued by the International Accounting
 Board) of [$10/$20] million;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(t) "**person** "
 means an individual, corporation, partnership, unincorporated syndicate, unincorporated organization,
 trust, trustee, executor, administrator, or other legal representative, or any group or combination
 thereof or any other entity whatsoever;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(u) **"Shares** "
 means the Common Shares issuable upon due exercise of the Warrants;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) **"Service Provider"** means a person who is a bona fide Director, Officer, Employee, Management
 Company Employee, Consultant, and also includes a company, 100% of the share capital of which
 is beneficially owned by one or more Service Providers;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(w) "**Trading Day**" with respect to a stock exchange, market or over-the-counter market means
 a day on which such stock exchange or over-the-counter market is open for business;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(x) "**United States**" means the United States of America, its territories and possessions, any
 state of the United States and the District of Colombia;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(y) "**U.S. Person**" means "U.S. person" as that term is defined in Regulation S
 under the U.S. Securities Act;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(z) "**U.S. Securities Act**" means the *United States Securities Act of 1933*, as amended;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(aa) "**Warrant** "
 means a Warrant, each exercisable to purchase one Share at the Exercise Price at any time
 after the Performance Date and prior to the Expiry Time; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(bb) "**Warrant Certificate**" means this certificate representing the Warrants, together with any
 duly issued replacement or substitution therefor.

2.  **<u>Expiry Time</u>:** At the Expiry Time, all rights under the Warrants evidenced hereby, in respect
 of which the right of subscription and purchase herein provided for shall not theretofore
 have been exercised, shall expire and be of no further force and effect. Nothing contained
 herein shall confer any right upon the Holder hereof or any other person to subscribe for
 or purchase any Shares at any time subsequent to the Expiry Time.

3.  **<u>Exercise Procedure</u>:** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The
 Holder may exercise the right to subscribe and purchase the number of Shares herein provided
 for by delivering to the Company, at any time after the Performance Date and prior to the
 Expiry Time, at its principal office, this Warrant Certificate, with the Subscription Form
 attached hereto duly completed and executed by the Holder or its legal representative or
 attorney, duly appointed by an instrument in writing in form and manner satisfactory to the
 Company, together with a certified cheque, wire transfer or bank draft payable to or to the
 order of the Company in an amount in the lawful currency of Canada equal to the aggregate
 Exercise Price in respect of the Warrants so exercised. Any Warrant Certificate so surrendered
 shall be deemed to be surrendered only upon delivery thereof to the Company at its principal
 office set forth herein (or to such other address as the Company may notify the Holder).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) On
 any exercise of the Warrants, in lieu of payment of the aggregate Exercise Price in the manner
 as specified above, but otherwise in accordance with the requirements of Section 3(a), the
 Holder may elect to receive the Shares equal to the value of the Warrants, or portion hereof
 as to which the Warrants is being exercised. Thereupon, the Company shall issue to the Holder
 such number of fully paid and non-assessable Shares as are computed using the following formula:

X = Y(A-B)/A

where:

X = the number of Shares to be issued to the Holder;

Y = the number of Shares with respect to which the Warrants are being exercised (inclusive of the Shares surrendered to the Company in payment of the aggregate Exercise Price);

A = the fair market value (as determined pursuant to this Section 3(b)) (the "**Fair Market Value**") of one (1) Share; and

B = the Exercise Price.

If the Common Shares are then traded or quoted on a U.S. or Canadian securities exchange, inter-dealer quotation system or over-the-counter market (a "**Trading Market**"), the Fair Market Value of a Common Share shall be the closing price or last sale price of a Common Share reported for the business day immediately before the date on which Holder delivers this Warrant Certificate together with its Subscription Form to the Company. If the Common Shares are not traded in a Trading Market, the Board of Directors of the Company shall determine the Fair Market Value of a Common Share in its reasonable good faith judgment, as of the business day immediately before the date on which Holder delivers this Warrant Certificate together with its Subscription Form to the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Upon
 such delivery as aforesaid, the Company shall cause to be issued to the Holder hereof the
 Shares subscribed for not exceeding those which such Holder is entitled to purchase pursuant
 to this Warrant Certificate and the Holder hereof shall become a shareholder of the Company
 in respect of the Shares subscribed for with effect from the date of such delivery and shall
 be entitled to delivery of certificates evidencing the Shares and the Company shall cause
 such certificates to be delivered to the Holder hereof at the address or addresses specified
 in such subscription as soon as practicable, and in any event within three Business Days
 of such delivery.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) These
 Warrants and the Shares issuable upon exercise of these Warrants have not been and will not
 be registered under the U.S. Securities Act or under state securities laws of any state in
 the United States. Accordingly, these Warrants may not be transferred to, or be exercised
 by or on behalf of, a person in the United States or a U.S. Person, unless an exemption from
 registration is available under the U.S. Securities Act and applicable state securities laws
 and the Holder has furnished an opinion of counsel of recognized standing in form and substance
 satisfactory to the Company to such effect, and if the Warrants are so exercised, the certificates
 representing the Shares shall bear the appropriate legends as determined by legal counsel
 for the Company.

4.  **<u>Partial Exercise</u>:** The Holder may subscribe for and purchase a number of Shares less than
 the maximum number the Holder is entitled to purchase pursuant to the full exercise of this
 Warrant Certificate. In the event of any such subscription prior to the Expiry Time, the
 Holder shall in addition be entitled to receive, without charge, a new Warrant Certificate
 in respect of the balance of the Shares which the Holder was entitled to subscribe for pursuant
 to this Warrant Certificate and which were then not purchased (with or without legends as
 appropriate).

5.  **<u>No Fractional Shares</u>:** Notwithstanding any adjustments provided for in Section 11 hereof
 or otherwise, the Company shall not be required upon the exercise of any Warrants to issue
 fractional Shares and, in any such case, the number of Shares issuable upon the exercise
 of any Warrants shall be rounded down to the nearest whole number, without payment or compensation
 in lieu thereof.

6.  **<u>Exchange of Warrant Certificates</u>:** This Warrant Certificate may be exchanged for Warrant Certificates
 representing in the aggregate the same number of Warrants and entitling the Holder thereof
 to subscribe for and purchase an equal aggregate number of Shares at the same Exercise Price
 and on the same terms as this Warrant Certificate (with or without legends as may be appropriate).
 Any Warrant Certificate tendered for exchange shall be surrendered to the Company and cancelled.

7.  **<u>Transfer of Warrants</u>:** The Warrants evidenced by this Warrant Certificate are non-assignable
 and non-transferable and may not be exercised by or for the benefit of any person other than
 the Holder without the prior written consent of the Company.

8.  **<u>Not a Shareholder</u>:** Nothing in this Warrant Certificate or in the holding of a Warrant
 evidenced hereby shall be construed as conferring upon the Holder any right or interest whatsoever
 as a shareholder of the Company. All Warrants shall rank *pari passu*, notwithstanding
 the date of issue thereof.

9.  **<u>No Obligation to Purchase</u>:** Nothing herein contained or done pursuant hereto shall obligate
 the Holder to subscribe for or the Company to issue any shares except those Shares in respect
 of which the Holder shall have exercised its right to purchase hereunder in the manner provided
 herein.

10.  **<u>Covenants</u>:** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The
 Company covenants and agrees that so long as any Warrants evidenced hereby remain outstanding,
 (i) it shall use commercially reasonable efforts to preserve and maintain its corporate existence,
 and (ii) it shall allot and authorize for issuance a sufficient number of Shares to satisfy
 the right of purchase provided for herein, and upon due exercise of the Warrants in accordance
 with the terms of the Warrant Certificate, the Company will cause the Shares subscribed for
 and purchased in the manner herein provided to be issued and delivered as directed and such
 Shares shall be issued as fully paid and non-assessable Common Shares and the holders thereof
 shall not be liable to the Company or to its creditors in respect thereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) If
 the issuance of the Shares upon the exercise of the Warrants requires any filing or registration
 with or approval of any securities regulatory authority or other governmental authority in
 Canada or compliance with any other requirement under any Canadian law before such securities
 may be validly issued (other than the filing of a prospectus or similar disclosure document),
 the Company agrees to take such actions as may be necessary to secure such filing, registration,
 approval or compliance, as the case may be.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The
 Company will do, execute, acknowledge and deliver or cause to be done, executed, acknowledged
 and delivered, all other acts, deeds and assurances in law as may be reasonably required
 to accomplish and effect the intentions and provisions of this Warrant Certificate.

11.  **<u>Adjustments</u>:** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Adjustment</u>:
 The rights of the Holder, including the number of Shares issuable upon the exercise of such
 Warrants, will be adjusted from time to time in the events and in the manner provided in,
 and in accordance with the provisions of, this Section. The purpose and intent of the adjustments
 provided for in this Section are to ensure that the rights and obligations of the Holder
 are neither diminished nor enhanced as a result of any of the events set forth in paragraphs
 (b) or (c) of this Section. Accordingly, the provisions of this Section shall be interpreted
 and applied in accordance with such purpose and intent.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The
 Exercise Price in effect at any date will be subject to adjustment from time to time as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) <u>Share Reorganization</u>: If and whenever at any time during the Adjustment Period, the Company
 shall (A) subdivide, redivide or change the outstanding Common Shares into a greater number
 of Common Shares, (B) consolidate, combine or reduce the outstanding Common Shares into a
 lesser number of Common Shares, or (C) fix a record date for the issue of, or issue, Common
 Shares or securities convertible into or exchangeable for Common Shares to all or substantially
 all of the holders of Common Shares by way of a stock dividend or other distribution other
 than a Dividend Paid in the Common Course then, in each such event, the Exercise Price shall,
 on the record date for such event or, if no record date is fixed, the effective date of such
 event, be adjusted so that it will equal the rate determined by multiplying the Exercise
 Price in effect immediately prior to such date by a fraction, of which the numerator shall
 be the total number of Common Shares outstanding on such date before giving effect to such
 event, and of which the denominator shall be the total number of Common Shares outstanding
 on such date after giving effect to such event. Such adjustment shall be made successively
 whenever any such event shall occur. Any such issue of Common Shares by way of a stock dividend
 shall be deemed to have been made on the record date for such stock dividend for the purpose
 of calculating the number of outstanding Common Shares under paragraphs 12(b)(i) and (ii)
 hereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) <u>Rights Offering</u>: If and whenever at any time during the Adjustment Period, the Company shall
 fix a record date for the issue of rights, options or warrants to all or substantially all
 of the holders of Common Shares entitling the holders thereof, within a period expiring not
 more than 45 days after the record date for such issue, to subscribe for or purchase Common
 Shares (or securities convertible into or exchangeable for Common Shares) at a price per
 share (or having a conversion or exchange price per share) less than 95% of the Current Market
 Price on such record date, then the Exercise Price shall be adjusted immediately after such
 record date so that it will equal the rate determined by multiplying the Exercise Price in
 effect on such record date by a fraction, of which the numerator shall be the total number
 of Common Shares outstanding on such record date plus the number of Common Shares equal to
 the number arrived at by dividing the aggregate price of the total number of additional Common
 Shares so offered for subscription or purchase (or the aggregate conversion or exchange price
 of the convertible or exchangeable securities so offered) by such Current Market Price, and
 of which the denominator shall be the total number of Common Shares outstanding on such record
 date plus the total number of additional Common Shares so offered for subscription or purchase
 (or into or for which the convertible or exchangeable securities so offered are convertible
 or exchangeable). Any Common Shares owned by or held for the account of the Company or any
 subsidiary of the Company shall be deemed not to be outstanding for the purpose of any such
 computation. Such adjustment shall be made successively whenever such a record date is fixed,
 provided that if two or more such record dates referred to in this paragraph 11(b)(ii) are
 fixed within a period of 25 Business Days, such adjustment will be made successively as if
 each of such record dates occurred on the earliest of such record dates. To the extent that
 any such rights, options or warrants are not exercised prior to the expiration thereof, the
 Exercise Price shall then be readjusted to the Exercise Price which would then be in effect
 based upon the number of Common Shares (or securities convertible into or exchangeable for
 Common Shares) actually issued upon the exercise of such rights, options or warrants, as
 the case may be.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) <u>Distribution</u>:
 If and whenever at any time during the Adjustment Period, the Company shall fix a record
 date for the making of a distribution to all or substantially all of the holders of Common
 Shares of (A) shares of any class other than Common Shares whether of the Company or any
 other corporation, (B) rights, options or warrants to acquire Common Shares or securities
 exchangeable for or convertible into Common Shares or property or other assets of the Company
 (other than a rights offering as described in Section 11(b)(ii) above), (C) evidences of
 indebtedness, or (D) cash (including any cash dividend), securities or other property or
 assets then, in each such case and if such distribution does not constitute a Dividend Paid
 in the Common Course, or fall under clauses (i) or (ii) above, the Exercise Price will be
 adjusted immediately after such record date so that it will equal the rate determined by
 multiplying the Exercise Price in effect on such record date by a fraction, of which the
 numerator shall be the total number of Common Shares outstanding on such record date multiplied
 by the Current Market Price on the earlier of such record date and the date on which the
 Company announces its intention to make such distribution, less the aggregate fair market
 value (as determined by the directors, acting reasonably, at the time such distribution is
 authorized) of such shares or rights, options or warrants or evidences of indebtedness or
 cash, securities or other property or assets so distributed, and of which the denominator
 shall be the total number of Common Shares outstanding on such record date multiplied by
 such Current Market Price. Any Common Shares owned by or held for the account of the Company
 or any subsidiary of the Company shall be deemed not to be outstanding for the purpose of
 any such computation. Such adjustment shall be made successively whenever such a record date
 is fixed, provided that if two or more such record dates referred to in this paragraph 11(b)(iii)
 are fixed within a period of 25 Business Days, such adjustment will be made successively
 as if each of such record dates occurred on the earliest of such record dates. To the extent
 that any such rights, options or warrants so distributed are not exercised prior to the expiration
 thereof, the Exercise Price shall then be readjusted to the Exercise Price which would then
 be in effect based upon such rights, options or warrants or evidences of indebtedness or
 cash, securities or other property or assets actually distributed or based upon the number
 or amount of securities or the property or assets actually issued or distributed upon the
 exercise of such rights, options or warrants, as the case may be.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Reclassifications</u>:
 If and whenever at any time during the Adjustment Period, there is (A) any reclassification
 of, or redesignation of or amendment to the outstanding Common Shares, any change of the
 Common Shares into other shares or any other reorganization of the Company (other than as
 described in subsection 11(b) hereof), (B) any consolidation, amalgamation, arrangement,
 merger or other form of business combination of the Company with or into any other corporation
 resulting in any reclassification of the outstanding Common Shares, any change or exchange
 of the Common Shares into other shares or any other reorganization of the Company, or (C)
 any sale, lease, exchange or transfer of the undertaking or assets of the Company as an entirety
 or substantially as an entirety to another corporation or entity, then, in each such event,
 the Holder of this Warrant Certificate which is thereafter exercised shall be entitled to
 receive, and shall accept, in lieu of the number of Common Shares to which such Holder was
 theretofore entitled upon such exercise, the kind and number or amount of shares or other
 securities or property which such Holder would have been entitled to receive as a result
 of such event if, on the effective date thereof, such Holder had been the registered holder
 of the number of Common Shares to which such Holder was theretofore entitled upon such exercise.
 If necessary as a result of any such event, appropriate adjustments will be made in the application
 of the provisions set forth in this subsection with respect to the rights and interests thereafter
 of the Holder of this Warrant Certificate to the end that the provisions set forth in this
 subsection will thereafter correspondingly be made applicable, as nearly as may reasonably
 be, in relation to any shares or other securities or property thereafter deliverable upon
 the exercise of these Warrants. Any such adjustments will be made by and set forth in an
 instrument supplemental hereto approved by the directors, acting reasonably, and shall for
 all purposes be conclusively deemed to be an appropriate adjustment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) If
 at any time during the Adjustment Period any adjustment or readjustment in the Exercise Price
 shall occur pursuant to the provisions of subsection 11(b) or 11(c) of this Warrant Certificate,
 then the number of Shares purchasable upon the subsequent exercise of the Warrants shall
 be simultaneously adjusted or readjusted, as the case may be, by multiplying the number of
 Shares purchasable upon the exercise of the Warrants immediately prior to such adjustment
 or readjustment by a fraction which shall be the reciprocal of the fraction used in the adjustment
 or readjustment of the Exercise Price.

12.  **<u>Rules Regarding Calculation of Adjustment of Exercise Price</u>:** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The
 adjustments provided for in Section 11 are cumulative and will, in the case of adjustments
 to the Exercise Price, be computed to the nearest whole cent and will be made successively
 whenever an event referred to therein occurs, subject to the following subsections of this
 Section 12.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) No
 adjustment in the Exercise Price is required to be made unless such adjustment would result
 in a change of at least 1% in the prevailing Exercise Price and no adjustment in the Exercise
 Price is required unless such adjustment would result in a change of at least one one-hundredth
 of a Share; provided, however, that any adjustments which, except for the provisions of this
 subsection, would otherwise have been required to be made, will be carried forward and taken
 into account in any subsequent adjustments.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) No
 adjustment in the Exercise Price will be made in respect of any event described in Section
 11, other than the events referred to in clauses 11(b)(i)(A) and 11(b)(i)(B) and Section
 11(c), if the Holder is entitled to participate in such event on the same terms, *mutatis mutandis*, as if the Holder had exercised these Warrants prior to or on the effective
 date or record date of such event.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) No
 adjustment in the Exercise Price will be made under Section 11 in respect of the issue from
 time to time of Common Shares issuable from time to time as Dividends Paid in the Common
 Course to holders of Common Shares who exercise an option or election to receive substantially
 equivalent dividends in Common Shares in lieu of receiving a cash dividend.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) If
 at any time a question or dispute arises with respect to adjustments provided for in Section
 11, such question or dispute will be conclusively determined by the auditor of the Company
 or, if they are unable or unwilling to act, by such other firm of independent chartered professional
 accountants as may be selected by action of the directors of the Company and any such determination,
 subject to regulatory approval and absent manifest error, will be binding upon the Company
 and the Holder. The Company will provide such auditor or chartered professional accountant
 with access to all necessary records of the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) In
 case the Company after the date of issuance of this Warrant Certificate takes any action
 affecting the Common Shares, other than an action described in Section 11, which in the opinion
 of the Board would materially affect the rights of the Holder, the Exercise Price will be
 adjusted in such manner, if any, and at such time, by action of the Board in their sole discretion,
 acting reasonably and in good faith, but subject in all cases to any necessary regulatory
 approval. Failure of the taking of action by the Board so as to provide for an adjustment
 on or prior to the effective date of any action by the Company affecting the Common Shares
 will be conclusive evidence that the Board has determined that it is equitable to make no
 adjustment in the circumstances.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) If
 the Company sets a record date to determine the holders of the Common Shares for the purpose
 of entitling them to receive any dividend or distribution or sets a record date to take any
 other action and, thereafter and before the distribution to such shareholders of any such
 dividend or distribution or the taking of any other action, decides not to implement its
 plan to pay or deliver such dividend or distribution or take such other action, then no adjustment
 in the Exercise Price will be required by reason of the setting of such record date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) In
 the absence of a resolution of the Board fixing a record date for any event which would require
 any adjustment pursuant to this Warrant Certificate, the Company will be deemed to have fixed
 as the record date therefor the date on which the event is effected.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) As
 a condition precedent to the taking of any action which would require any adjustment pursuant
 to this Warrant Certificate, including the Exercise Price, the Company shall take any corporate
 action which may be necessary in order that the Company or any successor to the Company or
 successor to the undertaking or assets of the Company have unissued and reserved in its authorized
 capital and may validly and legally issue as fully paid and non-assessable all the shares
 or other securities which the Holder is entitled to receive on the full exercise thereof
 in accordance with the provisions hereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) The
 Company will from time to time, immediately after the occurrence of any event which requires
 an adjustment or readjustment as provided in Section 11, forthwith give notice to the Holder
 specifying the event requiring such adjustment or readjustment and the results thereof, including
 the resulting Exercise Price.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) The
 Company covenants to and in favour of the Holder that so long as any Warrants represented
 by this Warrant Certificate remain outstanding, it will give notice to the Holder of the
 effective date or of its intention to fix a record date for any event referred to in Section
 11 whether or not such action would give rise to an adjustment in the Exercise Price or the
 number and type of securities issuable upon the exercise of the Warrants and, in each case,
 such notice shall specify the particulars of such event and the record date and the effective
 date for such event; provided that the Company shall only be required to specify in such
 notice such particulars of such event as have been fixed and determined on the date on which
 such notice is given. Such notice shall be given not less than 14 days in each case prior
 to such applicable record date or effective date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) In
 any case that an adjustment pursuant to Section 11 shall become effective immediately after
 a record date for or an effective date of an event referred to herein, the Company may defer,
 until the occurrence and consummation of such event, issuing to the Holder of this Warrant
 Certificate, if exercised after such record date or effective date and before the occurrence
 and consummation of such event, the additional Shares or other securities or property issuable
 upon such exercise by reason of the adjustment required by such event; provided, however,
 that the Company will deliver to the Holder an appropriate instrument evidencing the Holder's
 right to receive such additional Shares or other securities or property upon the occurrence
 and consummation of such event and the right to receive any dividend or other distribution
 in respect of such additional Shares or other securities or property declared in favour of
 the holders of record of Common Shares or of such other securities or property on or after
 the date of exercise of the Warrants or such later date as the Holder would, but for the
 provisions of this subsection, have become the holder of record of such additional Shares
 or of such other securities or property.

13.  **<u>Consolidation and Amalgamation</u>:** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The
 Company shall not enter into any transaction whereby all or substantially all of its undertaking,
 property and assets would become the property of any other corporation (herein called a "**successor corporation**") whether by way of reorganization, reconstruction, consolidation,
 arrangement, amalgamation, merger, transfer, sale, disposition or otherwise, unless prior
 to or contemporaneously with the consummation of such transaction the Company and the successor
 corporation shall have executed such instruments and done such things as the Company, acting
 reasonably, considers necessary or advisable to establish that upon the consummation of such
 transaction:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the
 successor corporation will have assumed all the covenants and obligations of the Company
 under this Warrant Certificate, and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the
 Warrants and the terms set forth in this Warrant Certificate will be a valid and binding
 obligation of the successor corporation entitling the Holder, as against the successor corporation,
 to all the rights and benefits of the Holder under this Warrant Certificate.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Whenever
 the conditions of subsection 13(a) shall have been duly observed and performed, the successor
 corporation shall possess, and from time to time may exercise, each and every right and power
 of the Company under this Warrant Certificate in the name of the Company or otherwise and
 any act or proceeding by any provision hereof required to be done or performed by any director
 or officer of the Company may be done and performed with like force and effect by the like
 directors or officers of the successor corporation.

14.  **<u>Representation and Warranty</u>:** The Company hereby represents and warrants with and to the Holder that
 the Company is duly authorized and has all corporate and lawful power and authority to create
 and issue the Warrants evidenced hereby and the Shares issuable upon the exercise hereof
 and to perform its obligations hereunder and that this Warrant Certificate represents a valid,
 legal and binding obligation of the Company enforceable against the Company in accordance
 with its terms, provided that enforcement thereof may be limited by laws affecting creditors'
 rights generally and that specific performance and other equitable remedies may only be granted
 in the discretion of a court of competent jurisdiction.

15.  **<u>If Share Transfer Books Closed</u>:** The Company shall not be required to deliver certificates
 for Shares while the share transfer books of the Company are properly closed, prior to any
 meeting of shareholders or for the payment of dividends or for any other purpose and in the
 event of the exercise of Warrants and the surrender of this Warrant Certificate in accordance
 with the provisions hereof during any such period, delivery of certificates for Shares may
 be postponed for a period not exceeding three Business Days after the date of the re-opening
 of said share transfer books provided that any such postponement of delivery of certificates
 shall be without prejudice to the right of the Holder, if the Holder has surrendered the
 same and made payment during such period, to receive such certificates for the Shares called
 for after the share transfer books shall have been re-opened and shall be without prejudice
 to the rights of the Holder pursuant to this Warrant Certificate and the Shares that would
 have otherwise been issued had it not been for such postponement.

16.  **<u>Lost Certificate</u>:** If the Warrant Certificate evidencing the Warrants issued hereby becomes
 stolen, lost, mutilated or destroyed, the Company may, on such terms as it may in its discretion,
 acting reasonably, impose, issue and countersign a new Warrant Certificate of like denomination,
 tenor and date as the Warrant Certificate so stolen, lost, mutilated or destroyed.

17.  **<u>Governing Law</u>:** This Warrant Certificate shall be governed by, and construed in accordance with,
 the laws of the Province of British Columbia and the federal laws of Canada applicable therein.

18.  **<u>Severability</u>:** If any one or more of the provisions or parts thereof contained in this Warrant Certificate
 should be or become invalid, illegal or unenforceable in any respect in any jurisdiction,
 the remaining provisions or parts thereof contained herein shall be and shall be conclusively
 deemed to be, as to such jurisdiction, severable therefrom.

19.  **<u>Amendments:</u>** The provisions of this Warrant Certificate may from time to time be amended, modified
 or waived, if such amendment, modification or waiver is in writing and consented to in writing
 by the Company and the Holder **.** 

20.  **<u>Headings</u>:** The headings of the articles, sections, subsections, clauses and subclauses of this Warrant
 Certificate have been inserted for convenience and reference only and do not define, limit,
 alter or enlarge the meaning of any provision of this Warrant Certificate.

21.  **<u>Numbering of Articles, etc.</u>:** Unless otherwise stated, a reference herein to a numbered or lettered
 article, section, subsection, clause, or subclause refers to the article, section, subsection,
 clause or subclause bearing that number or letter in this Warrant Certificate.

22.  **<u>Gender</u>:** Whenever used in this Warrant Certificate, words importing the singular number only shall
 include the plural, and vice versa, and words importing the masculine gender shall include
 the feminine and neuter gender, and vice versa.

23.  **<u>Day not a Business Day</u>:** In the event that any day on or before which any action is required
 to be taken hereunder is not a Business Day, then such action shall be required to be taken
 on or before the requisite time on the next succeeding day that is a Business Day.

24.  **<u>Binding Effect</u>:** This Warrant Certificate and all of its provisions shall enure to the benefit
 of the Holder and its successors, permitted assigns and legal representatives and shall be
 binding upon the Company and its successors, assigns and legal representatives.

25.  **<u>Notice</u>:** Unless herein otherwise expressly provided, a notice to be given hereunder will be deemed
 to be validly given if the notice is sent electronically or by prepaid same day courier addressed
 as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) if
 to the Holder, at the latest address of the Holder as recorded on the books of the Company;
 and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) if
 to the Company, at:

**Modern Mining Technology Corp.**

1500-1055 West Georgia Street

Vancouver, BC V6E 4N7

Attention: Kuljit Basi

Email: jeet@modernmining.com

26.  **<u>Time of Essence</u>:** Time shall be of the essence hereof.

27.  **<u>US Dollars</u>:** Except as otherwise expressly noted, all references herein to dollar amounts
 are to the lawful money of the United States of Amercia.

**[Signature Page Follows]**

**IN WITNESS WHEREOF** the Company has caused this Warrant Certificate to be signed by its duly authorized officer as of this 30th day of August, 2021.

---

| | |
|:---|:---|
| **MODERN MINING TECHNOLOGY CORP.** | **MODERN MINING TECHNOLOGY CORP.** |
| Per: | |
|  | Authorized Signatory |

---

*Signature Page – Performance Warrant*

**SUBSCRIPTION FORM**

---

| | |
|:---|:---|
| **TO:** | **MODERN MINING TECHNOLOGY CORP.** |

---

1500-1055 West Georgia Street,

Vancouver, BC V6E 4N7

The undersigned holder of the within Warrant Certificate hereby irrevocably subscribes for ______________ Shares of Modern Mining Technology Corp. (the "**Company**") pursuant to the within Warrant Certificate and tenders herewith a certified cheque, wire transfer or bank draft payable to the order of the Company for CAD$____________ (CAD$0.05 per Share) in full payment therefor and delivers the Warrant Certificate representing the Warrants entitling the undersigned to subscribe for the above-mentioned number of Shares.

The undersigned represents, warrants and certifies as follows (one (only) of the following must be checked):

---

| | | |
|:---|:---|:---|
| ☐ | (A) | the undersigned holder at the time of exercise of the Warrants (i) is not in the United States, (ii) is not a U.S. Person, (iii) is not exercising the Warrants for the account or benefit of a U.S. Person or a person in the United States, (iv) did not execute or deliver this exercise form in the United States and (v) delivery of the underlying Shares will not be to an address in the United States; OR |

---

---

| | | |
|:---|:---|:---|
| ☐ | (B) | the undersigned holder (a) is the original U.S. Person who received the Warrants directly from the Company and who delivered the U.S. Investment Agreement, (b) is exercising the Warrants for its own account, and (c) is an "accredited investor" as defined in Rule 501(a) of Regulation D under the U.S. Securities Act of 1933, as amended (the "**U.S. Securities Act**") at the time of exercise of these Warrants, and the representations and warranties of the holder made in the U.S. Investment Agreement pursuant to which the holder acquired the Warrants remain true and correct as of the date of exercise of these Warrants. |

---

**Note: Certificates or other instruments representing Shares will not be registered or delivered to an address in the United States unless box (B) immediately above is checked. Unless box (A) is checked the Shares delivered will be "restricted securities" under the U.S. Securities Act, will be subject to transfer restrictions under the U.S. Securities Act and any applicable U.S. state securities laws. As used herein "United States" and "U.S. Person" have the meaning given such terms in Regulation S under the U.S. Securities Act.**

If the undersigned has marked box (B) above, the undersigned additionally represents and warrants to the Company as follows:

1. the
 undersigned has such knowledge and experience in financial and business matters as to be
 capable of evaluating the merits and risks of an investment in the Shares, and the undersigned
 is able to bear the economic risk of loss of his or her entire investment; and

2. funds
 representing the subscription price for the Shares which will be advanced by the undersigned
 to the Company upon exercise of the Warrants will not represent proceeds of crime for the
 purposes of the United States *Uniting and Strengthening America by Providing Appropriate Tools Required to Intercept and Obstruct Terrorism Act* (the "**PATRIOT Act** "),
 and the undersigned acknowledges that the Company may in the future be required by law to
 disclose the undersigned's name and other information relating to this exercise form and
 the undersigned's subscription hereunder, on a confidential basis, pursuant to the PATRIOT
 Act. No portion of the subscription price to be provided by the undersigned (i) has been
 or will be derived from or related to any activity that is deemed criminal under the laws
 of the United States, or any other jurisdiction, or (ii) is being tendered on behalf of a
 person or entity who has not been identified to or by the undersigned, and it shall promptly
 notify the Company if the undersigned discovers that any of such representations ceases to
 be true and provide the Company with appropriate information in connection therewith;

If the undersigned has marked box (B) above, the undersigned acknowledges and agrees that:

1. the
 Company has provided to the undersigned the opportunity to ask questions and receive answers
 concerning the terms and conditions of the offering of the Shares, and the undersigned has
 had access to such information concerning the Company as the undersigned has considered necessary
 or appropriate in connection with the undersigned's investment decision to acquire
 the Shares;

2. if
 the undersigned decides to offer, sell or otherwise transfer any of the Shares, the undersigned
 must not, and will not, offer, sell or otherwise transfer any of such Shares directly or
 indirectly, unless:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the
 sale is to the Company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the
 sale is made outside the United States in a transaction meeting the requirements of Rule
 904 of Regulation S under the U.S. Securities Act and in compliance with applicable local
 laws and regulations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) the
 sale is made pursuant to the exemption from the registration requirements under the U.S.
 Securities Act provided by Rule 144 thereunder and in accordance with any applicable state
 securities or "blue sky" laws; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) the
 Shares are sold in a transaction that does not require registration under the U.S. Securities
 Act or any applicable state laws and regulations governing the offer and sale of securities,
 and it has prior to such sale furnished to the Company an opinion of counsel of recognized
 standing in form and substance reasonably satisfactory to the Company;

3. the
 Shares are "restricted securities" (as defined in Rule 144(a)(3) under the U.S.
 Securities Act) and that the U.S. Securities Act and the rules of the United States Securities
 and Exchange Commission provide in substance that the undersigned may dispose of the Shares
 only pursuant to an effective registration statement under the U.S. Securities Act or an
 exemption or exclusion therefrom;

4. the
 Company has no obligation to register any of the Shares or to take any other action so as
 to permit sales pursuant to the U.S. Securities Act (including Rule 144 thereunder);

5. the
 certificates or other instruments representing the Shares as well as all certificates or
 other instruments issued in exchange for or in substitution of therefor, until such time
 as is no longer required under the applicable requirements of the U.S. Securities Act and
 applicable state securities laws, will bear, on the face of such certificate, the following
 legend:

"THE SECURITIES REPRESENTED HEREBY HAVE NOT BEEN REGISTERED UNDER THE UNITED STATES SECURITIES ACT OF 1933, AS AMENDED (THE "U.S. SECURITIES ACT"), OR THE SECURITIES LAWS OF ANY STATE OF THE UNITED STATES. THE HOLDER HEREOF, BY PURCHASING SUCH SECURITIES, AGREES FOR THE BENEFIT OF THE COMPANY THAT SUCH SECURITIES MAY BE OFFERED, SOLD OR OTHERWISE TRANSFERRED ONLY: (A) TO THE COMPANY; (B) OUTSIDE THE UNITED STATES IN ACCORDANCE WITH RULE 904 OF REGULATION S UNDER THE U.S. SECURITIES ACT; (C) IN ACCORDANCE WITH THE EXEMPTION FROM REGISTRATION UNDER THE U.S. SECURITIES ACT PROVIDED BY RULE 144 THEREUNDER, IF AVAILABLE, AND IN COMPLIANCE WITH ANY APPLICABLE STATE SECURITIES LAWS; OR (D) IN A TRANSACTION THAT DOES NOT REQUIRE REGISTRATION UNDER THE U.S. SECURITIES ACT AND ANY APPLICABLE STATE SECURITIES LAWS; AND, IN THE CASE OF CLAUSE (C) OR (D), THE SELLER FURNISHES TO THE COMPANY AN OPINION OF COUNSEL OF RECOGNIZED STANDING IN FORM AND SUBSTANCE SATISFACTORY TO THE COMPANY TO SUCH EFFECT. THE PRESENCE OF THIS LEGEND MAY IMPAIR THE ABILITY OF THE HOLDER HEREOF TO EFFECT "GOOD DELIVERY" OF THE SECURITIES REPRESENTED HEREBY ON A CANADIAN STOCK EXCHANGE.";

provided that if the Shares are being sold outside the United States in compliance with the requirements of Rule 904 of Regulation S and the Company was a "foreign issuer" as defined in Regulation S at the time of issuance of the Shares, the legend set forth above may be removed by providing a declaration to the registrar and transfer agent of the Company, as set forth in **Exhibit 1** hereto (or in such other form as the Company may prescribe from time to time) and, if requested by the Company or transfer agent, an opinion of counsel of recognized standing in form and substance reasonably satisfactory to the Company to the effect that the transfer is in compliance with Rule 904; and provided, further, that, if any Shares are being sold otherwise than in accordance with Regulation S and other than to the Company, the legend may be removed by delivery to the registrar and transfer agent and the Company of an opinion of counsel of recognized standing in form and substance reasonably satisfactory to the Company, that such legend is no longer required under applicable requirements of the U.S. Securities Act;

6. the
 Company is not obligated to remain a "foreign issuer";

7. the
 financial statements of the Company have been prepared in accordance with Canadian generally
 accepted accounting principles or International Financial Reporting Standards as issued by
 the International Accounting Standards Board, which differ in some respects from United States
 generally accepted accounting principles, and thus may not be comparable to financial statements
 of United States companies;

8. it
 consents to the Company making a notation on its records or giving instructions to any transfer
 agent of the Company in order to implement the restrictions on transfer set forth and described
 in this Warrant Exercise Form; and

9. it
 acknowledges and consents to the fact that the Company is collecting personal information
 (as that term is defined under applicable privacy legislation, including, without limitation,
 the *Personal Information Protection and Electronic Documents Act* (Canada) and any
 other applicable similar, replacement or supplemental provincial or federal legislation or
 laws in effect from time to time) of the undersigned for the purpose of facilitating the
 subscription for the Shares hereunder. The undersigned acknowledges and consents to the Company
 retaining such personal information for as long as permitted or required by law or business
 practices and agrees and acknowledges that the Company may use and disclose such personal
 information: (a) for internal use with respect to managing the relationships between and
 contractual obligations of the Company and the undersigned; (b) for use and disclosure for
 income tax-related purposes, including without limitation, where required by law disclosure
 to Canada Revenue Agency; (c) disclosure to professional advisers of the Company in connection
 with the performance of their professional services; (d) disclosure to securities regulatory
 authorities and other regulatory bodies with jurisdiction with respect to reports of trade
 or similar regulatory filings; (e) disclosure to a governmental or other authority to which
 the disclosure is required by court order or subpoena compelling such disclosure and where
 there is no reasonable alternative to such disclosure; (f) disclosure to any person where
 such disclosure is necessary for legitimate business reasons and is made with your prior
 written consent; (g) disclosure to a court determining the rights of the parties under this
 Agreement; and (h) for use and disclosure as otherwise required or permitted by law.

The undersigned hereby directs that the Shares be issued as follows:

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**NAME(S) IN FULL** | &nbsp;&nbsp;**ADDRESS(ES)** | &nbsp;&nbsp;**NUMBER OF<br> SHARES** |

---

---

| | |
|:---|:---|
| **DATED** this<u> </u> day of<u> </u>, 202<u> </u>. |  |
|  | Signature of individual (if the holder **is** an individual) |
|  | Authorized signatory (if the holder is **not** an individual) |
|  | Name of holder (**please print**) |
|  | Name of authorized signatory (**please print**) |
|  | Official capacity of authorized signatory (**please print**) |

---

☐ Please check if the certificate(s) representing the Shares are to be delivered at the office where this Warrant Certificate is surrendered, failing which such certificate(s) will be mailed to the address in the registration instructions set out above.

**<u>Notes</u>:**

&nbsp;&nbsp;&nbsp;&nbsp;1. Terms
 used herein but not otherwise defined have the meanings ascribed thereto in the attached
 Warrant Certificate.

&nbsp;&nbsp;&nbsp;&nbsp;2. If
 any Warrants represented by the Warrant Certificate are not being exercised, a new Warrant
 Certificate representing the unexercised Warrants will be issued and delivered with the certificates
 representing the Shares.

**ExHIBIT "I"**

**Declaration for removal of legend**

TO: **MODERN MINING TECHNOLOGY CORP**. (the "**Company**")

TO: Registrar and transfer agent for the shares of the Company

The undersigned (A) acknowledges that the sale of __________________ common shares (the "**Securities**") of the Company, represented by certificate number(s) __________________ or held in Direct Registration System (DRS) account number _____________, to which this declaration relates is being made in reliance on Rule 904 of Regulation S under the United States Securities Act of 1933, as amended (the "**U.S. Securities Act**"), and (B) certifies that (1) the undersigned is not (a) an "affiliate" of the Company (as that term is defined in Rule 405 under the U.S. Securities Act, except any officer or director of the Company who is an affiliate solely by virtue of holding such position) (b) a "distributor" as defined in Regulation S or (c) an affiliate of a distributor; (2) the offer of such Securities was not made to a person in the United States and either (a) at the time the buy order was originated, the buyer was outside the United States, or the seller and any person acting on its behalf reasonably believed that the buyer was outside the United States, or (b) the transaction was executed on or through the facilities of the Toronto Stock Exchange, the TSX Venture Exchange, the Canadian Securities Exchange, the NEO Exchange or another "designated offshore securities market", and neither the seller nor any person acting on its behalf knows that the transaction has been prearranged with a buyer in the United States; (3) neither the seller nor any affiliate of the seller nor any person acting on their behalf has engaged or will engage in any directed selling efforts in the United States in connection with the offer and sale of such Securities; (4) the sale is bona fide and not for the purpose of "washing off" the resale restrictions imposed because the Securities are "restricted securities" (as that term is defined in Rule 144(a)(3) under the U. S. Securities Act); (5) the seller does not intend to replace such Securities with fungible unrestricted securities; and (6) the contemplated sale is not a transaction, or part of a series of transactions, which, although in technical compliance with Regulation S, is part of a plan or scheme to evade the registration provisions of the U.S. Securities Act. Terms used herein have the meanings given to them by Regulation S under the U.S. Securities Act.

---

| | |
|:---|:---|
| Dated _______________ 20__. | **X** |
|  | Signature of individual (if Seller **is** an individual) |
|  | **X** |
|  | Authorized signatory (if Seller is **not** an individual) |
|  | Name of Seller (**please print**) |
|  | Name of authorized signatory (**please print**) |
|  | Official capacity of authorized signatory (**please print**) |

---

****

<br> **Affirmation by Seller's Broker-Dealer<br> (Required for sales pursuant to Section B(2)(b) above)**

We have read the foregoing representations of our customer, _________________________ (the "**Seller**"), dated ____________, with regard to the sale, for such Seller's account, of _________________ common shares (the "**Securities**") of the Company represented by certificate number(s) ______________ or held in Direct Registration System (DRS) account number _____________. We have executed sales of the Securities pursuant to Rule 904 of Regulation S under the United States Securities Act of 1933, as amended (the "**U.S. Securities Act**"), on behalf of the Seller. In that connection, we hereby represent to you as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) no
 offer to sell Securities was made to a person in the United States;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) the
 sale of the Securities was executed in, on or through the facilities of the Toronto Stock
 Exchange, the TSX Venture Exchange, the Canadian Securities Exchange, the NEO Exchange or
 another "designated offshore securities market" (as defined in Rule 902(b) of
 Regulation S under the U.S. Securities Act), and, to the best of our knowledge, the sale
 was not pre-arranged with a buyer in the United States;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) no
 "directed selling efforts" were made in the United States by the undersigned,
 any affiliate of the undersigned, or any person acting on behalf of the undersigned; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) we
 have done no more than execute the order or orders to sell the Securities as agent for the
 Seller and will receive no more than the usual and customary broker's commission that
 would be received by a person executing such transaction as agent.

For purposes of these representations: "**affiliate**" means a person that directly, or indirectly through one or more intermediaries, controls, or is controlled by, or is under common control with, the undersigned; "**directed selling efforts**" means any activity undertaken for the purpose of, or that could reasonably be expected to have the effect of, conditioning the market in the United States for the Securities (including, but not be limited to, the solicitation of offers to purchase the Securities from persons in the United States); and "**United States**" means the United States of America, its territories or possessions, any State of the United States, and the District of Columbia.

Legal counsel to the Company shall be entitled to rely upon the representations, warranties and covenants contained herein to the same extent as if this affirmation had been addressed to them.

---

| | |
|:---|:---|
| Dated: |  |
| Name of Firm | Name of Firm |
| By: |  |
|  | Authorized Officer |

---

## Ex1A-6

**Exhibit 6.1**

**MODERN MINING TECHNOLOGY CORP.**

**2022 EQUITY INCENTIVE PLAN**

**ADOPTED BY THE BOARD OF DIRECTORS: MAY 19, 2022**

**1. GENERAL.**

**(a) Eligible Award Recipients**. Employees, Officers, Directors and Consultants are eligible to receive Awards.

**(b) Available Awards**. The Plan provides for the grant of the following types of Awards: (i) Stock Options, and (ii) Restricted Share Unit Awards.

**(c) Purpose**. The Plan, through the grant of Awards, is intended to help the Corporation secure and retain the services of eligible award recipients, provide incentives for such persons to exert maximum efforts for the success of the Corporation and any Affiliate and provide a means by which the eligible recipients may benefit from increases in value of the Common Shares.

2. ADMINISTRATION.

**(a) Administration by the Board**. The Board will administer the Plan. The Board may delegate administration of the Plan to a Committee or Committees, as provided in Section 2(c).

 **(b) Powers of the Board**. The Board will have the power, subject to, and within the limitations of, the express provisions of the Plan:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) To determine (A) who will be granted Awards; (B) when and how each Award will be granted; (C) what type of Award will be granted; (D) the provisions of each Award (which need not be identical), including when a person will be permitted to exercise or otherwise receive cash or Common Shares under the Award; (E) the number of Common Shares subject to, or the cash value of, an Award.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) To construe and interpret the Plan and Awards granted under it, and to establish, amend and revoke rules and regulations for administration of the Plan and Awards. The Board, in the exercise of these powers, may correct any defect, omission or inconsistency in the Plan or in any Award Agreement, in a manner and to the extent it will deem necessary or expedient to make the Plan or Award fully effective.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (iii) To settle all controversies regarding the Plan and Awards granted under it.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) To accelerate, in whole or in part, the time at which an Award may be exercised or vest (or the time at which cash or Common Shares may be issued in settlement thereof).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) To suspend or terminate the Plan at any time. Except as otherwise provided in the Plan or an Award Agreement, suspension or termination of the Plan will not impair a Participant's rights under the Participant's then-outstanding Award without the Participant's written consent except as provided in subsection (viii) below.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) To amend the Plan in any respect the Board deems necessary or advisable, including, without limitation, by adopting amendments relating to Incentive Stock Options and certain nonqualified deferred compensation under Section 409A of the Code and/or bringing the Plan or Awards granted under the Plan into compliance with the requirements for Incentive Stock Options or ensuring that they are exempt from, or compliant with, the requirements for nonqualified deferred compensation under Section 409A of the Code, subject to the limitations, if any, of applicable law. If required by applicable law or listing requirements, and except as provided in Section 9(a) relating to Capitalization Adjustments, the Corporation will seek shareholder approval of any amendment of the Plan that (A) materially increases the number of Common Shares available for issuance under the Plan, (B) materially expands the class of individuals eligible to receive Awards under the Plan, (C) materially increases the benefits accruing to Participants under the Plan, (D) materially reduces the price at which Common Shares may be issued or purchased under the Plan, (E) materially extends the term of the Plan, or (F) materially expands the types of Awards available for issuance under the Plan. Except as otherwise provided in the Plan or an Award Agreement, no amendment of the Plan will materially impair a Participant's rights under an outstanding Award without the Participant's written consent.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) To submit any amendment to the Plan for shareholder approval, including, but not limited to, amendments to the Plan intended to satisfy the requirements of (A) Section 422 of the Code regarding Incentive Stock Options.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii) To approve forms of Award Agreements for use under the Plan and to amend the terms of any one or more Awards, including, but not limited to, amendments to provide terms more favorable to the Participant than previously provided in the Award Agreement, subject to any specified limits in the Plan that are not subject to Board discretion; *provided however,* that a Participant's rights under any Award will not be impaired by any such amendment unless (A) the Corporation requests the consent of the affected Participant, and (B) such Participant consents in writing. Notwithstanding the foregoing, (1) a Participant's rights will not be deemed to have been impaired by any such amendment if the Board, in its sole discretion, determines that the amendment, taken as a whole, does not materially impair the Participant's rights, and (2) subject to the limitations of applicable law, if any, the Board may amend the terms of any one or more Awards without the affected Participant's consent (A) to maintain the qualified status of the Award as an Incentive Stock Option under Section 422 of the Code; (B) to change the terms of an Incentive Stock Option, if such change results in impairment of the Award solely because it impairs the qualified status of the Award as an Incentive Stock Option under Section 422 of the Code; (C) to clarify the manner of exemption from, or to bring the Award into compliance with, Section 409A of the Code; or (D) to comply with other applicable laws or listing requirements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ix) Generally, to exercise such powers and to perform such acts as the Board deems necessary or expedient to promote the best interests of the Corporation and that are not in conflict with the provisions of the Plan or Awards.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(x) To adopt such procedures and sub-plans as are necessary or appropriate to permit participation in the Plan by Employees, Officers, Directors or Consultants who are foreign nationals or employed outside the United States (provided that Board approval will not be necessary for immaterial modifications to the Plan or any Award Agreement that are required for compliance with the laws of the relevant foreign jurisdiction).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xi) To effect, with the consent of any adversely affected Participant, (A) the reduction of the exercise, purchase or strike price of any outstanding Award; (B) the cancellation of any outstanding Award and the grant in substitution therefor of a new (1) Option, (2) Restricted Share Unit Award, and/or (3) Other Award, determined by the Board, in its sole discretion, with any such substituted award (x) covering the same or a different number of Common Shares as the cancelled Award and (y) granted under the Plan or another equity or compensatory plan of the Corporation; or (C) any other action that is treated as a repricing under generally accepted accounting principles.

(c) Delegation to Committee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) **General**. The Board may delegate some or all of the administration of the Plan to a Committee or Committees. If administration of the Plan is delegated to a Committee, the Committee will have, in connection with the administration of the Plan, the powers theretofore possessed by the Board that have been delegated to the Committee, including the power to delegate to a subcommittee of the Committee any of the administrative powers the Committee is authorized to exercise (and references in this Plan to the Board will thereafter be to the Committee or subcommittee, as applicable). Any delegation of administrative powers will be reflected in resolutions, not inconsistent with the provisions of the Plan, adopted from time to time by the Board or Committee (as applicable). The Committee may, at any time, abolish the subcommittee and/or revest in the Committee any powers delegated to the subcommittee. The Board may retain the authority to concurrently administer the Plan with the Committee and may, at any time, revest in the Board some or all of the powers previously delegated.

**(d) Delegation to an Officer**. The Board may delegate to one or more Officers the authority to do one or both of the following: (i) designate Employees who are not Officers to be recipients of Options and SARs (and, to the extent permitted by applicable law, other Awards) and, to the extent permitted by applicable law, the terms of such Awards, and (ii) determine the number of Common Shares to be subject to such Awards granted to such Employees; *provided, however*, that the Board resolutions regarding such delegation will specify the total number of Common Shares that may be subject to the Awards granted by such Officer and that such Officer may not grant an Award to himself or herself. Any such Awards will be granted on the form of Award Agreement most recently approved for use by the Committee or the Board, unless otherwise provided in the resolutions approving the delegation authority. The Board may not delegate authority to an Officer who is acting solely in the capacity of an Officer (and not also as a Director) to determine the Market Value pursuant to Section 14(w)(i)B below.

**(e) Effect of Board's Decision**. All determinations, interpretations and constructions made by the Board in good faith will not be subject to review by any person and will be final, binding and conclusive on all persons.

3. SHARES SUBJECT TO THE PLAN.

**(a) Share Reserve**. Subject to Section 9(a) relating to Capitalization Adjustments and any subsequent amendment to this Plan, the aggregate number of shares reserved for issuance pursuant to Awards granted under this Plan, including any options granted under previous stock option plans outstanding as of the date of this Plan, shall not exceed 20% of the Corporation's total issued and outstanding Common Shares from time to time. This Plan is considered an "evergreen" plan, since the shares covered by Awards which have been exercised or terminated shall be available for subsequent grants under the Plan and the number of Awards available to grant increases as the number of issued and outstanding Shares increases.

**(b)** To the extent any Awards (or portion(s) thereof) under this Plan are exercised, terminate or are cancelled for any reason prior to exercise in full, any shares subject to such Awards (or portion(s) thereof) shall be added back to the number of shares reserved for issuance under this Plan and will again become available for issuance pursuant to the exercise of Awards granted under this Plan.

**(c)** Any shares issued by the Corporation through the assumption or substitution of outstanding stock options or other equity-based awards from an acquired company shall not reduce the number of Shares available for issuance pursuant to the exercise of Awards granted under this Plan.

**(d)** For clarity, the Share Reserve in this Section 3(a) is a limitation on the number of Common Shares that may be issued pursuant to the Plan. Accordingly, this Section 3(a) does not limit the granting of SAR Awards or any Other Award not involving, whether by election or otherwise, the issuance of Common Shares to the Participant.

**(e) Reversion of Shares to the Share Reserve**. If an Award or any portion thereof (i) expires or otherwise terminates without all of the shares covered by such Award having been issued or (ii) is settled in cash (*i.e.*, the Participant receives cash rather than stock), such expiration, termination or settlement will not reduce (or otherwise offset) the number of Common Shares that may be available for issuance under the Plan. If any Common Shares issued pursuant to an Award are forfeited back to or repurchased by the Corporation because of the failure to meet a contingency or condition required to vest such shares in the Participant, then the shares that are forfeited or repurchased will revert to and again become available for issuance under the Plan. Any shares reacquired by the Corporation in satisfaction of tax withholding obligations on an Award or as consideration for the exercise or purchase price of an Award will again become available for issuance under the Plan.

 **(f) Source of Shares**. The shares issuable under the Plan will be shares of authorized but unissued Common Shares.

4. ELIGIBILITY.

**(a) Eligibility for Specific Awards**. Incentive Stock Options may be granted only to applicable employees of the Corporation or a "parent corporation" or "subsidiary corporation" thereof (as such terms are defined in Sections 424(e) and 424(f) of the Code). Awards other than Incentive Stock Options may be granted to Employees, Officers, Directors and Consultants.

**(b) Ten Percent Shareholders**. A Ten Percent Shareholder will not be granted an Incentive Stock Option unless the exercise price of such Option is at least 110% of the Market Value on the date of grant and the Option is not exercisable after the expiration of five years from the date of grant.

5. PROVISIONS RELATING TO OPTIONS AND STOCK APPRECIATION RIGHTS.

Each Option or SAR will be in such form and will contain such terms and conditions as the Board deems appropriate. All Options will be separately designated Incentive Stock Options or Non-Incentive Stock Options at the time of grant, and, if certificates are issued, a separate certificate or certificates will be issued for Common Shares purchased on exercise of each type of Option. If an Option is not specifically designated as an Incentive Stock Option, or if an Option is designated as an Incentive Stock Option but some portion or all of the Option fails to qualify as an Incentive Stock Option under the applicable rules, then the Option (or portion thereof) will be a Non-Incentive Stock Option. The provisions of separate Options or SARs need not be identical; *provided, however*, that each Award Agreement will conform to (through incorporation of provisions hereof by reference in the applicable Award Agreement or otherwise) the substance of each of the following provisions:

**(a) Term**. Subject to the provisions of Section 4(b) regarding Ten Percent Shareholders, no Option or SAR will be exercisable after the expiration of 10 years from the date of its grant or such shorter period specified in the Award Agreement.

**(b) Exercise Price**. Subject to the provisions of Section 4(b) regarding Ten Percent Shareholders, the exercise or strike price of each Option or SAR will be not less than 100% of the Market Value of the Common Shares subject to the Option or SAR on the date the Award is granted. Notwithstanding the foregoing, an Option or SAR may be granted with an exercise or strike price lower than 100% of the Market Value of the Common Shares subject to the Award if such Award is granted pursuant to an assumption of or substitution for another option or stock appreciation right pursuant to a Corporate Transaction; provided that such grant is permitted under applicable Securities Laws and Stock Exchange Rules and, to the extent relevant to the Participant, is made in a manner consistent with the provisions of Section 409A of the Code and, if applicable, Section 424(a) of the Code. Each SAR will be denominated in Common Share equivalents.

**(c) Purchase Price for Options**. The purchase price of Common Shares acquired pursuant to the exercise of an Option may be paid, to the extent permitted by applicable law and as determined by the Board in its sole discretion, by any combination of the methods of payment set forth below. The Board will have the authority to grant Options that do not permit all of the following methods of payment (or otherwise restrict the ability to use certain methods) and to grant Options that require the consent of the Corporation to use a particular method of payment. The permitted methods of payment are as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (i) by cash, certified cheque, bank draft or money order payable to the Corporation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) if an Option is a Non-Incentive Stock Option, by a "net exercise" arrangement pursuant to which the Corporation will reduce the number of Common Shares issuable upon exercise by the largest whole number of shares with a Market Value that does not exceed the aggregate exercise price; *provided, however*, that the Corporation will accept a cash or other payment from the Participant to the extent of any remaining balance of the aggregate exercise price not satisfied by such reduction in the number of whole shares to be issued. Common Shares will no longer be subject to an Option and will not be exercisable thereafter to the extent that (A) shares issuable upon exercise are used to pay the exercise price pursuant to the "net exercise," (B) shares are delivered to the Participant as a result of such exercise, and (C) shares are withheld to satisfy tax withholding obligations; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (iii) in any other form of legal consideration that may be acceptable to the Board and specified in the applicable Award Agreement.

**(d) Exercise and Payment of a SAR**. To exercise any outstanding SAR, the Participant must provide written notice of exercise to the Corporation in compliance with the provisions of the Stock Appreciation Right Agreement evidencing such SAR. The appreciation distribution payable on the exercise of a SAR will be not greater than an amount equal to the excess of (A) the aggregate Market Value (on the date of the exercise of the SAR) of a number of Common Shares equal to the number of Common Share equivalents in which the Participant is vested under such SAR, and with respect to which the Participant is exercising the SAR on such date, over (B) the aggregate strike price of the number of Common Share equivalents with respect to which the Participant is exercising the SAR on such date. The appreciation distribution may be paid in Common Shares, in cash, in any combination of the two or in any other form of consideration, as determined by the Board and contained in the Award Agreement evidencing such SAR.

**(e) Transferability of Options and SARs**. Except as otherwise provided in the applicable Award Agreement or other agreement between the Participant and the Corporation or as otherwise expressly consented to by the Board, Options and SARs shall not be assignable, transferable or negotiable (whether by operation of law or otherwise) and may not be assigned or transferred other than by will or the laws of descent and distribution.

**(f) Vesting Generally**. The total number of Common Shares subject to an Option or SAR may vest and therefore become exercisable in periodic installments that may or may not be equal. The Option or SAR may be subject to such other terms and conditions on the time or times when it may or may not be exercised (which may be based on the satisfaction of performance goals or other criteria) as the Board may deem appropriate. The vesting provisions of individual Options or SARs may vary. The provisions of this Section 5(f) are subject to any Option or SAR provisions governing the minimum number of Common Shares as to which an Option or SAR may be exercised.

**(g) Termination of Continuous Service**. Except as otherwise provided in the applicable Award Agreement or other agreement between the Participant and the Corporation, if a Participant's Continuous Service terminates (other than for Cause and other than upon the Participant's death or Disability), the Participant may exercise his or her Option or SAR (to the extent that the Participant was entitled to exercise such Award as of the date of termination of Continuous Service) within the period of time ending on the earlier of (i) the date ninety (90) days following the termination of the Participant's Continuous Service (or such longer or shorter period specified in the applicable Award Agreement, which period will not be less than 30 days if necessary to comply with applicable laws unless such termination is for Cause) and (ii) the expiration of the term of the Option or SAR as set forth in the Award Agreement. If, after termination of Continuous Service, the Participant does not exercise his or her Option or SAR (as applicable) within the applicable time frame, the Option or SAR will terminate.

**(h) Disability of Participant**. Except as otherwise provided in the applicable Award Agreement or other agreement between the Participant and the Corporation, if a Participant's Continuous Service terminates as a result of the Participant's Disability, the Participant may exercise his or her Option or SAR (to the extent that the Participant was entitled to exercise such Option or SAR as of the date of termination of Continuous Service), but only within such period of time ending on the earlier of (i) the date 12 months following such termination of Continuous Service (or such longer or shorter period specified in the Award Agreement, which period will not be less than six months if necessary to comply with applicable laws unless such termination is for Cause), and (ii) the expiration of the term of the Option or SAR as set forth in the Award Agreement. If, after termination of Continuous Service, the Participant does not exercise his or her Option or SAR within the applicable time frame, the Option or SAR (as applicable) will terminate.

**(i) Death of Participant**. Except as otherwise provided in the applicable Award Agreement or other agreement between the Participant and the Corporation, if (i) a Participant's Continuous Service terminates as a result of the Participant's death, or (ii) the Participant dies within the period (if any) specified in the Award Agreement for exercisability after the termination of the Participant's Continuous Service (for a reason other than death), then the Option or SAR may be exercised (to the extent the Participant was entitled to exercise such Option or SAR as of the date of death) by the Participant's estate, by a person who acquired the right to exercise the Option or SAR by bequest or inheritance or by a person designated to exercise the Option or SAR upon the Participant's death, but only within the period ending on the earlier of (i) the date 12 months following the date of death (or such longer or shorter period specified in the Award Agreement, which period will not be less than six months if necessary to comply with applicable laws unless such termination is for Cause), and (ii) the expiration of the term of such Option or SAR as set forth in the Award Agreement. If, after the Participant's death, the Option or SAR is not exercised within the applicable time frame, the Option or SAR (as applicable) will terminate.

**(j) Termination for Cause**. Except as explicitly provided otherwise in a Participant's Award Agreement or other individual written agreement between the Corporation or any Affiliate and the Participant, if a Participant's Continuous Service is terminated for Cause, the Option or SAR will terminate immediately upon such Participant's termination of Continuous Service, and the Participant will be prohibited from exercising his or her Option or SAR from and after the date of such termination of Continuous Service.

**(k) Non-Exempt Employees**. If an Option or SAR is granted to an Employee who is a non-exempt employee for purposes of the Fair Labor Standards Act of 1938, as amended, the Option or SAR will not be first exercisable for any Common Shares until at least six months following the date of grant of the Option or SAR (although the Award may vest prior to such date). Consistent with the provisions of the Worker Economic Opportunity Act, (i) if such non- exempt Employee dies or suffers a Disability, (ii) upon a Corporate Transaction in which such Option or SAR is not assumed, continued, or substituted, (iii) upon a Change in Control, or (iv) upon the Participant's retirement (as such term may be defined in the Participant's Award Agreement, in another agreement between the Participant and the Corporation, or, if no such definition, in accordance with the Corporation's then current employment policies and guidelines), the vested portion of any Options and SARs may be exercised earlier than six months following the date of grant. The foregoing provision is intended to operate so that any income derived by a non-exempt employee in connection with the exercise or vesting of an Option or SAR will be exempt from his or her regular rate of pay. To the extent permitted and/or required for compliance with the Worker Economic Opportunity Act to ensure that any income derived by a non-exempt employee in connection with the exercise, vesting or issuance of any shares under any other Award will be exempt from the employee's regular rate of pay, the provisions of this Section will apply to all Awards and are hereby incorporated by reference into such Award Agreements.

**(l) Right of Repurchase**. Subject to the "Repurchase Limitation" and any applicable Securities Laws and Stock Exchange Rules, the Option or SAR may include a provision whereby the Corporation may elect to repurchase all or any part of the vested Common Shares acquired by the Participant pursuant to the exercise of the Option or SAR.

**(m) Right of First Refusal**. Subject to any applicable Securities Laws and Stock Exchange Rules, the Option or SAR may include a provision whereby the Corporation may elect to exercise a right of first refusal following receipt of notice from the Participant of the intent to transfer all or any part of the Common Shares received upon the exercise of the Option. Such right of first refusal will be subject to the "Repurchase Limitation". Except as expressly provided in this Section or in the Award Agreement, such right of first refusal will otherwise comply with any applicable provisions of the bylaws of the Corporation.

6. PROVISIONS OF AWARDS OTHER THAN OPTIONS AND SARS.

**(a) Restricted Share Unit Awards**. Each Restricted Share Unit Award Agreement will be in such form and will contain such terms and conditions as the will Board deem appropriate. The terms and conditions of Restricted Share Unit Award Agreements may change from time to time, and the terms and conditions of separate Restricted Share Unit Award Agreements need not be identical. Each Restricted Share Unit Award Agreement will conform to (through incorporation of the provisions hereof by reference in the Agreement or otherwise) the substance of each of the following provisions:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) **Consideration**. At the time of grant of a Restricted Share Unit Award, the Board will determine the consideration, if any, to be paid by the Participant upon delivery of each Common Share subject to the Restricted Share Unit Award. The consideration to be paid (if any) by the Participant for each Common Share subject to a Restricted Share Unit Award may be paid in any form of legal consideration that may be acceptable to the Board, in its sole discretion, and permissible under applicable law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) **Vesting**. At the time of the grant of a Restricted Share Unit Award, the Board may impose such restrictions on or conditions to the vesting of the Restricted Share Unit Award as it, in its sole discretion, deems appropriate.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) **Payment**. A Restricted Share Unit Award may be settled by the delivery of Common Shares, their cash equivalent, any combination thereof or in any other form of consideration, as determined by the Board and contained in the Restricted Share Unit Award Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) **Additional Restrictions**. At the time of the grant of a Restricted Share Unit Award, the Board, as it deems appropriate, may impose such restrictions or conditions that delay the delivery of the Common Shares (or their cash equivalent) subject to a Restricted Share Unit Award to a time after the vesting of such Restricted Share Unit Award.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) **Dividend Equivalents**. Dividend equivalents may be credited in respect of Common Shares covered by a Restricted Share Unit Award, as determined by the Board and contained in the Restricted Share Unit Award Agreement. At the sole discretion of the Board, such dividend equivalents may be converted into additional Common Shares covered by the Restricted Share Unit Award in such manner as determined by the Board. Any additional shares covered by the Restricted Share Unit Award credited by reason of such dividend equivalents will be subject to all of the same terms and conditions of the underlying Restricted Share Unit Award Agreement to which they relate.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) **Termination of Participant's Continuous Service**. Except as otherwise provided in the applicable Restricted Share Unit Award Agreement, such portion of the Restricted Share Unit Award that has not vested will be forfeited upon the Participant's termination of Continuous Service.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) **Compliance with Section 409A of the Code**. Notwithstanding anything to the contrary set forth herein, any Restricted Share Unit Award granted under the Plan that is not exempt from the requirements of Section 409A of the Code shall contain such provisions so that such Restricted Share Unit Award will comply with the requirements of Section 409A of the Code. Such restrictions, if any, shall be determined by the Board and contained in the Restricted Share Unit Award Agreement evidencing such Restricted Share Unit Award. For example, such restrictions may include, without limitation, a requirement that any Common Share that is to be issued in a year following the year in which the Restricted Share Unit Award vests must be issued in accordance with a fixed pre-determined schedule.

**(b) Other Awards**. Other forms of Awards valued in whole or in part by reference to, or otherwise based on, Common Shares, including the appreciation in value thereof may be granted either alone or in addition to Awards provided for under Section 5 and the preceding provisions of this Section 6. Subject to the provisions of the Plan, the Board will have sole and complete authority to determine the persons to whom and the time or times at which such Other Awards will be granted, the number of Common Shares (or the cash equivalent thereof) to be granted pursuant to such Other Awards and all other terms and conditions of such Other Awards.

7. COVENANTS OF THE COMPANY.

**(a) Availability of Shares**. The Corporation will keep available at all times the number of Common Shares reasonably required to satisfy then- outstanding Awards.

**(b) Securities Law Compliance**. The Corporation will seek to obtain from each securities commission or other regulatory body having jurisdiction over the Plan, as necessary, such authority as may be required to grant Awards and to issue and sell Common Shares upon exercise or vesting of the Awards; *provided, however,* that this undertaking will not require the Corporation to register or qualify by prospectus under applicable Securities Laws, the Plan, any Award or any Common Shares issued or issuable pursuant to any such Award. If, after reasonable efforts and at a reasonable cost, the Corporation is unable to obtain from any such regulatory commission or agency the authority that counsel for the Corporation deems necessary or advisable for the lawful issuance and sale of Common Shares under the Plan, the Corporation will be relieved from any liability for failure to issue and sell Common Shares upon exercise or vesting of such Awards unless and until such authority is obtained. A Participant will not be eligible for the grant of an Award or the subsequent issuance of cash or Common Shares pursuant to the Award if such grant or issuance would be in violation of any applicable securities law.

**(c) No Obligation to Notify or Minimize Taxes**. The Corporation will have no duty or obligation to any Participant to advise such holder as to the tax treatment or time or manner of exercising such Award. Furthermore, the Corporation will have no duty or obligation to warn or otherwise advise such holder of a pending termination or expiration of an Award or a possible period in which the Award may not be exercised. The Corporation has no duty or obligation to minimize the tax consequences of an Award to the holder of such Award.

8. MISCELLANEOUS.

**(a) Use of Proceeds from Sales of Common Shares**. Proceeds from the sale of Common Shares pursuant to Awards will constitute general funds of the Corporation.

**(b) Corporate Action Constituting Grant of Awards**. Corporate action constituting a grant by the Corporation of an Award to any Participant will be deemed completed as of the date of such corporate action, unless otherwise determined by the Board, regardless of when the instrument, certificate, or letter evidencing the Award is communicated to, or actually received or accepted by, the Participant. In the event that the corporate records (e.g., Board consents, resolutions or minutes) documenting the corporate action constituting the grant contain terms (e.g., exercise price, vesting schedule or number of shares) that are inconsistent with those in the Award Agreement or related grant documents as a result of a clerical error in the papering of the Award Agreement or related grant documents, the corporate records will control and the Participant will have no legally binding right to the incorrect term in the Award Agreement or related grant documents.

**(c) Shareholder Rights**. No Participant will be deemed to be the holder of, or to have any of the rights of a holder with respect to, any Common Shares subject to an Award unless and until (i) such Participant has satisfied all requirements for exercise of, or the issuance of Common Shares under, the Award pursuant to its terms, and (ii) the issuance of the Common Shares subject to the Award has been entered into the books and records of the Corporation.

**(d) No Employment or Other Service Rights**. Nothing in the Plan, any Award Agreement or any other instrument executed thereunder or in connection with any Award granted pursuant thereto will confer upon any Participant any right to continue to serve the Corporation or an Affiliate in the capacity in effect at the time the Award was granted or will affect the right of the Corporation or an Affiliate to terminate (i) the employment of an Employee with or without notice and with or without cause, (ii) the service of a Consultant pursuant to the terms of such Consultant's agreement with the Corporation or an Affiliate, or (iii) the service of a Director pursuant to the bylaws of the Corporation or an Affiliate, and any applicable provisions of the corporate law of the state of foreign jurisdiction in which the Corporation or the Affiliate is domiciled or incorporated, as the case may be.

**(e) Change in Time Commitment**. In the event a Participant's regular level of time commitment in the performance of his or her services for the Corporation and any Affiliates is reduced (for example, and without limitation, if the Participant is an Employee of the Corporation and the Employee has a change in status from a full-time Employee to a part-time Employee or takes an extended leave of absence) after the date of grant of any Award to the Participant, the Board has the right in its sole discretion to (x) make a corresponding reduction in the number of shares or cash amount subject to any portion of such Award that is scheduled to vest or become payable after the date of such change in time commitment, and (y) in lieu of or in combination with such a reduction, extend the vesting or payment schedule applicable to such Award. In the event of any such reduction, the Participant will have no right with respect to any portion of the Award that is so reduced or extended.

**(f) Incentive Stock Option Limitations**. To the extent that the aggregate Market Value (determined at the time of grant) of Common Shares with respect to which Incentive Stock Options are exercisable for the first time by any Optionholder during any calendar year (under all plans of the Corporation and any Affiliates) exceeds $100,000 (or such other limit established in the Code) or otherwise does not comply with the rules governing Incentive Stock Options, the Options or portions thereof that exceed such limit (according to the order in which they were granted) or otherwise do not comply with such rules will be treated as Non-Incentive Stock Options, notwithstanding any contrary provision of the applicable Option Agreement(s).

**(g) Investment Assurances**. The Corporation may require a Participant, as a condition of exercising or acquiring Common Shares under any Award, (i) to give written assurances satisfactory to the Corporation as to the Participant's knowledge and experience in financial and business matters and/or to employ a purchaser representative reasonably satisfactory to the Corporation who is knowledgeable and experienced in financial and business matters and that the Participant is capable of evaluating, alone or together with the purchaser representative, the merits and risks of exercising the Award; and (ii) to give written assurances satisfactory to the Corporation stating that the Participant is acquiring Common Shares subject to the Award for the Participant's own account and not with any present intention of selling or otherwise distributing the Common Shares. The foregoing requirements, and any assurances given pursuant to such requirements, will be inoperative if as to any particular requirement, a determination is made by counsel for the Corporation that such requirement need not be met in the circumstances under the then applicable Securities Laws. The Corporation may, upon advice of counsel to the Corporation, place legends on stock certificates issued under the Plan as such counsel deems necessary or appropriate in order to comply with applicable Securities Laws, including, but not limited to, legends restricting the transfer of the Common Shares.

**(h) Withholding Obligations**. Unless prohibited by the terms of an Award Agreement, the Corporation may, in its sole discretion, satisfy any federal, state or local tax withholding obligation relating to an Award by any of the following means or by a combination of such means: (i) causing the Participant to tender a cash payment; (ii) withholding Common Shares from the Common Shares issued or otherwise issuable to the Participant in connection with the Award; *provided, however*, that no Common Shares are withheld with a value exceeding the maximum amount of tax required to be withheld by law (or such lesser amount as may be necessary to avoid classification of the Award as a liability for financial accounting purposes); (iii) withholding cash from an Award settled in cash; (iv) withholding payment from any amounts otherwise payable to the Participant; or (v) by such other method as may be set forth in the Award Agreement.

**(i) Deferrals**. To the extent permitted by applicable law, the Board, in its sole discretion, may determine that the delivery of Common Shares or the payment of cash, upon the exercise, vesting or settlement of all or a portion of any Award may be deferred and may establish programs and procedures for deferral elections to be made by Participants. Deferrals by Participants will be made in accordance with Section 409A of the Code. Consistent with Section 409A of the Code, the Board may provide for distributions while a Participant is still an employee or otherwise providing services to the Corporation. The Board is authorized to make deferrals of Awards and determine when, and in what annual percentages, Participants may receive payments, including lump sum payments, following the Participant's termination of Continuous Service, and implement such other terms and conditions consistent with the provisions of the Plan and in accordance with applicable law.

**(j) Clawback/Recovery**. All Awards granted under the Plan will be subject to recoupment in accordance with any clawback policy that the Corporation is required to adopt pursuant to the listing standards of any national securities exchange or association on which the Corporation's securities are listed or as is otherwise required by the Dodd-Frank Wall Street Reform and Consumer Protection Act or other applicable law. In addition, the Board may impose such other clawback, recovery or recoupment provisions in an Award Agreement as the Board determines necessary or appropriate, including but not limited to a reacquisition right in respect of previously acquired Common Shares or other cash or property upon the occurrence of Cause. No recovery of compensation under such a clawback policy will be an event giving rise to a right to voluntary terminate employment upon a "resignation for good reason," or for a "constructive termination" or any similar term under any plan of or agreement with the Corporation.

**(k) Compliance with Section 409A of the Code**. Unless otherwise expressly provided for in an Award Agreement, the Plan and Award Agreements will be interpreted to the greatest extent possible in a manner that makes the Plan and the Awards granted hereunder exempt from Section 409A of the Code, and, to the extent not so exempt, in compliance with Section 409A of the Code. If the Board determines that any Award granted hereunder is not exempt from and is therefore subject to Section 409A of the Code, the Award Agreement evidencing such Award will incorporate the terms and conditions necessary to avoid the consequences specified in Section 409A(a)(1) of the Code, and to the extent an Award Agreement is silent on terms necessary for compliance, such terms are hereby incorporated by reference into the Award Agreement. Notwithstanding anything to the contrary in this Plan (and unless the Award Agreement specifically provides otherwise), if the Common Shares are publicly traded, and if a Participant holding an Award that constitutes "deferred compensation" under Section 409A of the Code is a "specified employee" for purposes of Section 409A of the Code, no distribution or payment of any amount that is due because of a "separation from service" (as defined in Section 409A of the Code without regard to alternative definitions thereunder) will be issued or paid before the date that is six months following the date of such Participant's "separation from service" or, if earlier, the date of the Participant's death, unless such distribution or payment can be made in a manner that complies with Section 409A of the Code, and any amounts so deferred will be paid in a lump-sum on the day after such six month period elapses, with the balance paid thereafter on the original schedule.

**(l) Repurchase Limitation**. The terms of any repurchase right will be specified in the Award Agreement. Subject to any applicable Securities Laws and Stock Exchange Rules, the repurchase price for vested Common Shares will be the Market Value of the Common Shares on the date of repurchase. Subject to any applicable Securities Laws and Stock Exchange Rules, the repurchase price for unvested Common Shares will be the lower of (i) the Market Value of the Common Shares on the date of repurchase or (ii) their original purchase price. However, the Corporation will not exercise its repurchase right until at least six months (or such longer or shorter period of time necessary to avoid classification of the Award as a liability for financial accounting purposes) have elapsed following delivery of Common Shares subject to the Award, unless otherwise specifically provided by the Board.

9. ADJUSTMENTS UPON CHANGES IN COMMON SHARES; OTHER CORPORATE EVENTS.

**(a) Capitalization Adjustments**. In the event of a Capitalization Adjustment, the Board will appropriately and proportionately adjust: (i) the class(es) and maximum number of securities subject to the Plan pursuant to Section 3(a), and (ii) the class(es) and number of securities and price per share subject to outstanding Awards. The Board will make such adjustments, and its determination will be final, binding and conclusive.

**(b) Dissolution or Liquidation**. Except as otherwise provided in the Award Agreement, in the event of a dissolution or liquidation of the Corporation, all outstanding Awards (other than Awards consisting of vested and outstanding Common Shares not subject to a forfeiture condition or the Corporation's right of repurchase) will terminate immediately prior to the completion of such dissolution or liquidation, and the Common Shares subject to the Corporation's repurchase rights or subject to a forfeiture condition may be repurchased or reacquired by the Corporation notwithstanding the fact that the holder of such Award is providing Continuous Service, *provided, however,* that the Board may, in its sole discretion, cause some or all Awards to become fully vested, exercisable and/or no longer subject to repurchase or forfeiture (to the extent such Awards have not previously expired or terminated) before the dissolution or liquidation is completed but contingent on its completion.

**(c) Corporate Transaction**. The following provisions will apply to Awards in the event of a Corporate Transaction unless otherwise provided in the instrument evidencing the Award or any other written agreement between the Corporation or any Affiliate and the Participant or unless otherwise expressly provided by the Board at the time of grant of an Award. In the event of a Corporate Transaction, then, notwithstanding any other provision of the Plan, the Board may take one or more of the following actions with respect to Awards, contingent upon the closing or completion of the Corporate Transaction:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) arrange for the surviving corporation or acquiring corporation (or the surviving or acquiring corporation's parent company) to assume or continue the Award or to substitute a similar stock award for the Award (including, but not limited to, an award to acquire the same consideration paid to the shareholders of the Corporation pursuant to the Corporate Transaction);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) arrange for the assignment of any reacquisition or repurchase rights held by the Corporation in respect of Common Shares issued pursuant to the Award to the surviving corporation or acquiring corporation (or the surviving or acquiring corporation's parent company);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) accelerate the vesting, in whole or in part, of the Award (and, if applicable, the time at which the Award may be exercised) to a date prior to the effective time of such Corporate Transaction as the Board determines (or, if the Board does not determine such a date, to the date that is five days prior to the effective date of the Corporate Transaction), with such Award terminating if not exercised (if applicable) at or prior to the effective time of the Corporate Transaction; *provided, however*, that the Board may require Participants to complete and deliver to the Corporation a notice of exercise before the effective date of a Corporate Transaction, which exercise is contingent upon the effectiveness of such Corporate Transaction;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (iv) arrange for the lapse, in whole or in part, of any reacquisition or repurchase rights held by the Corporation with respect to the Award;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) cancel or arrange for the cancellation of the Award, to the extent not vested or not exercised prior to the effective time of the Corporate Transaction, in exchange for such cash consideration (including no consideration) as the Board, in its sole discretion, may consider appropriate; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) make a payment, in such form as may be determined by the Board equal to the excess, if any, of (A) the value of the property the Participant would have received upon the exercise of the Award immediately prior to the effective time of the Corporate Transaction, over (B) any exercise price payable by such holder in connection with such exercise. For clarity, this payment may be zero ($0) if the value of the property is equal to or less than the exercise price. Payments under this provision may be delayed to the same extent that payment of consideration to the holders of the Corporation's Common Shares in connection with the Corporate Transaction is delayed as a result of escrows, earn outs, holdbacks or any other contingencies.

The Board need not take the same action or actions with respect to all Awards or portions thereof or with respect to all Participants. The Board may take different actions with respect to the vested and unvested portions of an Award.

**(d) Change in Control**. An Award may be subject to additional acceleration of vesting and exercisability upon or after a Change in Control as may be provided in the Award Agreement for such Award or as may be provided in any other written agreement between the Corporation or any Affiliate and the Participant, but in the absence of such provision, no such acceleration will occur.

10. PLAN TERM; EARLIER TERMINATION OR SUSPENSION OF THE PLAN.

**(a) Plan Term**. The Board may suspend or terminate the Plan at any time. No Incentive Stock Option will be granted after the tenth anniversary of the earlier of (i) the Adoption Date, or (ii) the date the Plan is approved by the shareholders of the Corporation. No Awards may be granted under the Plan while the Plan is suspended or after it is terminated.

**(b) No Impairment of Rights**. Suspension or termination of the Plan will not impair rights and obligations under any Award granted while the Plan is in effect except with the written consent of the affected Participant or as otherwise permitted in the Plan.

11. ASSIGNMENT OF RIGHTS.

Any and all rights under Awards and Award Agreements shall not be assignable, transferable or negotiable (whether by operation of law or otherwise) by the Participant and may not be assigned or transferred other than by transmission by will or the laws of descent and distribution.

12. EFFECTIVE DATE OF PLAN.

This Plan, as amended and restated, will become effective on the Effective Date.

13. CHOICE OF LAW.

The laws of the Province of British Columbia will govern all questions concerning the construction, validity and interpretation of this Plan, without regard to that province's conflict of laws rules.

14. DEFINITIONS.

As used in the Plan, the following definitions will apply to the capitalized terms indicated below:

**(a)** "***Adoption Date***" means May 19, 2022, which is the date the Plan was adopted by the Board.

**(b)** "***Affiliate***" means, at the time of determination, any "affiliate" of the Corporation, as such term is defined in the *Business Corporations Act* (Brutish Columbia).

**(c)** "***Award***" means any right to receive Common Shares granted under the Plan, including an Incentive Stock Option, a Non-Incentive Stock Option, a Restricted Share Unit Award or any Other Award.

 **(d)** "***Award Agreement***" means a written agreement between the Corporation and a Participant evidencing the terms and conditions of an Award.

**(e)** "***Award Agreement***" means a written agreement between the Corporation and a Participant evidencing the terms and conditions of an Award grant. Each Award Agreement will be subject to the terms and conditions of the Plan.

 **(f)** "***Board***" means the Board of Directors of the Corporation.

 **(g)** "***Capital Stock***" means each and every class of common stock of the Corporation, regardless of the number of votes per share.

**(h)** "***Capitalization Adjustment***" means any change that is made in, or other events that occur with respect to, the Common Shares subject to the Plan or subject to any Award after the Adoption Date without the receipt of consideration by the Corporation through merger, consolidation, reorganization, recapitalization, reincorporation, stock dividend, dividend in property other than cash, large nonrecurring cash dividend, stock split, reverse stock split, liquidating dividend, combination of shares, exchange of shares, change in corporate structure, or any similar equity restructuring transaction, as that term is used in Statement of Financial Accounting Standards Board Accounting Standards Codification Topic 718 (or any successor thereto). Notwithstanding the foregoing, the conversion of any convertible securities of the Corporation will not be treated as a Capitalization Adjustment.

**(i)** "***Cause***" will have the meaning ascribed to such term in any written agreement between the Participant and the Corporation defining such term and, in the absence of such agreement, such term means, with respect to a Participant, the occurrence of any of the following events: (i) such Participant's commission of any felony or any crime involving fraud, dishonesty or moral turpitude under the laws of Canada, the United States or any province or state thereof; (ii) such Participant's attempted commission of, or participation in, a fraud or act of dishonesty against the Corporation; (iii) such Participant's intentional, material violation of any contract or agreement between the Participant and the Corporation or of any statutory duty owed to the Corporation; (iv) such Participant's unauthorized use or disclosure of the Corporation's confidential information or trade secrets; or (v) such Participant's gross misconduct. The determination that a termination of the Participant's Continuous Service is either for Cause or without Cause will be made by the Corporation, in its sole discretion. Any determination by the Corporation that the Continuous Service of a Participant was terminated with or without Cause for the purposes of outstanding Awards held by such Participant will have no effect upon any determination of the rights or obligations of the Corporation or such Participant for any other purpose.

 **(j)** "***Change of Control***" means the occurrence of one or more of the following events:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) any change in the holding, direct or indirect, of shares in the capital of the Company as a result of which a person or group of persons acting jointly or in concert, or person associated or affiliated with any such person or group within the meaning of the *Securities Act* (British Columbia), becomes the beneficial owner, directly or indirectly, of shares and/or other securities in excess of the number which, directly or following conversion thereof, would entitle the holders thereof to cast more than 50% of the votes attaching to all shares of the Company which may be cast to elect directors of the Company (the "**Company Voting Securities**"); provided, however, that the event described in this paragraph (ii) shall not be deemed to be a Change of Control by virtue of any of the following acquisitions of Company Voting Securities:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. by the Company or any subsidiary;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. by any employee benefit plan sponsored or maintained by the Company or any subsidiary;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C. by any underwriter temporarily holding securities pursuant to an offering of such securities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;D. pursuant to a Non-Qualifying Transaction (as defined in paragraph (ii)); or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;E. from
the Company pursuant to a transaction (other than one described in paragraph (iii)), if a majority of the directors approve a resolution
providing expressly that the acquisition pursuant to this clause E shall not constitute a Change of Control under this paragraph (ii);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the consummation of a merger, consolidation, share exchange or similar form of corporate transaction involving the Company or any of its subsidiaries (a "**Business Combination**"), unless immediately following such Business Combination:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. Company Voting Securities that were outstanding immediately prior to the consummation of such Business Combination (or, if applicable, securities into or for which such Company Voting Securities were converted or exchanged pursuant to such Business Combination) represent more than 50% of the combined voting power of the then outstanding securities eligible to vote for the election of directors or trustees ("**voting power**") of (1) the entity resulting from such Business Combination (the "**Surviving Entity**"), or (2) if applicable, the ultimate parent entity that directly or indirectly has beneficial ownership of 100% of the voting securities eligible to elect directors of the Surviving Entity (the "**Parent Entity**"); or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. no person (other than any employee benefit plan sponsored or maintained by the Surviving Entity or the Parent Entity) is the beneficial owner, directly or indirectly, of 50% or more of the voting power of the Parent Entity (or, if there is no Parent Entity, the Surviving Entity);

(any Business Combination which satisfies all of the criteria specified in A, B and C above shall be deemed to be a "**Non-Qualifying Transaction**");

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (iii) the approval by the Board or shareholders of the Company of a complete liquidation or dissolution of the Company; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) a sale or other disposition of all or substantially all of the property or assets of the Company, other than to an affiliate within the meaning of the *Securities Act* (British Columbia) or pursuant to a Non-Qualifying Transaction.

 **(k)** "***Code***" means the Internal Revenue Code of 1986, as amended, including any applicable regulations and guidance thereunder.

 **(l)** "***Committee***" means a committee of one or more Directors to whom authority has been delegated by the Board in accordance with Section 2(c).

 **(m)** "***Common Shares***" means the class of Common Shares of the Corporation.

**(n)** "***Consultant***" means any person, including an advisor, who is engaged by the Corporation or an Affiliate to render consulting or advisory services pursuant to a written consulting agreement, and is compensated for such services. However, service solely as a Director, or payment of a fee for such service, will not cause a Director to be considered a "Consultant" for purposes of the Plan.

**(o)** "***Continuous Service***" means that the Participant's service with the Corporation or an Affiliate, whether as an Employee, Officer, Director or Consultant, is not interrupted or terminated. A change in the capacity in which the Participant renders service to the Corporation or an Affiliate as an Employee, Officer, Director or Consultant or a change in the Entity for which the Participant renders such service, provided that there is no interruption or termination of the Participant's service with the Corporation or an Affiliate, will not terminate a Participant's Continuous Service; *provided, however*, that if the Entity for which a Participant is rendering services ceases to qualify as an Affiliate, as determined by the Board in its sole discretion, such Participant's Continuous Service will be considered to have terminated on the date such Entity ceases to qualify as an Affiliate. To the extent permitted by law, the Board or the chief executive officer of the Corporation, in that party's sole discretion, may determine whether Continuous Service will be considered interrupted in the case of (i) any leave of absence approved by the Board or chief executive officer, including sick leave, military leave or any other personal leave, or (ii) transfers between the Corporation, an Affiliate, or their successors. In addition, to the extent required for exemption from or compliance with Section 409A of the Code, the determination of whether there has been a termination of Continuous Service will be made, and such term will be construed, in a manner that is consistent with the definition of "separation from service" as defined under Treasury Regulation Section 1.409A-1(h) (without regard to any alternative definition thereunder).

**(p)** "***Corporate Transaction***" means the consummation, in a single transaction or in a series of related transactions, of any one or more of the following events:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) a sale or other disposition of all or substantially all, as determined by the Board in its sole discretion, of the consolidated assets of the Corporation and its Subsidiaries;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (ii) a sale or other disposition of more than 50% of the outstanding securities of the Corporation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (iii) a merger, consolidation or similar transaction following which the Corporation is not the surviving corporation; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) a merger, consolidation or similar transaction following which the Corporation is the surviving corporation but the Common Shares outstanding immediately preceding the merger, consolidation or similar transaction are converted or exchanged by virtue of the merger, consolidation or similar transaction into other property, whether in the form of securities, cash or otherwise.

 **(q)** "***Corporation***" means Modern Mining Technology Corp., a British Columbia business corporation.

 **(r)** "***Director***" means a member of the Board.

**(s)** "***Disability***" means, with respect to a Participant, the inability of such Participant to engage in any substantial gainful activity by reason of any medically determinable physical or mental impairment that can be expected to result in death or that has lasted or can be expected to last for a continuous period of not less than twelve (12) months, and will be determined by the Board on the basis of such medical evidence as the Board deems reasonable under the circumstances.

**(t)** "***Effective Date***" means the effective date of this Plan, which is the earlier of (i) the date that this Plan is first approved by the Corporation's shareholders, and (ii) the date this Plan is adopted by the Board.

 **(u)** "***Employee***" means any person employed by the Corporation or an Affiliate.

 **(v)** "***Entity***" means a corporation, partnership, limited liability company or other entity.

 **(w)** "***Market Value***" means,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (i) as of the date of grant of an Award, the value of the Common Shares determined as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. If the Common Shares are listed on the Stock Exchange or traded on any other established market, the Market Value of a Common Share will be, unless otherwise determined by the Board, the greater of the closing market prices of the underlying securities on (a) the trading day prior to the date of grant of the Award; and (b) the date of grant of the stock options, and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. In the absence of such markets for the Common Shares, the Market Value will be determined by the Board in good faith and in a manner that complies with Section 409A of the Code or, in the case of Incentive Stock Options, in compliance with Section 422 of the Code; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (ii) as of any other relevant date, the value of the Common Shares determined as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. If the Common Shares are listed on the Stock Exchange or traded on any other established market, the Market Value of a Common Share will be, unless otherwise determined by the Board, the closing market price of the underlying securities on the trading day prior to such relevant date, and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. In the absence of such markets for the Common Shares, the Market Value will be determined by the Board in good faith and in a manner that complies with Section 409A of the Code or, in the case of Incentive Stock Options, in compliance with Section 422 of the Code.

**(x)** "***Incentive Stock Option***" means an option granted pursuant to Section 5 of the Plan that is intended to be, and that qualifies as, an "incentive stock option" within the meaning of Section 422 of the Code.

**(y)** "***Insider***" has the meaning given to such term in the Stock Exchange Rules, or if the Common Shares are not listed or posted for trading on the Stock Exchange, the meaning given under Securities Laws.

**(z)** "***Non-Incentive Stock Option***" means an option granted pursuant to Section 5 of the Plan that does not qualify as an Incentive Stock Option, including an Incentive Stock Option granted to a person not subject to taxation on income under the laws of the United States.

**(aa)** "***Officer***" means a person who is an officer of the Corporation.

**(bb)** "***Option***" means an Incentive Stock Option or a Non-Incentive Stock Option to purchase Common Shares granted pursuant to the Plan.

**(cc)** "***Option Agreement***" means a written agreement between the Corporation and an Optionholder evidencing the terms and conditions of an Option grant. Each Option Agreement will be subject to the terms and conditions of the Plan.

**(dd)** "***Optionholder***" means a person to whom an Option is granted pursuant to the Plan or, if applicable, such other person who holds an outstanding Option.

**(ee)** "***Other Award***" means an award based in whole or in part by reference to the Common Shares which is granted pursuant to the terms and conditions of Section 6(b).

**(ff)** "***Other Award Agreement***" means a written agreement between the Corporation and a holder of an Other Award evidencing the terms and conditions of an Other Award grant. Each Other Award Agreement will be subject to the terms and conditions of the Plan.

**(gg)** "***Own***," "***Owned***," "***Owner***," "***Ownership***" A person or Entity will be deemed to "Own," to have "Owned," to be the "Owner" of, or to have acquired "Ownership" of securities if such person or Entity, directly or indirectly, through any contract, arrangement, understanding, relationship or otherwise, has or shares voting power, which includes the power to vote or to direct the voting, with respect to such securities.

**(hh)** "***Participant***" means a person to whom an Award is granted pursuant to the Plan or, if applicable, such other person who holds an outstanding Award.

**(ii)** "***Plan***" means this Modern Mining Technology Corp. 2022 Equity Incentive Plan.

**(jj)** "***Restricted Share Unit Award***" means a right to receive Common Shares which is granted pursuant to the terms and conditions of Section 11.

**(kk)** "***Restricted Share Unit Award Agreement***" means a written agreement between the Corporation and a holder of a Restricted Share Unit Award evidencing the terms and conditions of a Restricted Share Unit Award grant. Each Restricted Share Unit Award Agreement will be subject to the terms and conditions of the Plan.

**(ll)** "**Securities Laws**" means securities legislation, securities regulation and securities rules, as amended, and the policies, notices, instruments and blanket orders in force from time to time that govern or are applicable to the Corporation or to which it is subject;

**(mm)** "***Stock Appreciation Right***" or "***SAR***" means a right to receive the appreciation on Common Shares that is granted pursuant to the terms and conditions of Section 5.

**(nn)** "***Stock Appreciation Right Agreement***" means a written agreement between the Corporation and a holder of a Stock Appreciation Right evidencing the terms and conditions of a Stock Appreciation Right grant. Each Stock Appreciation Right Agreement will be subject to the terms and conditions of the Plan.

**(oo)** "***Stock Exchange***" means the Nasdaq Stock Market.

**(pp)** "***Stock Exchange Rules***" means the applicable rules and policies of the Stock Exchange, as such rules and policies may be amended, supplemented or replaced from time to time

**(qq)** "***Subsidiary***" has the meaning given to it under the *Business Corporations Act* (British Columbia).

**(rr)** "***Ten Percent Shareholder***" means a person, who is subject to taxation on income under the laws of the United States, and who Owns (or is deemed to Own pursuant to Section 424(d) of the Code) stock possessing more than 10% of the total combined voting power of all classes of shares of the Corporation or any Affiliate.

## Ex1A-6

**Exhibit 6.2**

**FORM OF INDEMNITY AGREEMENT**

**DATED** effective as of the _____ day of ____________, 2022

**BETWEEN:**

**MODERN MINING TECHNOLOGY CORP.**, a corporation existing under the laws of the Province of British Columbia

(the "**Indemnifier**")

- and -

**[ ]**, an individual residing in [ ]

(the "**Indemnified Party**").

**WHEREAS** the Indemnified Party is a director and/or officer of the Indemnifier;

**AND WHEREAS**, in accordance with the provisions of the *Business Corporations Act* (British Columbia) (the "**Act**") and Part 21 of the Articles of the Indemnifier, it is desired that the Indemnifier indemnifies the Indemnified Party in certain circumstances in respect of liability which the Indemnified Party may incur as a result of such Indemnified Party acting as a director and/or officer of Indemnifier;

**NOW THEREFORE, IN CONSIDERATION OF** the premises and mutual covenants herein contained, and in consideration of the sum of One ($1.00) Dollar paid by the Indemnified Party to the Corporation (the receipt of which is hereby acknowledged) and the Indemnified Party acting and/or agreeing to continue to act as a director and/or officer of the Corporation or as a director and/or officer of an entity of which the Corporation is or was a shareholder or creditor (each, an "**Affiliate**"), the Corporation and the Indemnified Party do hereby covenant and agree as follows:

1. Agreement to Serve

The Indemnified Party agrees to serve or continue to serve as a director or officer of the Corporation or as a director or officer of an Affiliate (in the case of an officer of the Corporation or Affiliate officer, at the will of the Corporation or Affiliate, as applicable, or under a separate contract, if any such contract exists or shall hereafter exist), honestly and in good faith with a view to the best interests of the Corporation or an Affiliate so long as he is duly elected and qualified in accordance with the provisions of the Act, the constating documents of the Corporation or Affiliate, as applicable, provided, however, that (i) the Indemnified Party may at any time and for any reason resign from such position (subject to any contractual obligations which the Indemnified Party shall have assumed apart from this Agreement), and (ii) neither the Corporation nor any Affiliate shall have any obligation under this Agreement to continue the Indemnified Party in any such position.

2. Indemnification

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) To the full extent allowed by law, the Corporation agrees to indemnify and save harmless the Indemnified
Party, his estate, executors, administrators, legal representatives and lawful heirs, from and against any and all costs, charges or expenses
(including, but not limited to, an amount paid to settle any action or to satisfy any judgment, legal fees on a solicitor and client basis,
other professional fees, out-of-pocket expenses for attending proceedings including discoveries, trials, hearings and meetings, and any
amount for which he is liable by reason of any statutory provision whether civil, criminal or otherwise) (collectively, hereinafter referred
to as "**Costs, Charges and Expenses** "), suffered or incurred by the Indemnified Party, his estate, executors, administrators,
legal representatives and lawful heirs, directly or indirectly, as a result or by reason of the Indemnified Party being or having been
a director or officer of the Corporation or Affiliate or by reason of any action taken by the Indemnified Party in his capacity as a director
or officer of the Corporation or Affiliate, provided that such costs, charges or expenses were not suffered or incurred as a result of
the Indemnified Party's own fraud, dishonesty, wilful neglect or wilful default.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) In addition to and without limitation of Section 2(a) of this Agreement, the Corporation agrees:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) except in respect of an action by or on behalf of the Corporation or an Affiliate to procure a judgment
in its favour, to indemnify the Indemnified Party, his estate, executors, administrators, legal representatives and lawful heirs, from
and against all Costs, Charges and Expenses reasonably incurred by him in respect of any civil, criminal or administrative action or proceeding
to which he is made a party (including actions, proceedings, investigations, inquiries or hearings in which the Indemnified Party is compelled
by the authorities or requested by the Corporation or Affiliate to participate, whether or not charges have been laid against the Corporation,
Affiliate or Indemnified Party), by reason of being or having been a director or officer of the Corporation or Affiliate, if:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) he acted honestly and in good faith with a view to the best interests of the Corporation or the Affiliate,
as the case may be; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) in the case of a criminal or administrative action, proceeding, investigation, inquiry or hearing that
is enforced by monetary penalty, he had reasonable grounds for believing that his conduct was lawful;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) to indemnify the Indemnified Party and his estate, executors, administrators, legal representatives and
lawful heirs from and against all Costs, Charges and Expenses of any action by or on behalf of the Corporation or Affiliate to procure
a judgment in its favour, to which he is made a party by reason of being or having been a director or officer of the Corporation or Affiliate,
if the Indemnified Party has fulfilled the conditions set forth in Subsections 2(b)(i)(A) and (B) of this Agreement and if the Corporation
or the Affiliate, as the case may be, obtains the approval of the Court (as defined in the Act) to grant such indemnity;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) in the event that the approval of the Court is required to effect any indemnification granted hereunder,
the Corporation agrees to make application for and use its best effort to obtain the Court's approval to such indemnification provided
that the Indemnified Party has fulfilled the conditions set forth in Subsections 2(b)(i)(A) and (B) of this Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) in addition to and without limitation of Subsections 2(b)(i) and (ii) of this Agreement, to indemnify
the Indemnified Party and his estate, executors, administrators, legal representatives and lawful heirs against all Costs, Charges and
Expenses reasonably incurred by him in respect of the defence of any actual or threatened civil, criminal or administrative action or
proceeding to which he is made a party or threatened to be made a party, (including actions, proceedings, investigations, inquiries or
hearings in which the Indemnified Party is compelled by the authorities or requested by the Corporation or Affiliate to participate, whether
or not charges have been laid against the Corporation, Affiliate or Indemnified Party), by reason of being or having been a director or
officer of the Corporation or Affiliate if the Indemnified Party:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) was substantially successful on the merits in his defence of the action, proceeding, investigation, inquiry
or hearing;

&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) fulfils the conditions set out in Subsections 2(b)(i) (A) and (B) of this Agreement; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) is fairly and reasonably entitled to indemnity; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) for the purposes of this Agreement including, without limitation, Section 2 hereof, the termination of
any such civil, criminal or administrative action, proceeding, investigation, inquiry or hearing, by judgment, order, settlement, conviction
or similar or other result, shall not, of itself, create a presumption either that the Indemnified Party did not act honestly or in good
faith with a view to the best interests of the Corporation or Affiliate or that, in the case of a criminal or administrative action, proceeding,
investigation, inquiry or hearing that is enforced by a monetary penalty, the Indemnified Party did not have reasonable grounds for believing
that his conduct was lawful.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The intention of this Agreement is to provide the Indemnified Party indemnification to the fullest extent
permitted by law and without limiting the generality of the foregoing and notwithstanding anything contained herein:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) nothing in this Agreement shall be interpreted, by implication or otherwise, in limitation of the scope
of the indemnification provided in Subsections 2(a) and (b) hereof; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Subsection 2(b) is intended to provide indemnification to the Indemnified Party that is not specifically
prohibited by a court of competent jurisdiction and to the fullest extent permitted by the Act, as applicable, and, in the event that
the Act, as applicable, is amended to permit a broader scope of indemnification (including, without limitation, the deletion or limiting
of one or more of the provisos to the applicability of indemnification), Subsection 2(b) shall be deemed to be amended concurrently with
the amendment to the Act, as applicable, so as to provide such broader indemnification.

3. Prepaid Expenses

All Costs, Charges and Expenses reasonably incurred by the Indemnified Party and covered hereunder shall, if requested by the Indemnified Party within a reasonable time, be paid by the Corporation immediately, with the understanding and agreement being herein made that, in the event it is ultimately determined as provided hereunder that the Indemnified Party was not entitled to be so indemnified, or was not entitled to be fully so indemnified, the Indemnified Party shall indemnify and hold harmless the Corporation, and pay to the Corporation forthwith after such ultimate determination, such amount or the appropriate portion thereof, so paid. In the event of dispute, the Corporation or Indemnified Party, at the Corporation's expense, shall make application to the Court to approve the indemnity.

4. Other Rights and Remedies

Indemnification and immediate payment of incurred Costs, Charges and Expenses as provided by this Agreement shall not be deemed to derogate from or exclude any other rights to which the Indemnified Party may be entitled under any provision of the Act or otherwise at law, the articles or other governing documents of the Corporation or Affiliate, this Agreement, any vote of shareholders, unitholders or partners, as the case may be, of the Corporation or Affiliate, or otherwise, both as to matters arising out of his capacity as a director or officer of the Corporation or Affiliate, or as to matters arising out of another capacity with the Corporation or Affiliate while being a director or officer of the Corporation or Affiliate, and shall continue for one year after the Indemnified Party has ceased to be a director or officer of the Corporation or Affiliate.

5. Limitation of Actions and Release of Claims

No legal action shall be brought and no cause of action shall be asserted by or on behalf of the Corporation against the Indemnified Party, his estate, executors, administrators, legal representatives or lawful heirs after the expiration of two years from the date the Indemnified Party ceased (for any reason) to be a director or officer of the Corporation or Affiliate and the Corporation agrees that any claim or cause of action of the Corporation shall be extinguished and the Indemnified Party, his estate, executors, administrators, legal representatives and lawful heirs deemed released therefrom absolutely unless asserted by the commencement of legal action in a court of competent jurisdiction within such two-year period.

6. No Presumption as to Absence of Good Faith

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) In respect of any claim for indemnification pursuant to this Agreement, the Indemnified Party shall be
presumed to have acted honestly and in good faith and with a view to the best interests of the Corporation or Affiliate, as applicable,
and in the case of a criminal or administrative action or proceeding that is enforced by a monetary penalty, to have had reasonable grounds
for believing that his conduct was lawful, unless proven otherwise.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Determination of any civil, criminal or administrative action or proceeding by judgment, order, settlement
or conviction, or upon a plea of "nolo contendere" or its equivalent, shall not, of itself, create any presumption for the
purposes of this Agreement that the Indemnified Party did not act honestly and in good faith with a view to the best interests of the
Corporation or Affiliate, as applicable, and in the case of a criminal or administrative action or proceeding that is enforced by monetary
penalty, that he did not have reasonable grounds for believing that his conduct was lawful, unless the judgment or order of the court
shall specifically find otherwise.

7. Notice of Proceedings

The Indemnified Party agrees to give notice to the Corporation as soon as is reasonably practical after being served with any statement of claim, writ, notice of motion, indictment or other document commencing or continuing any civil, criminal or administrative action, proceeding, investigation, inquiry or hearing to which the Indemnified Party, is a party, whether or not charges have been laid against the Corporation, an Affiliate or the Indemnified Party, by reason of being or having been a director or officer of the Corporation or Affiliate and the Corporation agrees to give notice to the Indemnified Party in writing as soon as is reasonably practical after:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) being served with any such statement of claim, writ, notice of motion, indictment or other document commencing
or continuing any civil, criminal or administrative action, proceeding, investigation, inquiry or hearing to which the Indemnified Party
is a party; whether or not charges have been laid against the Corporation, an Affiliate or the Indemnified Party, or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) receiving notice of any such civil, criminal or administrative action, proceeding, investigation, inquiry
or hearing to which the Indemnified Party is a party, whether or not charges have been laid against the Corporation, an Affiliate or the
Indemnified Party,

provided, however, that the failure of the Indemnified Party to give such notice to the Corporation shall not adversely affect the Indemnified Party's rights under this Agreement except to the extent that the Corporation or Affiliate shall have been materially prejudiced as a direct result of such failure.

8. Right to Retain Counsel

The Corporation agrees to promptly retain counsel who shall be reasonably satisfactory to the Indemnified Party to represent the Indemnified Party. In any such matter the Indemnified Party shall have the right to retain other counsel to act on his behalf, provided that the fees and disbursements of such other counsel shall be paid by the Indemnified Party unless:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the Indemnified Party and the Corporation shall have mutually agreed to the retention of such other counsel,
or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the parties to any such civil, criminal or administrative action, proceeding, investigation, inquiry or
hearing (including any added third, or interpleaded parties) include the Corporation and the Indemnified Party and representation of both
parties by the same counsel would be inappropriate due to actual or potential differing interests between them (including the availability
of different defences) in which event the Corporation and Affiliate, jointly and severally agree to pay the fees and disbursements of
such counsel.

9. Investigation by Corporation and Affiliate

The Corporation and/or Affiliate may conduct any investigation it considers appropriate of any proceedings, including discoveries, trials, hearings and meetings, and will pay all costs of that investigation.

10. Indemnified Party to Cooperate

The Indemnified Party agrees to give the Corporation and Affiliate such information and cooperation as the Corporation and Affiliate may reasonably require from time to time in respect of all matters hereunder.

11. Settlement

The parties will act reasonably in pursuing the settlement of any proceeding. The Corporation and/or an Affiliate may not negotiate or effect a settlement of claims against the Indemnified Party without the consent of the Indemnified Party, acting reasonably. The Indemnified Party may negotiate and effect a settlement without the consent of the Corporation and/or an Affiliate but the Corporation and/or an Affiliate will not be liable for indemnification under this Agreement with respect to any settlement negotiated without its prior written consent, which consent will not be unreasonably withheld or delayed.

12. Insurance

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Corporation agrees to purchase and maintain or cause to be purchased and maintained, while the Indemnified
Party remains a director or officer of the Corporation or an Affiliate and for a minimum of six years thereafter, insurance for the benefit
of the Indemnified Party against any liability incurred by him in his capacity as a director and/or officer of the Corporation or Affiliate
on terms no less favourable in terms of coverage and amounts, to the extent permitted by law and available on reasonable commercial terms,
than such insurance maintained by the Corporation or any other entity on the Corporation's behalf on the date hereof; provided that
such insurance shall not apply where the liability relates to his failure to act honestly and in good faith with a view to the best interests
of the Corporation or Affiliate, as the case may be.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Corporation agrees to provide evidence to the Indemnified Party on an annual basis (on the anniversary
date of this Agreement) during the term for which the Corporation is obligated to maintain such insurance under the terms hereof, that
it has the insurance required under the terms of this Agreement and that it has paid the applicable premium(s) for such insurance and
shall, upon request of the Indemnified Party, provide the Indemnified Party with a copy of the relevant insurance policy within 14 days
of such request. If the Indemnified Party is not provided with evidence that the Corporation has such insurance or that it has paid the
applicable premium, the Indemnified Party shall be entitled to purchase the required insurance and the Corporation agrees to indemnify
and save harmless the Indemnified Party, his estate, executors, administrators and lawful heirs for all expenses incurred by or on behalf
of the Indemnified Party to obtain such insurance coverage.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) In the event an insurable event occurs, the Indemnified Party will be indemnified promptly as agreed hereto
regardless of whether the Corporation has received the insurance proceeds. The Indemnified Party is entitled to full indemnification as
agreed hereto notwithstanding any deductible amounts or policy limits contained in any such insurance policy.

13. Arbitration

All disputes, disagreements, controversies or claims arising out of or relating to this Agreement, including, without limitation, with respect to its formation, execution, validity, application, interpretation, performance, breach, termination or enforcement will be determined by arbitration before a single arbitrator under the *Arbitration Act* (British Columbia). The arbitrator will determine, based on the outcome of the arbitration, the breakdown between the Corporation and/or Affiliate and the Indemnified Party of the costs for conducting the arbitration.

14. Taxes Payable

The Corporation agrees to reimburse the Indemnified Party for the net amount of tax payable by the Indemnified Party under the taxing laws of any jurisdiction provided that such net taxes payable are directly a result of the payment or reimbursement of the Costs, Charges and Expenses under this Agreement, including this clause, constituting a taxable benefit to the Indemnified Party.

15. Effective Time

This Agreement shall be effective as and from the first day that the Indemnified Party became or becomes a director and/or officer of the Corporation or commenced or commences to serve as an officer or director of an Affiliate.

16. Notices

Unless otherwise permitted by this Agreement, all notices or other communications to be given hereunder shall be delivered by hand, courier, ordinary prepaid mail, facsimile or electronic mail; and, if delivered by hand, shall be deemed to have been given on the delivery date, if delivered by ordinary prepaid mail shall be deemed to have been given on the fifth day following the delivery date and, if sent by facsimile or electronic mail, on the date of transmission if sent before 5:00 p.m. (local time where the notice is received) on a business day or, if such day is not a business day, on the first business day following the date of transmission:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) if to the Indemnified Party, at: [ ]

[ ]

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) if to the Corporation, at:

Modern Mining Technology Corp.<br> 1055 West Georgia Street, 1500 Royal Centre<br> Vancouver, BC V5E 4N7

Attention: Chief Executive<br> Officer Email: jbasi@modernmining.com

or to such other address as each party may from time to time notify the other of in writing.

If the Corporation receives notice from any other source of any matter which the Indemnified Party would otherwise be obligated hereunder to give notice of to the Corporation, then the Indemnified Party shall be relieved of his obligation hereunder to give notice to the Corporation, provided the Corporation has not suffered any material damage from the failure of the Indemnified Party to give notice as herein required.

17. Severability

If any provision or provisions of this Agreement shall be held to be invalid, illegal or unenforceable for any reason whatsoever:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the validity, legality and enforceability of the remaining provisions of this Agreement (including, without
limitation, all portions of any paragraph of this Agreement containing such provisions held to be invalid, illegal or unenforceable, that
are not of themselves in whole invalid, illegal or unenforceable) shall not in any way be affected or impaired thereby; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) to the fullest possible extent, the provisions of this Agreement (including, without limitations, all
portions of any paragraphs of this Agreement containing any such provisions held to be invalid, illegal or unenforceable, that are not
of themselves in whole invalid, illegal or unenforceable) shall be construed so as to give effect to the intent manifested by the provision
which is held to be invalid, illegal or unenforceable.

18. Governing Law

The parties hereto agree that this agreement shall be construed and enforced in accordance with the laws in force in the Province of British Columbia.

19. Modification and Waiver

No supplement, modification or amendment of this Agreement shall be binding unless executed in writing by both parties hereto. No waiver of any of the provisions of this Agreement shall be deemed or shall constitute a waiver of any other provision hereof (whether or not similar) nor shall such waiver constitute a continuing waiver.

20. Entire Agreement

This Agreement shall supersede and replace any and all prior agreements (except any written agreement of employment between the Corporation and the Indemnified Party, which shall remain in full force and effect, except to the extent augmented or amended hereby), between the parties hereto respecting the matters set forth herein, and shall constitute the entire agreement between the parties hereto in respect of the matters set forth herein.

21. Successors and Assigns

This Agreement shall be binding upon and enure to the benefit of the Corporation and their respective successors and assigns and to the Indemnified Party and his estate, executors, administrators, legal representatives and lawful heirs.

22. Counterparts

This Agreement may be executed and delivered by the parties in one or more counterparts, each of which when so executed and delivered will be an original, and those counterparts will together constitute one and the same instrument.

23. Successor Legislation

Any references herein to any enactment shall be deemed to be references to such enactment as the same may be amended or replaced from time to time and, in the event that the Corporation is continued, incorporated, amalgamated, arranged under or otherwise becomes governed by an enactment other than the Act, then all references herein to the Act shall be deemed to be references to such enactment as the same may be amended or replaced from time to time.

**[Remainder of page intentionally blank]**

**IN WITNESS WHEREOF** the parties hereto have executed this Agreement as at the date first above written.

**MODERN MINING TECHNOLOGY CORP.**

By:   <br> Name: Kuljit Basi <br> Title: Chief Executive Officer

---

| | | |
|:---|:---|:---|
| |)))) | |
| Witness Name: |)) | **[Director / Executive Officer Name]** |

---

## Ex1A-6

**Exhibit 6.3**

**INTEREST BEARING PROMISSORY NOTE**

---

| | |
|:---|:---|
| **Principal:** US$28,000.00 | **DUE ON MATURITY DATE** |

---

**FOR VALUE RECEIVED**, the undersigned hereby acknowledges itself indebted and promises to pay to or to the order of Basil Roy Botha (the **"Holder"**) the principal sum of US$28,000.00 (the "**Principal**") in lawful money of the United States at the head office of the Holder, which sum shall be payable on the *earlier* of: (i) the date on which the undersigned (or its affiliate) completes the Going Public Transaction. and (ii) November 01, 2021 (such earlier date, herein referred to as the "**Maturity Date**").

Interest shall be payable on the Principal of this promissory note at the rate of **one percent (1%)** per month, compounded monthly. Interest as aforesaid shall accrue and be payable both before and after the Maturity Date, default and judgment, with interest on overdue interest at the aforesaid rate.

The undersigned may prepay the Principal in whole or in part at any time or from time to time without notice, penalty or bonus. All payments received under this promissory note shall be applied first in satisfaction of any accrued but unpaid interest and then against any outstanding Principal.

The undersigned hereby waives the benefits of division and discussion, demand and presentment for payment, notice of non-payment, protest and notice of protest of this promissory note.

This promissory note shall be governed by the laws of the Province of British Columbia and the laws of Canada applicable hereof and shall not be changed, modified, discharged or cancelled orally or in any manner other than by agreement in writing signed by the Holder, its successors or assigns.

**IN WITNESS WHEREOF** the undersigned has executed this promissory note as of the 15 day of July, 2021.

---

| | |
|:---|:---|
| **URBAN MINING INTERNATIONAL INC.** | **URBAN MINING INTERNATIONAL INC.** |
| Per: | /s/ Mark Zorko |
|  | Mark Zorko |
|  | Authorized Signing Officer |

---

## Ex1A-6

**Exhibit 6.4**

**US$34,000.00 to Urban Mining International.**

**Term Sheet**

March 29, 2021

---

| | |
|:---|:---|
| Lender: | Basil Botha and Alpha Resources Management Inc. (the "Lender") |
| Borrower: | Urban Mining Intl.,. (the "Borrower") |
| Loan Interest: | Interest bearing loan of US$34,000.00 (the "Loan") is one (%) a month compounded. The exchange rate that was used to buy US$ is 1.27 |
| Maturity Date: | The Loan will become due and payable in full on June 30, 2021 (the Due Date"). |
| Closing | March 29, 2021 |

---

This Term Sheet represents the current understanding of the parties with respect to the subject matter herein and constitutes a legally binding agreement.

This Term Sheet may be executed in counterparts, which together will constitute one document. Electronic signatures shall have the same legal effect as original signatures.

---

| | |
|:---|:---|
| **Urban Mining International** |  |
| **SIGNED AND DELIVERED)** |  |
| in the presence of |  |
| /s/ Patricia Zorko | /s/ Mark Zorko |
| Witness | Mark Zorko |
| **Basil Botha and Alpha Resources Management Inc** |  |
| **SIGNED AND DELIVERED)** |  |
| in the presence of |  |
| /s/ Tom Klaimanee | /s/ Basil Botha |
| Witness | Basil Botha |

---

## Ex1A-6

**Exhibit 6.5**

**US$16,049.66 to Urban Mining International.**

**Term Sheet**

March 15, 2021

---

| | |
|:---|:---|
| Lender: | Basil Botha. (the "Lender") |
| Borrower: | Urban Mining Intl.,. (the "Borrower") |
| Loan Interest: | Interest bearing loan of US$16,049.66 (the "Loan") is one (%) a month compounded. |
| Maturity Date: | The Loan will become due and payable in full on June 30, 2021 (the Due Date"). |
| Closing | March 15, 2021 |

---

This Term Sheet represents the current understanding of the parties with respect to the subject matter herein and constitutes a legally binding agreement.

This Term Sheet may be executed in counterparts, which together will constitute one document. Electronic signatures shall have the same legal effect as original signatures.

---

| | |
|:---|:---|
| **Urban Mining International** |  |
| **SIGNED AND DELIVERED)** |  |
| in the presence of |  |
| /s/ Patricia Zorko | /s/ Mark Zorko |
| Witness | Mark Zorko |
| **Basil Botha** |  |
| **SIGNED AND DELIVERED)** |  |
| in the presence of |  |
| /s/ Tom Klaimanee | /s/ Basil Botha |
| Witness | Basil Botha |

---

## Ex1A-6

**Exhibit 6.6**

**WARRANT SUBSCRIPTION AGREEMENT**

---

| | |
|:---|:---|
| **TO:** | **Urban Mining International Inc. (the "Issuer")** |
| **FROM:** |  |
|  | **(Subscriber Name)** |
| **RE:** | **Purchase of Warrants of the Issuer at CDN$0.0035 Per Warrant** |

---

---

| | |
|:---|:---|
| **REFERENCE DATE:** | **[ ], 2021** |

---

**THIS DOCUMENT CONTAINS A NUMBER OF FORMS REQUIRED BY SECURITIES LEGISLATION AND POLICY, SOME OF WHICH YOU MUST COMPLETE AND OTHERS NOT DEPENDING ON SEVERAL FACTORS. PLEASE READ THE FOLLOWING GUIDE CAREFULLY AS IT WILL ASSIST YOU IN COMPLETING THIS SUBSCRIPTION AGREEMENT CORRECTLY.**

---

| | |
|:---|:---|
| **STEP 1** | **All subscribers must enter the number of Warrants you are purchasing, and your name, address, telephone number and email address and sign this document on the execution page on 18.** |
| **STEP 2** | **Please complete the Registration and Delivery Instructions on page 18 if your Warrants are to be registered or delivered differently from your name and address on page 17.** |
| **STEP 3** | **All Subscribers must complete "Information Regarding the Subscriber" appearing on page 3.** |
| **STEP 4** | **If you are an "Accredited Investor" as defined in National Instrument 45-106 or *SECURITIES ACT* (Ontario) (generally a high net worth or high income investor), you must complete and sign Schedule A – "Accredited Investor Certificate" and the Appendix 2 attached to Schedule A if you are an individual.** |
| **STEP 5** | **Subscribers resident in Canada, and who are not "Accredited Investors" but who are officers, directors, employees, family, close friends or business associates thereof, must complete and sign Schedule B – "Family, Friends and Business Associates Certifications", and those in Ontario must also complete Appendix 1 attached to the Schedule B.** |
| **STEP 6** | **If you are a resident of Saskatchewan that is a close personal friend or a close business associate of a director, executive officer or a control person of the Issuer or of an affiliate of the Issuer, you must complete and sign Schedule C – "Form 45-106F5 - Risk Acknowledgement".** |
| **STEP 7** | **If you are subscribing in the United States or are a U.S. Person (as defined in Regulation S under the U.S. Securities Act of 1933, as amended) you must be a U.S. fiduciary excluded from the definition of "U.S. Person" pursuant to Rule 902(k)(2)(i) of Regulation S or an "Accredited Investor" under U.S. law – please complete and sign Schedule D – "U.S. Purchaser Certificate".** |

---

Please send completed subscription agreements and subscription funds to Aird & Berlis LLP (attention: rsanders@airdberlis.com and tfenton@airdberlis.com) in accordance with the instructions on page 2. All monetary amounts herein are in Canadian dollars.

**Documents and funds to be received no later than June 30, 2021.**

**INFORMATION REGARDING THE SUBSCRIBER**

**Please check the appropriate box (and complete the required information, if applicable) in each section:**

1. **Security Holdings**. Prior to giving effect to the securities being subscribed for under this Subscription Agreement,
 the Subscriber and all persons acting jointly and in concert with the Subscriber currently own, directly
 or indirectly, or exercise control or direction over (provide additional detail as applicable):

☐ _________________ Shares (as defined herein) of the Issuer (as defined herein) and/or the following other kinds of shares and convertible securities (including but not limited to convertible debt, warrants and options) entitling the Subscriber to acquire additional Shares or other kinds of shares of the Issuer:

☐ No shares of the Issuer or securities convertible into shares of the Issuer.

2. **Insider Status**.
 The Subscriber either:

☐ Is an "Insider" of the Issuer by virtue of being:

(a) a director
 or senior officer of the Issuer;

(b) a director or senior officer of a company
 that is an Insider or subsidiary of the Issuer;

(c) a person that beneficially owns or controls,
 directly or indirectly, voting shares of the Issuer carrying more than 10% of the voting rights attached to all the Issuer's
 outstanding voting shares; or

(d) the Issuer itself if it holds any of its
 own securities.

☐ Is not an Insider of the Issuer.

**Re: <u>Purchase of CDN$0.0035 Warrants Exempt from Prospectus Requirements</u>**

**1. Definitions**

1.1 (a) "**Accredited Investor**" means a Subscriber resident in Canada who is an accredited investor as defined in Section 1.1 of NI 45-106 or under the *Securities Act* (Ontario) if the Subscriber is a resident in Ontario;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) "**Applicable Securities Laws**" means the securities legislation having application and the rules, policies, notices and orders issued by applicable securities regulatory authorities, having application over this Offering and the Issuer in the Qualifying Jurisdictions and in the United States;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) "**consultant**" means, for an issuer, a person, other than an employee, executive officer, or director of the issuer or of a related entity of the issuer, that

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) is engaged to provide services to the issuer or a related entity of the issuer, other than services provided in relation to a distribution,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) provides the services under a written contract with the issuer or a related entity of the issuer, and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) spends or will spend a significant amount of time and attention on the affairs and business of the issuer or a related entity of the issuer

and includes, for an individual consultant, a corporation of which the individual consultant is an employee or shareholder, and a partnership of which the individual consultant is an employee or partner;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) "**Closing**" means a completion of an issue and sale by the Issuer and the purchase by the Subscriber of the Warrants pursuant to this Subscription Agreement on the Closing Date. Closings may occur on one or more dates as the Issuer may determine;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) "**Closing Date**" means on or around July 5, 2021 or as the Issuer may determine at its sole discretion;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) "**Employee, Executive Officer, Director and Consultant Exemptions**" means the exemption from the prospectus requirements found in Section 2.24 of NI 45-106;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) "**Exemptions**" means the exemptions from the registration and prospectus or equivalent requirements under Applicable Securities Laws;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) "**Family, Friends and Business Associates Exemptions**" means the exemptions from the prospectus requirements found in Sections 2.5 – 2.7 of NI 45-106;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) "**fully managed**" in relation to an account, means that the Subscriber has the discretion as to the account as contemplated by Applicable Securities Laws;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) "**Issuer**" means Urban Mining International Inc., a corporation existing under the laws of the State of Delaware;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) "**material**" means material in relation to the Issuer and any subsidiary considered on a consolidated basis;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) "**NI 45-106**" means National Instrument 45-106 – Prospectus and Registration Exemptions in the form adopted by the securities commissions in all provinces and territories of Canada (a copy is available online at www.bcsc.bc.ca);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m) "**Offering**" means the sale by the Issuer of up to 48,000,000 Warrants at a price of $0.0035 per Warrant on the terms set forth in this Subscription Agreement. There is no minimum aggregate Offering and the Issuer reserves the right to decrease or increase the size of the Offering at its discretion;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n) "**permitted assign**" means, for a person that is an employee, executive officer, director or consultant of the Issuer or of a related entity of the Issuer,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) a trustee, custodian, or administrator acting on behalf of, or for the benefit of the person,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) a holding entity of the person,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) an RRSP or a RRIF of the person,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) a spouse of the person,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) a trustee, custodian, or administrator acting on behalf of, or for the benefit of the spouse of the person,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) a holding entity of the spouse of the person, or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) an RRSP or a RRIF of the spouse of the person;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(o) "**person**" means and includes any individual, corporation, partnership, firm, joint venture, syndicate, association, trust, government, governmental agency or board or commission or authority, and any other form of entity or organization;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(p) "**Public Listing**" has the meaning ascribed to such term in Section 6.2;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(q) "**Qualifying Jurisdictions**" means British Columbia, Alberta and Ontario and certain other jurisdictions referred to in National Instrument 45-102;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(r) "**Regulation D**" means Regulation D under the U.S. Securities Act;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(s) "**Regulation S**" means Regulation S under the U.S. Securities Act;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(t) "**Schedules**" means the schedules attached hereto and forming part hereof and comprising of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) A Accredited Investor Certificate;

&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) B Family, Friends and Business Associates Certifications;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) C Form 45-106F5 – Saskatchewan Risk Acknowledgement Form; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) D U.S. Purchaser Certificate;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(u) "**Securities**" means, collectively, the Warrants and Warrant Shares;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) "**Share**" means a share of common stock in the capital of the Issuer;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(w) "**Subscriber**" means the person or persons named as a Subscriber on the execution page of this Subscription Agreement and if more than one person is so named, means all of them jointly and severally;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(x) "**Subscription Agreement"** or **"Agreement**" means this subscription agreement between the Subscriber and the Issuer, including all Schedules incorporated by reference, as it may be amended or supplemented from time to time;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(y) "**Warrant Share**" means a Share to be issued upon exercise of a Warrant;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(z) "**U.S. Person**" means a U.S. Person as defined in Regulation S (the definition of which includes, but is not limited to, (i) any natural person resident in the United States, (ii) any partnership or corporation organized or incorporated under the laws of the United States, (iii) any partnership or corporation organized outside of the United States by a U.S. Person principally for the purpose of investing in securities not registered under the U.S. Securities Act, unless it is organized, or incorporated, and owned, by accredited investors who are not natural persons, estates or trusts, and (iv) any estate or trust of which any executor or administrator or trustee is a U.S. Person;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(aa) "**U.S. Purchaser**" is (a) any "U.S. Person" as defined in Regulation S, (b) any person purchasing the Warrants on behalf of any "U.S. Person" or any person in the United States, (c) any person who receives or received an offer of the Warrants while in the United States, or (d) any person who is or was in the United States at the time the Subscriber's buy order was made or this Agreement was executed or delivered;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(bb) "**U.S. Securities Act**" means the *Securities Act of 1933*, as amended, of the United States of America;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(cc) "**United States**" means the United States of America, its territories, any State of the United States and the District of Columbia; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(dd) "**Warrant**" means a transferable share purchase warrant to be issued by the Issuer with additional terms described in Section 3.

1.2 Words and phrases which are used in this Subscription Agreement and all Schedules thereto and which are defined in NI 45-106 will have the meaning ascribed thereto in NI 45-106, unless otherwise specifically defined in Section 1.1 of this Subscription Agreement.

**2. Prospectus Exempt Subscription Commitment**

2.1 The Subscriber (on its own behalf and, if applicable, on behalf of each person on whose behalf the Subscriber is contracting) hereby irrevocably subscribes for and agrees to purchase from the Issuer, subject to the terms and conditions set forth herein, that number of Warrants set out above the Subscriber's name on the execution page of this Subscription Agreement at the price of CDN$0.0035 per Warrant. Subject to the terms hereof, this Subscription Agreement will be deemed to have been made and be effective only upon its acceptance by the Issuer.

2.2 The Subscriber (on its own behalf and, if applicable, on behalf of each person on whose behalf the Subscriber is contracting) acknowledges and agrees that the Issuer reserves the right, in its absolute discretion, to reject this subscription for Warrants, in whole or in part, at any time prior to the Closing Date notwithstanding prior receipt by the Subscriber of a notice of acceptance of this subscription. Upon the Issuer's acceptance of this subscription, this Subscription Agreement will constitute an agreement for the purchase by the Subscriber from the Issuer, and for the Issuer to issue and sell to the Subscriber, the number of Warrants set out on the execution page hereof and on the terms and conditions set out herein. If this subscription is rejected in whole, any cheques or other forms of payment delivered to the Issuer representing payment for the Warrants subscribed for herein will be promptly returned to the Subscriber without interest or deduction. If this subscription is accepted only in part, a cheque representing any refund for that portion of the subscription for the Warrants which is not accepted will be promptly delivered to the Subscriber by the Issuer without interest or deduction.

**3. Description of Securities**

3.1 The Subscriber acknowledges (on its own behalf and, if applicable, on behalf of each person on whose behalf the Subscriber is contracting) that there is no minimum number of Warrants that must be subscribed for under the Offering for the Offering to close and therefore the subscription amount tendered herewith may be releasable to the Issuer on the Closing Date notwithstanding the number of Warrants issued pursuant to the Offering.

3.2 The Subscriber further acknowledges (on its own behalf and, if applicable, on behalf of each person on whose behalf the Subscriber is contracting) that, subject to Applicable Securities Laws, the Issuer may pay a commission or finder's fee in connection with the Subscriber's subscription for Warrants hereunder.

3.3 Each Warrant shall entitle the holder to purchase one Warrant Share at a price of CDN$0.0833 for a period of three (3) years following the date of the Public Listing. The Warrants will not be exercisable until completion of the Public Listing.

3.4 The Warrants will be governed by the terms and conditions set out in the certificate representing the Warrants delivered to the Subscriber at Closing. The certificate representing the Warrants will contain, among other things, provision for the appropriate adjustment in a class, number and exercise price of the Warrant Shares upon the occurrence of certain events, including any subdivision, consolidation or re-classification of the Shares or payments of stock dividends or upon the merger or re-organization of the Issuer.

**4. Closing**

4.1 Prior to Closing, the Subscriber will deliver to the offices of the Issuer aggregate subscription funds and subscription documents completed in accordance with the instructions on the face page of this Agreement, or arrange for electronic transfer of certified funds. Alternatively, the Subscriber will deliver certified funds to the Issuer against concurrent delivery by the Issuer of certificates representing the Warrants. On request by the Issuer, the Subscriber agrees to complete and deliver any other documents, questionnaires, notices and undertakings as may possibly be required by regulatory authorities, stock exchanges and Applicable Securities Laws to complete the transactions contemplated by this Agreement. Closing will occur on the Closing Date at which time certificates representing the Warrants will be available against payment of funds for delivery to the Subscriber as the Subscriber will instruct. The Subscriber hereby waives receiving any prior notice of Closing.

4.2 Closing is subject to certain conditions including the shareholders' approval of pursuing the Public Listing, termination of any shareholders' agreements and the entering into of voting support agreement with respect to the Public Listing.

**5. Privacy Legislation**

5.1 The Subscriber acknowledges and consents to the fact that the Issuer is collecting the Subscriber's (and any beneficial purchaser for which the Subscriber is contracting hereunder) personal information (as that term is defined under applicable privacy legislation, including, without limitation, the *Personal Information Protection and Electronic Documents Act* (Canada) and any other applicable similar replacement or supplemental provincial or federal legislation or laws in effect from time to time) for the purpose of completing the Subscriber's subscription. The Subscriber acknowledges and consents to the Issuer retaining the personal information for so long as permitted or required by applicable law or business practices. The Subscriber further acknowledges and consents to the fact that the Issuer may be required by Applicable Securities Laws, stock exchange rules and/or Investment Industry Regulatory Organization of Canada rules to provide regulatory authorities any personal information provided by the Subscriber respecting itself (and any beneficial purchaser for which the Subscriber is contracting hereunder) . The Subscriber represents and warrants that it has the authority to provide the consents and acknowledgements set out in this paragraph on behalf of all beneficial purchasers for which the Subscriber is contracting. In addition to the foregoing, the Subscriber agrees and acknowledges that the Issuer may use and disclose the Subscriber's personal information, or that of each beneficial purchaser for whom the Subscriber are contracting hereunder, as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) for internal use with respect to managing the relationships between and contractual obligations of the Issuer and the Subscriber or any beneficial purchaser for whom the Subscriber is contracting hereunder;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) for use and disclosure to the Issuer's transfer agent and registrar;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) for use and disclosure for income tax related purposes, including without limitation, where required by law, disclosure to Internal Revenue Service;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) disclosure to securities regulatory authorities and other regulatory bodies with jurisdiction with respect to reports of trade and similar regulatory filings;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) disclosure to a governmental or other authority to which the disclosure is required by court order or subpoena compelling such disclosure and where there is no reasonable alternative to such disclosure;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) disclosure to professional advisers of the Issuer in connection with the performance of their professional services;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) disclosure to any person where such disclosure is necessary for legitimate business reasons and is made with the Subscriber's prior written consent;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) disclosure to a court determining the rights of the parties under this Subscription Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) for use and disclosure as otherwise required or permitted by law; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) the Subscriber further acknowledges and agrees that the stock exchanges collect personal information in forms submitted by the Issuer, which will include personal information regarding the Subscriber. The Subscriber agrees that the stock exchanges may use and publish this information in the manner provided for in their policies.

5.2 The Subscriber (on its own behalf and, if applicable, on behalf of any person to whose benefit theSubscriber is subscribing) acknowledges that the Subscriber has been notified by the Issuer:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) of the delivery of the personal information to all applicable securities regulatory authorities or regulators; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) that the personal information is being collected by the securities regulatory authority or regulator under the authority granted in Applicable Securities Laws for the purposes of the administration and enforcement of Applicable Securities Laws.

**6. Subscriber's Acknowledgements – Regarding Risk, Restrictions, Independent Advice and Advancement of Subscription Proceeds to the Issuer**

6. 1 The Subscriber represents and warrants and acknowledges and agrees with (on its own behalf and, if applicable, on behalf of each beneficial purchaser for whom the Subscriber is contracting hereunder) the Issuer that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) its decision to execute this Subscription Agreement and purchase the Securities agreed to be purchased hereunder has not been based upon any oral or written representation as to fact or otherwise made by or on behalf of the Issuer;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) no prospectus or registration statement has been filed by the Issuer with any securities commission or similar authority, in connection with the issuance of the Securities, and the issuance and the sale of the Securities is subject to such sale being exempt from the prospectus/registration requirements under Applicable Securities Laws and accordingly:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the Subscriber is restricted from using certain of the civil remedies available under such legislation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the Subscriber may not receive information that might otherwise be required to be provided to it under such legislation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) the Issuer is relieved from certain obligations that would otherwise apply under such legislation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) the Subscriber (or others for whom the Subscriber is contracting hereunder) has been advised to consult its own legal advisors with respect to the merits and risks of an investment in the Securities and with respect to applicable resale restrictions and it (or others for whom it is contracting hereunder) is solely responsible (and the Issuer is in no way responsible) for compliance with applicable resale restrictions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) to the knowledge of the Subscriber, the sale of the Securities was not accompanied by any advertisement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) the offer made by this Subscription Agreement is irrevocable (subject to the right of the Issuer to terminate this Subscription Agreement) and requires acceptance by the Issuer;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) this Subscription Agreement is not enforceable by the Subscriber unless it has been accepted by the Issuer and the Subscriber waives any requirement on the Issuer's behalf to communicate immediately its acceptance of this Subscription Agreement to the Subscriber;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) the Securities are speculative investments which involve a substantial degree of risk and the Subscriber may lose its entire investment in the Securities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) the Subscriber is sophisticated in financial investments, has had access to and has received all such information concerning the Issuer that the Subscriber has considered necessary in connection with the Subscriber's investment decision and the Subscriber will not receive an offering memorandum or similar disclosure document;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the subscription proceeds will be available to the Issuer on Closing and this subscription is not conditional on any other subscription completing;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) no agency, governmental authority, regulatory body, stock exchange or other entity has made any finding or determination as to the merit for investment of, nor have any such agencies or governmental authorities made any recommendation or endorsement with respect to, the Securities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) the Subscriber acknowledges that the Issuer may complete additional financings in the future which may have a dilutive effect on existing shareholders at such time, including the Subscriber; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) the Issuer will rely on the representations and warranties made herein or otherwise provided by the Subscriber to the Issuer in completing the sale and issue of the Warrants to the Subscriber.

6.2 If the Issuer completes an initial public offering of its Shares or a reverse takeover or any other similar going -public transaction ("**Public Listing**"), the Shares may be required to be pooled or escrowed, either at the request of the Company's selling agent or underwriter in a Public Listing, or pursuant to applicable stock exchange rules or securities legislation as amended from time to time and regulations and rules prescribed thereto, pursuant to the policies of the applicable securities commissions, pursuant to the policies of a stock exchange or trading system on which the Issuer may seek to list its securities, or any other securities regulatory body having jurisdiction. The Subscriber agrees to sign any such pooling or escrow agreement and abide by any such restrictions as may be so imposed. In furtherance of this covenant, the Subscriber hereby irrevocably appoints the Chief Executive Officer or any director of the Issuer as his or her attorney-in-fact to approve and sign a pooling or escrow agreement on behalf of the Subscriber to provide for pooling or escrow of the Shares, as the case may be.

6.3 The Subscriber hereby acknowledges and agrees that the subscription proceeds, together with all subscription documents completed in the manner described herein, subject to any statutory rights of the Subscriber, will be provided to the Issuer prior to the Closing Date. All subscription proceeds provided to the Issuer as contemplated herein may be used by the Issuer forthwith and from time to time in its sole discretion and will form an interest-free loan from the Subscriber to the Issuer and in the event that the Closing fails to occur, for any reason, the Subscriber will be deemed to have loaned the purchase funds to the Issuer, repayable on demand.

6.4 The Subscriber irrevocably agrees that no Shares may be acquired by the Subscriber on the exercise of the Warrants and no Shares shall be issued by the Issuer on the exercise of the Warrants if, as a result of the issuance of such Shares, the Subscriber, together with any Person acting jointly or in concert with the Subscriber (the "Joint Actors"), would in the aggregate beneficially own, or exercise control or direction over, ten percent (10%) or more of the total issued and outstanding Shares of the Issuer, calculated on a partially diluted basis, immediately after giving effect to such exercise. For greater certainty, the rights represented by the certificate representing the Warrants will not be exercisable by the Subscriber, in whole or in part, and the Issuer will not give effect to any such exercise, if, after giving effect to such exercise: (a) the Subscriber would be or be deemed to be an "Insider" of the Issuer, as such term is defined under the *Securities Act* (British Columbia); or (b) the Subscriber, together with its Joint Actors, would be required to issue a news release and file a report pursuant to National Instrument 62-103 – The Early Warning System and Related Take-Over Bid and Insider Reporting Issues of the Canadian Securities Administrators. If the Subscriber becomes an Insider of the Issuer through the acquisition of Shares by means other than the exercise of the Warrants, this clause will no longer have effect.

The Subscriber (on its own behalf and, if applicable, on behalf of each Disclosed Beneficial Purchaser on whose behalf it is contracting) irrevocably acknowledges and agrees that certificates representing the Warrants will include a legend substantially in the following form:

"AS PER SECTION \* OF THE TERMS AND CONDITIONS OF THE WARRANT CERTIFICATE, THE HOLDER ACKNOWLEDGES AND AGREES THAT THE WARRANTS REPRESENTED HEREBY ARE SUBJECT TO A RESTRICTION ON EXERCISE PURSUANT TO WHICH THE HOLDER MAY NOT EXERCISE ANY AMOUNT OF SUCH WARRANTS WHICH WOULD IN THE AGGREGATE RESULT IN THE HOLDER, TOGETHER WITH ANY PERSON ACTING JOINTLY OR IN CONCERT WITH THE HOLDER, HAVING ACTUAL OR DEEMED BENEFICIAL OWNERSHIP, CONTROL OR DIRECTION OVER, DIRECTLY OR INDIRECTLY, 10% OR MORE OF THE COMPANY'S OUTSTANDING VOTING SECURITIES. THE HOLDER FURTHER ACKNOWLEDGES AND AGREES THAT THE COMPANY BE AND IS HEREBY ENTITLED TO IGNORE ANY EXERCISE REQUEST FROM THE HOLDER WHICH THE COMPANY REASONABLY BELIEVES WOULD VIOLATE THE FOREGOING RESTRICTIONS"

The Subscriber irrevocably agrees that the foregoing restrictions on exercise and legend requirements will also be applicable to the Warrants issuable upon exercise of the Warrants.

**7. Subscriber's Exemption Status**

7.1 The Subscriber, by its execution of this Subscription Agreement, hereby further represents, warrants to, and covenants with, the Issuer (which representations, warranties and covenants will survive the Closing of the Offering) that the Subscriber is purchasing the Warrants as principal for its own account, it is purchasing such Warrants not for the benefit of any other person, and not with a view to the resale or distribution of the Warrants and one of the following Exemptions applies to the Subscriber:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) *Family, Friends and Business Associates Exemptions*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) The Subscriber is a resident of a Province or Territory of Canada other than Ontario, and is:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) a director, executive officer or control person of the Issuer, or of an affiliate of the Issuer,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) a spouse, parent, grandparent, brother, sister, child or grandchild of a director, executive officer or control person of the Issuer, or of an affiliate of the Issuer,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(C) a parent, grandparent, brother, sister, child or grandchild of the spouse of a director, executive officer or control person of the Issuer or of an affiliate of the Issuer,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(D) a close personal friend of a director, executive officer or control person of the Issuer, or of an affiliate of the Issuer,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(E) a close business associate of a director, executive officer or control person of the Issuer, or of an affiliate of the Issuer,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(F) a founder of the Issuer or a spouse, parent, grandparent, brother, sister, child, grandchild , close personal friend or close business associate of a founder of the Issuer,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(G) a parent, grandparent, brother, sister, child or grandchild of a spouse of a founder of the Issuer,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(H) a person of which a majority of the voting securities are beneficially owned by, or a majority of the directors are, persons described in paragraphs (A) to (G), 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;(I) a trust or estate of which all of the beneficiaries or a majority of the trustees or executors are persons described in paragraphs (A) to (G);

If the Subscriber is a resident of Saskatchewan, the Subscriber must complete and sign the Risk Acknowledgement Form - 45-106F5 attached hereto as Schedule C;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) The Subscriber is a resident of Ontario and is not an investment fund, you have concurrently executed and delivered a Form 45-106F12 – *Risk Acknowledgement Form for Family, Friends and Business Associates* in the form attached as Appendix 1 to Schedule B and signed by all of the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) the purchaser;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) an executive officer of the Issuer other than the purchaser;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(C) if the purchaser is a person referred to under paragraph 7.1(a)(i)(B), the director, executive officer or control person of the issuer or an affiliate of the issuer who has the specified relationship with the purchaser;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(D) if the purchaser is a person referred to under paragraph 7.1(a)(i)(C), the director, executive officer or control person of the issuer or an affiliate of the issuer whose spouse has the specified relationship with the purchaser;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(E) if the purchaser is a person referred to under paragraph 7.1(a)(i)(D) or (i)(E), the director, executive officer or control person of the issuer or an affiliate of the issuer who is a close personal friend or a close business associate of the purchaser; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(F) the founder of the Issuer, if the purchaser is a person referred to in paragraph 7.1(a)(i)(F) and (i)(G) other than the founder of the Issuer; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) you have concurrently executed and delivered a certificate in the form attached as Schedule B attached hereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(b) Employee, Executive Officer, Director and Consultant Exemptions* The Subscriber is:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) an employee, executive officer, director or consultant of the Issuer,

&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) an employee, executive officer, director or consultant of a related entity of the Issuer, or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) a permitted assign of a person referred to in paragraphs (i) or (ii)

and the Subscriber's purchase is voluntary;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) *Minimum Amount Exemption*

**You are not an individual** and the aggregate acquisition cost of purchasing the Warrants will not be less than CDN$150,000 paid in cash at the time of purchase, and the Subscriber has not been created or used solely to purchase or hold the Warrants in reliance on this Exemption; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) *Accredited Investor Exemption*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) The Subscriber is an "Accredited Investor" and the Subscriber has properly completed and duly executed the Accredited Investor Certificate attached to this Subscription Agreement as Schedule A indicating the means by which the Subscriber is an Accredited Investor and confirms the truth and accuracy of all statements made by the Subscriber in such certificate; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) If **you are an individual**, you have concurrently executed and delivered Form 45-106F9 – Form for Individual Accredited Investors in the form attached as Appendix 2 to Schedule A hereto.

**7.2 Additional Representations Applicable to U.S. Purchasers**. If the Subscriber is a U.S. Purchaser (as defined in Schedule "D"), the Subscriber represents and warrants **either**:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the Subscriber is a discretionary or similar account (other than an estate or trust) that is excluded from the definition of "U.S. Person" pursuant to Rule 902(k)(2)(i) of Regulation S under the U.S. Securities Act and is held on behalf of a person that is not a U.S. Person by a dealer or other professional fiduciary organized, incorporated, or (if an individual) resident in the United States; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the Subscriber is, or is acting for the account or benefit of, a U.S. Person or located in the United States and is an "accredited investor" as defined in Regulation D of the U.S. Securities Act (a "**U.S. Accredited Investor**"), and is acquiring the Warrants for its own account or for the account or benefit of a U.S. Accredited Investor as to which it exercises sole investment discretion, to be held for investment only and not with a view to any resale, distribution or other disposition of the Warrants in violation of United States securities laws or applicable state securities laws; and

**IN EITHER CASE, the Subscriber has properly completed and duly executed a U.S. Purchaser Certificate attached to this Subscription Agreement as Schedule D**, and confirms the truth and accuracy of all statements made by the Subscriber in such certificate.

**7.3 Other General Representations Applicable to All Subscribers**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the Subscriber (and, if applicable, any beneficial purchaser for whom it is acting) is resident in the jurisdiction set out under the heading "Name and Address of Subscriber" on the execution page of this Subscription Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the Subscriber is of legal age and has the legal capacity and competence to enter into and execute this Subscription Agreement and to take all actions required pursuant hereto and, if the Subscriber is a corporation, it is duly incorporated and validly subsisting under the laws of its jurisdiction of incorporation and all necessary approvals by its directors, shareholders and others have been obtained to authorize execution of this Subscription Agreement on behalf of the Subscriber;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) the entering into of this Subscription Agreement and the transactions contemplated hereby do not result in the violation of any of the terms and provisions of any law applicable to, or the constating documents of, the Subscriber or of any agreement, written or oral, to which the Subscriber may be a party or by which the Subscriber is or may be bound;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) the Subscriber has duly and validly authorized, executed and delivered this Subscription Agreement and understands it is intended to constitute a valid and binding agreement of the Subscriber enforceable against the Subscriber;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) in connection with the Subscriber's investment in the Warrants, the Subscriber has not relied upon the Issuer for investment, legal or tax advice, and has, in all cases sought the advice of the Subscriber's own personal investment advisor, legal counsel and tax advisers or has waived its rights thereto and the Subscriber is either experienced in or knowledgeable with regard to the affairs of the Issuer, or either alone or with its professional advisors is capable, by reason of knowledge and experience in financial and business matters in general, and investments in particular, of evaluating the merits and risks of an investment in the Warrants and is able to bear the economic risk of the investment and it can otherwise be reasonably assumed to have the capacity to protect its own interest in connection with the investment in the Warrants;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) no person has made to the Subscriber any written or oral representations:

&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) that any person will resell or repurchase the Warrants;

&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) that any person will refund the purchase price for the Warrants;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) as to the future price or value of the Warrants; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) that the Warrants will be listed and posted for trading on a stock exchange or that application has been made to list and post the Warrants for trading on a stock exchange;

**Not a person in the United States or a U.S. Person**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) Unless the Subscriber completes the U.S. Purchaser Certificate included herein as Schedule D (in which case the Subscriber represents, warrants and covenants to the Issuer as to the accuracy of all matters set out therein) in connection with a purchase of the Securities made in reliance on Regulation D, the Subscriber represents and warrants that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the Securities are not being acquired, directly or indirectly, for the account or benefit of a U.S. Person or a person in the United States and the Subscriber does not have any agreement or understanding (either written or oral) with any U.S. Person or a person in the United States respecting:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) the transfer or assignment of any rights or interests in any of the Securities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) the division of profits, losses, fees, commissions, or any financial stake in connection with this Subscription 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;(C) the voting of the Securities; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the Subscriber has no intention to distribute either directly or indirectly any of the Securities in the United States or to U.S. Persons;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) the Subscriber represents that the current structure of this transaction and all transactions and activities contemplated hereunder is not a scheme to avoid the registration requirements of the U.S. Securities Act;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) the Subscriber is a not a "U.S. Person" and is not purchasing the Securities for the account or benefit of any U.S. Person or a person in the United States, or for offering, resale or delivery for the account or benefit of any U.S. Person or a person in the United States;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) the Subscriber was outside the United States at the time of execution and delivery of this Subscription Agreement within the meaning of Regulation S;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) no offers to sell the Securities were made by any person to the Subscriber while the Subscriber was in the United States;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) the Subscriber acknowledges that the Securities have not been and will not be registered under the U.S. Securities Act or the securities laws of any state of the United States, and that the Securities may not be offered or sold in the United States, or to or for the account or benefit of a U.S. Person or a person in the United States, unless an exemption from such registration requirements is available. The Subscriber understands that the Issuer has no obligation or present intention of filing a registration statement under the U.S. Securities Act in respect of the Securities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii) the Subscriber will not engage in any directed selling efforts (as defined by Regulation S under the U.S. Securities Act) in the United States in respect of the Securities, which would include any activities undertaken for the purpose of, or that could reasonably be expected to have the effect of conditioning the market in the United States for the resale of the Securities; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ix) the Subscriber acknowledges that any person who exercises a Warrant will be required to provide to the Issuer either:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) written certification that it is not a U.S. Person and that such Warrant is not being exercised within the United States or on behalf of, or for the account or benefit of; a U.S. Person or a person in the United States; 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;(B) a written opinion of counsel or other evidence satisfactory to the Issuer to the effect that the Warrant Shares have been registered under the U.S. Securities Act and applicable state securities laws or are exempt from registration thereunder;

**Compliance with Resale Laws**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) the Subscriber will comply with Applicable Securities Laws and, if applicable, Rule 904 of Regulation S concerning the resale of the Securities and all related restrictions (and the Issuer is not in any way responsible for such compliance) and will speak and consult with its own legal advisors with respect to such compliance;

**Own Expense**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the Subscriber acknowledges and agrees that all costs and expenses incurred by the Subscriber (including any fees and disbursements of any special counsel or other advisors retained by the Subscriber) relating to the purchase of the Warrants will be borne by the Subscriber;

**Indemnity**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) The foregoing acknowledgements are made by the Subscriber with the intent that they be relied upon by the Issuer in determining its suitability as a purchaser of the Warrants, and the Subscriber hereby agrees to indemnify the Issuer against all losses, claims, costs, expenses and damages or liabilities which the Issuer may suffer or incur as a result of reliance thereon.

**8. The Issuer's Representations**

8.1 The Issuer represents and warrants to the Subscriber that, as of the date of this Subscription Agreement and at Closing hereunder:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the Issuer and any subsidiaries are valid and subsisting corporations duly incorporated and in good standing under the laws of the jurisdictions in which they are incorporated, continued or amalgamated;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the Issuer has complied, or will comply, with all applicable corporate and securities laws and regulations in connection with the offer, sale and issuance of the Securities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) no offering memorandum has been or will be provided to the Subscriber;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) the creation, issuance and sale of the Securities by the Issuer does not and will not conflict with and does not and will not result in a breach of any of the terms, conditions or provisions of its constating documents or any agreement or instrument to which the Issuer is a party;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) the Securities will, at the time of issue, be duly allotted, validly issued, fully paid and non-assessable and will be free of all liens, charges and encumbrances and the Issuer will reserve sufficient shares in the treasury of the Issuer to enable it to issue the Securities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) this Subscription Agreement, when accepted, will have been duly authorized by all necessary corporate action on the part of the Issuer and, subject to acceptance by the Issuer, will constitute a valid obligation of the Issuer legally binding upon it and enforceable in accordance with its terms; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) neither the Issuer nor any of its subsidiaries is a party to any actions, suits or proceedings which could materially affect its business or financial condition, and to the best of the Issuer's knowledge no such actions, suits or proceedings have been threatened as at the date hereof.

**9. Covenants of the Issuer**

9.1 The Issuer hereby covenants with each Subscriber that it will:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) offer, sell, issue and deliver the Securities pursuant to exemptions from the prospectus filing, registration or qualification requirements of Applicable Securities Laws and otherwise fulfil all legal requirements required to be fulfilled by the Issuer (including without limitation, compliance with all Applicable Securities Laws in connection with the Offering; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) use its reasonable commercial efforts to obtain all necessary approvals for this Offering.

**10. No Contractual Right of Action for Rescission**

10.1 The Subscriber acknowledges that it is purchasing the Securities issued hereunder pursuant to an exemption which does not require delivery to the Subscriber of an offering memorandum, that it will not receive any offering memorandum in connection with this Subscription Agreement and therefore is not entitled to contractual rights of action or rescission.

**11. Resale Restrictions and Legending of Securities**

11.1 The Subscriber acknowledges that any resale of the Securities will be subject to resale restrictions contained in the Applicable Securities Laws applicable to the Issuer, the Subscriber or any proposed transferee. If Subscriber is, or is acting for the account or benefit of, a U.S. Person or a person is located in the United States, in addition to the legends set below, the certificates representing the Securities will bear a U.S. restrictive legend set forth in Schedule D hereto:

**"The warrants represented hereby will be void and of no value after 5:00 pm (Vancouver time) on three years following the date of Public Listing."**

11.2 The Subscriber is aware that the Securities have not been and will not be registered under the U.S. Securities Act or the securities laws of any state and that the Securities may not be offered or sold in the United States without registration under the U.S. Securities Act or compliance with requirements of an exemption from registration and the applicable laws of all applicable states and acknowledges that the Issuer has no present intention of filing a registration statement under the U.S. Securities Act in respect of the Securities.

**12. General**

12.1 Time is of the essence hereof.

12.2 Neither this Subscription Agreement nor any provision hereof will be modified, changed, discharged or terminated except by an instrument in writing signed by the party against whom any waiver, change, discharge or termination is sought.

12.3 The parties hereto will execute and deliver all such further documents and instruments and do all such acts and things as may either before or after the execution of this Subscription Agreement be reasonably required to carry out the full intent and meaning of this Subscription Agreement.

12.4 This Subscription Agreement will be subject to, governed by and construed in accordance with the laws of the State of Delaware and the federal laws of the United States as applicable therein and the Subscriber hereby irrevocably attorns to the jurisdiction of the courts situated therein.

12.5 This Subscription Agreement may not be assigned by any party hereto.

12.6 The Issuer will be entitled to rely on delivery of a facsimile copy of this Subscription Agreement, and acceptance by the Issuer of a facsimile copy of this Subscription Agreement will create a legal, valid and binding agreement between the Subscriber and the Issuer in accordance with its terms.

12.7 This Subscription Agreement may be signed by the parties in as many counterparts as may be deemed necessary, each of which so signed will be deemed to be an original, and all such counterparts together will constitute one and the same instrument.

12.8 This Subscription Agreement is deemed to be entered into on the acceptance date by Issuer, notwithstanding its actual date of execution by the Subscriber.

12.9 This Subscription Agreement, including, without limitation, the representations, warranties, acknowledgements and covenants contained herein, will survive and continue in full force and effect and be binding upon the parties notwithstanding the completion of the purchase of the Warrants by the Subscriber pursuant hereto, the completion of the issue of Warrants of the Issuer and any subsequent disposition by the Subscriber of the Shares or Warrants.

12.10 The invalidity or unenforceability of any particular provision of this Subscription Agreement will not affect or limit the validity or enforceability of the remaining provisions of this Subscription Agreement.

12.11 Except as expressly provided in this Subscription Agreement and in the agreements, instruments and other documents contemplated or provided for herein, this Subscription Agreement contains the entire agreement between the parties with respect to the sale of the Securities and there are no other terms, conditions, representations or warranties, whether expressed, implied, oral or written, by statute, by common law, by the Issuer, by the Subscriber, or by anyone else. In the event that execution pages are delivered to the Issuer without this entire Agreement, the Issuer is entitled to assume that the Subscriber, and each beneficial purchaser for whom it is acting, has accepted all of the terms and conditions contained in the parts of this Subscription Agreement that are not returned, without amendment or modification.

12.12 All monetary amounts expressed herein are Canadian Dollars.

[Execution Page Follows]

**IN WITNESS WHEREOF** the Subscriber has duly executed this Subscription Agreement as of the date first above mentioned.

Total Number of Warrants Subscribed: **<u>Warrants @ CDN$0.0035</u>**

Total Purchase Price: **CDN$_________________**

**Name, Address and Telephone Number**

---

| |
|:---|
| (Name of Subscriber - Please type or print) |
| (Signature and, if applicable, Office) |
| (Address of Subscriber) |
| (City, Province, Postal Code and Country of Subscriber) |
| (Telephone number) |
| (email address) |

---

**If the Subscriber is signing as agent or other person, please complete below with the name, address and telephone number of the beneficial owner of the Warrants purchased. OR if the Subscriber is a corporation, please complete below with the name, address and telephone number of the beneficial owner of the Subscriber:**

---

| |
|:---|
| (Name of Subscriber - Please type or print) |
| (Signature and, if applicable, Office) |
| (Address of Subscriber) |
| (City, Province, Postal Code and Country of Subscriber) |
| (Telephone Number) |
| (Email Address) |

---

**REGISTRATION AND DELIVERY INSTRUCTIONS**

1. **Registration** - registration of the single certificate which is to be delivered at Closing should be made as follows: **(Registration must reflect legal ownership in accordance with Subscriber's disclosure made on the execution page and must be in the form required by Subscriber's broker.)** 

---

| | |
|:---|:---|
| | in trust for |
| (name of registered holder) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(name of beneficial holder & account reference, if applicable) |
| (address) |  |

---

2. **Delivery** - please
 deliver the Warrant certificate(s) to the following street address (include contact name and contact telephone
 number):

(contact name) (contact telephone number)

**ACCEPTANCE**

The above-mentioned Subscription Agreement is hereby accepted and the terms hereof agreed to by the Issuer and the Subscriber.

**DATED** at Vancouver, British Columbia, the__________day of_______________, 2021.

---

| | |
|:---|:---|
| **URBAN MINING INTERNATIONAL INC.** | **URBAN MINING INTERNATIONAL INC.** |
| Per: | |
|  | Authorized Signing Officer |

---

---

| | |
|:---|:---|
| (e.1) | an individual formerly registered under the securities legislation of a jurisdiction of Canada, other than an individual formerly registered solely as a representative of a limited market dealer under one or both of the *Securities Act* (Ontario) or the *Securities Act* (Newfoundland and Labrador), |

---

(f) except
 in Ontario, the Government of Canada or a jurisdiction of Canada, or any crown corporation,
 agency or wholly-owned entity of the Government of Canada or a jurisdiction of Canada,

---

| | |
|:---|:---|
| (f.1) | in Ontario, the Government of Canada, the government of a province or territory of Canada, or any Crown corporation, agency or wholly owned entity of the Government of Canada or of the government of a province or territory of Canada, |

---

(g) a
 municipality, public board or commission in Canada and a metropolitan community, school board,
 the Comité de gestion de la taxe scolaire de l'île de Montréal
 or an intermunicipal management board in Québec,

(h) any
 national, federal, state, provincial, territorial or municipal government of or in any foreign
 jurisdiction, or any agency of that government,

(i) except
 in Ontario, a pension fund that is regulated by the Office of the Superintendent of Financial
 Institutions (Canada) or a pension commission or similar regulatory authority of a jurisdiction
 of Canada,

---

| |
|:---|
| **Jurisdiction(s) registered**: |
| **Categories of registration:** |

---

---

| | |
|:---|:---|
| (i.1) | in Ontario, a pension fund that is regulated by either the Office of the Superintendent of Financial Institutions (Canada) or a pension commission or similar regulatory authority of a province or territory of Canada, |

---

---

| |
|:---|
| **Jurisdiction(s) registered**: |
| **Categories of registration:** |

---

---

| | |
|:---|:---|
| (j) | an individual who, either alone or with a spouse, beneficially owns financial assets having an aggregate realizable value that, before taxes, but net of any related liabilities, exceeds $1,000,000, |
|  | **IF THIS APPLIES, YOU MUST ALSO COMPLETE FORM 45-106F9 ATTACHED AS APPENDIX II TO THIS SCHEDULE A** |

---

---

| | |
|:---|:---|
| (j.1) | an individual who beneficially owns financial assets having an aggregate realizable value that, before taxes but net of any related liabilities, exceeds $5,000,000, |
|  | **IF THIS APPLIES, YOU MUST ALSO COMPLETE FORM 45-106F9 ATTACHED AS APPENDIX 2 TO THIS SCHEDULE A** |

---

---

| | |
|:---|:---|
| (k) | an individual whose net income before taxes exceeded $200,000 in each of the two most recent calendar years or whose net income before taxes combined with that of a spouse exceeded $300,000 in each of the two most recent calendar years and who, in either case, reasonably expects to exceed that net income level in the current calendar year, |
|  | **IF THIS APPLIES, YOU MUST ALSO COMPLETE FORM 45-106F9 ATTACHED AS APPENDIX 2 TO THIS SCHEDULE A** |

---

**and for purposes hereof, words and phrases which are used in this Accredited Investor Certificate and which are defined in NI 45-106 will have the meaning ascribed thereto in NI 45-106. Certain definitions that are relevant to qualifications as an "Accredited Investor" are attached hereto as Appendix I. You must review these definitions carefully.**

EXECUTED by the Subscriber at _______, this <u>______</u> day of ________, 2021.

---

| | |
|:---|:---|
| **If a corporation, partnership or other entity:** | **If an Individual:** |
| *Signature of Authorized Signatory* | *Signature* |
| *Name and Position of Signatory* | *Print Name* |
| *Name of Purchasing Entity* | *Jurisdiction of Residence* |
| *Jurisdiction of Residence* |  |

---

**APPENDIX 2 TO SCHEDULE A**

**Form 45-106F9**

***Form for Individual Accredited Investors***

**WARNING!**

**This investment is risky. Don't invest unless you can afford to lose all the money you pay for this investment.**

**SECTION 1 TO BE COMPLETED BY ISSUER OR SELLING SECURITY HOLDER**

**1.** **About your investment** 

---

| | |
|:---|:---|
| Type of securities: | Issuer: |
| **Warrants of the Issuer at CDN$0.0035 Per Warrant** | **Urban Mining International Inc.** |

---

**SECTIONS 2 TO 4 TO BE COMPLETED BY THE PURCHASER**

**2.** **Risk acknowledgement** 

---

| | |
|:---|:---|
| This investment is risky. Initial that you understand that: | **Your<br> initials** |
| **Risk of loss** – You could lose your entire investment of $________. | |
| **Liquidity risk** – You may not be able to sell your investment quickly – or at all. | |
| **Lack of information** – You may receive little or no information about your investment. | |
| **Lack of advice –** You may not receive advice from the salesperson about whether this investment is suitable for you unless the salesperson is registered. The salesperson is the person who meets with, or provides information to, you about making this investments. To check whether the salesperson is registered, go to www.aretheyregistered.ca. | |

---

**3.** **Accredited investor status** 

---

| | |
|:---|:---|
| You must meet at least **one** of the following criteria to be able to make this investment. Initial the statement that applies to you. (You may initial more than one statement.) The person identified in section 6 is responsible for ensuring that you meet the definition of accredited investor. That person, or the salesperson identified in section 5, can help you if you have questions about whether you meet these criteria. | **Your<br> initials** |

---

● Your
 net income before taxes was more than $200,000 in each for the 2 most recent calendar years, and you expect it to be more than $200,000
 in the current calendar year. (You can find your net income before taxes on your personal income tax return.)

● Your
 net income before taxes combined with your spouse's was more than $300,000 in each of the 2 most recent calendar years, and
 you expect your combined net income before taxes to be more than $300,000 in the current calendar year.

● Either alone or with your spouse,
 you own more than $1 million in cash and securities, after subtracting any debt related to the cash and securities.

● Either alone or with your spouse,
 you may have net assets worth more than $5 million. (Your net assets are your total assets (including real estate) minus your total
 debt.)

**4.** **Your name and signature** 

By signing this form, you confirm that you have read this form and you understand the risks of making this investment as identified in this form.

First and last name (please print):

<u>Signature:</u> <u>Date:</u>

**SECTION 5 TO BE COMPLETED BY SALESPERSON**

**5.** **Salesperson information** 

[*Instruction: The salesperson is the person who meets with, or provides information to, the purchaser with respect to making this investment. That could include a representative of the issuer or selling security holder, a registrant or a person who is exempt from the registration requirement*.]

First and last name of salesperson (please print):

<br> <u>Telephone:</u> <u> Email:</u>

Name of firm (if registered):

**SECTION 6 TO BE COMPLETED BY THE ISSUER OR SELLING SECURITY HOLDER**

**6.** **For more information about this investment** 

Please contact:

Urban Mining International Inc.

409 Granville, Suite 1001

Vancouver, V6C 1T2

<u>Attention: Basil Botha</u>

Email: bbotha@urbanmetalsintel.com

Telephone: 604-418-3856

**For more information about prospectus exemptions, contact your local securities regulator. You can find contact information at** 

**www. securities-administrators.ca**

## Ex1A-6

**Exhibit 6.7**

**INVESTOR RIGHTS AGREEMENT**

**MODERN MINING TECHNOLOGY CORP.**

**and**

**JEET BASI** 

**(as representative of the holders of Warrants)**

**July 13, 2022**

**INVESTOR RIGHTS AGREEMENT**

This Investor Rights Agreement (this "**Agreement**") is made the 13th day of July, 2022.

**BETWEEN:**

**MODERN MINING TECHNOLOGY CORP.**

(the "**Company**")

- and -

**JEET BASI**

(the "**Warrantholder Representative**")

**WHEREAS** Urban Mining International Inc. ("**Urban Mining**"), the Company's wholly-owned subsidiary, and certain investors (the "**Investors**") entered into subscription agreements whereby such investors purchased an aggregate of 49,500,000 warrants (the "**Urban Mining Warrants**") to acquire common shares of Urban Mining;

**AND WHEREAS** on August 31, 2021, the Company acquired all the issued and outstanding shares of Urban Mining pursuant to a Merger Agreement and Plan of Reorganization dated August 18, 2021 (the "**Merger Agreement**") among the Company, Urban Mining and Urban Mining Merger Sub, Inc.,

**AND WHEREAS** pursuant to the terms of the Merger Agreement, the Company issued common share purchase warrants (the "**Warrants**") in exchange for the Urban Mining Warrants resulting in an issuance of an aggregate of 16,500,000 Warrants, on the same terms and conditions of the Urban Mining Warrants;

**AND WHEREAS** the Company has agreed to grant the Investors certain additional rights as set out herein;

**AND WHEREAS** the Investors have agreed that Jeet Basi shall act as a representative of the Investors;

**THIS AGREEMENT WITNESSES THAT** in consideration of the respective covenants and agreements of the Parties herein contained and for other good and valuable consideration (the receipt and sufficiency of which are acknowledged by each Party), the Parties agree as follows:

**Article 1<br> INTERPRETATION**

**1.1** **Defined Terms** 

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

"**Act**" means the *Business Corporations Act* (British Columbia);

"**Affiliate**" has the meaning ascribed to such term in the Act, as in effect on the date of this Agreement;

"**Board**" means the board of directors of the Company;

"**Business Day**" means any day, other than (i) a Saturday, Sunday or statutory holiday in the Province of British Columbia; and (ii) a day on which banks are generally closed in the Province of British Columbia;

"**Common Shares**" means the common shares in the capital of the Company issued and outstanding from time to time and includes any common shares that may be issued hereafter;

"**Exchange**" means the New York Stock Exchange, the NYSE American or the National Association of Securities Dealers Automated Quotations, Toronto Stock Exchange, TSX Venture Exchange, or such other stock exchange in Canada or the United States where the Common Shares may be listed from time to time;

"**Parties**" means the parties to this Agreement and "**Party**" means one of them; and

"**Warrants**" has the meaning set out in the recitals hereto.

**1.2** **Rules of Construction** 

Except as may be otherwise specifically provided in this Agreement and unless the context otherwise requires, in this Agreement:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the terms "Agreement", "this Agreement", "the Agreement", "hereto", "hereof", "herein", "hereby", "hereunder" and similar expressions refer to this Agreement in its entirety and not to any particular provision hereof;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) references to an "Article" or "Section" followed by a number or letter refer to the specified Article or Section to this Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) the division of this Agreement into articles and sections and the insertion of headings are for convenience of reference only and shall not affect the construction or interpretation of this Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) words importing the singular number only shall include the plural and vice versa and words importing the use of any gender shall include all genders;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) the word "including" is deemed to mean "including without limitation";

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) any reference to this Agreement means this Agreement as amended, modified, replaced or supplemented from time to time;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) any reference to a statute, regulation or rule shall be construed to be a reference thereto as the same may from time to time be amended, re-enacted or replaced, and any reference to a statute shall include any regulations or rules made thereunder;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) all dollar amounts refer to Canadian dollars;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) all references to a percentage ownership of shares shall be calculated on a non-diluted basis, unless otherwise indicated;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) any time period within which a payment is to be made or any other action is to be taken hereunder shall be calculated excluding the day on which the period commences and including the day on which the period ends; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) whenever any action is required to be taken or period of time is to expire on a day other than a Business Day, such action shall be taken or period shall expire on the next following Business Day.

**1.3** **Entire Agreement** 

This Agreement constitute the entire agreement between the Parties with respect to the subject matter hereof and thereof and supersedes all prior agreements, understandings, negotiations and discussions, whether written or oral. There are no conditions, covenants, agreements, representations, warranties or other provisions, express or implied, collateral, statutory or otherwise, relating to the subject matter hereof except as provided in the aforesaid agreements.

**1.4** **Time of Essence** 

Time shall be of the essence of this Agreement.

**1.5** **Governing Law and Submission to Jurisdiction** 

This Agreement shall be interpreted and enforced in accordance with, and the respective rights and obligations of the Parties shall be governed by, the laws of the Province of British Columbia and the federal laws of Canada applicable in that province.

Each of the Parties irrevocably and unconditionally (i) submits to the exclusive jurisdiction of the courts of the Province of British Columbia in the City of Vancouver over any action or proceeding arising out of or relating to this Agreement, (ii) waives any objection that it might otherwise be entitled to assert to the jurisdiction of such courts and (iii) agrees not to assert that such courts are not a convenient forum for the determination of any such action or proceeding.

**1.6** **Severability** 

If any provision of this Agreement is determined by a court of competent jurisdiction to be invalid, illegal or unenforceable in any respect, all other provisions of this Agreement shall nevertheless remain in full force and effect so long as the economic or legal substance of the transactions contemplated hereby is not affected in any manner materially adverse to either Party hereto. Upon such determination that any term or other provision is invalid, illegal or incapable of being enforced, the Parties hereto shall negotiate in good faith to modify this Agreement so as to effect the original intent of the Parties hereto as closely as possible in an acceptable manner to the end that transactions contemplated hereby are fulfilled to the extent possible.

**Article 2<br> VOTING RIGHT**

**2.1** **Grant of Voting Right** 

The Company agrees that each Investor (directly or through an Affiliate) shall be entitled to receive notice of and to attend any meeting of the shareholders of the Company and to vote, as a separate class, on any matter at any meetings of shareholders of the Company. Each Warrant entitles the holder thereof to one vote per Warrant.

**Article 3<br> MISCELLANEOUS**

**3.1** **Nomination of Director(s)** 

The Warrantholder Representative shall be entitled to nominate three (3) directors to the Board, provided that each director nominee shall be a Canadian resident and shall meet the requirements of applicable corporate, securities and other laws, including the rules of the Exchange, if applicable. If permitted by applicable law and, if applicable, Exchange rules, the Company shall appoint such director(s) to the Board. In respect of any meeting of shareholders at which directors are to be elected, the Company shall take all actions necessary and advisable to ensure that (i) proxies are solicited by or on behalf of the Company in favour of the election of the director nominees nominated in accordance with this Section 3.1 and (ii) every such nominee is endorsed and recommended in the applicable management information circular and other proxy solicitation materials provided by or on behalf of the Company to shareholders. The Company shall take all other commercially reasonable actions necessary to permit the election or appointment to the Board of such nominees. The Company shall notify the Representative when such thresholds are achieved, and at least 20 Business Days prior to the dissemination of materials for an annual meeting of shareholders, to allow the Representative to identify its nominees (which the Representative shall provide to the Company at least five (5) Business Days prior to the dissemination of such materials).

**3.2** **Termination** 

This Agreement shall terminate on the earlier of (i) the date that Investors and its Affiliates does not own, directly or indirectly, any Warrants and (ii) the expiry date of the Warrants.

**3.3** **Notices** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Any notice or other communication required or permitted to be given hereunder shall be in writing and shall be delivered in person, transmitted by e-mail or similar means of recorded electronic communication or sent by registered mail, charges prepaid, addressed as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) in the case of the Representative:

[●]

Email: [●]

&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) in the case of the Company:

Modern Mining Technology Corp.<br> 1500-1055 West Georgia Street

Vancouver, British Columbia

V6E 4N7

Attention: [●]<br> Email: [●]

With a copy to:

McMillan LLP

1500-1055 West Georgia Street

Vancouver, British Columbia Attention:

Desmond Balakrishnan

Email: desmond.balakrishnan@mcmillan.ca

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Any Party may at any time change its address for service from time to time by giving notice to the other Party in accordance with this Section 3.3.

**3.4** **Amendments and Waivers** 

No amendment or waiver of any provision of this Agreement shall be binding on any Party unless consented to in writing by such Party. No waiver of any provision of this Agreement shall constitute a waiver of any other provision, nor shall any waiver of any provision of this Agreement constitute a continuing waiver unless otherwise expressly provided.

**3.5** **Assignment** 

No Party may assign any of its rights or benefits under this Agreement, or delegate any of its duties or obligations, except with the prior written consent of the other Parties, such consent to be in their sole discretion. Notwithstanding the forgoing, the Parties agree that Investor may assign this Agreement to an Affiliate provided that Investor agrees to remain bound by the terms of this Agreement.

**3.6** **Successors and Assigns** 

This Agreement shall enure to the benefit of and shall be binding on and enforceable by and against the Parties and their respective successors or heirs, executors, administrators and other legal personal representatives, and permitted assigns.

**3.7** **Expenses** 

Except as otherwise expressly provided in this Agreement, each Party will pay for its own costs and expenses incurred in connection with the negotiation, preparation, execution and performance of this Agreement and the transactions contemplated herein, including the fees and expenses of legal counsel, financial advisors, accountants, consultants and other professional advisors.

**3.8** **Further Assurances** 

Each of the Parties hereto shall, from time to time hereafter and upon any reasonable request of the other, promptly do, execute, deliver or cause to be done, executed and delivered all further acts, documents and things as may be required or necessary for the purposes of giving effect to this Agreement.

**3.9** **Right to Injunctive Relief** 

The Parties agree that any breach of the terms of this Agreement by any of the Parties may result in immediate and irreparable injury and damage to the other Parties which may not be adequately compensated by damages. The Parties therefore also agree that in the event of any such breach or any anticipated or threatened breach by the defaulting Party, the other Parties shall be entitled to seek equitable relief, including by way of temporary or permanent injunction or specific performance, in addition to any other remedies (including damages) to which such other Parties may be entitled at law or in equity.

**3.10** **Counterparts** 

This Agreement may be executed and delivered in any number of counterparts, by facsimile copy, by electronic or digital signature or by other written acknowledgement of consent and agreement to be legally bound by its terms. Each counterpart when executed and delivered will be considered an original but all counterparts taken together constitute one and the same instrument.

**[Remainder of page intentionally left blank]** 

IN WITNESS WHEREOF this Agreement has been executed by the Parties on the date first above written.

---

| | | |
|:---|:---|:---|
| **MODERN MINING TECHNOLOGY CORP.** | **MODERN MINING TECHNOLOGY CORP.** | **MODERN MINING TECHNOLOGY CORP.** |
| By: | /s/ Jeet Basi | /s/ Jeet Basi |
|  | Name: | Jeet Basi |
|  | Title: | Chief Executive Officer |
| /s/ Jeet Basi | /s/ Jeet Basi | /s/ Jeet Basi |
| **Jeet Basi** | **Jeet Basi** | **Jeet Basi** |

---

INVESTOR RIGHTS AGREEMENT

## Ex1A-6

**Exhibit 6.8**

**THE SECURITIES REPRESENTED HEREBY AND THE SECURITIES ISSUABLE UPON CONVERSION, EXCHANGE OR EXERCISE HEREOF HAVE NOT BEEN REGISTERED UNDER THE UNITED STATES SECURITIES ACT OF 1933, AS AMENDED (THE "U.S. SECURITIES ACT") OR THE SECURITIES LAWS OF ANY STATE OF THE UNITED STATES, AND MAY NOT BE OFFERED, SOLD OR OTHERWISE TRANSFERRED IN THE UNITED STATES OR TO A U.S. PERSON ABSENT REGISTRATION UNDER THE U.S. SECURITIES ACT OR IN ACCORDANCE WITH AN EXEMPTION THEREFROM.** 

**UNSECURED CONVERTIBLE DEBENTURE SUBSCRIPTION AGREEMENT**

---

| | |
|:---|:---|
| **TO:** | **Modern Mining Technology Corp.** **(the "Issuer")** |

---

---

| | |
|:---|:---|
| **FROM:** | _____________________________****  |
|  | **(Subscriber Name)** |

---

---

| | |
|:---|:---|
| **RE:** | **Purchase of Unsecured Convertible Debenture** |

---

**REFERENCE DATE: October 14, 2021**

**THIS DOCUMENT CONTAINS A NUMBER OF FORMS REQUIRED BY SECURITIES LEGISLATION AND POLICY, SOME OF WHICH YOU MUST COMPLETE AND OTHERS NOT DEPENDING ON SEVERAL FACTORS. PLEASE READ THE FOLLOWING GUIDE CAREFULLY AS IT WILL ASSIST YOU IN COMPLETING THIS SUBSCRIPTION AGREEMENT CORRECTLY.**

---

| | |
|:---|:---|
| **STEP 1** | **Enter the number of Debentures you are purchasing, and your name, address and telephone number and sign this document on the execution page on page 22.** |

---

---

| | |
|:---|:---|
| **STEP 2** | **Please complete the Registration and Delivery Instructions on page 22 if your Debentures are to be registered or delivered differently from your name and address on page 22.** |

---

---

| | |
|:---|:---|
| **STEP 3** | **All Subscribers must complete "Information Regarding the Subscriber" appearing on page 5.** |

---

---

| | |
|:---|:---|
| **STEP 4** | **If you are an "Accredited Investor" as defined in National Instrument 45-106 or *Securities Act* (Ontario) (generally a high net worth or high income investor), you must complete and sign Schedule A – "Accredited Investor Certificate" and Appendix 2 attached to Schedule A if you are an individual. All individual subscribers who indicated paragraph (j), (k) or (l) in Part 1 of Schedule A must complete the "Accredited Investor Questionnaire" in Appendix 3 attached to Schedule A.** |

---

---

| | |
|:---|:---|
| **STEP 5** | **If you are a resident in an International Jurisdiction other than in the United States, please review Section 7 for an exemption available to you. Please complete and sign Schedule A – "Accredited Investor Certificate" if you are an "Accredited Investor" and Appendix 2 attached to Schedule A if you are an individual. All individual subscribers who indicated paragraph (j), (k) or (l) in Part 1 of Schedule A must complete the "Accredited Investor Questionnaire" in Appendix 3 attached to Schedule A.** |

---

---

| | |
|:---|:---|
| **STEP 6** | **Subscribers resident in Canada, and who are not "Accredited Investors" but who are officers, directors, employees, family, close friends or business associates thereof, must complete and sign Schedule B – "Family, Friends and Business Associates Certifications", and, if applicable, if you are a resident of Ontario, you must complete and sign Appendix 1 attached to the Schedule B and, if applicable, if you are a resident of Saskatchewan, you must complete and sign Appendix 2 – "Form 45-106F5 - Risk Acknowledgement" attached to the Schedule B.** |

---

---

| | |
|:---|:---|
| **STEP 7** | **If you are subscribing in the United States or are a U.S. Person (as defined in Regulation S under the U.S. Securities Act of 1933, as amended) you must be a U.S. fiduciary excluded from the definition of "U.S. Person" pursuant to Rule 902(k)(2)(i) of Regulation S or an "Accredited Investor" under U.S. law – please complete and sign Schedule C – "U.S. Purchaser Certificate".** |

---

Please deliver completed forms by courier or email to McMillan LLP at Suite 1500 – 1055 West Georgia Street, Vancouver, BC V6E 4N7 Attention: Marina Tran; (marina.tran@mcmillan.ca). Payment of the aggregate purchase price must be set by wire in accordance with the payment instructions set forth on the next page and **complete and sign the Acknowledgment starting on page 3**. Unless otherwise stated, all monetary amounts herein are in United States dollars.

**<u>Payment Instructions</u>**

Payment for the subscription funds for the private placement (the "**Offering**") may be paid to **McMillan LLP in trust for Modern Mining Technology Corp.** (the "**Issuer**") by **<u>wire transfer or electronic fund transfer</u>** to the following account:

**For all incoming wires that are being sent in US funds:**

---

| | |
|:---|:---|
| Bank Name: | BMO Bank of Montreal |
| Bank Address: | First Bank Tower, 595 Burrard St., Vancouver, BC V7X 1L7 |
| Bank No. | 001 |
| Transit No. | 00040 |
| Account No. | 00044692529 |
| Swift Code: | BOFMCAM2 |
| Account Name: | McMillan LLP, In Trust |
| Address: | 1500 Royal Centre, 1055 West Georgia Street, Vancouver, BC V6E 4N7 |

---

**Correspondent (Intermediary) Bank:** Wells Fargo Bank NA<br>Swift Code: PNBPUS3NNYC<br> Fedwire ABA**#**: 026005092

**Please include the following details for all wire transfers:**

**284506-DMB - [enter investor name]**

**WE ARE NOT ABLE TO ACCEPT PAYMENT BY PERSONAL CHEQUE. UNDER NO CIRCUMSTANCE SHOULD YOU DIRECTLTY DEPOSIT A CHEQUE INTO OUR TRUST ACCOUNT. IT WILL BE REJECTED.**

**<u>Acknowledgement</u>**

Each of the Subscriber and any third party paying the subscription funds hereunder (the "**Subscription Funds**") to McMillan LLP on behalf of the Subscriber (a "**Third Party Payor**"), acknowledges and agrees that the Subscription Funds are being delivered to McMillan LLP ("**McMillan**") to be held in trust pending the Closing (as hereinafter defined) of the Offering and hereby agree as follows:

1. this Acknowledgement is incorporated into and forms part of the Subscription Agreement to which it is attached;

2. the Subscription Funds are being advanced in connection with an irrevocable subscription to purchase securities of the Issuer and
McMillan is irrevocably authorized and directed to hold the Subscription Funds in trust and pay the Subscription Funds to the Issuer on
receiving notice of Closing of the Offering from the Issuer without further notice to or direction from the Subscriber or the Third Party
Payor, if any;

3. in the event that McMillan does not receive notice from the Issuer of the Closing of the Offering within 90 days of receipt of the
Subscription Funds, or in the event that the Issuer provides notice to McMillan that the Offering has been terminated, McMillan is irrevocably
authorized and directed to return the Subscription Funds to the Subscriber without further notice to or direction from the Subscriber
or the Third Party Payor, if any, as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) for Subscription Funds that were received by wire transfer or electronic funds transfer, McMillan will return the Subscription Funds
(less any applicable bank charges or fees) by wire transfer to the bank account from which the Subscription Funds were received; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) for Subscription Funds that were received by certified cheque or bank draft, McMillan will issue a trust cheque in the amount of the
Subscription Funds (less any applicable bank charges or fees) in the name of the Subscriber, or if funds were received from a Third Party
Payor in the name of the Third Party Payor, and will deliver such trust cheque to the address of the Subscriber or Third Party Payor,
as the case may be, provided in the Subscription Agreement;

4. funds paid in any currency other than United States dollars may be converted to United States dollars by McMillan, and neither McMillan
or the Issuer is responsible for any loss resulting from such currency conversion;

5. if the Subscription Funds were paid by a Third Party Payor, the Third Party Payor confirms that such Subscription Funds were paid
on behalf of the Subscriber to be applied towards the Subscriber's purchase of securities pursuant to the Subscription Agreement;

6. McMillan has no duty or responsibility except as expressly set forth in this Acknowledgement in respect of the Subscription Funds,
and no implied duty or obligation may be read into this Acknowledgement or the Subscription Agreement against it;

7. McMillan is not liable for any action it takes or omits to take in good faith and in the exercise of its own best judgment, for any
error in judgment made in good faith or for any mistake of fact or law, unless it is proved that McMillan acted fraudulently, intentionally
in bad faith, or in gross negligence;

8. McMillan may rely on, and is protected in acting upon, any judgment, order, notice, demand, direction, certificate or other instrument,
paper or document which it may receive in connection with its duties under this Acknowledgement and which McMillan believes in good faith
to be genuine and signed or presented by the proper persons, and may accept them as sufficient evidence of the facts stated in them. McMillan
is in no way bound to call for further evidence (whether as to due execution, validity or effectiveness, or the jurisdiction of any court,
or as to the truth of any fact), and is not responsible for any loss occasioned by its failing to do so;

9. in the following circumstances, McMillan may, but is not required to: (i) refrain from taking any action under this Acknowledgement
until it is jointly directed in writing by the Issuer, the Subscriber and the Third Party Payor (if any), or by an order of a court of
competent jurisdiction from which no further appeal may be taken; or (ii) deposit the Subscription Funds with a court of competent jurisdiction
in the Province of British Columbia:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) if McMillan is uncertain as to its duties or rights under the Subscription Agreement (including this Acknowledgement);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) if McMillan receives any instruction, claim or demand from any person relating to any matter under the Subscription Agreement (including
this Acknowledgement) which, in McMillan's opinion, is in conflict with this Acknowledgement; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) if any of the parties to the Subscription Agreement, including McMillan, disagree about the interpretation of the Subscription Agreement
(including this Acknowledgement), the release of the Subscription Funds under the Subscription Agreement (including this Acknowledgement)
or about the rights and obligations of McMillan or the propriety of an action contemplated by McMillan under this Acknowledgement;

10. upon McMillan depositing the Subscription Funds with a court in accordance with the Subscription Agreement (including this Acknowledgement),
McMillan will be released from its duties and obligations under the Subscription Agreement (including this Acknowledgement);

11. the provisions of the Subscription Agreement (including this Acknowledgement) relating to the protection of McMillan survive such
release of the Subscription Funds;

12. the Issuer and the Subscriber shall jointly and severally indemnify and save harmless McMillan of and from, and shall pay for, all
actions, proceedings, losses, liabilities, costs, claims, damages, expenses (including legal fees and expenses on a solicitor and its
own client basis) and demands that McMillan incurs or sustains in respect of any matter or thing it does pursuant to or in connection
with the Subscription Agreement (including this Acknowledgement), or otherwise arising in connection with its receipt and handling of
the Subscription Funds, except insofar as the same arose through McMillan's fraud, intentional bad faith or gross negligence;

13. McMillan has acted and/or may continue to act as legal counsel to the Issuer with respect to various matters, including the Closing
of the Offering pursuant to the Subscription Agreement, and the instruments and transactions arising therefrom and McMillan will not,
by virtue of holding the Subscription Funds in trust, be disqualified from continuing to act for or represent the Issuer in connection
with any other matter and otherwise, including in any matter adverse to the Subscriber or the Third Party Payor;

14. McMillan is not acting as legal counsel to the Subscriber or the Third Party Payor (if any) and the Subscriber and the Third Party
Payor (if any) acknowledge that each has been advised to seek the advice of its independent legal counsel in connection with the execution
of this Acknowledgement; and

15. McMillan is a third-party beneficiary of the Subscription Agreement (including this Acknowledgement) and is entitled to enforce the
provisions of the Subscription Agreement (including this Acknowledgement) in favour of McMillan against each of the Subscriber, the Third
Party Payor and the Issuer.

**Acknowledged and agreed by:**

---

| | |
|:---|:---|
| **Subscriber:** | **Third Party Payor (if applicable):** |
| (Name of Subscriber – please print) | (Name of Third Party Payor – please print) |
| (Authorized Signature of Subscriber) | (Authorized Signature of Third Party Payor) |
| (Official Capacity or Title if not an individual) | (Official Capacity or Title if not an individual) |

---

**INFORMATION REGARDING THE SUBSCRIBER**

**Please check the appropriate box (and complete the required information, if applicable) in each section:**

1. **Security holdings**. Prior to purchasing the securities under this Subscription Agreement, the Subscriber
and all persons acting jointly and in concert with the Subscriber currently own, directly or indirectly, or exercise control or direction
over (provide additional detail as applicable):

☐ _________________ common shares of the Issuer and/or the following other kinds of shares and convertible securities (including but not limited to convertible debt, warrants and options) entitling the Subscriber to acquire additional common shares or other kinds of shares of the Issuer:

☐ No shares of the Issuer or securities convertible into shares of the Issuer.

2. **Insider Status**. The Subscriber either:

☐ Is an "Insider" of the Issuer by virtue of being:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) a director or senior officer of the Issuer;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) a director or senior officer of a company that is an Insider or subsidiary of the Issuer;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) a person that beneficially owns or controls, directly or indirectly, voting shares of the Issuer carrying
more than 10% of the voting rights attached to all the Issuer's outstanding voting shares; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) the Issuer itself if it holds any of its own securities.

☐ Is not an Insider of the Issuer.

3. **Registrant status**. The Subscriber either:

☐ is a person registered or required to be registered under the *Securities Act* (British Columbia) or other Canadian securities regulations;

☐ is not a person registered or required to be registered under the *Securities Act* (British Columbia) or other Canadian securities regulations.

**THE ISSUER IS A CORPORATION EXISTING UNDER THE LAWS OF THE PROVINCE OF BRITISH COLUMBIA. THE ISSUER IS NEITHER A REPORTING COMPANY UNDER THE UNITED STATES SECURITIES EXCHANGE ACT OF 1934, AS AMENDED (THE "EXCHANGE ACT"), NOR A "REPORTING ISSUER" IN ANY JURISDICTION OF CANADA AS THAT TERM IS DEFINED UNDER APPLICABLE SECURITIES LAWS IN CANADA. NO SECURITIES OF THE ISSUER ARE LISTED ON ANY STOCK EXCHANGE OR QUOTED ON ANY QUOTATION OR TRADE REPORTING SYSTEM. THERE IS NO ASSURANCE THAT THE ISSUER WILL BECOME A REPORTING COMPANY UNDER THE EXCHANGE ACT OR A "REPORTING ISSUER" IN CANADA, OR THAT THERE WILL EVER BE A MARKET FOR SECURITIES OF THE ISSUER. THE SECURITIES OF THE ISSUER SUBSCRIBED FOR HEREUNDER MAY BE SUBJECT TO INDEFINITE RESALE RESTRICTIONS UNDER APPLICABLE SECURITIES LAWS. INVESTORS ARE URGED TO CONSULT WITH THEIR PROFESSIONAL ADVISORS WITH RESPECT TO RESALE RESTRICTIONS APPLICABLE TO SECURITIES OF THE ISSUER.**

---

| | |
|:---|:---|
| **Re:** | **<u>Purchase of Debentures Exempt from Prospectus Requirements</u>** |

---

1. Definitions

1.1 (a) "**Accredited Investor**" means a Subscriber resident in Canada who is an accredited investor as
 defined in Section 1.1 of NI 45-106 or under the *Securities Act* (Ontario) if
 the Subscriber is a resident in Ontario;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) "**Applicable Securities Laws**" means the securities legislation having application and the rules, policies, notices and orders issued by applicable securities regulatory authorities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) "**Canadian Listing**" means the listing of the Shares for trading on the TSX-V or another Canadian stock exchange at any time prior to the Maturity Date;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) "**Closing**" means a completion of an issue and sale by the Issuer and the purchase by the Subscriber of the Debentures pursuant to this Subscription Agreement on the Closing Date. Closings may occur on one or more dates as the Issuer may determine;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) "**Closing Date**" means the date of the Closing, as determined by this Issuer in its sole discretion;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) "**consultant**" means, for an issuer, a person, other than an employee, executive officer, or director of the issuer or of a related entity of the issuer, that

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) is engaged to provide services to the issuer or a related entity of the issuer, other than services provided in relation to a distribution,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) provides the services under a written contract with the issuer or a related entity of the issuer, and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) spends or will spend a significant amount of time and attention on the affairs and business of the issuer or a related entity of the issuer

and includes, for an individual consultant, a corporation of which the individual consultant is an employee or shareholder, and a partnership of which the individual consultant is an employee or partner;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) "**Conversion**" has the meaning assigned to it in Section 3.2;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) "**Conversion Price**" has the meaning assigned to it in Section 3.2;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) "**Debenture**" means an unsecured convertible debenture of the Issuer;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) "**Debenture Certificate**" means the certificate to be issued to the Subscriber that will be dated as of the Closing Date which will contain the terms and conditions that govern the Debentures;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) "**Employee, Executive Officer, Director and Consultant Exemptions**" means the exemption from the prospectus requirements found in Section 2.24 of NI 45-106;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) "**Exemptions**" means the exemptions from the registration and prospectus or equivalent requirements under Applicable Securities Laws;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m) **"Family, Friends and Business Associates Exemptions**" means the exemptions from the prospectus requirements found in Sections 2.5 – 2.7 of NI 45-106;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n) "**fully managed**" in relation to an account, means that the Subscriber has the discretion as to the account as contemplated by Applicable Securities Laws;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(o) "**International Jurisdiction**" means a country other than Canada or the United States;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(p) "**IPO Price**" means the price per security of the Issuer's initial public offering in the event of a U.S. Listing or a Canadian Listing, as applicable;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(q) "**Issue Date**" has the meaning assigned to it in Section 3.2;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(r) "**Listing Event**" means the earlier to occur of a Canadian Listing or a U.S. Listing;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(s) "**material**" means material in relation to the Issuer and any subsidiary considered on a consolidated basis;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(t) "**material change**" means any change in the business, operations, assets, liabilities, ownership or capital of the Issuer and any subsidiary considered on a consolidated basis that would reasonably be expected to have a significant effect on the market price or value of the Issuer's securities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(u) "**material fact**" means any fact that significantly affects or would reasonably be expected to have a significant effect on the market price or value of the Issuer's securities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) "**Maturity Date**" has the meaning assigned to it in Section 3.2;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(w) "**Minimum Investment Amount Exemption**" means the exemption from the prospectus requirements under Applicable Securities Laws for subscriptions made by non-individual Subscriber of CDN$150,000 paid in cash at the time of Closing and which does not require the Subscriber to be an Accredited Investor;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(x) "**misrepresentation**" is as defined under Applicable Securities Laws;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(y) "**NI 45-106**" means National Instrument 45-106 – *Prospectus Exemptions* in the form adopted by the securities commissions in all provinces and territories of Canada (a copy is available online at www.bcsc.bc.ca);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(z) "**Offering**" means the sale by the Issuer of Debentures on the terms set forth in this Subscription Agreement. There is no minimum aggregate Offering and the Issuer reserves the right to decrease or increase the size of the Offering at its discretion;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(aa) "**permitted assign**" means, for a person that is an employee, executive officer, director or consultant of the Issuer or of a related entity of the Issuer,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) a trustee, custodian, or administrator acting on behalf of, or for the benefit of the person,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) a holding entity of the person,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) an RRSP or a RRIF of the person,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) a spouse of the person,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) a trustee, custodian, or administrator acting on behalf of, or for the benefit of the spouse of the person,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) a holding entity of the spouse of the person, or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) an RRSP or a RRIF of the spouse of the person;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(bb) "**person**" means and includes any individual, corporation, partnership, firm, joint venture, syndicate, association, trust, government, governmental agency or board or commission or authority, and any other form of entity or organization;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(cc) "**Regulation D**" means Regulation D under the U.S. Securities Act;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(dd) "**Regulation S**" means Regulation S under the U.S. Securities Act;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ee) "**Schedules**" means the schedules attached hereto and forming part hereof and comprising of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) A Accredited Investor Certificate;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) B Family, Friends and Business Associates Certifications; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) C U.S. Purchaser Certificate.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ff) "**Securities**" means, collectively, the Debentures, the underlying Units, the underlying Shares, the underlying Warrants and the underlying Warrant Shares;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(gg) "**Share**" means a common share without par value in the capital of the Issuer;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(hh) "**Subscriber**" means the person or persons named as a Subscriber on the execution page of this Subscription Agreement and if more than one person is so named, means all of them jointly and severally;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) "**Subscription Agreement"** or **"Agreement**" means this subscription agreement between the Subscriber and the Issuer, including all Schedules incorporated by reference, as it may be amended or supplemented from time to time;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(jj) "**TSX-V**" means the TSX Venture Exchange;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(kk) "**U.S. Person**" means a U.S. Person as defined in Regulation S (the definition of which includes, but is not limited to, (i) any natural person resident in the United States, (ii) any partnership or corporation organized or incorporated under the laws of the United States, (iii) any partnership or corporation organized outside of the United States by a U.S. Person principally for the purpose of investing in securities not registered under the U.S. Securities Act, unless it is organized, or incorporated, and owned, by accredited investors who are not natural persons, estates or trusts, and (iv) any estate or trust of which any executor or administrator or trustee is a U.S. Person;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ll) "**U.S. Listing**" means the listing of the Shares for trading on the Nasdaq Stock Market or another United States stock exchange at any time prior to the Maturity Date;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(mm) "**U.S. Purchaser**" is (a) any "U.S. Person" as defined in Regulation S, (b) any person purchasing the Debentures on behalf of any "U.S. Person" or any person in the United States, (c) any person who receives or received an offer of the Debentures while in the United States, or (d) any person who is or was in the United States at the time the Subscriber's buy order was made or this Agreement was executed or delivered;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(nn) "**U.S. Securities Act**" means the *Securities Act of 1933*, as amended, of the United States of America;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(oo) "**United States**" means the United States of America, its territories, any State of the United States and the District of Columbia;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(pp) "**Unit**" has the meaning assigned to it in Section 3.2;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(qq) "**Warrant**" means a whole common share purchase warrant of the Issuer, which one-half of one Warrant will be issued by the Issuer as part of each Unit, with additional terms described in Section 3.2; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(rr) "**Warrant Share**" means a Share issued upon the exercise of a Warrant in accordance with its terms and payment thereof.

1.2 Words and phrases which are used in this Subscription Agreement
and all Schedules thereto and which are defined in NI 45-106 will have the meaning ascribed thereto in NI 45-106, unless otherwise specifically
defined in Section 1.1 of this Subscription Agreement.

2. Prospectus Exempt Subscription Commitment

2.1 The Subscriber (on its own behalf and, if applicable, on behalf of each person on whose behalf the Subscriber is contracting) hereby irrevocably subscribes for and agrees to purchase from the Issuer, subject to the terms and conditions set forth herein, Debentures in the principal amount set out on page 22 (the "**Principal Amount**") on the execution page of this Subscription Agreement. Subject to the terms hereof, this Subscription Agreement will be deemed to have been made and be effective only upon its acceptance by the Issuer.

2.2 The Subscriber (on its own behalf and, if applicable, on behalf of each person on whose behalf the Subscriber is contracting) acknowledges and agrees that the Issuer reserves the right, in its absolute discretion, to reject this subscription for Debentures, in whole or in part, at any time prior to the Closing Date notwithstanding prior receipt by the Subscriber of a notice of acceptance of this subscription. Upon the Issuer's acceptance of this subscription, this Subscription Agreement will constitute an agreement for the purchase by the Subscriber from the Issuer, and for the Issuer to issue and sell to the Subscriber, the Debentures in the Principal Amount set out on the execution page hereof and on the terms and conditions set out herein. If this subscription is rejected in whole, any cheques or other forms of payment delivered to the Issuer representing payment for the Debentures subscribed for herein will be promptly returned to the Subscriber without interest or deduction. If this subscription is accepted only in part, a cheque representing any refund for that portion of the subscription for the Debentures which is not accepted will be promptly delivered to the Subscriber by the Issuer without interest or deduction. The Subscriber agrees the Issuer may treat the subscription proceeds as an interest-free loan and use such proceeds from time to time in its discretion until the earlier of the Closing Date or the date that the Issuer rejects the subscription.

3. Description of Securities – Debentures

3.1 The Subscriber acknowledges (on its own behalf and, if applicable, on behalf of each person on whose behalf the Subscriber is contracting) that there is no minimum principal amount of Debentures that must be purchased as a condition to closing the Offering and therefore the subscription amount tendered herewith may be releasable to the Issuer on the Closing Date notwithstanding the aggregate principal amount of Debentures issued pursuant to the Offering.

3.2 The Debentures will be governed by the Debenture Certificate which will contain provisions to the following effect:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) **<u>Registration Instructions</u>**. The Debentures will be issued and registered in the name shown at page 22 under "Registration and Delivery Instructions", or if that name has not been completed, then in the Subscriber's name.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) **<u>Interest Rate.</u>** The Debenture will bear interest from the date of issue (the "**Issue Date**") at 5.0% per annum, calculated and paid on the Maturity Date (as defined below).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) **<u>Term</u>**<u>.</u> Repayment of the Principal Amount on the Debenture, together with interest accrued but unpaid, will be made on or prior to 5:00 p.m. (Vancouver time) on that date (the "**Maturity Date**") which is 36 months following the Issue Date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) **<u>Automatic Conversion.</u>** The Principal Amount plus any accrued and unpaid interest will automatically convert into Shares or units of the Issuer (the "**Units**") on the occurrence of a Listing Event (the "**Conversion**"), as follows and at the following conversion price (the "**Conversion 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;(i) in the event the Issuer completes a Canadian Listing, the Principal Amount plus any accrued and unpaid interest will convert into Units at a Conversion Price will be a 20% discount to the IPO Price and each whole Warrant will be exercisable for one Warrant Share at a price equal to a 218% premium to the IPO Price for a period of 24 months from the date of the Canadian Listing; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) in the event the Issuer completes a U.S. Listing, the Principal Amount plus any accrued and unpaid interest will convert into Shares at a Conversion Price equal to the lesser of (A) a 40% discount to the IPO Price, and (B) USD $5.00, and shall be subject to a six month hold period from the completion of a U.S. Listing.

Each Unit will consist of one Share and one-half of one Warrant. There is no guarantee that the Issuer will complete an initial public offering or will list the Shares on the TSX-V, the Nasdaq Stock Market or any other stock exchange.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) **Rank.** The Debentures will rank *pari-passu* with each other series of Debentures issued under this Offering.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) **Escrow Conditions.** The Debentures shall be subject to escrow as required by Applicable Securities Laws or stock exchange policies or any escrow conditions the Issuer may impose on the Debentures, Shares, Warrants or Warrant Shares. Any Securities required to be held in escrow will be released in accordance with Applicable Securities Laws, stock exchange polices or the terms of an escrow agreement. Subscriber acknowledges and agrees that if the Subscriber is required to execute and deliver an escrow agreement, the Subscriber shall execute and deliver such escrow agreement, failing which the Subscriber shall be deemed to have surrendered the Subscriber's Securities to the Issuer as a gift for cancellation and will receive no consideration for such cancellation.

4. Closing

4.1 Prior to Closing, the Subscriber will deliver to the offices of the Issuer aggregate subscription funds and subscription documents completed in accordance with the instructions on the face page of this Agreement, or arrange for electronic transfer of certified funds. Alternatively, the Subscriber will deliver certified funds to the Issuer against concurrent delivery by the Issuer of certificates representing the Debentures. On request by the Issuer, the Subscriber agrees to complete and deliver any other documents, questionnaires, notices and undertakings as may possibly be required by regulatory authorities, stock exchanges and Applicable Securities Laws to complete the transactions contemplated by this Agreement. Closing will occur on the Closing Date at which time certificates representing the Debentures will be available against payment of funds for delivery to the Subscriber, as the Subscriber will instruct. The Subscriber hereby waives receiving any prior notice of Closing.

5. Privacy Legislation

5.1 The Subscriber acknowledges and consents to the fact that the Issuer is collecting the Subscriber's (and any beneficial purchaser for which the Subscriber is contracting hereunder) personal information (as that term is defined under applicable privacy legislation, including, without limitation, the *Personal Information Protection and Electronic Documents Act* (Canada) and any other applicable similar replacement or supplemental provincial or federal legislation or laws in effect from time to time) for the purpose of completing the Subscriber's subscription. The Subscriber acknowledges and consents to the Issuer retaining the personal information for so long as permitted or required by applicable law or business practices. The Subscriber further acknowledges and consents to the fact that the Issuer may be required by Applicable Securities Laws, stock exchange rules and/or Investment Industry Regulatory Organization of Canada rules to provide regulatory authorities any personal information provided by the Subscriber respecting itself (and any beneficial purchaser for which the Subscriber is contracting hereunder). The Subscriber represents and warrants that it has the authority to provide the consents and acknowledgements set out in this paragraph on behalf of all beneficial purchasers for which the Subscriber is contracting. In addition to the foregoing, the Subscriber agrees and acknowledges that the Issuer may use and disclose the Subscriber's personal information, or that of each beneficial purchaser for whom the Subscriber are contracting hereunder, as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) for internal use with respect to managing the relationships between and contractual obligations of the Issuer and the Subscriber or any beneficial purchaser for whom the Subscriber is contracting hereunder;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) for use and disclosure to the Issuer's transfer agent and registrar;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) for use and disclosure for income tax related purposes, including without limitation, where required by law, disclosure to Canada Revenue Agency;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) disclosure to securities regulatory authorities (including the TSX-V, the Nasdaq Stock Market or any stock exchange) and other regulatory bodies with jurisdiction with respect to reports of trade and similar regulatory filings;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) disclosure to a governmental or other authority (including the TSX-V, the Nasdaq Stock Market or any stock exchange) to which the disclosure is required by court order or subpoena compelling such disclosure and where there is no reasonable alternative to such disclosure;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) disclosure to professional advisers of the Issuer in connection with the performance of their professional services;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) disclosure to any person where such disclosure is necessary for legitimate business reasons and is made with the Subscriber's prior written consent;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) disclosure to a court determining the rights of the parties under this Subscription Agreement; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) for use and disclosure as otherwise required or permitted by law.

If the Subscriber is resident in a jurisdiction of Canada, the Subscriber acknowledges that the Subscriber (a) has been notified by the Issuer of the delivery to the securities regulatory authorities in the Qualifying Jurisdictions of the information pertaining to the Subscriber as set out in Form 45-106F1- *Report of Exempt Distribution*; that this information is being collected by such securities regulatory authorities under the authority granted in securities legislation; that this information is being collected for the purposes of the administration and enforcement of the securities legislation of the local jurisdiction; and of the title, business address and business telephone of the public official in the local jurisdiction, as set out in Form 45-106F1- Report of Exempt Distribution, who can answer questions about such securities regulatory authorities' indirect collection of the information, and (b) has authorized the indirect collection of the information by such securities regulatory authorities. The contact information for such securities regulatory authorities are attached as Schedule D.

6. Subscriber's Acknowledgements – Regarding Risk, Restrictions, Independent Advice and Advancement of Subscription Proceeds
to the Issuer

6.1 The Subscriber represents and warrants and acknowledges and agrees with the Issuer that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the Subscriber acknowledges that: (i) the Debentures, the Shares, the Warrants and the Warrant Shares are not listed on the TSX-V, the Nasdaq Stock Market or on any other stock exchange, and there is no trading market for these securities; (ii) the Subscriber has no present need for liquidity in its or his investment in the Issuer, and is in a financial position to bear the economic risk of the Debentures for an indefinite period of time and to withstand a complete loss of its or his investment in the Debentures;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) no prospectus has been filed by the Issuer with any securities commission or similar authority, in connection with the issuance of the Securities, and the issuance and the sale of the Securities is subject to such sale being exempt from the prospectus/registration requirements under Applicable Securities Laws and accordingly:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the Subscriber is restricted from using certain of the civil remedies available under such legislation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the Subscriber may not receive information that might otherwise be required to be provided to it under such legislation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) the Issuer is relieved from certain obligations that would otherwise apply under such legislation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) the Subscriber (or others for whom the Subscriber is contracting hereunder) has been advised to consult its own legal advisors with respect to the merits and risks of an investment in the Securities and with respect to applicable resale restrictions and it (or others for whom it is contracting hereunder) is solely responsible (and the Issuer is in no way responsible) for compliance with applicable resale restrictions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) the offer made by this Subscription Agreement is irrevocable (subject to the right of the Issuer to terminate this Subscription Agreement) and requires acceptance by the Issuer;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) this Subscription Agreement is not enforceable by the Subscriber unless it has been accepted by the Issuer and the Subscriber waives any requirement on the Issuer's behalf to communicate immediately its acceptance of this Subscription Agreement to the Subscriber;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) the Subscriber has relied only upon publicly available information relating to the Issuer and not upon any verbal or written representation as to fact, and the Subscriber acknowledges that the Issuer has not made any written representations, warranties or covenants in respect of such publicly available information, except as set forth in this Subscription Agreement. Without limiting the generality of the foregoing, except as may be provided herein, no person has made any written or oral representation to the Subscriber that any person will re-sell or re-purchase the Debentures, or refund any of the purchase price of the Debentures, or that the Debentures will be listed on any exchange or quoted on any quotation and trade reporting system, or that application has been or will be made to list any such security on any exchange or quote the security on any quotation and trade reporting system, and no person has given any undertaking to the Subscriber relating to the future value or price of the Debentures;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) the Securities are speculative investments which involve a substantial degree of risk and the Subscriber may lose its entire investment in the Securities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) the Subscriber is sophisticated in financial investments, has had access to and has received all such information concerning the Issuer that the Subscriber has considered necessary in connection with the Subscriber's investment decision and the Subscriber will not receive an offering memorandum or similar disclosure document;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) no agency, governmental authority, regulatory body, stock exchange or other entity has made any finding or determination as to the merit for investment of, nor have any such agencies or governmental authorities made any recommendation or endorsement with respect to, the Securities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) the Subscriber acknowledges that the Issuer may complete additional financings in the future which may have a dilutive effect on existing shareholders at such time, including the Subscriber, if and when the Debentures are converted into Units;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) the Issuer will rely on the representations and warranties made herein or otherwise provided by the Subscriber to the Issuer in completing the sale and issue of the Debentures to the Subscriber;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) the Subscriber and, if applicable, the beneficial purchaser, is not subscribing for the Debentures as a result of any form of general solicitation or general advertising, including advertisements, articles, notices or other communication published in any newspaper, magazine or similar media or broadcast over radio, television or internet or any seminar or meeting whose attendees have been invited by general solicitation or general advertising; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m) the funds representing the aggregate subscription price for the Subscriber's Debentures, which will be advanced by the Subscriber hereunder, will not represent proceeds of crime for the purposes of the *Proceeds of Crime (Money Laundering) and Terrorist Financing Act* (Canada) and the Subscriber acknowledges that the Issuer may in the future be required by law to disclose the Subscriber's name and other information relating to this Subscription Agreement and the Subscriber's subscription hereunder, on a confidential basis, pursuant to such Act. To the best of its knowledge: (a) none of the subscription funds to be provided by the Subscriber (i) have been or will be derived from or related to any activity that is deemed criminal under the law of Canada, the United States of America, or any other jurisdiction, or (ii) are being tendered on behalf of a person or entity who has not been identified to the Subscriber; and (b) the Subscriber shall promptly notify the Issuer if the Subscriber discovers that any of such representations ceases to be true, and to provide the Issuer with appropriate information in connection therewith.

6.2 The Subscriber hereby acknowledges and agrees that the subscription proceeds, together with all subscription documents completed in the manner described herein, subject to any statutory rights of the Subscriber, will be provided to the Issuer prior to the Closing Date. All subscription proceeds provided to the Issuer as contemplated herein may be used by the Issuer forthwith and from time to time in its sole discretion and will form an interest-free loan from the Subscriber to the Issuer and in the event that the Closing fails to occur, for any reason, the Subscriber will be deemed to have loaned the subscription proceeds to the Issuer, repayable on demand.

**7.** Subscriber's Exemption Status

7.1 The Subscriber, by its execution of this Subscription Agreement, hereby further represents, warrants to, and covenants with, the Issuer (which representations, warranties and covenants will survive the Closing of the Offering) that the Subscriber is purchasing the Debentures as principal for its own account or for the account or benefit of the beneficial owner disclosed on page 22, and not with a view to the resale or distribution of the Debentures, and one of the following Exemptions applies to the Subscriber:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) *Family, Friends and Business Associates Exemptions*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) The Subscriber is a resident of a Province or Territory of Canada other than Ontario, and is:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) a director, executive officer or control person of the Issuer, or of an affiliate of the Issuer,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) a spouse, parent, grandparent, brother, sister, child or grandchild of a director, executive officer or control person of the Issuer, or of an affiliate of the Issuer,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(C) a parent, grandparent, brother, sister, child or grandchild of the spouse of a director, executive officer or control person of the Issuer or of an affiliate of the Issuer,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(D) a close personal friend of a director, executive officer or control person of the Issuer, or of an affiliate of the Issuer,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(E) a close business associate of a director, executive officer or control person of the Issuer, or of an affiliate of the Issuer,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(F) a founder of the Issuer or a spouse, parent, grandparent, brother, sister, child, grandchild , close personal friend or close business associate of a founder of the Issuer,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(G) a parent, grandparent, brother, sister, child or grandchild of a spouse of a founder of the Issuer,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(H) a person of which a majority of the voting securities are beneficially owned by, or a majority of the directors are, persons described in paragraphs (A) to (G), 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;(I) a trust or estate of which all of the beneficiaries or a majority of the trustees or executors are persons described in paragraphs (A) to (G);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) If the Subscriber is a resident of Saskatchewan, the Subscriber must complete and sign the Form - 45-106F5 – *Risk Acknowledgement Saskatchewan Close Personal Friends and Close Business Associates* attached hereto as Appendix 2 to Schedule B;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) The Subscriber is a resident of Ontario and is not an investment fund, and has concurrently executed and delivered a Form 45-106F12 – *Risk Acknowledgement Form for Family, Friends and Business Associates* in the form attached as Appendix 1 to Schedule B and signed by all of the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) the purchaser;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) an executive officer of the Issuer other than the purchaser;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(C) if the purchaser is a person referred to under paragraph 7.1(a)(i)(B), the director, executive officer or control person of the issuer or an affiliate of the issuer who has the specified relationship with the purchaser;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(D) if the purchaser is a person referred to under paragraph 7.1(a)(i)(C), the director, executive officer or control person of the issuer or an affiliate of the issuer whose spouse has the specified relationship with the purchaser;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(E) if the purchaser is a person referred to under paragraph 7.1(a)(i)(D) or (i)(E), the director, executive officer or control person of the issuer or an affiliate of the issuer who is a close personal friend or a close business associate of the purchaser; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(F) the founder of the Issuer, if the purchaser is a person referred to in paragraph 7.1(a)(i)(F) and (i)(G) other than the founder of the Issuer; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) the Subscriber has concurrently executed and delivered a certificate in the form attached as Schedule B attached hereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) *Employee, Executive Officer, Director and Consultant Exemptions*

The Subscriber is:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) an employee, executive officer, director or consultant of the Issuer,

&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) an employee, executive officer, director or consultant of a related entity of the Issuer, or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) a permitted assign of a person referred to in paragraphs (i) or (ii)

and the Subscriber's purchase is voluntary;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) *Minimum Amount Exemption*

The Subscriber is not an individual and the aggregate acquisition cost of purchasing the Debentures will not be less than CDN$150,000 paid in cash at the time of purchase, and the Subscriber has not been created or used solely to purchase or hold the Debentures in reliance on this Exemption; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) *Accredited Investor Exemption*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) The Subscriber is an "Accredited Investor" and the Subscriber has properly completed and duly executed the Accredited Investor Certificate attached to this Subscription Agreement as Schedule A indicating the means by which the Subscriber is an Accredited Investor and confirms the truth and accuracy of all statements made by the Subscriber in such certificate; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) If the Subscriber is an individual, the Subscriber has concurrently executed and delivered Form 45-106F9 – *Form for Individual Accredited Investors* in the form attached as Appendix 2 to Schedule A hereto.

**7.2** **Subscriber Outside of Canada and the United States** 

If the Subscriber is resident in an International Jurisdiction (excluding, for greater certainty, the United States), the Subscriber certifies in particular that it is not resident in British Columbia, and:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the Subscriber further certifies that it qualifies for any one or more of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the Family, Friends and Business Associates Exemptions described in paragraph 7.1(a), and the Subscriber has executed and delivered the Family, Friends and Business Associates Certifications in the form attached as Schedule B attached hereto,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the Employee, Executive Officer, Director and Consultant Exemptions described in paragraph 7.1(b),

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) the Minimum Investment Amount Exemption described in paragraph 7.1(c), or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) the Accredited Investor Exemption described in paragraph 7.1(d), and the Subscriber has: (A) completed and executed an Accredited Investor Certificate in the form attached as Schedule A, and (B) if applicable, completed and executed a Form 45-106F9 – *Form for Individual Accredited Investors* in the form attached as Appendix 2 to Schedule A hereto;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the Subscriber represents, warrants, acknowledges and agrees that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) no securities commission or similar regulatory authority has reviewed or passed on the merits of the Securities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) there is no government or other insurance covering the Securities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) there are risks associated with the purchase of the Debentures;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) there are restrictions on the Subscriber's ability to resell the Securities and it is the responsibility of the Subscriber to determine what those restrictions are and to comply with them before selling the Securities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) the Subscriber is knowledgeable of securities legislation having application or jurisdiction over the Subscriber and the Offering (other than the laws of Canada and the United States) which would apply to this Subscription Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) the Issuer is offering and selling the Debentures and the Subscriber is purchasing the Debentures pursuant to exemptions from the prospectus and similar requirements under the applicable securities laws of the International Jurisdiction or, if such is not applicable, the Issuer is permitted to offer and sell the Debentures and the Subscriber is permitted to purchase the Debentures under the applicable securities laws of such International Jurisdiction without the need to rely on exemptions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) the applicable securities laws of the International Jurisdiction do not require the Issuer to prepare and/or file any documents or be subject to ongoing reporting requirements or seek any approvals of any kind whatsoever in respect of the offer and sale of the Debentures to the Subscriber from any regulatory authority of any kind whatsoever in the International Jurisdiction; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii) the Debentures are being acquired for investment only and not with a view to resale and distribution within the International Jurisdiction; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ix) the Subscriber will, if requested by the Issuer, deliver to the Issuer a certificate or opinion of local counsel from the International Jurisdiction which will confirm the matters referred to in subparagraphs (vi) above to the satisfaction of the Issuer, acting reasonably.

**7.3** **Additional Representations and Acknowledgements Applicable to U.S. Purchasers**.

If the Subscriber is a U.S. Purchaser, the Subscriber:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) represents and warrants that the Subscriber is either:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) a discretionary or similar account (other than an estate or trust) that is excluded from the definition of "U.S. Person" pursuant to Rule 902(k)(2)(i) of Regulation S under the U.S. Securities Act and is held on behalf of a person that is not a U.S. Person by a dealer or other professional fiduciary organized, incorporated, or (if an individual) resident in the United States; **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) a U.S. Person or is located in the United States and is an "accredited investor" as defined in Regulation D of the U.S. Securities Act (a "**U.S. Accredited Investor**"), and is acquiring the Debentures for its own account or for the account of a U.S. Accredited Investor as to which it exercises sole investment discretion, to be held for investment only and not with a view to any resale, distribution or other disposition of the Debentures in violation of United States securities laws or applicable state securities laws; and

**IN EITHER CASE, the Subscriber has properly completed and duly executed a U.S. Purchaser Certificate attached to this Subscription Agreement as Schedule C**, and confirms the truth and accuracy of all statements made by the Subscriber in such certificate.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) acknowledges and agrees that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) no securities commission or similar regulatory authority has reviewed or passed on the merits of the Securities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) there is no government or other insurance covering the Securities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) there are risks associated with the purchase of the Securities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) there are restrictions on the Subscriber's ability to resell the Securities and it is the responsibility of the Subscriber to determine what those restrictions are and to comply with them before selling the Securities; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) the Issuer is relying on an exemption from the requirements to provide the Subscriber with a prospectus and to sell the Securities through a person registered to sell the Securities under Applicable Securities Laws and, as a consequence of acquiring securities pursuant to this exemption, certain protections, rights and remedies provided by Applicable Securities Laws, including statutory rights of rescission or damages, will not be available to the Subscriber.

**7.4** **Other General Representations Applicable to All Subscribers** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the Subscriber has no knowledge of a "material fact" or "material change", as those terms are defined herein, in respect of the affairs of the Issuer that has not been generally disclosed to the public;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the Subscriber (and, if applicable, any beneficial purchaser for whom it is acting) is resident in the jurisdiction set out under the heading "Name and Address of Subscriber" on the execution page of this Subscription Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) the Subscriber is of legal age and has the legal capacity and competence to enter into and execute this Subscription Agreement and to take all actions required pursuant hereto and, if the Subscriber is a corporation, it is duly incorporated and validly subsisting under the laws of its jurisdiction of incorporation and all necessary approvals by its directors, shareholders and others have been obtained to authorize execution of this Subscription Agreement on behalf of the Subscriber;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) the entering into of this Subscription Agreement and the transactions contemplated hereby do not result in the violation of any of the terms and provisions of any law applicable to, or the constating documents of, the Subscriber or of any agreement, written or oral, to which the Subscriber may be a party or by which the Subscriber is or may be bound;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) the Subscriber has duly and validly authorized, executed and delivered this Subscription Agreement and understands it is intended to constitute a valid and binding agreement of the Subscriber enforceable against the Subscriber;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) in connection with the Subscriber's investment in the Debentures, the Subscriber has not relied upon the Issuer for investment, legal or tax advice, and has, in all cases sought the advice of the Subscriber's own personal investment advisor, legal counsel and tax advisers or has waived its rights thereto and the Subscriber is either experienced in or knowledgeable with regard to the affairs of the Issuer, or either alone or with its professional advisors is capable, by reason of knowledge and experience in financial and business matters in general, and investments in particular, of evaluating the merits and risks of an investment in the Debentures and is able to bear the economic risk of the investment and it can otherwise be reasonably assumed to have the capacity to protect its own interest in connection with the investment in the Debentures;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) no person has made to the Subscriber any written or oral representations:

&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) that any person will resell or repurchase the Securities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) that any person will refund the purchase price for the Securities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) as to the future price or value of the Securities; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) that the Securities will be listed and posted for trading on a stock exchange or that application has been made to list and post the Securities for trading on a stock exchange;

**Not a person in the United States or a U.S. Person**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) Unless the Subscriber completes the U.S. Purchaser Certificate included herein as Schedule C (in which case the Subscriber represents, warrants and covenants to the Issuer as to the accuracy of all matters set out therein) in connection with a purchase of the Securities made in reliance on Regulation D, the Subscriber represents and warrants that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the Securities are not being acquired, directly or indirectly, for the account or benefit of a U.S. Person or a person in the United States and the Subscriber does not have any agreement or understanding (either written or oral) with any U.S. Person or a person in the United States respecting:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) the transfer or assignment of any rights or interests in any of the Securities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) the division of profits, losses, fees, commissions, or any financial stake in connection with this Subscription 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;(C) the voting of the Securities; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the Subscriber has no intention to distribute either directly or indirectly any of the Securities in the United States or to U.S. Persons;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) the Subscriber represents that the current structure of this transaction and all transactions and activities contemplated hereunder is not a scheme to avoid the registration requirements of the U.S. Securities Act;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) the Subscriber is a not a "U.S. Person" and is not purchasing the Securities for the account or benefit of any U.S. Person or a person in the United States or for offering, resale or delivery for the account or benefit of any U.S. Person or a person in the United States;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) the Subscriber was outside the United States at the time of execution and delivery of this Subscription Agreement within the meaning of Regulation S;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) no offers to sell the Securities were made by any person to the Subscriber while the Subscriber was in the United States;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) the Subscriber acknowledges that the Securities have not been registered under the U.S. Securities Act, and may not be offered or sold in the United States or to a U.S. Person unless an exemption from such registration requirements is available. The Subscriber understands that the Issuer has no obligation or present intention of filing a registration statement under the U.S. Securities Act in respect of the Securities; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii) the Subscriber will not engage in any directed selling efforts (as defined by Regulation S under the U.S. Securities Act) in the United States in respect of the Securities, which would include any activities undertaken for the purpose of, or that could reasonably be expected to have the effect of conditioning the market in the United States for the resale of the Securities.

**Compliance with Resale Laws**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the Subscriber will comply with Applicable Securities Laws and, if applicable, Rule 904 of Regulation S concerning the resale of the Securities and all related restrictions (and the Issuer is not in any way responsible for such compliance) and will speak and consult with its own legal advisors with respect to such compliance;

**Own Expense**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) the Subscriber acknowledges and agrees that all costs and expenses incurred by the Subscriber (including any fees and disbursements of any special counsel or other advisors retained by the Subscriber) relating to the purchase of the Debentures will be borne by the Subscriber; and

**Indemnity**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) the foregoing acknowledgements are made by the Subscriber with the intent that they be relied upon by the Issuer in determining its suitability as a purchaser of the Debentures, and the Subscriber hereby agrees to indemnify the Issuer against all losses, claims, costs, expenses and damages or liabilities which the Issuer may suffer or incur as a result of reliance thereon.

8. The Issuer's Representations

8.1 The Issuer represents and warrants to the Subscriber that, as of the date of this Subscription Agreement and at Closing hereunder:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the Issuer and any subsidiaries are valid and subsisting corporations duly incorporated and in good standing under the laws of the jurisdictions in which they are incorporated, continued or amalgamated;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the Issuer has complied, or will comply, with all applicable corporate and securities laws and regulations in connection with the offer, sale and issuance of the Securities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) no offering memorandum has been or will be provided to the Subscriber;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) the creation, issuance and sale of the Securities by the Issuer does not and will not conflict with and does not and will not result in a breach of any of the terms, conditions or provisions of its constating documents or any agreement or instrument to which the Issuer is a party;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) the Securities will, at the time of issue, be duly allotted, validly issued, fully paid and non-assessable and will be free of all liens, charges and encumbrances and the Issuer will reserve sufficient shares in the treasury of the Issuer to enable it to issue the Shares and Warrant Shares;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) this Subscription Agreement, when accepted, will have been duly authorized by all necessary corporate action on the part of the Issuer and, subject to acceptance by the Issuer, will constitute a valid obligation of the Issuer legally binding upon it and enforceable in accordance with its terms;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) neither the Issuer nor any of its subsidiaries is a party to any actions, suits or proceedings which could materially affect its business or financial condition, and to the best of the Issuer's knowledge no such actions, suits or proceedings have been threatened as at the date hereof; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) no order ceasing or suspending trading in the securities of the Issuer nor prohibiting sale of such securities has been issued to the Issuer or its directors, officers or promoters and to the best of the Issuer's knowledge no investigations or proceedings for such purposes are pending or threatened.

9. Covenants of the Issuer

9.1 The Issuer hereby covenants with each Subscriber that it will:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) offer, sell, issue and deliver the Securities pursuant to exemptions from the prospectus filing, registration or qualification requirements of Applicable Securities Laws and otherwise fulfil all legal requirements required to be fulfilled by the Issuer, including without limitation, compliance with all Applicable Securities Laws in connection with the Offering; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) use its commercial reasonable efforts to obtain all necessary approvals for this Offering.

10. Contractual Right of Action for Rescission

10.1 The Subscriber acknowledges that it is purchasing the Debentures issued hereunder pursuant to an exemption which does not require delivery to the Subscriber of an offering memorandum, that it will not receive any offering memorandum in connection with this Subscription Agreement and therefore is not entitled to contractual rights of action or rescission.

11. Resale Restrictions and Legending of Securities

11.1 The Subscriber acknowledges that any resale of the Securities will be subject to resale restrictions contained in the Applicable Securities Laws applicable to the Issuer, the Subscriber or any proposed transferee. Subscribers with a Canadian or international address will receive a certificate bearing the following legends imprinted thereon:

"Unless permitted under securities legislation, the holder of this security must not trade the security before the date that is four months plus one day after the later of (i) the Closing Date, and (ii) the date the Issuer became a reporting issuer in any province or territory."

11.2 If Subscriber is a U.S. Person or is located in the United States, in addition to the legends set forth in paragraph 11.1 above, the certificates representing the Securities will bear a U.S. restrictive legend set forth in Schedule C hereto.

11.3 The Subscriber is aware that the Securities have not been and will not be registered under the U.S. Securities Act or the securities laws of any state and that the Securities may not be offered or sold in the United States without registration under the U.S. Securities Act or compliance with requirements of an exemption from registration and the applicable laws of all applicable states and acknowledges that the Issuer has no present intention of filing a registration statement under the U.S. Securities Act in respect of the Securities.

12. General

12.1 Time is of the essence hereof.

12.2 Neither this Subscription Agreement nor any provision hereof will be modified, changed, discharged or terminated except by an instrument in writing signed by the party against whom any waiver, change, discharge or termination is sought.

12.3 The parties hereto will execute and deliver all such further documents and instruments and do all such acts and things as may either before or after the execution of this Subscription Agreement be reasonably required to carry out the full intent and meaning of this Subscription Agreement.

12.4 This Subscription Agreement will be subject to, governed by and construed in accordance with the laws of British Columbia and the laws of Canada as applicable therein and the Subscriber hereby irrevocably attorns to the jurisdiction of the Courts situate therein.

12.5 This Subscription Agreement may not be assigned by any party hereto.

12.6 The Issuer will be entitled to rely on delivery of a facsimile copy of this Subscription Agreement, and acceptance by the Issuer of a facsimile copy of this Subscription Agreement will create a legal, valid and binding agreement between the Subscriber and the Issuer in accordance with its terms.

12.7 This Subscription Agreement may be signed by the parties in as many counterparts as may be deemed necessary, each of which so signed will be deemed to be an original, and all such counterparts together will constitute one and the same instrument.

12.8 This Subscription Agreement is deemed to be entered into on the acceptance date by Issuer, notwithstanding its actual date of execution by the Subscriber.

12.9 This Subscription Agreement, including, without limitation, the representations, warranties, acknowledgements and covenants contained herein, will survive and continue in full force and effect and be binding upon the parties notwithstanding the completion of the purchase of the Debentures by the Subscriber pursuant hereto and the completion of the issue of the Units upon conversion of the Debentures.

12.10 The invalidity or unenforceability of any particular provision of this Subscription Agreement will not affect or limit the validity or enforceability of the remaining provisions of this Subscription Agreement.

12.11 The parties hereto acknowledge and confirm that they have requested that this Subscription Agreement as well as all notices and other documents contemplated hereby be drawn up in the English language. Les parties aux présentes reconnaissent et confirment qu'elles on convenu que la présente convention de souscription ainsi que tous les avis et documents qui s'y rattachent soient rédigés dans la langue anglaise uniquement.

12.12 Except as expressly provided in this Subscription Agreement and in the agreements, instruments and other documents contemplated or provided for herein, this Subscription Agreement contains the entire agreement between the parties with respect to the sale of the Securities and there are no other terms, conditions, representations or warranties, whether expressed, implied, oral or written, by statute, by common law, by the Issuer, by the Subscriber, or by anyone else. In the event that execution pages are delivered to the Issuer without this entire Agreement, the Issuer is entitled to assume that the Subscriber, and each beneficial purchaser for whom it is acting, has accepted all of the terms and conditions contained in the parts of this Subscription Agreement that are not returned, without amendment or modification.

[Execution Page Follows]

**IN WITNESS WHEREOF** the Subscriber has duly executed this Subscription Agreement as of the date first above mentioned.

Principal Amount of Debentures Purchased: **$<u> </u>**

Total Purchase Price: **$_________________<u> </u>**

**Name, Address and Telephone Number**

_______________________________________ <br> (Name of Subscriber - Please type or print)

_______________________________________ <br> (Signature and, if applicable, Office)

_______________________________________ <br> (Address of Subscriber)

_______________________________________ <br> (City, Province, Postal Code and Country of Subscriber)

_______________________________________ <br> (Telephone number)

**If the Subscriber is signing as agent or other person, please complete below with the name, address and telephone number of the beneficial owner of the Debentures purchased. OR if the Subscriber is a corporation, please complete below with the name, address and telephone number of the beneficial owner of the Subscriber:**

_______________________________________<br>(Name of Subscriber - Please type or print)

_______________________________________<br> (Signature and, if applicable, Office)

_______________________________________ <br> (Address of Subscriber)

_______________________________________ <br> (City, Province, Postal Code and Country of Subscriber)

_______________________________________ <br> (Telephone Number)

**REGISTRATION AND DELIVERY INSTRUCTIONS**

1. **Registration** - registration of a single certificate representing the Debentures which are to be
delivered at Closing should be made as follows: **(Registration must reflect legal ownership in accordance with Subscriber's disclosure made on the execution page and must be in the form required by Subscriber's broker.)** 

---

| | | |
|:---|:---|:---|
|  | (name of registered holder) | (name of beneficial holder & account reference, if applicable) |
|  | (address) |  |
| 2. | **Delivery** - please deliver the Debenture Certificate to the following street address (include contact name and contact telephone number): | **Delivery** - please deliver the Debenture Certificate to the following street address (include contact name and contact telephone number): |
|  | (address) |  |
|  | (contact name) | (contact telephone number) |

---

**A C C E P T A N C E**

The above-mentioned Subscription Agreement is hereby accepted and the terms hereof agreed to by the Issuer and the Subscriber.

**DATED** at Vancouver, British Columbia, the ____ day of ______________, 2021.

---

| | |
|:---|:---|
| **Modern** **Mining Technology Corp.** | **Modern** **Mining Technology Corp.** |
| Per: | |
|  | Authorized Signing Officer |

---

**Schedule A**

**ACCREDITED INVESTOR CERTIFICATE<br> (To be completed by Accredited Investors only)**

**Part 1: Accredited Investor (defined in NI 45-106):**

The undersigned (the "**Subscriber**") hereby confirms and certifies to Modern Mining Technology Corp. (the "**Issuer**") that the Subscriber is purchasing the Debentures as principal and that the Subscriber is an "Accredited Investor" as defined in NI 45-106, and in Ontario, as defined in Section 73.3 of the Securities Act (Ontario) as supplemented by the definition in NI 45-106 includes:

---

| | |
|:---|:---|
| (a) | except in Ontario, a Canadian financial institution or an authorized foreign bank listed in Schedule III of the *Bank Act* (Canada), |
| (a.1) | in Ontario, a financial institution described in paragraph 1, 2 or 3 of subsection 73.1 (1) of the Securities Act (Ontario), |
| (b) | except in Ontario, the Business Development Bank of Canada incorporated under the Business Development Bank of Canada Act (Canada), |
| (b.1) | in Ontario, the Business Development Bank of Canada, |
| (c) | except in Ontario, a subsidiary of any person referred to in paragraph (a) or (b), if the person owns all of the voting securities of the subsidiary, except the voting securities required by law to be owned by directors of that subsidiary, |
| (c.1) | in Ontario, a subsidiary of any person or company referred to in clause (a.1) or (b.1), if the person or company owns all of the voting securities of the subsidiary, except the voting securities required by law to be owned by directors of that subsidiary, |
| (d) | except in Ontario, a person registered under the securities legislation of a jurisdiction of Canada as an adviser or dealer, |

---

---

| |
|:---|
| **Jurisdiction(s) registered**: |
| **Categories of registration**: |

---

  (d.1) in Ontario, a person or company registered under the securities legislation of a province or territory of Canada as an adviser or dealer, except as otherwise prescribed by the regulations,

---

| |
|:---|
| **Jurisdiction(s) registered**: |
| **Categories of registration**: |

---

(e) an individual registered under the securities legislation of a jurisdiction of Canada as a representative of a person referred to in paragraph (d),

---

| |
|:---|
| **Jurisdiction(s) registered**: |
| **Categories of registration**: |

---

---

| | |
|:---|:---|
| (e.1) | an individual formerly registered under the securities legislation of a jurisdiction of Canada, other than an individual formerly registered solely as a representative of a limited market dealer under one or both of the *Securities Act* (Ontario) or the *Securities Act* (Newfoundland and Labrador), |

---

- A1 -

---

| | |
|:---|:---|
| (f) | except in Ontario, the Government of Canada or a jurisdiction of Canada, or any crown corporation, agency or wholly-owned entity of the Government of Canada or a jurisdiction of Canada, |
| (f.1) | in Ontario, the Government of Canada, the government of a province or territory of Canada, or any Crown corporation, agency or wholly owned entity of the Government of Canada or of the government of a province or territory of Canada, |
| (g) | a municipality, public board or commission in Canada and a metropolitan community, school board, the Comité de gestion de la taxe scolaire de l'île de Montréal or an intermunicipal management board in Québec, |
| (h) | any national, federal, state, provincial, territorial or municipal government of or in any foreign jurisdiction, or any agency of that government, |
| (i) | except in Ontario, a pension fund that is regulated by the Office of the Superintendent of Financial Institutions (Canada) or a pension commission or similar regulatory authority of a jurisdiction of Canada, |

---

---

| |
|:---|
| **Jurisdiction(s) registered**: |
| **Categories of registration**: |

---

  (i.1) in Ontario, a pension fund that is regulated by either the Office of the Superintendent of Financial Institutions (Canada) or a pension commission or similar regulatory authority of a province or territory of Canada,

---

| |
|:---|
| **Jurisdiction(s) registered**: |
| **Categories of registration**: |

---

---

| | |
|:---|:---|
| (j) | an individual who, either alone or with a spouse, beneficially owns financial assets having an aggregate realizable value that, before taxes, but net of any related liabilities, exceeds $1,000,000, |
|  | **IF THIS APPLIES, YOU MUST ALSO COMPLETE FORM 45-106F9 ATTACHED AS APPENDIX II TO THIS SCHEDULE A** |
| (j.1) | an individual who beneficially owns financial assets having an aggregate realizable value that, before taxes but net of any related liabilities, exceeds $5,000,000, |
|  | **IF THIS APPLIES, YOU MUST ALSO COMPLETE FORM 45-106F9 ATTACHED AS APPENDIX 2 TO THIS SCHEDULE A** |
| (k) | an individual whose net income before taxes exceeded $200,000 in each of the two most recent calendar years or whose net income before taxes combined with that of a spouse exceeded $300,000 in each of the two most recent calendar years and who, in either case, reasonably expects to exceed that net income level in the current calendar year, |
|  | **IF THIS APPLIES, YOU MUST ALSO COMPLETE FORM 45-106F9 ATTACHED AS APPENDIX 2 TO THIS SCHEDULE A** |
| (l) | an individual who, either alone or with a spouse, has net assets of at least $5,000,000, |
|  | **IF THIS APPLIES, YOU MUST ALSO COMPLETE FORM 45-106F9 ATTACHED AS APPENDIX 2 TO THIS SCHEDULE A** |
| (m) | a person, other than an individual or investment fund, that has net assets of at least $5,000,000 as shown on its most recently prepared financial statements, |

---

**Type of entity**:

**Jurisdiction and date of formation**:

- A2 -

(n) an investment fund that distributes or has distributed its securities only to

(i) a person that is or was an accredited investor at the time of the distribution,

(ii) a person that acquires or acquired securities in the circumstances referred to in sections 2.10 [Minimum amount investment] or 2.19 [Additional investment in investment funds] of NI 45-106, or

(iii) a person described in paragraph (i) or (ii) immediately above that acquires or acquired securities under section 2.18 [Investment fund reinvestment] of NI 45-106,

(o) an investment fund that distributes or has distributed securities under a prospectus in a jurisdiction of Canada for which the regulator or, in Quebec, the securities regulatory authority, has issued a receipt,

(p) a trust company or trust corporation registered or authorized to carry on business under the Trust and Loan Companies Act (Canada) or under comparable legislation in a jurisdiction of Canada or a foreign jurisdiction, acting on behalf of a fully managed account managed by the trust company or trust corporation, as the case may be,

---

| |
|:---|
| **Jurisdiction(s) registered**: |
| R**egistration number(s)**: |

---

(q) a person acting on behalf of a fully managed account managed by that person, if that person is registered or authorized to carry on business as an adviser or the equivalent under the securities legislation of a jurisdiction of Canada or a foreign jurisdiction,

---

| |
|:---|
| **Jurisdiction(s) registered**: |
| **Categories of registration**: |

---

(r) a registered charity under the Income Tax Act (Canada) that, in regard to the trade, has obtained advice from an eligibility adviser or an adviser registered under the securities legislation of the jurisdiction of the registered charity to give advice on the securities being traded,

**Registration number(s) assigned to subscriber:**<u> </u>

**Name of eligibility advisor or registered advisor:**<u> </u>

**Jurisdiction(s) registered**:

**Categories of registration:** 

(s) an entity organized in a foreign jurisdiction that is analogous to any of the entities referred to in paragraphs (a) to (d) or paragraph (i) [and in Ontario, paragraphs (a.1) to (d.1) or paragraph (i.1)] in form and function,

(t) a person in respect of which all of the owners of interests, direct,
indirect or beneficial, except the voting securities required by law to be owned by directors, are persons that are accredited investors,

---

| |
|:---|
| **Jurisdiction organized**: |
| **Type of entity:** |

---

**If this is applicable, each owner of interest must complete and submit its own copy of this Accredited Investor Certificate**,

**Name(s) of owners of interest:** 

**Type of entity (if applicable):**

**Categories of accredited investor:**

- A3 -

(u) an investment fund that is advised by a person registered as an adviser
 or a person that is exempt from registration as an adviser,

**Name of advisor**:

**Jurisdiction(s) registered**:

**Categories of registration:** 

**Basis of exemption:**

(v) a person that is recognized or designated by the securities regulatory
 authority or, except in Ontario and Quebec, the regulator as an accredited investor,

**Jurisdiction(s) recognized or designated**:

  (v.1) in Ontario, a person or company that is recognized or designated by the Commission as an accredited investor,

**Jurisdiction(s) recognized or designated**:

(w) a trust established by an accredited investor for the benefit of the
 accredited investor's family members of which a majority of the trustees are accredited investors and all of the beneficiaries are
 the accredited investor's spouse, a former spouse of the accredited investor or a parent, grandparent, brother, sister, child or
 grandchild of that accredited investor, of that accredited investor's spouse or of that accredited investor's former spouse.

**Name(s) of settlor:** 

**Name(s) of trustees:** 

**Categories of accredited investor:** 

**Categories of beneficiaries:** 

**and for purposes hereof, words and phrases which are used in this Accredited Investor Certificate and which are defined in NI 45-106 will have the meaning ascribed thereto in NI 45-106. Certain definitions that are relevant to qualifications as an "Accredited Investor" are attached hereto as Appendix I. You must review these definitions carefully.**

EXECUTED by the Subscriber at _____________________, this ________ day of ___________________, 2021.

---

| | |
|:---|:---|
| **If a corporation, partnership or other entity:** | **If an Individual:** |
| *Signature of Authorized Signatory* | *Signature* |
| *Name and Position of Signatory* | *Print Name* |
| *Name of Purchasing Entity* | *Jurisdiction of Residence* |
| *Jurisdiction of Residence* |  |

---

- A4 -

**APPENDIX I TO SCHEDULE A**

**DEFINITIONS RELEVANT TO QUALIFICATIONS AS AN ACCREDITED INVESTOR**

(a) ***"Canadian financial institution"*** means

 ****

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) an association governed by the *Cooperative Credit Associations Act* (Canada) or a central cooperative credit society for which an order has been made under section 473(1) of the *Cooperative Credit Associations Act* (Canada), or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) a bank, loan corporation, trust company, trust corporation, insurance company, treasury branch, credit union, caisse populaire, financial services cooperative, or league that, in each case, is authorized by an enactment of Canada or a jurisdiction of Canada to carry on business in Canada or a jurisdiction of Canada;

(b) ***"control person"*** has the meaning ascribed to that term in securities legislation except in Manitoba, Ontario, Quebec, Nova Scotia, Newfoundland and Labrador, Prince Edward Island, the Northwest Territories and Nunavut where "control person" means any person that holds or is one of a combination of persons that hold

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) a sufficient number of any of the securities of an issuer so as to affect materially the control of the issuer, or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) more than 20% of the outstanding voting securities of an issuer except where there is evidence showing that the holding of those securities does not affect materially the control of that issuer;

(c) ***"eligibility adviser"*** means

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) a person that is registered as an investment dealer or in an equivalent category of registration under the securities legislation of the jurisdiction of a purchaser and authorized to give advice with respect to the type of security being distributed, and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) in Saskatchewan or Manitoba, also means a lawyer who is a practising member in good standing with a law society of a jurisdiction of Canada or a public accountant who is a member in good standing of an institute or association of chartered accountants, certified general accountants or certified management accountants in a jurisdiction of Canada provided that the lawyer or public accountant must not:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) have a professional, business or personal relationship with the issuer, or any of its directors, executive officers, founders or control persons, and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) have acted for or been retained personally or otherwise as an employee, executive officer, director, associate or partner of a person that has acted for or been retained by the issuer or any of its directors, executive officers, founders or control persons within the previous 12 months;

(d) ***"executive officer"*** means, for an issuer, an individual who is

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) a chair, vice-chair or president,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) a vice-president in charge of a principal business unit, division or function including sales, finance or production,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) an officer of the issuer or any of its subsidiaries and who performs a policy-making function in respect of the issuer, or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) performing a policy-making function in respect of the issuer;

(e) ***"financial assets"*** means cash, securities or a contract of insurance, a deposit or an evidence of a deposit that is not a security for the purposes of securities legislation;

(f) ***"founder"*** means*,* in respect of an issuer, a person who,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) acting alone, in conjunction or in concert with one or more persons, directly or indirectly, takes the initiative in founding, organizing or substantially reorganizing the business of the issuer, and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) at the time of the trade is actively involved in the business of the issuer;

(g) ***"fully managed account"*** means an account of a client for which a person makes the investment decisions if that person has full discretion to trade in securities for the account without requiring the client's express consent to a transaction;

- A5 -

(h) ***"investment fund"*** has the meaning ascribed thereto in National Instrument 81-106 - *Investment Fund Continuous Disclosure* except in Ontario where "investment fund" means a mutual fund or anon-redeemable fund;

(i) ***"person"*** includes

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) an individual,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) a corporation,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) a partnership, trust, fund and an association, syndicate, organization or other organized group of persons, whether incorporated or not, and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) an individual or other person in that person's capacity as a trustee, executor, administrator or personal or other legal representative;

except in Ontario where "person" means

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) an individual,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) a partnership,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) an unincorporated association,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) an unincorporated syndicate,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) an unincorporated organization,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) a trust,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) an executor,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii) an administrator, and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ix) a legal representative;

(j) ***"related liabilities"*** means

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) liabilities incurred or assumed for the purpose of financing the acquisition or ownership of financial assets, or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) liabilities that are secured by financial assets.

(k) ***"spouse"*** means, an individual who,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) is married to another individual and is not living separate and apart within the meaning of the Divorce Act (Canada), from the other individual,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) is living with another individual in a marriage-like relationship, including a marriage-like relationship between individuals of the same gender, or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) in Alberta, is an individual referred to in paragraph (i) or (ii) immediately above or is an adult interdependent partner within the meaning of the *Adult Interdependent Relationships Act* (Alberta); and

(l) ***"subsidiary"*** means an issuer that is controlled directly or indirectly by another issuer and includes a subsidiary of that subsidiary;

- A6 -

***Affiliated Entities and Control***

 ****

*For the purposes of Part 1:*

 

1. An issuer is considered to be an affiliate of another issuer if one of them is a subsidiary of the other,
or if each of them is controlled by the same person.

2 A person (first person) is considered to control another person (second person) if

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(i) the first person, directly or indirectly, beneficially owns or exercises control or direction over securities of the second person carrying votes which, if exercised, would entitle the first person to elect a majority of the directors of the second person, unless the first person holds the voting securities only to secure an obligation,*

 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(ii) the second person is a partnership, other than a limited partnership, and the first person holds more than 50% of the interests in the partnership, or*

 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(iii) the second person is a limited partnership and the general partner of the limited partnership is the first person.*

 

*For the purposes of Part 2:*

 

1. A company shall be deemed to be an affiliate of another company if one of them is a subsidiary of the
other, or if both are subsidiaries of the same company or if each of them is controlled by the same person or company.

2. A company shall be deemed to be controlled by another person or company or by two or more companies if,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) voting securities of the first-mentioned company carrying more than 50 per cent of the votes for the election
of directors or held, otherwise than by way of security only, by or for the benefit of the other person or company or by or for the benefit
of the other companies; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the votes carried by such securities are entitled, if exercised, to elect a majority of the board of directors
of the first-mentioned company.

All monetary references are in Canadian Dollars

- A7 -

**APPENDIX 2 TO SCHEDULE A**

**Form 45-106F9**

***Form for Individual Accredited Investors***

---

| |
|:---|
| **WARNING!** |
| **This investment is risky. Don't invest unless you can afford to lose all the money you pay for this investment.** |

---

---

| | |
|:---|:---|
| <br> **SECTION 1 TO BE COMPLETED BY ISSUER OR SELLING SECURITY HOLDER** | <br> **SECTION 1 TO BE COMPLETED BY ISSUER OR SELLING SECURITY HOLDER** |
| <br> **1. About your investment** | <br> **1. About your investment** |
| <br> Type of securities: <br>**Unsecured Convertible Debentures** | <br> Issuer: <br>**Modern Mining Technology Corp.** |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;<br> **SECTIONS 2 TO 4 TO BE COMPLETED BY THE PURCHASER** | &nbsp;&nbsp;&nbsp;&nbsp;<br> **SECTIONS 2 TO 4 TO BE COMPLETED BY THE PURCHASER** | &nbsp;&nbsp;&nbsp;&nbsp;<br> **SECTIONS 2 TO 4 TO BE COMPLETED BY THE PURCHASER** |
| <br> **2. Risk acknowledgement** | <br> **2. Risk acknowledgement** | <br> **2. Risk acknowledgement** |
| <br> This investment is risky. Initial that you understand that: | <br> This investment is risky. Initial that you understand that: | **<br> Your<br> initials** |
| <br> **Risk of loss** – You could lose your entire investment of $________. | <br> **Risk of loss** – You could lose your entire investment of $________. |  |
| &nbsp;&nbsp;&nbsp;&nbsp;<br> **Liquidity risk** – You may not be able to sell your investment quickly – or at all. | &nbsp;&nbsp;&nbsp;&nbsp;<br> **Liquidity risk** – You may not be able to sell your investment quickly – or at all. |  |
| &nbsp;&nbsp;&nbsp;&nbsp;<br> **Lack of information** – You may receive little or no information about your investment. | &nbsp;&nbsp;&nbsp;&nbsp;<br> **Lack of information** – You may receive little or no information about your investment. |  |
| <br> **Lack of advice** – You may not receive advice from the salesperson about whether this investment is suitable for you unless the salesperson is registered. The salesperson is the person who meets with, or provides information to, you about making this investments. To check whether the salesperson is registered, go to www.aretheyregistered.ca. | <br> **Lack of advice** – You may not receive advice from the salesperson about whether this investment is suitable for you unless the salesperson is registered. The salesperson is the person who meets with, or provides information to, you about making this investments. To check whether the salesperson is registered, go to www.aretheyregistered.ca. |  |
| <br> **3. Accredited investor status** | <br> **3. Accredited investor status** | <br> **3. Accredited investor status** |
| <br> You must meet at least **one** of the following criteria to be able to make this investment. Initial the statement that applies to you. (You may initial more than one statement.) The person identified in section 6 is responsible for ensuring that you meet the definition of accredited investor. That person, or the salesperson identified in section 5, can help you if you have questions about whether you meet these criteria. | <br> You must meet at least **one** of the following criteria to be able to make this investment. Initial the statement that applies to you. (You may initial more than one statement.) The person identified in section 6 is responsible for ensuring that you meet the definition of accredited investor. That person, or the salesperson identified in section 5, can help you if you have questions about whether you meet these criteria. | <br> **Your<br> initials**  |
| ● | Your net income before taxes was more than $200,000 in each for the 2 most recent calendar years, and you expect it to be more than $200,000 in the current calendar year. (You can find your net income before taxes on your personal income tax return.) |  |
| ● | Your net income before taxes combined with your spouse's was more than $300,000 in each of the 2 most recent calendar years, and you expect your combined net income before taxes to be more than $300,000 in the current calendar year. |  |

---

- A8 -

---

| | |
|:---|:---|
| <br> ● | <br> Either alone or with your spouse, you own more than $1 million in cash and securities, after subtracting any debt related to the cash and securities. |
| <br> ● | <br> Either alone or with your spouse, you may have net assets worth more than $5 million. (Your net assets are your total assets (including real estate) minus your total debt.) |
| <br> **4.** **Your name and signature** | <br> **4.** **Your name and signature** |
| <br> By signing this form, you confirm that you have read this form and you understand the risks of making this investment as identified in this form. | <br> By signing this form, you confirm that you have read this form and you understand the risks of making this investment as identified in this form. |
| <br> First and last name (please print): | <br> First and last name (please print): |

---

---

| | |
|:---|:---|
| <br> Signature: | <br> Date: |
| <br> **SECTION 5 TO BE COMPLETED BY SALESPERSON** | <br> **SECTION 5 TO BE COMPLETED BY SALESPERSON** |
| <br> **5.** **Salesperson information** | <br> **5.** **Salesperson information** |
| <br> [*Instruction: The salesperson is the person who meets with, or provides information to, the purchaser with respect to making this investment. That could include a representative of the issuer or selling security holder, a registrant or a person who is exempt from the registration requirement*.] | <br> [*Instruction: The salesperson is the person who meets with, or provides information to, the purchaser with respect to making this investment. That could include a representative of the issuer or selling security holder, a registrant or a person who is exempt from the registration requirement*.] |
| <br> First and last name of salesperson (please print): | <br> First and last name of salesperson (please print): |
| <br> Telephone: | <br> Email: |
| <br> Name of firm (if registered): | <br> Name of firm (if registered): |
| <br> **SECTION 6 TO BE COMPLETED BY THE ISSUER OR SELLING SECURITY HOLDER** | <br> **SECTION 6 TO BE COMPLETED BY THE ISSUER OR SELLING SECURITY HOLDER** |
| <br> **6. For more information about this investment** | <br> **6. For more information about this investment** |
| <br> Please contact:<br>Modern Mining Technology Corp.<br> 1177 Hastings Street West, Suite 2288,<br> Vancouver, British Columbia V6E 2K3, Canada<br> <u>Attention:</u> Alnesh Mohan<br>Email: alnesh.mohan@quantumllp.com<br>**For more information about prospectus exemptions, contact your local securities regulator. You can find contact information at www. securities-administrators.ca** | <br> Please contact:<br>Modern Mining Technology Corp.<br> 1177 Hastings Street West, Suite 2288,<br> Vancouver, British Columbia V6E 2K3, Canada<br> <u>Attention:</u> Alnesh Mohan<br>Email: alnesh.mohan@quantumllp.com<br>**For more information about prospectus exemptions, contact your local securities regulator. You can find contact information at www. securities-administrators.ca** |

---

- A9 -

**SCHEDULE B**

**<u>FAMILY, FRIENDS AND BUSINESS ASSOCIATES CERTIFICATIONS</u><br> (To be completed by Officers, Directors, Employees, Family, Close Friends<br> and Business Associates Only)**

---

| | |
|:---|:---|
| **TO:** | **Modern Mining Technology Corp.** |

---

In connection with the purchase of Debentures of Modern Mining Technology Corp. (the "**Issuer**") by the undersigned Subscriber, or if applicable, the principal on whose behalf the undersigned is purchasing as agent, the Subscriber hereby represents, warrants, covenants and ratifies to the Issuer that:

1. The Subscriber is resident in or is subject to the laws of a
Province of Canada other than Ontario;

2. The Subscriber is purchasing the Debentures as principal
for its own account;

3. It is **(please initial):** 

---

| | | |
|:---|:---|:---|
| _____ | (a) | a director, executive officer or control person of the Issuer, or of an affiliate of the Issuer; or |

---

---

| | | |
|:---|:---|:---|
| _____ | (b) | a spouse, parent, grandparent, brother, sister, child or grandchild of a director, executive officer or control person of the Issuer, or of an affiliate of the Issuer; or |

---

---

| | | |
|:---|:---|:---|
| _____ | (c) | a parent, grandparent, brother, sister, child or grandchild of the spouse of a director, executive officer or control person of the Issuer, or of an affiliate of the Issuer; or |

---

---

| | | |
|:---|:---|:---|
| _____ | (d) | a close personal friend (by reason of the fact that you have directly known such individual well enough and for a sufficient period of time and in a sufficiently close relationship (where such relationship is direct and extends beyond being a relative or a member of the same organization, association or religious group or a client, customer or former client or customer or being a close personal friend of a close personal friend of such individual) to be in a position to assess the capabilities and the trustworthiness of such individual) of a director, executive officer or control person of the Issuer, or of an affiliate of the Issuer; or |

---

---

| | | |
|:---|:---|:---|
| _____ | (e) | a close business associate (by reason of the fact that you have had direct sufficient prior business dealings with such individual (where such relationship is direct and extends beyond being a client, customer or former client or customer or being a close business associate of a close business associate of such individual) to be in a position to assess the capabilities and trustworthiness of such individual) of a director, executive officer or control person of the Issuer, or of an affiliate of the Issuer, or |

---

---

| | | |
|:---|:---|:---|
| _____ | (f) | a founder of the Issuer or a spouse, parent, grandparent, brother, sister, child, grandchild, close personal friend (by reason of the fact that you have directly known such individual well enough and for a sufficient period of time and in a sufficiently close relationship (where such relationship is direct and extends beyond being a relative or a member of the same organization, association or religious group or a client, customer or former client or customer or being a close personal friend of a close personal friend of such individual) to be in a position to assess the capabilities and the trustworthiness of such individual) or close business associate (by reason of the fact that you have had direct sufficient prior business dealings with such individual (where such relationship is direct and extends beyond being a client, customer or former client or customer or being a close business associate of a close business associate of such individual) to be in a position to assess the capabilities and trustworthiness of such individual) of a founder of the Issuer, or |

---

---

| | | |
|:---|:---|:---|
| _____ | (g) | a parent, grandparent, brother, sister, child or grandchild of a spouse of a founder of the Issuer, or |

---

- B1 -

---

| | | |
|:---|:---|:---|
| _____ | (h) | a person or company of which a majority of the voting securities are beneficially owned by, or a majority of the directors are, persons or companies described in subsections 3(a) to 3(g) above; or |

---

---

| | |
|:---|:---|
| (i) | ________ a trust or estate of which all of the beneficiaries or a majority of the trustees are persons or companies described in subsections 3(a) to 3(g) above; or |
|  | **Please complete the following details of whose relationship is if you have checked any one of items 3(b)to 3(i) above:** |
|  | (insert name of applicable person) |
|  | Length of Relationship |
|  | Details of Relationship |
|  | Prior Business Dealings, if applicable |

---

4. The Subscriber represents and warrants that the above representations and warranties will be true and correct both as of the execution of this certificate and as of the closing time of the purchase and sale of the Securities and acknowledges that they will survive the completion of the issue of the Securities.

5. For the purposes hereof, words and phrases used in this representation letter and which are defined in NI 45-106 will have the meaning ascribed thereto in NI 45-106.

6. The undersigned acknowledges that the foregoing representations and warranties are made by the undersigned with the intent that they be relied upon in determining the suitability of the Subscriber as a purchaser of the Securities and that this Schedule B is incorporated into and forms part of the Subscription Agreement and the undersigned undertakes to immediately notify the Issuer of any change in any statement or other information relating to the Subscriber set forth herein which takes place prior to the closing time of the purchase and sale of the Securities.

Dated: _______________________, 20_____.

---

| | |
|:---|:---|
| Print name of Subscriber | Print name of Subscriber |
| By: |  |
|  | Signature |
|  | Print name of Signatory <br> (if different from Subscriber) |
|  | Title |

---

- B2 -

**Appendix 1 to Schedule B**

**(To be completed by residents of Ontario only)**

**Form 45-106F12**

***Risk Acknowledgement Form for Family, Friend and Business Associate Investors***

---

| |
|:---|
| **WARNING!** |
| **This investment is risky. Don't invest unless you can afford to lose all the money you pay for this investment.** |

---

---

| | |
|:---|:---|
| <br> **SECTION 1 TO BE COMPLETED BY ISSUER** | <br> **SECTION 1 TO BE COMPLETED BY ISSUER** |
| <br> **1. About your investment** | <br> **1. About your investment** |
| <br> Type of securities: <br>**Unsecured Convertible Debentures** | <br> Issuer: <br>**Modern Mining Technology Corp.** |

---

---

| | |
|:---|:---|
| <br> **SECTIONS 2 TO 4 TO BE COMPLETED BY THE PURCHASER** | <br> **SECTIONS 2 TO 4 TO BE COMPLETED BY THE PURCHASER** |
| <br> **2. Risk acknowledgement** | <br> **2. Risk acknowledgement** |
| <br> This investment is risky. Initial that you understand that: | <br> **Your <br> initials** |
| <br> **Risk of loss** – You could lose your entire investment of $________. |  |
| <br> **Liquidity risk** – You may not be able to sell your investment quickly – or at all. |  |
| <br> **Lack of information** – You may receive little or no information about your investment. The information you receive may be limited to the information provided to you by the family member, friend or close business associate specified in section 3 of this form. |  |
| <br> **3. Family, friend or business associate status** | <br> **3. Family, friend or business associate status** |
| <br> You must meet at least **one** of the following criteria to be able to make this investment. Initial the statement that applies to you: | <br> **Your <br> initials** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br> A) You are: | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br> A) You are: |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. [*check all applicable boxes*] <br>☐ a director of the issuer or an affiliate of the issuer <br>☐ an executive officer of the issuer or an affiliate of the issuer <br>☐ a control person of the issuer or an affiliate of the issuer | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. [*check all applicable boxes*] <br>☐ a director of the issuer or an affiliate of the issuer <br>☐ an executive officer of the issuer or an affiliate of the issuer <br>☐ a control person of the issuer or an affiliate of the issuer |

---

- B3 -

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br> ☐ a founder of the issuer | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br> ☐ a founder of the issuer |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;OR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;OR |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. [*check all applicable boxes*] <br>☐ a person of which a majority of the voting securities are beneficially owned by, or a majority of the directors are, (i) individuals listed in (1) above and/or (ii) family members, close personal friends or close business associates of individuals listed in (1) above <br>☐ a truest or estate of which all of the beneficiaries or a majority of the trustees or executors are (i) individuals listed in (1) above and/or (ii) family members, close personal friends or close business associates of individuals listed in (1) above | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. [*check all applicable boxes*] <br>☐ a person of which a majority of the voting securities are beneficially owned by, or a majority of the directors are, (i) individuals listed in (1) above and/or (ii) family members, close personal friends or close business associates of individuals listed in (1) above <br>☐ a truest or estate of which all of the beneficiaries or a majority of the trustees or executors are (i) individuals listed in (1) above and/or (ii) family members, close personal friends or close business associates of individuals listed in (1) above |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B) You are a family member of ________________________, who holds the following position at the issuer or an affiliate of the issue: ______________________________. <br>You are the ____________________________ of that person or that person's spouse. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B) You are a family member of ________________________, who holds the following position at the issuer or an affiliate of the issue: ______________________________. <br>You are the ____________________________ of that person or that person's spouse. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C) You are a close personal friend of _________________________, who holds the following position at the issuer or an affiliate of the issuer: _____________________. <br>You have known that person for _______ years.  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C) You are a close personal friend of _________________________, who holds the following position at the issuer or an affiliate of the issuer: _____________________. <br>You have known that person for _______ years.  |
| **4. Your name and signature** | **4. Your name and signature** |
| <br> By signing this form, you confirm that you have read this form and you understand the risks of making this investment as identified in this form. You also confirm that you are eligible to make this investment because you are a family member, close personal friend or close business associate of that person identified in section 5 of this form. | <br> By signing this form, you confirm that you have read this form and you understand the risks of making this investment as identified in this form. You also confirm that you are eligible to make this investment because you are a family member, close personal friend or close business associate of that person identified in section 5 of this form. |
| <br> First and last name (please print): | <br> First and last name (please print): |
| <br> Signature: | <br> Date: |
| <br> **SECTION 5 TO BE COMPLETED BY PERSON WHO CLAIMS THE PERSONAL RELATIONSHIP, IF APPLICABLE** | <br> **SECTION 5 TO BE COMPLETED BY PERSON WHO CLAIMS THE PERSONAL RELATIONSHIP, IF APPLICABLE** |
| <br> **5. Contact person at the issuer or an affiliate of the issuer** | <br> **5. Contact person at the issuer or an affiliate of the issuer** |
| <br> [*Instruction: To be completed by the director, executive officer, control person or founder with whom the purchaser has a close personal relationship indicated under sections 3B, C or D of this form.*]<br>By signing this for, you confirm that you have, or your spouse has, the following relationship with the purchaser: *[check the box that applies]* | <br> [*Instruction: To be completed by the director, executive officer, control person or founder with whom the purchaser has a close personal relationship indicated under sections 3B, C or D of this form.*]<br>By signing this for, you confirm that you have, or your spouse has, the following relationship with the purchaser: *[check the box that applies]* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;☐ family relationship as set out in section 3B of this form<br>☐ close personal friendship as set out in section 3C of this form <br>☐ close business associate relationship as set out in section 3D of this form | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;☐ family relationship as set out in section 3B of this form<br>☐ close personal friendship as set out in section 3C of this form <br>☐ close business associate relationship as set out in section 3D of this form |

---

- B4 -

---

| | |
|:---|:---|
| <br> First and last name of contact person (please print): | <br> First and last name of contact person (please print): |
| <br> Position with the issuer or affiliate of the issuer (director, executive officer, control person or founder): | <br> Position with the issuer or affiliate of the issuer (director, executive officer, control person or founder): |
| <br> Telephone: | <br> Email: |
| <br> Signature: | <br> Date: |
| <br> **SECTION 6 TO BE COMPLETED BY THE ISSUER** | <br> **SECTION 6 TO BE COMPLETED BY THE ISSUER** |
| <br> 6**. For more information about this investment** | <br> 6**. For more information about this investment** |
| <br> Please contact:<br>Modern Mining Technology Corp.<br> 1177 Hastings Street West, Suite 2288, <br>Vancouver, British Columbia V6E 2K3, Canada <br> <u>Attention:</u> Alnesh Mohan <br>Email: Alnesh.mohan@quantumllp.com <br>**For more information about prospectus exemptions, contact your local securities regulator. You can find contact information at www. securities-administrators.ca** | <br> Please contact:<br>Modern Mining Technology Corp.<br> 1177 Hastings Street West, Suite 2288, <br>Vancouver, British Columbia V6E 2K3, Canada <br> <u>Attention:</u> Alnesh Mohan <br>Email: Alnesh.mohan@quantumllp.com <br>**For more information about prospectus exemptions, contact your local securities regulator. You can find contact information at www. securities-administrators.ca** |
| <br> Signature of executive officer of issuer (other than the purchaser): | <br> Date:<br>|

---

- B5 -

**Appendix 2 to Schedule B**

**FORM 45-106F5<br> (To be completed by Residents of Saskatchewan Only)**

**Risk Acknowledgement**

**Saskatchewan Close Personal Friends and Close Business Associates**

I acknowledge that this is a risky investment:

● I am investing entirely at my own risk.

● No securities regulatory authority or regulator has evaluated or endorsed the merits of these securities.

● The person selling me these securities is not registered with a securities regulatory authority or regulator and has no duty to tell me whether this investment is suitable for me.

● I will not be able to sell these securities except in limited circumstances. I may never be able to sell these securities

● I could lose all the money I invest.

● I do not have a 2-day right to cancel my purchase of these securities or the statutory rights of action for misrepresentation I would have if I were purchasing the securities under a prospectus. I do have a 2-day right to cancel my purchase of these securities if I receive an amended offering document.

I am investing $____________ [total consideration] in total; this includes any amount I am obliged to pay in future.

I am a **close** personal friend or **close** business associate of ____________ [state name], who is a ____________ [state title - founder, director, executive officer or control person] of ____________ [state name of issuer or its affiliate – if an affiliate state "an affiliate of the issuer" and give the issuer's name].

I acknowledge that I am purchasing based on my close relationship with ____________ [state name of founder, director, executive officer or control person] whom I know well enough and for a sufficient period of time to be able to assess her/his capabilities and trustworthiness.

**I acknowledge that this is a risky investment and that I could lose all the money I invest.**

---

| | |
|:---|:---|
| Date | Signature of Purchaser |
|  | Print name of Purchaser |

---

Sign 2 copies of this document. Keep one copy for your records.

- B6 -

**You are buying Exempt Market Securities**

They are called *exempt market securities* because two parts of securities law do not apply to them. If an issuer wants to sell *exempt market securities* to you:

● the issuer does not have to give you a prospectus (a document that describes the investment in detail and gives you some legal protections), and

● the securities do not have to be sold by an investment dealer registered with a securities regulatory authority or regulator.

There are restrictions on your ability to resell *exempt market securities*. Exempt market securities are more risky than other securities.

**You may not receive any written information about the issuer or its business**

If you have any questions about the issuer or its business, ask for written clarification before you purchase the securities. You should consult your own professional advisers before investing in the securities.

**You will not receive advice** 

Unless you consult your own professional advisers, you will not get professional advice about whether the investment is suitable for you.

For more information on the exempt market, refer to the Saskatchewan Financial Services Commission's website at http://www.sfsc.gov.sk.ca.

*[Instruction: The purchaser must sign 2 copies of this form. The purchaser and the issuer must each receive a signed copy.]*

- B7 -

**SCHEDULE C**

**U.S. Purchaser CERTIFICATE<br> (To be completed by U.S. Purchasers)**

A **"U.S. <u>Purchaser</u>**" is (a) any "U.S. Person" as defined in Regulation S, (b) any person purchasing the Debentures on behalf of any "U.S. Person" or any person in the United States, (c) any person who receives or received an offer of the Debentures while in the United States, or (d) any person who is or was in the United States at the time the Subscriber's buy order was made or this Agreement was executed or delivered.

1. In addition to the covenants, representations and warranties contained in the Subscription Agreement to which this Schedule C is attached, the Subscriber covenants, represents and warrants to Modern Mining Technology Corp. (the "**Issuer**") that ***<u>(please place your initials on the appropriate line(s) with respect to (a) or (b)):</u>***:

---

| | |
|:---|:---|
| Initials _______(a) | it is a discretionary or similar account (other than an estate or trust) that is excluded from the definition of "U.S. Person" pursuant to Rule 902(k)(2)(i) of Regulation S and is held on behalf of a person that is not a U.S. Person by a dealer or other professional fiduciary organized, incorporated, or (if an individual) resident in the United States; **OR** |
| Initials _______ (b) | it is an "accredited investor" as defined in Rule 501(a) of Regulation D by virtue of satisfying one or more of the categories indicated in Section 3 below. |

---

2. If the Subscriber has initialled box 1(b) above, the Subscriber
further covenants, represents and warrants to the Issuer that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) it understands that the Securities have not been and will
not be registered under the U.S. Securities Act or under the securities laws of any state of the United States, that the offer and sale
contemplated hereby is being made in reliance on the exemption from registration provided by Rule 506(b) of Regulation D, that as such
the Securities will be "restricted securities" within the meaning of Rule 144 under the U.S. Securities Act, and the Subscriber
is familiar with such rule and understands the resale limitations imposed thereby and the U.S. Securities Act;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) it acknowledges that it has not purchased the Securities as
a result of any form of general solicitation or general advertising, including advertisements, articles, notices or other communications
published in any newspaper, magazine or similar media or broadcast over radio, television or the Internet, or any seminar or meeting
whose attendees have been invited by general solicitation or general advertising;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) it understands and agrees that there may be material tax consequences
to the Subscriber of an acquisition, disposition or exercise of any of the securities. The Issuer gives no opinion and makes no representation
with respect to the tax consequences to the Subscriber under United States, state, local or foreign tax law of the undersigned's
acquisition or disposition of such securities. In particular, no determination has been made whether the Issuer will be a "passive
foreign investment company" within the meaning of Section 1297 of the *United States Internal Revenue Code*;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) it understands and agrees that the financial statements of the
Issuer have been prepared in accordance with International Financial Reporting Standards as issued by the International Accounting Standards
Board, which differ in some respects from United States generally accepted accounting principles, and thus may not be comparable to financial
statements of United States companies;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) it understands and agreed that the certificates representing
the Debentures (and the underlying Warrants issuable upon conversion of the Debentures), and all certificates issued in exchange therefore
or in substitution thereof, shall bear the following legend:

**"THE SECURITIES REPRESENTED HEREBY AND THE SECURITIES ISSUABLE UPON EXERCISE HEREOF HAVE NOT BEEN REGISTERED UNDER THE UNITED STATES SECURITIES ACT OF 1933, AS AMENDED (THE "U.S. SECURITIES ACT") OR THE SECURITIES LAWS OF ANY STATE OF THE UNITED STATES. THE HOLDER HEREOF, BY PURCHASING SUCH SECURITIES, AGREES FOR THE BENEFIT OF THE COMPANY THAT SUCH SECURITIES MAY BE OFFERED, SOLD OR OTHERWISE TRANSFERRED ONLY (A) TO THE COMPANY; (B) OUTSIDE THE UNITED STATES IN ACCORDANCE WITH RULE 904 OF REGULATION S UNDER THE U.S. SECURITIES ACT; (C) IN ACCORDANCE WITH THE EXEMPTION FROM REGISTRATION UNDER THE U.S. SECURITIES ACT PROVIDED BY RULE 144 THEREUNDER, IF AVAILABLE, AND IN COMPLIANCE WITH ANY APPLICABLE STATE SECURITIES LAWS; OR (D) IN A TRANSACTION THAT DOES NOT REQUIRE REGISTRATION UNDER THE U.S. SECURITIES ACT AND ANY APPLICABLE STATE SECURITIES LAWS, AND, IN THE CASE OF PARAGRAPH (C) OR (D), THE SELLER FURNISHES TO THE COMPANY AN OPINION OF COUNSEL OF RECOGNIZED STANDING IN FORM AND SUBSTANCE SATISFACTORY TO THE COMPANY TO SUCH EFFECT.**

- C1 -

**THESE [DEBENTURES/WARRANTS] AND THE SECURITIES DELIVERABLE UPON EXERCISE HEREOF HAVE NOT BEEN REGISTERED UNDER THE U.S. SECURITIES ACT OR THE SECURITIES LAWS OF ANY STATE OF THE UNITED STATES. THESE DEBENTURES MAY NOT BE EXERCISED BY OR ON BEHALF OF A U.S. PERSON OR A PERSON IN THE UNITED STATES UNLESS THE SECURITIES ISSUABLE UPON EXERCISE OF THESE [DEBENTURES/WARRANTS] HAVE BEEN REGISTERED UNDER THE U.S. SECURITIES ACT AND THE APPLICABLE SECURITIES LEGISLATION OF ANY SUCH STATE OR EXEMPTIONS FROM SUCH REGISTRATION REQUIREMENTS ARE AVAILABLE. "UNITED STATES" AND "U.S. PERSON" ARE AS DEFINED BY REGULATION S UNDER THE U.S. SECURITIES ACT."**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) it understands and acknowledges that upon the issuance thereof,
and until such time as the same is no longer required under the applicable requirements of the U.S. Securities Act or applicable state
securities laws and regulations, the certificates representing the underlying Shares issuable upon conversion of the Debentures and the
underlying Warrant Shares issuable upon exercise of the Warrants will bear a legend in substantially the following form:

**"THE SECURITIES REPRESENTED HEREBY HAVE NOT BEEN REGISTERED UNDER THE UNITED STATES SECURITIES ACT OF 1933, AS AMENDED (THE "U.S. SECURITIES ACT"), OR THE SECURITIES LAWS OF ANY STATE OF THE UNITED STATES. THE HOLDER HEREOF, BY PURCHASING SUCH SECURITIES, AGREES FOR THE BENEFIT OF THE COMPANY THAT SUCH SECURITIES MAY BE OFFERED, SOLD OR OTHERWISE TRANSFERRED ONLY (A) TO THE COMPANY; (B) OUTSIDE THE UNITED STATES IN ACCORDANCE WITH RULE 904 OF REGULATION S UNDER THE U.S. SECURITIES ACT; (C) IN ACCORDANCE WITH THE EXEMPTION FROM REGISTRATION UNDER THE U.S. SECURITIES ACT PROVIDED BY RULE 144 THEREUNDER, IF AVAILABLE, AND IN COMPLIANCE WITH ANY APPLICABLE STATE SECURITIES LAWS; OR (D) IN A TRANSACTION THAT DOES NOT REQUIRE REGISTRATION UNDER THE U.S. SECURITIES ACT AND ANY APPLICABLE STATE SECURITIES LAWS, AND, IN THE CASE OF CLAUSE (A) OR (D), THE SELLER FURNISHES TO THE COMPANY AN OPINION OF COUNSEL OF RECOGNIZED STANDING IN FORM AND SUBSTANCE SATISFACTORY TO THE COMPANY TO SUCH EFFECT."**

provided, that if the Shares or Warrant Shares, as applicable, are being sold outside the United States in compliance with the requirements of Rule 904 of Regulation S, the legends set forth above in this Section 2(e) may be removed by providing a declaration to the registrar and transfer agent of the Issuer, as set forth in Appendix "A" attached hereto (or in such other form as the Issuer may prescribe from time to time); and provided, further, that, if the Shares or Warrant Shares, as applicable, are being sold otherwise than in accordance with Rule 904 of Regulation S and other than to the Issuer, the legends may be removed by delivery to the registrar and transfer agent and the Issuer of an opinion of counsel of recognized standing in form and substance satisfactory to the Issuer that such legends are no longer required under applicable requirements of the U.S. Securities Act or state securities laws;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) it consents to the Issuer making a notation on its records or
giving instruction to the registrar and transfer agent of the Issuer in order to implement the restrictions on transfer set forth and
described herein;

- C2 -

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) it understands and acknowledges that the Issuer is not obligated to remain a "foreign issuer";

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) if an individual, it is a resident of the state or other jurisdiction
listed in its address on the execution page of the Subscription Agreement, or if the Subscriber is not an individual, the office of the
Subscriber at which the Subscriber received and accepted the offer to purchase the Issuer's Securities is the address listed on
the execution page of the Subscription Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) it has such knowledge and experience in financial and business
matters as to be capable of evaluating the merits and risks of an investment in the Securities and it is able to bear the economic risk
of loss of its entire investment;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) the Issuer has provided to it the opportunity to ask questions
and receive answers concerning the terms and conditions of the offering and it has had access to such information concerning the Issuer
as it has considered necessary or appropriate in connection with its investment decision to acquire the Securities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) it is acquiring the Securities for its own account, for investment
purposes only and not with a view to any resale, distribution or other disposition of the Securities in violation of the United States
securities laws;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m) if it decides to offer, sell or otherwise transfer any of the
Securities, it will not offer, sell or otherwise transfer any of such Securities directly or indirectly, unless

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the sale is to the Issuer;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the sale is made outside the United States in a transaction
meeting the requirements of Rule 904 of Regulation S and in compliance with applicable local laws and regulations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) the sale is made pursuant to the exemption from the registration requirements under the

U.S. Securities Act provided by Rule 144 thereunder, if available, and in accordance with any applicable state securities or "Blue Sky" laws; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) the Securities are sold in a transaction that does not require registration under the U.S. Securities Act or any applicable state
laws and regulations governing the offer and sale of securities;

and, in the case of clauses (iii) or (iv) above, it has prior to such sale furnished to the Issuer an opinion of counsel or other evidence of exemption in form and substance reasonably satisfactory to the Issuer;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n) it understands that the Issuer is not obligated to file and
has no present intention of filing with the U.S. Securities and Exchange Commission or with any state securities administrators any registration
statement in respect of resales of the Securities in the United States; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(o) the funds representing the purchase price which will be advanced
by the Subscriber to the Issuer hereunder will not represent proceeds of crime for the purposes of the United States Uniting and Strengthening
America by Providing Appropriate Tools Required to Intercept and Obstruct Terrorism Act (the "**PATRIOT Act** "), and the
Subscriber acknowledges that the Issuer may in the future be required by law to disclose the Subscriber's name and other information
relating to the subscription agreement and the Subscriber's subscription hereunder, on a confidential basis, pursuant to the PATRIOT
Act. No portion of the purchase price to be provided by the Subscriber (i) has been or will be derived from or related to any activity
that is deemed criminal under the laws of the United States of America, or any other jurisdiction, or (ii) is being tendered on behalf
of a person or entity who has not been identified to or by the Subscriber, and it shall promptly notify the Issuer if the Subscriber
discovers that any of such representations ceases to be true and provide the Issuer with appropriate information in connection therewith.

- C3 -

3. If the Subscriber has initialled box 1(b) above, the Subscriber further covenants, represents and warrants
to the Issuer that  ***<u>(please place your initials on the appropriate line(s) 1 through 24 below):</u>*** 

---

| | | |
|:---|:---|:---|
| __________ | Category 1. | A bank, as defined in Section 3(a)(2) of the U.S. Securities Act, whether acting in its individual or fiduciary capacity; or |
| __________ | Category 2. | A savings and loan association or other institution as defined in Section 3(a)(5)(A) of the U.S. Securities Act, whether acting in its individual or fiduciary capacity; or |

---

---

| | |
|:---|:---|
| Category 3. | A broker or dealer registered pursuant to Section 15 of the United States Securities Exchange Act of 1934, as amended; or |
| Category 4. | An investment adviser registered pursuant to section 203 of the Investment Advisers Act of 1940 or registered pursuant to the laws of a state; or |
| Category 5. | An investment adviser relying on the exemption from registering with the United States Securities and Exchange Commission (the "**Commission**") under section 203(l) or (m) of the Investment Advisers Act of 1940; or |
| Category 6. | An insurance company as defined in Section 2(a)(13) of the U.S. Securities Act; or |
| Category 7. | An investment company registered under the United States Investment Company Act of 1940; or |
| Category 8. | A business development company as defined in Section 2(a)(48) of the United States Investment Company Act of 1940; or |
| Category 9. | A small business investment company licensed by the U.S. Small Business Administration under Section 301 (c) or (d) of the United States Small Business Investment Act of 1958; or |
| Category 10. | A rural business investment company as defined in section 384A of the Consolidated Farm and Rural Development Act; or |
| Category 11. | A plan established and maintained by a state, its political subdivisions or any agency or instrumentality of a state or its political subdivisions, for the benefit of its employees, with total assets in excess of US$5,000,000; or |
| Category 12. | An employee benefit plan within the meaning of the United States Employee Retirement Income Security Act of 1974 in which the investment decision is made by a plan fiduciary, as defined in Section 3(21) of such Act, which is either a bank, savings and loan association, insurance company or registered investment adviser, or an employee benefit plan with total assets in excess of US$5,000,000 or, if a self-directed plan, with investment decisions made solely by persons who are U.S. Accredited Investors; or |
| Category 13. | A private business development company as defined in Section 202(a)(22) of the United States Investment Advisers Act of 1940; or |
| Category 14. | An organization described in Section 501(c)(3) of the United States Internal Revenue Code of 1986, as amended, a corporation, a limited liability company, a Massachusetts or similar business trust, a partnership, or limited liability company, not formed for the specific purpose of acquiring the securities offered, with total assets in excess of US$5,000,000; or |
| Category 15. | Any director or executive officer of the Issuer; or |

---

- C4 -

---

| | |
|:---|:---|
| Category 16. | A natural person (including an IRA (Individual Retirement Account) owned by such person) whose individual net worth, or joint net worth with that person's spouse or spousal equivalent (being a cohabitant occupying a relationship generally equivalent to that of a spouse), excluding the value of that person's primary residence net of any mortgage obligation secured by the property, exceeds US$1,000,000 (**note:** for the purposes of calculating net worth: (i) the person's primary residence shall not be included as an asset; (ii) indebtedness that is secured by the person's primary residence, up to the estimated fair market value of the primary residence at the time of the sale of the securities, shall not be included as a liability (except that if the amount of such indebtedness outstanding at the time of the sale of the securities exceeds the amount outstanding 60 days before such time, other than as a result of the acquisition of the primary residence, the amount of such excess shall be included as a liability); (iii) indebtedness that is secured by the person's primary residence in excess of the estimated fair market value of the primary residence shall be included as a liability; (iv) for the purposes of calculating joint net worth of the person and that person's spouse or spousal equivalent, (A)joint net worth can be the aggregate net worth of the investor and spouse or spousal equivalent, and (B) assets need not be held jointly to be included in the calculation; and (v) reliance by the person and that person's spouse or spousal equivalent on the joint net worth standard does not require that the securities be purchased jointly); or |
| Category 17. | A natural person (including an IRA (Individual Retirement Account) owned by such person) who had an individual income in excess of US$200,000 in each of the two most recent years or joint income with that person's spouse or spousal equivalent in excess of US$300,000 in each of those years and has a reasonable expectation of reaching the same income level in the current year; or |
| Category 18. | A trust, with total assets in excess of US$5,000,000, not formed for the specific purpose of acquiring the securities offered, whose purchase is directed by a sophisticated person as described in Rule 506(b)(2)(ii) under the U.S. Securities Act; or |
| Category 18a. | A revocable trust which may be revoked or amended by its settlors (creators), each of whom is a U.S. Accredited Investor (**note:** if this category is selected, you must furnish a supplementary representation letter from each settlor confirming how such settlor qualifies as a U.S. Accredited Investor); or |
| Category 19. | Any entity in which all of the equity owners meet the requirements of at least one of the above categories. |

---

***If you checked Category 19, please indicate the name and category of U.S Accredited Investor (by reference to the applicable number in this section 2(e)) of each equity owner:***

---

| | |
|:---|:---|
| **Name of Equity Owner** | **Category of U.S. Accredited Investor** |

---

**Note:** It is permissible to look through various forms of equity ownership to natural persons in determining the U.S. Accredited Investor status of entities under this category. If those natural persons are themselves U.S. Accredited Investors, and if all other equity owners of the entity seeking U.S. Accredited Investor status are U.S. Accredited Investors, then this category will be available.

- C5 -

---

| | |
|:---|:---|
| Category 20. | An entity, of a type not listed in Categories 1-14, 18 or 19, not formed for the specific purpose of acquiring the securities offered, owning investments in excess of US$5,000,000 (**note:** for the purposes of this Category 20, "investments is defined in Rule 2a51-1(b) under the Investment Company Act of 1940); or |
| Category 21. | A natural person holding in good standing one or more of the following professional certifications or designations or credentials from an accredited educational institution that the Commission has designated as qualifying an individual for U.S. Accredited Investor status, including an IRA (Individual Retirement Account) owned by such person: The General Securities Representative license (Series 7), the Private Securities Offerings Representative license (Series 82), and the Licensed Investment Adviser Representative (Series 65); or |
| Category 22. | [Reserved] or |
| Category 23. | A "family office," as defined in rule 202(a)(11)(G)-1 under the Investment Advisers Act of 1940: (i) with assets under management in excess of US$5,000,000, (ii) that is not formed for the specific purpose of acquiring the securities offered, and (iii) whose prospective investment is directed by a person (a "**Knowledgeable Family Office Administrator**") who has such knowledge and experience in financial and business matters that such family office is capable of evaluating the merits and risks of the prospective investment; or |
| Category 24. | A "family client," as defined in rule 202(a)(11)(G)-1 under the Investment Advisers Act of 1940, of a family office meeting the requirements set forth in Category 23 above and whose prospective investment in the Issuer is directed by such family office with the involvement of the Knowledgeable Family Office Administrator. |

---

- C6 -

**ONLY U.S. PURCHASERS NEED TO COMPLETE AND SIGN**

---

| | |
|:---|:---|
| Dated: | Signed: |
| | Print the name of Subscriber |
| | Print official capacity or title, if applicable |
| | Print name of individual whose signature appears above if different than the name of the Subscriber printed above. |

---

- C7 -

**APPENDIX "A" TO<br> U.S. PURCHASER CERTIFICATE**

**Form of Declaration for Removal of Legend**

TO: Registrar and transfer agent for the shares of Modern Mining Technology Corp. (the "**Issuer**")

The undersigned (A) acknowledges that the sale of the ____________common shares in the capital of the Issuer represented by certificate number _______________, to which this declaration relates, is being made in reliance on Rule 904 of Regulation S under the United States Securities Act of 1933, as amended (the "**U.S. Securities Act**"), and (B) certifies that (1) the undersigned is not an "affiliate" (as defined in Rule 405 under the U.S. Securities Act) of the Issuer (except solely by virtue of being an officer or director of the Issuer) or a "distributor", as defined in Regulation S, or an affiliate of a "distributor"; (2) the offer of such securities was not made to a person in the United States and either (a) at the time the buy order was originated, the buyer was outside the United States, or the seller and any person acting on its behalf reasonably believe that the buyer was outside the United States, or (b) the transaction was executed on or through the facilities of the TSX Venture Exchange or a designated offshore securities market within the meaning of Rule 902(b) of Regulation S under the U.S. Securities Act, and neither the seller nor any person acting on its behalf knows that the transaction has been prearranged with a buyer in the United States; (3) neither the seller nor any affiliate of the seller nor any person acting on their behalf has engaged in any directed selling efforts in connection with the offer and sale of such securities; (4) the sale is bona fide and not for the purpose of "washing off" the resale restrictions imposed because the securities are "restricted securities" (as such term is defined in Rule 144(a)(3) under the U.S. Securities Act); (5) the seller does not intend to replace the securities sold in reliance on Rule 904 of Regulation S under the U.S. Securities Act with fungible unrestricted securities; and (6) the contemplated sale is not a transaction, or part of a series of transactions which, although in technical compliance with Regulation S, is part of a plan or a scheme to evade the registration provisions of the U.S. Securities Act. Unless otherwise specified, terms used herein have the meanings given to them by Regulation S under the U.S. Securities Act.

Dated:

---

| |
|:---|
| **X** |
| Signature of individual (if Seller **is** an individual) |
| **X** |
| Authorized signatory (if Seller is **not** an individual) |
| Name of Seller (**please print**) |
| Name of authorized signatory (**please print**) |
| Official capacity of authorized signatory (**please print**) |

---

- C8 -

**Affirmation by Seller's Broker-Dealer<br> (Required for sales pursuant to Section (B)(2)(b) above)**

We have read the representations of our customer ____________________ (the "**Seller**") contained in the foregoing Declaration for Removal of Legend, dated _____________, 20__, with regard to the sale, for such Seller's account, of _________________ common shares (the "**Securities**") of the Issuer represented by certificate number ______________. We have executed sales of the Securities pursuant to Rule 904 of Regulation S under the United States Securities Act of 1933, as amended (the "**U.S. Securities Act**"), on behalf of the Seller. In that connection, we hereby represent to you as follows:

(1) no offer to sell Securities was made to a person in the United States;

(2) the sale of the Securities was executed in, on or through the facilities of the Toronto Stock Exchange,
the TSX Venture Exchange or another designated offshore securities market (as defined in Rule 902(b) of Regulation S under the U.S. Securities
Act), and, to the best of our knowledge, the sale was not pre-arranged with a buyer in the United States;

(3) no "directed selling efforts" were made in the United States by the undersigned, any affiliate
of the undersigned, or any person acting on behalf of the undersigned; and

(4) we have done no more than execute the order or orders to sell the Securities as agent for the Seller and
will receive no more than the usual and customary broker's commission that would be received by a person executing such transaction
as agent.

For purposes of these representations: "**affiliate**" means a person that directly, or indirectly through one or more intermediaries, controls, or is controlled by, or is under common control with, the undersigned; "**directed selling efforts**" means any activity undertaken for the purpose of, or that could reasonably be expected to have the effect of, conditioning the market in the United States for the Securities (including, but not be limited to, the solicitation of offers to purchase the Securities from persons in the United States); and "**United States**" means the United States of America, its territories or possessions, any State of the United States, and the District of Columbia.

Legal counsel to the Issuer shall be entitled to rely upon the representations, warranties and covenants contained herein to the same extent as if this affirmation had been addressed to them.

---

| | |
|:---|:---|
| Name of Firm | Name of Firm |
| By: |  |
|  | Authorized Signatory |

---

- C9 -

**SCHEDULE D**

**CONTACT INFORMATION**

---

| | |
|:---|:---|
| **Alberta Securities Commission**<br> Suite 600, 250—5<sup>th</sup> Street SW<br> Calgary, Alberta T2P 0R4<br> Telephone: (403) 297-6454<br> Toll free in Canada: 1-877-355-0585<br> Facsimile: (403) 297-2082 | **British Columbia Securities Commission**<br> P.O. Box 10142, Pacific Centre<br> 701 West Georgia Street<br> Vancouver, British Columbia V7Y 1L2<br> Inquiries: (604) 899-6854<br> Toll free in Canada: 1-800-373-6393<br> Facsimile: (604) 899-6581<br> Email: <u>inquiries@bcsc.bc.ca</u> |
| **The Manitoba Securities Commission**<br> 500-400 St. Mary Avenue<br> Winnipeg, Manitoba R3C 4K5<br> Telephone: (204) 945-2548<br> Toll free in Manitoba: 1-800-655-5244<br> Facsimile: (204) 945-0330 | **Financial and Consumer Services Commission (New Brunswick)**<br> 85 Charlotte Street, Suite 300<br> Saint John, New Brunswick E2L 2J2<br> Telephone: (506) 658-3060<br> Toll free in Canada: 1-866-933-2222<br> Facsimile: (506) 658-3059<br> Email: <u>info@fcnb.ca</u> |
| **Government of Newfoundland and Labrador<br> Financial Services Regulation Division**<br> P.O. Box 8700<br> Confederation Building<br> 2<sup>nd</sup> Floor, West Block<br> Prince Philip Drive<br> St. John's, Newfoundland and Labrador A1B 4J6<br> Attention: Director of Securities<br> Telephone: (709) 729-4189<br> Facsimile: (709) 729-6187 | **Government of the Northwest Territories<br> Office of the Superintendent of Securities**<br> P.O. Box 1320<br> Yellowknife, Northwest Territories X1A 2L9<br> Attention: Deputy Superintendent, Legal & Enforcement<br> Telephone: (867) 920-8984<br> Facsimile: (867) 873-0243 |
| **Nova Scotia Securities Commission**<br> Suite 400, 5251 Duke Street<br> Duke Tower<br> P.O. Box 458<br> Halifax, Nova Scotia B3J 2P8<br> Telephone: (902) 424-7768<br> Facsimile: (902) 424-4625 | **Government of Nunavut<br> Department of Justice**<br> Legal Registries Division<br> P.O. Box 1000, Station 570<br> 1<sup>st</sup> Floor, Brown Building<br> Iqaluit, Nunavut X0A 0H0<br> Telephone: (867) 975-6590<br> Facsimile: (867) 975-6594 |
| **Ontario Securities Commission**<br> 20 Queen Street West, 22<sup>nd</sup> Floor<br> Toronto, Ontario M5H 3S8<br> Telephone: (416) 593-8314<br> Toll free in Canada: 1-877-785-1555<br> Facsimile: (416) 593-8122<br> Email: exemptmarketfilings@osc.gov.on.ca<br> Public official contact regarding indirect collection of information: Inquiries Officer | **Prince Edward Island Securities Office**<br> 95 Rochford Street, 4<sup>th</sup> Floor Shaw Building<br> P.O. Box 2000<br> Charlottetown, Prince Edward Island C1A 7N8<br> Telephone: (902) 368-4569<br> Facsimile: (902) 368-5283 |

---

- D1 -

---

| | |
|:---|:---|
| **Autorité des marchés financiers**<br> 800, Square Victoria, 22e étage<br> C.P. 246, Tour de la Bourse<br> Montréal, Québec H4Z 1G3<br> Telephone: (514) 395-0337 or 1-877-525-0337<br> Facsimile: (514) 864-6381 (For privacy requests only)<br> Email: financementdessocietes@lautorite.qc.ca<br> (For corporate finance issuers);<br> fonds_dinvestissement@lautorite.qc.ca (for investment fund issuers) | **Financial and Consumer Affairs Authority of Saskatchewan**<br> Suite 601—1919 Saskatchewan Drive<br> Regina, Saskatchewan S4P 4H2<br> Telephone: (306) 787-5879<br> Facsimile: (306) 787-5899 |
| **Government of Yukon<br> Department of Community Services**<br> Law Centre, 3<sup>rd</sup> Floor<br> 2130 Second Avenue<br> Whitehorse, Yukon Y1A 5H6<br> Telephone: (867) 667-5314<br> Facsimile: (867) 393-6251 |  |

---

- D2 -

## Ex1A-6

**Exhibit 6.9**

**INVESTOR RIGHTS AGREEMENT**

**MODERN MINING TECHNOLOGY CORP.**

**and**

**JEET BASI** 

**(as representative of the holders of Convertible Debentures)**

**August 31, 2022**

<br> **INVESTOR RIGHTS AGREEMENT**

This Investor Rights Agreement (this "**Agreement**") is made the 31<sup>st</sup> day of August, 2022.

**BETWEEN:**

**MODERN MINING TECHNOLOGY CORP.**

(the "**Company**")

- and -

**JEET BASI**

(the "**Convertible Debenture Holder Representative**")

**WHEREAS** Urban Mining International Inc. ("**Urban Mining**"), the Company's wholly-owned subsidiary, and certain investors (the "**Investors**") entered into subscription agreements whereby such investors purchased an aggregate of $3,122,722.50 USD principal amount of convertible debentures convertible into common shares of the Company (the "**Convertible Debentures")**;

**AND WHEREAS** on August 31, 2021, the Company acquired all the issued and outstanding shares of Urban Mining pursuant to a Merger Agreement and Plan of Reorganization dated August 18, 2021 (the "**Merger Agreement**") among the Company, Urban Mining and Urban Mining Merger Sub, Inc.;

**AND WHEREAS** the Company issued unsecured Convertible Debentures in the principal amount of $3,122,752.50 USD convertible into common shares of the Company at a price equal to a 40% discount to the initial public offering price in the event of a listing on a U.S. Exchange;

**AND WHEREAS** the Company has agreed to grant the Investors certain additional rights as set out herein;

**AND WHEREAS** the Investors have agreed that Jeet Basi shall act as a representative of the Investors;

**THIS AGREEMENT WITNESSES THAT** in consideration of the respective covenants and agreements of the Parties herein contained and for other good and valuable consideration (the receipt and sufficiency of which are acknowledged by each Party), the Parties agree as follows:

**Article 1<br> INTERPRETATION**

**1.1** **Defined Terms** 

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

"**Act**" means the *Business Corporations Act* (British Columbia);

"**Affiliate**" has the meaning ascribed to such term in the Act, as in effect on the date of this Agreement;

"**Board**" means the board of directors of the Company;

"**Business Day**" means any day, other than (i) a Saturday, Sunday or statutory holiday in the Province of British Columbia; and (ii) a day on which banks are generally closed in the Province of British Columbia;

"**Common Shares**" means the common shares in the capital of the Company issued and outstanding from time to time and includes any common shares that may be issued hereafter;

"**Convertible Debentures**" has the meaning set out in the recitals hereto;

"**Exchange**" means the New York Stock Exchange, the NYSE American or the National Association of Securities Dealers Automated Quotations, Toronto Stock Exchange, TSX Venture Exchange, or such other stock exchange in Canada or the United States where the Common Shares may be listed from time to time; and

"**Parties**" means the parties to this Agreement and "**Party**" means one of them.

**1.2** **Rules of Construction** 

Except as may be otherwise specifically provided in this Agreement and unless the context otherwise requires, in this Agreement:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the terms "Agreement", "this Agreement", "the Agreement", "hereto",
"hereof", "herein", "hereby", "hereunder" and similar expressions refer to this Agreement
in its entirety and not to any particular provision hereof;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) references to an "Article" or "Section" followed by a number or letter refer to
the specified Article or Section to this Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) the division of this Agreement into articles and sections and the insertion of headings are for convenience
of reference only and shall not affect the construction or interpretation of this Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) words importing the singular number only shall include the plural and vice versa and words importing the
use of any gender shall include all genders;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) the word "including" is deemed to mean "including without limitation";

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) any reference to this Agreement means this Agreement as amended, modified, replaced or supplemented from
time to time;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) any reference to a statute, regulation or rule shall be construed to be a reference thereto as the same
may from time to time be amended, re-enacted or replaced, and any reference to a statute shall include any regulations or rules made thereunder;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) all dollar amounts refer to Canadian dollars;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) all references to a percentage ownership of shares shall be calculated on a non-diluted basis, unless
otherwise indicated;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) any time period within which a payment is to be made or any other action is to be taken hereunder shall
be calculated excluding the day on which the period commences and including the day on which the period ends; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) whenever any action is required to be taken or period of time is to expire on a day other than a Business
Day, such action shall be taken or period shall expire on the next following Business Day.

**1.3** **Entire Agreement** 

This Agreement constitute the entire agreement between the Parties with respect to the subject matter hereof and thereof and supersedes all prior agreements, understandings, negotiations and discussions, whether written or oral. There are no conditions, covenants, agreements, representations, warranties or other provisions, express or implied, collateral, statutory or otherwise, relating to the subject matter hereof except as provided in the aforesaid agreements.

**1.4** **Time of Essence** 

Time shall be of the essence of this Agreement.

**1.5** **Governing Law and Submission to Jurisdiction** 

This Agreement shall be interpreted and enforced in accordance with, and the respective rights and obligations of the Parties shall be governed by, the laws of the Province of British Columbia and the federal laws of Canada applicable in that province.

Each of the Parties irrevocably and unconditionally (i) submits to the exclusive jurisdiction of the courts of the Province of British Columbia in the City of Vancouver over any action or proceeding arising out of or relating to this Agreement, (ii) waives any objection that it might otherwise be entitled to assert to the jurisdiction of such courts and (iii) agrees not to assert that such courts are not a convenient forum for the determination of any such action or proceeding.

**1.6** **Severability** 

If any provision of this Agreement is determined by a court of competent jurisdiction to be invalid, illegal or unenforceable in any respect, all other provisions of this Agreement shall nevertheless remain in full force and effect so long as the economic or legal substance of the transactions contemplated hereby is not affected in any manner materially adverse to either Party hereto. Upon such determination that any term or other provision is invalid, illegal or incapable of being enforced, the Parties hereto shall negotiate in good faith to modify this Agreement so as to effect the original intent of the Parties hereto as closely as possible in an acceptable manner to the end that transactions contemplated hereby are fulfilled to the extent possible.

**Article 2<br> VOTING RIGHT**

**2.1** **Grant of Voting Right** 

The Company agrees that each Investor (directly or through an Affiliate) shall be entitled to receive notice of and to attend any meeting of the shareholders of the Company and to vote on any matter at any meetings of shareholders of the Company on the basis that each $2.40 USD of Convertible Debentures will be equal to one common share, entitling the holder thereof to one vote.

**Article 3<br> MISCELLANEOUS**

**3.1** **Termination** 

This Agreement shall terminate on the earlier of (i) the date that Investors and its Affiliates does not own, directly or indirectly, any Warrants and (ii) the expiry date of the Warrants.

**3.2** **Notices** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Any notice or other communication required or permitted to be given hereunder shall be in writing and
shall be delivered in person, transmitted by e-mail or similar means of recorded electronic communication or sent by registered mail,
charges prepaid, addressed as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) in the case of the Convertible Debenture Holder Representative:

Jeet Basi

Email: jbasi@modernmining.com

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) in the case of the Company:

Modern Mining Technology Corp.<br> 1500-1055 West Georgia Street

Vancouver, British Columbia

V6E 4N7

Attention: Tom Fenton, Corporate Secretary<br> Email: tfenton@airdberlis.com

With a copy to:

McMillan LLP

1500-1055 West Georgia Street

Vancouver, British Columbia Attention:

Desmond Balakrishnan<br> Email: desmond.balakrishnan@mcmillan.ca

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Any Party may at any time change its address for service from time to time by giving notice to the other
Party in accordance with this Section 3.3.

**3.3** **Amendments and Waivers** 

No amendment or waiver of any provision of this Agreement shall be binding on any Party unless consented to in writing by such Party. No waiver of any provision of this Agreement shall constitute a waiver of any other provision, nor shall any waiver of any provision of this Agreement constitute a continuing waiver unless otherwise expressly provided.

**3.4** **Assignment** 

No Party may assign any of its rights or benefits under this Agreement, or delegate any of its duties or obligations, except with the prior written consent of the other Parties, such consent to be in their sole discretion. Notwithstanding the forgoing, the Parties agree that Investor may assign this Agreement to an Affiliate provided that Investor agrees to remain bound by the terms of this Agreement.

**3.5** **Successors and Assigns** 

This Agreement shall enure to the benefit of and shall be binding on and enforceable by and against the Parties and their respective successors or heirs, executors, administrators and other legal personal representatives, and permitted assigns.

**3.6** **Expenses** 

Except as otherwise expressly provided in this Agreement, each Party will pay for its own costs and expenses incurred in connection with the negotiation, preparation, execution and performance of this Agreement and the transactions contemplated herein, including the fees and expenses of legal counsel, financial advisors, accountants, consultants and other professional advisors.

**3.7** **Further Assurances** 

Each of the Parties hereto shall, from time to time hereafter and upon any reasonable request of the other, promptly do, execute, deliver or cause to be done, executed and delivered all further acts, documents and things as may be required or necessary for the purposes of giving effect to this Agreement.

**3.8** **Right to Injunctive Relief** 

The Parties agree that any breach of the terms of this Agreement by any of the Parties may result in immediate and irreparable injury and damage to the other Parties which may not be adequately compensated by damages. The Parties therefore also agree that in the event of any such breach or any anticipated or threatened breach by the defaulting Party, the other Parties shall be entitled to seek equitable relief, including by way of temporary or permanent injunction or specific performance, in addition to any other remedies (including damages) to which such other Parties may be entitled at law or in equity.

**3.9** **Counterparts** 

This Agreement may be executed and delivered in any number of counterparts, by facsimile copy, by electronic or digital signature or by other written acknowledgement of consent and agreement to be legally bound by its terms. Each counterpart when executed and delivered will be considered an original but all counterparts taken together constitute one and the same instrument.

**[Remainder of page intentionally left blank]**

IN WITNESS WHEREOF this Agreement has been executed by the Parties on the date first above written.

---

| | | |
|:---|:---|:---|
| **MODERN MINING TECHNOLOGY CORP.** | **MODERN MINING TECHNOLOGY CORP.** | **MODERN MINING TECHNOLOGY CORP.** |
| By: | /s/ Jeet Basi | /s/ Jeet Basi |
|  | Name: | Jeet Basi |
|  | Title: | Chief Executive Officer |
| /s/ Jeet Basi | /s/ Jeet Basi | /s/ Jeet Basi |
| **Jeet Basi** | **Jeet Basi** | **Jeet Basi** |

---

INVESTOR RIGHTS AGREEMENT

## Ex1A-6

**Exhibit 6.10**

**INVESTOR RIGHTS AMENDING AGREEMENT**

This Investor Rights Amending Agreement (this "**Agreement**") is made the 3rd day of November, 2022.

**BETWEEN:**

**MODERN MINING TECHNOLOGY CORP.**

(the "**Company**")

- and -

**JEET BASI**

(the "**Warrantholder Representative**")

**WHEREAS** the Company entered into an Investor Rights Agreement (the "**Original Agreement**") dated July 13, 2022 with the Warrantholder Representative, as representative for the Investors, to grant the Investors certain rights as set out therein;

**AND WHEREAS** the Company and the Warrantholder Representative desire to amend the Original Agreement to provide that the Original Agreement shall terminate in the event the Company completes an initial public offering of its common shares on a U.S. stock exchange;

**THIS AGREEMENT WITNESSES THAT** in consideration of the respective covenants and agreements of the Parties herein contained and for other good and valuable consideration (the receipt and sufficiency of which are acknowledged by each Party), the Parties agree as follows:

**1.1** **Defined Terms** 

For the purposes of this Agreement, unless otherwise defined, all terms shall have the respective meanings ascribed thereto in the Original Agreement.

**1.2** **Amendment** 

The Original Agreement is hereby amended to delete Paragraph 3.2 in its entirety, and replace it with the following:

**3.2** **Termination** 

This Agreement shall terminate on the earliest of (i) the date that Investors and its Affiliates does not own, directly or indirectly, any Warrants (ii) the expiry date of the Warrants, and (iii) immediately prior to the completion by the Company of an initial public offering of its common shares and listing on a U.S stock exchange.

**1.3** **Original Agreement Still in Effect** 

The Original Agreement and this Agreement shall together constitute and be read as one and the same written instrument. Except as otherwise amended by the foregoing, the provisions of the Original Agreement shall be and continue in full force and effect and are hereby confirmed as of the date hereof.

**1.4** **Governing Law** 

This Agreement shall be interpreted and enforced in accordance with, and the respective rights and obligations of the Parties shall be governed by, the laws of the Province of British Columbia and the federal laws of Canada applicable in that province.

**1.5** **Successors and Assigns** 

This Agreement shall enure to the benefit of and shall be binding on and enforceable by and against the Parties and their respective successors or heirs, executors, administrators and other legal personal representatives, and permitted assigns.

**1.6** **Counterparts** 

This Agreement may be executed and delivered in any number of counterparts, by facsimile copy, by electronic or digital signature or by other written acknowledgement of consent and agreement to be legally bound by its terms. Each counterpart when executed and delivered will be considered an original but all counterparts taken together constitute one and the same instrument.

**[Remainder of page intentionally left blank]**

IN WITNESS WHEREOF this Agreement has been executed by the Parties on the date first above written.

---

| | | |
|:---|:---|:---|
| **MODERN MINING TECHNOLOGY CORP.** | **MODERN MINING TECHNOLOGY CORP.** | **MODERN MINING TECHNOLOGY CORP.** |
| By: | /s/ Jeet Basi | /s/ Jeet Basi |
|  | Name: | Jeet Basi |
|  | Title: | Chief Executive Officer |
| /s/ Jeet Basi | /s/ Jeet Basi | /s/ Jeet Basi |
| **JEET BASI** | **JEET BASI** | **JEET BASI** |

---

INVESTOR RIGHTS AMENDING AGREEMENT

## Ex1A-6

**Exhibit 6.11**

*Certain identified information has been excluded from this exhibit because it is both not material and is the type that the registrant treats as private or confidential. Information that was omitted has been noted in this document with a placeholder identified by the mark "[\*\*\*]".*

**Modern ![](ex6-11_001.jpg) Mining**

February 28, 2022

**Privileged and Confidential**

Basil Botha

[\*\*\*]

Dear Basil:

<u>Re: Modern Mining Technology Corp, (the "Corporation" or "MMT"</u> 

This letter outlines the agreement (the "**Agreement**") we have reached to change your role with the Corporation. As you and the board of directors (the "**Board**") are aware, you are currently the Corporation's CEO and a Director. As you and the Board are further aware, this proposed change has been discussed at length at the Board level.

To recap, MMT proposes the following in respect to your changed role:

&nbsp;&nbsp;&nbsp;&nbsp;1. You
 will resign as a director of the Corporation and as the Corporation's CEO effective
 upon the date agreement this settlement is effective (namely, March 1, 2022 (the "**Effective Date** ")); and

&nbsp;&nbsp;&nbsp;&nbsp;2. You
will be appointed as the "Principal Technical Advisor'' of the Corporation having the duties and responsibilities outlined below. We further understand you will provide such services through
your company, 616538 BC Ltd ()"**616** "). Any references to you herein shall be deemed to include 616.

The Corporation's financial obligations to you (sometimes also referred to as the "**Executive**") will be as follows:

&nbsp;&nbsp;&nbsp;&nbsp;(a) MMT
 will pay all outstanding accumulated expenses incurred by you to date in the amount of approximately
 US$13,000;

&nbsp;&nbsp;&nbsp;&nbsp;(b) MMT
 will pay all accrued salary owing to you from September 1, 2021 to February 28, 2022 in the
 amount of US$78,000. This amount is based on your current salary of US$13,000/month;

&nbsp;&nbsp;&nbsp;&nbsp;(c) commencing
 March 1, 2022, your salary will increase to US$14,000 per month. Such salary will be payable
 for the period starting March 1, 2022 and run for eighteen (18) months post the Corporation's
 proposed Nasdaq IPO (herein, the "**IPO** ").

MMT can terminate your employment at any time for "cause" (as defined below) or, failing having Cause for dismissal, by paying the full term of salary owing through the balance of the 18 months post IPO - either in a lump sum or monthly through the employment term;

For the purposes herein, "**Cause**" shall be limited to the Executive's: (A) embezzlement or willful misappropriation of funds of MMT, (B) conduct that causes material harm to MMT or willful misconduct by the Executive; (C) conviction or commission of, or plea of nolo contendere by, Executive of any felony, misdemeanor or other illegal conduct involving an act of moral turpitude or otherwise relating directly or indirectly to the business or reputation of MMT; (D) habitual drug or other substance abuse that interferes in any material respects with the performance of Executive's duties under this Agreement; (E) debarment by any federal agency that would limit or prohibit Executive from serving in his prescribed capacity for MMT under this Agreement; (F) continuing failure to communicate and fully disclose any and all information related to the business, operations, management and accounting of the Corporation to the Board, the failure of which would adversely impact the Corporation or may result in a violation of state or federal securities laws; (G) continuing willful and intentional failure to perform is duties as stated herein or as reasonably requested by the Board; or (I) dishonesty towarids, fraud upon, or deliberate injury or attempted injury to MMT;

&nbsp;&nbsp;&nbsp;&nbsp;(d) MMT
will pay your reasonable documented out-of-pocket expenses during your term of employment;

&nbsp;&nbsp;&nbsp;&nbsp;(e) MMT
will leave your performance warrants in place, unamended. Such warrants will be considered fully vested and shall not expire in the case
of the Executive's employment being unilaterally terminated by the Corporation. Specifically, 600,00 performance warrants will be issued when the Corporation achieves a gross turnover of US$10MM and 800,000 performance warrants will be issued when the Corporation
achieves a gross turnover of US$20MM. In each case, the performance warrants will be issued at US$0.05 cents per each performance warrant
and will be issued within 14 days of the Corporation's financial statements being completed.

&nbsp;&nbsp;&nbsp;&nbsp;(f) MMT
 will pay you a one-time bonus of US$50,000 contingent upon the completion of the IPO. Specifically,
 such bonus amount will be paid within thirty (30) days of closing of the IPO. If there is
 no IPO, MMT will have no obligation to pay you any bonus; and

&nbsp;&nbsp;&nbsp;&nbsp;(g) MMT
 further agrees to pay the US$78,050 in advances you have made to MMT (bearing 1% interest)
 within ten (10) days of closing the IPO.

We further confirm that you will report directly to the Board. Your priorities and responsibilities will be to ensure that MMT establishes a solid basis for the ordering of equipment and commissioning of the Raleigh, North Carolina production facility within a period of six (6) months following the IPO. From March 1, 2022 onward, you agree to devote 100% of your time to MMT's affairs and you agree to spend two to three weeks per month at the facility in Raleigh.

The scope of work you will be responsible for will be the following: human resources, staff training (including, if directed by the Board, training Peter Dielwart to assume a greater role and title with the Corporation) and recruitment, security, safety, procurement of feed-stock, instituting production metrics for quality control and recoveries, set-up of the laboratory and any other aspects relating to operation of the facility.

You hereby further agree that you will not, without the prior written consent of the Corporation, during the period commencing on the date hereof and ending on the date twelve (12) months after the Corporation's initial public offering (the "**IPO**") (the "**Lock-Up Period**") (a) lend, offer, pledge, sell, contract to sell, sell any option or contract to purchase, purchase any option or contract to sell, grant any option, right or warrant to purchase, or otherwise transfer or dispose of, directly or indirectly, any shares of common stock, preferred stock or securities exercisable, convertible or exchangeable for common stock or preferred stock of the Corporation ("**Capital Stock**") or (b) enter into any swap or other arrangement that transfers to another, in whole or in part, any of the economic consequences of ownership of the Capital Stock, whether any such transaction described in clause (a) or (b) above is to be settled by delivery of Capital Stock or other securities, in cash or otherwise. After the expiration of such Lock-Up Period, until the date twenty-eight (28) months after the date of the IPO (the "**Leak-Out Period**") you may sell shares of Capital Stock within the following cumulative limits based on the aggregate number of shares of Capital Stock beneficially owned by you on the commencement date of such Leak-Out Period:

12 months — 20%

16 months — 20%

20 months — 20%

24 months — 20%

28 months — 20%

For purposes of determining whether the overall percentage limit has been reached during the Leak-Out Period, all prior sales of Capital Stock made during the Leak-Out Period shall be aggregated with the proposed sale.

In addition, you hereby agree that you will not, without the prior written consent of the managing underwriter, during the period commencing on the date of the final prospectus relating to the IPO and ending on the date specified by the Corporation and the managing underwriter (such period not to exceed 365 days), or such other period as may be requested by the Corporation or an underwriter to accommodate regulatory restrictions on (1)the publication or other distribution of research reports and (2) analyst recommendations and opinions, including, but not limited to, the restrictions contained in FINRA Rule 2711(f)(4) or NYSE Rule 472(f)(4), or any successor provisions or amendments thereto), (a) lend, offer, pledge, sell, contract to sell, sell any option or contract to purchase, purchase any option or contract to sell, grant any option, right or warrant to purchase, or otherwise transfer or dispose of, directly or indirectly, any shares of Capital Stock held immediately prior to the effectiveness of the registration statement for the IPO or (b) enter into any swap or other arrangement that transfers to another, in whole or in part, any of the economic consequences of ownership of the Capital Stock, whether any such transaction described in clause (a) or (b) above is to be settled by delivery of Capital Stock or other securities, in cash or otherwise. The foregoing provisions of this paragraph shall not apply to the sale of any shares to an underwriter pursuant to an underwriting agreement, and shall only be applicable to you if all officers, directors and holders of more than ten percent (10%) of the outstanding shares of voting common stock (after giving effect to the conversion into voting common stock of all outstanding preferred stock and warrants) enter into similar agreements. The underwriters in connection with the IPO are intended third-party beneficiaries of this paragraph and shall have the right, power and authority to enforce the provisions hereof as though they were a party hereto. You further agree to execute such agreements as may be reasonably requested by the underwriters in the IPO that are consistent with this paragraph or that are necessary to give further effect thereto.

You agree that you will seek *independent legal advice* before signing this Agreement and confirm that you have either done so or have decided to waive your right to do so.

In connection with this Agreement, you agree to sign, on the Effective Date, a Resignation and Mutual Release. The Mutual Release shall be in standard form whereby each Party releases the other Party from making any claims against the other Party in respect to any matter leading up to the execution of this Agreement; provided, for clarity, nothing in the Mutual Release shall release the Executive or MMT from their respective obligations under this Agreement.

Concurrent with your changed role with the Corporation effective the Effective Date, ivilvIT confirms its tentative plans to do the following:

&nbsp;&nbsp;&nbsp;&nbsp;I. replace
 you with Jeet Basi as the Corporation's Chief Executive Officer; and

&nbsp;&nbsp;&nbsp;&nbsp;2. appoint
 Olga Balanovskaya, CPA, CGA, ACCA as the Corporation's new Chief Financial Officer.

&nbsp;&nbsp;&nbsp;&nbsp;3. MMT
 will carry out its on-going plans and complete the long discussed debenture financing (the
 "Debenture Financing").

&nbsp;&nbsp;&nbsp;&nbsp;4. This
 Agreement is effective upon closing by the Corporation of the Debenture Financing.

If the foregoing terms are acceptable, please sign the acknowledgment below confirming same.

Yours truly,

MODERN MINING TECHNOLOGY CORP.

---

| | | |
|:---|:---|:---|
| Per: | /s/ Sean Bromley | /s/ Sean Bromley |
|  | Name: | Sean Bromley |
|  | Title: | Authorized Signing Officer |

---

---

| | |
|:---|:---|
|  | The foregoing terms are agreed to and <br> accepted this 1<sup>st</sup> day of March, 2022 |
| /s/ L. Watt | /s/ Basil Botha |
| Witness Name: | Basil Botha |

---

**616538 BC LTD.** 

---

| | | |
|:---|:---|:---|
| Per: | /s/ Basil Botha | /s/ Basil Botha |
|  | Name: | Basil Botha |
|  | Title: | Authorized Signing Officer |

---

## Ex1A-6

**Exhibit 6.12**

---

| | |
|:---|:---|
| STATE OF NORTH CAROLINA<br>COUNTY OF PITT | **LEASE AGREEMENT** |

---

THIS LEASE AGREEMENT is made and entered this 22<sup>ND</sup> day of September, 2022, by and between GRAND VENTURES, LLC*,* a North Carolina limited liability company (the "Lessor"); and MODERN MINING TECHNOLOGY CORP., a Delaware corporation authorized to transact business in the State of North Carolina (the "Lessee").

**<u>W I T N E S S E T H</u>:**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. <u>PREMISES LEASED</u>. Lessor hereby leases to Lessee a building containing ten thousand (10,000) square feet (the "Premises") and associated improvements and non-exclusive parking rights on the parcel of land located at 2255 County Home Road, Greenville, Pitt County, North Carolina, and being more particularly located on the property described on **Exhibit A** attached hereto and incorporated herein by reference. Subject to the option contained in Section 39 below, Lessor specifically reserves the right to construct an addition to the building located in the grassy area located on the south side of the Premises.

&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. <u>TERM</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. The term of this lease shall commence immediately following Lessor's acquisition of the Premises (the "Commencement Date"), which the parties anticipate will occur on or before October 1, 2022 (the "Outside Delivery Date"). The Lease shall continue for a period for of three (3) Lease Years following the Commencement Date. As used herein, the term "Lease Year" shall mean a period of approximately one (1) year, with the first Lease Year beginning on the Commencement Date and expiring on the last day of the month containing the first anniversary of Commencement Date, with each subsequent Lease Year commencing upon the expiration of the prior Lease Year and continuing for a period of twelve (12) months 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. In the event that Lessor does not acquire the Premises on or prior to the Outside Delivery Date, then Lessee shall have the option to terminate this Lease upon written notice to Lessor, and upon such written notice, this Lease shall be terminated, Lessee shall receive a full refund of any prepaid rents and security deposits, and neither party shall have any further rights or obligations hereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. <u>RIGHT TO EXTEND TERM</u>. Provided Lessee is not in default of its obligations under the terms of this Lease, Lessee shall have the option to extend the term of this lease for three (3) additional one (1) year terms by giving notice thereof to Lessor in writing at least one hundred twenty (120) days prior to the expiration of the current term of the lease. Annual rental shall increase upon each such extension by Lessee as provided in Section 4 below.

**Lease - Page 2**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. <u>RENT</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. <u>Base Rent</u>. Subject to any specific provision of this Lease, Lessee shall pay to Lessor annual rent during the first three (3) Lease Years in the sum of ONE HUNDRED TWENTY THOUSAND AND 00/100 DOLLARS ($120,000.00) payable in monthly installments of TEN THOUSAND AND 00/100 DOLLARS ($10,000.00) each. The first month's rent shall be paid upon the execution of this Lease. Thereafter, all such rental installments shall be due and payable in advance on the 1<sup>ST</sup> day of each calendar month for and during the Term of this Lease. Rental for any partial month shall be prorated on the basis of a thirty (30) day month.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. <u>Adjusted Base Rent</u>. At the beginning of each renewal term, the rent shall be increased by an amount determined by multiplying the rent paid during the prior rent period by a fraction, the denominator of which shall be the Consumer Price Index ("CPI" as defined below) for the first month of the prior Lease Year and the numerator of which shall be the same CPI for the first month of the current Lease Year. Notwithstanding anything herein to the contrary, the adjusted rent amount determined hereunder shall never be less than the rent amount paid during the immediately preceding Lease Year. The term "CPI" means the Consumer Price Index - U.S. City Averages for All Urban Consumers - All Items (1982- 84=100), of the United States Bureau of Labor Statistics. If the Bureau of Labor Statistics revises the manner in which such CPI is determined, Lessor may adjust the revised index to produce results equivalent, as nearly as possible, to those which would have been obtained if the CPI had not been so revised. If the 1982-84 average shall no longer be used as an index of 100, such change shall constitute a revision. If the CPI shall become unavailable to the public because publication is discontinued, or otherwise, Lessor will substitute therefor, a comparable index based upon changes in the cost of living or purchasing power of the consumer dollar published by any other governmental agency or, if no such index shall be available then a comparable index published by a major bank or other financial institution.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. The increased rent to be paid on account of the rent adjustment shall be paid in equal monthly installments in the same manner as provided for Base Rent.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. All rental shall be paid to Lessor or its authorized agent at the address set out in the NOTICE paragraph below or at such other place as may be designated by Lessor from time to time. Delivery and payment of rent shall be deemed made only upon receipt of the applicable rent payment at the address of the Lessor set out in the NOTICE paragraph below; placing a rent payment in the mail shall not constitute delivery or payment of the rent.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;e. <u>Security Deposit</u>. Lessee, contemporaneously with the execution of this Lease, will deposit with Lessor forthwith the sum of Thirty Thousand and 00/100 Dollars ($30,000.00) which shall be treated as a security deposit and shall be held by Lessor, without liability for interest as security for the faithful performance by Lessee of all of the terms, covenants, and conditions of this Lease by said Lessee to be kept and performed during the term hereof (the "Security Deposit"). It is expressly understood that the Security Deposit does not apply toward rent, except that if at any time during the term of this Lease any of the rent herein reserved shall be overdue and unpaid, or any other sum payable by Lessee to Lessor hereunder shall be overdue and unpaid then Lessor may, at the option of Lessor (but Lessor shall not be required to), appropriate and apply any portion of the Security Deposit to the payment of any such overdue rent or other sum.

**Lease - Page 3**

In the event of the failure to keep and perform any of the terms, covenants, and conditions of this Lease to be kept and performed by Lessee, then the Lessor at its option may, after terminating this Lease, appropriate and apply the Security Deposit or so much thereof as sustained or suffered by Lessor due to such breach on the part of Lessee. Should the entire Security Deposit, or any portion thereof, be appropriated and applied by Lessor for the payment of overdue rent or other sums due and payable to Lessor by Lessee hereunder, then Lessee shall, upon the written demand of Lessor forthwith remit to Lessor a sufficient amount in cash to restore the Security Deposit to the original sum deposited, and Lessee's failure to do so within five (5) days after receipt of such demand shall constitute a breach of this Lease. Should Lessee comply with all of said terms, covenants, and conditions and promptly pay all of the rental herein provided for as it falls due, and all other sums payable by Lessee to Lessor hereunder, the Security Deposit shall be returned in full to Lessee at the end of the term of this Lease, or upon the earlier termination of this Lease.

Lessor shall deliver the Security Deposit deposited hereunder by Lessee to the purchaser of Lessor's interest in the Premises in the event that such interest is sold, and thereupon Lessor shall be discharged from any further liability with respect to such deposit.

Lessor shall be entitled to intermingle the Security Deposit with its own funds. The Security Deposit shall not preclude the Lessor from recovering any additional rent or damage which may be due or sustained as a result of this Lease.

&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. <u>EXPENSE REIMBURSEMENT</u>. As additional rental hereunder, Lessee also agrees to reimburse Lessor for all property taxes, property insurance premium costs and fire and extended coverage insurance premium costs for the Premises (the "Building Expenses") actually incurred by Lessor. Within twenty (20) days of Lease signing, Lessee shall reimburse Lessor for 2022 property taxes for the months of October, November and December in the amount of $1,885.68, and property insurance for the twelve-month period commencing on the Commencement Date in the amount of $3,094.00. Thereafter, Lessee shall pay Lessor within twenty (20) days after receipt of an invoice therefor from Lessor accompanied by reasonable documentation of the actual Building Expenses for the Building.

&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. <u>USE AND OCCUPANCY</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. Lessee shall use the Premises for office, manufacturing, warehouse, distribution and related purposes and for other uses permitted under applicable zoning ordinances and restrictive covenants. Lessee shall not use the Premises for personal habitation or any unlawful purpose. Notwithstanding the anything to the contrary herein, if applicable zoning ordinances or restrictive covenants no longer permit Lessee's use of the Premises, Lessee has the option to terminate this Lease effective as of the date upon which such zoning ordinance or restrictive covenant takes effect.

**Lease - Page 4**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. The Premises shall be open and accessible to Lessee twenty-four hours per day, seven days per week, including holidays. Lessee shall comply with all applicable statutes, ordinances, rules and regulations of federal, state and municipal governments applicable to Lessee's use of the Premises.

&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. <u>ALTERATIONS AND IMPROVEMENTS</u>. Lessee may alter, improve and change the Premises with the written consent of Lessor which Lessor will not unreasonably withhold; provided, however, that the locating and relocating of moveable partitions, telephone and electrical outlets, light fixtures, equipment, and trade fixtures shall not be deemed alterations, improvements or changes to the Premises. Notwithstanding anything to the contrary herein, Lessee shall be permitted to make non-structural alterations to the interior of the Premises which do not cost in excess of $5,000 (per calendar year) without any prior consent or approval of Lessee provided that (A) such alterations do not impact the structure of the Premises or the building systems; (B) such alterations are not visible from the exterior of the Premises, (C) such alterations do not require a building permit or local equivalent and (D) Lessee shall in any event provide Lessor with written notice of such alterations not less than five (5) business days prior to commencement of same.

&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. <u>MAINTENANCE AND REPAIRS; NET LEASE</u>. Lessor represents and warrants that the roof and all mechanical systems in the Premises will be in good working order at the start of this Lease. Throughout the term of this Lease Agreement, Lessee shall be responsible for all repairs and maintenance to the Premises, including without limitation, all repairs and maintenance of all structural components, all walls, doors and windows, the roof, the heating, ventilation and air conditioning systems, all parking and landscaped areas, all mechanical systems, and the plumbing and electrical systems, and shall return the Premises to the Lessor at the expiration of the term of the Lease in as good a state of repair as when the Lessee's occupancy started, reasonable wear and tear excepted. Lessee further shall be responsible for all snow and ice removal from the Premises. If Lessee fails to make any repairs promptly and adequately, Lessor may, but need not, make the repair. In the event Lessor makes the repairs, Lessee shall promptly pay the reasonable costs of the repair incurred by Lessor. Notwithstanding anything to the contrary herein, if in any calendar year the cost of maintenance and repairs for the roof and all mechanical systems in the Premises, in the aggregate, exceed $15,000 (the "Annual Repair Cap"), all subsequent repairs and maintenance shall be Lessor's responsibility. In the event that costs to repair and maintain the roof and mechanical systems of the Premises exceed the Annual Repair Cap in a given calendar year, Lessee, at its option, may (a) notify Lessor of a repair, after which Lessor shall promptly (but in no event longer than ten (10) business days) initiate the requested repair, or (b) make such repair and seek reimbursement for reasonable expenses from Lessor within thirty (30) days of notice thereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9. <u>COMPLIANCE WITH CODES</u>. All repairs, alteration, additions, or improvements made by Lessee shall comply with applicable building codes.

**Lease - Page 5**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10. <u>TRADE FIXTURE AND SURRENDER OF PREMISES</u>. All trade fixtures, merchandise, supplies, and equipment owned by Lessee and installed in the Premises shall remain the property of Lessee and at the end of the term or any final extension thereof Lessee shall remove the same and peaceably yield up the Premises to Lessor in as good repair and condition as when delivered to it, excepting ordinary wear and tear, damage by fire, elements or casualty, or any damage not due to the negligence of Lessee; including, the obligation of Lessee to remove any improvement which it has made to the Premises during the lease term if so requested by Lessor. Lessee further agrees to repair any damage to the Premises caused by the removal of its property.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11. <u>LESSEE'S SIGNS</u>. Lessee may install its customary and usual signs on and adjacent to the Premises, subject to applicable zoning ordinances and restrictive covenants. All signs located on the Premises shall be in good taste so as not to detract from the general appearance of the Premises.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12. <u>UTILITY SERVICE; WASTE REMOVAL.</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. Lessee shall pay all charges for utility services including heat, air conditioning, water, gas, electricity and data services used on the Premises by Lessee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Lessee shall pay all charges for trash and waste removal from the Premises.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13. <u>MECHANIC'S LIENS</u>. Any mechanic's lien filed against the Premises for work or materials furnished to either Lessor or Lessee shall be discharged by such respective party responsible therefore prior to the commencement of any legal action to perfect the same.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14. <u>ACCESS BY LESSOR</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. Lessor, at reasonable times and frequency and with at least forty- eight (48) hours' prior written notice to Lessee (except for emergency situations when Lessor may have immediate access), shall have the right to enter the Premises to examine the same, to show them to prospective purchasers, mortgagees, or lessees and to make such repairs, alterations, improvements or additions required hereunder without the same constituting an eviction of Lessee in whole or in part. Rent shall not abate while any repairs, alterations, improvements or additions are being made provided that Lessor shall proceed expeditiously with the same and without unreasonable interference or interruption to Lessee's use of the Premises.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. If Lessee shall not have exercised its right to extend the term within the required time, Lessor may post a customary sign on the Premises advertising the property for lease or sale, but no sign shall be posted in any window or doorway of the store portion of the Premises.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15. <u>PAYMENT OF PROPERTY TAXES</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. During the term of this Lease and any renewals thereof and subject to Lessee's obligation to reimburse Lessor as provided in Section 5 above, Lessor shall pay for all real estate ad valorem taxes and assessments levied against the land and the improvements on the Premises.

**Lease - Page 6**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Lessee shall pay promptly all personal property taxes lawfully levied against personal property of any kind upon or about the Premises.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16. <u>PERSONAL INJURY AND PROPERTY DAMAGE INSURANCE</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. Except to the extent caused by the gross negligence and willful misconduct of Lessor, Lessee shall indemnify Lessor and save it harmless from and against any and all claims, liability and expense for damages to any person or property in, on, or about the Premises arising out of the acts or neglect of Lessee. As additional rental, Lessee shall procure and keep in effect during the entire term hereof public liability and property damage insurance in which the limits of public liability shall be at least Two Million Dollars ($2,000,000.00) combined single limit coverage, and shall cause Lessor to be named as an insured party therein to the extent of its interest.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Lessor shall carry fire and extended coverage insurance on all of the buildings and improvements on the Premises in an amount equal to the replacement value thereof and such insurance coverage shall be adjusted as needed to reflect change in property values. Said insurance shall insure against such hazards as are included in a standard extended coverage endorsement. As additional rental, Lessee shall reimburse Lessor for the cost thereof as provided in Section 5 above.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. Lessee shall cause Lessor to be named as an additional insured on all insurance policies it is required to carry under this Section 15 and shall provide Lessor with certificates of insurance or copies of all such policies within five (5) days of the Commencement Date which shall reflect that the policies shall not be canceled without thirty (30) days prior notice to Lessor.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. Lessee shall pay for and maintain such insurance on its contents as Lessee so desires.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17. <u>DAMAGE TO PREMISES</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. In the event the Premises or any material portion thereof or any adjoining property shall be damaged by fire or other casualty during the term hereof so as to render the Premises untenantable, Lessor shall promptly restore the Premises to its previous condition, and rent shall equitably abate during any such period based upon the portion of the Premises which are untenantable during such period of repair. Notwithstanding anything to the contrary herein, (i) if a fire or other casualty occurs and Lessor estimates that damage to any casualty cannot be repaired within 180 days, then Lessee shall have the option to terminate this Lease effective as of the date of the casualty; and (ii) if a fire or other casualty occurs and (x) Lessor has failed to substantially restore the Premises within 180 days of the casualty (the "Restoration Period"), (y) the Restoration Period has not been delayed by Lessee delays or force majeure and (z) Lessee gives Lessor written notice of the termination within fifteen (15) business days after the end of the Restoration Period (as extended day for day by any Lessee delay or force majeure event), then Lessee shall have the option of terminating this Lease effective as of the date of the casualty; provided, however, that if Lessor is delayed by Lessee of force majeure, then Lessor must provide Lessee with notice of the delays within ten (10) days of the Lessee delay event or force majeure stating the reason for the delays and a good faith estimate of the length of the delays.

**Lease - Page 7**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Lessor and Lessee hereby release and discharge each other and any employee or representative of each from liability whatsoever hereafter arising from loss, damage, or injury caused by fire or other casualty for which insurance is required to be carried hereunder by the injured party at the time of such loss, damage, or injury to the extent of any recovery by the injured party under such insurance, provided such insurance permits a waiver of liability and subrogation rights.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18. <u>EMINENT DOMAIN</u>. If the whole or any material part of the Premises or any building in which the Premises are located, or more than fifty percent (50%) of any parking area which is a part of the Premises, shall be taken by or conveyed to any public authority under the power of eminent domain or by private purchase in lieu thereof, then and in that event:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. Lessee shall be entitled to terminate this lease in its discretion;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Lessor and Lessee shall share in the proceeds arising from condemnation or the threat thereof in accordance with their respective interests in the Premises; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. Nothing contained herein shall be deemed or construed to prevent Lessor or Lessee from enforcing and prosecuting a claim for the value of their respective interests in a condemnation proceeding brought against either under a power of eminent domain. For the avoidance of doubt, Lessee shall not be prevented from making a claim against the condemning party (but not against Lessor) for any moving expenses, loss of profits, or taking of Lessee's personal property (other than its leasehold estate) to which Lessor may be entitled; provided that any such award shall not reduce the amount of the award otherwise payable for the taking of the Premises.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19. <u>BANKRUPTCY</u>. In the event the Premises or any rights therein shall be levied on by execution or other process of law by a creditor of either party, or if either party shall be adjudged bankrupt or insolvent, or if any receiver shall be appointed for the business and property of either party, or if any assignment shall be made of either party's property for the benefit of creditors, thereby diminishing any right or privilege granted by this lease to the other party, then the other party may terminate this lease forthwith.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20. <u>FORCE MAJEURE</u>. Neither party hereto shall be required to perform any term, condition, or covenant of this lease during such time performance, after the exercise of due diligence to perform, is delayed or prevented by acts of God, civil riots, organized labor disputes, or governmental restrictions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21. <u>WARRANTIES AND REPRESENTATION BY LESSOR</u>. In addition to any other warranties and representations by Lessor contained herein, Lessor expressly warrants and represents to Lessee:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. That Lessor has not covenanted or agreed with anyone to restrict the use of the Premises for Lessee's purposes and Lessor knows of no covenants, agreements or restrictions affecting the Premises which would prohibit or restrict such use by Lessee; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. That Lessor owns the Premises or will own the Premises on the Commencement Date; and

**Lease - Page 8**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. That to the best of Lessor's knowledge and belief, the Premises is not identified on the current or proposed (i) National Priorities List under 40 C.R.F. § 300, (ii) Comprehensive Environmental Response Compensation and Liability Inventory System ("CERCLIS") list, or (iii) any list arising from a state statute similar to the Comprehensive Environmental Response, Compensation and Liability Act of 1980, as amended, 42 U.S.C. § 9601 <u>et seq</u>. ("CERCLA"). To the best of Lessor's knowledge and belief, there are no present or past actions, activities, circumstances, conditions, events or incidents affecting the Premises that could form the basis for assertion of any claim against the Lessee under any federal, state or local law or regulation relating to protection of human health or the environment, including, without limitation, any release (as defined in CERCLA, or in any applicable state or local law or regulations) of chemicals, pollutants, contaminants, wastes or toxic substances, including, without limitation, the following: (i) solid or hazardous waste, as defined in the Resource Conservation and Recovery Act, 42 U.S.C. § 6901 <u>et seq</u>., or in any applicable state or local law or regulation; (ii) hazardous substances, as defined in CERCLA, or in any applicable state or local law or regulation; (iii) chemical substances or mixtures, as defined in the Toxic Substances Control Act, 15 U.S.C. 2601 <u>et seq</u>., or in any applicable state or local law or regulation; (iv) pesticides, as defined in the Federal Insecticide, Fungicide, and Rodenticide Act, 7 U.S.C. § 135 <u>et seq</u>., or in any applicable state or local law or regulation; or (v) crude oil or fractions thereof, gasoline or any other petroleum product or byproduct, polychlorinated biphenols, asbestos or urea formaldehyde; (collectively, "Hazardous Materials"). To the best of Lessor's knowledge and belief, there are currently no underground storage tanks existing on the Premises, and no underground storage tanks have existed on the Premises which are or were used to store Hazardous Materials of any kind.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22. <u>HAZARDOUS SUBSTANCES</u>. Lessee shall not cause or permit any Hazardous Materials to be used, stored, generated, or disposed of on, in, or about the Premises. If any Hazardous Materials are used, stored, generated, or disposed of on, in, or about the Premises, except pursuant to Lessor's prior written consent, or if any part of the Premises becomes contaminated in any manner for which Lessee is legally liable, then, except to the extent caused by the gross negligence and willful misconduct of Lessor, Lessee shall indemnify and hold Lessor harmless from any and all claims, damages, fines, judgments, penalties, costs, liabilities and/or losses (including without limitation, a decrease in the value of the Premises, damages caused by loss or restriction of rentable or usable space, damages caused by adverse impact on marketing of space, and any and all sums paid for settlement of claims, attorneys' fees, consultants' fees and experts' fees) arising during or after the Lease term or any renewal thereof and arising in connection with such Hazardous Materials or contamination. This indemnification includes, without limitation, any and all costs incurred because of any investigation of the site or any clean- up, removal, or restoration mandated or conducted by or on behalf of any federal, state or local agency or political subdivision. Without limitation of the foregoing, if Lessee causes or permits the presence of any Hazardous Materials on the Premises and that results in contamination, then Lessee shall promptly, at its sole expense, take any and all necessary or appropriate actions to return the Premises to the condition existing prior to the presence of any such Hazardous Materials. Lessee shall first obtain Lessor's written approval for any such remedial action.

**Lease - Page 9**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23. <u>QUIET ENJOYMENT BY LESSEE</u>. Lessor covenants that if Lessee performs all the terms, conditions and covenants of this lease to be performed by Lessee, Lessee shall peaceably and quietly hold and enjoy the Premises for Lessee's purposes for the term hereof without hindrance or interruption.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24. <u>ASSIGNMENT AND SUBLEASING BY LESSEE</u>. Lessee shall not allow or permit any transfer or conveyance of this Lease or any interest under it or any lien upon Lessee's interest by operation of law, or assign or convey this Lease or any interest under it, or sublet the Premises or any part thereof, without the prior written consent of Lessor which will not be unreasonably withheld. Notwithstanding the foregoing, (a) Lessee may assign this Lease or sublease part or all of the Premises without Lessor's consent (but with notice to Lessor) to: (i) any corporation, limited liability company, or partnership that controls, is controlled by, or is under common control with, Lessee; or (ii) any corporation, limited liability company, limited partnership or other business entity resulting from the merger or consolidation with Lessee or to any entity that acquires all of Lessee's equity or assets as a going concern of the business that is being conducted on the Premises; provided, however, in either case, (x) the assignor remains liable under the Lease and the assignee or sublessee is a bona fide entity and assumes the obligations of Lessee in writing, (y) Lessor receives notice of the assignment, or subletting, and a copy of the assignment and assumption agreement, or sublease, within ten (10) days after the effective date thereof; and (z) in the case of an assignment, the tangible net worth of the assignor and assignee, in the aggregate, following such assignment, shall exceed the tangible net worth of the Lessee immediately prior to such transfer; and (b) without Lessor's consent, Lessee may effectuate a public offering of Lessee's stock on any stock exchange in the United States or Canada, including, without limitation, the New York Stock Exchange or the Toronto Stock Exchange, or on the over- the-counter market.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25. <u>REMEDIES</u>. All rights and remedies of Lessor herein enumerated shall be cumulative, and none shall exclude any other right or remedy allowed by law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. Lessee shall pay a late fee equal to five percent (5%) of each monthly installment of rent required in Section 4 herein, which is not received by the Lessor within ten (10) days from the date that the same is due. The assessment, and or acceptance of a late fee by the Lessor shall not be deemed a waiver by Lessor of any other remedies available to Lessor under the terms of this Lease Agreement or the applicable laws of the State of North Carolina.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. In the event Lessee fails to make any other payment on the date it is due to Lessor as provided for under this Lease Agreement, Lessee shall pay interest at a variable per annum rate equal to the "prime rate" (or its substantial equivalent) as announced by Wells Fargo Bank, N.A. (or its successor) as adjusted monthly, plus four percent (4%) per annum on the overdue payment from the date the payment is due until final payment is made.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. In the event (a) the leasehold created hereby shall be taken in execution or by other process of law, (b) Lessee shall (i) file a petition in bankruptcy or have such a petition filed against it, which petition is not dismissed within thirty (30) days, or (ii) be adjudicated insolvent or bankrupt pursuant to the provisions of any state or federal insolvency or bankruptcy law, (c) a receiver or trustee of the property of Lessee shall be appointed by reason of Lessee's insolvency or inability to pay its debts, or (d) any assignment shall be made of Lessee's property for the benefit of its creditors, then and in any of such events, Lessor may terminate this Lease by written notice to Lessee and Lessor shall be entitled to recover damages in an amount equal to the then-present value of the basic rent reserved under Section 4 of this Lease for the remainder of the stated term hereof.

**Lease - Page 10**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. If, more than twice in any calendar year, Lessee defaults in the payment of Rent and such default continues for ten (10) days after Lessor's notice thereof to Lessee, or if Lessee defaults in the prompt and full performance of any other provision of this Lease, Lessor may, if Lessor so elects, but not otherwise, forthwith terminate this Lease and Lessee's rights to possession of the Premises by written notice to Lessee and Lessor shall be entitled to recover damages in an amount equal to the then-present value of the basic rent reserved under Section 4 of this Lease for the remainder of the stated term hereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;e. Upon any termination of this Lease, whether by lapse of time or otherwise, or upon any termination of Lessee's rights to possession without termination of the Lease, Lessee shall surrender possession and vacate the Premises immediately, and deliver possession thereof to Lessor, and Lessee hereby grants to Lessor full and free license to enter into and upon the Premises in such event in accordance with applicable laws (including applicable court rules) and to repossess the Premises as of Lessor's former estate and to expel or remove Lessee and any others who may be occupying or within the Premises and to remove any and all property therefrom, in accordance with applicable laws (including court rules), without being deemed guilty of trespass, eviction or forcible entry or detainer, and without relinquishing Lessor's rights to rental or any other right given to Lessor hereunder or by operation of law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;f. If Lessee abandons the Premises or is otherwise in default of its obligations beyond the expiration of any applicable notice and cure period hereunder, Lessor may elect to terminate Lessee's right to possession only, without terminating the Lease, and upon such termination of the Lessee's right of possession, Lessor may at Lessor's option enter into the Premises, remove Lessee's property (not including retail merchandise) and other evidences of tenancy, without such entry and possession terminating the Lease or releasing Lessee, in whole or in part, from Lessee's obligation to pay the rent hereunder for the full term, and in any such case, Lessee shall pay forthwith the Lessor a sum equal to the entire amount of the rent reserved under Section 4 of this Lease for the remainder of the stated term plus any other sums then due hereunder. Upon and after entry into possession without termination of this Lease, Lessor may, but need not, relet the Premises or any part thereof for the account of Lessee to any person, firm, or corporation other than Lessee for such rent for such time and upon such terms as Lessor in Lessor's sole discretion shall determine. Lessor shall not be required to accept any tenant offered by Lessee or to observe any instruction given by Lessee about such reletting. In any case, Lessor may make repairs, alterations and additions in or to the Premises, and redecorate the same to the extent deemed by Lessor necessary or desirable, and Lessee shall, upon demand, pay the cost thereof, together with Lessor's expenses of the reletting. If the consideration collected by Lessor upon any such reletting for Lessee's account is not sufficient to pay monthly the full amount of the rent reserved in this Lease, together with the costs of repairs, alterations, additions, redecorating and Lessor's expenses, Lessee shall pay to Lessor the amount of each monthly deficiency upon demand; and if the consideration so collected from any such reletting is more than sufficient to pay the full amount of the rent reserved herein, together with the costs and expenses of Lessor, Lessor at the end of the stated term of the Lease, shall account for the surplus to Lessee.

**Lease - Page 11**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;g. In the event any lien upon Lessor's title results from any act or neglect of Lessee, and Lessee fails to remove said lien within ten (10) days after Lessor's notice to do so, Lessor may remove the lien by paying the full amount thereof or otherwise and without any investigation or contest of the validity thereof, and Lessee shall pay Lessor upon request the amount paid out by Lessor in such behalf, including Lessor's costs, expenses and counsel 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;h. In addition to the remedies enumerated herein, Lessor shall have the right to pursue any right or remedy to which Lessor is entitled, under applicable law, for any breach of this Lease.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i. Any and all costs or expenses incurred by Lessor including, without limitation, attorneys' fees, in enforcing any of its rights or remedies under this Lease shall be deemed to be additional rent and shall be repaid to Lessor by Lessee upon demand.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;j. Notwithstanding anything to the contrary herein, in any termination by Lessor of this Lease or of Lessee's right of possession of the Premises, Lessor must pursue other opportunities to lease the Premises and act in a commercially reasonable manner in an effort to mitigate its damages and expenses.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26. <u>NON-WAIVER OF DEFAULT</u>. Waiver of any breach of the terms, conditions, or covenants of this lease or the nonperformance of the same for any particular time shall not be construed as a waiver of any succeeding breach of the same or another term, condition, or covenant hereof, and the consent, approval, or acquiescence by Lessor or Lessee to any breach shall not waive or render unnecessary such consent or approval to or of any subsequent similar breach.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27. <u>HOLDING OVER</u>. If Lessee holds over after termination of this lease, the tenancy thereafter shall be from month to month, subject to all terms, conditions and covenants of this lease unless otherwise agreed by the parties hereto, and Lessee shall pay rent therefor in an amount equal to 150% of the rate payable at the termination of this Lease unless otherwise agreed in writing by Lessor. Lessor's acceptance of any rent after holding over begins does not renew this Lease. This provision does not waive Lessor's rights of re-entry or any other right hereunder, or any right as made or provided by law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28. <u>RECORDING OF LEASE</u>. Lessee shall not record this lease without written consent of Lessor, however, upon the request of either party hereto, the other party shall join in the execution of a memorandum or so called "short form" of this lease for the purpose of recordation in such form as required for recordation. Lessor, on its own behalf and on behalf of any succeeding Lessor, expressly and affirmatively waives any statutory right under North Carolina law to terminate this Lease upon the sale or other conveyance of the Premises due the length of the initial Term of this Lease and lack of a memorandum of lease being recorded in the applicable county records. The waiver contained in this Section 28 shall be binding on Lessor, its successors and assigns, and any purchaser of the Premises.

**Lease - Page 12**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29. <u>ENTIRE AGREEMENT</u>. This lease shall constitute the entire agreement of the parties hereto and any prior agreement between the parties relating to the Premises, whether written or oral, is merged herein and shall be of no separate force and effect and this lease shall only be changed, modified or discharged by agreement in writing signed by both parties hereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30. <u>EXERCISE OF RIGHTS AND NOTICE</u>. The exercise of any right or privilege or the giving of any notice by a party hereunder shall be effective upon actual receipt by any method or by mailing by registered or certified United States mail, return receipt requested, postage prepaid and properly addressed as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**a.** **If to Lessor:** 

Grand Ventures, LLC

108 Brownlea Drive, Suite A

Greenville, NC 27858-1643

or at such other address as Lessor may designate by written notice; an

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**b.** **If to Lessee:** 

Modern Mining Technology Corp.

5905 Triangle Drive

Raleigh, NC 27617

or to the Premises after Lessee has taken occupancy or at such other address as Lessee may designate by written notice.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31. <u>APPLICABLE LAW</u>. This lease shall be governed by, and construed in accordance with the laws of the state where the Premises is located. If any provision of this lease or the application thereof to any person or circumstance shall, to any extent, be invalid or unenforceable, the remainder of this lease shall not be affected thereby and each provision of the lease shall be valid and enforceable to the fullest extent permitted by law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32. <u>BENEFIT OF AGREEMENT</u>. The terms, conditions and covenants contained in this lease shall inure to the benefit of and be binding upon the parties hereto, their respective heirs, administrators, executors, representatives, successors and assigns.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33. <u>SUBORDINATION TO MORTGAGE</u>. This Lease is subject and subordinate at all times to the lien of any mortgage which may now or hereafter affect the Premises and to all renewals, modifications, amendments, consolidations, replacements, and extensions thereof. Lessee shall execute and deliver any instrument which may be reasonably required by the Lessor in confirmation of such subordination promptly upon the Lessor's request. The Lessor, however, shall exercise its best efforts to arrange with the holder of any such underlying lease or mortgage for an agreement that if, by foreclosure or otherwise, such holder, or any successor in interest, shall come into possession of the leased property, or shall become the owner of the leased property, or shall take over the rights of the Lessor in the leased property, it will not disturb the possession, use, or enjoyment of the leased property by the Lessee, its successors or assigns, nor disaffirm this Lease or the Lessee's rights or estate hereunder, so long as all of the obligations of the Lessee are fully performed in accordance with the terms of this Lease.

**Lease - Page 13**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34. <u>ESTOPPEL CERTIFICATE</u>. Lessee agrees within ten (10) days after request therefor by Lessor to execute in recordable form and deliver to Lessor a written certificate, certifying (a) that this Lease is in full force and effect, (b) the date of commencement of the term of this Lease and the amount of rental payable under the Lease, (c) that rent is paid currently without any off-set, reduction, claim or defense thereto, (d) the amount of rent, if any, paid in advance, (e) that there are no actions, whether voluntary or involuntary, pending against the Lessee under the bankruptcy laws of the United States or any similar state law, and (f) that there are no uncured defaults by Lessor or stating those claimed by Lessee, provided that in the case of the foregoing in clauses (a) through (f), in fact, such facts are accurate and ascertainable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35. <u>CAPTIONS</u>. The captions contained in this agreement are for convenience of reference only, and they shall not be interpreted to affect the meaning of this agreement in any way.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36. <u>SEPARATE COUNTERPARTS</u>. This agreement may be executed in separate counterparts which shall collectively and separately be considered one and the same agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37. <u>LIMITED TERMINATION RIGHT</u>: At anytime during the Lease term, Lessee shall have the right to terminate this Lease upon twelve (12) months' prior written notice to Lessor (the "Termination Notice"). Lessee shall continue to pay monthly rent at the applicable monthly rate during such twelve (12) month notice period. After receipt of the Termination Notice, Lessor may terminate Lessee's continued occupancy of the Premises upon one hundred twenty (120) days' written notice to Lessee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38. <u>FINANCIAL STATEMENTS</u>. Upon Lessor's written request but in no event more than once per calendar year, Lessee shall promptly furnish to Lessor financial statements describing Lessee's then current financial condition.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39. <u>FIRST OPTION TO LEASE ADDITIONAL SPACE.</u> During the Lease term, Lessor reserves the right to construct an addition on the Building in the grassy area lying south of the Premises (the "Additional Space"). In the event that Lessor constructs the Additional Space, Lessor shall notify Lessee in writing of such fact, and Lessee shall have thirty (30) days from receipt of written notice from Lessor (the "Notice Period") to notify Lessor that it agrees to lease the Additional Space. If Lessee agrees to lease the Additional Space, then the lease for the Additional Space shall be on the same terms and conditions as the existing lease. The failure of Lessee to notify Lessor in writing of its agreement to lease the Additional Space before the end of the Notice Period shall constitute an election not to lease the Additional Space. In such event, Lessee shall execute a waiver of its first option to lease the Additional Space in a form acceptable to Lessor within ten (10) days after receipt of a written request from Lessor, and Lessor and Lessee will enter into an amendment to this Lease which equitably apportions the parking spaces, insurance premiums, property tax expense, maintenance obligations and utility expenses between the Premises and the new space constructed by Lessor.

**Lease - Page 14**

IN WITNESS WHEREOF, Lessor and Lessee have duly executed this lease as of the day and year first above written.

---

| | |
|:---|:---|
| LESSOR: | LESSOR: |
| **Grand Ventures, LLC** | **Grand Ventures, LLC** |
| By: | /s/ George S. Saad, Jr., |
|  | George S. Saad, Jr., Manager |
| LESSEE:  | LESSEE:  |
| **Modern Mining Technology Corp.** | **Modern Mining Technology Corp.** |
| By: | /s/ Jeet Basi |
|  | Jeet Basi, CEO |

---

**Lease - Page 15**

**EXHIBIT A**

**<u>Legal Description</u>**

All that certain lot or parcel of land more particularly described as follows:

Lying and being in the City of Greenville, Winterville Township, Pitt County, North Carolina and the POINT OF BEGINNING is the intersection of the southern right-of-way line of Old Firetower Road (NCSR 2235) and the eastern right-of-way line of the County Home Road (NCSR 1725) and running from said POINT OF BEGINNING along the southern right-of-way line of Old Firetower Road N 82-53-04 East 106.66 feet to a point, thence N 81-45-29 East 77.00 feet to a point in the southern right-of-way line of Old Firetower Road, a corner; thence S 05-33- 14 East 300.35 feet to an iron pipe, a corner; thence S 84-09-14 West 164.22 feet to a point in the eastern right-of-way line of County Home Road, a corner; thence N 05-50-46 West 203.54 feet to a point in the eastern right-of-way line of County Home Road, thence N 16-23-56 West 92.95 feet to the POINT OF BEGINNING and being Lot 1 Rosemont Square as shown on that map entitled "Easement Map for Lanco, Inc." prepared by Baldwin & Associates dated April 7, 1998, a copy of which is attached to the deed from Cherry Construction Company, Inc. to Burton Lumber Corporation recorded in Book 813, Page 623 of the Pitt County Registry.

## Ex1A-6

**Exhibit 6.13**

LEASE EXTENSION AGREEMENT

This LEASE EXTENSION AGREEMENT (the "Extension Agreement") is made and entered effective upon the date of the last signature below, by and between MODERN MINING TECHNOLOGY CORP., a Delaware corporation authorized to transact business in the State of North Carolina ("Tenant") and GRAND VENTURES, LLC, a North Carolina limited liability company ("Landlord").

WHEREAS, Tenant and Landlord are parties to that certain Lease Agreement dated September 22, 2022 (the "Lease"); and

WHEREAS, Landlord and Tenant agree to extend the term of the Lease for one year from October 1, 2025 through September 30, 2026, as hereinafter provided.

NOW, THEREFORE, for and in consideration of the foregoing recitals and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties herein agree as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The term of the Lease is hereby extended for one (1) year commencing on October 1, 2025 and expiring on September 30, 2026 (the "Renewal Term"). The monthly rental due and payable during the Renewal Term shall remain Ten Thousand and 00/100 Dollars ($10,000.00) per month.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. All capitalized terms used in this Extension Agreement shall have the meaning accorded such terms in the Lease.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Except as modified by this Extension Agreement, the terms and conditions of the Lease shall remain valid and in full force and effect.

IN WITNESS WHEREOF, the parties hereto have executed this Lease Extension Agreement this the day and year first above written.

---

| | | | |
|:---|:---|:---|:---|
| LANDLORD: | LANDLORD: | TENANT: | TENANT: |
| GRAND VENTURES, LLC | GRAND VENTURES, LLC | MODERN MINING TECNOLOGY CORP. | MODERN MINING TECNOLOGY CORP. |
| By: |  | By: |  |
|  | George S. Saad, Jr., Manager |  | Jeet Basi, CEO |
| Date: |  | Date: |  |

---

## Ex1A-6

**Exhibit 6.14**

___________________, 2023

Modern Mining Technology Corp. (the "**Issuer**")

1500-1055 West Georgia Street

Vancouver, BC V6E 4N7

To: The Board of Directors of the Issuer

From: the undersigned holder (the "**Holder**")

---

| | |
|:---|:---|
| **RE:** | **<u>Consent to Automatic Cashless Exercise of Warrants upon Public Offering</u>** |

---

The Holder is the registered owner of ________________ post-Consolidation (as defined below) common share purchase warrants of the Issuer (each, a "**Warrant**" and collectively, the "**Warrants**") which, when exercised at an exercise price of US$0.80 per Warrant (the "**Exercise Price**") in accordance with its terms, entitle the Holder to acquire one common share in the capital of the Issuer (each, a "**Warrant Share**" and collectively, the "**Warrant Shares**"). Capitalized terms used but not otherwise defined herein have the meaning ascribed thereto in the underlying subscription agreement (the "**Subscription Agreement**") dated on or around June 21, 2021 entered into between the Holder and the Issuer. On May 11, 2023, the Issuer completed a consolidation of its outstanding share capital (the "**Consolidation**") on the basis of one post-Consolidation Share for each four (4) pre-Consolidation shares, and the Warrants were adjusted to reflect the Consolidation in accordance with their terms.

In the event the Issuer completes an initial public offering (the "**Public Offering**") of its common shares ("**Common Shares**"), the Holder hereby irrevocably agrees 100% of the Warrants will be automatically exercised (except in the case where the Maximum Percentage (defined below) would be exceeded, in which case the greatest amount of Warrants not to exceed the Maximum Percentage will be exercised), with no further action or consent required by the holder, on a "cashless" basis immediately following completion of the Public Offering. In lieu of payment of the aggregate Exercise Price in the manner specified in the certificate representing the Warrants, the Holder shall receive Warrant Shares equal to the value of the Warrants. On completion of the "cashless" exercise, the Issuer shall issue to the Holder such number of fully paid and non-assessable Warrant Shares as are computed using the following formula:

X = Y(A-B)/A

where:

X = the number of Warrant Shares to be issued to the Holder;

Y = the number of Warrants being exercised;

A = the price per Common Share in the Public Offering; and

B = the Exercise Price.

Notwithstanding the foregoing, any exercise of Warrants shall be subject to the Consent to Additional Restrictions on Exercise of Warrants dated on or about May 17, 2022 between the Holder and the Issuer, whereby the Holder agreed to, among other things, a restriction against exercising the Warrants if, after giving effect to such exercise, the Holder and any affiliates or any persons acting as a group together with the Holder, would in aggregate beneficially own or exercise control or direction over 4.99% or more of the issued and outstanding Common Shares (the "**Maximum Percentage**").

The Holder further confirms and understands that pursuant to the Lock-Up Agreement with ThinkEquity LLC to be dated and signed the Holder on or about the date hereof, all securities held by the Holder in the Issuer including, but not limited to the Warrant Shares, will be subject to a lock-up period that will run for 12 months from the date of the Public Offering.

The Issuer is hereby authorized to take any actions it deems necessary to give effect to the exercise of the Warrants on completion of the Public Offering without any further action on the part of the Holder. The Issuer is hereby irrevocably authorized to instruct the Issuer's transfer agent to exercise the Warrants and register the Warrant Shares in the name of the Holder as set out in the Subscription Agreement, or as otherwise specified Schedule "A".

This amending letter agreement may be executed and delivered in one or more counterparts and may be executed and delivered by facsimile or any other electronically communicated method, each of which when executed and delivered shall be deemed an original and all of which counterparts together shall be deemed to constitute one and the same instrument.

[*The remainder of this page is intentionally left blank*]

**IN WITNESS WHEREOF** the parties have executed this amending letter agreement as of the date first above written.

**If the Holder is an individual:**

---

| | |
|:---|:---|
| Name of Witness [Please Print] | Name of Holder |
| Signature of Witness | Signature of Holder |

---

**If the Holder is not an individual:** 

---

| | |
|:---|:---|
| NAME OF CORPORATION: | NAME OF CORPORATION: |
| By: |  |
|  | Name: |
|  | Title: |

---

Acknowledged and agreed to by:

---

| | |
|:---|:---|
| **MODERN MINING TECHNOLOGY CORP.** | **MODERN MINING TECHNOLOGY CORP.** |
| By: |  |
|  | Name: |
|  | Title: |

---

**Schedule "A"**

**Registration Instructions**

---

| | |
|:---|:---|
| REGISTRATION INSTRUCTIONS | DELIVERY INSTRUCTIONS |
| (name of registered holder) | (contact name) |
| (address of registered holder – include city, province and postal code) | (address – include city, province and postal code) |

---

## Ex1A-6

**Exhibit 6.15**

**AMENDING AGREEMENT**

**THIS AGREEMENT (**the "**Amending Agreement**") is dated as of the 30th day of June, 2023.

**BETWEEN:**

**MODERN MINING TECHNOLOGY CORP.,**

a corporation incorporated under the laws of the Province of British Columbia,

(the "**Company**")

**- and –**

**616538 BC LTD.,** 

a corporation incorporated under the laws of the Province of British Columbia,

(the "**Consultant**")

**- and –** 

**BASIL BOTHA,** 

a resident of the City of Vancouver, British Columbia,

**("Basil")**

(Company, Consultant and Basil are collectively referred to as the "**Parties**")

**WHEREAS:**

A. The Parties entered into an agreement (the "**Agreement** ")
dated February 28, 2022;

B. The Parties desire to amend the terms of the Agreement to amend
certain provisions therein and to add certain new provisions; and

C. The parties confirm that they continue to be bound by all the
terms of the Agreement, except to the extent that such terms have been modified by this Amending Agreement.

**NOW THEREFORE** in consideration of the covenants and agreements herein contained, and for other good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged by each of the Parties. the Parties hereto covenant and agree as follows:

**<u>Definitions</u>**

1. All capitalized terms used in this Amending Agreement shall have
the same meanings as ascribed to them in the Agreement unless otherwise defined herein.

**<u>Amendments</u>**

2. Notwithstanding the provisions of the Agreement that relate
to 'salary' payments, the Parties acknowledge that certain payments have not been made by the Company (at this time, the
April and May 2023 consulting invoices issued by the Consultant to the Company have not been paid). In connection with same and any other
invoices issued by the Consultant to the Company in relation to the Consultant's services under the Agreement, the Parties agree
that all such outstanding invoices shall accrue interest at the rate of 2% compounded monthly until paid. Furthermore, the Parties agree
that the payment of all such invoices shall be made within seven (7) days of the Company's receipt of the IPO proceeds.

3. With respect to the Consultant and/or Basil's loan to
the Company in the amount of US$78,050 (as per section 2(g) of the Agreement), the Parties agree that the such loan shall now accrue
interest at the rate of 1% compounded monthly and shall be paid within seven (7) days of the Company's receipt of the IPO proceeds.

4. Following the closing of the IPO, the Parties agree that the
Consultant's monthly fee shall increase to US$15,000 (up from US$14,000) and that the term of such services to be provided by the
Consultant shall be extended to twenty-four (24) months (rather than eighteen (18) months referred to in Section 2(c) of the Agreement)
and furthermore, that all consulting invoices shall be paid within seven (7) business days from issuance and that any overdue invoices
shall bear interest at the rate of 2% compounded monthly.

5. The Parties further agree that for any invoices outstanding in
United States dollars, the Company shall use, where applicable, a floor rate for such conversions set at $1.345. The prevailing exchange
rate will be used if it's higher than the floor rate.

6. Notwithstanding the provisions set out in the Agreement regarding
the "Lock-Up Period" and "Lock-Out Period", the Consultant and/or Basil agree to sign the current lock-up extension
and automatic investor rights agreement, cashless exercise consent and any other documents (herein, collectively the "**Documents** ")
reasonably required to be signed by the Company and/or Think Equity LLC (as lead underwriter), or any other underwriter or equivalent,
in connection with the IPO. For clarity, Basil shall also further cause Alpha Resources Management Ltd. to sign the Documents as applicable.

7. The Consultant and Basil further agree to immediately discontinue
any notices of claim filed in the Provincial Court of British Columbia in respect of the late payment of invoices by the Company, including
but not limited to Robson Square Provincial Court registry files 2373444 (filed on June 15, 2003) and 2373461 (filed on June 16, 2023).
Basil and the Consultant further agree that, in the event that the Company is late in paying any of the Consultant's further invoices
but provided that the Company is not otherwise in breach of the Agreement or this Amending Agreement, the Consultant or Basil will not
commence any further lawsuits or other enforcement proceedings until thirty (30) days after the date of the IPO.

**<u>General</u>**

8. This Amending Agreement will be governed by and be construed
in accordance with the laws of the Province of British Columbia and the federal laws of Canada applicable therein.

9. This Amending Agreement shall be binding upon and shall enure
to the benefit of the Parties and their respective successors, receivers, receiver-managers, trustees and permitted assigns.

10. This Amending Agreement may be executed in several counterparts,
including execution by facsimile or electronic transmission, each of which so executed shall be deemed to be an original, and such counterparts
together shall constitute one and the same instrument.

**IN WITNESS WHEREOF** the Parties hereto have executed this Amending Agreement as of the day and year first above written.

---

| | | |
|:---|:---|:---|
| **MODERN MINING TECHNOLOGY CORP.** | **MODERN MINING TECHNOLOGY CORP.** | **MODERN MINING TECHNOLOGY CORP.** |
| By: | /s/ Jeet Basi | /s/ Jeet Basi |
|  | Name: | Jeet Basi |
|  | Title: | Authorized Signing Officer |
| **616538 BC LTD.**  | **616538 BC LTD.**  | **616538 BC LTD.**  |
| By: | /s/ Basil Botha | /s/ Basil Botha |
|  | Name: | Basil Botha |
|  | Title: | Authorized Signing Officer |
|  | /s/ Basil Botha | /s/ Basil Botha |
|  | **BASIL BOTHA** | **BASIL BOTHA** |

---

## Ex1A-6

**Exhibit 6.16**

**INTEREST BEARING PROMISSORY NOTE**

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Principal:** $[AMOUNT] | &nbsp;&nbsp;**DUE ON DEMAND** |

---

**FOR VALUE RECEIVED**, the undersigned hereby acknowledges itself indebted and promises to pay to or to the order of [HOLDER] (the **"Holder"**) the principal sum of $[AMOUNT] (the "**Principal**"), plus accrued interest (the "**Interest**"), in lawful money of Canada at the head office of the Holder, which sum shall be payable ON DEMAND at any time after the date hereof. The Principal and accrued Interest is payable in cash.

Interest shall be payable on the Principal of this promissory note at the rate of eight percent (8%) per annum, compounded annually.

The undersigned may prepay the Principal in whole or in part at any time or from time to time without notice, penalty or bonus. All payments received under this promissory note shall be applied first in satisfaction of any accrued but unpaid Interest and then against any outstanding Principal.

The undersigned hereby waives the benefits of division and discussion, demand and presentment for payment, notice of non-payment, protest and notice of protest of this promissory note.

This promissory note shall be governed by the laws of the Province of British Columbia and the laws of Canada applicable hereof and shall not be changed, modified, discharged or cancelled orally or in any manner other than by agreement in writing signed by the Holder, its successors or assigns.

**IN WITNESS WHEREOF** the undersigned has executed this promissory note as of the<br> [DAY] day of [MONTH], [YEAR].

---

| | |
|:---|:---|
| **MODERN MINING TECHNOLOGY CORP.** | **MODERN MINING TECHNOLOGY CORP.** |
| Per: | |
|  | Kuljit Basi |
|  | Chief Executive Officer |

---

## Ex1A-6

**Exhibit 6.17**

![](ex6-17_001.jpg)

---

| | |
|:---|:---|
| No. W2021-[X] | **1055 West Georgia Street, 1500 Royal Centre,** |
| | **Vancouver, BC V6E 4N7** |
|  | Incorporated under the *Business Corporations Act* (British Columbia) |
|  | **WARRANT CERTIFICATE** |

---

---

| | | |
|:---|:---|:---|
| THIS CERTIFICATE ATTESTS THAT | **[*NAME OF HOLDER*]**<br>|  |
| **Is the registered holder of** |  | **[*NUMBER*] WARRANTS** |

---

THIS CERTIFICATE ATTESTS THAT the registered holder of this Warrant Certificate has the right to purchase, at any time, until 5:00 p.m. (Toronto time) on that date which is three (3) years following the Corporation's initial public offering or other going-public transaction which results in its common shares (or the shares of a successor entity) being listed on a recognized stock exchange in the United States (in each case, a "**Listing Event**"), the number of common shares (the "**Common Shares**") as fully paid and non-assessable in the capital of Modern Mining Technology Corp. (hereinafter the "**Corporation**"), pursuant to the number of hereinabove warrants granted, subject to the terms and conditions contained herein, at an exercise price of US$0.80. **Unless permitted under applicable securities legislation, the holder of this Warrant Certificate and the Common Shares issued following the exercise of any warrants underlying this Warrant Certificate must not trade such securities before the date that is 4 months and a day after the later (i) July 28, 2021 and (ii) the date the Corporation becomes a reporting issuer in any province or territory.** 

IN WITNESS WHEREOF THE Corporation caused this Warrant Certificate to be signed by of its duly authorized officer as of the _____ day of _________________.

---

| | | |
|:---|:---|:---|
| **MODERN MINING TECHNOLOGY CORP.** | **MODERN MINING TECHNOLOGY CORP.** | **MODERN MINING TECHNOLOGY CORP.** |
| By: |  |  |
|  | Name: | Thomas A. Fenton |
|  | Title: | Corporate Secretary |

---

---

| |
|:---|
| **EXERCISE FORM** |
| (COMPLETE THIS FORM ONLY IF YOU ARE EXERCISING WARRANTS FOR COMMON SHARES) |
| TO: MODERN MINING TECHNOLOGY CORP. (the "**Corporation**") |
| The undersigned holder hereby exercises its right to purchase Common Shares and hereby subscribes for _____________ Common Shares in the capital of the Corporation at an exercise price equal to US$0.80 per Common Share pursuant to the terms and conditions of this Warrant Certificate and hereby delivers the total payment of the exercise price for the number of subscribed Common Shares. |

---

---

| | |
|:---|:---|
| Number of Common Shares:<u> </u> | Total exercise price: $<u> </u> |

---

<br> DATED this<u> </u> day of<u> </u>, 20<u> </u>

<br>     <br> Complete name of the subscriber Signature of the subscriber

<br>   <br>   <u>Subscriber's complete address </u>  

**TERMS AND CONDITIONS**

**1. Exercise of warrant; partial exercise.** The preferred share purchase warrants of the Corporation may only be exercised by the registered holder thereof within the time stipulated on the front of this Warrant Certificate by:

&nbsp;&nbsp;&nbsp;&nbsp;**(a)** signing and filling out the exercise
form on the front of this Warrant Certificate ; and

&nbsp;&nbsp;&nbsp;&nbsp;**(b)** delivering this Warrant Certificate
to the Secretary of the Corporation, at the head office at 1055 West Georgia Street, 1500 Royal Centre, Vancouver, BC, V6E 4N7, accompanied
by a wire transfer in the name of the Corporation, in Canadian dollars, for the applicable exercise price for the subscribed Common Shares.

Upon delivery and payment as mentioned above, the registered holder, shall be deemed, for all purposes, the registered holder of the number of Common Shares of the Corporation that must be issued to such holder: (i) shall have the right to receive one or more share certificates (or DRS advices) representing these Common Shares; and (ii) the Corporation shall cause the share certificate(s) (or DRS advices) to be mailed to the registered holder at the address indicated in the exercise form within ten days of the delivery and of the payment. The registered holder of the Warrant Certificate may subscribe or purchase any number of whole Common Shares lower than the number of Common Shares that it may purchase pursuant to the terms of this Warrant Certificate; in that case, it has the right to receive a new certificate for the remainder of the warrants that were not exercised at the time of this exercise and purchase. The possession of this Warrant Certificate shall not make its holder a shareholder of the Corporation and shall not grant any right or interest with regards to this Warrant Certificate, except as expressly provided herein.

**2. Alternative exercise for unit.** Notwithstanding anything to the contrary elsewhere in this Warrant Certificate, in the event that the Corporation either (a) completes a financing or series of financings or enters into a royalty streaming agreement to raise aggregate gross proceeds of not less than US$5,000,000 at any time between May 1, 2024 and a Listing Event, or (b) completes a Listing Event where the market value of the Corporation (or any successor entity) at the time of the Listing Event is not less than US$100,000,000, then upon valid exercise or partial exercise of this Warrant Certificate in accordance with Paragraph 1(a) hereof, in lieu of each Common Share the subscriber would have otherwise received, the subscriber shall receive a unit (a "**Unit**") consisting of one Common Share and one additional warrant (an "**Underlying Warrant**") to purchase one additional Common Share (an "**Underlying Share**") at a price of $0.20 per share for a period of 36 months from the date of the Listing Event.

**3. Transfer Prohibited.** This Warrant Certificate is non-assignable and non-transferable by the holder, without the prior written approval of the Corporation.

The holder of this Warrant Certificate may, at any time before its expiration date and upon delivery of this Warrant Certificate to the Corporation's Secretary at its head office, exchange this Warrant Certificate for certificates of any other denomination, attesting the same total number of warrants as those attested in this Warrant Certificate.

**4. Replacement of certificates.** Upon receipt of reasonably satisfactory evidence for the Corporation of the loss, theft, destruction or mutilation of this Warrant Certificate and, in case of such loss, theft or destruction, upon receipt of an indemnification agreement in a form and amount reasonably satisfactory to the Corporation or, in case of such mutilation, upon delivery and cancellation of this Warrant Certificate, the Corporation, at its expense, shall execute and deliver a new replacement certificate of the same content and denomination.

**5. Adjustment of the exercise price and the shares that may be issued at the time of the exercise.** At any time after the date hereof, if the Corporation splits or consolidates its issued Common Shares, the exercise price and the number of Common Shares or Units, as applicable, that may be purchased under this Warrant Certificate for every warrant shall be adjusted accordingly.

In the event of a reclassification or modification of the Common Shares which have been issued (other than a split or consolidation) after the date hereof, or in the event of a consolidation or a merger of the Corporation with another corporation (other than a merger with a subsidiary resulting in the continuation of the Corporation following such merger and does not cause a reclassification or modification of the issued Common Shares) after the date hereof, or in the event of a sale or transfer to another corporation, after the date hereof, of all or substantially all of the Corporation's assets, the holder of this Warrant Certificate shall thus have the right to purchase and receive, instead of the Common Shares or Units, as applicable, which it had the right to purchase and receive immediately before exercising this Warrant Certificate, the type and the number of shares, other securities and property likely to be received following such reclassification, modification, consolidation, merger, sale or transfer, that the holder of a number of Common Shares or Units, as applicable, equal to the number of Common Shares or Units, as applicable, that may be purchased and received immediately before exercising this warrant and would have received following such reclassification, modification, consolidation, merger, sale or transfer. The provisions of this Section 4 apply to successive consolidations, mergers, sales or transfers.

The Corporation shall not be obliged to issue fractions of Common Shares or Units in order to satisfy its obligations herein. In lieu of any fractional entitlement the number of Common Shares or Units issuable to the holder shall be rounded down to the next whole number of Common Shares or Units, as applicable.

In the event that at any time after the date hereof the Corporation distributes shares of any category of the Corporation or the Corporation's property to the holders of Common Shares (except a share dividend instead of a cash dividend paid in the normal course of business), the registered holder of this Warrant Certificate shall have the right, after the warrants are exercised, to receive, with the Common Shares resulting from the exercise of the warrants without additional payment, the number of shares or property that the registered holder would have received if it would have been the owner of the Common Shares resulting from the exercise at the moment of the distribution of shares or property.

**6. Expiration.** No holder of this Warrant Certificate shall have the right, pursuant to this Warrant Certificate, to purchase Common Shares of the Corporation after 5:00 p.m. (Toronto time) on that date that is three (3) years following the closing of the Corporation's initial public offering of its Common Shares in the United States at the Corporation's head office where this Warrant Certificate is to be delivered in order to be exercised (herein designated as the "*expiration date*"). After the expiration date of this Warrant Certificate, all warrants under this Warrant Certificate which were not yet exercised shall expire and this Warrant Certificate shall be null and void.

**7. Other Restrictions / Acknowledgements.** The holder of this Warrant Certificate acknowledges that the warrants issued hereunder (including any underlying Common Shares issuable upon exercise of the warrants) are subject to: (1) a Consent to Additional Restrictions on Exercise of Warrants dated on or about May 17, 2022 between the holder and the Corporation, whereby the holder agreed to, among other things, a restriction against exercising the warrants issued hereunder if, after giving effect to such exercise, the holder and any affiliates or any persons acting as a group together with the holder, would in aggregate beneficially own or exercise control or direction over 4.99% or more of the issued and outstanding Common Shares; (2) an Acknowledgement dated on or about May 17, 2022, whereby the holder agreed to a six month escrow restriction commencing on the completion of the Corporation's initial public offering in the United States; and (3) the rights and obligations of that certain investor rights agreement dated July 31, 2022 (as amended on November 3, 2022) between the Corporation and Jeet Basi (in his capacity as the representative of the holders of warrants).

**8. Creation of warrants and reservation of shares.** The Corporation agrees and declares that it is duly authorized to create and issue this Warrant Certificate and that this Warrant Certificate, when signed as provided herein, will be valid and enforceable against the Corporation in accordance with the provisions of this Warrant Certificate and that, subject to the provisions herein, the Corporation shall issue or cause to be issued the Common Shares purchased from time to time as provided herein; moreover, the Corporation agrees and declares that at any time while this Warrant Certificate is in circulation, it will reserve and will keep within its share capital a sufficient number of non-issued Common Shares in order to satisfy the purchase rights herein. All Common Shares that shall be issued at the time this warrant is exercised shall be deemed fully paid and non-assessable upon payment for the Common Shares, as provided herein, of the applicable amount to which the Common Shares may be purchased in accordance of the provision hereof.

**9. Claims.** Subject to the following provisions, all of the rights conferred to the registered holder of this Warrant Certificate may be exercised by the holder hereof via suitable legal procedures. No claims under the terms of an obligation, agreement or undertaking contained herein may be exercised against a shareholder, an officer or a director of the Corporation whether directly or through the Corporation, being expressly agreed and declared that the obligations under the terms of this Warrant Certificate are only corporate obligations and that no personal liability whatsoever will bind or will be incurred by the shareholders, the officers or the directors of the Corporation nor either of them in this respect; as a condition and in consideration of the execution and issuance of this Warrant Certificate, any right and claim against each of its shareholders, officers or directors are hereby expressly waived.

**10. Use of terms.** Unless otherwise required by the subject or the context, the words hereto, hereby, herein, hereof, under or pursuant and other similar expressions refer to this Warrant Certificate in general and not to a section, paragraph or any other particular part of this Warrant Certificate, the word holder designates the registered holder at the issuance of this Warrant Certificate; the singular includes the plural and vice versa, any reference to gender includes both the masculine and the feminine and words referring to persons include corporations, companies and vice versa.

**11. Statutory holidays.** If the date to take any action pursuant to this Warrant Certificate is a Saturday, a Sunday or a statutory holiday, the action shall be taken the first business day following said day and shall have the same effect as if it had been taken on the appropriate date on which it was to be taken.

**12. Notices.** All notices issued by the Corporation to the holder of this Warrant Certificate shall be via first class pre-paid postage at the registered address of the holder and shall be deemed to have been given on the date of postage.

**13. Governing law.** This Warrant Certificate herein attested are governed in all respects by the laws of the Province of British Columbia and shall be treated as contracts entered into and entirely executed in the Province of Ontario.

**14. Execution.** This certificate may be executed in one or more counterparts, each of which may be delivered by facsimile, by email in PDF, or other legally permissible electronic signature, and each of which will be deemed an original, and all of which together will be deemed to be one and the same document.

**15. Time of the essence.** Time is of the essence in the performance of all obligations contained herein.

## Ex1A-6

**Exhibit 6.18**

**[\*\*\*] Certain information in this document has been excluded pursuant to Regulation S-K, Item 601(b)(10). Such excluded information is not material and would likely cause competitive harm if publicly disclosed.**

**INVESTMENT AGREEMENT**

**THIS AGREEMENT** dated as of June XX, 2025.

**BETWEEN:**

**OR ROYALTIES INC.**, a corporation incorporated under the laws of Québec

("**OR**")

**AND:**

**Modern** **Mining technology Corp.**, a corporation incorporated under the laws of British Columbia

("**MMTC**")

(collectively, the "**Parties**" and each of them, a "**Party**")

**RECITALS:**

**WHEREAS,** concurrently with the execution of this Agreement, OR shall subscribed for 20,000 common shares in the capital of MMTC (the "**Initial Funding Shares**") for an aggregate subscription price of $200,000 (the "**OR Financing**");

**AND WHEREAS** MMTC and OR have agreed that MMTC will use the proceeds of the OR Financing to commission a third-party study on MMTC's first electronic waste recovery project to be located in Greenville, North Carolina, at an initial cost of approximately $[\*\*\*] million and which should generate between [\*\*\*] and [\*\*\*] gold equivalent ounces annually (the "**Initial Project**");

**AND WHEREAS**, in consideration for the OR Financing, MMTC has agreed to grant OR various investor rights and royalty rights on the terms and conditions contained in this Agreement.

**NOW THEREFORE, the Parties agree as follows:**

**Article 1<br> DEFINITIONS**

1.1 Definitions

For the purposes of this Agreement (including the Recitals hereto), the following capitalized words and phrases shall have the following meanings, and grammatical variations of such terms shall have corresponding meanings:

"**Affected Obligations**" has the meaning set out in Section 7.2.

"**Affected Party**" has the meaning set out in Section 7.2.

"**Affiliate**" a person is considered to be an affiliate of another Person if one is the subsidiary of the other or if both are subsidiaries of the same Person. For the purposes of this definition, "**subsidiary**" means a Person that is controlled directly or indirectly by another Person and includes a subsidiary of that subsidiary. For purposes of this definition, "**control**" means possession, directly or indirectly, of the power to direct or cause the direction of management and policies through ownership of voting securities, contract, voting trust or otherwise.

"**Agreement**" means this agreement including all schedules thereto, as the same may be amended, supplemented or restated from time to time.

"**Business Day**" means any day other than a Saturday, Sunday or day on which banks in Vancouver, British Columbia or Montreal, Québec, are generally not open for business.

"**Common Shares**" means the common shares in the capital of MMTC.

"**Data**" means all files, ledgers and correspondence, reports, texts, notes, engineering, environmental and feasibility studies, data, specifications, memoranda, invoices, receipts, accounts, accounting records and books, financial statements, financial working papers and all other records and documents of any nature or kind whatsoever, including, without limitation, those recorded, stored, maintained, operated, held or otherwise wholly or partly dependent on discs, tapes and other means of storage including, without limitation, any electronic, magnetic, mechanical, photographic or optical process, whether computerized or not (and all software, passwords and other information and means of or for access thereto) of any Party hereof.

"**Designated Private Sale Price**" has the meaning ascribed in Section 5.1(a)(i).

"**Force Majeure Event**" has the meaning set out in Section 7.1.

"**Governmental Authority**" means any government, parliament, legislature, or any regulatory authority, agency, commission or board of any government, parliament or legislature, or any court or any other law, regulation or rule-making entity having or purporting to have jurisdiction in the relevant circumstances, or any Person acting or purporting to act under the authority of any of the foregoing.

"**Initial Funding Shares**" has the meaning set out in in the Recitals.

"**Initial Project**" shall have the meaning ascribed thereto in the Recitals.

"**Initial Royalty Transaction**" means has the meaning ascribed thereto in Section 3.1.

"**MMTC**" means Modern Mining technology Corp. and any successor thereto.

"**MMTC Group**" means, collectively, MMTC and the MMTC Subsidiaries, if any.

"**MMTC Offer Notice**" has the meaning ascribed in Section 4.1(a).

"**MMTC Shareholders**" means the holders of Common Shares.

"**MMTC Subsidiaries**" means, collectively, the direct and indirect subsidiaries of MMTC, from time to time, including, Modern Mining Technology Corp. (a Delaware corporation) and any successor thereto.

"**Non-Diluted Basis**" means before giving effect to the exercise, conversion or exchange of any securities exercisable for, convertible into or exchangeable for Common Shares.

"**OR**" means OR and any successor thereto.

"**OR Deadline**" has the meaning ascribed thereto in Section 4.1(b).

"**OR Financing**" shall have the meaning ascribed thereto in the Recitals.

"**Party**" means a party to this Agreement and "**Parties**" means all of them.

"**Permitted Disclosure**" has the meaning ascribed in Section 9.1(a).

"**Person**" means and includes any individual, corporation, partnership, firm, joint venture, syndicate, association, trust, governmental agency or board or commission or authority and any other form of entity or organization.

"**PF Subordination Agreement**" means, in connection with a Project Financing, a subordination or similar agreement giving effect to the subordination of the Security and entered into in accordance with the PF Subordination Principles.

"**PF Subordination Principles**" has the meaning set out in Schedule "B".

"**Private Sale Purchaser**" has the meaning ascribed in Section 5.1(a)(ii).

"**Project Assets**" means all present and after acquired real, leased and personal property, and other assets and rights (including contracts, and other personal rights) held, owned, used or acquired for use by MMTC in connection with the Initial Project.

"**Project Financing**" means any of the following indebtedness, procured in an amount that is sufficient to achieve commercial operation at the Initial Project when combined with other concurrent project financing sources for such Initial Project, provided by one or more arm's length financing parties either (i) incurred by MMTC, or (ii) incurred by an affiliate of MMTC and guaranteed by, or in respect of which security has been provided to such arm's length lender by, a MMTC:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) one or more credit facilities, note financings or other arrangements providing for indebtedness in an
amount of not less than $[\*\*\*] for the Initial Project, which amount excludes any streaming, royalty or similar arrangements, incurred
for the purpose of financing the full development and construction of, or the ordinary course operation of, the facility and related infrastructure
comprising the Initial Project (in accordance with a MMTC board-approved development plan), including any note financings or other arrangements
described in this clause (a) and which if secured share some or all of the same guarantees and security as such wider arrangements;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) separate working capital facilities either: (i) permitted by the credit facilities, note financings or
other arrangements described in clause (a) above and for the purpose of financing the full development and construction of, or the ordinary
course operation of, the facility and related infrastructure comprising the Initial Project; or (ii) entered into in the ordinary course
of business; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) any refinancing of any of the foregoing.

"**Proposed Private Sale Notice**" has the meaning ascribed in Section 5.1(a)(i).

"**Proposed Private Sale Period**" has the meaning ascribed in Section 5.1(a)(ii).

"**Proposed Private Share Sale**" has the meaning ascribed in Section 5.1(a)

"**Purchaser Notice**" has the meaning ascribed in Section 5.1(a)(ii).

"**Regulatory News Release**" has the meaning ascribed in Section 9.3.

"**Right**" has the meaning set out in Section 4.1(a).

"**Royalty**" has the meaning set out in Section 3.1.

"**Royalty Agreement**" has the meaning set out in Section 3.1.

"**Secured Assets**" means the Project Assets and the metals and concentrates extracted as part of the Initial Project.

"**Security**" means all of the encumbrances granted by MMTC in favour of OR pursuant to the Security Documents from time to time securing or intending to secure directly or indirectly, payment and performance of MMTC's obligations.

"**Security Documents**" means (i) the security agreement to be entered into between MMTC and OR to provide OR with a first ranking security interest over the Secured Assets and any related security documents, and (ii) any additional security agreements or documents as required by the PF Subordination Principles in connection with a Project Financing pursuant to Section 4.3 of this Agreement.

**Article 2<br> Third-Party STudy**

2.1 Third Party Study

Using the proceeds from the OR Financing, MMTC shall undertake a third-party study on the Initial Project, the scope, estimated budget and timeline of which are more fully described in Schedule "A" hereof (the "**Study**"). MMTC will share the Study with OR promptly following receipt.

**Article 3<br> additional Funding by way of Royalty**

3.1 Grant of Royalty

Should OR determine within three months of the receipt of the Study, that the Study supports the royalty investment into MMTC, then it shall provide notice to MMTC that it intends to acquire, a perpetual royalty (the "**Royalty**"), on all metals produced at the Initial Project (the "**Initial Royalty Transaction**"), on the terms and conditions set forth in a draft royalty agreement (the "**Royalty Agreement**") to be negotiated between the Parties, which terms and conditions shall be at OR's satisfaction and include, without limitation:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) that the anticipated funding under the Royalty shall be approximately $[\*\*\*], for greater certainty,
the foregoing amount is indicative only and is not binding on OR;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) unless otherwise agreed to by the Parties, that the funding shall be
made available by OR to MMTC in two (2) tranches over the construction and initial startup period; the first tranche shall be paid once
[\*\*\*]% of money spent toward construction has been spent and the second tranche shall be paid once [\*\*\*]% of money spent toward construction
has been spent;;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) subject to such deductions as are agreed to in the Royalty Agreement, the Royalty shall be paid in kind
or in cash, at OR's election; during the first year following the commencement of operations the Initial Project, the Royalty payments
will be paid "in-kind". For every year following the initial year of production from the Initial Project, OR must provide
notice to MMTC by the date that is no later than six (6) months prior to the commencement of the calendar year if it wishes to receive
payment in cash for that calendar year; to the extent no election is made in respect of a Royalty payment in accordance with this paragraph 3.1(c),
the applicable Royalty payment shall be paid in-kind.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) OR shall be granted a first ranking security at the project level;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) customary reporting obligations of MMTC

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) customary audit and inspection rights for the benefit of OR; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) OR and its representatives and agents shall be granted access MMTC's property and production site,
processing facilities and other facilities of MMTC, in each case to monitor the activities, processing and infrastructure operations relating
to the MMTC's business and compliance with this Agreement.

3.2 Royalty Return

[\*\*\*]

3.3 Increase of Royalty

Should MMTC decide to proceed with an expansion of the Initial Project, OR shall have the right to increase its Royalty by funding additional amounts under the expansion plan on the same terms and conditions as provided for in connection with the initial Royalty as described in Section 3.2 of this Agreement.

**Article 4<br> PARTICIPATION RIGHT ON ROYALTIES,<br> STREAMS AND SIMILAR INTERESTS**

4.1 Participation Right on Royalties, Streams and Similar Interests

[\*\*\*]

4.2 Exceptions

Nothing in Section 4.1 restricts in any manner:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the sale of production from any project owned by the MMTC Group in the normal course; provided that the
Royalty shall accrue and be payable in priority upon such sale, in accordance with section 3.1(c).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the disposition by a Party of an interest in the Right to an Affiliate which shall be bound by the terms
hereof;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) the acquisition of MMTC by any third party, provided that such third party shall confirm in writing to
OR, at its sole satisfaction, that it shall comply with the terms and conditions hereof; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) an amalgamation, merger or other form of corporate reorganization which is a *bona fide* business
transaction that has the effect in law of the amalgamated or surviving corporation possessing, directly or indirectly, substantially all
the properties, rights and interests and being subject to substantially all the debts, liabilities and obligations of the transferring
party.

4.3 Security

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) OR's Royalty shall be subject to the first ranking general Security, as evidenced by the Security
Documents.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) To secure the due and punctual payment and performance of MMTC's obligations, MMTC shall (i) deliver
to OR the Security Documents concurrent with the signing of the Royalty Agreement, and (ii) do all things necessary to permit OR to register,
file or record in all offices, and take all actions, that may be prudent or necessary to preserve, protect and perfect the security interest
of OR under such Security Documents.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) If at any time MMTC enters into any Project Financing, (i) MMTC shall, contemporaneously with the entering
into of such Project Financing, as further security for its obligations, provide OR with such additional guarantees and security (if any)
as required by the PF Subordination Principles and (ii) OR shall enter into a PF Subordination Agreement giving effect to, the PF Subordination
Principles in respect of such Project Financing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) If at any time MMTC enter into any Project Financing, OR shall, promptly, at MMTC's sole expense,
do, execute and deliver all such things, documents, security, agreements, filings, registrations and assurances as may from time to time
be requested by MMTC and as are reasonably necessary to subordinate OR's security to any Project Financing Encumbrance on the terms
provided for in the PF Subordination Agreement. For greater certainty, at no time shall the making of the Royalty payments to OR be subordinated
to any Project Financing, in addition, at all times, including in case of insolvency, the Royalty payments to OR shall be treated as a
first ranking operating expense.

**Article 5<br> COOPERATION IN DISTRIBUTION**

5.1 Cooperation in Distribution

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) If OR or an Affiliate wishes to sell in one or more transactions within a 90 (ninety) day period, a number
of Common Shares in excess of ten (10) percent of the issued and outstanding Common Shares (other than a proposed sale to an Affiliate
of the OR which remains such) (a "**Proposed Private Share Sale** "), then:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) prior to conducting any marketing efforts to sell such Common Shares, OR shall give written notice to
MMTC of the Proposed Private Sale (the "**Proposed Private Sale Notice** "), which Proposed Private Sale Notice shall contain
the total number of Common Shares proposed to be sold pursuant to the Proposed Private Sale and the minimum price per Common Share OR
is willing to accept in the Proposed Private Sale (the "**Designated Private Sale Price** ");

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) MMTC shall have the right to name, by notice in writing to OR (the "**Purchaser Notice** ")
within ten (10) Business Days following delivery of the Proposed Private Sale Notice (the "**Proposed Private Sale Period** "),
one or more purchasers (each, a "**Private Sale Purchaser** "), who are capable of closing, and are willing to close, the
Proposed Private Sale at a price equal to or greater than the Designated Private Sale Price within ten (10) Business Days;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) OR shall in good faith negotiate with the Private Sale Purchasers any other material transaction terms
for the Proposed Private Sale as soon as reasonably practicable following receipt of the Purchaser Notice by OR; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) in the event that a Purchaser Notice is delivered by MMTC, and OR and one or more Private Sale Purchasers
agree on terms of sale pursuant to Sections 5.1(a)(ii) and 5.1(a)(iii), OR shall be required to complete the Proposed Private Sale with
the Private Sale Purchaser(s).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) In the event that (i) MMTC fails to identify a Private Sale Purchaser(s) (or its registered dealer agent)
within the Proposed Private Sale Period, (ii) OR, acting reasonably, is unable to agree to transaction terms with the Private Sale Purchaser
within ten (10) Business Days of receipt of the Purchaser Notice, or (iii) the requirements of Sections 5.1(a)(ii) and 5.1(a)(iii) are
otherwise not satisfied, then OR may sell or transfer the Common Shares that were the subject of the applicable Proposed Private Sale
Notice provided that the price per Common Share is not less than the Designated Private Sale Price. In the event that OR is unable to
dispose of the subject Common Shares within thirty (30) days of the date of the Proposed Private Sale Notice at a price per Common Share
that is not less than the Designated Private Sale Price, OR shall have the right to promptly notify MMTC of a proposed lower sale price
(the "**Adjusted Designated Price**") and MMTC shall have three (3) days from receipt of such notice to designate a buyer
to purchase the subject Common Shares at the Adjusted Designated Price. If MMTC does not so designate a buyer at the Adjusted Designated
Price, OR may dispose of the subject Common Shares at a price equal to or greater than the Adjusted Designated Price within thirty (30)
days of the delivery of the notice of the Adjusted Designated Price.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) If OR does not complete the Proposed Private Sale (or an alternative disposition transaction) within thirty
(30) days of the notice of the Adjusted Designated Price, the provisions of this Section 5.1 shall again apply.

5.2 Qualifying Common Shares by Initial Public Offering

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) If at any time following the execution of this Agreement, MMTC determines to prepare and file of a prospectus
with applicable securities regulatory authorities in connection with a proposed initial public offering ()"**IPO**") of
any of its securities for cash, in a form and manner that, with appropriate changes, would permit the Initial Funding Shares to be qualified
for distribution under such prospectus, MMTC shall notify OR in writing at least fifteen (15) days prior to such filing. To the extent
reasonably practicable, MMTC shall ensure that all Common Shares beneficially owned, directly or indirectly by OR, together with its Affiliates
(as applicable), including the Initial Funding Shares, shall be automatically qualified by the prospectus filed in connection with such
IPO.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) If MMTC determines, in its sole discretion, that the total number of securities to be qualified under
the prospectus must be limited to comply with applicable securities laws or to ensure the success of the IPO, MMTC may reduce the number
of shares to be qualified, including those held by OR, on a pro-rata basis or as otherwise necessary to achieve compliance.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Notwithstanding the foregoing, MMTC may at any time, and without the consent of OR, abandon the prospectus
filing or such IPO.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) MMTC shall pay all expenses incurred in connection with any such IPO.

5.3 Exchange Escrow Requirements

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Notwithstanding section 5.2(a), if MMTC seeks a listing of its business on a stock exchange in connection
with an initial public offering, reverse take-over, de-SPAC transaction, direct listing, or other similar transaction, OR will agree to
any restrictions on trading or other escrow requirements that may be imposed by such stock exchange or investment bank underwriting the
offering, provided that such restrictions are no more restrictive than the restrictions placed on MMTC's other general holders of
shares of the same class.

**Article 6<br> REPRESENTATIONS AND WARRANTIES**

6.1 Mutual Representations and Warranties

Each Party represents and warrants to the other Party hereto that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) it is a body corporate duly incorporated or continued and duly organized and validly subsisting under
the laws of its organizational jurisdiction;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) it has full power and authority to carry on its business and to enter into this Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) neither the execution and delivery of this Agreement nor the consummation of the transactions hereby contemplated
conflict with, result in the breach of or accelerate the performance required by any agreement to which it is a party;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) the execution and delivery of this Agreement does not violate or result in the breach of the laws of any
jurisdiction applicable to a Party or pertaining thereto or of its organizational documents;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) all corporate authorizations have been obtained for the execution of this Agreement and for the performance
of its obligations hereunder; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) this Agreement constitutes a legal, valid and binding obligation of the Party enforceable against it in
accordance with its terms.

6.2 Representations and Warranties of MMTC

MMTC represents, warrants and covenants to OR that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) no consent or approval of any MMTC Shareholders, third party or Governmental Authority is required for
the execution, delivery or performance of this Agreement by MMTC.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) After giving effect to the Initial Funding, there will be 2,159,974 Common Shares issued and outstanding.
MMTC currently has 4,124,999 common share purchase warrants outstanding, each being exercisable for up to one (1) unit of MMTC consisting
of one (1) Common Share and one additional share purchase warrant to purchase one (1) Common Share. MMTC currently has 1,250,000 performance
warrants outstanding, each being exercisable for one (1) Common Share upon MMTC achieving certain specified revenue targets.

**Article 7<br> FORCE MAJEURE**

7.1 Description of Force Majeure Event

An event of force majeure ("**Force Majeure Event**") shall mean an unforeseen event or circumstance:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) over which a party does not have any control;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) whose occurrence could not, despite the exercise of reasonable care, be prevented or overcome by a party;
and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) that is not attributable to the other party and makes it impossible for a party or the parties to perform
the Agreement in whole or in part.

Provided the conditions in this Section are fulfilled, a Force Majeure Event may include, without limitation, hostilities, acts of war or conditions arising out of attributable to war, whether declared or undeclared; riot, civil strife, insurrection, rebellion, terrorism; fire, explosion, contamination by radioactivity; earthquake, storm, flood, sink holes, drought or other adverse weather conditions; pandemic or epidemic.

7.2 Notice of Force Majeure Event

The Party which considers that a Force Majeure Event has occurred (the "**Affected Party**") shall promptly give notice to the other Party (in any case no later than fourteen (14) days from being aware of the Force Majeure Event) stating therein (i) the nature of the Force Major Event (ii) the obligations affected by the Force Majeure Event (the "**Affected Obligations**") (iii) the extent to which the Affected Party cannot perform the Affected Obligations (iv) an estimate of the expected duration thereof and (v) the measures proposed to be adopted to remedy or minimise the consequences of the Force Majeure Event. .

7.3 Obligation to Remove Force Majeure Events

The Affected Party shall use all reasonable diligence to remedy the Force Majeure Event as quickly as practicable.

7.4 Effect of a Force Majeure Event

In the event of a Force Majeure Event, the Parties agree to suspend their reciprocal obligations, except for paying any amount due hereunder promptly when due, for so long as the Force Majeure Event persists. If the Force Majeure Event continues for a period greater than 180 consecutive days, the Parties shall renegotiate the Agreement or, in the event of disagreement, either Party shall have the right to terminate this Agreement, subject to paying any amount due as at the date of termination.

**Article 8<br> Covenants**

8.1 Reporting

Following the Initial Funding, MMTC shall provide OR with updates related to the status of the Study, the Initial Project, and such other information as reasonably requested by OR to assist it in making a determination as to whether it supports the Royalty investment into MMTC for the Initial Project.

**Article 9<br> CONFIDENTIAL INFORMATION**

9.1 Confidential Information

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Except as specifically otherwise provided for herein, the Parties will keep confidential all Data disclosed
to each other and will refrain from using it other than for the activities contemplated hereunder or publicly disclosing it unless:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) required by law or by the rules and regulations of any regulatory authority or stock exchange having jurisdiction;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) it becomes available in the public domain through no fault of the Party wishing to make the disclosure;
or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) with the consent of the other Party, such consent not to be unreasonably withheld;

(each such disclosure of Data made pursuant to subparagraph (i) or (ii) hereof being referred to as a "**Permitted Disclosure**").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Prior to any Permitted Disclosure of Data, the applicable Party shall give the other Party prompt written
notice and, in making such Permitted Disclosure, the disclosing Party shall disclose only that portion of Data required to be disclosed
and shall take all reasonable steps to preserve the confidentiality of the remaining portion thereof.

9.2 Information in Public Domain

The provisions of this Article 9 do not apply to information which is or becomes part of the public domain other than through a breach of the terms hereof.

9.3 Press Release

The Parties will consult with each other prior to issuing any press release or other public statement regarding this Agreement. In addition, each Party will, to the extent practicable, obtain prior consent from the other Party before issuing any press release or public statement regarding this Agreement, except if such disclosure is required by law or by the rules and regulations of any regulatory authority or stock exchange having jurisdiction (a "**Regulatory News Release**") and the other Party unreasonably withholds consent to such press release or other public statement or does not provide such consent in a timely manner. Notwithstanding the above, when practicable, where a Party requests consent from the other Party of any press release or public statement and the other Party has not responded to such request within forty eight (48) hours, then the Party proposing the press release or public statement will be entitled to proceed with its disclosure as if it had received consent from the other Party, which forty eight (48) hours period shall be reduced to twelve (12) hours in the case of a Regulatory News Release.

9.4 Request to Disclose

Where a request is made for permission under this Article 9 to disclose confidential information, a reply thereto will be made as soon as possible and in any event within twenty-four (24) hours after receipt of such request, failing which the Party requesting will be entitled to disclose such information in the limited circumstances specified in such request as if such consent had been given.

**Article 10<br> survival and INDEMNIfication**

10.1 Survival

The representations and warranties of the Parties in or under this Agreement and in or under any documents, instruments and agreements delivered pursuant to this Agreement shall continue in full force and effect for a period of two (2) years from the date hereof.

10.2 Indemnification

Each Party agrees to indemnify and save harmless the other from and against all losses suffered or incurred as a result or arising directly or indirectly out of or in connection with any breach or non-performance of any covenant or obligation to be performed which is contained in this Agreement or in any document, instrument or agreement delivered pursuant hereto.

**Article 11<br> NOTICE**

11.1 Notice

All notices and other communications under this Agreement will be in writing and may be delivered personally or transmitted by email as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) To OR:

**OR Royalties Inc.**<br> 1100, avenue des Canadiens-de-Montréal<br> Suite 300<br> Montreal, Québec<br> H3B 2S2

Attention: ________________

Email: _______________ <br> with copy to: _______________

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) To MMTC:

**Modern Mining Technology Corp.** <br> 1500-1055 West Georgia Street<br> Vancouver, British Columbia<br> V6E 4N7

Attention: ________________

Email: _______________

or to such addresses as each Party may from time to time specify by notice. Any notice will be deemed to have been given and received:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) if personally delivered, then on the day of personal service to the recipient Party, provided that if
such date is a day other than a Business Day such notice will be deemed to have been given and received on the first Business Day following
the date of personal service; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) if sent by email transmission and successfully transmitted prior to 4:00 pm on a Business Day (recipient
Party time), then on that Business Day, and if transmitted after 4:00 pm on that day then on the first Business Day following the date
of transmission.

**Article 12<br> TERMINATION**

12.1 Termination

This Agreement shall terminate and the rights and obligations of the Parties hereunder shall cease upon the earliest to occur of the following events:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) OR does not elect to pursue the Initial Royalty Transaction in accordance with section 3.2;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) MMTC paying the Break-Fee in accordance with section 3.2; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) the dissolution or liquidation of MMTC.

**Article 13<br> GENERAL**

13.1 Interpretation

Unless the context otherwise requires, in this Agreement:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the headings to the Articles, Sections, subsections or clauses of this Agreement are inserted for convenience
only and are not intended to affect the construction hereof or affect its interpretation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) this Agreement will be read with such changes in gender or number as the context requires;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) a reference to an agreement or document (including a reference to this Agreement) is to the agreement
or document as amended, varied, supplemented, novated or replaced except to the extent prohibited by this Agreement or that other agreement
or document;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) a reference to writing includes a facsimile or electronic mail transmission and any means of reproducing
words in a tangible and permanently visible form;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) if an act must be done on a specified day which is not a Business Day, it must be done instead on the
next Business Day; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) if any provision of this Agreement is or becomes illegal, invalid or unenforceable, in whole or in part,
the remaining provisions will nevertheless be and remain valid and subsisting and the said remaining provisions will be construed as if
this Agreement had been executed without the illegal, invalid or unenforceable portion.

13.2 Currency

All dollar amounts expressed herein refer to lawful currency of the United States of America.

13.3 Entire Agreement

This Agreement constitutes the entire agreement between the Parties with respect to the subject matter hereof and supersedes all prior agreements, understandings, negotiations and discussions, whether written or oral. There are no conditions, covenants, agreements, representations, warranties or other provisions, express or implied, collateral, statutory or otherwise, relating to the subject matter hereof except as provided in this Agreement. No waiver of any other provisions of this Agreement shall be deemed to or shall constitute a waiver of any other provisions nor shall such waiver constitute a continuing waiver unless otherwise expressly provided.

13.4 Further Assurances

The Parties will promptly execute or cause to be executed all documents, deeds, conveyances and other instruments of further assurance which may be reasonably necessary or advisable to carry out fully the intent of this Agreement.

13.5 Manner of Payment

All cash payments to be made to any Party may be made by wire transfer to a bank account the details of which are provided by the receiving Party to the sending Party or by certified cheque or draft delivered to such Party at its address for notice purposes as provided herein.

13.6 Enurement

This Agreement will enure to the benefit of and be binding upon the Parties and their respective successors and permitted assigns.

13.7 Governing Law

This Agreement will be governed by and interpreted in accordance with the laws of Québec and the laws of Canada generally applicable therein. Each Party irrevocably submits to the jurisdiction of the courts in the Province of Québec with respect to any matter arising under or related to this Agreement.

13.8 Time of the Essence

Time is of the essence in the performance of each obligation under this Agreement.

13.9 Counterparts

This Agreement may be executed in any number of counterparts and all such counterparts, taken together, will be deemed to constitute one and the same instrument. In addition, execution of this Agreement by either of the Parties may be evidenced by way of email transmission of such Party's signature (which signature may be by separate counterpart) or a photocopy of such email transmission, and such emailed signature, or photocopy of such emailed signature, shall be deemed to constitute the original signature of such Party to this Agreement.

13.10 Language

The parties have expressly requested that the present Agreement be drafted in the English language. *Les parties ont expressément exigé que la présente convention soit rédigée en langue anglaise.*

 ****

***[Remaining of page left intentionally blank.]***

**IN WITNESS WHEREOF** this Agreement has been executed as of the date first above given.

---

| | | |
|:---|:---|:---|
| **MODERN MINING TECHNOLOGY CORP.** | **MODERN MINING TECHNOLOGY CORP.** | **MODERN MINING TECHNOLOGY CORP.** |
| By: |  |  |
|  | Name: | Kuljit Basi |
|  | Title: | Chief Executive Officer |

---

---

| | |
|:---|:---|
| **OR ROYALTIES INC.** | **OR ROYALTIES INC.** |
| By: |  |
|  | Name: |
|  | Title: |

---

**Schedule "A"**

**<u>SCOPE AND TIMELINE OF THE STUDY</u>**

[\*\*\*]

**Schedule "B"**

**<u>PF SUBORDINATION PRINCIPLES</u>**

**[\*\*\*]**

## Ex1A-6

**Exhibit 6.19**

**MODERN MINING TECHNOLOGY CORP.<br> SUBSCRIPTION AGREEMENT FOR COMMON SHARES**

---

| | |
|:---|:---|
| **TO:** | **Modern Mining Technology Corp. (the "Company")** |

---

The undersigned (hereinafter referred to as the "**Subscriber**") hereby irrevocably subscribes for and offers to purchase from the Company that number of Common Shares (as defined in the Terms and Conditions of Subscription for Common Shares attached (the "**Terms and Conditions**") set forth below (the "**Subscribed Shares**") at a price of US$10.00 per Subscribed Share (the "**Subscription Price**"). The aggregate Subscription Price for the Subscribed Shares (the "**Aggregate Subscription Amount**") is an amount equal to the number of Subscribed Shares multiplied by the Subscription Price.

The Subscribed Shares are available upon and subject to the Terms and Conditions (and, collectively with Schedule "A", Schedule "B" (if applicable) and Schedule "C", and these Face Pages, this "**Subscription Agreement**"). References to "**$**" or "**US$**" refer to United States dollars.

 

*On the Closing Date, if the terms and conditions contained in this Subscription Agreement have been complied with to the satisfaction of the Company or waived by the Company, the Subscriber will deliver to the Company the completed subscription agreements, including this Subscription Agreement, and the Net Offering Proceeds (as defined in the Terms and Conditions) against (i) delivery by the Company of the Subscribed Shares by way of physical certificates representing the Subscribed Shares, and (ii) delivery by the Company of such other documentation as may reasonably be required by the Subscriber.*

**If less than a complete copy of this Subscription Agreement is delivered to the Company, the Company and its respective advisors are entitled to assume that the Subscriber accepts and agrees to, unaltered, all the terms and conditions of the pages not delivered.**

Face Page 1

**THE SECURITIES OFFERED HEREBY HAVE NOT BEEN REGISTERED UNDER THE UNITED STATES SECURITIES ACT OF 1933, AS AMENDED (THE "U.S. SECURITIES ACT") OR APPLICABLE STATE SECURITIES LAWS, AND ARE PROPOSED TO BE ISSUED IN RELIANCE UPON AN EXEMPTION FROM THE REGISTRATION REQUIREMENTS OF THE U.S. SECURITIES ACT. SUCH SECURITIES MAY NOT BE REOFFERED FOR SALE, RESOLD, PLEDGED OR OTHERWISE TRANSFERRED EXCEPT PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT UNDER THE U.S. SECURITIES ACT AND IN ACCORDANCE WITH ANY APPLICABLE STATE SECURITIES LAWS, OR PURSUANT TO AN EXEMPTION OR EXCLUSION FROM REGISTRATION UNDER THE U.S. SECURITIES ACT AND ANY APPLICABLE STATE SECURITIES LAWS.**

**<u>MODERN MINING TECHNOLOGY CORP. SUBSCRIPTION AGREEMENT FOR COMMON SHARES</u>**

---

| |
|:---|
| **HAVE YOU COMPLETED THIS SUBSCRIPTION AGREEMENT PROPERLY?** |
| &nbsp;&nbsp;**The following items in this Subscription Agreement must be completed. (Please initial each box.)** |
| &nbsp;&nbsp;**<u>All Subscribers</u>** |
| &nbsp;&nbsp;Complete all subscription and subscriber information in the boxes on Face Page 4. |
| &nbsp;&nbsp;Sign the execution page of this Subscription Agreement (in the top left box) on Face Page 4. |
| **<u>Canadian Subscribers</u>** |
| &nbsp;&nbsp;Subscribers who are "accredited investors" under Section 73.3(1) of the *Securities Act* (Ontario) or National Instrument 45-106 - *Prospectus Exemptions*, as applicable, complete and sign Schedule "A", indicating which category is applicable and date and sign page A-1. |
| &nbsp;&nbsp;If relying on categories (j), (k) or (l) of the Accredited Investor exemption, also complete and sign Schedule "B". |

---

Face Page 2

**<u>DELIVERY AND PAYMENT INSTRUCTIONS:</u>**

Please courier or email the completed forms to the Issuer at 1500-1055 West Georgia St., Vancouver, BC V6E 4N7 Attn: Jeet Basi (jbasi@modernmining.com). Payment must be sent by wire transfer as instructed below. All monetary amounts herein are in Canadian dollars.

**WIRE TRANSFER INSTRUCTIONS**

---

| | |
|:---|:---|
| &nbsp;&nbsp; **Bank Name** | &nbsp;&nbsp;**BMO Bank of Montreal** |
| &nbsp;&nbsp;**Institution Number** | &nbsp;&nbsp;**001** |
| &nbsp;&nbsp;**SWIFT CODE:** |  |
| &nbsp;&nbsp;**Branch Address：** | &nbsp;&nbsp;**595 BURRARD STREET, PO BOX 49500<br> VANCOUVER, BRITISH COLUMBIA<br> V7X 1L7, CANADA** |
| &nbsp;&nbsp;**Transit Number:** |  |
| &nbsp;&nbsp;**Account number:** |  |
| &nbsp;&nbsp;**Beneficiary Name:** | &nbsp;&nbsp;**MODERN MINING TECHNOLOGY CORP.** |
| &nbsp;&nbsp;**Beneficiary Address:** | &nbsp;&nbsp;**1055 WEST GEORGIA ST. SUITE 1500<br> VANCOUVER BRITISH COLUMBIA<br> V6E 4N7, CANADA** |

---

Face Page 3

**SUBSCRIPTION AND SUBSCRIBER INFORMATION<br> Please print all information (other than signature) in the space provided below**

---

| | | |
|:---|:---|:---|
|  |  | <br>**Number of Common Shares: <u>20,000</u>** <br>**Subscription Price: US$10.00<br>Aggregate Subscription Amount: US$<u>200,000</u>** |
| &nbsp;&nbsp;(Name of Subscriber – please print) | &nbsp;&nbsp;(Name of Subscriber – please print) | <br>**Number of Common Shares: <u>20,000</u>** <br>**Subscription Price: US$10.00<br>Aggregate Subscription Amount: US$<u>200,000</u>** |
| &nbsp;&nbsp;By: |  | <br>**Number of Common Shares: <u>20,000</u>** <br>**Subscription Price: US$10.00<br>Aggregate Subscription Amount: US$<u>200,000</u>** |
|  | &nbsp;&nbsp;(Authorized Signature) | <br>**Number of Common Shares: <u>20,000</u>** <br>**Subscription Price: US$10.00<br>Aggregate Subscription Amount: US$<u>200,000</u>** |
| &nbsp;&nbsp;(Official Capacity or Title – please print) | &nbsp;&nbsp;(Official Capacity or Title – please print) | **<u>Disclosed Beneficial Purchaser Information:</u>** |
|  |  | If the Subscriber is signing as agent for a principal and is not a trust company or trust corporation purchasing as trustee or agent for accounts fully managed by the Subscriber or a person acting on behalf of a fully managed account managed by the Subscriber, and in each case satisfying the criteria set forth in Section 73.3(1) of the *Securities Act* (Ontario) or National Instrument 45-106 – *Prospectus Exemptions*, as applicable, complete the following and ensure that Schedule "A" is completed on behalf of such principal (such principal, a "**Disclosed Beneficial Purchaser**"): |
| &nbsp;&nbsp;(Please print name of individual whose signature appears above if different than the name of the subscriber printed above.) | &nbsp;&nbsp;(Please print name of individual whose signature appears above if different than the name of the subscriber printed above.) | If the Subscriber is signing as agent for a principal and is not a trust company or trust corporation purchasing as trustee or agent for accounts fully managed by the Subscriber or a person acting on behalf of a fully managed account managed by the Subscriber, and in each case satisfying the criteria set forth in Section 73.3(1) of the *Securities Act* (Ontario) or National Instrument 45-106 – *Prospectus Exemptions*, as applicable, complete the following and ensure that Schedule "A" is completed on behalf of such principal (such principal, a "**Disclosed Beneficial Purchaser**"): |
|  |  | If the Subscriber is signing as agent for a principal and is not a trust company or trust corporation purchasing as trustee or agent for accounts fully managed by the Subscriber or a person acting on behalf of a fully managed account managed by the Subscriber, and in each case satisfying the criteria set forth in Section 73.3(1) of the *Securities Act* (Ontario) or National Instrument 45-106 – *Prospectus Exemptions*, as applicable, complete the following and ensure that Schedule "A" is completed on behalf of such principal (such principal, a "**Disclosed Beneficial Purchaser**"): |
| &nbsp;&nbsp;(Subscriber's Address) | &nbsp;&nbsp;(Subscriber's Address) |  |
| &nbsp;&nbsp;(City, Province/State, Postal/Zip Code) | &nbsp;&nbsp;(City, Province/State, Postal/Zip Code) | (Name of Disclosed Beneficial Purchaser) |
| &nbsp;&nbsp;(Telephone Number) | &nbsp;&nbsp;(Telephone Number) | &nbsp;&nbsp;(Disclosed Beneficial Purchaser's Address, Telephone Number and E-mail Address)<br>|
| &nbsp;&nbsp;(E-mail Address) | &nbsp;&nbsp;(E-mail Address) | ____________________________________________________ |

---

The Subscriber hereby provides the Company the following instructions in connection with the settlement of the Subscribed Shares being purchased hereunder and hereby directs the Company to issue and register (and deliver any definitive physical certificates, for) such Subscribed Shares as follows.

---

| | |
|:---|:---|
| &nbsp;&nbsp;**<u>Account Registration Information:</u> (if different from the Subscriber's name and address above)**  | &nbsp;&nbsp;**<u>Delivery Instructions:</u> (if different from the Subscriber's name and address above)** |
| &nbsp;&nbsp;(Name) | &nbsp;&nbsp;(Name) |
| &nbsp;&nbsp;(Account Reference, if applicable) | &nbsp;&nbsp;(Account Reference, if applicable) |
| &nbsp;&nbsp;(Address, including Postal/Zip Code) | &nbsp;&nbsp;(Address, including Posta/Zip Code) |
|  | &nbsp;&nbsp;(Telephone Number) (Fax Number) |
|  | &nbsp;&nbsp;(Contact Name) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br> **<u>Check this box If the Subscriber is an Insider of the Company</u>**: ☐<br>Note: An Insider (as defined in the Terms and Conditions) may or may not deal with the Company at arm's length. | &nbsp;&nbsp; <br> **<u>Check this box if the Subscriber is a Registrant:</u>** ☐<br>Note: A Registrant means a dealer, adviser, investment fund manager, an ultimate designated person or chief compliance officer as those terms are used pursuant to Applicable Securities Laws (as defined herein), or a Person (as that term is defined herein) registered or otherwise required to be registered under Applicable Securities Laws. |

---

Face Page 4

**ACCEPTANCE**: The Company hereby accepts the subscription as set forth on Face Page 4 on the terms and conditions contained in this Subscription Agreement.

Dated the _____ day of _________________, 2025

---

| | |
|:---|:---|
| **MODERN MINING TECHNOLOGY CORP.** | **MODERN MINING TECHNOLOGY CORP.** |
| Per: |  |
|  | I have the authority to bind the Company |

---

Face Page 5

**MODERN MINING TECHNOLOGY CORP.**

**TERMS AND CONDITIONS OF SUBSCRIPTION FOR COMMON SHARES**

**Description of Schedules**

1. In addition to these Terms and Conditions, the following are the schedules attached to and incorporated in this Subscription Agreement by reference and deemed to be a part hereof:

---

| | |
|:---|:---|
| Schedule "A" | - Representation Letter attaching Appendix regarding Accredited Investor Exemption |
| Schedule "B" | - Risk Acknowledgement Form for Certain Individual Accredited Investors |
| Schedule "C" | - Contact Information of Security Regulatory Authorities and Regulators |

---

<br> **Defined Terms**

2. Whenever used in this Subscription Agreement, unless there is something in the subject matter or context inconsistent therewith, the following words and phrases have the respective meanings ascribed to them as follows:

"**Aggregate Subscription Amount**" has the meaning ascribed to such term on Face Page 1.

"**Applicable Securities Laws**" means, as applicable, the securities laws, regulations, rules, rulings and orders in each of the Selling Jurisdictions, the applicable policy statements, notices, blanket rulings, orders and all other regulatory instruments of the securities regulators in each of the Selling Jurisdictions.

"**Closing**" means the closing of the Offering.

"**Closing Date**" has the meaning ascribed to such term in 6.

"**Closing Time**" has the meaning ascribed to such term in Section 6.

"**Common Shares**" means common shares in the capital of the Company, as currently constituted.

"**Company**" has the meaning ascribed to such term on Face Page 1.

"**Control Person**" means:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) a Person who holds a sufficient number of the voting rights attached to all outstanding voting securities
of the Company to affect materially the control of the Company; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) each Person in a combination of Persons, acting in concert by virtue of an agreement, arrangement, commitment
or understanding, that holds in total a sufficient number of the voting rights attached to all outstanding voting securities of the Company
to affect materially the control of the Company,

and, if a Person or combination of Persons holds more than 20% of the voting rights attached to all outstanding voting securities of the Company, the Person or combination of Persons is deemed, in the absence of evidence to the contrary, to hold a sufficient number of the voting rights to affect materially the control of the Company.

"**Disclosed Beneficial Purchaser**" has the meaning ascribed to such term on Face Page 4.

"**Governmental Authority**" means any governmental authority and includes, without limitation, any national or federal government, province, state, municipality or other political subdivision of any of the foregoing, any entity exercising executive, legislative, judicial, regulatory or administrative functions of or pertaining to government and any corporation or other entity owned or controlled (through stock or capital ownership or otherwise) by any of the foregoing.

"**Hold Period Expiry Date**" means the date that is four months and one day after the later of (i) the Closing Date, and (ii) the date the Company becomes a reporting issuer in any province or territory of Canada under Applicable Securities Laws.

"**including**" means including without limitation (and "include" or "includes" have similar extended meanings).

"**Insider**" means:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) a director or senior officer of the Company (or a subsidiary of the Company);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) any Person who beneficially owns, directly or indirectly, voting securities of the Company or who exercises
control or direction over voting securities of the Company or a combination of both carrying more than 10% of the voting rights attached
to all voting securities of the Company for the time being outstanding; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) a director or senior officer of an Insider.

"**Net Offering Proceeds**" means the gross proceeds of the Offering.

"**NI 45-106**" means National Instrument 45-106 *Prospectus Exemptions* of the Canadian Securities Administrators.

"**Offering**" means the offering of up to 20,000 Common Shares to be issued and sold by the Company.

"**Person**" includes any individual (whether acting as an executor, trustee administrator, legal representative or otherwise), corporation, firm, partnership, sole proprietorship, syndicate, joint venture, trustee, trust, unincorporated organization or association, and pronouns have a similar extended meaning.

"**Registrant**" means a dealer, adviser, investment fund manager, an ultimate designated person or chief compliance officer as those terms are used pursuant to the Applicable Securities Laws, or a Person registered or otherwise required to be registered under the Applicable Securities Laws.

"**Regulation D**" means Regulation D promulgated under the U.S. Securities Act.

"**Regulation S**" means Regulation S promulgated under the U.S. Securities Act.

"**Securities Commissions**" means, collectively, the applicable securities commission or other securities regulatory authority in each of the Selling Jurisdictions.

"**Selling Jurisdictions**" means (i) the provinces and territories of Canada, and (ii) such other jurisdictions outside of Canada as may be determined by the Company.

"**Subscribed Shares**" means the Common Shares to be purchased by the Subscriber pursuant to this Subscription Agreement.

"**Subscription Agreement**" has the meaning ascribed to such term on Face Page 1.

"**Subscription Price**" has the meaning ascribed to such term on Face Page 1.

"**U.S. Accredited Investor**" means "accredited investor" as defined in Rule 501(a) of Regulation D.

"**U.S. Person**" has the meaning given to that term in Rule 902(k) of Regulation S. Without limiting the foregoing, but for greater clarity in this Subscription Agreement, a U.S. Person includes, subject to the exclusions set forth in Regulation S: (a) any natural person resident in the United States; (b) any partnership or corporation organized or incorporated under the laws of the United States; (c) any estate or trust of which any executor, administrator or trustee is a U.S. Person; (d) any discretionary account or similar account (other than an estate or trust) held by a dealer or other fiduciary organized, incorporated, or (if an individual) resident in the United States; and (e) any partnership or corporation organized or incorporated under the laws of any non-U.S. jurisdiction which is formed by a U.S. Person principally for the purpose of investing in securities not registered under the U.S. Securities Act, unless it is organized or incorporated, and owned, by U.S. Accredited Investors who are not natural persons, estates or trusts.

"**U.S. Purchaser**" means: (a) any U.S. Person, (b) any person purchasing Units for the account or benefit of any U.S. Person or any person in the United States, (c) any person who receives or received an offer of the Units while in the United States, or (d) any person who is or was in the United States at the time the Subscriber's buy order was made or this Agreement was executed or delivered.

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

"**United States**" means the United States of America, its territories and possessions, any State of the United States and the District of Columbia.

**Terms of the Offering**

3. The Subscriber acknowledges (on the Subscriber's own behalf and, if applicable, on behalf of any Disclosed Beneficial Purchaser(s)) that this subscription is subject to rejection, acceptance or allotment by the Company at its discretion, in whole or in part.

4. Subject to the sole discretion of the Company, Canadian subscribers must be "accredited investors" (as such term is defined in Section 73.3(1) of the *Securities Act* (Ontario) or NI 45-106, as applicable) or must satisfy one of the "Family, Friends and Business Associates" prospectus exemptions provided under Section 2.5, 2.6 and 2.6.1 of NI 45-106.

**Closing**

5. Delivery and sale of the Subscribed Shares and payment of the Aggregate Subscription Amount will be completed electronically, on such time(s) as the Company may decide upon (the "**Closing Time**") on such date(s) as the Company may decide upon (the "**Closing Date**"). Provided that on or prior to the Closing Time the terms and conditions contained in the subscription agreements for the Offering (including this Subscription Agreement) have been complied with to the satisfaction of the Company, or waived by the Company. The Subscriber will deliver all completed subscription agreements for the Offering (including this Subscription Agreement) and the Net Offering Proceeds to the Company, against delivery of physical certificates, evidencing the Subscribed Shares and such other documentation as may be required.

If, prior to the Closing Time, the terms and conditions contained in the subscription agreements for the Offering (including this Subscription Agreement) (other than the delivery of physical certificates evidencing the Subscribed Shares) have not been complied with to the satisfaction of the Company (or waived by the Company), the Company and the Subscriber will have no further obligations under this Subscription Agreement.

6. The Subscriber acknowledges and agrees that the Company is relying on the truth and accuracy of the representations and warranties of the Subscriber contained in this Subscription Agreement as of the date of this Subscription Agreement, and as of the Closing Time as if made at and as of the Closing Time, and the fulfillment of the following additional conditions prior to the Closing Time:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) on or before June 13, 2025, unless other arrangements for settlement satisfactory to the Company have
been made, the Subscriber having delivered a properly completed and signed Subscription Agreement (including, as applicable, Schedules
"A" and "B") to the Company at the email address below, and having made payment arrangements for the Aggregate
Subscription Amount in a manner acceptable to the Company:

Modern Mining Technology Corp.<br> Email: jbasi@modernmining.com

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the Subscriber having executed and returned to the Company or the Company's legal counsel, at the
request of the Company, all other documents as may be required by Applicable Securities Laws for delivery by the Company or the Subscriber;
and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) the issue and sale of the Subscribed Shares being exempt from the requirement to file a prospectus under
Applicable Securities Laws, or the Company having received such orders, consents or approvals as may be required to permit such sale without
the requirement to file a prospectus.

7. If this Subscription Agreement is rejected in whole or in part or the closing of the Offering does not occur, the whole or unused portion of the Aggregate Subscription Amount will be promptly returned to the Subscriber without interest or deduction.

**Representations, Warranties and Covenants of the Company**

8. The Company represents, warrants, covenants and acknowledges to the Subscriber, and acknowledges that the Subscriber is relying upon such representations and warranties in connection with the completion of the Offering that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the Company is a corporation existing pursuant to the laws of the Province of British Columbia;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) it will use the Net Offering Proceeds to commission a third-party study on the Company's first electronic
waste recovery project to be located in Greenville, North Carolina.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) the execution and delivery of, and performance by the Company of this Subscription Agreement have been
authorized by all necessary corporate action on the part of the Company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) this Subscription Agreement, when countersigned by the Company, has been duly executed and delivered by
the Company and constitutes a legal, valid and binding agreement of the Company enforceable against it in accordance with its terms;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) the Company is current and up-to-date with all material filings required to be made under the laws of
its jurisdiction of incorporation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) the Company has the power and authority to issue and deliver the Subscribed Shares;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) as of the date hereof, the Company will have taken all corporate steps necessary to duly authorize all
matters in connection with the Subscription Agreement and such other agreements and instruments as contemplated herein or therein;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) the Company has complied, or will comply, with all Applicable Securities Laws in connection with the issuance
of the Subscribed Shares;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) no approval, authorization, consent or other order of, and no filing, registration or recording with,
any Governmental Authority is required by the Company in connection with the execution and delivery or with the performance by the Company
of this Subscription Agreement except in compliance with the Applicable Securities Laws; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) all information provided by the Company to the Subscriber relating to the Company or any of its subsidiaries
is true and accurate in all material respects as of the date on which such information is certified or stated. As of the date hereof (and
the Closing Time), after due and careful enquiry, the Company is not aware of any fact or circumstance that has not been disclosed prior
to the date of this Subscription Agreement, which materially and adversely effects or may materially and adversely affect the business,
assets or financial condition of the Company or any of its subsidiaries or the ability of the Company to perform its obligations under
this Subscription Agreement.

**Representations, Warranties, Covenants and Acknowledgements of the Subscriber**

9. The Subscriber (on the Subscriber's own behalf and, if applicable, on behalf of any Disclosed Beneficial Purchaser(s)) represents, warrants, covenants and acknowledges to the Company (and the Subscriber acknowledges that the Company and its legal counsel are relying on such representations, warranties, covenants and acknowledgements) that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the Subscriber (and, if applicable, any Disclosed Beneficial Purchaser(s)) is an accredited investor ()"**Accredited Investor**") as such term is defined in Section 73.3(1) of the *Securities Act* (Ontario) or NI 45-106, as applicable, and
the Subscriber has indicated the category of Accredited Investor that is satisfied, by completing: (i) the certification attached as Appendix
1 to Schedule "A" hereto; (ii) the representation letter attached as Schedule "A" hereto; and (iii) if relying
on Accredited Investor category (j), (k) or (l), the risk acknowledgment form attached as Schedule "B" hereto;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the Subscriber is not, with respect to the Company or any of its affiliates, a Control Person and the
subscription hereunder and the exercise of any securities of the Company by the Subscriber will not create a new Control Person;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) the Subscriber has duly and properly completed, executed and delivered to the Company Schedule "A"
(if applicable) and Schedule "B" (if applicable), attached hereto, and the representations and certifications contained therein
are true and correct as at the date hereof and will be true and correct at the Closing Time;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) unless the Subscriber is purchasing the Subscribed Shares under subsection (e) of this section, the Subscriber
is purchasing the Subscribed Shares as principal for the Subscriber's own account, and not for the benefit of any other Person,
and for investment purposes only, and not with a view to the resale or distribution of all or any of such Subscribed Shares, and is resident
in or otherwise subject to the Applicable Securities Laws of the jurisdiction set out as the "Subscriber's Address"
on Face Page 4; provided that, for the avoidance of doubt, nothing contained in this Subscription Agreement is deemed a representation,
warranty or undertaking by the Subscriber to hold the Subscribed Shares for any prescribed period of time;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) if the Subscriber is not purchasing as principal, (i) the Subscriber is duly authorized to enter into
this Subscription Agreement and to execute and deliver all documentation in connection with the purchase of the Subscribed Shares on behalf
of the Disclosed Beneficial Purchaser(s), (ii) the Subscriber and the Disclosed Beneficial Purchaser(s) acknowledge that the Company is
required by law to disclose to certain regulatory authorities the identity of the Disclosed Beneficial Purchaser(s) for whom the Subscriber
may be acting, (iii) the Subscriber is resident in the jurisdiction set out as the "Subscriber's Address" on Face Page
4, and (iv) each Disclosed Beneficial Purchaser is resident in the jurisdiction set out under the heading "Disclosed Beneficial
Purchaser Information" on Face Page 4;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) the Subscriber hereby waives their right under the *Business Corporations Act* (*British Columbia*)
to request and obtain from the Company audited annual financial statements for any of the prior fiscal years of the Company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) in the event of any shareholder vote, whether through the calling and holding of a shareholder meeting
or through the passing of consent resolutions, the Subscriber agrees to vote their Subscribed Shares based on the recommendation given
by the management of the Company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) neither the Subscriber nor, if applicable, any Disclosed Beneficial Purchaser, was formed for the purpose
of purchasing the Subscribed Shares and was not created and is not used solely to purchase or hold securities as an Accredited Investor;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the Subscriber (and, if applicable, the Disclosed Beneficial Purchaser(s)) is solely responsible for obtaining
such legal, tax, investment and other advice as the Subscriber considers appropriate in connection with the execution, delivery and performance
of this Subscription Agreement and the transactions contemplated hereunder, including with respect to Applicable Securities Laws that
may impose restrictions upon the resale of the Subscribed Shares, and confirms that the Subscriber (and, if applicable, the Disclosed
Beneficial Purchaser(s)) is not relying on the Company, or its affiliates or counsel in this regard. The Subscriber (and, if applicable,
the Disclosed Beneficial Purchaser(s)) further acknowledges and agrees that the Company's counsel are acting solely as counsel to
the Company. The Subscriber is aware of the fact that the Subscriber may not be able to resell the Subscribed Shares except in accordance
with the terms of this Subscription Agreement, Applicable Securities Laws, and regulatory policies and acknowledges and agrees that the
Subscriber is solely responsible (and that the Company is not in any way responsible) for compliance with applicable resale restrictions
and will comply with such restrictions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) the Subscriber (and, if applicable, the Disclosed Beneficial Purchaser(s)) has such prior investment experience,
knowledge, sophistication and experience in business and financial matters so as to be capable of evaluating the merits and risks of an
investment in the Subscribed Shares, is able to bear the economic risk of losing their entire investment and recognizes the highly speculative
nature of their investment;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) the Subscriber (and, if applicable, the Disclosed Beneficial Purchaser(s)) is aware that there are substantial
risks in an investment in the Subscribed Shares;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) the common law may not provide the Subscriber with an adequate remedy in the event that the Subscriber
suffers investment losses in connection with the Subscribed Shares;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m) there are restrictions on the ability to resell the Subscribed Shares and it is the responsibility of
the Subscriber (and, if applicable, the Disclosed Beneficial Purchaser(s)) to find out what those restrictions are and to comply with
them before selling Subscribed Shares, and the Subscribed Shares may not be resold until after the expiry of the applicable "hold"
or "restricted" period attaching to such securities under Applicable Securities Laws unless sold pursuant to an exemption
under Applicable Securities Laws. The physical certificates evidencing the Subscribed Shares (and any replacement certificates issued
prior to the Hold Period Expiry Date), which the Subscriber receives will bear a legend referring to such restrictions on resale and neither
the Company nor any transfer agent of the Company will register any transfers of Subscribed Shares not made in compliance with such restrictions
on resale. For purposes of complying with Canadian Applicable Securities Laws and National Instrument 45-102 - *Resale of Securities*,
the Subscriber (and, if applicable, the Disclosed Beneficial Purchaser(s)) understands and acknowledges that the physical certificates
evidencing the Subscribed Shares (and any replacement certificates issued prior to the Hold Period Expiry Date), which the Subscriber
receives will bear a legend, substantially in the following form, referring to such restrictions on resale and neither the Company nor
any transfer agent of the Company will register any transfers of Subscribed Shares not made in compliance with such restrictions on resale:

"UNLESS PERMITTED UNDER SECURITIES LEGISLATION, THE HOLDER OF THIS SECURITY MUST NOT TRADE THE SECURITY BEFORE THE DATE THAT IS 4 MONTHS AND A DAY AFTER THE LATER OF (I) **[INSERT THE DISTRIBUTION DATE]**, AND (II) THE DATE THE ISSUER BECAME A REPORTING ISSUER IN ANY PROVINCE OR TERRITORY."

"THE HOLDER OF THESE SHARES MUST NOT TRADE THE SHARES BEFORE THE DAY WHICH IS 4 MONTHS AFTER THE ISSUER IS LISTED FOR TRADING ON A RECOGNIZED STOCK EXCHANGE IN CANADA OR THE UNITED STATES."

and if the Subscriber is a U.S. Purchaser, the Subscribed Shares will be issued as "restricted securities" (as defined in Rule 144(a)(3) under the U.S. Securities Act) and will be subject to resale restrictions under the U.S. Securities Act and under applicable state securities laws;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n) the Subscriber acknowledges that the Subscriber has not been furnished with, nor does it need to receive,
an offering memorandum or other document prepared by the Company describing its business or affairs, in order to assist it in making an
investment decision in respect of the Subscribed Shares, and, except for this Subscription Agreement, no other documents have been delivered
or otherwise furnished to the Subscriber in connection with such offering and sale. The Subscriber represents and warrants that no Common
Shares were offered to the Subscriber (or, if applicable, the Disclosed Beneficial Purchaser(s)) through or as a result of, and the distribution
of the Common Shares is not being accompanied by, any advertisement, including without limitation in printed public media, radio, television
or telecommunications, including electronic display, or as part of a general solicitation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(o) in making the decision to invest in the Subscribed Shares, the Subscriber (and, if applicable, the Disclosed
Beneficial Purchaser(s)) has relied solely upon the information provided in this Subscription Agreement and the Subscriber's own
investigation of the Company, which information and investigation has provided the Subscriber (and, if applicable, the Disclosed Beneficial
Purchaser(s)) with all the information the Subscriber has deemed necessary for purposes of the Subscriber's investment decision,
and has not relied upon any statements made or information provided by the Company or any of its directors, officers, employees, or other
representatives other than the statements and information that is set forth in this Subscription Agreement. The Subscriber has had the
opportunity to ask and have answered any and all questions which the Subscriber had with respect to the business and affairs of the Company,
the Subscribed Shares and the subscription hereby made;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(p) no Person has made any written or oral representation: (i) that any Person will resell or repurchase any
or all of the Subscribed Shares; (ii) that any Person will refund the purchase price of the Subscribed Shares; or (iii) as to the future
price or value of the Subscribed Shares;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(q) none of the funds being used to purchase the Subscribed Shares are, to the knowledge of the Subscriber,
proceeds obtained or derived directly or indirectly as a result of illegal activities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(r) the Subscriber (on its own behalf and, if applicable, on behalf of the Disclosed Beneficial Purchaser(s))
represents and warrants that the Aggregate Subscription Amount which will be advanced by the Subscriber to the Company hereunder will
not represent proceeds of crime for the purposes of the *Proceeds of Crime (Money Laundering) and Terrorist Financing Act* (Canada)
(the "**PCMLA**") and the Subscriber acknowledges (on its own behalf and, if applicable, on behalf of the Disclosed Beneficial
Purchaser(s)) that the Company may in the future be required by law to disclose the Subscriber's name and other information relating
to this Subscription Agreement and the subscription hereunder, on a confidential basis, pursuant to the PCMLA or other applicable legislation.
To the best of the Subscriber's knowledge, none of the funds to be provided pursuant to this Subscription Agreement (i) have been
or will be derived from or related to any activity that is deemed criminal under the law of Canada or any other jurisdiction, or (ii)
are being tendered on behalf of a Person that has not been identified to the Subscriber. The Subscriber will promptly notify the Company
if the Subscriber discovers that any of such representations ceases to be true, and to provide the Company with appropriate information
in connection therewith;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(s) if required by Applicable Securities Laws or by the Company, the Subscriber (and, if applicable, the Disclosed
Beneficial Purchaser(s)) will execute, deliver and file (or assist the Company in filing) reports, undertakings and other documents with
respect to the issue of the Subscribed Shares as may be required by any Securities Commission or other regulatory body;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(t) if the Subscriber is an individual, the Subscriber has the legal capacity and competence to enter into
and execute this Subscription Agreement and to take all actions required pursuant hereto;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(u) if the Subscriber is a corporation, partnership, unincorporated association or other entity, the Subscriber
has full power and authority (corporate, statutory and otherwise) to execute and deliver this Subscription Agreement and to purchase the
Subscribed Shares on its own behalf or, if applicable, on behalf of the Disclosed Beneficial Purchaser(s);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) this Subscription Agreement has been duly and validly executed and delivered by the Subscriber and constitutes
a legal, valid and binding obligation of the Subscriber, enforceable against the Subscriber in accordance with its terms;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(w) the offer made pursuant to this Subscription Agreement is irrevocable and requires only acceptance by
the Company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(x) no governmental or regulatory authority, including any securities regulatory authority, has made any recommendations
or endorsements with respect to the Common Shares or an investment therein and there is no government or other insurance covering any
such securities or an investment therein;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(y) the Company is relying on an exemption under Applicable Securities Laws from the requirements to provide
the Subscriber (or, if applicable, the Disclosed Beneficial Purchaser(s)) with a prospectus, and:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) in issuing securities pursuant to this exemption, the Company is relying upon the representations and
warranties of the Subscriber (and, if applicable, the Disclosed Beneficial Purchaser(s)) in this Subscription Agreement; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) as a consequence of acquiring securities pursuant to this exemption, certain protections, rights and remedies
provided by such securities legislation will not be available to the Subscriber (or, if applicable, the Disclosed Beneficial Purchaser(s));

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(z) the Subscriber (or others for whom the Subscriber is contracting hereunder) has not purchased the Subscribed
Shares as a result of any form of general solicitation or general advertising, and the sale of the Subscribed Shares was not accompanied
by any advertisement in printed media of general and regular paid circulation including printed public media, articles, notices or other
communications published in any newspaper, magazine or similar media or broadcast over radio, television or telecommunications, including
electronic display and the internet or any seminar or meeting whose attendees have been invited by general solicitation or general advertising;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(aa) the Common Shares have not been and will not be registered under the U.S. Securities Act; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(bb) the Subscriber acknowledges that the Company may complete additional financings in the future to develop
the proposed business of the Company, to fund its ongoing development, or for any other reason as the Company may determine in its sole
discretion. There is no assurance that such financings will be available and if available, will be on reasonable terms. Any such future
financings may have a dilutive effect on securityholders of the Company, including the Subscriber.

The Subscriber agrees that the above representations, warranties, covenants and acknowledgements will be true and correct both as of the signing date of this Subscription Agreement and as of the Closing Date and that they will survive the Subscriber's purchase of the Subscribed Shares and will continue in full force and effect even if the Subscriber subsequently disposes of any Subscribed Shares. The Subscriber undertakes to notify the Company immediately of any change in any representation, warranty, or other information relating to the Subscriber (and, if applicable, the Disclosed Beneficial Purchaser) set forth herein which takes place on or before the Closing Date.

**Survival**

10. This Subscription Agreement, including the representations, warranties, covenants and acknowledgements contained herein, shall survive and continue in full force and effect and be binding upon the Company and the Subscriber, notwithstanding the completion of the purchase of the Subscribed Shares by the Subscriber pursuant hereto, or the subsequent disposition of the Subscribed Shares by the Subscriber.

**Collection, Use and Disclosure of Personal Information**

11. The Subscriber (on the Subscriber's own behalf and, if applicable, on behalf of the Disclosed Beneficial Purchaser(s)) acknowledges that this Subscription Agreement, including Schedules "A" and "B", included herein, requires the Subscriber to provide certain personal information relating to the Subscriber (and, if applicable, the Disclosed Beneficial Purchaser(s)) to the Company. Such information is being collected by the Company for the purposes of completing the Offering, which includes determining the Subscriber's eligibility to purchase the Subscribed Shares under Applicable Securities Laws and completing filings required by any securities regulatory authority. Such personal information may be disclosed by the Company to (i) securities regulatory authorities; (ii) the Company's registrar and transfer agent; (iii) any government agency, board or other entity; and (iv) any of the other parties involved in the Offering, including legal counsel of the Company, and may be included in record books in connection with the Offering. By executing this Subscription Agreement, the Subscriber (on its own behalf and, if applicable, on behalf of the Disclosed Beneficial Purchaser(s)) is deemed to be consenting to the foregoing collection, use and disclosure of such personal information.

12. In addition, the Subscriber (on the Subscriber's own behalf and, if applicable, on behalf of the Disclosed Beneficial Purchaser(s)) acknowledges being notified that if the Subscriber is resident or otherwise subject to the Applicable Securities Laws of a jurisdiction in Canada: (i) the Company will deliver to the applicable Securities Commission certain personal information pertaining to the Subscriber (and, if applicable, the Disclosed Beneficial Purchaser(s)), including the Subscriber's or Disclosed Beneficial Purchaser's full name, residential address and telephone number, email address, the numbers of Common Shares purchased by the Subscriber or Disclosed Beneficial Purchaser, the total purchase price paid for such Subscribed Shares, the prospectus exemption relied on and the date of distribution of the Subscribed Shares; (ii) such information is being collected indirectly by the applicable Securities Commission under the authority granted to it in Applicable Securities Laws; (iii) such information is being collected for the purposes of the administration and enforcement of the Applicable Securities Laws of the local Canadian jurisdiction; and (iv) the Subscriber may contact the public officials listed on Schedule "C" with respect to questions about the Security Commission's indirect collection of such information.

**General**

13. The representations, warranties, covenants and acknowledgements of the Subscriber herein are made with the intent that they be relied upon by the Company and its legal counsel in determining the eligibility of the Subscriber as a purchaser of Common Shares under the Offering, and the Subscriber (and, if applicable, the Disclosed Beneficial Purchaser(s)) agrees to indemnify and save harmless the Company and its respective affiliates, securityholders, directors, officers, employees, and counsel against all losses, claims, costs, expenses and damages or liabilities which any of them may suffer or incur which are caused or arise from a breach thereof or as a result of reliance thereon.

14. The Subscriber (on the Subscriber's own behalf and, if applicable, on behalf of the Disclosed Beneficial Purchaser(s)) acknowledges and agrees that all costs incurred by the Subscriber (or, if applicable, the Disclosed Beneficial Purchaser(s)), including any fees and disbursements of any counsel retained by the Subscriber (or, if applicable, the Disclosed Beneficial Purchaser(s)) relating to the purchase of the Subscribed Shares hereunder, shall be borne by the Subscriber (or, if applicable, the Disclosed Beneficial Purchaser(s)).

15. This Subscription Agreement and all documents relating thereto shall be governed by and construed in accordance with the internal laws of the Province of British Columbia and the federal laws of Canada applicable therein, without reference to conflicts of law rules. The parties irrevocably attorn to the exclusive jurisdiction of the courts of the Province of British Columbia.

16. Time shall be of the essence hereof.

17. The invalidity, illegality or unenforceability of any provision of this Subscription Agreement shall not affect the validity, legality or enforceability of any other provision hereof.

18. Each of the parties will from time to time execute and deliver all such further documents and instruments and do all acts and things as any other party may, either before or after the Closing Date, reasonably require to effectively carry out or better evidence or perfect the full intent and meaning of this Subscription Agreement.

19. The headings used in this Subscription Agreement have been inserted for convenience of reference only and shall not affect the meaning or interpretation of this Subscription Agreement or any provision hereof.

20. This Subscription Agreement represents the entire agreement of the parties hereto relating to the subject matter hereof and there are no representations, covenants or other agreements relating to the subject matter hereof except as stated or referred to herein.

21. No amendment to this Subscription Agreement will be valid or binding unless set forth in writing and duly executed by the parties hereto, and no waiver of any breach of any provision of this Subscription Agreement will be effective or binding unless made in writing and signed by the waiving party.

22. This Subscription Agreement shall be binding upon and enure to the benefit of the parties and their respective heirs, executors, administrators, successors, legal representatives and permitted assigns.

23. Neither the Company nor the Subscriber may assign this Subscription Agreement to any other Person without the prior written consent of the other party hereto.

24. The Company will be entitled to rely on delivery of a facsimile copy or an electronic transmission of this executed Subscription Agreement (including Schedule "A" and Schedule "B" hereto), and acceptance by the Company of such copy shall be legally effective to create a valid and binding agreement between the Subscriber and the Company in accordance with the terms hereof. In addition, this Subscription Agreement may be executed in counterparts, each of which shall be deemed to be an original and all of which shall constitute one and the same document.

25. The Subscriber acknowledges that there is no Person acting or purporting to act in connection with the transactions contemplated in this Subscription Agreement who is entitled to any brokerage or finder's fee. If any Person establishes a claim that any fee or other compensation is payable in connection with this subscription for the Subscribed Shares, the Subscriber covenants to indemnify and hold harmless the Company with respect thereto and with respect to all costs reasonably incurred in the defence thereof.

26. The parties hereto acknowledge and confirm that they have requested that this Subscription Agreement as well as all notices and other documents contemplated hereby be drawn up on the English language. **Les parties aux présentes reconnaissent et conferment qu'elles ont convenu que la présente convention de souscription ainsi que tous les avis et documents qui s'y rattachent soient rédigés dans la langue anglaise.**

*[remainder of page intentionally left blank]*

 

**SCHEDULE "A"**

**REPRESENTATION LETTER**

Capitalized terms not specifically defined in this Representation Letter have the meaning ascribed to them in the Terms and Conditions of the Subscription Agreement of which this Schedule "A" forms part. Upon execution of this Representation Letter by the undersigned, this Representation Letter shall be incorporated into and form a part of such Subscription Agreement.

In addition to the covenants, representations and warranties contained in the Subscription Agreement of which this Schedule "A" forms part, the undersigned covenants, represents and warrants to the Company that the undersigned is an "accredited investor" within the meaning of Section 73.3(1) of the *Securities Act* (Ontario) or NI 45-106, as applicable, by virtue of satisfying the indicated criterion as set out in Appendix 1 to this Representation Letter (and has initialled the appropriate box therein).

DATED<u> </u> , 2025.

---

| |
|:---|
| Signature of individual or Authorized Signatory |
| Name of Subscriber **(please print)** |
| Title of authorized signatory **(please print)** |

---

**Appendix 1 to Schedule "A"**

**CERTIFICATE OF ACCREDITED INVESTOR**

**PLEASE CLEARLY MARK YOUR INITIALS BESIDE THE CATEGORY OF "ACCREDITED INVESTOR" TO WHICH YOU BELONG.**

**Accredited Investor (defined in Section 73.3(1) of the Securities Act (Ontario) or NI 45-106, as applicable) means:**

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp; _____ | &nbsp;&nbsp;(a) | &nbsp;&nbsp;a Canadian financial institution, or a Schedule III bank; |
| &nbsp;&nbsp;_____ | &nbsp;&nbsp;(b) | &nbsp;&nbsp;the Business Development Bank of Canada incorporated under the *Business Development Bank of Canada Act* (Canada); |
| &nbsp;&nbsp;_____ | &nbsp;&nbsp;(c) | &nbsp;&nbsp;a subsidiary of any person referred to in paragraphs (a) or (b), if the person owns all of the voting securities of the subsidiary, except the voting securities required by law to be owned by directors of that subsidiary; |
| &nbsp;&nbsp;_____ | &nbsp;&nbsp;(d) | &nbsp;&nbsp;a person registered under the securities legislation of a jurisdiction of Canada as an adviser or dealer; |
| &nbsp;&nbsp;_____ | &nbsp;&nbsp;(e) | &nbsp;&nbsp;an individual registered under the securities legislation of a jurisdiction of Canada as a representative of a person referred to in paragraph (d); |
| &nbsp;&nbsp;_____ | &nbsp;&nbsp;(e.1) | &nbsp;&nbsp;an individual formerly registered under the securities legislation of a jurisdiction of Canada, other than an individual formerly registered solely as a representative of a limited market dealer under one or both of the *Securities Act* (Ontario) or the *Securities Act* (Newfoundland and Labrador); |
| &nbsp;&nbsp;_____ | &nbsp;&nbsp;(f) | &nbsp;&nbsp;the Government of Canada or a jurisdiction of Canada, or any crown corporation, agency or wholly owned entity of the Government of Canada or a jurisdiction of Canada; |
| &nbsp;&nbsp;_____ | &nbsp;&nbsp;(g) | &nbsp;&nbsp;a municipality, public board or commission in Canada and a metropolitan community, school board, the Comité de gestion de la taxe scolaire de l'île de Montréal or an intermunicipal management board in Québec; |
| &nbsp;&nbsp;_____ | &nbsp;&nbsp;(h) | &nbsp;&nbsp;any national, federal, state, provincial, territorial or municipal government of or in any foreign jurisdiction, or any agency of that government; |
| &nbsp;&nbsp;_____ | &nbsp;&nbsp;(i) | &nbsp;&nbsp;a pension fund that is regulated by the Office of the Superintendent of Financial Institutions (Canada), a pension commission or similar regulatory authority of a jurisdiction of Canada; |
| &nbsp;&nbsp;_____ | &nbsp;&nbsp;(j) | &nbsp;&nbsp;an individual who, either alone or with a spouse, beneficially owns financial assets having an aggregate realizable value that, before taxes but net of any related liabilities, exceeds C$1,000,000; ***[NOTE: If the Subscriber is relying on this category of Accredited Investor to purchase the Subscribed Shares, the Subscriber must also complete Schedule "B" to the Subscription Agreement.]*** |
| &nbsp;&nbsp;_____ | &nbsp;&nbsp;(j.1) | &nbsp;&nbsp;an individual who beneficially owns financial assets having an aggregate realizable value that, before taxes but net of any related liabilities, exceeds C$5,000,000; |
| &nbsp;&nbsp;_____ | &nbsp;&nbsp;(k) | &nbsp;&nbsp;an individual whose net income before taxes exceeded C$200,000 in each of the two most recent calendar years or whose net income before taxes combined with that of a spouse exceeded C$300,000 in each of the two most recent calendar years and who, in either case, reasonably expects to exceed that net income level in the current calendar year; ***[NOTE: If the Subscriber is relying on this category of Accredited Investor to purchase the Subscribed Shares, the Subscriber must also complete Schedule "B" to the Subscription Agreement.]*** |
| &nbsp;&nbsp;_____ | &nbsp;&nbsp;(l) | &nbsp;&nbsp;an individual who, either alone or with a spouse, has net assets of at least C$5,000,000; ***[NOTE: If the Subscriber is relying on this category of Accredited Investor to purchase the Subscribed Shares, the Subscriber must also complete Schedule "B" to the Subscription Agreement.]*** |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;_____&nbsp;&nbsp;(m) | &nbsp;&nbsp;a person, other than an individual or investment fund, that has net assets of at least C$5,000,000 as shown on its most recently prepared financial statements; |
| &nbsp;&nbsp;_____ &nbsp;&nbsp;(n) | &nbsp;&nbsp;an investment fund that distributes or has distributed its securities only to (i) a person that is or was an accredited investor at the time of the distribution, (ii) a person that acquires or acquired securities in the circumstances referred to in sections 2.10 [*Minimum amount investment*] or 2.19 *[Additional investment in investment funds*] of NI 45-106, or (iii) a person described in sub-paragraph (i) or (ii) that acquires or acquired securities under section 2.18 [*Investment fund reinvestment*] of NI 45-106; |
| &nbsp;&nbsp;_____ &nbsp;&nbsp;(o) | &nbsp;&nbsp;an investment fund that distributes or has distributed securities under a prospectus in a jurisdiction of Canada for which the regulator or, in Québec, the securities regulatory authority, has issued a receipt; |
| &nbsp;&nbsp;_____ &nbsp;&nbsp;(p) | &nbsp;&nbsp;a trust company or trust corporation registered or authorized to carry on business under the *Trust and Loan Companies Act* (Canada) or under comparable legislation in a jurisdiction of Canada or a foreign jurisdiction, acting on behalf of a fully managed account managed by the trust company or trust corporation, as the case may be; |
| &nbsp;&nbsp;_____ &nbsp;&nbsp;(q) | &nbsp;&nbsp;a person acting on behalf of a fully managed account managed by that person, if that person is registered or authorized to carry on business as an adviser or the equivalent under the securities legislation of a jurisdiction of Canada or a foreign jurisdiction; |
| &nbsp;&nbsp;_____ &nbsp;&nbsp;(r) | &nbsp;&nbsp;a registered charity under the *Income Tax Act* (Canada) that, in regard to the trade, has obtained advice from an eligibility adviser or an adviser registered under the securities legislation of the jurisdiction of the registered charity to give advice on the securities being traded; |
| &nbsp;&nbsp;_____ &nbsp;&nbsp;(s) | &nbsp;&nbsp;an entity organized in a foreign jurisdiction that is analogous to any of the entities referred to in paragraphs (a) to (d) or paragraph (i) in form and function; |
| &nbsp;&nbsp;_____ &nbsp;&nbsp;(t) | &nbsp;&nbsp;a person in respect of which all of the owners of interests, direct, indirect or beneficial, except the voting securities required by law to be owned by directors, are persons that are accredited investors; |
| &nbsp;&nbsp;_____ &nbsp;&nbsp;(u) | &nbsp;&nbsp;an investment fund that is advised by a person registered as an adviser or a person that is exempt from registration as an adviser; |
| &nbsp;&nbsp;_____ &nbsp;&nbsp;(v) | &nbsp;&nbsp;a person that is recognized or designated by the securities regulatory authority or, except in Ontario and Québec, the regulator as an accredited investor; or |
| &nbsp;&nbsp;_____ &nbsp;&nbsp;(w) | &nbsp;&nbsp;a trust established by an accredited investor for the benefit of the accredited investor's family members of which a majority of the trustees are accredited investors and all of the beneficiaries are the accredited investor's spouse, a former spouse of the accredited investor or a parent, grandparent, brother, sister, child or grandchild of that accredited investor, of that accredited investor's spouse or of that accredited investor's former spouse. |

---

**NOTE: The investor must initial beside the applicable portion of the above definition.**

**For the purposes hereof:**

"**Canadian financial institution**" means

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) an association governed by the *Cooperative Credit Associations Act* (Canada) or a central cooperative
credit society for which an order has been made under section 473(1) of that Act, or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) a bank, loan corporation, trust company, trust corporation, insurance company, treasury branch, credit
union, caisse populaire, financial services cooperative, or league that, in each case, is authorized by an enactment of Canada or a jurisdiction
of Canada to carry on business in Canada or a jurisdiction in Canada;

"**control**" or "**controlled**" means a person (first person) controlled by another person (second person) if:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the first person beneficially owns or directly or indirectly exercises control or direction over securities
of the second person carrying votes which, if exercised, would entitle the first person to elect a majority of the directors of the second
person, unless that first person holds the voting securities only to secure an obligation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the second person is a partnership, other than a limited partnership, and the first person holds more
than 50% of the interests of the partnership; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) the second person is a limited partnership and the general partner of the limited partnership is the first
person;

"**control person**" means

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) for the purposes of Alberta, Manitoba, Newfoundland and Labrador, Nova Scotia, Ontario, Prince Edward
Island and Saskatchewan securities law,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) a person or company who holds a sufficient number of the voting rights attached to all outstanding voting
securities of an issuer to affect materially the control of the issuer, and if a person or company holds more than 20% of the voting rights
attached to all outstanding voting securities of an issuer, the person or company is deemed, in the absence of evidence to the contrary,
to hold a sufficient number of the voting rights to affect materially the control of the issuer, or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) each person or company in a combination of persons or companies acting in concert by virtue of an agreement,
arrangement, commitment or understanding, who holds in total a sufficient number of the voting rights attached to all outstanding voting
securities of an issuer to affect materially the control of the issuer, and if a combination of persons or companies holds more than 20%
of the voting rights attached to all outstanding voting securities of an issuer, the combination of persons or companies is deemed, in
the absence of evidence to the contrary, to hold a sufficient number of the voting rights to affect materially the control of the issuer;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) and, for the purposes of British Columbia and New Brunswick securities law,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) a person who holds a sufficient number of the voting rights attached to all outstanding voting securities
of an issuer to affect materially the control of the issuer, or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) each person in a combination of persons, acting in concert by virtue of an agreement, arrangement, commitment
or understanding, which holds in total a sufficient number of the voting rights attached to all outstanding voting securities of an issuer
to affect materially the control of the issuer,

and, if a person or combination of persons holds more than 20% of the voting rights attached to all outstanding voting securities of an issuer, the person or combination of persons is deemed, in the absence of evidence to the contrary, to hold a sufficient number of the voting rights to affect materially the control of the issuer;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) and, for the purposes of Québec securities law, a person that, alone or with other persons acting
in concert by virtue of an agreement, holds a sufficient number of the voting rights attached to all outstanding voting securities of
an issuer to affect materially the control of the issuer. If the person, alone or with other persons acting in concert by virtue of an
agreement, holds more than 20% of those voting rights, the person is presumed to hold a sufficient number of the voting rights to affect
materially the control of the issuer;

"**director**" means

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) a member of the board of directors of a company or an individual who performs similar functions for a
company, and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) with respect to a person that is not a company, an individual who performs functions similar to those
of a director of a company;

"**eligibility adviser**" means

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) a person that is registered as an investment dealer and authorized to give advice with respect to the
type of security being distributed; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) in Saskatchewan or Manitoba, also means a lawyer who is a practicing member in good standing with a law
society of a jurisdiction of Canada or a public accountant who is a member in good standing of an institute or association of chartered
accountants, certified general accountants or certified management accountants in a jurisdiction of Canada provided that the lawyer or
public accountant must not

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) have a professional, business or personal relationship with the issuer, or any of its directors, executive
officers, founders, or control persons, and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) have acted for or been retained personally or otherwise as an employee, executive officer, director, associate
or partner of a person that has acted for or been retained by the issuer or any of its directors, executive officers, founders or control
persons within the previous 12 months;

"**EVCC**" means an employee venture capital corporation that does not have a restricted constitution, and is registered under Part 2 of the *Employee Investment Act* (British Columbia), R.S.B.C. 1996 c.112, and whose business objective is making multiple investments;

"**executive officer**" means, for an issuer, an individual who is

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) a chair, vice-chair or president,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) a vice-president in charge of a principal business unit, division or function including sales, finance
or production, or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) performing a policy-making function in respect of the issuer;

"**financial assets**" means

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) cash,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) securities, or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) a contract of insurance, a deposit or an evidence of a deposit that is not a security for the purposes
of securities legislation;

"**foreign jurisdiction**" means a country other than Canada or a political subdivision of a country other than Canada;

"**founder**" means, in respect of an issuer, a person who,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) acting alone, in conjunction, or in concert with one or more persons, directly or indirectly, takes the
initiative in founding, organizing or substantially reorganizing the business of the issuer, and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) at the time of the distribution or trade, is actively involved in the business of the issuer;

"**fully managed account**" means an account of a client for which a person makes the investment decisions if that person has full discretion to trade in securities for the account without requiring the client's express consent to a transaction;

"**individual**" means a natural person, but does not include

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) a partnership, unincorporated association, unincorporated syndicate, unincorporated organization or a
trust, or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) a natural person in his or her capacity as trustee, executor, administrator or other legal representative;

"**investment fund**" means a mutual fund or non-redeemable investment fund, and for greater certainty in British Columbia, includes an EVCC and a VCC;

"**jurisdiction**" means a province or territory of Canada except when used in the term "foreign jurisdiction";

"**local jurisdiction**" means the jurisdiction in which the applicable securities regulatory authority is situated;

"**mutual fund**" includes

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) for the purposes of Newfoundland and Labrador and Ontario securities law, an issuer whose primary purpose
is to invest money provided by its security holders and whose securities entitle the holder to receive on demand, or within a specified
period after demand, an amount computed by reference to the value of a proportionate interest in the whole or in part of the net assets,
including a separate fund or trust account, of the issuer;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) and, for the purposes of British Columbia securities law, also includes (i) an issuer described in an
order that the British Columbia Securities Commission may make pursuant to section 3.2 of the *Securities Act* (British Columbia);
and (ii) an issuer that is in a class of prescribed issuers, but does not include an issuer, or a class of issuers, described in an order
that the British Columbia Securities Commission may make under section 3.1 of the *Securities Act* (British Columbia);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) and, for the purposes of Alberta securities law, also includes an issuer that is designated as a mutual
fund under section 10 of the *Securities Act* (Alberta) or in accordance with its regulations, but does not include an issuer, or
class of issuers, that is designated under section 10 of the *Securities Act* (Alberta) not to be a mutual fund;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) and, for the purposes of Manitoba securities law, also includes an issuer that is designated to be a mutual
fund under section 108.1 of *The Securities Act* (Manitoba) or in accordance with its regulations, but does not include an issuer
that is designated under section 108.1 of *The Securities Act* (Manitoba) not to be a mutual fund;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) and, for the purposes of New Brunswick securities law, also includes an issuer that is designated to be
a mutual fund in an order made under subsection 1.1(2) of the *Securities Act* (New Brunswick), or in a class of persons designated
by the regulations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) and, for the purposes of Prince Edward Island securities law, also includes an issuer that is designated
under section 6 of the *Securities Act* (Prince Edward Island), or in accordance with the rules, to be a mutual fund, but does not
include an issuer, or class of issuers, that is designated under section 6 of the *Securities Act* (Prince Edward Island), or in
accordance with the rules, not to be a mutual fund;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) and, for the purposes of Québec securities law, also includes a mutual fund designated under section
272.2 of the *Securities Act* (Québec) or determined by its regulation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) and, for the purposes of Saskatchewan securities law, also includes an issuer that is designated as a
mutual fund under section 11.1 of *The Securities Act, 1988* (Saskatchewan);

"**non-redeemable investment fund**" means an issuer,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) whose primary purpose is to invest money provided by its security holders,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) that does not invest,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) for the purpose of exercising or seeking to exercise control of an issuer, other than an issuer that is
a mutual fund or a non-redeemable investment fund, or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) for the purpose of being actively involved in the management of any issuer in which it invests, other
than an issuer that is a mutual fund or a non-redeemable investment fund; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) that is not a mutual fund;

"**person**" includes

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) an individual,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) a corporation,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) a partnership, trust, fund and an association, syndicate, organization or other organized group of persons,
whether incorporated or not, and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) an individual or other person in that person's capacity as a trustee, executor, administrator or
personal or other legal representative;

"**regulator**" means, for the local jurisdiction, the Executive Director, Director, Administrator, Authority, Superintendent, Deputy Superintendent or Regulator as defined under securities legislation of the local jurisdiction;

"**related liabilities**" means

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) liabilities incurred or assumed for the purpose of financing the acquisition or ownership of financial
assets; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) liabilities that are secured by financial assets;

"**Schedule III bank**" means an authorized foreign bank named in Schedule III of the *Bank Act* (Canada);

"**securities legislation**" means

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) for Alberta, the *Securities Act* (Alberta) and the regulations and rules under such Act and the
blanket rulings and orders issued by the Alberta Securities Commission;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) for British Columbia, the *Securities Act* (British Columbia) and the regulations, rules and forms
under such Act and the blanket rulings and orders issued by the British Columbia Securities Commission;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) for Manitoba, *The Securities Act* (Manitoba) and the regulations and rules under such Act and the
blanket rulings and orders issued by the Manitoba Securities Commission;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) for New Brunswick, the *Securities Act* (New Brunswick) and the regulations under that Act and the
orders issued by the New Brunswick Securities Commission;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) for Newfoundland and Labrador, the *Securities Act* (Newfoundland and Labrador) and the regulations
under that Act and the blanket rulings and orders issued by the Securities Commission of Newfoundland;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) for Nova Scotia, the *Securities Act* (Nova Scotia) and the regulations under that Act and the blanket
rulings and orders issued by the Nova Scotia Securities Commission;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) for Ontario, the *Securities Act* (Ontario) and the regulations and rules under such Act;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) for Prince Edward Island, the *Securities Act* (Prince Edward Island) and the regulations under that
Act and the blanket rulings and orders issued by the Superintendent of Securities, Prince Edward Island;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) for Québec, the *Securities Act, An Act respecting the Autorité des marchés financiers* (Québec), *Derivatives Act* (Québec), the regulations under those Acts, and the blanket rulings and orders issued by
the Autorité des marchés financiers; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) for Saskatchewan, *The Securities Act, 1988* (Saskatchewan) and the regulations and rules under that
Act and the blanket rulings and orders issued by the Saskatchewan Securities Commission;

"**securities regulatory authority**" means

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Alberta Securities Commission;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) British Columbia Securities Commission;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Manitoba Securities Commission;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) New Brunswick Securities Commission;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Securities Commission of Newfoundland;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) Superintendent of Securities, Northwest Territories;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) Nova Scotia Securities Commission;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) Ontario Securities Commission;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Superintendent of Securities, Prince Edward Island;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) Autorité des marchés financiers;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) Saskatchewan Securities Commission;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) Superintendent of Securities, Yukon Territory; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m) Superintendent of Securities, Nunavut.

"**spouse**" means an individual who,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) is married to another individual and is not living separate and apart within the meaning of the *Divorce Act* (Canada), from the other individual,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) is living with another individual in a marriage-like relationship, including a marriage-like relationship
between individuals of the same gender, or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) in Alberta, is an individual referred to in paragraph (a) or (b), or is an adult interdependent partner
within the meaning of the *Adult Interdependent Relationships Act* (Alberta);

"**subsidiary**" means an issuer that is controlled directly or indirectly by another issuer and includes a subsidiary of that subsidiary; and

"**VCC**" means a venture capital corporation registered under Part 1 of the *Small Business Venture Capital Act* (British Columbia), R.S.B.C. 1996 c.429 whose business objective is making multiple investments.

**SCHEDULE "B"**

**RISK ACKNOWLEDGEMENT FORM FOR CERTAIN INDIVIDUAL ACCREDITED INVESTORS**

***TO BE COMPLETED BY INDIVIDUAL INVESTORS WHO CHECKED<br> (J), (K), OR (L) IN APPENDIX 1 TO SCHEDULE A***

 **

&nbsp;&nbsp; <br> **WARNING!**<br>**This investment is risky. Don't invest unless you can afford to lose all the money**<br>**you pay for this investment.**<br>

 ****

---

| | |
|:---|:---|
| **SECTION 1 TO BE COMPLETED BY THE ISSUER OR SELLING SECURITY HOLDER** | **SECTION 1 TO BE COMPLETED BY THE ISSUER OR SELLING SECURITY HOLDER** |
| **1. About your investment** | **1. About your investment** |
| Type of securities: **Common Shares** | Issuer: **Modern Mining Technology Corp.** |

---

---

| | |
|:---|:---|
| Purchased from: **Issuer** | Purchased from: **Issuer** |
| **SECTIONS 2 TO 4 TO BE COMPLETED BY THE PURCHASER** | **SECTIONS 2 TO 4 TO BE COMPLETED BY THE PURCHASER** |
| **2. Risk acknowledgement** | **2. Risk acknowledgement** |
| This investment is risky. Initial that you understand that: | **Your initials** |
| **Risk of loss** – You could lose your entire investment of US$ . *[Instruction: Insert the total dollar amount of the investment.]* |  |
| **Liquidity risk** – You may not be able to sell your investment quickly – or at all. |  |
| **Lack of information** – You may receive little or no information about your investment. |  |
| **Lack of advice** – You will not receive advice from the salesperson about whether this investment is suitable for you unless the salesperson is registered. The salesperson is the person who meets with, or provides information to, you about making this investment. To check whether the salesperson is registered, go to **<u>www.aretheyregistered.ca</u>**. |  |
| **3. Accredited investor status** | **3. Accredited investor status** |
| You must meet at least **one** of the following criteria to be able to make this investment. Initial the statement that applies to you. (You may initial more than one statement.) The person identified in section 6 is responsible for ensuring that you meet the definition of accredited investor. That person, or the salesperson identified in section 5, can help you if you have questions about whether you meet these criteria. | **Your initials** |

---

● Your net income before taxes was more than $200,000 in each of the 2 most recent calendar years, and you expect it to be more than $200,000 in the current calendar year. (You can find your net income before taxes on your personal income tax return.)

● Your net income before taxes combined with your spouse's was more than $300,000 in each of the 2 most recent calendar years, and you expect your combined net income before taxes to be more than $300,000 in the current calendar year.

● Either alone or with your spouse, you own more than $1 million in cash and securities, after subtracting any debt related to the cash and securities.

● Either alone or with your spouse, you have net assets worth more than $5 million. (Your net assets are your total assets (including real estate) minus your total debt.)

---

| |
|:---|
| **4. Your name and signature** |
| By signing this form, you confirm that you have read this form and you understand the risks of making this investment as identified in this form. |
| First and last name (please print): |

---

<u>Signature:</u> <u>Date:<u> </u>, 2025.</u>

---

| | |
|:---|:---|
| **SECTION 5 TO BE COMPLETED BY THE SALESPERSON** | **SECTION 5 TO BE COMPLETED BY THE SALESPERSON** |
| **5. Salesperson information** | **5. Salesperson information** |
| *[Instruction: The salesperson is the person who meets with, or provides information to, the purchaser with respect to making this investment. That could include a representative of the issuer or selling security holder, a registrant or a person who is exempt from the registration requirement.]* | *[Instruction: The salesperson is the person who meets with, or provides information to, the purchaser with respect to making this investment. That could include a representative of the issuer or selling security holder, a registrant or a person who is exempt from the registration requirement.]* |
| First and last name (please print): | First and last name (please print): |
| Telephone: | Email: |
| Name of firm (if registered): | Dealer Rep. Code: |
| **SECTION 6 TO BE COMPLETED BY THE ISSUER OR SELLING SECURITY HOLDER** | **SECTION 6 TO BE COMPLETED BY THE ISSUER OR SELLING SECURITY HOLDER** |
| **6. For more information about this investment** | **6. For more information about this investment** |
| Modern Mining Technology Corp.<br> 1500-1055 West Georgia Street<br> Vancouver, BC V6E 4N7 | Modern Mining Technology Corp.<br> 1500-1055 West Georgia Street<br> Vancouver, BC V6E 4N7 |
| Contact: Jeet Basi<br> Email Address: jbasi@modernmining.com<br>|  |
| **For more information about prospectus exemptions, contact your local contact information at www.securities-administrators.ca.** |  |

---

**SCHEDULE "C"**

**CONTACT INFORMATION OF SECURITY REGULATORY AUTHORITIES AND REGULATORS**

---

| | |
|:---|:---|
| **Alberta Securities Commission**<br> Suite 600, 250 - 5th Street SW<br> Calgary, Alberta T2P 0R4<br> Telephone: (403) 297-6454<br> Toll free in Canada: 1-877-355-0585<br> Facsimile: (403) 297-6156 <br>**British Columbia Securities Commission**<br> P.O. Box 10142, Pacific Centre<br> 701 West Georgia Street<br> Vancouver, British Columbia V7Y 1L2<br> Toll free in Canada: 1-800-373-6393<br> Facsimile: (604) 899-6506<br> Email: <u>inquiries@bcsc.bc.ca</u> <br>**The Manitoba Securities Commission**<br> 500 - 400 St. Mary Avenue<br> Winnipeg, Manitoba R3C 4K5<br> Telephone: (204) 945-2548<br> Toll free in Manitoba 1-800-655-5244<br> Facsimile: (204) 945-0330<br>**Financial and Consumer Services Commission (New Brunswick)**<br> 85 Charlotte Street, Suite 300<br> Saint John, New Brunswick E2L 2J2<br> Telephone: (506) 658-3060<br> Toll free in Canada: 1-866-933-2222<br> Facsimile: (506) 658-3059<br> Email: <u>info@fcnb.ca</u> <br>**Government of Newfoundland and Labrador Financial Services Regulation Division**<br> P.O. Box 8700<br> Confederation Building<br> 2nd Floor, West Block<br> Prince Philip Drive<br> St. John's, Newfoundland and Labrador A1B 4J6<br> Attention: Director of Securities<br> Telephone: (709) 729-4189<br> Facsimile: (709) 729-6187<br>**Government of the Northwest Territories Office of the Superintendent of Securities** <br> P.O. Box 1320<br> Yellowknife, Northwest Territories X1A 2L9<br> Telephone: (867) 767-9305<br> Facsimile: (867) 873-0243<br> Email: <u>securitiesregistry@gov.nt.ca</u> <br>**Nova Scotia Securities Commission**<br> Suite 400, 5251 Duke Street<br> Duke Tower<br> P.O. Box 458<br> Halifax, Nova Scotia B3J 2P8<br> Telephone: (902) 424-7768<br> Facsimile: (902) 424-4625 | **Government of Nunavut Department of Justice Legal Registries Division**<br> Legal Registries Division<br> P.O. Box 1000, Station 570<br> 4<sup>th</sup> Floor, Building 1106<br> Iqaluit, Nunavut X0A 0H0<br> Telephone: (867) 975-6590<br> Facsimile: (867) 975-6594<br>**Ontario Securities Commission**<br> 20 Queen Street West, 22nd Floor<br> Toronto, Ontario M5H 3S8<br> Telephone: (416) 593- 8314<br> Toll free in Canada: 1-877-785-1555<br> Facsimile: (416) 593-8122<br> Email: <u>inquiries@osc.gov.on.ca</u><br> Public official contact regarding indirect collection of information: Inquiries Officer<br>**Prince Edward Island Office of the Superintendent of Securities Office**<br> 95 Rochford Street, 4th Floor Shaw Building<br> P.O. Box 2000<br> Charlottetown, Prince Edward Island C1A 7N8<br> Telephone: (902) 620-3870<br> Facsimile: (902) 368-5283<br> Inquiries: (604) 899-6854 <br>**Autorité des marchés financiers**<br> 800, Square Victoria, 22e étage<br> C.P. 246, Tour de la Bourse<br> Montréal, Québec H4Z 1G3<br> Telephone: (514) 395-0337 or 1-877-525-0337<br> Facsimile: (514) 873-6155 (For filing purposes only)<br> Facsimile: (514) 864-6381 (For privacy requests only)<br>**Financial and Consumer Affairs Authority of Saskatchewan**<br> Suite 601 - 1919 Saskatchewan Drive<br> Regina, Saskatchewan S4P 4H2<br> Telephone: (306) 787-5879<br> Facsimile: (306) 787-5899<br>**Government of Yukon Department of Corporate Affairs**<br> Law Centre, 3<sup>rd</sup> Floor<br> 2130 Second Avenue<br> Whitehorse, Yukon Y1A 5H6<br> Telephone: (867) 667-5314<br> Facsimile: (867) 393-6251 |

---

## Ex1A-6

**e** **xhibit 6.20**

**POOLING AGREEMENT**

**MODERN MINING TECHNOLOGY CORP.**

**and**

**JEET BASI** 

**(as representative of the holders of Warrants)**

___________________________

**September XX, 2025**

**___________________________**

**POOLING AGREEMENT**

This Pooling Agreement (this "**Agreement**") is made the XX day of September, 2025.

**BETWEEN:**

**MODERN MINING TECHNOLOGY CORP.**

(the "**Company**")

- and -

**JEET BASI**

(the "**Securityholder Representative**")

**WHEREAS** the Company contemplates listing (the "**Listing**") the common shares in the capital of the Company (the "**Shares**") on the Nasdaq Stock Market (the "**Exchange**");

**WHEREAS** Urban Mining International Inc. ("**Urban Mining**"), the Company's wholly-owned subsidiary, and certain investors (the "**Securityholders**") entered into subscription agreements whereby such investors purchased an aggregate of 49,500,000 warrants (the "**Urban Mining Warrants**") to acquire common shares of Urban Mining;

**AND WHEREAS** on August 31, 2021, the Company acquired all the issued and outstanding shares of Urban Mining pursuant to a Merger Agreement and Plan of Reorganization dated August 18, 2021 (the "**Merger Agreement**") among the Company, Urban Mining and Urban Mining Merger Sub, Inc.;

**AND WHEREAS** pursuant to the terms of the Merger Agreement, the Company issued common share purchase warrants (the "**Warrants**") in exchange for the Urban Mining Warrants resulting in an issuance of an aggregate of 16,500,000 Warrants, on the same terms and conditions of the Urban Mining Warrants;

**AND WHEREAS** the Company completed a 4-for-1 reverse split of its Shares on May 11, 2023 and completed a 1-for-2.3529 forward split of its Shares on September 2, 2025, such that, as of the date hereof, there are 9,705,696 Warrants outstanding and held by the Securityholders as set forth in Schedule "A" hereto;

**AND WHEREAS** each of the Securityholders delivered an acknowledgement (the "**Acknowledgments**") to the Company on or about May 17, 2022, pursuant to which the Securityholder agreed that their respective Warrants and underlying securities (collectively, the "**Securities**") would be restricted from trading and released on the date that is six months from the date of the Listing (the "**Existing Restrictions**");

**AND WHEREAS** in connection with the Listing and as agreed to by the Company's selling agent, Digital Offering LLC, in order to assist with building an orderly trading market for the Shares on the Exchange, the Company has agreed to modify the Existing Restrictions pursuant to the terms set out herein;

**THIS AGREEMENT WITNESSES THAT** in consideration of the respective covenants and agreements of the Parties herein contained and for other good and valuable consideration (the receipt and sufficiency of which are acknowledged by each Party), the Parties agree as follows:

1. General Restriction on Sales, Pledges, etc.

The Securityholders shall not directly or indirectly sell, assign, transfer, pledge, mortgage, or otherwise dispose of or encumber any legal or beneficial interest in the Securities subject to such Pool Term (hereinafter defined) or any portion thereof (each of which is a "**Transaction**"), nor shall they agree to do any such Transaction, whether or not any such Transaction is not to be effective until such time as the Securities have been released from the Pool (hereinafter defined) in accordance with the release schedule in Section 4 hereof.

2. Voting of Shares in Pool

All and any voting rights attached to the Securities shall at all times be exercised by the Securityholders, and all rights attached thereto including the right to receive payment of any dividends shall be for the benefit of the Securityholder.

3. Non-Applicability of Standstill Clause

The restrictions in Section 1 do not apply to the Securityholder in the case of a take-over bid, amalgamation, arrangement, merger or similar transaction of the Company by a third party who is arm's length to the Company.

4. Release of Pooled Securities

The Securities will be subject to contractual restrictions on resale, pursuant to which the Securities will be subject to a pool (the "**Pool**") for a period of 180 days or as described below (the "**Pool Term**") from the date the Company may complete the Listing (the "**Listing Date**"), with releases occurring on the following schedule:

---

| | |
|:---|:---|
| 180 days after the Listing Date | 50% of the Securities |
| 180 days after the Listing Date, or immediately, in the event the closing bid price of the Shares on the Exchange is greater than $21.25 for any period of 10 consecutive trading days after the Listing Date and the average trading volume of the Shares is greater than 250,000 Shares per day for those 10 consecutive trading days | 25% of the Securities |
| 180 days after the Listing Date, or immediately, in the event the closing bid price of the Shares on the Exchange is greater than $6.37 on any day after the Listing Date | 5% of the Securities |

---

---

| | |
|:---|:---|
| 180 days after the Listing Date | 50% of the Securities |
| 180 days after the Listing Date, or immediately, in the event the closing bid price of the Shares on the Exchange is greater than $6.37 for any period of 10 consecutive trading days beginning at least 60 days after the Listing Date and the average trading volume of the Shares was greater than 100,000 Shares per day for any 60 day period following the Listing Date | 5% of the Securities |
| 180 days after the Listing Date, or immediately, in the event the closing bid price of the Shares on the Exchange is greater than $6.37 for any period of 10 consecutive trading days beginning at least 90 days after the Listing Date and the average trading volume of the Shares was greater than 100,000 Shares per day for any 90 day period following the Listing Date | 5% of the Securities |
| 180 days after the Listing Date, or immediately, in the event the closing bid price of the Shares on the Exchange is greater than $6.37 for any period of 10 consecutive trading days beginning at least 120 days after the Listing Date and the average trading volume of the Shares was greater than 100,000 Shares per day for any 120 day period following the Listing Date | 5% of the Securities |
| 180 days after the Listing Date, or immediately, in the event the closing bid price of the Shares on the Exchange is greater than $6.37 for any period of 10 consecutive trading days beginning at least 150 days after the Listing Date and the average trading volume of the Shares was greater than 100,000 Shares per day for any 150 day period following the Listing Date | 5% of the Securities |

---

5. Entire Agreement

This Agreement constitute the entire agreement between the Parties with respect to the subject matter hereof and thereof and supersedes all prior agreements, understandings, negotiations and discussions, whether written or oral, including the Acknowledgements. There are no conditions, covenants, agreements, representations, warranties or other provisions, express or implied, collateral, statutory or otherwise, relating to the subject matter hereof except as provided in the aforesaid agreements.

6. Termination

This Agreement may be terminated upon the written agreement of all parties.

7. Reorganizations, etc.

If, during the period in which any of the Securities are retained in escrow pursuant to this Agreement, a reorganization affecting the share capital occurs, then and in each such event, the Securities shall be released and replaced by the shares of stock and other securities and property upon the terms and conditions provided in the relevant reorganization documents.

8. Further Assurance

The parties shall, upon reasonable request and without unreasonable delay, execute and deliver any further documents or assurances and perform any acts necessary to carry out the intent and purposes of this Agreement. The Securityholders will allow a representative of the Company to inspect, at the Company's costs, the physical certificate or other instrument representing the Securities in order to ensure compliance with this Agreement during normal business hours on reasonable notice to the Securityholders provided that such inspections will not unduly impact or impede the ordinary business operations of the Securityholders.

9. Time

Time is of the essence of this Agreement.

10. Governing Laws and Venue

This Agreement shall be construed in accordance with and governed by the laws of British Columbia and the laws of Canada applicable in British Columbia. The parties attorn to British Columbia in the event of any legal proceedings involving this Agreement.

11. Counterparts

This Agreement may be executed in any number of counterparts, each of which, when so executed and delivered, will constitute an original and all of which together will constitute one instrument. Each party hereto will be entitled to rely on delivery by facsimile or electronically delivered portable document format (PDF) of an executed copy of this Agreement and acceptance by a party of such facsimile or PDF copy will be equally effective to create a valid and binding agreement between the parties in accordance with the terms hereof.

12. Notices

All notices that may be or are required to be given pursuant to any provision of this Agreement are to be given or made in writing and served personally, delivered by courier or sent by facsimile or other electronic transmission:

in the case of the Company, to:

Modern Mining Technology Corp.

Suite 1500, 1055 West Georgia

Street Vancouver, BC, V6E 4N7

Attention: Jeet Basi <br>Email: jbasi@modernmining.com

with a copy (which shall not constitute notice) to:

McMillan LLP

Suite 1500, 1055 West Georgia

Street Vancouver, BC, V6E 4N7

Attention: Desmond Balakrishnan <br>

Email: desmond.balakrishnan@mcmillan.ca

in the case of the Securityholders, to the respective address provided in Schedule "A".

13. Severability

Any provision of this Agreement which is or becomes prohibited and unenforceable does not invalidate, affect or impair the remaining provisions which shall be deemed to be severable from such prohibited or unenforceable provision.

14. Enurement

This Agreement enures to the benefit of and is binding on the parties and their heirs, executors, administrators, successors and permitted assigns.

**[Remainder of page intentionally left blank]** 

IN WITNESS WHEREOF this Agreement has been executed by the Parties on the date first above written.

---

| | |
|:---|:---|
| **MODERN MINING TECHNOLOGY CORP.** | **MODERN MINING TECHNOLOGY CORP.** |
| By: |  |
|  | Name: David Whitney |
|  | Title: Chief Financial Officer |
| **Jeet Basi** | **Jeet Basi** |

---

**SCHEDULE "A"**

**SECURITYHOLDERS** 

---

| | | |
|:---|:---|:---|
| **Name** | **Address** | **No. of Warrants** |
| Peterhouse Capital Limited | Suite 408, The Catalyst – 4th Floor<br> Ebene Cybercity<br> Mauritius | 588225 |
| Anna Hicken | 2966 West 8th Avenue<br> Vancouver, BC V6K 2C1 | 29411 |
| Austin Hall Thornberry | 604-531 Beatty Street<br> Vancouver, BC V6B 0C5 | 14705 |
| D. Matthews Law Corp. | 4290 Heather Street<br> Vancouver, BC V5Z 4H9 | 29411 |
| 1143373 BC Ltd. | 1903-1632 Lions Gate Lane<br> North Vancouver BC V7P0E2 | 176467 |
| SWH Holdings Limited | 2003-1495 Richards Street<br> Vancouver, BC V6Z 3E4 | 29411 |
| 1265218 BC Ltd | 1102- 898 Carnarvon Street<br> New Westminster, BC V3M 0C3 | 44116 |
| Grizzly Holdings Ltd. | 2645 Edgemont Boulevard <br> North Vancouver, BC V7R 2N1 | 441168 |
| Pine Tree Partners Inc. | 118 Ptarmigan Drive<br> Guelph, ON N1C 1E9 | 29411 |
| Kelly Bromley | 1905 Peters Road<br> North Vancouver; BC V7J 1Z1 | 441168 |
| Danielle Chatteron | 20335 - 43 Avenue<br> Langley, BC V3A 3B9 | 14705 |
| Virjeet Basi | 2204-680 Seylynn Crescent<br> North Vancouver, BC V7J 0B5 | 88233 |
| Harinder Jouhal | 13068 - 56 Avenue<br> Surrey, BC V3X 2Z4 | 176467 |
| Pattie Carnovale | 7281 Curtis Street<br> Burnaby, BC V5A 1K1 | 38234 |
| Richard Lyall | 3323 Sefton Street<br> Port Coquitlam, BC V3B 5C9 | 29411 |
| FGH Incorporated Ltd. | 64 Seminoff Street<br> Scarborough, ON M1L 0B1 | 88233 |
| Balvinder Parhar | 6180 Palahi Road<br> Duncan, BC V9L 5B6 | 900473 |
| Kayla Thompson | 5683 Eglinton St.<br> Burnaby, BC V5G 2B5 | 459304 |
| Steven Parhar | 6180 Palahi Road<br> Duncan, BC V9L 5B6 | 911748 |
| Naranjan Parhar | 6180 Palahi Road<br> Duncan, BC V9L 5B6 | 900473 |
| Shuxian Zhang | 1301-Building 13 Xin Gang Village 4<br> Maanshan, Anhui<br> China | 117645 |
| Madrina Investments Corp. | 7281 Curtis Street<br> Burnaby, BC V5A 1K1 | 58822 |
| Grace Sharma | 35585 Lacey Greene Way<br> Abbotsford, BC V3G 0B3 | 58822 |
| Gary Berar | 9571 No 6 Road <br> Richmond, BC V6W 1E5 | 29411 |
| Blue Bird Capital Enterprises LLC | 1-1800 Sunset Harbour Dr.<br> Miami Beach, FL 33139 | 3260237 |
| CanMex Business Consultants Ltd. | 1212 Nestor Street<br> Coquitlam, BC V3E 1H6 | 14705 |
| Enzo Astone | 102 Sandy's Drive<br> Woodbridge, ON L4L 3E3 | 29411 |
| Desmond Balakrishanan Law Corp. | 1500-1055 West Georgia Street <br> Vancouver, BC V6E 4N7 | 29411 |
| SVK Metrix Inc. | 806-1010 Richards Street<br> Vancouver, BC V6B 1G2 | 676458 |
| **Total:** |  | **9705696** |

---

## Ex1A-6

**Exhibit 6.21**

**POOLING AGREEMENT**

**MODERN MINING TECHNOLOGY CORP.**

**and**

**JEET BASI** 

**(as representative of the holders of Convertible Debentures)**

___________________________

**September XX, 2025**

**___________________________**

**POOLING AGREEMENT**

This Pooling Agreement (this "**Agreement**") is made the XX day of September, 2025.

**BETWEEN:**

**MODERN MINING TECHNOLOGY CORP.**

(the "**Company**")

- and -

**JEET BASI**

(the "**Securityholder Representative**")

**WHEREAS** the Company contemplates listing (the "**Listing**") the common shares in the capital of the Company (the "**Shares**") on the Nasdaq Stock Market (the "**Exchange**");

**WHEREAS** on April 7, 2022, the Company issued $3,331,390 principal amount of 5% unsecured convertible debentures (the "**2022 Convertible Debentures**") in a private placement which are governed by an indenture made as of April 7, 2022, as supplemented May 26, 2025 (the "**2022 Debenture Indenture**"), between the Company and Computershare Trust Company of Canada ("**Computershare**") as trustee;

**AND WHEREAS** on June 28, 2024, the Company issued $92,300 principal amount of 5% unsecured convertible debentures (the "**2024 Convertible Debentures**," and together with the 2021 Convertible Debentures, the "**Convertible Debentures**") in a private placement which are governed by an indenture made as of June 28, 2024 (the "**2024 Debenture Indenture**," and together with the 2022 Indenture, the "**Debenture Indentures**"), between the Company and Computershare as trustee;

**AND WHEREAS** the holders of the Convertible Debentures (each, a "**Securityholder**") and their respective holdings are set out in Schedule "A";

**AND WHEREAS** pursuant to the terms of the Debenture Indentures, upon the Listing, the Convertible Debentures, including any accrued interest, will automatically convert into Shares (the "**Debenture Shares**") on the terms set out in the Debenture Indentures;

**AND WHEREAS** pursuant to the terms of the Debenture Indentures, the Debenture Shares would be restricted from trading and released on the date that is six months from the date of the Listing (the "**Existing Restrictions**");

**AND WHEREAS** in connection with the Listing and as agreed to by the Company's selling agent, Digital Offering LLC, in order to assist with building an orderly trading market for the Shares on the Exchange, the Company has agreed to modify the Existing Restrictions pursuant to the terms set out herein;

**THIS AGREEMENT WITNESSES THAT** in consideration of the respective covenants and agreements of the Parties herein contained and for other good and valuable consideration (the receipt and sufficiency of which are acknowledged by each Party), the Parties agree as follows:

1. General Restriction on Sales, Pledges, etc.

The Securityholders shall not directly or indirectly sell, assign, transfer, pledge, mortgage, or otherwise dispose of or encumber any legal or beneficial interest in the Debenture Shares subject to such Pool Term (hereinafter defined) or any portion thereof (each of which is a "**Transaction**"), nor shall they agree to do any such Transaction, whether or not any such Transaction is not to be effective until such time as the Debenture Shares have been released from the Pool (hereinafter defined) in accordance with the release schedule in Section 4 hereof.

2. Voting of Shares in Pool

All and any voting rights attached to the Debenture Shares shall at all times be exercised by the Securityholders, and all rights attached thereto including the right to receive payment of any dividends shall be for the benefit of the Securityholder.

3. Non-Applicability of Standstill Clause

The restrictions in Section 1 do not apply to the Securityholder in the case of a take-over bid, amalgamation, arrangement, merger or similar transaction of the Company by a third party who is arm's length to the Company.

4. Release of Pooled Debenture Shares

The Debenture Shares will be subject to contractual restrictions on resale, pursuant to which the Debenture Shares will be subject to a pool (the "**Pool**") for a period of 180 days or as described below (the "**Pool Term**") from the date the Company may complete the Listing (the "**Listing Date**"), with releases occurring on the following schedule:

---

| | |
|:---|:---|
| 180 days after the Listing Date | 50% of the Debenture Shares |
| 180 days after the Listing Date, or immediately, in the event the closing bid price of the Shares on the Exchange is greater than $21.25 for any period of 10 consecutive trading days after the Listing Date and the average trading volume of the Shares is greater than 250,000 Shares per day for those 10 consecutive trading days | 25% of the Debenture Shares |
| 180 days after the Listing Date, or immediately, in the event the closing bid price of the Shares on the Exchange is greater than $6.37 on any day after the Listing Date | 5% of the Debenture Shares |

---

---

| | |
|:---|:---|
| 180 days after the Listing Date | 50% of the Debenture Shares |
| 180 days after the Listing Date, or immediately, in the event the closing bid price of the Shares on the Exchange is greater than $6.37 for any period of 10 consecutive trading days beginning at least 60 days after the Listing Date and the average trading volume of the Shares was greater than 100,000 Shares per day for any 60 day period following the Listing Date | 5% of the Debenture Shares |
| 180 days after the Listing Date, or immediately, in the event the closing bid price of the Shares on the Exchange is greater than $6.37 for any period of 10 consecutive trading days beginning at least 90 days after the Listing Date and the average trading volume of the Shares was greater than 100,000 Shares per day for any 90 day period following the Listing Date | 5% of the Debenture Shares |
| 180 days after the Listing Date, or immediately, in the event the closing bid price of the Shares on the Exchange is greater than $6.37 for any period of 10 consecutive trading days beginning at least 120 days after the Listing Date and the average trading volume of the Shares was greater than 100,000 Shares per day for any 120 day period following the Listing Date | 5% of the Debenture Shares |
| 180 days after the Listing Date, or immediately, in the event the closing bid price of the Shares on the Exchange is greater than $6.37 for any period of 10 consecutive trading days beginning at least 150 days after the Listing Date and the average trading volume of the Shares was greater than 100,000 Shares per day for any 150 day period following the Listing Date | 5% of the Debenture Shares |

---

5. Entire Agreement

This Agreement constitute the entire agreement between the Parties with respect to the subject matter hereof and thereof and supersedes all prior agreements, understandings, negotiations and discussions, whether written or oral, including the Acknowledgements. There are no conditions, covenants, agreements, representations, warranties or other provisions, express or implied, collateral, statutory or otherwise, relating to the subject matter hereof except as provided in the aforesaid agreements.

6. Termination

This Agreement may be terminated upon the written agreement of all parties.

7. Reorganizations, etc.

If, during the period in which any of the Debenture Shares are retained in escrow pursuant to this Agreement, a reorganization affecting the share capital occurs, then and in each such event, the Debenture Shares shall be released and replaced by the shares of stock and other securities and property upon the terms and conditions provided in the relevant reorganization documents.

8. Further Assurance

The parties shall, upon reasonable request and without unreasonable delay, execute and deliver any further documents or assurances and perform any acts necessary to carry out the intent and purposes of this Agreement. The Securityholders will allow a representative of the Company to inspect, at the Company's costs, the physical certificate or other instrument representing the Debenture Shares in order to ensure compliance with this Agreement during normal business hours on reasonable notice to the Securityholders provided that such inspections will not unduly impact or impede the ordinary business operations of the Securityholders.

9. Time

Time is of the essence of this Agreement.

10. Governing Laws and Venue

This Agreement shall be construed in accordance with and governed by the laws of British Columbia and the laws of Canada applicable in British Columbia. The parties attorn to British Columbia in the event of any legal proceedings involving this Agreement.

11. Counterparts

This Agreement may be executed in any number of counterparts, each of which, when so executed and delivered, will constitute an original and all of which together will constitute one instrument. Each party hereto will be entitled to rely on delivery by facsimile or electronically delivered portable document format (PDF) of an executed copy of this Agreement and acceptance by a party of such facsimile or PDF copy will be equally effective to create a valid and binding agreement between the parties in accordance with the terms hereof.

12. Notices

All notices that may be or are required to be given pursuant to any provision of this Agreement are to be given or made in writing and served personally, delivered by courier or sent by facsimile or other electronic transmission:

in the case of the Company, to:

Modern Mining Technology Corp.

Suite 1500, 1055 West Georgia

Street Vancouver, BC, V6E 4N7

Attention: Jeet Basi <br>

Email: jbasi@modernmining.com

with a copy (which shall not constitute notice) to:

McMillan LLP

Suite 1500, 1055 West Georgia Street Vancouver, BC, V6E 4N7

Attention: Desmond Balakrishnan <br>

Email: desmond.balakrishnan@mcmillan.ca

in the case of the Securityholders, to the respective address provided in Schedule "A".

13. Severability

Any provision of this Agreement which is or becomes prohibited and unenforceable does not invalidate, affect or impair the remaining provisions which shall be deemed to be severable from such prohibited or unenforceable provision.

14. Enurement

This Agreement enures to the benefit of and is binding on the parties and their heirs, executors, administrators, successors and permitted assigns.

**[Remainder of page intentionally left blank]** 

IN WITNESS WHEREOF this Agreement has been executed by the Parties on the date first above written.

---

| | | |
|:---|:---|:---|
| **MODERN MINING TECHNOLOGY CORP.** | **MODERN MINING TECHNOLOGY CORP.** | **MODERN MINING TECHNOLOGY CORP.** |
| By: |  |  |
|  | Name: | David Whitney |
|  | Title: | Chief Financial Officer |
| **Jeet Basi** | **Jeet Basi** | **Jeet Basi** |

---

**SCHEDULE "A"**

**SECURITYHOLDERS** 

[NTD: Insert list of debenture holders]

## Ex1A-11

**Exhibit 11.1**

![](ex11-1_001.jpg)

**CONSENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM**

We consent to use of our auditor's report dated September 25, 2025 in the Registration Statement on Form 1-A with respect to the consolidated financial statements of Modern Mining Technology Corp. as at December 31, 2024 and 2023 and for each of the two years in the period ended December 31, 2024. We also consent to the reference to our firm under the heading "Independent Auditors" in the Registration Statement.

/s/ MNP LLP

**Chartered Professional Accountants**

**Licensed Public Accountants** 

September 26, 2025

Toronto, Canada

**MNP LLP**

1 Adelaide Street East, Suite 1900, Toronto ON, M5C 2V9 1.877.251.2922 T: 416.596.1711 F: 416.596.7894

## Ex1A-12

**Exhibit 12.1**

![](ex8-1_001.jpg)

---

| | |
|:---|:---|
| **Our File No.** | 1016148-280865 |

---

September 26, 2025

**Modern Mining Technology Corp.**

c/o 1055 West Georgia St., 1500 Royal Centre

Vancouver, British Columbia

Canada, V6E 4N7

Attn: Board of Directors

Dear Sirs:

Re: Modern Mining Technology Corp.

We have acted as special Canadian counsel to Modern Mining Technology Corp., a British Columbia corporation (the "**Company**"), in connection with the Company's filing of an offering statement on Form 1-A filed on the date hereof (the "**Offering Statement**") with the Securities and Exchange Commission (the "**SEC**") pursuant to Regulation A under the United States Securities Act of 1933, as amended (the "**Act**"). The Offering Statement contemplates the offering (the "**Offering**") for sale of up to a maximum of 7,058,823 common shares (the "**Common Shares**") of the Company to raise an aggregate total of up to US$30,000,000 at a subscription price of US$4.25 per Common Share.

The Company has engaged Digital Offering, LLC, a FINRA and SEC registered broker-dealer ("**Digital Offering**") to act as Lead Selling Agent with respect to the Offering, and as compensation for such services, the Company has agreed, pursuant to an engagement letter agreement between the Company and Digital Offering, dated September 3, 2025 (the "**Engagement Agreement**"), to pay a cash commission of 7.0% to Digital Offering on sales of the Common Shares in the Offering and to issue to Digital Offering up to a maximum of 211,764 warrants (the "**Agent Warrants**"), as evidenced by a warrant certificate (the "**Agent Warrant Certificate**"), pursuant to which Digital Offering will be entitled to, upon exercise of such Agent Warrants, purchase one Common Share for each Agent Warrant exercised for up to a maximum of 211,764 Common Shares (the "**Agent Warrant Shares**").

**Documents Reviewed**

In rendering the opinions set forth below, we have reviewed the following documents in addition to those documents referred to above:

● the Company's Notice of Articles;

● the Company's Articles (together with the Notice of Articles, the "**Constating Documents** ");

● certain records of the Company's corporate proceedings as reflected in its minute books, including resolutions of the directors approving, among other things, the Offering, the form of subscription agreement to be entered into between the Company and purchasers of the Common Shares, the Engagement Agreement and the form of Agent Warrant Certificate (the "**Board Resolutions** ");

● other documents as we have deemed relevant.

McMillan LLP ½ Royal Centre, 1055 W. Georgia St., Suite 1500, PO Box 11117, Vancouver, BC, Canada V6E 4N7 ½ 604.689.9111 ½ f 604.685.7084

Lawyers ½ Patent & Trade-mark Agents ½ Avocats ½ Agents de brevets et de marques de commerce

Vancouver ½ Calgary ½ Toronto ½ Ottawa ½ Montréal ½ mcmillan.ca

---

| | |
|:---|:---|
| ![](ex8-1_001.jpg) | September 26, 2025<br> Page 2 |

---

In addition, we have relied upon a certificate (the "**Officers' Certificate**") of certain officers of the Company dated as of even date herewith as to certain questions of fact material to our opinions. For purposes of this opinion, we have not reviewed any documents other than the documents listed above. In particular, we have not reviewed, and express no opinion on, any document that is referred to or incorporated by reference into the documents reviewed by us.

**Assumptions, Limitations and Qualifications**

Our opinions expressed herein are subject in all respects to the following assumptions, limitations and qualifications:

● the Offering Statement (including any amendments and all necessary post-qualification amendments), will have become qualified under the Act and will continue to be qualified at all relevant times;

● the Common Shares will be offered, issued and sold in compliance with applicable United States federal and state securities laws, and in the manner stated in the Offering Statement;

● the Constating Documents of the Company in the forms reviewed by us are in full force and effect, and have not been amended, restated, supplemented or otherwise altered, and there has been no authorization of any such amendment or other alteration, in each case since the date hereof;

● the minute books of the Company reflect all corporate proceedings of the Company, are accurate and up-to-date, and correctly reflect the directors and officers of the Company;

● that each of the Agent Warrant Shares issued upon exercise of the Agent Warrants will be issued in accordance with the terms of the Agent Warrant Certificate, the Board Resolutions, the Engagement Agreement and the offering circular (the "**Offering Circular**") contained in the Offering Statement;

● that prior to or contemporaneous with the issuance of any Agent Warrants or Agent Warrant Shares upon the exercise of such Agent Warrants, the Company shall have received the consideration therefor specified in the Engagement Agreement or the Agent Warrant Certificate;

---

| | |
|:---|:---|
| ![](ex8-1_001.jpg) | September 26, 2025<br> Page 3 |

---

● we have assumed (i) the legal capacity of all natural persons, (ii) the genuineness of all signatures on documents examined by us, (iii) the authenticity of all documents submitted to us as originals, (iv) the conformity to authentic originals of all documents submitted to us as certified, conformed, photostatic or other copies, and (v) that the documents, in the forms submitted to us for review, have not been and will not be altered or amended in any respect; and

● we have assumed that each of the statements made and certified in the Officers' Certificate was true and correct when made, has at no time since being made and certified become untrue or incorrect, and remains true and correct on the date hereof.

The opinions expressed in this letter are rendered as of the date hereof and are based on our understandings and assumptions as to present facts, and on the application of applicable law as the same exists on the date hereof. We assume no obligation to update or supplement this opinion letter after the date hereof with respect to any facts or circumstances that may hereafter come to our attention or to reflect any changes in the facts or law that may hereafter occur or take effect.

Our opinion is limited to law of the Province of British Columbia and the federal laws of Canada applicable therein, including all applicable provisions of the *Business Corporations Act* (British Columbia). We have not considered, and have not expressed any opinion with regard to, or as to the effect of, any other law, rule, or regulation, state or federal, applicable to the Company. In particular, we express no opinion as to United States federal securities laws.

**Opinion**

Based upon and subject to the foregoing, we are of the opinion that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. the Common Shares have been duly authorized by all necessary corporate action on the part of the Company and, when the Common Shares are issued and sold in the manner and under the terms described in the Offering Circular, will be validly issued, fully paid and non-assessable;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. the Agent Warrants have been duly authorized by all necessary corporate action on the part of the Company and, when the Agent Warrants are issued pursuant to the Offering Circular and Engagement Agreement, will be duly and validly created, issued and delivered; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. the Agent Warrant Shares have been duly authorized and reserved for issuance by all necessary corporate action on the part of the Company and, when issued and paid for upon exercise of the Agent Warrants in accordance with the terms and conditions in the Agent Warrant Certificate, will be validly issued, fully paid and non-assessable.

**Consent**

We hereby consent to the filing of this opinion with the SEC as an exhibit to the Offering Statement. In giving this consent, we do not thereby admit that we are within the category of persons whose consent is required under Section 7 of the Act or the rules and regulations of the SEC promulgated thereunder.

---

| | |
|:---|:---|
| ![](ex8-1_001.jpg) | September 26, 2025<br> Page 4 |

---

This opinion letter is furnished to you at your request in accordance with the requirements of Item 17(12) of Form 1-A in connection with the filing of the Offering Statement, and is not to be used, circulated, quoted or otherwise relied upon for any other purpose. No opinion is expressed as to the contents of the Offering Statement, other than the opinion expressly set forth herein. This opinion is expressed as of the date hereof unless otherwise expressly stated, and we disclaim any undertaking to advise you of any subsequent changes in the facts stated or assumed herein or of any subsequent changes in applicable laws.

Yours truly,

 

*/s/ McMillan LLP*

## Ex1A-14

**Exhibit 14.1**

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**Washington, D.C. 20549**

**FORM F-X**

**APPOINTMENT OF AGENT FOR SERVICE**

**OF PROCESS AND UNDERTAKING**

A. Name of issuer or person filing ("Filer"): **Modern Mining Technology Corp.**

B. (1) This is (check one):

☒ an original filing for the Filer.

☐ an amended filing for the Filer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) Check the following box if you are filing the Form F-X in paper in accordance with Regulation S-T Rule 101(b)(9) ☐

C. Identify the filing in conjunction with which this form is being filed:

Name of registrant: **Modern Mining Technology Corp.**

Form type: **Form 1-A**

File Number (if known): **______________**

Filed by: **Modern Mining Technology Corp.**

Date filed (if filed concurrently, so indicate): [DATE] **(filed concurrently herewith)**

D. The Filer is incorporated or organized under the laws of **British Columbia, Canada** and has its principal place of business at:

**1055 West Georgia Street, 1500 Royal Centre<br> Vancouver, British Columbia, V6E 4N7, Canada<br> Tel: +1 (984) 235-6778**

E. The Filer designates and appoints **Mark Zorko** (the "Agent"), located at:

**2255 County Home Rd.** 

**Greenville NC 27858**

**Tel: 919-439-9550**

as the agent of the Filer upon whom may be served any process, pleadings, subpoenas, or other papers in:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) any investigation or administrative proceeding conducted by the Commission; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) any civil suit or action brought against the Filer or to which the Filer has been joined as defendant or respondent, in any appropriate court in any place subject to the jurisdiction of any state or of the United States or of any of its territories or possessions or of the District of Columbia, where the investigation, proceeding or cause of action arises out of or relates to or concerns any offering made or purported to be made in connection with the securities registered or qualified by the Filer on Form F-10 on September 4, 2025 or any purchases or sales of any security in connection therewith. The Filer stipulates and agrees that any such civil suit or action or administrative proceeding may be commenced by the service of process upon, and that service of an administrative subpoena shall be effected by service upon such agent for service of process, and that service as aforesaid shall be taken and held in all courts and administrative tribunals to be valid and binding as if personal service thereof had been made.

F. The Filer stipulates and agrees to appoint a successor agent for service of process and file an amended Form F-X if the Filer discharges the Agent or the Agent is unwilling or unable to accept service on behalf of the Filer at any time until six years have elapsed from the date the Filer has ceased reporting under the Exchange Act. The Filer further undertakes to advise the Commission promptly of any change to the Agent's name or address during the applicable period by amendment of this Form, referencing the file number of the Form F-10 in conjunction with which the amendment is being filed.

G. The Filer undertakes to make available, in person or by telephone, representatives to respond to inquiries made by the Commission staff, and to furnish promptly, when requested to do so by the Commission staff, information relating to the Form F-10, the securities to which the Form F-10 relates; and the transactions in such securities.

The Filer certifies that it has duly caused this power of attorney, consent, stipulation and agreement to be signed on its behalf by the undersigned, thereunto duly authorized, in Vancouver, Canada this 26th day of September 2025.

---

| | |
|:---|:---|
| **Modern Mining Technology Corp.** | **Modern Mining Technology Corp.** |
| By: | /s/ Kuljit (Jeet) Basi |
|  | Name: Kuljit (Jeet) Basi |
|  | Title: Chief Executive Officer |

---

This statement has been signed by the following persons in the capacities and on the dates indicated.

---

| | |
|:---|:---|
| By: | **Mark Zorko** |
| By: | /s/ Mark Zorko |

---

Dated: September 26, 2025

## Add

**Exhibit 99.3**

![](ex99-3_001.jpg)

**CODE OF BUSINESS CONDUCT**

**AND**

**ETHICS**

(Adopted as of May 19, 2022)

T A B L E O F C O N T E N T S

---

| | | | |
|:---|:---|:---|:---|
| 1 | Introduction | Introduction | 1 |
|  | 1.1 | Purpose | 1 |
|  | 1.2 | Responsibilities And Behaviors | 1 |
|  | 1.3 | Supervisory Responsibility | 1 |
|  | 1.4 | Seeking Help And Information | 2 |
|  | 1.5 | Reporting Violations Or Suspected Violations | 2 |
|  | 1.6 | Investigating Reports | 2 |
|  | 1.7 | Policy Against Retaliation | 3 |
|  | 1.8 | Waivers Of Code | 3 |
|  | 1.9 | Monitoring Compliance And Enforcement In General | 3 |
| 2 | CONFLICTS OF INTEREST | CONFLICTS OF INTEREST | 3 |
|  | 2.1 | Identifying Potential Conflicts Of Interest | 3 |
|  | 2.2 | Disclosing Conflicts Of Interest | 5 |
|  | 2.3 | Resolving Conflicts Of Interest | 5 |
| 3 | BUSINESS ENTERTAINMENT, MEALS, AND GIFTS | BUSINESS ENTERTAINMENT, MEALS, AND GIFTS | 5 |
| 4 | CONFIDENTIAL INFORMATION | CONFIDENTIAL INFORMATION | 6 |
| 5 | COMPETITION AND FAIR DEALING | COMPETITION AND FAIR DEALING | 6 |
|  | 5.1 | Relationships With Customers | 7 |
|  | 5.2 | Relationships With Suppliers | 7 |
|  | 5.3 | Relationships With Competitors | 7 |
| 6 | PROTECTION AND USE OF COMPANY ASSETS | PROTECTION AND USE OF COMPANY ASSETS | 7 |
| 7 | COMPANY RECORDS | COMPANY RECORDS | 8 |
| 8 | POLITICAL CONTRIBUTIONS AND ACTIVITIES | POLITICAL CONTRIBUTIONS AND ACTIVITIES | 8 |
| 9 | COMPLIANCE WITH LAWS | COMPLIANCE WITH LAWS | 9 |
|  | 9.1 | Anti - Bribery | 9 |
|  | 9.2 | Export Control | 9 |
|  | 9.3 | Antitrust | 10 |
|  | 9.4 | Insider Trading | 11 |
| 10 | ACCURACY OF FINANCIAL REPORTS | ACCURACY OF FINANCIAL REPORTS | 12 |
| 11 | PUBLIC COMMUNICATIONS | PUBLIC COMMUNICATIONS | 12 |
| 12 | CONCLUSION | CONCLUSION | 13 |

---

i

---

| | |
|:---|:---|
| **1** | **Introduction** |

---

1.1 Purpose

This Code of Business Conduct and Ethics ("<u>Code</u>") of Modern Mining Technology Corp. (the "<u>Company</u>") contains general guidelines for conducting the business of the Company consistent with the highest standards of business ethics. In many cases, the Company has adopted specific written policies to implement various provisions of this Code. To the extent this Code or those policies require a higher standard than required by commercial practice or applicable laws, we adhere to the higher standard.

This Code applies to all of our directors, officers and employees. Except where otherwise noted, all persons covered by this Code are referred to as "Company employees" or simply "employees."

1.2 Responsibilities And Behaviors

The Company is committed to the highest ethical standards in the conduct of its business and therefore the integrity of each employee, officer, and director is of paramount importance. All employees, officers, and directors are accountable for their actions and must conduct themselves with the utmost integrity. As part of conducting business ethically, employees, officers, and directors must conduct business in strict observance of all applicable federal, state, and local laws and regulations as set forth by those bodies that regulate the Company's business, and those that regulate public companies, such as the Securities and Exchange Commission. Persons who act unethically or violate this Code and supplementing written policies may be subject to disciplinary action, up to and including termination or removal, and, if applicable, referral to the appropriate authorities for prosecution.

As a representative of the Company, your responsibility is to act ethically and with the highest level of integrity. Employees who violate the law or this Code may expose themselves to substantial civil damages, criminal fines and prison. The Company may also face substantial fines and penalties, and many incur damage to its reputation and standing in the community. If you are unclear about the appropriate response to a particular situation, it is your responsibility to use all the resources available to you to seek guidance. One point should be clear: each employee, officer and director are individually responsible for his or her own actions.

1.3 Supervisory Responsibility

It is incumbent upon supervisors to take every opportunity to model behaviors consistent with our core values and this Code. If you are a supervisor, you are expected to demonstrate the highest standards of ethical conduct by encouraging open and honest discussions of the ethical, legal, and regulatory implications of business decisions, and by creating an open and supportive environment where your employees are comfortable asking questions, raising concerns and reporting misconduct. You should also ensure that everyone under your supervision clearly understands the legal and ethical expectations of the Company, including all aspects of the Code, policies and applicable laws. You must also work with the Human Resources department when you become aware of any suspected violations of this Code.

1.4 Seeking Help And Information

This Code is not intended to be a comprehensive rulebook and cannot address every situation that you may face. If you feel uncomfortable about a situation or have any doubts about whether it is consistent with the Company's ethical standards, seek help. We encourage you to contact your supervisor for help first. If your supervisor cannot answer your question or if you do not feel comfortable contacting your supervisor, contact the Chief Financial Officer or send an inquiry through the Company website.

1.5 Reporting Violations Or Suspected Violations

The Company is committed to establishing and maintaining an effective process for employees, officers, and directors to report, and for the Company to respond to and correct, any type of misconduct. All employees, officers, and directors have a continuing responsibility and duty to report any known or suspected violation of this Code, including any violation of the laws, rules, regulations or policies that apply to the Company. If you know of or suspect a violation of this Code, immediately report the conduct to your supervisor, or the Company's Chief Financial Officer. Your supervisor or the Chief Financial Officer will contact the proper legal counsel, who will work with you and your supervisor to investigate your concern. If you do not feel comfortable reporting the conduct to your supervisor or you do not get a satisfactory response, you may contact the proper legal counsel directly.

While providing your identity may assist the Company in addressing your questions or concerns, please note that if you choose, **you may remain anonymous and will not be required to reveal your identity**.

1.6 Investigating Reports

All reports of known or suspected violations will be handled sensitively and with discretion. Your supervisor, the Chief Financial Officer and the Company will protect your confidentiality to the extent possible, consistent with law and the Company's need to investigate your concern. During an investigation of suspected violations, you are required to cooperate fully in the investigation, and must take certain steps to do so. You must be honest and forthcoming at all times during an investigation, must provide investigators with full, accurate, timely, and truthful information, and must not interfere or obstruct the investigation. You may not discuss an investigation with others unless authorized to do so. Failure to take any of these steps during an investigation is a violation of this Code.

Any person accused of violating this Code will be given an opportunity to present his or her version of the events prior to any determination that a violation has occurred, or any Company decision regarding the appropriate discipline.

1.7 Policy Against Retaliation

The Company prohibits retaliation against an employee who, in good faith, seeks help or reports known or suspected violations. If you report an actual or suspected violation by another, you will not be subject to discipline or retaliation of any kind for making a report in good faith. Any reprisal or retaliation against an employee because the employee, in good faith, sought help or filed a report will be subject to disciplinary action, including potential termination of employment.

1.8 Waivers Of Code

Only the entire Board of Directors may waive provisions of this Code for employees (unless legally required). Any waiver of this Code for our directors, executive officers or principal financial officers may be made only by our Board of Directors or an appropriate committee of our Board of Directors and will be disclosed to the public as required by law or the rules of the NYSE American.

1.9 Monitoring Compliance And Enforcement In General

The Company's management, under the supervision of its Board of Directors or a committee thereof or, in the case of accounting, internal accounting controls, auditing or securities law matters, the Audit Committee, shall take reasonable steps from time to time to (i) monitor compliance with the Code, and (ii) when appropriate, impose and enforce appropriate disciplinary measures for violations of the Code.

Disciplinary measures for violations of the Code will be determined in the Company's sole discretion and may include, but are not limited to, counseling, oral or written reprimands, warnings, probation or suspension with or without pay, demotions, reductions in salary, termination of employment or service, and restitution.

The Company's management shall periodically report to the Board of Directors or a committee thereof on these compliance efforts including, without limitation, periodic reporting of alleged violations of the Code and the actions taken with respect to any such violation.

---

| | |
|:---|:---|
| **2** | **CONFLICTS OF INTEREST** |

---

2.1 Identifying Potential Conflicts Of Interest

The Company's reputation may be impaired by conflicting relationships or activities. A conflict of interest can occur when an employee's private interest interferes, or reasonably appears to interfere, with the interests of the Company. You must conduct your outside associations and personal business, financial, and other relationships in a manner that avoids any conflict of interest, or appearance of a conflict of interest, between yourself and the Company. You must avoid any private interest that influences your ability to act in the interests of the Company or that makes it difficult to perform your work objectively and effectively. The term "outside association" includes any affiliation, association, interest, relationship, or employment that you have with anyone other than the Company. Further, you must not give the appearance of Company representation in any of your personal affairs.

It is impractical to conceive and set forth rules that cover every situation in which a conflict of interest may arise. The following is not an exhaustive list of problem areas, but rather a guide in applying the Company's basic conflict of interest policy to any situation.

● <u>Employment Relationships</u>. A conflict of interest may arise when you or a member of your immediate family holds a position as an employee, officer or director of an entity with which the Company has or is likely to have a business relationship, or with which the Company competes or is likely to compete. No employee or officer should accept employment with any entity that is a customer, supplier or competitor of the Company. You must also report when a family member has a relationship with an entity with which the Company has or is likely to have a business relationship or with which the Company competes or is likely to compete.

● <u>Improper Personal Benefits</u>. You may not obtain any improper personal benefits or favors because of your position with the Company.

● <u>Financial Interests</u>. You should not have a financial interest (ownership or otherwise) in any company that is a customer, supplier or competitor of the Company, unless pre-approved by the proper legal counsel. Generally, a significant financial interest will not be permitted except in exceptional circumstances. Significant financial interest means (i) ownership of greater than 1% of the equity of a customer, supplier or competitor or (ii) an investment in a customer, supplier or competitor that represents more than 5% of the total assets of the employee making the investment.

● <u>Corporate Opportunities</u>. You are prohibited from taking advantage of an opportunity to engage in a business activity in which the Company has an actual interest or a reasonable expectation of an interest.

● <u>Use of Company Assets</u>. You are prohibited from using Company assets to pursue personal interests.

● <u>Loans or Other Financial Transactions</u>. You should not obtain loans or guarantees of personal obligations from, or enter into any other personal financial transaction with, the Company or any company that is a customer, supplier or competitor of the Company. This guideline does not prohibit arms-length transactions with banks, brokerage firms or other financial institutions.

● <u>Service on Boards and Committees</u>. You should not serve on a board of directors or trustees or on a committee of any entity (whether profit or not-for-profit) whose interests reasonably would be expected to conflict with those of the Company.

● <u>Actions of Family Members</u>. The actions of family members outside the workplace may also give rise to the conflicts of interest described above because they may influence an employee's objectivity in making decisions on behalf of the Company. For purposes of this Code, "family members" include your spouse or life-partner, parents, children and siblings, whether by blood, marriage or adoption, and anyone residing in your home.

2.2 Disclosing Conflicts Of Interest

While it is incumbent on each employee to act in a manner at all times that is in the best interests of the Company, and avoid conflicts of interest, the Company recognizes that from time to time, situations may occur in which a conflict or appearance of a conflict of interest is unavoidable. The Company requires that employees disclose any situations that reasonably would be expected to give rise to a conflict of interest. If you suspect that you have a conflict of interest, or something that others could reasonably perceive as a conflict of interest, you must report it to the Company. If you are an employee, you must report it to the Vice President of your department, the Chief Financial Officer, or the proper legal counsel. If you are an officer or director, you must report the matter to the proper legal counsel or to the Audit Committee. If you are an employee, your Vice President or the Chief Financial Officer will coordinate with the proper legal counsel to review the matter and resolve it as necessary.

2.3 Resolving Conflicts Of Interest

When a conflict or appearance of a conflict of interest occurs, or is reasonably likely to occur, the Company is committed to resolving the situation in a way that protects the best interests of the Company. Such resolution can take many forms, such as requiring the employee to recuse himself or herself from participating in a particular matter, reassigning duties, or additional measures designed to ensure that the best interests of the Company are not compromised by the conflict of interest. In all cases, conflicts of interest must be handled in an ethical manner; meaning they must be fully disclosed and considered prior to being resolved. The Chief Financial Officer or the proper legal counsel, as applicable, will handle all questions of conflicts of interest, including coordinating with the Audit Committee as necessary. Conflicts may be permitted only after full disclosure has been made, the Company (or the Audit Committee, as appropriate) has given prior written approval, and the employee has agreed to adhere to any safeguards put into place to ensure that the best interests of the Company are fully protected in the situation in question. Conflicts of interest resulting from a violation of this Code may also be subject to discipline.

3 BUSINESS ENTERTAINMENT, MEALS, AND GIFTS

The Company recognizes that occasional exchanges of business courtesies between vendors, suppliers, and our employees, such as entertainment, meals, or gifts, can be helpful in building and maintaining business relationships. However, you should exercise extreme caution when accepting offers of entertainment, meals or gifts, as regular or excessive entertainment, meals or gifts can easily create a conflict or appearance of a conflict of interest, and irreparably damage your reputation and the reputation of the Company. Generally, entertainment and gifts must have a clear business purpose and should benefit the Company by building trust and goodwill in the business relationship. Participating in entertainment such as meals, sports events, golf outings, and celebration functions, etc. with our business partners is acceptable provided the entertainment with the same partner is infrequent, in good taste, in moderation, and not extravagant. Similarly, gifts should be of only nominal value (generally less than $100), infrequent, in good taste, in moderation, and not extravagant. Efforts should also be made so that even when a clear business purpose has been established, the costs for the entertainment or meals are shared, or reciprocated when appropriate and possible. In no event should you ever solicit offers of entertainment, meals or gifts, and similarly, you must never accept entertainment, meals or gifts if there is no clear business purpose, or if such acceptance would create or appear to create a conflict of interest.

Attending supplier sponsored conferences, seminars, and entertainment events where air travel, hotel, or other accommodations are provided, creates more serious concerns. Your participation in events where the sponsor provides both business and entertainment activities are acceptable when your participation is important to the business of the Company. You should not attend these events if it does not serve a significant business purpose for the Company or could cause, or appear to cause, you to favor that supplier over others. If you are invited by suppliers to attend conferences, seminars, or entertainment events where the supplier pays for air travel or other accommodations, you must obtain prior approval from an appropriate senior executive.

Likewise, when interacting with customers and vendors, you are expected to adhere to the policies and procedures established by those entities concerning meals, entertainment and gifts.

If you receive an offer for entertainment or meals that do not accord with these standards, you should politely decline. Similarly, gifts that do not accord with these standards should be returned, with an explanation that the Company's standards do not permit the employee to retain the gift. The Company, as well as the employee's supervisor, may also put additional limits and policies in place with respect to entertainment, meals and gifts, including appropriate documentation and notice and approval requirements.

---

| | |
|:---|:---|
| **4** | **CONFIDENTIAL INFORMATION** |

---

Employees have access to a variety of confidential information as a result of their relationship with the Company. Confidential information includes but is not limited to all non-public information of the Company, or its customers or suppliers, and personally identifiable information of employees, or persons associated with the Company's business partners. You must safeguard all confidential information of the Company or third parties with which the Company conducts business, except when disclosure is authorized or legally mandated. Your obligation to protect confidential information continues after you leave the Company. Unauthorized disclosure of confidential information could cause competitive harm to the Company or its business partners and could result in legal liability to you and the Company.

Any questions or concerns regarding whether disclosure of Company information is legally mandated should be promptly referred to the Chief Executive Office of Chief Financial Officer.

---

| | |
|:---|:---|
| **5** | **COMPETITION AND FAIR DEALING** |

---

All employees should endeavor to deal fairly with fellow employees and with the Company's customers, suppliers and competitors. Employees should not take unfair advantage of anyone through manipulation, concealment, abuse of privileged information, misrepresentation of material facts or any other unfair-dealing practice.

5.1 Relationships With Customers

Our business success depends upon our ability to foster lasting customer relationships. The Company is committed to dealing with customers fairly, honestly, and with integrity. Specifically, you should keep the following guidelines in mind when dealing with customers:

● Information we supply to customers should be accurate and complete to the best of our knowledge. Employees should not deliberately misrepresent information to customers.

● Employees should not refuse to sell the Company's products or services simply because a customer is buying products or services from another supplier.

● Customer entertainment should not exceed reasonable and customary business practice.

Employees should not provide entertainment or other benefits that could be viewed as an inducement to, or a reward for, customer purchase decisions.

5.2 Relationships With Suppliers

The Company deals fairly and honestly with its suppliers. This means that our relationships with suppliers are based on price, quality, service and reputation, among other factors. Employees dealing with suppliers should carefully guard their objectivity. Specifically, you should not accept or solicit any personal benefit from a supplier or potential supplier that might compromise, or appear to compromise, your objective assessment of the supplier's products and prices.

5.3 Relationships With Competitors

The Company is committed to free and open competition in the marketplace. You should avoid actions that would be contrary to laws governing competitive practices in the marketplace, including federal and state antitrust laws. Such actions include misappropriation and/or misuse of a competitor's confidential information or making false statements about the competitor's business and business practices. For a further discussion of appropriate and inappropriate business conduct with competitors, see "Compliance with Laws: Antitrust" below.

6 PROTECTION AND USE OF COMPANY ASSETS

Employees should protect the Company's assets and ensure their efficient use for legitimate business purposes only. Theft, carelessness and waste have a direct impact on the Company's profitability. The use of Company funds or assets for any unlawful or improper purpose is prohibited.

To ensure the protection and proper use of the Company's assets, you should:

● Exercise reasonable care to prevent theft, damage or misuse of Company property.

● Report the actual or suspected theft, damage or misuse of Company property to a supervisor.

● Use the Company's telephone system, other electronic communication services, written materials and other property for business-related purposes.

● Safeguard all electronic programs, data, communications and written materials from inadvertent access by others.

● Use Company property only for legitimate business purposes, as authorized in connection with your job responsibilities.

You should also be aware that Company property includes all data and communications transmitted or received to or by, or contained in, the Company's electronic or telephonic systems. Company property also includes all written communications. Employees and other users of this property should have no expectation of privacy with respect to these communications and data. To the extent permitted by law, the Company has the ability, and reserves the right, to monitor all electronic and telephonic communication. These communications may also be subject to disclosure to law enforcement or government officials.

---

| | |
|:---|:---|
| **7** | COMPANY RECORDS |

---

Accurate and reliable records are crucial to our business. Our records are the basis of our earnings statements, financial reports and other disclosures to the public and guide our business decision-making and strategic planning. Company records include booking information, payroll, timecards, travel and expense reports, e-mails, accounting and financial data, measurement and performance records, electronic data files and all other records maintained in the ordinary course of our business.

All Company records must be complete, accurate and reliable in all material respects. Undisclosed or unrecorded funds, payments or receipts are inconsistent with our business practices and are prohibited. You are also responsible for understanding and complying with record keeping policies as established by the Company from time to time. Ask your supervisor if you have any questions.

---

| | |
|:---|:---|
| **8** | **POLITICAL CONTRIBUTIONS AND ACTIVITIES** |

---

The Company encourages its employees to participate in the political process as individuals and on their own time. However, federal and state contribution and lobbying laws severely limit the contributions the Company can make to political parties or candidates. It is Company policy that Company funds or assets are not be used to make a political contribution to any political party or candidate, unless prior approval has been given by the proper legal counsel.

The following guidelines are intended to ensure that any political activity you pursue complies with this policy:

● <u>Contribution of Funds</u>. You may contribute your personal funds to political parties or candidates. The Company will not reimburse you for personal political contributions.

● <u>Volunteer Activities</u>. You may participate in volunteer political activities during non-work time. You may not participate in political activities during work time.

● <u>Use of Company Facilities</u>. The Company's facilities should not be used for political activities (including fundraisers or other activities related to running for office). The Company may make its facilities available for limited political functions, including speeches by government officials and political candidates, with the approval of the proper legal counsel.

● <u>Use of Company Name</u>. When you participate in political affairs, you should be careful to make it clear that your views and actions are your own, and not made on behalf of the Company. For instance, Company letterhead should not be used to send out personal letters in connection with political activities.

These guidelines are intended to ensure that any political activity you pursue is done voluntarily and on your own resources and time. Please contact the Chief Financial Officer if you have any questions about this policy.

---

| | |
|:---|:---|
| **9** | **COMPLIANCE WITH LAWS** |

---

Each employee has an obligation to comply with all laws, rules and regulations applicable to the Company. These include, without limitation, laws covering bribery and kickbacks, copyrights, trademarks and trade secrets, information privacy, insider trading, illegal political contributions, antitrust prohibitions, foreign corrupt practices, offering or receiving gratuities, environmental hazards, employment discrimination or harassment, occupational health and safety, false or misleading financial information or misuse of corporate assets. You are expected to understand and comply with all laws, rules and regulations that apply to your job position. If any doubt exists about whether a course of action is lawful, you should seek advice from your supervisor or the Chief Financial Officer, which will contact the proper legal counsel, if necessary.

9.1 Anti - Bribery

The Company's anti-bribery prohibition is simple: No employee, officer or director may offer a bribe nor receive a bribe, under any circumstances. The Company maintains an Anti-Bribery Policy, which contains other prohibitions and requirements, for example: reporting of red flag events, restricting hiring of foreign agents and reporting of any violations of the Company's Anti-Bribery Policy.

If there are any questions regarding the Company's Anti-Bribery Policy, you should contact the Chief Financial Officer.

9.2 Export Control

Various government agencies maintain lists that identify individuals or entities barred or restricted from entering into certain types of transactions. The Company must ensure that the Company does not engage in a transaction with a barred entity or person. All employees have an obligation to notify the Company's Chief Financial Officer if any person with whom they are engaging on behalf of the Company are identified on any of these lists. If in doubt, contact the legal department or Chief Financial Officer for more information on screening to ensure compliance.

Similarly, various countries are subject to comprehensive Canadian economic sanctions and trade embargoes, and the Company is prohibited from engaging in transactions that result in any goods, technology or monies being diverted to any customer or end user in such countries. From time to time Canada also has limited sanctions pertaining to other countries (e.g. Russia, Syria and Libya), so it is important to check if any party to a proposed Company transaction is from a country for which Canada has imposed complete embargoes or partial sanctions. When in doubt, discuss any potential transaction with the Legal department.

9.3 Antitrust

Antitrust laws of Canada and other countries are designed to protect consumers and competitors against unfair business practices and to promote and preserve competition. Our policy is to compete vigorously and ethically while complying with all antitrust, monopoly, competition or cartel laws in all countries, states or localities in which the Company conducts business.

In general, U.S. antitrust laws forbid agreements or actions "in restraint of trade." All employees should be familiar with the general principles of the U.S. antitrust laws. The following is a summary of actions that are violations of U.S. antitrust laws:

● <u>Price Fixing</u>. The Company may not agree with its competitors to raise, lower or stabilize prices or any element of price, including discounts and credit terms.

● <u>Limitation of Supply</u>. The Company may not agree with its competitors to limit its production or restrict the supply of its services.

● <u>Allocation of Business</u>. The Company may not agree with its competitors to divide or allocate markets, territories or customers.

● <u>Boycott</u>. The Company may not agree with its competitors to refuse to sell or purchase products from third parties. In addition, the Company may not prevent a customer from purchasing or using non-Company products or services.

● <u>Tying</u>. The Company may not require a customer to purchase a product that it does not want as a condition to the sale of a different product that the customer does wish to purchase.

Employees should exercise caution in meetings with competitors. Any meeting with a competitor may give rise to the appearance of impropriety. As a result, if you are required to meet with a competitor for any reason, you should obtain the prior approval of the Chief Executive Officer, who will contact the proper legal counsel, if necessary. You should try to meet with competitors in a closely monitored and controlled environment for a limited period of time. The contents of your meeting should be fully documented. Specifically, you should avoid any communications with a competitor regarding:

● Prices;

● Costs;

● Market share;

● Allocation of sales territories;

● Profits and profit margins;

● Supplier's terms and conditions;

● Product or service offerings;

● Terms and conditions of sale;

● Facilities or capabilities;

● Bids for a particular contract or program;

● Selection, retention or quality of customers; or

● Distribution methods or channels.

Employees should also be cautious when attending meetings of professional organizations and trade associations at which competitors are present. Attending meetings of professional organizations and trade associations is both legal and proper, if such meetings have a legitimate business purpose. At such meetings, you should not discuss pricing policy or other competitive terms, plans for new or expanded facilities or any other proprietary or competitively sensitive information.

Violations of antitrust laws carry severe consequences and may expose the Company and employees to substantial civil damages, criminal fines and, in the case of individuals, prison terms. Whenever any doubt exists as to the legality of a particular action or arrangement, it is your responsibility to contact the Chief Executive Officer or Chief Financial Officer, who will contact the proper legal counsel promptly for assistance, approval and review.

9.4 Insider Trading

The laws against insider trading are specific and complex. The Company also maintains extensive policies concerning insider trading designed to help the Company and an employee comply with the laws on insider trading. Employees are responsible for reading and complying with these policies. As a guideline, employees are prohibited from trading in the stock or other securities of the Company while in possession of material, nonpublic information about the Company. In addition, Company employees are prohibited from recommending, "tipping" or suggesting that anyone else buy or sell stock or other securities of the Company on the basis of material, nonpublic information. Company employees who obtain material nonpublic information about another company in the course of their employment are prohibited from trading in the stock or securities of the other company while in possession of such information or "tipping" others to trade on the basis of such information. Violation of insider trading laws can result in severe fines and criminal penalties, as well as disciplinary action by the Company, up to and including termination of employment.

Information is "non-public" if it has not been made generally available to the public by means of a press release or other means of widespread distribution. Information is "material" if a reasonable investor would consider it important in a decision to buy, hold or sell stock or other securities. As a rule of thumb, any information that would affect the value of stock or other securities should be considered material. Examples of information that is generally considered "material" include:

● Financial results or forecasts, or any information that indicates a company's financial results may exceed or fall short of forecasts or expectations;

● Important new products or services;

● Pending or contemplated acquisitions or dispositions, including mergers, tender offers or joint venture proposals;

● Possible management changes or changes of control;

● Pending or contemplated public or private sales of debt or equity securities;

● Acquisition or loss of a significant customer or contract;

● Significant write-offs;

● Initiation or settlement of significant litigation; and

● Changes in the Company's auditors or a notification from its auditors that the Company may no longer rely on the auditor's report.

Any questions about information you may possess or about any dealings you have had in the Company's securities should be promptly brought to the attention of the Chief Financial Officer.

9.5 Environment, Health & Safety Policy

It is Company's policy to operate its business in a manner that protects the environment. The Company is committed to compliance with all applicable environmental laws, regulations and industry best practices, such as those that affect hazardous waste disposal, emissions and water purity. The Company recognizes environmental protection as a sound business practice resources, reduces potential liabilities and safeguards employees and the community. Environmental protection and pollution prevention is a responsibility of every Company employee.

To meet its overall policy, Company shall:

● Comply with all environmental laws and regulations;

● Reduce risks associated with past, present and future hazardous material use;

● Reduce hazardous waste generation through a source reduction and waste minimization program in accordance with governmental agency and Company guidelines;

● Conserve energy in operations and design efficient and safe manufacturing processes;

● Increase environmental and safety awareness and knowledge of requirements among all levels of employment;

● Monitor improvements in environmental and safety and health protection technology.

Every Company employee must:

● Comply with all Company policies and government environmental rules and laws; and

● Immediately report, in accordance with Company's Environmental and Safety policies, all spills, releases and other incidents involving hazardous materials.

This policy applies Company-wide. It is the personal responsibility of every employee to comply with this policy and the environmental procedures adopted to achieve this policy.

---

| | |
|:---|:---|
| **10** | **ACCURACY OF FINANCIAL REPORTS** |

---

As a public company we are subject to various securities laws, regulations and reporting obligations. Both U.S. federal law and our policies require the disclosure of accurate and complete information regarding the Company's business, financial condition and results of operations. Inaccurate, incomplete or untimely reporting will not be tolerated and can severely damage the Company and result in legal liability.

Employees working in financial, public relations and legal roles have a special responsibility to ensure that all of our financial disclosures are full, fair, accurate, timely and understandable. If you work in such a capacity, you are expected to understand and strictly comply with generally accepted accounting principles and all standards, laws and regulations for accounting and financial reporting of transactions, estimates and forecasts.

---

| | |
|:---|:---|
| **11** | **PUBLIC COMMUNICATIONS** |

---

The Company places a high value on its credibility and reputation in the community. What is written or said about the Company in the news media and investment community directly impacts our reputation, positively or negatively. Our policy is to provide timely, accurate and complete information in response to public requests (media, analysts, etc.), consistent with our obligations to maintain the confidentiality of competitive and proprietary information and to prevent selective disclosure of market-sensitive financial data. In addition, the Company is required to periodically make public certain information about itself, and file regular reports concerning its financial and operational performance. The Company also from time to time may choose to issue information of interest to its shareholders or the general public. The Company is committed to ensuring that its communications are truthful, meaningful, consistent, and in compliance with all laws.

To ensure compliance with its standards and its legal obligations, the Company limits the persons who may speak on behalf of the Company and has extensive procedures in place to review and approve all public communications. You should direct all news media or other public requests for information regarding the Company to the Company's media relations personnel. The media relations personnel will work with you and the appropriate Company departments to evaluate and coordinate a response to the request. Only persons designated by the Company to speak on its behalf are authorized to disclose information about the Company. Similarly, even when designated as authorized to speak for the Company, an employee should never disseminate any information that has not been pre-approved for release.

Company employees who regularly interact with the media, the securities market, investors or the general public also have a special responsibility to understand and comply with specific laws regarding disclosure, including but not limited to Regulation Fair Disclosure. Contact the Chief Financial Officer if you have any questions about the scope or application of the laws applicable to your job responsibilities, including Regulation FD.

---

| | |
|:---|:---|
| **12** | **CONCLUSION** |

---

This Code of Business Conduct and Ethics contains general guidelines for conducting the business of the Company consistent with the highest standards of business ethics. If you are faced with making a challenging decision regarding a particular situation, you are not alone. There are many resources available to help resolve ethical questions or concerns. If you have any questions, you may contact:

● **Your immediate supervisor;** 

● **Other supervisors or management personnel;** 

● **The Human Resources department;** 

● **C** **hief Financial Officer** 

We expect all Company employees to adhere to these standards.

**CERTIFICATION**

The undersigned hereby acknowledges receipt of Modern Mining Technology Corp.'s Code of Business Conduct and Ethics (the "<u>Code</u>"), and certifies that the undersigned has read, understands and will comply with the Code.

---

| | |
|:---|:---|
| Date:___________________, 20___ | |
|  | Signature |
|  | Print Name |
|  | Title |

---

One signed copy of this certificate should be sent to:

Modern Mining Technology Corp.

105 West Georgia Street, 1500 Royal Centre

Vancouver, British Columbia

V6E 4N7

## Add

**Exhibit 99.4**

![](ex99-4_001.jpg)

**WHISTLEBLOWER POLICY**

**PROCEDURES FOR RECEIPT OF COMPLAINTS AND SUBMISSIONS**

**RELATING TO ILLEGAL OR UNETHICAL CONDUCT**

(Adopted as of May 19, 2022)

**INTRODUCTION**

Modern Mining Technology Corp. (the "<u>Company</u>") expects directors, officers, employees and key consultants (being, those who are engaged in an employee-like capacity) (collectively, "<u>Personnel</u>") of the Company to take all responsible steps to prevent violations of its Code of Business Conduct and Ethics (the "<u>Code</u>"), to identify and raise potential issues before they lead to problems, and to seek additional guidance when necessary.

These Procedures are designed to provide an atmosphere of open communication for compliance issues and to ensure that Personnel acting in good faith have the means to report actual or potential violations and to reassure Personnel that they should be able to raise genuine concerns without fear of reprisals, even if they turn out to be mistaken.

**REPORTING RESPONSIBILITY**

If any Personnel observe or become aware of an actual or potential violation of the Code or of any applicable law or regulation (including securities laws and regulations), whether committed by Personnel or by others associated with the Company (for example, external parties with whom the Company has contracted), it is his/her responsibility to promptly report the circumstances as outlined herein and to cooperate with any investigation by the Company.

It is also the responsibility of Personnel who have concerns regarding questionable accounting, internal financial controls or auditing matters to report such concerns in accordance with the procedures outlined herein.

Examples of issues to be reported are set out in Schedule "A" to these Procedures.

**NO RETALIATION AND ACTING IN GOOD FAITH**

The Company prohibits Personnel from retaliating or taking adverse action against anyone for raising suspected conduct violations or helping to resolve a conduct concern. Any individual who has been found to have engaged in retaliation against any of the Company's Personnel for raising, in good faith, a conduct concern or for participating in the investigation of such a concern may be subject to discipline, up to and including termination of employment or other business relationship. If any individual believes that he or she has been subjected to such retaliation, that person is encouraged to report the situation as soon as possible to one of the people identified in the "Reporting Procedures" section below.

Anyone filing a complaint concerning a violation or suspected violation of the Code, or reporting concerns relating to accounting and auditing matters must be acting in good faith and have reasonable grounds for believing the information disclosed indicates a violation of the Code. Any allegations that prove not to be substantiated and which prove to have been made maliciously or knowingly to be false will be viewed as a serious disciplinary offense, and may be subject to legal and civil action in addition to employment review.

R**EPORTING PROCEDURES**

For assistance with compliance matters or clarification as to the way to report actual or potential compliance infractions, Personnel should contact the Chief Financial Officer or the Chair of the Audit Committee of the Board of Directors of the Company (the "<u>Audit Committee</u>").

<u>All Compliance matters</u>

Personnel or External parties with direct knowledge of the violation or fraud concern may submit reports of alleged violations of this Code in writing on a confidential basis to the Chair of the Audit Committee through submitting a Fraud Alert Email through the email alert system location on the Company website: http://modernmining.com.

In reporting any actual or potential violation of the Code, an individual should provide, to the extent possible, such relevant documents to support the allegations being made, such as e-mails, handwritten notes, photographs, or physical evidence.

Any report of actual or potential violation of the Code should include, at a minimum the following information:

● the names of the parties involved.

● any witnesses to the incident(s).

● the location, date, and time of the incident(s).

● details about the incident (behaviour and/or words used).

● any additional details that would help with an investigation.

Violations or suspected violations may be submitted on a confidential basis by the complainant or may be submitted anonymously.

**COMPLIANCE OFFICER**

As at the date hereof, the Company's Compliance Officer can be contacted as outlined below:

Mark Zorko

E-mail: mzorko@modernmining.com

Mail: Modern Mining Technology Corp.

1055 West Georgia Street, 1500 Royal Centre

Vancouver, British Columbia

V6E 4N7

Any future changes to the Compliance Officer can be found on the Company's website and anonymous ways to report any Company violations.

The Compliance Officer shall report to the Audit Committee as frequently as such Compliance Officer deems appropriate, but in any event no less frequently than on a quarterly basis at the quarterly meeting of the Audit Committee called to approve interim and annual financial statements of the Company.

The Compliance Officer will keep any reported violations confidential and that the identity of employees making complaints or submissions shall be kept confidential and shall only be communicated to the Chair of the Audit Committee.

**HANDLING OF REPORTED VIOLATIONS**

Upon receipt of a report from the Chair of the Audit Committee, or the Compliance Officer, the Audit Committee (as applicable) shall discuss the report and take such steps as that committee of the Company's Board of Directors (the "<u>Board</u>") may deem appropriate. At a minimum, the Audit Committee, as applicable, should initiate an investigation of the alleged violation(s). Additional steps could include, if appropriate:

● Advising the alleged subject of the report; and

● Considering a review and revisions to workplace procedures to prevent any future violations of the Code.

Reports of violations or suspected violations will be kept confidential to the extent possible, consistent with the need to conduct an adequate investigation.

The Compliance Officer or Chair of the Audit Committee (as applicable) shall retain a record of a complaint or submission received for a period of six years following resolution of the complaint or submission.

Any complaint about a member of the Audit Committee shall be considered by the Board, with the person accused recused from any discussion in connection with the complaint.

**INVESTIGATION OF REPORTED VIOLATIONS**

Following the receipt of any complaints submitted hereunder, the Audit Committee, will investigate each matter so reported and recommend corrective disciplinary actions to the Board, if appropriate, up to and including termination of employment.

At a minimum, investigations will:

● be undertaken promptly and diligently, and be as thorough as necessary, given the circumstances.

● be fair and impartial, providing both the complainant and respondent equal treatment in evaluating the allegations.

● be sensitive to the interests of all parties involved and maintain confidentiality.

● be focused on finding facts and evidence, including interviews of the complainant, respondent, and any witnesses.

● incorporate, where appropriate, any need or request from the complainant or respondent for assistance during the investigation process.

**SCHEDULE 'A'**

**Examples of Matters to be Reported**

● Fraud, theft and other criminal activity

● Accounting irregularities, Financial Statement Disclosure issues

● Non-compliance with Internal Accounting Controls

● Workplace violence, related to an executive

● Substance abuse, related to an executive

● Discrimination, bullying and harassment, related to an executive, employee or consultant

● Falsification of company records

● Conflicts of Interest

● Release of proprietary information

● Safety/security violations

● Malicious property damage

● Violations of securities laws (including insider trading)

● Breaches of other applicable laws (environmental, employment, health and safety laws)

● Ethics violations

**CERTIFICATION**

The undersigned hereby acknowledges receipt of Modern Mining Technology Corp.'s Whistleblower Policy (the "<u>Policy</u>"), and certifies that the undersigned has read and understands the Policy.

---

| | |
|:---|:---|
| Date:___________, 20_____ |  |
|  | Signature |
|  | Print Name |
|  | Title |

---

One signed copy of this certificate should be sent to:

Modern Mining Technology Corp.

1055 West Georgia Street, 1500 Royal Centre

Vancouver, British Columbia

V6E 4N7

## Add

**Exhibit 99.5**

![](ex99-5_001.jpg)

**RELATED PARTY TRANSACTIONS POLICY**

(Adopted as of May 19, 2022)

**PURPOSE**

At Modern Mining Technology Corp. (the "<u>Company</u>") we aim to lead by example. We set high standards for our people at all levels and strive to meet them consistently. Our sound business principles and practices foster our commitment to ethical behavior, accountability and transparency. We expect our directors, officers and employees to avoid conflicts of interest, that is, any activity that interferes with the performance of their duties or that might deprive us of their undivided loyalty in business dealings. Conflicts of interest can come up in various ways, even in situations where the transaction may benefit the Company and our stockholders and thus make it unclear whether a conflict even exists. This Related Party Transactions Policy (this "<u>Policy</u>") deals specifically with those situations where the Company (including any of our subsidiaries) is a party to a transaction with a "<u>Related Party</u>" (as defined below). A Related Party is a party whose material interest in a transaction could be an actual or potential conflict of interest, or at least create the appearance of such a conflict. Although our Code of Business Conduct and Ethics addresses this issue generally, we have adopted this Policy to formalize our procedures for the identification, review, and consideration and approval of the Audit Committee of our Board of Directors (the "<u>Audit Committee</u>") of any transactions involving the Company and a Related Party. This Policy has been approved by our Board of Directors ("<u>Board</u>"). The Audit Committee may recommend future amendments to this Policy for consideration by our Board as our business evolves.

**PERSONS COVERED BY THIS POLICY**

This Policy is applicable to all members of our Board and director nominees, each of our executive officers and any person the Company knows to own an interest in the voting power of the Company that gives them significant influence over the Company (each, a "<u>significant stockholder</u>"). Any direct or indirect beneficial owner of more than 5% of any class of the Company's voting securities is deemed to be a significant stockholder.

**APPROVAL AUTHORITY**

Our "<u>Approval Authority</u>" will be our Audit Committee. In a situation where a member of our Audit Committee is a Related Party in the proposed transaction, the other members of the Audit Committee or, if requested by the Audit Committee, our Board will be the Approval Authority.

**WHO IS A RELATED PARTY?**

You are a Related Party if you are:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. a person who is, or at any time since the beginning of our last fiscal year was, a director or executive officer of the Company or a nominee to become a director;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. a significant stockholder;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. an immediate family member of a director, director nominee, executive officer or significant stockholder. This includes a person's spouse, parents, children, siblings, mothers and fathers-in-law, sons and daughters-in-law, brothers and sisters-in-law, and anyone (other than domestic employees or tenant) who share such person's home; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. entities controlled by a director, director nominee, executive officer or significant stockholder or in which a director, director nominee, executive officer or significant stockholder has a greater than 10% beneficial interest.

**WHAT TYPES OF TRANSACTIONS ARE COVERED BY THIS POLICY?**

Any transaction, arrangement or relationship (including any indebtedness or guarantee of indebtedness, or any series of similar transactions, arrangements or relationships) that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. the Company or any of its subsidiaries is or will be a participant;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. any Related Party has or will have a direct or indirect material interest; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. the aggregate amount involved will or may be expected to exceed $120,000 in any fiscal year (or the reduced threshold based on Smaller Reporting Company status, if applicable).

Any transaction that meets the above criteria is referred to as a "<u>Related Party Transaction</u>."

**IDENTIFYING RELATED PARTIES**

We have established a process to identify any Related Party to assist us in enforcing this Policy.

**Directors and Executive Officers**

Our finance team or compliance or legal department will collect, at least annually, the following information from each of our directors and executive officers (typically in the annual Directors' and Officers' Questionnaire):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. A list of all entities in which they serve as a director or executive officer, or in which they have 10% or greater beneficial ownership interest.

A list of all their immediate family members, and for each immediate family member listed:

● whether they are (a) an executive officer of any entity, or (b) employed by the Company's independent auditor (or an affiliate, member firm or other entity associated with our independent auditor), and if so, the name of their employer and job title or a brief job description; and

● all entities in which they serve as a director or in which they are a significant stockholder.

This list also will include the name of each charitable or non-profit organization for which each director, executive officer and any immediate family member is a major fundraiser or otherwise serves as a director or trustee, or in a similar capacity.

Directors and executive officers are expected to notify our finance team or compliance or legal department of any updates to the list of Related Parties, including updates to their employment and relationships with charitable organizations.

**Significant Stockholders**

When the Company learns that a person has become a significant stockholder, our finance team or compliance or legal department will examine relevant filings with the U.S. Securities and Exchange Commission ("<u>SEC</u>") (to the extent such information is available) to determine (a) if the person is an individual, the same information requested of directors and executive officers under this Policy, and (b) if the person is a firm, corporation or other entity, a list of principals or executive officers of such firm, corporation or entity.

**APPROVAL PROCESS**

**Advance Approval**

Any transaction the Company intends to undertake with a Related Party, irrespective of the amounts involved (unless the transaction is subject to standing pre-approval as provided below or pursuant to a resolution adopted by the Approval Authority), must be submitted to our Compliance Officer for his or her determination of the approvals required under this Policy. The Compliance Officer will refer to the Approval Authority any Related Party Transaction, and any other transaction he or she determines should be considered for evaluation by the Approval Authority, consistent with the purpose of this Policy. The Compliance Officer may do so irrespective of any pre-approval or other technical exemption from this Policy.

The legal or compliance department or finance team will provide the Approval Authority with all relevant information available about the proposed transaction, including:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. the Related Party's relationship to the Company and interest in the transaction;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. the material facts of the proposed transaction, including the anticipated aggregate dollar value of the transaction or, in the case of indebtedness, the largest amount of principal outstanding at any time during the current fiscal year plus all amounts of interest payable on it during the fiscal year;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. the rationale for the proposed transaction; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. any other relevant information with respect to the proposed transaction.

In deciding whether to approve a proposed transaction, the Approval Authority may take into account any relevant information and considerations, including the impact on a director's independence if the Related Party is a director, their immediate family member or an entity with which a director is affiliated. The Approval Authority may impose such conditions as it deems appropriate on the Company or on the Related Party in connection with approving the proposed transaction.

The Approval Authority will convey the decision, including any conditions imposed on the transaction, to our Compliance Officer, who then will convey the decision to the appropriate people within the Company.

**Review of Ongoing Transactions**

At least annually, the Approval Authority will review any previously approved or ratified transactions with Related Parties that remain ongoing, and that have a remaining term of more than six months and remaining amounts payable to or receivable from us of more than $120,000 during the fiscal year (or the reduced threshold based on Smaller Reporting Company status, if applicable). Based on all relevant facts and circumstances, the Approval Authority will determine whether it is in the best interests of the Company and its stockholders to continue, modify or terminate the transaction.

**Ratification**

Members of our finance team will produce quarterly reports of any amounts paid or payable to, or received or receivable from, any Related Party. These reports will be provided (a) to our legal or compliance department and used to determine whether there are any Related Party Transactions or other transactions with Related Parties that were not previously approved or previously ratified under this Policy, and (b) to our Compliance Officer for appropriate reporting in our periodic reports.

If the Compliance Officer learns of a transaction with a Related Party that required but did not receive approval or ratification under this Policy, he or she will promptly submit the transaction to the Approval Authority. The Approval Authority will undertake the review described above. Based on the conclusions reached, the Approval Authority will evaluate all options, including but not limited to ratification, amendment or termination of the transaction with the Related Party, and determine whether disciplinary action is appropriate.

A transaction with a Related Party entered into without pre-approval of the Approval Authority will not be deemed to violate this Policy, or be invalid or unenforceable, provided that the transaction is brought to the Approval Authority as promptly as reasonably practical after it is entered into, or after it becomes reasonably apparent that the transaction is covered by this Policy.

**Standing Pre-Approval for Certain Related Party Transactions**

Unless there are special or unusual benefits to the Related Party in a proposed transaction, the following categories of Related Party Transactions do not need to be presented to the Approval Authority for review and approval under this Policy:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. *Employment of executive officers*: Any employment by us of an executive officer if:

● the executive officer is a "named executive officer" whose compensation must be reported in our proxy statement; or

● the executive officer is not an immediate family member of another executive officer or director, the related compensation would be reported in our proxy if the executive officer were a "named executive officer," and the Company's Board;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. *Director compensation*: Any compensation paid to a director (in such capacity) if the compensation is required to be reported in our proxy statement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. *Transactions where all stockholders receive proportional benefits*: Any transaction in which the Related Party's interest arises solely from the ownership of our capital shares and all holders of our capital shares receive the same benefit on a pro rata basis (e.g., dividends);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. *Ordinary-course expenses, advances and reimbursements*: Ordinary-course business travel and expenses, advances and reimbursements; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. *Indemnification*: Indemnification payments and other payments made pursuant to (a) directors and officers insurance policies, (b) our formation document or charter (as may be amended and/or restated from time to time), and/or (c) any other policy or agreement approved by the Board.

## Add

**Exhibit 99.6**

**MODERN MINING TECHNOLOGY CORP.**

**CONFLICT MINERALS POLICY**

**Modern Mining's Commitment**

Modern Mining Technology Corp. (Modern Mining) is committed to ethical business practices, responsible mining and metallurgical practices, and sustainable developments. Modern Mining supports the humanitarian goal of ending the violence and human rights abuses in the mining of certain minerals in the Democratic Republic of Congo and surrounding countries (collectively, the "DRC").

Modern Mining is fully committed to complying with applicable U.S. federal, state and local legislation, as well as applicable regulatory requirements, intended to address these humanitarian and commercial concerns, including the rules adopted by the U.S. Securities Exchange Commission ("SEC"), as required under the Dodd-Frank Wall Street Reform and Consumer Protection Act (the "Act"), impose disclosure and reporting requirements on the use of "conflict minerals" (tantalum, tin, tungsten and gold, or "3TGs").

We are implementing a reasonable process which will conduct a reasonable country of origin inquiry based on a review of its business operations to determine whether any of the 3TG contained in its products came from recycled or scrap sources or if it did not, whether the 3TG originated in the DRC region.

Modern Mining is also committed to complying with all the conflict mineral requirements under the Act and all the rules and regulations issued by the SEC.

This policy will be reviewed annually and updated as needed. Questions regarding this Policy may be addressed to the President & Chief Executive Officer of the Company.

*Effective as of May 19, 2022*

## Add

**Exhibit 99.7**

**MODERN MINING TECHNOLOGY CORP.**

**INCENTIVE COMPENSATION RECOVERY POLICY**

The Board of Directors (the "**Board**") of Modern Mining Technology Corp. (the "**Company**") has adopted this Incentive Compensation Recovery Policy (the "**Policy**"), effective as of September 15, 2025 (the "**Effective Date**"). Capitalized terms used in this Policy that are not defined elsewhere in the text of this Policy are defined in Section 12.

**1. <u>Persons Subject to Policy</u>**

This Policy will apply to current and former Officers of the Company. Each Officer is required to sign an acknowledgement agreeing to be bound by the terms of the Policy. However, even if an Officer fails to sign the acknowledgment, this Policy will continue to apply to the Officer.

**2. <u>Compensation Subject to Policy</u>**

This Policy applies to Incentive-Based Compensation "received" on or after the Effective Date and during the applicable Three-Year Period by anyone who served as an Officer during the performance period applicable to such Incentive-Based Compensation. The date on which Incentive-Based Compensation is "received" is determined under the Applicable Rules, which generally provide that Incentive-Based Compensation is "received" in the Company's fiscal period during which the relevant Financial Reporting Measure is attained or satisfied, without regard to whether the grant, vesting or payment of the Incentive-Based Compensation occurs after the end of that period.

**3. <u>Recovery of Compensation</u>**

In the event that the Company is required to prepare a Restatement, the Company will reasonably promptly recover the portion of any Incentive-Based Compensation that is Erroneously Awarded Compensation, unless the Committee has determined that recovery would be impracticable in accordance with Section 11. This recovery is required regardless of whether the Officer engaged in misconduct or otherwise caused or contributed to the requirement for the Restatement and regardless of whether or when restated financial statements are filed by the Company. For clarity, no person may have the right to voluntarily terminate employment for "good reason," or due to a "constructive termination" (or any similar term of like effect) under any plan, program or policy of or agreement with the Company or any of its affiliates solely as a result of the recovery of Erroneously Awarded Compensation under this Policy in a manner that is consistent with the requirements of the Applicable Rules.

**4. <u>Manner of Recovery; Limitation on Duplicative Recovery</u>**

The Committee will determine the manner of recovery of any Erroneously Awarded Compensation, which may include, without limitation, reduction or cancellation by the Company or an affiliate of the Company of Incentive-Based Compensation or Erroneously Awarded Compensation, requiring the reimbursement or repayment by any person subject to this Policy of the Erroneously Awarded Compensation, and, to the extent permitted by law, an offset of the Erroneously Awarded Compensation against other compensation payable by the Company or an affiliate of the Company to such person. Notwithstanding the foregoing, unless otherwise prohibited by the Applicable Rules, to the extent this Policy provides for recovery of Erroneously Awarded Compensation already recovered by the Company pursuant to Sarbanes-Oxley Act Section 304 or Other Recovery Arrangements, the amount of Erroneously Awarded Compensation already recovered by the Company from the recipient of such Erroneously Awarded Compensation will be credited to the amount of Erroneously Awarded Compensation required to be recovered pursuant to this Policy from such person.

**5. <u>Administration</u>**

This Policy will be administered, interpreted and construed by the Committee, which is authorized to make all determinations necessary, appropriate or advisable for such purpose. The Board may re-vest in itself the authority to administer, interpret and construe this Policy in accordance with applicable law, and in such event references herein to the "Committee" will be deemed to be references to the Board. Subject to any permitted review by the applicable national securities exchange or association pursuant to the Applicable Rules, all determinations and decisions made by the Committee pursuant to the provisions of this Policy that are consistent with the requirements of the Applicable Rules will be final, conclusive and binding on all persons, including the Company and its affiliates, stockholders and employees. The Committee may delegate administrative duties with respect to this Policy to one or more directors or employees of the Company, as permitted under applicable law.

**6. <u>Interpretation</u>**

This Policy will be interpreted and applied in a manner that is consistent with the requirements of the Applicable Rules, and to the extent this Policy is inconsistent with such Applicable Rules, it will be deemed amended to the minimum extent necessary to ensure compliance with the Applicable Rules.

**7. <u>No Indemnification; No Personal Liability</u>**

To the extent necessary to ensure compliance with the Applicable Rules, the Company will not indemnify or insure any person against the loss of any Erroneously Awarded Compensation pursuant to this Policy and the Company will not, directly or indirectly, pay or reimburse any person for any premiums for third-party insurance policies that such person may elect to purchase to fund such person's potential obligations under this Policy. No member of the Committee or the Board will have any personal liability to any person as a result of actions taken under this Policy.

**8. <u>Application; Enforceability</u>**

Unless the Committee or the Board determines otherwise, the adoption of this Policy does not limit, and is intended to apply in addition to, any other clawback, recoupment, forfeiture or similar policies or provisions of the Company, including any such policies or provisions of such effect contained in any employment agreement, bonus plan, incentive plan, equity-based plan or award agreement thereunder or similar plan, program or agreement of the Company or required under applicable law (the "**Other Recovery Arrangements**"). The remedy in this Policy is not exclusive and is in addition to every other right or remedy at law or in equity that may be available to the Company. Nothing in this Policy shall constitute a waiver of your right to challenge or appear determinations made hereunder.

**9. <u>Severability</u>**

The provisions in this Policy are intended to be applied to the fullest extent of the law; provided, however, to the extent that any provision of this Policy is found to be unenforceable or invalid under any applicable law, such provision will be applied to the maximum extent permitted, and will automatically be deemed amended in a manner consistent with its objectives to the extent necessary to conform to any limitations required under applicable law.

**10. <u>Amendment and Termination</u>**

The Board or the Committee may amend, modify or terminate this Policy in whole or in part at any time and from time to time in its sole discretion in order to comply with any applicable law, rule, regulation, order, decree, or judicial, regulatory, or Nasdaq interpretation of the same. The Company will provide prompt written notice of any proposed amendment or modification to any current or former Officer to whom it may apply. The notice will be deemed given if it is sent by certified or registered mail to the Officer's latest address as set forth in the Company's records or to the Officer's Company email address. This Policy will terminate automatically when the Company does not have a class of securities listed on a national securities exchange or association.

**11. <u>Impracticability</u>**

The Company shall recover any Erroneously Awarded Compensation in accordance with this Policy, except to the extent that certain conditions are met and the Board or the Committee has determined that such recovery would be impracticable, all in accordance with the Applicable Rules.

**12. <u>Definitions</u>**

"**Applicable Rules**" means Section 10D of the Exchange Act, Exchange Act Rule 10D-1, the listing rules of the national securities exchange or association on which the Company's securities are listed, and any applicable rules or other guidance adopted by the Securities and Exchange Commission or any national securities exchange or association on which the Company's securities are listed.

"**Committee**" means the Compensation Committee of the Board.

"**Erroneously Awarded Compensation**" means the amount of Incentive-Based Compensation received by a current or former Officer that exceeds the amount of Incentive-Based Compensation that would have been received by such current or former Officer based on a restated Financial Reporting Measure, as determined on a pre-tax basis in accordance with the Applicable Rules.

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

"**Financial Reporting Measure**" means any measure determined and presented in accordance with the accounting principles used in preparing the Company's financial statements, and any measures derived wholly or in part from such measures, including IFRS, GAAP and non-GAAP/IFRS financial measures, as well as stock price and total stockholder return.

"**GAAP**" means U.S. generally accepted accounting principles.

"**IFRS**" means international financial reporting standards.

"**Incentive-Based Compensation**" means, with respect to a Restatement, any compensation that is granted, earned, or vested based wholly or in part upon the attainment of one or more Financial Reporting Measures.

"**Officer**" means each person who serves as an executive officer of the Company, as defined in Rule 10D-1(d) under the Exchange Act.

"**Restatement**" means an accounting restatement to correct the Company's material noncompliance with any financial reporting requirement under securities laws, including restatements that correct an error in previously issued financial statements (a) that is material to the previously issued financial statements or (b) that would result in a material misstatement if the error were corrected in the current period or left uncorrected in the current period.

"**Three-Year Period**" means, with respect to a Restatement, the three completed fiscal years immediately preceding the date that the Board, a committee of the Board, or an officer of the Company authorized to take such action if Board action is not required, concludes, or reasonably should have concluded, that the Company is required to prepare such Restatement, or, if earlier, the date on which a court, regulator or other legally authorized body directs the Company to prepare such Restatement. The "Three-Year Period" also includes any transition period (that results from a change in the Company's fiscal year) within or immediately following the three completed fiscal years, to the extent required to comply with the Applicable Rules.

**ACKNOWLEDGMENT AND CONSENT TO<br> INCENTIVE COMPENSATION RECOVERY POLICY**

The undersigned has received a copy of the Incentive Compensation Recovery Policy (the "Policy") adopted by Modern Mining Technology Corp. (the "Company") and agrees to the terms of the Policy such that compensation received by the undersigned may be subject to reduction, cancellation, forfeiture and/or recoupment to the extent necessary to comply with the Policy, notwithstanding any other agreement to the contrary. The undersigned also acknowledges and agrees that the undersigned is not entitled to indemnification in connection with any enforcement of the Policy to the extent set forth in the Policy and expressly waives any rights to such indemnification under the Company's organizational documents or otherwise. For the avoidance of doubt, the foregoing waiver shall not impact any right to advancement of legal fees.

Date :_______________________

Signature: ___________________

Name: ______________________

Title: _______________________

## Add

**Exhibit 99.8**

**Subsidiaries of Modern Mining Technology Corp.**

---

| | |
|:---|:---|
| **Subsidiary** | **Jurisdiction** |
| Modern Mining Technology Corp. | Delaware, U.S.A. |

---

### UNITED STATES SECURITIES AND EXCHANGE COMMISSION
**Washington, D.C. 20549**

## FORM 1-A

### REGULATION A OFFERING STATEMENT
### UNDER THE SECURITIES ACT OF 1933

### Item 1. Issuer Information

**Exact name of issuer:** Modern Mining Technology Corp.

**Jurisdiction of Incorporation/Organization:** A1

**Year of Incorporation:** 2021

**CIK:** 0001898722

**I.R.S. Employer Identification Number:** 98-1755335

**Primary Standard Industrial Classification Code:** 4953

**Total number of full-time employees:** 3

**Total number of part-time employees:** 0

**Address of Principal Executive Offices:** 1500 - 1055 WEST GEORGIA STREET, —, VANCOUVER, A1 V6E 4N7

**Company Phone:** 604-418-3856

**Person to contact:** Mark Lee

### Financial Statements

**Balance Sheet Information**

| Metric                                   | Amount       |
|:---|:---|
| Cash and Cash Equivalents                | $101829.00   |
| Investment Securities                    | $0.00        |
| Accounts and Notes Receivable            | $0.00        |
| Property, Plant and Equipment (PP&E)     | $47535.00    |
| Total Assets                             | $330832.00   |
| Accounts Payable and Accrued Liabilities | $3108040.00  |
| Long-Term Debt                           | $92300.00    |
| Total Liabilities                        | $8133419.00  |
| Total Stockholders' Equity               | $-7802587.00 |
| Total Liabilities and Equity             | $330832.00   |

**Statement of Comprehensive Income Information**

| Metric                                    | Amount       |
|:---|:---|
| Total Revenues                            | $0.00        |
| Costs and Expenses Applicable to Revenues | $0.00        |
| Depreciation and Amortization             | $165715.00   |
| Net Income                                | $-2305221.00 |
| Earnings Per Share - Basic                | -0.46        |
| Earnings Per Share - Diluted              | -0.46        |

**Auditor Information**

| Metric          | Amount   |
|:---|:---|
| Name of Auditor | MNP LLP  |

### Outstanding Securities

| Class                  |   Outstanding | CUSIP     | Publicly Traded   |
|:---|---:|:---|:---|
| Common Shares          |       5082200 | 60769Q107 | n/a               |
| n/a                    |             0 | 000000000 | n/a               |
| Convertible Debentures |       3331390 | 607673AA8 | n/a               |

### Item 2. Issuer Eligibility
- [x] The issuer certifies that all of the statements in this part are true.

### Item 3. Application of Rule 262
- [x] The issuer certifies that it is not disqualified and has not been involved in any disqualifying event.

### Item 4. Summary Information Regarding the Offering

**Tier:** Tier2

**Financial Statement Status:** Audited

**Type of Securities Offered:** Equity (common or preferred stock)

**Is this a delayed or continuous offering?** No

**Was or is the offering to take place within one year after qualification?** No

**Was or is the offering to commence within two days after qualification?** No

**Is this a best efforts offering?** Yes

**Was there any solicitation of interest?** No

**Are there any resale securities by affiliates of the issuer?** No

**Offering Amounts**

| Description                                                     | Amount       |
|:---|:---|
| Number of securities offered                                    | 7058824      |
| Number of securities outstanding                                | 5082200      |
| Price per security                                              | $4.25        |
| Issuer's aggregate offering price                               | $30000000.00 |
| Aggregate offering price of securities held by security holders | $0.00        |
| Aggregate price of securities offered concurrently              | $0.00        |
| Total aggregate offering price                                  | $30000000.00 |

**Anticipated Fees**

| Service Provider   | Name         | Fees       |
|:---|:---|:---|
| Auditor            | MNP LLP      | $100000.00 |
| Legal              | Rimon Law PC | $125000.00 |
| Promoters          |  |  |

**Estimated Net Proceeds to the Issuer:** $26105000.00

### Item 5. Jurisdictions in Which Securities are to be Offered

AL, AK, AZ, AR, CA, CO, CT, DE, FL, GA, HI, ID, IL, IN, IA, KS, KY, LA, ME, MD, MA, MI, MN, MS, MO, MT, NE, NV, NH, NJ, NM, NY, NC, ND, OH, OK, OR, PA, RI, SC, SD, TN, TX, UT, VT, VA, WA, WV, WI, WY, DC, PR

### Item 6. Unregistered Securities Issued or Sold Within One Year

**Name of Such Issuer:** Modern Mining Technology Corp.

**Title of Securities Issued:** Common Shares

**Total Amount of Securities Issued:** 47058

**Amount of such securities sold by principal security holders:** 0

**Aggregate consideration:** $200,000 (47,058 * $4.25/share)

**Basis for aggregate consideration:** —

**Securities Act Exemption:** The shares were not offered or sold in the United States.