# EDGAR Filing Document

**Accession Number:** 0001407583
**File Stem:** 0001493152-23-009906
**Filing Date:** 2023-3
**Character Count:** 788291
**Document Hash:** d1bd5bf2fbc6bb6d7015f1f5ded94638
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001493152-23-009906.hdr.sgml**: 20230331

**ACCESSION NUMBER**: 0001493152-23-009906

**CONFORMED SUBMISSION TYPE**: 8-K

**PUBLIC DOCUMENT COUNT**: 21

**CONFORMED PERIOD OF REPORT**: 20230327

**ITEM INFORMATION**: Entry into a Material Definitive Agreement

**ITEM INFORMATION**: Unregistered Sales of Equity Securities

**ITEM INFORMATION**: Regulation FD Disclosure

**ITEM INFORMATION**: Financial Statements and Exhibits

**FILED AS OF DATE**: 20230331

**DATE AS OF CHANGE**: 20230331

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Bunker Hill Mining Corp.
- **CENTRAL INDEX KEY:** 0001407583
- **STANDARD INDUSTRIAL CLASSIFICATION:** METAL MINING [1000]
- **IRS NUMBER:** 320196442
- **STATE OF INCORPORATION:** NV
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 8-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 333-150028
- **FILM NUMBER:** 23783146

**BUSINESS ADDRESS:**
- **STREET 1:** 82 RICHMOND STREET EAST
- **STREET 2:** TORONTO
- **CITY:** ONTARIO
- **STATE:** A6
- **ZIP:** M5C 1P1
- **BUSINESS PHONE:** 416-477-7771

**MAIL ADDRESS:**
- **STREET 1:** 82 RICHMOND STREET EAST
- **STREET 2:** TORONTO
- **CITY:** ONTARIO
- **STATE:** A6
- **ZIP:** M5C 1P1

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** LIBERTY SILVER CORP
- **DATE OF NAME CHANGE:** 20100406

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** Liberty Silver Corp
- **DATE OF NAME CHANGE:** 20100212

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** Lincoln Mining Corp
- **DATE OF NAME CHANGE:** 20070723

?xml version="1.0" encoding="utf-8"?

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**Washington, D.C. 20549**

**FORM 8-K**

**CURRENT REPORT**

**Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934**

Date of Report (Date of earliest event reported): **March 27, 2023**

**<u>BUNKER HILL MINING CORP.</u>**

(Exact Name of Registrant as Specified in Charter)

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| | | |
|:---|:---|:---|
| **Nevada** | **333-150028** | **32-0196442** |
| (State or Other Jurisdiction | (Commission | (IRS Employer |
| of Incorporation) | File Number) | Identification No.) |

---

**<u>82 Richmond Street East</u>** **<u>, Toronto</u><u>, Ontario</u><u>, Canada</u><u>M5C 1P1</u>**

(Address of Principal Executive Offices) (Zip Code)

**<u>416-477-7771</u>**

(Registrant's Telephone Number, Including Area Code)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (*see* General Instruction A.2. below):

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e 4(c))

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

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| | | |
|:---|:---|:---|
| Title of each class | Trading Symbol(s) | Name of each exchange on which registered |
| **none** |  |  |

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Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ☐

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

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| | |
|:---|:---|
| **Item 1.01** | **Entry Into a Material Definitive Agreement.** |

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*Subscription Agreements and Warrant Indentures*

On March 27, 2023, Bunker Hill Mining Corp. (the "**Company**") entered into a series of substantially similar subscription agreements (each, a "**Subscription Agreement**") pursuant to which the Company issued and sold to certain investors, in a brokered private placement, an aggregate of 51,633,727 special warrants (the "**Special Warrants**") of the Company at a price of C$0.12 per Special Warrant for gross proceeds of C$6,196,047 (the "**Private Placement**," and the closing of the Private Placement, the "**Closing**," and the closing date, the "**Closing Date**"). The Private Placement closed on March 27, 2023.

Each Special Warrant issuable by the Company pursuant to the Private Placement is exercisable, for no additional consideration and with no further action on the part of the holder thereof, into one unit of the Company (each, a "**Unit**"), subject to customary anti-dilution provisions and a Penalty Provision (as defined below), on the earlier of (i) the third business day after the date upon which a registration statement (the "**Registration Statement**") ‎of the Company to be filed with the U.S. Securities and Exchange Commission (the "**SEC**") registering the resale of the securities underlying the Units issuable upon exercise or deemed exercise of the Special Warrants ‎has been declared effective by the SEC and (ii) September 27, 2023‎, subject to compliance with U.S. securities laws. Each Unit consists of one share of common stock of the Company and one common stock purchase warrant (each, an "**Underlying Warrant**") of the Company. Each Underlying Warrant entitles the holder thereof to purchase one share of common stock of the Company (each, a "**Warrant Share**") at a price of C$0.15 per Warrant Share, subject to adjustment in certain events, until March 27, 2026. In the event that the Registration Statement has not been deemed effective on or before 5:00 p.m. (Eastern time) on July 27, 2023, each Special Warrant will thereafter entitle the holder thereof to receive, upon the exercise thereof, at no additional cost, one penalty unit of the Company comprised of 1.2 shares of common stock of the Company and 1.2 Underlying Warrants (the "**Penalty Provision**"). Each Underlying Warrant will be exercisable on a cashless basis in the event that the Registration Statement is not effective on the date of exercise of such Underlying Warrant.

In connection with the issuance of the Special Warrants, on March 27, 2023, the Company entered into a special warrant indenture (the "**Special Warrant Indenture**") with Capital Transfer Agency ULC, as warrant agent, to govern the issuance and management of the Special Warrants. In connection with the issuance of the Underlying Warrants comprising the Units issuable upon exercise or deemed exercise of the Special Warrants, on March 27, 2023, the Company entered into a warrant indenture (the "**Underlying Warrant Indenture**," and together with the Special Warrant Indenture, the "**Warrant Indentures**") with Capital Transfer Agency ULC, as warrant agent, to govern the issuance and management of such Underlying Warrants,

The Private Placement included subscriptions from three members of the Company's board of directors for an aggregate 505,558 Special Warrants (C$60,666.96).

All securities issued in the Private Placement are restricted securities under U.S. securities laws, and all securities issued in the Private Placement to Canadians are subject to a hold period under applicable Canadian securities laws, which will expire on July 28, 2023. The Company relied on the exemption from registration under Section 4(a)(2) of the U.S. Securities Act of 1933, as amended (the "**Securities Act**"), or Rule 506 of Regulation D, or Regulation S, and in reliance on similar exemptions under applicable state laws, for purposes of the Private Placement. This Current Report on Form 8-K is not, and shall not be deemed to be, an offer to sell or the solicitation of an offer to buy any of the securities.

The foregoing descriptions of the Subscription Agreements, the Special Warrants, the Special Warrant Indenture, the Underlying Warrants comprising the Units issuable upon exercise or deemed exercise of the Special Warrants, and the Underlying Warrant Indenture do not purport to be complete and are qualified in their entirety by reference to the form of Subscription Agreement, the Special Warrant Indenture (including the form of special warrant certificate attached as Schedule "A" thereto), and the Underlying Warrant Indenture (including the form of warrant certificate attached as Schedule "A" thereto) filed herewith as Exhibits 10.1, 10.2 and 10.3, respectively, to this Current Report on Form 8-K, which are incorporated herein by reference.

*Agency Agreement*

In connection with the Private Placement, the Company entered into an agency agreement (the "**Agency Agreement**") with Echelon Wealth Partners Inc. and Roth Capital Partners, LLC, each as co-lead agents and co-bookrunners, and Laurentian Bank Securities Inc. (collectively, the "**Agents**") pursuant to which the Company proposed to issue and sell, in one or more tranches, up to an aggregate of 75,000,000 Special Warrants or Units, or any combination thereof, at a price of C$0.12 per Special Warrant or Unit, as applicable, on a commercially reasonable, "best efforts" private placement basis for aggregate gross proceeds of up to C$9,000,000.

The Agency Agreement set out the terms of the Agents' commercial engagement, including (i) on each Closing Date, the payment by the Company to the Agents of a cash commission (the "**Agents' Commission**") equal to 6.0% of the aggregate gross proceeds raised from purchasers of Special Warrants and Units in the applicable Closing (including upon exercise of the Agents Compensation Options); provided that the Agents' Commission shall be (A) 3.0% of the aggregate gross proceeds raised from the Company's designated list of purchasers (the "**President List Purchasers**") in the applicable Closing; and (B) 2.0% the aggregate gross proceeds raised from sales of Special Warrants and Units to Valuestone Global Resources Fund I LP (or an affiliate thereof), management, the board of directors or insiders of the Company (collectively, the "**Company Purchasers**") in the applicable Closing; and (ii) on each Closing Date, the issuance of compensation options (the "**Agents Compensation Options**") by the Company to the Agents exercisable by the Agents to purchase that number of Units (each, a "**Compensation Unit**") equal to 6.0% of the aggregate number of Special Warrants and Units issued pursuant to the Private Placement in the applicable Closing; provided that the number of Agents Compensation Options the Agents may acquire shall be (A) 3.0% of the aggregate number of Special Warrants and Units sold to President List Purchasers in the applicable Closing; and (B) 2.0% of the aggregate number of Special Warrants and Units sold to Company Purchasers in the applicable Closing. In consideration for their services in connection with the Private Placement, a cash commission in the amount of C$211,461 is payable to the Agents, and the Agents received 2,070,258 Agents Compensation Options.

Each Compensation Unit consists of one share of common stock of the Company (each, an "**Agents' Compensation Share**") and one common stock purchase warrant of the Company (each, an "**Agents' Compensation Warrant**"). Each Agents' Compensation Warrant entitles the holder thereof to acquire one share of common stock of the Company (each, an "**Agents' Compensation Warrant Share**") at an exercise price of C$0.15 per Agents' Compensation Warrant Share until March 27, 2026.

The Agency Agreement contains customary representations, warranties and agreements by the Company and customary conditions to Closing, obligations of the parties and termination provisions. Additionally, the Company has agreed to indemnify the Agents against certain liabilities, including in respect of claims relating to the Registration Statement, or to contribute to payments the Agents may be required to make due to any such liabilities.

The foregoing description of the Agency Agreement is not complete and is qualified in its entirety by the full text of the Agency Agreement, which is filed as Exhibit 1.1 to this Current Report on Form 8-K and incorporated herein by reference.

\* \* \*

The representations, warranties and covenants contained in the Subscription Agreements, the Warrant Indentures, and the Agency Agreement were made solely for purposes of such agreements and indentures and as of a specific date, were solely for the benefit of the parties to such agreements and indentures and may be subject to standards of materiality applicable to the contracting parties that differ from those applicable to security holders. Security holders should not rely on the representations, warranties, and covenants or any descriptions thereof as characterizations of the actual state of facts or condition of the Company. Moreover, information concerning the subject matter of the representations and warranties may change after the date of the Subscription Agreements, the Warrant Indentures, and the Agency Agreement, which subsequent information may or may not be fully reflected in the Company's public disclosures.

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| | |
|:---|:---|
| **Item 3.02** | **Unregistered Sales of Equity Securities.** |

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Reference is made to the disclosure set forth in Item 1.01 of this Current Report on Form 8-K, which disclosure is incorporated by reference into this Item 3.02.

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| | |
|:---|:---|
| **Item 7.01** | **Regulation FD Disclosure.** |

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On March 28, 2023, the Company issued a press release regarding the Private Placement. A copy of the press release is furnished as Exhibit 99.1 hereto and is incorporated herein by reference.

The information set forth in this Item 7.01, including the information set forth in Exhibit 99.1, is being furnished and shall not be deemed "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the "**Exchange Act**"), nor shall it be deemed incorporated by reference in any filing under the Securities Act or the Exchange Act, except as shall be expressly set forth by specific reference in such a filing.

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| | |
|:---|:---|
| **Item 9.01** | **Financial Statements and Exhibits.** |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) <u>Exhibits</u>.

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| | |
|:---|:---|
| **Exhibit No.** | **Description** |
| 1.1 | [Agency Agreement, dated as of March 27, 2023, by and among Bunker Hill Mining Corp., Echelon Wealth Partners Inc., Roth Capital Partners, LLC and Laurentian Bank Securities Inc.](ex1-1.htm) |
| 10.1 | [Form of Subscription Agreement for Special Warrant Financing between Bunker Hill Mining Corp. and each Purchaser](ex10-1.htm) |
| 10.2 | [Special Warrant Indenture, dated as of March 27, 2023, between Bunker Hill Mining Corp. and Capital Transfer Agency ULC, as warrant agent](ex10-2.htm) |
| 10.3 | [Warrant Indenture, dated as of March 27, 2023, between Bunker Hill Mining Corp. and Capital Transfer Agency ULC, as warrant agent](ex10-3.htm) |
| 99.1 | [Press Release, dated as of March 28, 2023](ex99-1.htm) |
| 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document) |

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**SIGNATURE**

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

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| | | |
|:---|:---|:---|
|  | **BUNKER HILL MINING CORP.** | **BUNKER HILL MINING CORP.** |
| Dated: March 31, 2023 | By: | */s/ Sam Ash* |
|  | Name: | Sam Ash |
|  | Title: | President and CEO |

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## Exhibit 1.1

**Exhibit 1.1**

**AGENCY AGREEMENT**

March 27, 2023

Bunker Hill Mining Corp.

82 Richmond Street East

Toronto, ON M5C 1P1

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| | |
|:---|:---|
| **Attention:** | **Richard Williams, Executive Chairman** |

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Dear Sirs/Mesdames:

Echelon Wealth Partners Inc. ("**Echelon**") and Roth Capital Partners, LLC ("**Roth**" and together with Echelon, the "**Lead Agents**"), as co-lead agents and joint bookrunners, and Laurentian Bank Securities Inc. (together with the Lead Agents, the "**Agents**") understand that Bunker Hill Mining Corp. (the "**Corporation**") proposes to issue and sell, in one or more tranches: (i) special warrants of the Corporation (the "**Initial Special Warrants**") at a price of $0.12 per Initial Special Warrant (the "**Issue Price**"); and (ii) units of the Corporation (the "**Private Placement Units**") at the Issue Price, on a commercially reasonable, "best efforts" private placement basis for aggregate gross proceeds of up to $9,000,000 (the "**Offering**").

Each Private Placement Unit will consist of one share of common stock of the Corporation (each a "**PP Unit Share**") and one common share purchase warrant of the Corporation (each a "**PP Warrant**"). Each PP Warrant will entitle the holder thereof to acquire one share of common stock of the Corporation (a "**PP Warrant Share**") at an exercise price of $0.15 per PP Warrant Share, until the date which is thirty-six (36) months following the applicable Closing Date, subject to adjustment in certain events. The PP Warrants will also be exercisable on a cashless basis in the event the Registration Statement (as hereinafter defined) is not effective on the date of exercise of such Warrants. The PP Warrants will be governed by PP Warrant certificates (collectively, the "**PP Warrant Certificates**") to be issued by the Corporation in form and substance satisfactory to the Corporation and Echelon. The description of the PP Warrants herein is a summary only and is subject to the specific attributes and detailed provisions of the PP Warrant Certificate. In the case of any inconsistency between the description of the PP Warrants in this Agreement and their terms and conditions as set forth in the PP Warrant Certificate, the provisions of the PP Warrant Certificate will govern.

In addition, the Corporation hereby grants the Agents an option (the "**Agents' Option**"), exercisable in whole or in part, to arrange for the sale of up to such additional number of special warrants only (and for greater certainty, not an additional number of Private Placement Units) as is equal to 15% of the aggregate amount of Initial Special Warrants and Private Placement Units, being up to 11,250,000 special warrants (the "**Additional Special Warrants**", and, together with the Initial Special Warrants, the "**Special Warrants**"), at the Issue Price per Additional Special Warrant. The Agents' Option is exercisable at any time up to 48 hours prior to the final Closing Date (as hereinafter defined).

The Special Warrants will be duly and validly created and issued pursuant to, and governed by, a special warrant indenture (the "**Special Warrant Indenture**") to be entered into effective on the date hereof between the Corporation and Capital Transfer Agency ULC (or such other agent determined by the Corporation and the Lead Agents), as special warrant agent in respect of the Special Warrants (the "**Special Warrant Agent**"). Each Special Warrant shall be automatically exercisable (without payment of any further consideration and subject to customary anti-dilution adjustments) into one unit of the Corporation (a "**Unit**") on the date (the "**Automatic Exercise Date**") that is the earlier of: (i) the date that is three (3) Business Days following the date on which the Corporation has obtained notification that the Registration Statement (as hereinafter defined) of the Corporation filed with the SEC (as hereinafter defined) has been declared effective by the SEC (the "**Qualification Event**"); and (ii) the date that is six months following the applicable Closing Date. The description of the Special Warrants herein is a summary only and is subject to the specific attributes and detailed provisions of the Special Warrants to be set forth in the Special Warrant Indenture. In the case of any inconsistency between the description of the Special Warrants in this Agreement and their terms and conditions as set forth in the Special Warrant Indenture, the provisions of the Special Warrant Indenture will govern.

Each Unit will consist of one share of common stock of the Corporation (each a "**Unit Share**") and one common share purchase warrant of the Corporation (each a "**Warrant**"). Each Warrant will entitle the holder thereof to acquire one share of common stock of the Corporation (a "**Warrant Share**") at an exercise price of $0.15 per Warrant Share, until the date which is thirty-six (36) months following the applicable Closing Date, subject to adjustment in certain events. The Warrants will also be exercisable on a cashless basis in the event the Registration Statement is not effective on the date of exercise of such Warrants. The Warrants shall be duly and validly created and issued by the Corporation pursuant to, and governed by, the terms of a warrant indenture (the "**Warrant Indenture**") to be entered into on the date hereof between the Corporation and Capital Transfer Agency ULC (or such other agent determined by the Corporation and the Lead Agents), in its capacity as warrant agent in respect of the Warrants (the **"Warrant Agent**"). The description of the Warrants herein is a summary only and is subject to the specific attributes and detailed provisions of the Warrants to be set forth in the Warrant Indenture. In the case of any inconsistency between the description of the Warrants in this Agreement and their terms and conditions as set forth in the Warrant Indenture, the provisions of the Warrant Indenture will govern.

The Corporation will use its commercially reasonable efforts to complete the Qualification Event on or before the date that is six (6) months following the Initial Closing Date; provided, however, that there is no assurance that a Qualification Event will be completed. In the event that the Qualification Event has not been completed on or before four months following the Initial Closing Date, each unexercised Special Warrant will thereafter entitle the holder to receive, upon the exercise thereof, at no additional cost, a penalty unit (each, a "**Penalty Unit**") per Special Warrant. Each Penalty Unit will consist of 1.2 shares of common stock of the Corporation and 1.2 common share purchase warrants of the Corporation.

Upon and subject to the terms and conditions set forth herein, the Agents hereby agree to act, and upon acceptance hereof, the Corporation hereby appoints the Agents, as the Corporation's exclusive agents, to offer for sale by way of private placement on a commercially reasonable "best efforts" agency basis, without underwriter liability, the Special Warrants and the Private Placement Units to be issued and sold pursuant to the Offering and the Agents agree to arrange for purchasers of the Special Warrants and the Private Placement Units in the Designated Jurisdictions (as hereinafter defined) and in those jurisdictions outside Canada where the Special Warrants and the Private Placement Units may lawfully be sold pursuant to the terms and conditions hereof.

In consideration of the services to be rendered by the Agents hereunder, on the applicable Closing Date, the Agents will receive a cash commission fee (the "**Agents' Commission**") equal to 6.0% of the aggregate gross proceeds of the Offering in such applicable Closing. As additional consideration for their services, the Agents shall receive from the Corporation on the applicable Closing Date that number of compensation options (the "**Agents Compensation Options**"), registered in such manner as directed by the Agents, exercisable to purchase that number of Units (each a "**Compensation Unit**"), as is equal to 6.0% of the aggregate number of Special Warrants and Private Placement Units issued pursuant to the Offering on such Closing Date. Each Agents Compensation Option will entitle the holder to acquire one Compensation Unit at the Issue Price until the date that is thirty-six (36) months following the applicable Closing Date. Each Compensation Unit will be comprised of one Agents' Commission Share (as hereinafter defined) and one Agents' Commission Warrant (as hereinafter defined). Each whole Agents' Commission Warrant will entitle the holder thereof to acquire one Agents' Commission Warrant Share (as hereinafter defined) at an exercise price of $0.15, until the date that is thirty-six (36) months following the applicable Closing Date.

The Corporation shall be entitled to designate in writing a list of purchasers (the "**President's List**") who may purchase Special Warrants and/or Private Placement Units under the Offering. Notwithstanding the foregoing, the Agents' Commission payable by the Corporation to the Agents for subscriptions received from the President's List Purchasers shall be reduced to 3.0% of the aggregate gross proceeds from President's List Purchasers and the number of Agents Compensation Options shall be reduced to 3.0% of the number of Special Warrants and Private Placement Units sold to the President's List Purchasers.

Additionally, the Corporation shall be entitled to sell Special Warrants to Valuestone Global Resources Fund I LP (or an affiliate of), management, the board of directors or insiders of the Corporation (the "**Company Purchasers**"). Notwithstanding the foregoing, the Agents' Commission payable by the Corporation to the Agents for subscriptions received from the Company Purchasers shall be reduced to 2.0% of the aggregate gross proceeds from Company Purchasers and the number of Agents Compensation Options shall be reduced to 2.0% of the number of Special Warrants sold to the Company Purchasers.

No other commission or fee is payable by the Corporation in connection with the completion of the Offering; provided that the Corporation will pay certain fees and expenses of the Agents (including fees and expenses of counsel to the Agents) plus applicable taxes in connection with the Offering, as set out in Section 15 hereof (the "**Agents' Expenses**").

The parties acknowledge that the Special Warrants and the Private Placement Units have not been and will not be registered under the U.S. Securities Act (as hereinafter defined) or the securities laws of any state of the United States and may not be offered or sold in the United States, or to or for the account or benefit of, U.S. Persons (as hereinafter defined), except pursuant to exemptions from the registration requirements of the U.S. Securities Act and the applicable laws of any state of the United States in the manner specified in this Agreement and pursuant to the representations, warranties, acknowledgments, agreements and covenants of the Corporation and the Agents and the U.S. Affiliates (as hereinafter defined) contained hereto. The Corporation has agreed that it will use commercially reasonable efforts to file the Registration Statement in order to register the Registrable Securities (as hereinafter defined) for the benefit of the Purchasers and the Agents. All actions to be undertaken by the Agents in the United States or to, or for the account or benefit of, U.S. Persons in connection with the matters contemplated herein shall be undertaken through a U.S. Affiliate.

The Agents shall be entitled (but not obligated) in connection with the Offering to retain as sub-agents other registered dealers and may receive subscriptions for Special Warrants and Private Placement Units from subscribers from other registered dealers, at no additional cost to the Corporation. The fee payable to any such Selling Firm (as hereinafter defined) shall be for the account of the Agents.

The Offering is conditional upon and subject to the additional terms and conditions set forth below. The following are the terms and conditions of the agreement between the Corporation and the Agents:

**Section 1. Definitions and Interpretation**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) In this Agreement:

‎"**Additional Special Warrants**" has the meaning given to that term on the face page of this ‎Agreement;‎

"**affiliate**", "**associate**", "**distribution**", "**material change**", "**material fact**", and "**misrepresentation**" have the respective meanings given to them in the Ontario Act;

"**Agents**" has the meaning given to that term on the face page of this Agreement;

"**Agents' Commission**" shall have the meaning ascribed thereto on the second page of this Agreement;

"**Agents' Commission Shares**" means the underlying Common Shares issued as part of the Compensation Unit;

"**Agents' Commission Warrants**" means the underlying Warrants issued as part of the Compensation Unit;

"**Agents' Commission Warrant Shares**" means a Common Share issued upon exercise of an Agents' Commission Warrant;

"**Agents Compensation Options**" shall have the meaning ascribed thereto on the second page of this Agreement;

"**Agents Compensation Option Certificates**" means the definitive certificates representing the Agents Compensation Options in a form acceptable to the Agents and the Corporation;

"**Agents' Expenses**" shall have the meaning ascribed thereto on the third page of this Agreement;

‎"**Agents' Option**" has the meaning given to that term on the face page of this ‎Agreement;‎

"**Agreement**" means this Agency Agreement and not any particular article or section or other portion except as may be specified and words such as "hereof", "hereto", "herein" and "hereby" refer to this Agreement as the context requires;

"**Anti-Terrorism Laws**" has the meaning given to that term in Section 6(aaaa) of this Agreement;

"**Automatic Exercise Date**" has the meaning given to that term on the face page of this Agreement;

‎"**Bunker Hill Mine**" means the mine located near the town of Kellogg, Idaho, as described in the Bunker Hill Technical Report;

"**Bunker Hill Project**" means the mining and processing operations at the Bunker Hill Mine located near the town of Kellogg, Idaho; ‎

‎"**Bunker Hill Technical Report**" means the amended and restated technical report dated September 30, 2022 and filed on SEDAR on November 21, 2022, titled "Technical Report and Pre-Feasibility Study for Underground Mining, Milling and Concentration of Lead, Silver and Zinc at the Bunker Hill Mine, Coeur d'Alene Mining District, Shoshone County, Idaho, USA", effective August 29, 2022, prepared by Scott Wilson, C.P.G., of Resource Development Associates Inc., Robert Todd, P.E., of Minetech USA LLC, and Peter Kondos, Ph.D., of YaKum Consulting Inc.; ‎

"**Business Day**" means a day other than a Saturday, Sunday or any other day on which the principal chartered banks located in Toronto, Ontario are not open for business;

"**Canadian Securities Commissions**" means collectively, the applicable securities commission or securities regulatory authority in each of the Qualifying Jurisdictions;

"**Canadian Securities Laws**" means, collectively, all applicable securities laws of each of the Qualifying Jurisdictions and the respective rules and regulations under such laws together with applicable published policy statements, blanket orders, instruments and notices of the Canadian Securities Commissions and all discretionary orders or rulings, if any, of the Canadian Securities Commissions made in connection with the transactions contemplated by this Agreement;

"**Claims**" has the meaning given to that term in Section 12(a) of this Agreement;

"**Closing**" means, with respect to the Special Warrants or the Private Placement Units, the completion of the issue and sale by the Corporation of the Special Warrants and/or Private Placement Units pursuant to this Agreement;

"**Closing Date**" means a date on which a Closing occurs, being, initially, on March 27, 2023, and, subsequently, such other date or dates as the Corporation and the Lead Agents may agree;

"**Closing Time**" means the time of Closing on the applicable Closing Date;

"**Common Shares**" means the shares of common stock of the Corporation;

"**Company Purchaser**" has the meaning given to that term on the third page of this Agreement;

"**Compensation Securities**" means, collectively, Agents Compensation Options, the Agents' Commission Shares and the Agents' Commission Warrants comprising the Compensation Units, and the Agents' Commission Warrant Shares;

"**Compensation Unit**" has the meaning given to that term on the second page of this Agreement;

"**Corporation**" has the meaning given to that term on the face page of this Agreement;

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

"**Debt Instrument**" means any mortgage, note, indenture, loan, bond, debenture, promissory note or other instrument evidencing indebtedness (demand or otherwise) for borrowed money or other liability to which the Corporation or any Subsidiary is a party or otherwise bound;

"**Designated Jurisdictions**" means, collectively, each of the provinces of Canada (which shall not include Québec) and such other jurisdictions as the Corporation and the Agents may agree;

"**Directed Selling Efforts**" means "directed selling efforts" as that term is defined in Rule 902(c) of Regulation S, which, without limiting the foregoing, but for greater clarity in this Schedule, includes, subject to the exclusions from the definition of "directed selling efforts" contained in Regulation S, 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 any of the Special Warrants or the Private Placement Units and includes the placement of any advertisement in a publication with a general circulation in the United States that refers to the offering of the Special Warrants or the Private Placement Units;

"**Disclosure Record**" means the Corporation's prospectuses, annual reports, annual and interim financial statements, annual information forms, business acquisition reports, management discussion and analysis of financial condition and results of operations, information circulars, material change reports, press releases, take-over bid circulars, material contracts and all other information or documents publicly filed or otherwise publicly disseminated by the Corporation, including all filings on the Corporation's SEDAR profile and with the SEC and all exhibits thereto;

"**Disqualification Event**" has the meaning given to that term in Section 8(a)(xvii) of this Agreement;

"**Distribution Compliance Period**" has the meaning given to that term in Section 8(c)(xv) of this Agreement;

"**Environmental Laws**" means any federal, provincial, state, local or municipal statute, law, rule, regulation, ordinance, code, policy or any judicial or administrative interpretation thereof, including any judicial or administrative order, consent decree or judgment, relating to pollution or protection of human health, the environment (including, without limitation, ambient air, surface water, groundwater, land surface or subsurface strata) or wildlife, including, without limitation, laws and regulations relating to the release or threatened release of Hazardous Materials or to the manufacture, processing, distribution, use, treatment, storage, disposal, transport or handling of Hazardous Materials;

"**Environmental Permits**" means permits, authorizations and approvals required under any applicable Environmental Laws to carry on business as currently conducted;

"**Engagement Letter**" means the letter agreement dated February 15, 2023, between the Corporation and Echelon relating to the Offering;

"**Executive Order**" has the meaning given to that term in Section 6(aaaa) of this Agreement;

"**Financial Statements**" means, the audited financial statements for the years ended December 31, 2021 of the Corporation and the unaudited condensed consolidated interim financial statements of the ‎Corporation as at and for the financial period ended September 30, 2022, including the notes to such statements and the related auditors' report on such statements, where applicable, prepared in accordance with U.S. GAAP;

"**General Solicitation**" and "**General Advertising**" means "general solicitation" and "general advertising", respectively, as used under Rule 502(c) of Regulation D, including, without limitation, advertisements, articles, notices or other communications published in any newspaper, magazine or similar media or the internet or broadcast over radio or television or the internet, or any seminar or meeting whose attendees had been invited by general solicitation or general advertising;

"**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;

"**Hazardous Materials**" means chemicals, pollutants, contaminants, wastes, toxic substances, hazardous substances, petroleum or petroleum products;

"**including**" means including without limitation;

"**Indemnified Party**" has the meaning given to that term in Section 12(a) of this Agreement;

‎"**Initial Closing Date**" means on the date of March 27, 2023.

‎"**Initial Special Warrants**" has the meaning given to that term on the face page of this ‎Agreement;‎

"**Intellectual Property**" means all trade or brand names, business names, trademarks, service marks, copyrights, patents, patent rights, licenses, industrial designs, know-how (including trade secrets and other unpatented or unpatentable proprietary or confidential information, systems or procedures), computer software, inventions, designs and other industrial or intellectual property of any nature whatsoever;

"**Investor Presentation**" means the Corporation's investor presentation dated March 1, 2023;

"**Issue Price**" has the meaning given to that term on the face page of this Agreement;

"**knowledge of the Corporation**" (or similar phrases) means, with respect to the Corporation, the knowledge of Sam Ash, Richard Williams and/or David Wiens after reasonably informing themselves as to the relevant matters, but without any requirement to make any inquiries of third parties or Governmental Authorities or to perform any search of any public registry office or system;

"**Laws**" means the Securities Laws, the Environmental Laws and all other statutes, regulations, statutory rules, orders, by-laws, codes, ordinances, decrees, the terms and conditions of any grant of approval, permission, authority or licence, or any judgment, order, decision, ruling, award, policy or guideline, of any Governmental Authority, and the term "applicable" with respect to such Laws and in the context that refers to one or more persons, means that such Laws apply to such person or persons or its or their business, undertaking, property or securities and emanate from a Governmental Authority, having jurisdiction over the person or persons or its or their business, undertaking, property or securities;

"**Lead Agents**" has the meaning given to that term on the face page of this Agreement;

"**Leased Premises**" means each premises which the Corporation or any Subsidiary occupies as tenant;

"**Lock-Up Agreements**" has the meaning given to that term in Section 5(l) of this Agreement;

"**Losses**" has the meaning given to that term in Section 12(a) of this Agreement;

"**Material Adverse Effect**" means the effect resulting from any change (including a decision to implement such a change made by the board of directors or by senior management of the Corporation or any Subsidiary who believe that confirmation of the decision of the board of directors is probable), event, violation, inaccuracy or circumstance that is materially adverse to the business, assets (including intangible assets), liabilities, capitalization, ownership, financial condition or results of operations of the Corporation and its Subsidiaries, taken as a whole;

"**Material Agreement**" means any material contract, commitment, agreement (written or oral), instrument, lease or other document, license agreement and agreements relating to intellectual property, to which the Corporation or any Subsidiary are a party or to which any of their property or assets are otherwise bound;

"**NI 43-101**" means National Instrument 43-101 - *Standards of Disclosure for Mineral Projects*;

"**NI 45-102**" means National Instrument 45-102 – *Resale of Securities*;

"**NI 45-106**" means National Instrument 45-106 – *Prospectus Exemptions;*

 

"**NI 51-102**" means National Instrument 51-10*2 – Continuous Disclosure Obligations;*

 

"**NI 52-110**" means National Instrument 52-110 – *Audit Committees;*

 

"**OFAC**" has the meaning given to that term in Section 6(aaaa) of this Agreement;

"**Offered Securities**" means, collectively, the Special Warrants, the Unit Shares and Warrants comprising the Units, the Warrant Shares, the Private Placement Units, the PP Unit Shares and PP Warrants comprising the Private Placement Units and the PP Warrant Shares;

"**Offering**" has the meaning given to that term on the face page of this Agreement;

"**Ontario Act**" means the *Securities Act* (Ontario);

"**Penalty Unit**" has the meaning given to that term on the second page of this Agreement;

"**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;

"**PP Unit Share**" has the meaning given to that term on the face page of this Agreement;

"**PP Warrant**" has the meaning given to that term on the face page of this Agreement;

"**PP Warrant Share**" has the meaning given to that term on the face page of this Agreement;

"**PP Warrant Certificate**" has the meaning given to that term on the face page of this Agreement;

"**President's List**" has the meaning given to that term on the second page of this Agreement;

"**President's List Purchaser**" means a purchaser designated by the Corporation as belonging to the President's List;

‎"**Private Placement Unit**" has the meaning given to that term on the face page of this Agreement;

"**Properties**" means all mineral properties in which the Corporation or any of the ‎Subsidiaries has a direct or indirect ownership interest, including, without limitation, the ‎Bunker Hill Project;‎

"**Purchasers**" means the persons who (as purchasers or beneficial purchasers) acquire Special Warrants or Private Placement Units by duly completing, executing and delivering Subscription Agreements (including all applicable schedules and exhibits thereto)‎;

"**Qualification Event**" has the meaning given to that term on the face page of this Agreement;

"**Qualified Institutional Buyer**" means a "qualified institutional buyer" as that term is defined in Rule 144A under the U.S. Securities Act;

"**Qualifying Jurisdictions**" means each of the Designated Jurisdictions in Canada in which the Purchasers and the Agents are resident (but for greater certainty, shall not include Quebec);

"**Registrable Securities**" means, collectively, the Unit Shares, the Warrants, the Warrant Shares, the Agents' Commission Shares and Agents' Commission Warrants comprising the Compensation Units and the Agents' Commission Warrant Shares;

"**Registration Statement**" has the meaning given to that term in Section 3(a)(i);

"**Regulation D**" means Regulation D adopted by the SEC under the U.S. Securities Act;

"**Regulation S**" means Regulation S adopted by the SEC under the U.S. Securities Act;

"**Reporting Jurisdictions**" the provinces of British Columbia, Alberta and Ontario;

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

"**Securities Commissions**" means, unless the context otherwise requires, the Canadian Securities Commissions, the SEC and all applicable securities commissions or securities regulatory authority in each of the Designated Jurisdictions;

"**Securities Laws**" means, unless the context otherwise requires, the Canadian Securities Laws, the U.S. Securities Laws and all applicable securities laws in each of the Designated Jurisdictions, the respective regulations made thereunder, together with applicable published fee schedules, prescribed forms, policy statements, multilateral and national instruments, orders, blanket rulings, notices and other regulatory instruments of the securities regulatory authorities in such jurisdictions;

"**Selling Firms**" has the meaning given to that term in Section 4(a);

"**Special Warrant**" has the meaning given to that term on the face page of this Agreement;

"**Special Warrant Agent**" has the meaning given to that term on the face page of this Agreement;

"**Special Warrant Certificates**" means the certificates representing the Special Warrants in a form acceptable to the Agents and the Corporation and attached as Schedule A to the Special Warrant Indenture;

"**Special Warrant Indenture**" has the meaning given to that term on the face page of this Agreement;

"**Subscription Agreements**" means, collectively, the subscription agreements for the Special Warrants or the Private Placement Units, in the forms agreed upon by the Agents and the Corporation pursuant to which Purchasers agree to subscribe for and purchase the Special Warrants or the Private Placement Units pursuant to the Offering as herein contemplated and shall include, for certainty, all schedules thereto; and "**Subscription Agreement**" means any one of them, as the context requires;

"**subsidiary**" has the meaning given to that term in the Ontario Act;

"**Subsidiaries**" means the subsidiaries of the Corporation; and "**Subsidiary**" means any one of them;

"**Tax Act**" means the *Income Tax Act* (Canada);

"**Taxes**" has the meaning given to that term in Section 6(ll) of this Agreement;

"**Term Sheet**" means the term sheet for the Offering dated March 2, 2023;

"**Transaction Documents**" means, collectively, this Agreement, the Subscription Agreements, the Special Warrant Indenture, the Warrant Indenture, the PP Warrant Certificates and the Agents Compensation Option Certificates;

"**Underlying Shares**" means the Unit Shares, Warrant Shares, PP Units Shares, PP Warrant Shares, Agents' Commission Shares and the Agents' Commission Warrant Shares;

"**Unit**" has the meaning ascribed thereto on the face page of this Agreement;

"**Unit Shares**" has the meaning ascribed thereto on the face page of this Agreement;

"**U.S. Accredited Investor**" means an "accredited investor" as that term is defined in Rule 501(a) of Regulation D;

"**U.S. Affiliate**" means an Agent's duly registered broker-deal affiliate in the United States;

"**U.S. Exchange Act**" means the *United States Securities Exchange Act of 1934*, as amended and the rules and regulations promulgated thereunder

"**U.S. GAAP**" means generally accepted accounting principles set forth in the opinions and pronouncements of the Accounting Principles Board and the American Institute of Certified Public Accountants and statements and pronouncements of the Financial Accounting Standards Board and rules promulgated by the SEC and its related interpretations or in such other statements by such other entity as may be approved by a significant segment of the accounting profession, which are applicable to the circumstances as of the date of determination;

"**U.S. Person**" means a "U.S. person", as such term is defined in Rule 902(k) of Regulation S under the U.S. Securities Act;

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

"**U.S. Securities Laws**" means the United States federal securities laws, including, without limitation, the U.S. Securities Act and the U.S. Exchange Act and the rules and regulations promulgated thereunder and as may be amended from time to time, and applicable state securities laws;

"**United States**" and "**U.S**." means the United States of America, its territories and possessions, any state of the United States and the District of Columbia;

"**Warrant**" has the meaning given to that term on the second page of this Agreement.

"**Warrant Agent**" means the warrant agent under the Warrant Indenture;

"**Warrant Certificates**" means certificates representing the Warrants in a form acceptable to the Agents and the Corporation and attached as Schedule A to the Warrant Indenture;

"**Warrant Indenture**" has the meaning given to that term on the second page of this Agreement; and

"**Warrant Shares**" has the meaning given to that term on the second page of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The
 division of this Agreement into sections, subsections, paragraphs and other subdivisions and the insertion of headings are for convenience
 of reference only and shall not affect the construction or the interpretation of this Agreement. Unless something in the subject
 matter or context is inconsistent therewith, references herein to sections, subsections, paragraphs and other subdivisions are to
 sections, subsections, paragraphs and other subdivisions of this Agreement.

(c) Unless
 otherwise expressly provided in this Agreement, (i) words importing only the singular number include the plural and vice versa and
 words importing gender include all genders; and (ii) all references to dollars or "$" are to Canadian dollars.

**Section 2. Offering**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) **The Offering**. The Corporation hereby appoints the Agents to act as exclusive agents to offer and sell the Special Warrants and the
 Private Placement Units on a private placement basis and the Agents hereby accept such appointment. Notwithstanding anything to the
 contrary contained herein or any oral representations or assurances previously or subsequently made by the parties hereto, this Agreement
 does not constitute a commitment by, or legally binding obligation of, the Agents or any of their respective affiliates to act as
 underwriters, initial purchasers, arrangers, and/or placement agents in connection with any offering of securities of the Corporation,
 including the Special Warrants and the Private Placement Units, or to provide or arrange any financing, other than the appointment
 as agents in connection with the Offering in accordance with the prior sentence and otherwise on the terms set forth herein.

(b) **Sale on Exempt Basis.** The Agents shall use their commercially reasonable "best efforts" to arrange for the purchase of
 the Special Warrants and the Private Placement Units:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) in
 the Qualifying Jurisdictions on a private placement basis in compliance with applicable U.S. Securities Laws and Canadian Securities
 Laws;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) in
 the United States and to, or for the account or benefit of, U.S. Persons that are Qualified Institutional Buyers or U.S. Accredited
 Investors in compliance with Section 8 hereto; and

(iii) in
 such other Designated Jurisdictions as may be agreed upon between the Corporation and the Agents, on a private placement basis in
 compliance with all applicable Securities Laws of such other Designated Jurisdictions provided that no prospectus, registration statement
 or similar document is required to be filed in such Designated Jurisdiction, no registration or similar requirement would apply with
 respect to the Corporation in connection with the Offering in such other Designated Jurisdiction and the Corporation does not become
 subject to ongoing continuous disclosure obligations in such other Designated Jurisdictions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) **Filings.** The Corporation undertakes to file or cause to be filed all forms or undertakings required to be filed by the Corporation in
 connection with the issue and sale of the Special Warrants and the Private Placement Units such that the distribution of the Special
 Warrants and the Private Placement Units may lawfully occur without the necessity of filing a prospectus, a registration statement
 or an offering memorandum in Canada, the United States or elsewhere, and the Agents undertake to use their commercially reasonable
 efforts to cause Purchasers to complete any forms required by Canadian Securities Laws or other applicable Securities Laws. All fees
 payable in connection with such filings shall be at the expense of the Corporation.

(d) **No Offering Memorandum.** Neither the Corporation nor the Agents shall: (i) provide to prospective Purchasers any document or other
 material or information that would constitute an offering memorandum within the meaning of Canadian Securities Laws; or (ii) engage
 in any form of General Solicitation or General Advertising in connection with the offer and sale of the Special Warrants and the
 Private Placement Units, including but not limited to, causing the sale of the Special Warrants and the Private Placement Units to
 be advertised in any newspaper, magazine, printed public media, printed media or similar medium of general and regular paid circulation,
 broadcast over radio, television or telecommunications, including electronic display, or conduct any seminar or meeting relating
 to the offer and sale of the Special Warrants and the Private Placement Units (other than the Investor Presentation) whose attendees
 have been invited by general solicitation or advertising.

(e) **Press Releases.** In order to comply with applicable U.S. Securities Laws, any press release announcing or otherwise concerning the Offering
 shall include an appropriate notation as follows: "Not for dissemination in the United States or through U.S. newswire services".
 In addition, any such press release shall contain the following disclaimer: "The securities being offered have not been registered
 under the U.S. Securities Act, and may not be offered or sold in the United States or to, or for the account or benefit of, U.S.
 persons (as defined in Rule 902(k) of Regulation S under the U.S. Securities Act) absent registration or an applicable exemption
 from the registration requirements. This press release shall not constitute an offer to sell or the solicitation of an offer to buy
 nor shall there be any sale of the securities in any State of the United States in which such offer, solicitation or sale would be
 unlawful."

**Section 3. Filing of Registration Statement**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) **Registration Statement Matters.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) The
 Corporation covenants with the Agents that the Corporation shall (i) use its commercially reasonable best efforts to prepare and
 file with the SEC, as soon as reasonably possible following the Initial Closing Date, a registration statement (on Form S-3, S-1,
 or other appropriate registration statement form reasonably acceptable to the Purchasers) under the U.S. Securities Act (the "**Registration Statement** "), at the sole expense of the Corporation, in respect of the Purchasers, so as to permit a public offering and
 resale of all the Registrable Securities that were issued on the initial Closing Date, and any other Registrable Securities that
 have been issued on a subsequent Closing Date before the initial Registration Statement is filed with the SEC, in the United States
 under the U.S. Securities Act; and (ii) use its commercially reasonable best efforts to cause a Registration Statement to be declared
 effective by the SEC as soon as possible and not later than the earlier of (a) sixty (60) calendar days (the "**Clearance Deadline**") from the date of filing the Registration Statement in the event of an SEC review of the Registration Statement,
 and (b) the fifth trading day (day on which the CSE is open for quotation) (each, a "**Trading Day**") following the
 date on which the Corporation is notified by the SEC that the Registration Statement will not be reviewed or is no longer subject
 to further review and comments, provided that if the SEC has not declared the Registration Statement to be effective prior to the
 Clearance Deadline, the Corporation shall continue to use its commercially reasonable efforts to have the Registration Statement
 declared effective by the SEC as soon as practicable following the Clearance Deadline. The Corporation will notify the Agents of
 the effectiveness of the Registration Statement within three Trading Days. The initial Registration Statement shall cover the resale
 of 100% of the Registrable Securities (including such indeterminate number of additional shares of common stock of the Corporation
 resulting from stock splits, stock dividends or similar transactions with respect to the Registrable Securities), for an offering
 to be made on a continuous basis pursuant to Rule 415 (as promulgated by the SEC pursuant to the U.S. Securities Act, as such rule
 may be amended from time to time, or any similar rule or regulation hereafter adopted by the SEC having substantially the same purpose
 and effect as such rule).

(ii) Prior
 to the filing of the Registration Statement (and each amendment or supplement thereto) the Corporation will allow the Agents to review
 and comment on the Registration Statement (and each amendment or supplement thereto), and will allow the Agents to conduct all due
 diligence which they may reasonably require to conduct in order to fulfil their obligations as Agents;

(iii) If
 the staff of the SEC seeks to characterize any offering pursuant to a Registration Statement filed pursuant to this Agreement as
 constituting an offering of securities that does not permit such Registration Statement to become effective and be used for resales
 by the Purchasers as selling stockholder and not as an underwriter under Rule 415 at then-prevailing market prices (and not fixed
 prices), or if after the filing of the initial Registration Statement with the SEC pursuant to Section 3(a)(i), the Corporation is
 otherwise required by the SEC to reduce the number of Registrable Securities included in such initial Registration Statement and,
 to the extent applicable, any other registration statements for the resale of securities of the Corporation by selling stockholders
 which may be integrated at the request of the SEC ()"**Related Registration Statements** "), and after commercially
 reasonable efforts the Corporation is unable to dissuade the SEC of its position, then the Corporation shall reduce the number of
 Registrable Securities to be included in such initial Registration Statement, until such time as the staff and the SEC shall so permit
 such Registration Statement to become effective and be used as aforesaid, by (i) first removing any securities to be included by
 any person other than a Purchaser, (ii) reducing Registrable Securities represented by Warrant Shares (applied, in the case that
 some Warrant Shares may be registered, to the holders on a pro rata basis based on the total number of unregistered Warrant Shares
 held by such holders) and (iii) remaining Registrable Securities will be removed from the Registration Statement pro rata between
 the selling shareholders included in the Registration Statement and, if applicable, pro rata with Registrable Securities being registered
 for resale by the selling stockholders included in Related Registration Statement and, if applicable, pro rata with any common shares
 being registered for resale by selling stockholders in Related Registration Statements to the extent permitted by the registration
 rights of such selling stockholders.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) In
 the event of any reduction in Registrable Securities pursuant to Section 3(a)(iii) above, then, in relation to any Registrable Securities
 not covered by the initial Registration Statement, the Corporation shall use commercially reasonable efforts to cause its legal counsel
 to deliver an opinion or such other documentation as may reasonably be required to effect sales of the Registrable Securities under
 Rule 144 and cover the costs related to such legal opinions. In relation to any Registrable Securities not covered by the initial
 Registration Statement, the Corporation shall file no later than 6 months following the effectiveness of the initial Registration
 Statement, one or more new Registration Statements, in accordance with Sections 3(a)(i) and 3(a)(iii) until (i) such time as all
 Registrable Securities required by Section 3(a)(i) have been included in Registration Statements that have been declared effective
 and the prospectus contained therein is available for use by the Purchasers or (ii) all such Registrable Securities can be sold pursuant
 to the provisions of Rule 144 under the U.S. Securities Act. In the event of a cutback hereunder, the Corporation shall give the
 holder at least five (5) Trading Days prior written notice along with the calculations as to such holder's allotment.

(v) The
 Corporation will use reasonable commercial best efforts to maintain the Registration Statement effective under the U.S. Securities
 Act until the later of the date (i) all of the Registrable Securities have been sold pursuant to such Registration Statement or Rule
 144, if available, or (ii) until 6 months following the expiration of the Warrants. Upon the occurrence of any event which would
 cause the Registration Statement to cease to be effective or to be suspended, as promptly as reasonably possible under the circumstances
 taking into account the Corporation's good faith assessment of any adverse consequences to the Corporation and its stockholders
 of the premature disclosure of such event, prepare a supplement or amendment, including a post-effective amendment, to a Registration
 Statement or a supplement to the related prospectus or any document incorporated or deemed to be incorporated therein by reference,
 and file any other required document so that, as thereafter delivered, neither a Registration Statement nor such prospectus will
 contain an untrue statement of a material fact or omit to state a material fact required to be stated therein or necessary to make
 the statements therein, in light of the circumstances under which they were made, not misleading. The Corporation will use its best
 efforts to ensure that the use of the Registration Statement or related prospectus may be resumed as promptly as is practicable.
 The Corporation shall be entitled to exercise its right under this Section to suspend the availability of a Registration Statement,
 for a period not to exceed 45 calendar days (which need not be consecutive days) in any 12-month period.

(vi) All
 the information and statements to be contained in the Registration Statement (and each amendment or supplement thereto), will, at
 the respective dates of filing thereof, disclose all material facts relating to the Corporation and the Registrable Securities and
 will not contain an untrue statement of a material fact or omit to state a material fact required to be stated therein or necessary
 to make the statements therein not misleading (provided that this representation is not intended to extend to information and statements
 included in reliance upon and in conformity with information furnished to the Corporation by or on behalf of the Agents or any of
 the Purchasers specifically for use therein);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) Neither
 the Registration Statement nor any amendment or supplement thereto will contain a misrepresentation (provided that this representation
 is not intended to extend to information and statements included in reliance upon and in conformity with information furnished to
 the Corporation by or on behalf of the Agents specifically for use therein);

(viii) The
 Registration Statement (and each amendment or supplement thereto), will comply in all material respects with the applicable requirements
 of U.S. Securities Laws; and

(ix) The
 Corporation recognizes that it is fundamental to the Purchasers that the resale of the Registrable Securities be registered in the
 United States under the Registration Statement so that the Registrable Securities may be transferred without United States resale
 restrictions or effecting the trade in a manner which falls within one of the various private placement exemptions or exemptions
 from registration under applicable securities legislation or subject to any statutory or regulatory hold periods or trade restrictions
 in the United States (provided such trade is not by an "affiliate" as defined in Rule 144). The Corporation acknowledges
 that it is for this reason that the Corporation has agreed to use its commercially reasonable best efforts to ensure that the Registration
 Statement is to be filed with the SEC in the United States within the time periods contemplated by this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) **Delivery of the Registration Statement.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) The
 filing of the Registration Statement (or any amendment or supplement thereto) with the SEC shall constitute the representation and
 warranty of the Corporation to the Agents that, at the time of such delivery or filing, as the case may be:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. such
 documents contain disclosure of all material facts relating to the Corporation and the Special Warrants and Registrable Securities,
 and no material facts have been omitted therefrom which are necessary to make the statements therein not misleading in light of the
 circumstances in which they are made;

B. such
 documents contain no misrepresentations; and

C. such
 documents comply in all material respects with U.S. Securities Laws;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Contemporaneously
 with or prior to the filing of the Registration Statement or any amendment thereto, as the case may be, the Corporation shall deliver
 to the Agents without charge copies of the Registration Statement and any amendment thereto, as applicable, including all documents
 incorporated by reference therein (to the extent not already delivered), provided, however, that dissemination through EDGAR shall
 be considered full satisfaction of this requirement;

provided, however, that the foregoing representations and warranties will not apply with respect to information and statements contained in the Registration Statement or misrepresentations with respect thereto or omissions therefrom which relate solely to the Agents or information provided by the Agents or the Purchasers.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) **Deliveries.** The Corporation will deliver to the Agents prior to or concurrently with the filing of the Registration Statement, as applicable,
 unless otherwise indicated:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) concurrently
 with the filing of the Registration Statement, a "long-form" comfort letter of the Corporation's auditors dated
 the date of the Registration Statement (with the requisite procedures to be completed by such auditor within two Business Days of
 the date of such letter), in form and substance satisfactory to the Agents, acting reasonably, addressed to the Agents and the directors
 and officers of the Corporation, with respect to certain financial and accounting information relating to the Corporation in the
 Registration Statement, which letter shall be in addition to the auditors' reports incorporated by reference in the Registration
 Statement;

(ii) copies
 of correspondence from the CSE, if any, indicating that the application for the listing for trading on the CSE of the Underlying
 Shares have been approved for listing subject only to satisfaction by the Corporation of customary listing conditions imposed by
 the CSE;

(iii) a
 certificate dated the date of the Registration Statement, addressed to the Agents and signed by the Chief Executive Officer and the
 Chief Financial Officer of the Corporation, certifying for and on behalf of the Corporation, and not in their personal capacities,
 after having made due inquiries, with respect to the following matters:

&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
 Corporation has complied in all material respects (except where already qualified by a materiality or Material Adverse Effect qualification,
 in which case the Corporation has complied in all respects) with all the covenants and satisfied in all material respects (except
 where already qualified by a materiality or Material Adverse Effect qualification, in which case the Corporation has satisfied in
 all respects) all the terms and conditions of this Agreement on its part to be complied with and satisfied at or prior to the date
 of the Registration Statement;

B. no
 order, ruling or determination having the effect of ceasing or suspending trading in any securities of the Corporation or prohibiting
 the issue of the Units, Unit Shares or Warrants or any of the Corporation's issued securities, having been issued, and no proceeding
 for such purpose being, to the knowledge of such officers, threatened or pending;

C. the
 representations and warranties of the Corporation contained in this Agreement and in any certificates of the Corporation delivered
 pursuant to or in connection with this Agreement being true and correct in all material respects (or, in the case of any representation
 or warranty containing a materiality or Material Adverse Effect qualification, in all respects) as at the date of the Registration
 Statement (other than those that speak to a specific time, in which case they shall have been true and correct in all material respects
 at such time), with the same force and effect as if made on and as at such date; and

D. since
 the initial Closing Time, there having been no material adverse change, financial or otherwise, in the assets, liabilities (contingent
 or otherwise), capital, business, prospects or results of operations of the Corporation and the Subsidiaries on a consolidated basis;
 and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) upon
 the effectiveness of the Registration Statement, an opinion of the United States legal counsel to the Corporation, in form and substance
 reasonably satisfactory to the Corporation's transfer agent, addressed to the transfer agent that all restrictive legends can
 be removed from Offered Securities and the Compensation Securities.

**Section 4. Distribution and Certain Obligations of Agents**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Each
 of the Agents shall, and shall require any investment dealer or broker with which such Agent has a contractual relationship in respect
 of the distribution of the Special Warrants and the Private Placement Units (each, a "**Selling Firm**") to agree
 to, comply with applicable Securities Laws in connection with the distribution of the Special Warrants and the Private Placement
 Units.

(b) Each
 of the Agents shall, and shall require any Selling Firm to agree to, distribute the Special Warrants and the Private Placement Units
 in a manner which complies with and observes all applicable Laws in each jurisdiction into and from which they may offer to sell
 the Special Warrants and the Private Placement Units and will not, directly or indirectly, offer, sell or deliver any Special Warrants
 or Private Placement Units to any person in any jurisdiction other than in the Qualifying Jurisdictions except in a manner which
 will not require the Corporation to comply with the registration, prospectus, filing, continuous disclosure or other similar requirements
 under the applicable Laws of such other jurisdictions, obligate the Corporation to establish or maintain any office or director or
 office in such jurisdiction; or pay any unreasonable filing fees which relate to such other jurisdictions. Subject to the foregoing,
 the Agents and any Selling Firm shall be entitled to offer and sell the Special Warrants and the Private Placement Units solely pursuant
 to an applicable exemption or exemptions from the registration and prospectus requirements of any other jurisdictions (other than
 the United States) in accordance with any applicable Laws in the jurisdictions in which the Agents and/or Selling Firms offer the
 Special Warrants and the Private Placement Units.

(c) The
 Agents will use commercially reasonable efforts to obtain from each Purchaser a duly completed and executed Subscription Agreement
 and other forms required under applicable Securities Laws and the Agents shall at least two Business Days prior to the applicable
 Closing Date, provide the Corporation with copies of such Subscription Agreements and complete registration instructions in respect
 of the Special Warrants or the Private Placement Units, as applicable.

(d) The
 Agents shall supply the Corporation with such information respecting the Purchasers as the Corporation may require to comply with
 the Corporation's obligations under Securities Laws to report on the sales made pursuant to the Offering and respond to any
 requests of any Securities Commission in connection with any investigation or inquiry by such authority.

(e) The
 Agents will not advertise the Offering or sale of the Offered Securities in printed media of general and regular paid circulation,
 radio or television nor provide or make available to prospective purchasers of Offered Securities any document or material which
 would constitute an offering memorandum as defined under Canadian Securities Laws.

**Section 5. Conditions of the Offering**

The obligation of the Purchasers to purchase the Special Warrants or the Private Placement Units, as applicable, at the applicable Closing Time shall be subject to the performance by the Corporation of its obligations under this Agreement and each of the following conditions:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) receipt
 of evidence by the Agents, in a form acceptable to the Agents, acting reasonably, that all actions required to be taken by or on
 behalf of the Corporation, including the passing of all requisite resolutions of the directors and shareholders of the Corporation,
 having been taken so as to approve the execution and delivery of each of the Transaction Documents, the distribution of the Special
 Warrants and the Private Placement Units, the issuance of the Unit Shares and Warrants comprising the Units issuable upon exercise
 of the Special Warrants, the issuance of the Warrant Shares issuable upon exercise of the Warrants, the issuance of the PP Unit Shares
 and PP Warrants comprising the Private Placement Units, the issuance of the PP Warrant Shares issuable upon exercise of the PP Warrants,
 the issuance of the Agents Compensation Options, the issuance of the Agents' Commission Shares and Agents' Commission
 Warrants comprising the Compensation Units and the issuance of the Agents' Commission Warrant Shares on exercise of the Agents'
 Commission Warrant;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the
 Corporation delivering to the Agents, at the applicable Closing Time, a certificate dated the applicable Closing Date addressed to
 the Agents and signed by the Chief Executive Officer and the Chief Financial Officer of the Corporation, in a form satisfactory to
 the Agents, acting reasonably, certifying for and on behalf of the Corporation and without personal liability, after having made
 due enquiries, that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the
 Corporation has complied in all material respects (except where already qualified by materiality, in which case the Corporation has
 complied in all respects) with all the covenants and satisfied in all material respects (except where already qualified by materiality,
 in which case the Corporation has satisfied in all respects) all the terms and conditions of this Agreement on its part to be complied
 with and satisfied at or prior to the applicable Closing Time;

(ii) the
 representations and warranties of the Corporation contained in this Agreement and any certificate of the Corporation delivered hereunder
 are true and correct in all material respects (or, in the case of any representation or warranty containing a materiality or Material
 Adverse Effect qualification, in all respects) as at the applicable Closing Time with the same force and effect as if made on and
 as at such date;

(iii) since
 September 30, 2022, (A) there has been no material adverse change affecting the Corporation on a consolidated basis, and (B) other
 than the bridge loan agreement dated December 5, 2022 by and among the Corporation, Silver Valley Metals Corp. and certain affiliates
 of Sprott Private Resource Streaming & Royalty Corp., no transaction has been entered into by the Corporation other than in the
 ordinary course of business;

(iv) there
 has been no change in any material fact (which includes the disclosure of any previously undisclosed material fact or a new material
 fact) which material fact or change is of such a nature as to render any statement in the Disclosure Record misleading or untrue
 in any material respect or which would result in a misrepresentation in the Disclosure Record or which would result in the Disclosure
 Record not complying with applicable Canadian Securities Laws or U.S. Securities Laws; and

(v) no
 order, ruling or determination having the effect of ceasing or suspending trading in any securities of the Corporation or prohibiting
 or suspending the offering, issue or sale of the Special Warrants or the Private Placement Units or any of the Corporation's
 issued securities, having been issued, and no proceeding for such purpose being, to the knowledge of such officers, pending or threatened;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) the
 Agents receiving, at the applicable Closing Time a legal opinion dated the applicable Closing Date, to be addressed to the Agents,
 in form and substance acceptable to the Agents acting reasonably, of Blake, Cassels & Graydon LLP, counsel to the Corporation
 (who may rely, to the extent appropriate in the circumstances, on the opinions of local counsel acceptable to the Agents and may
 rely, to the extent appropriate in the circumstances, as to matters of fact, on certificates of officers, public and exchange officials
 or of the auditors of the Corporation);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) the
 Agents receiving, at the applicable Closing Time on the applicable Closing Date, a legal opinion dated the applicable Closing Date,
 to be addressed to the Agents, in form and substance acceptable to the Agents, of J.P. Galda & Co., United States legal counsel
 to the Corporation (who may rely, to the extent appropriate in the circumstances, on the opinions of local counsel acceptable to
 the Agents and may rely, to the extent appropriate in the circumstances, as to matters of fact, on certificates of officers, public
 and exchange officials or of the auditors of the Corporation), with respect to the following matters:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) as
 to the incorporation and valid existence of the Corporation;

(ii) as
 to the incorporation and subsistence of each Subsidiary;

(iii) that
 the Corporation has all necessary corporate power to own or lease its properties and assets, carry on its business as it is currently
 conducted, and to execute, deliver and perform its obligations under the Transaction Documents, and to issue and sell the Special
 Warrants, the Private Placement Units, the Unit Shares and Warrants comprising the Units issuable upon exercise of the Special Warrants,
 the Warrant Shares issuable upon exercise of the Warrants, the Agents Compensation Options, the Agents' Commission Shares and
 Agents' Commission Warrants comprising the Compensation Units issuable on exercise of the Agents Compensation Options and the
 Agents' Commission Warrant Shares on exercise of the Agents' Commission Warrants, as applicable;

(iv) the
 execution and delivery by the Corporation of the Transaction Documents and the performance by it of its obligations thereunder and
 the issuance of the Special Warrants, the Unit Shares and Warrants comprising the Units issuable upon exercise of the Special Warrants,
 the issuance of the Warrant Shares issuable upon exercise of the Warrants, the issuance of the PP Unit Shares and PP Warrants comprising
 the Private Placement Units, the issuance of the PP Warrant Shares issuable upon exercise of the PP Warrants, the issuance of the
 Agents Compensation Options, the issuance of the Agents' Commission Shares and Agents' Commission Warrants comprising
 the Compensation Units issuable on exercise of the Agents Compensation Options and the issuance of the Agents' Commission Warrant
 Shares on exercise of the Agents' Commission Warrants, as applicable, have been duly authorized by all necessary corporate
 action on the Corporation's part;

(v) the
 Corporation has duly executed and delivered each of the Transaction Documents;

(vi) the
 execution and delivery by the Corporation of each of the Transaction Documents and the performance by it of its obligations hereunder
 and thereunder and the issuance and sale of the Special Warrants, the Unit Shares and Warrants comprising the Units issuable upon
 exercise of the Special Warrants, the Warrant Shares issuable upon exercise of the Warrants, the PP Unit Shares and PP Warrants comprising
 the Private Placement Units, the PP Warrant Shares issuable upon exercise of the PP Warrants, the Agents Compensation Options, the
 Agents' Commission Shares and Agents' Commission Warrants comprising the Compensation Units issuable on exercise of the
 Agents Compensation Options and the Agents' Commission Warrant Shares on exercise of the Agents' Commission Warrants,
 as applicable, does not conflict with or result in a breach or violation of any of the terms of provisions of, or constitute a default
 under: (A) the constating documents of the Corporation; and (B) any Laws applicable to the Corporation in the United States;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) that
 the Special Warrants, the PP Unit Shares, the PP Warrants and the Agents Compensation Options have been validly created and issued
 by the Corporation;

(viii) that
 the issuance of the Unit Shares and Warrants comprising the Units issuable upon exercise of the Special Warrants has been duly authorized
 by all necessary corporate action on the part of the Corporation and when issued in accordance with the terms of the Special Warrants,
 the Unit Shares and the Warrants will be validly created and issued by the Corporation;

(ix) that
 the issuance of the PP Unit Shares comprising the Private Placement Units has been duly authorized by all necessary corporate action
 on the part of the Corporation and that the PP Unit Shares have been validly issued as fully paid and non-assessable Common Shares;

(x) that
 the issuance of the PP Warrants comprising the Private Placement Units has been duly authorized by all necessary corporate action
 on the part of the Corporation and that the PP Warrants will be validly created and issued by the Corporation;

(xi) that
 the issuance of the Unit Shares has been duly authorized by all necessary corporate action on the part of the Corporation and, when
 issued in accordance with the terms of the Special Warrants, the Unit Shares will be validly issued as fully paid and non-assessable
 Common Shares;

(xii) that
 the issuance of the Warrant Shares has been duly authorized by all necessary corporate action on the part of the Corporation and,
 when issued in accordance with the terms of the Warrants, the Warrant Shares will be validly issued as fully paid and non-assessable
 Common Shares;

(xiii) that
 the issuance of the PP Warrant Shares has been duly authorized by all necessary corporate action on the part of the Corporation and,
 when issued in accordance with the terms of the PP Warrants, the PP Warrant Shares will be validly issued as fully paid and non-assessable
 Common Shares;

(xiv) that
 the issuance of the Agents' Commission Shares issuable upon exercises of the Agents Compensation Options has been duly authorized
 by all necessary corporate action on the part of the Corporation and, when issued in accordance with the terms of the Agents Compensation
 Options, the Agents' Commission Shares will be validly issued as fully paid and non-assessable Common Shares;

(xv) the
 issuance of the Agents' Commission Warrants issuable on exercise of the Agents Compensation Options has been duly authorized
 by all necessary corporation action on the part of the Corporation and, when issued in accordance with terms of the Agents Compensation
 Options, the Agents' Commission Warrants will be validly created and issued by the Corporation;

(xvi) that
 the issuance of the Agents' Commission Warrant Shares has been duly authorized by all necessary corporate action on the part
 of the Corporation and, when issued in accordance with the terms of the Agents' Commission Warrants, the Agents' Commission
 Warrant Shares will be validly issued as fully paid and non-assessable Common Shares;

(xvii) that
 the form and terms of the Special Warrant Certificates, the PP Warrant Certificates, the Agents Compensation Option Certificates,
 the Warrant Certificates, and the certificates representing the Unit Shares, the PP Units Shares, the Underlying Shares and Agents'
 Commission Warrants have been approved and adopted by the directors of the Corporation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xviii) the
 offer and sale of the Offered Securities and the Compensation Securities is not required to be registered under the U.S. Securities
 Act, provided such offers and sales are made in accordance with this Agreement; it being understood that such counsel need not express
 its opinion with respect to any resale of the Offered Securities and the Compensation Securities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) the
 Agents shall have received a favourable legal opinion addressed to the Agents from counsel to the Corporation, as applicable, dated
 as of the Initial Closing Date, in the form and substance satisfactory to the Agents and their counsel, acting reasonably, as to
 title of the Properties and the Corporation's or the Subsidiary's interest therein;

(f) the
 Agents receiving at the applicable Closing Time, a certificate, signed by the Chief Executive Officer and the Chief Financial Officer
 of the Corporation (or such other officers as the Agents may agree to), in a form satisfactory to the Agents, acting reasonably,
 certifying for and on behalf of the Corporation and without personal liability, with respect to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the
 constating documents of the Corporation;

(ii) the
 resolutions of the board of directors of the Corporation relevant to the issue and sale of the Special Warrants, the Private Placement
 Units, the Unit Shares and Warrants issuable upon exercise of the Special Warrants, the Warrant Shares issuable upon exercise of
 the Warrants, the PP Unit Shares, the PP Warrants, the PP Warrant Shares issuable upon exercise of the PP Warrants, the Agents Compensation
 Options, the Agents' Commission Shares and Agents' Commission Warrants comprising the Compensation Units issuable upon
 exercise of the Agents Compensation Options, and the Agents' Commission Warrant Shares issuable on exercise of the Agents'
 Commission Warrants issuable thereunder and the authorization of the Transaction Documents and transactions contemplated herein and
 therein; and

(iii) the
 incumbency and signatures of signing officers of the Corporation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) the
 Agents shall have received a certificate of status (or the equivalent) with respect to the jurisdiction in which the Corporation
 and each Subsidiary is incorporated, amalgamated or continued, as the case may be;

(h) the
 Agents shall have received the Special Warrant Certificates, or evidence of electronic registration, as applicable, the PP Unit Share
 certificates, or evidence of electronic registration, as applicable, the PP Warrant Certificates and the Agents Compensation Options
 Certificates in form and substance satisfactory to the Agents, acting reasonably;

(i) all
 consents, approval, permits, authorizations or filings as may be required under Canadian Securities Laws or U.S. Securities Laws
 necessary for the Offering and the transactions contemplated by this Agreement, shall have been obtained or made, as applicable;

(j) each
 of the Transaction Documents shall have been executed and delivered by the parties thereto in form and substance satisfactory to
 the Agents, acting reasonably;

(k) the
 Agents not having previously terminated their obligations pursuant to Section 10 of this Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) prior
 to the initial Closing Time, the Corporation shall use reasonable efforts to cause each of the officers, directors and 10% shareholders
 (on a non-diluted basis) of the Corporation to enter into an undertaking in favour of the Agents (the "**Lock-Up Agreements** ")
 pursuant to which such person shall agree not to, directly or indirectly, offer, issue, sell, grant, secure, pledge, or otherwise
 transfer, dispose of or monetize, or engage in any hedging transaction, or enter into any form of agreement or arrangement the consequence
 of which is to alter economic exposure to, or announce any intention to do so, in any manner whatsoever, any Common Shares or securities
 convertible into, exchangeable for, or otherwise exercisable to acquire Common Shares or other equity securities of the Corporation
 for a period of 120 days after the final Closing Date, without the prior written consent of Echelon, on behalf of the Agents, (such
 consent not to be unreasonably withheld or delayed);

(m) the
 Agents shall have completed, to their satisfaction, their due diligence review of the Corporation and its Subsidiaries and each of
 their respective businesses, operations and financial condition; and

(n) the
 Agents shall have received at the applicable Closing Time such further certificates, opinions of counsel and other documentation
 from the Corporation contemplated herein, provided, however, that the Agents or their counsel shall request any such certificate
 or document within a reasonable period prior to the applicable Closing Time that is sufficient for the Corporation to obtain and
 deliver such certificate, opinion or document.

**Section 6. Additional Representations and Warranties of the Corporation**

The Corporation hereby represents and warrants to the Agents and to the Purchasers, and acknowledges that each of them is relying upon such representations and warranties in connection with the completion of the Offering, that as of the date hereof:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) each
 of the Corporation and the Subsidiaries: (A) is a corporation duly incorporated, continued or amalgamated and validly existing under
 the laws of the jurisdiction in which it was incorporated, continued or amalgamated, as the case may be; (B) has all requisite corporate
 or limited liability company power and authority and is duly qualified and holds all necessary permits, licences and authorizations
 necessary or required to carry on its business as now conducted to own, lease or operate its properties and assets; (C) where required,
 has been duly qualified as an extra-provincial corporation or foreign corporation for the transaction of business and is in good
 standing under the Laws of each jurisdiction in which it owns or leases property, or conducts business unless, in each case, the
 failure to do so would not individually or in the aggregate, have a Material Adverse Effect; and (D) no steps or proceedings have
 been taken by any person, voluntary or otherwise, requiring or authorizing its dissolution or winding up;

(b) the
 Corporation has all requisite corporate or limited liability company power, authority and capacity to enter into each of the Transaction
 Documents and to perform the transactions contemplated herein and therein, including, without limitation, to issue the Special Warrants,
 the Private Placement Units, the Agents Compensation Options, the Unit Shares and Warrants comprising the Units issuable upon exercise
 of the Special Warrants, the Warrant Shares issuable upon exercise of the Warrants, the PP Unit Shares and PP Warrants comprising
 the Private Placement Units, the PP Warrant Shares issuable upon exercise of the PP Warrants, the Agents' Commission Shares
 and Agents' Commission Warrants comprising the Compensation Units issuable upon exercise of the Agents Compensation Options,
 and the Agents' Commission Warrant Shares issuable on exercise of the Agents' Commission Warrants, as applicable;

(c) other
 than the Subsidiaries, upon closing of the Offering, the Corporation has no direct or indirect subsidiary nor any investment or any
 proposed investment in any person which in either case is or could be material to the business and affairs of the Corporation or
 which otherwise is required to be disclosed in the Disclosure Record;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) neither
 the Corporation nor any of the Subsidiaries is (i) in violation of its constating documents, or (ii) in default of the performance
 or observance of any obligation, agreement, covenant or condition contained in any contract, indenture, trust deed, joint venture,
 mortgage, loan agreement, note, lease or other agreement or instrument to which it is a party or by which it or its property may
 be bound, except in the case of clause (ii) as disclosed in writing by the Corporation to the Agents or for any such violations or
 defaults that would not result in a Material Adverse Effect;

(e) to
 the knowledge of the Corporation, no counterparty to any material obligation, agreement, covenant or condition contained in any contract,
 indenture, trust deed, mortgage, loan agreement, note, lease or other agreement or instrument to which the Corporation or any Subsidiary
 is a party is in default in the performance or observance thereof, except where such violation or default in performance would not
 have a Material Adverse Effect;

(f) other
 than as disclosed in the Disclosure Record, which includes, but is not limited to, disclosure regarding the Royalty Convertible Debenture
 (as defined below) currently being secured by a share pledge of Silver Valley Metals Corp., the Corporation (either directly or indirectly
 through a Subsidiary) owns all of the issued and outstanding securities of each Subsidiary, free and clear of all encumbrances, claims
 or demands whatsoever and no person has any agreement, option, right or privilege (whether pre-emptive or contractual) capable of
 becoming an agreement, for the purchase from any person (other than the Corporation) of any interest in any of the shares in the
 capital of any Subsidiary. All of the issued and outstanding shares of the Subsidiaries are outstanding as fully paid and non-assessable
 shares;

(g) each
 of the Corporation and the Subsidiaries has conducted and is conducting its business in compliance with all applicable Laws and regulations
 of each jurisdiction in which it carries on business, except where the failure to so comply would not have a Material Adverse Effect,
 and each of the Corporation and the Subsidiaries holds all material requisite licences, registrations, qualifications, permits and
 consents necessary or appropriate for carrying on its business as currently carried on and all such licences, registrations, qualifications,
 permits and consents are valid and subsisting and in good standing in all material respects. Without limiting the generality of the
 foregoing, neither the Corporation nor any Subsidiary has received a written notice of non-compliance, nor does the Corporation know
 of, nor have reasonable grounds to know of, any facts that could give rise to a notice of non-compliance with any such laws, regulations
 or permits which would have a Material Adverse Effect;

(h) the
 Bunker Hill Project is the only material property to the Corporation for the purposes of NI 43-101 and all material information with
 respect thereto is completely and accurately described in the Disclosure Record;

(i) the
 Corporation or the Subsidiaries, as applicable, made available to the authors thereof prior to the issuance of the Bunker Hill Technical
 Report, for the purpose of preparing such report, all information requested, and to the knowledge of the Corporation, no such information
 contained any material misrepresentation as at the relevant time the relevant information was made available and the Corporation
 does not have any knowledge of a material adverse change in any production, cost, price, reserves or other relevant information provided
 since the dates that such information was so provided;

(j) the
 Bunker Hill Technical Report complied in all material respects with the requirements of NI 43-101 as at the date of such report;
 since the date of preparation of such report there has been no change that would disaffirm or change any aspect of such report in
 any material respect;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) the
 Corporation is in compliance with NI 43-101 in all material respects and has filed within the prescribed time periods all technical
 reports required thereby;

(l) the
 Corporation is in compliance in all material respects with all of the rules, policies and requirements of the CSE;

(m) no
 order, ruling or determination having the effect of suspending the sale or ceasing the trading in any securities of the Corporation
 has been issued by any regulatory authority and is continuing in effect and no proceedings for that purpose have been instituted
 or, to the knowledge of the Corporation, are pending, contemplated or threatened by any regulatory authority;

(n) except
 as mandated by an applicable regulatory or governmental authority, which mandates have not materially affected the Corporation, as
 at the date hereof, and except as disclosed in the Disclosure Record, there has been no material effect on the operations of the
 Corporation or the Subsidiaries as a result of the novel coronavirus disease (COVID-19) outbreak (the "**COVID-19 Outbreak** ").
 The Corporation has been monitoring the COVID-19 Outbreak and the potential impact at all of its operations, and management believes
 it has implemented appropriate measures to support the wellness of its employees where the Corporation and the Subsidiaries operate
 while continuing to operate;

(o) other
 than the Leased Premises and except as disclosed in the Disclosure Record, each of the Corporation and the Subsidiaries is the absolute
 legal and beneficial owner of, and has good and marketable title to, all of the material properties and assets thereof as described
 in the Disclosure Record, and no other property or assets are necessary for the conduct of the business of the Corporation and the
 Subsidiaries as currently conducted. Any and all of the agreements and other documents and instruments pursuant to which each of
 the Corporation or the Subsidiaries holds the property and assets thereof (including any interest in, or right to earn an interest
 in, any Intellectual Property) are valid and subsisting agreements, documents and instruments in full force and effect, enforceable
 in accordance with the terms thereof, and such properties and assets are in good standing under the applicable statutes and regulations
 of the jurisdictions in which they are situated, and all material leases, licenses and other agreements pursuant to which the Corporation
 or any Subsidiary derives the interests thereof in such property are in good standing. The Corporation does not know of any claim
 or the basis for any claim that might or could materially and adversely affect the right of the Corporation or any Subsidiary to
 use, transfer or otherwise exploit their respective assets, none of the properties (or any interest in, or right to earn an interest
 in, any property) of the Corporation or any Subsidiary is subject to any right of first refusal or purchase or acquisition right,
 and neither the Corporation nor any Subsidiary has a responsibility or obligation to pay any commission, royalty, licence fee or
 similar payment to any person with respect to the property and assets thereof;

(p) other
 than the mining and processing operations at Bunker Hill Mine located near the town of Kellogg, Idaho (the "**Bunker Hill Mine** "), neither the Corporation nor any of the Subsidiaries owns any real property;

(q) no
 legal or governmental proceedings or inquiries are pending to which the Corporation or any Subsidiary is a party or to which the
 property thereof is subject that would result in the revocation or modification of any certificate, authority, permit or license
 necessary to conduct the business now owned or operated by the Corporation or any Subsidiary which, if the subject of an unfavourable
 decision, ruling or finding could reasonably be expected to have a Material Adverse Effect and, to the knowledge of the Corporation,
 no such legal or governmental proceedings or inquiries have been threatened against or are contemplated with respect to the Corporation
 or any Subsidiary or with respect to the properties or assets thereof;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(r) other
 than as disclosed in the Disclosure Record, there are no actions, suits, judgments, investigations or proceedings of any kind whatsoever
 outstanding, pending or, to the best of the Corporation's knowledge, threatened against or affecting the Corporation or any
 Subsidiary, or the directors, officers or employees thereof, at law or in equity or before or by any commission, board, bureau or
 agency of any kind whatsoever and, to the best of the Corporation's knowledge, there is no basis therefor and neither the Corporation
 nor any Subsidiary is subject to any judgment, order, writ, injunction, decree, award, rule, policy or regulation of any governmental
 authority, which, either separately or in the aggregate, may have a Material Adverse Effect or that would materially adversely affect
 the ability of the Corporation to perform its obligations under the Transaction Documents;

(s) at
 the applicable Closing Time all consents, approvals, permits, authorizations or filings as may be required to be made or obtained
 by the Corporation under Canadian Securities Laws necessary for the execution and delivery of the Transaction Documents, and the
 creation, issuance and sale, as applicable, of the Special Warrants and the Private Placement Units, and the consummation of the
 transactions contemplated hereby and thereby will have been made or obtained, as applicable, (other than the filing of reports required
 under applicable Canadian Securities Laws within the prescribed time periods, which documents shall be filed as soon as practicable
 after the applicable Closing Date and, in any event, within such deadline imposed by applicable Canadian Securities Laws);

(t) the
 authorized and issued share capital of the Corporation consists of 750,000,000 Common Shares with a par value of $0.000001 per Common
 Share and 10,000,000 shares of preferred shares with par value of $0.000001 per preferred share, of which 235,878,932 Common Shares
 and no shares of preferred stock were issued and outstanding as at the close of business on March 23, 2023. As of the date hereof,
 there are no securities convertible or exercisable to acquire Common Shares other than as disclosed in the Disclosure Record. To
 the knowledge of the Corporation, there is not any agreement which, in any manner, affects the voting control of any securities of
 the Corporation or any of its Subsidiaries;

(u) there
 are no contracts or agreements between either the Corporation or a Subsidiary and any person granting such person the right to require
 the Corporation or the Subsidiary to file a registration statement under U.S. Securities Laws or, except as contemplated by this
 Agreement, a prospectus under Canadian Securities Laws, with respect to any securities of the Corporation or any Subsidiary owned
 or to be owned by such person that require the Corporation or a Subsidiary to include such securities in the securities qualified
 for distribution under the Registration Statement;

(v) there
 are no voting trusts or agreements, shareholders' agreements, buy sell agreements, rights of first refusal agreements, agreements
 relating to restrictions on transfer, pre-emptive rights agreements, tag-along agreements, drag-along agreements or proxies relating
 to any of the securities of the Corporation or the Subsidiaries, to which the Corporation or any of the Subsidiaries is a party;

(w) the
 Special Warrants, the Private Placement Units, the Agents Compensation Options, the Unit Shares and the Warrants issuable upon exercise
 of the Special Warrants, the Warrant Shares issuable upon exercise of the Warrants, the PP Unit Shares and the PP Warrants, the PP
 Warrant Shares issuable upon exercise of the PP Warrants, the Agents' Commission Shares and Agents' Commission Warrants
 issuable upon exercise of the Agents Compensation Options and the Agents' Commission Warrant Shares issuable on exercise of
 the Agents' Commission Warrants, as applicable, have been authorized and reserved and allotted for issuance, as applicable;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(x) at
 the applicable Closing Time, the Special Warrants, the PP Unit Shares, the PP Warrants and the Agents Compensation Options will be
 duly and validly issued and created;

(y) the
 PP Unit Shares will be outstanding as fully paid and non-assessable Common Shares of the Corporation;

(z) the
 Unit Shares and Warrants will be, at the applicable Closing Date, duly authorized and validly allotted for issuance by the Corporation
 and, when issued in accordance with the terms of Special Warrants, will be validly created and issued and the Unit Shares will be
 outstanding as fully paid and non-assessable Common Shares of the Corporation;

(aa) upon
 the due exercise of the Warrants in accordance with the provisions thereof, the Warrant Shares issuable upon the exercise thereof
 will be duly and validly issued as fully paid and non-assessable Common Shares of the Corporation, on payment of the purchase price
 therefor;

(bb) upon
 the due exercise of the PP Warrants in accordance with the provisions thereof, the PP Warrant Shares issuable upon the exercise thereof
 will be duly and validly issued as fully paid and non-assessable Common Shares of the Corporation, on payment of the purchase price
 therefor;

(cc) the
 Special Warrants, the Agents Compensation Options, the Unit Shares and Warrants issuable upon exercise of the Special Warrants, the
 Warrant Shares issuable upon exercise of the Warrants, the PP Unit Shares and PP Warrants, the PP Warrant Shares issuable upon exercise
 of the PP Warrants, the Agents' Commission Shares and Agents' Commission Warrants issuable upon exercise of the Agents
 Compensation Options and the Agents' Commission Warrant Shares issuable on exercise of the Agents' Commission Warrants,
 as applicable, will not be subject to a restricted period or to a statutory hold period under the Canadian Securities Laws which
 extends beyond four months and one day after the applicable Closing Date in accordance with and subject to the conditions set out
 in NI 45-102;

(dd) the
 execution and delivery of each of the Transaction Documents, the performance by the Corporation of its obligations hereunder or thereunder,
 the issue and sale of the Special Warrants and the Private Placement Units hereunder and the consummation of the transactions contemplated
 in this Agreement, including the issuance and delivery of the Unit Shares and Warrants issuable upon exercise of the Special Warrants,
 the PP Unit Shares and PP Warrants, the granting of the Agents Compensation Options, the issuance of the Warrants Shares issuable
 upon exercise of the Warrants, the issuance of the PP Warrants Shares issuable upon exercise of the PP Warrants, the issuance of
 the Agents' Commission Shares and Agents' Commission Warrants upon exercise of the Agents Compensation Options, the issuance
 of the Agents' Commission Warrant Shares issuable upon exercise of the Agents' Commission Warrants, as the case may be,
 do not and will not conflict with or result in a breach or violation of any of the terms or provisions of, or constitute a default
 under, (whether after notice or lapse of time or both): (A) any Laws applicable to the Corporation including, without limitation,
 the Securities Laws; (B) the constating documents, by-laws or resolutions of the Corporation which are in effect at the date hereof;
 (C) any Material Agreement, contract, agreement, instrument, Debt Instrument, lease or other document to which the Corporation is
 a party or by which it is bound which, either separately or in the aggregate, may have a Material Adverse Effect; or (D) any judgment,
 decree or order binding the Corporation or the property or assets of the Corporation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ee) at
 the applicable Closing Time, the Corporation shall have duly authorized and executed and delivered the Transaction Documents and
 upon such execution and delivery each shall constitute a valid and binding obligation of such Corporation and each shall be enforceable
 against such Corporation in accordance with its terms, except as enforcement thereof may be limited by bankruptcy, insolvency, reorganization,
 moratorium and other laws relating to or affecting the rights of creditors generally and except as limited by the application of
 equitable principles when equitable remedies are sought, and by the fact that rights to indemnity, contribution and waiver, and the
 ability to sever unenforceable terms, may be limited by applicable Law;

(ff) the
 Financial Statements have been prepared in accordance with U.S. GAAP, as applicable, and present fairly, in all material respects,
 the financial position (including the assets and liabilities, whether absolute, contingent or otherwise) of the Corporation as at
 such dates and results of operations of the Corporation for the periods then ended and there has been no material change in accounting
 policies or practices of the Corporation or the Subsidiaries since September 30, 2022. All disclosures in the Disclosure Record regarding
 "non-GAAP financial measures" (as such term is defined by the rules and regulations of the SEC) comply in all material
 respects to U.S. Securities Laws, to the extent applicable;

(gg) there
 are no material liabilities of the Corporation or the Subsidiaries whether direct, indirect, absolute, contingent or otherwise required
 to be disclosed in the Financial Statements which are not disclosed or reflected in the Financial Statements, except those disclosed
 in the Disclosure Record;

(hh) the
 financial information included in the Disclosure Record presents fairly in all material respects the consolidated financial position,
 results of operations, deficit and cash flow of the Corporation, respectively, as at the dates and for the periods indicated;

(ii) the
 Corporation's auditors are independent public accountants as required under applicable Canadian Securities Laws and there has
 never been a reportable event (within the meaning of NI 51-102) between the Corporation and such auditors or any former auditors
 of the Corporation;

(jj) the
 Corporation's board of directors has appointed an audit committee whose composition satisfies the requirements of NI 52-110,
 and the audit committee of the Corporation operates in accordance with, and the responsibilities of the Corporation's audit
 committee comply with, all material requirements of NI 52-110;

(kk) there
 are no off-balance sheet transactions, arrangements or obligations (including contingent obligations) of the Corporation or the Subsidiaries
 with unconsolidated entities or other persons that may have a material current or future effect on the financial condition, changes
 in financial condition, results of operations, earnings, cash flow, liquidity, capital expenditures, capital resources, or significant
 components of revenues or expenses of the Corporation or any Subsidiary or that would reasonably be expected to be material to an
 investor in making a decision to purchase the Special Warrants or the Private Placement Units;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ll) all
 taxes (including income tax, capital tax, payroll taxes, employer health tax, workers' compensation payments, property taxes,
 sales taxes, custom and land transfer taxes), duties, royalties, levies, imposts, assessments, reassessments, deductions, charges
 or withholdings and all liabilities with respect thereto including any penalty and interest payable with respect thereto (collectively,
 "**Taxes**") due and payable by the Corporation and the Subsidiaries have been paid or accrued, except where the failure
 to pay such Taxes would not constitute an adverse material fact in respect of the Corporation or the Subsidiaries or have a Material
 Adverse Effect. All tax returns, declarations, remittances and filings required to be filed by the Corporation and the Subsidiaries
 have been filed with all appropriate Governmental Authorities and all such returns, declarations, remittances and filings are complete
 and accurate and no material fact or facts have been omitted therefrom which would make any of them misleading, except where the
 failure to file such documents would not constitute an adverse material fact in respect of the Corporation or the Subsidiaries or
 have a Material Adverse Effect. Other than as disclosed in writing to the Agents or in respect of an audit of its GST filings, to
 the knowledge of the Corporation, no examination of any tax return of the Corporation is currently in progress and there are no issues
 or disputes outstanding with any Governmental Authority respecting any Taxes that have been paid, or may be payable, by the Corporation
 or the Subsidiaries, in any case except where such examinations, issues or disputes would not constitute an adverse material fact
 in respect of the Corporation or have a Material Adverse Effect;

(mm) the
 Corporation maintains a system of internal accounting controls sufficient to provide reasonable assurances that transactions are
 recorded as necessary to permit preparation of financial statements in conformity with U.S. GAAP and to maintain accountability for
 assets;

(nn) except
 as provided for hereunder, as disclosed in the Financial Statements, the Corporation is not party to any Debt Instrument or any agreement,
 contract or commitment to create, assume or issue any Debt Instrument and does not have any loans or other indebtedness outstanding
 which has been made to any of its shareholders, officers, directors or employees, past or present, or any person not dealing at arm's
 length with the Corporation (as such term is defined in the Tax Act). The Corporation has not guaranteed the obligations of any person;

(oo) during
 the previous 12 months, the Corporation has not, directly or indirectly, declared or paid any dividend or declared or made any other
 distribution on any of its shares or securities of any class, or, directly or indirectly, redeemed, purchased or otherwise acquired
 any of its Common Shares or securities or agreed to do any of the foregoing;

(pp) ‎the
 Corporation and its Subsidiaries own, free and clear of any liens or encumbrances, or possesses sufficient legal rights to use, all
 Intellectual Property used by it in connection with the Corporation's business, which represents all intellectual property
 rights necessary to the conduct of the Corporation's business as now conducted and as presently contemplated to be conducted,
 without any conflict with, or infringement of, in any material respect, the intellectual property rights of others; (ii) the Corporation
 or its Subsidiaries have not received any communications alleging that they have violated or, by conducting its business, would violate
 any of the patents, trademarks, service marks, tradenames, copyrights, rights of privacy, rights in personal data, moral rights,
 trade secrets or other proprietary rights or processes of any other person or entity. To the Corporation's knowledge, no product
 or service marketed or sold (or presently contemplated to be marketed or sold) by the Corporation or its Subsidiaries violate any
 license to which they are a party or infringes any intellectual property rights of any other person or entity. No claim is pending
 or, to the Corporation's knowledge, threatened to the effect that any operations of the Corporation or its Subsidiaries infringe
 upon or conflict with the asserted rights of any other person to any Intellectual Property and, to the Corporation's knowledge,
 there is no basis for any such claim (whether or not pending or threatened); (iii) all persons then involved in the development of
 the Corporation or its Subsidiaries' owned Intellectual Property were at the time employees, consultants or independent contractors
 of the Corporation or its Subsidiaries and, for greater certainty, the Corporation owns the Intellectual Property arising from their
 work. All persons involved in the development of the Corporation or its Subsidiaries' owned Intellectual Property will be employees,
 consultants or independent contractors of the Corporation, and the Corporation will own all such Intellectual Property arising from
 their work. The Corporation does not believe it is or will be necessary to use any inventions of any of its employees (or persons
 it currently intends to hire) made prior to their employment by the Corporation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(qq) any
 and all of the Material Agreements and other material documents and instruments pursuant to which any of the Corporation and/or a
 Subsidiary holds the property and assets thereof (including any interest in, or right to earn an interest in, any Intellectual Property)
 are valid and subsisting agreements, documents or instruments in full force and effect, enforceable in accordance with terms thereof,
 none of the Corporation nor a Subsidiary is in default of any of the material provisions of any such agreements, documents or instruments
 nor has any such default been alleged and such properties and assets are in good standing under the applicable statutes and regulations
 of the jurisdictions in which they are situated, all material leases, licences and other agreements pursuant to which the Corporation
 or a Subsidiary derives the interests thereof in such property and assets are in good standing and there has been no material default
 under any such lease, licence or agreement. None of the properties (or any interest in, or right to earn an interest in, any property)
 of the Corporation or a Subsidiary is subject to any right of first refusal or purchase or acquisition right;

(rr) except
 as disclosed in the Disclosure Record, none of the directors, officers or employees of the Corporation or the Subsidiary, any person
 who owns, directly or indirectly, more than 10% of any class of securities of the Corporation or securities of any person exchangeable
 for more than 10% of any class of securities of the Corporation, or any associate or affiliate of any of the foregoing, had or has
 any material interest, direct or indirect, in any transaction (other than in connection with the Offering) or any proposed transaction
 (including, without limitation, any loan made to or by any such person) with the Corporation which, as the case may be, materially
 affects, is material to or will materially affect the Corporation or any Subsidiary;

(ss) the
 Corporation is not party to any agreement, nor is the Corporation aware of any agreement, which in any manner affects the voting
 control of any of the securities of the Corporation or the Subsidiaries;

(tt) none
 of the Corporation or any of the Subsidiaries is a party to, bound by or, to the knowledge of the Corporation, affected by any commitment,
 agreement or document containing any covenant which expressly and materially limits the freedom of the Corporation or the Subsidiaries
 to compete in any line of business, transfer or move any of its respective assets or operations or which adversely materially affects
 the business practices, operations or condition of the Corporation or the Subsidiaries;

(uu) none
 of the Corporation or any of the Subsidiaries has ever been in violation of, in connection with the ownership, use, maintenance or
 operation of the property and assets thereof, any applicable Environmental Laws which could reasonably be expected to have a Material
 Adverse Effect;

(vv) Capital
 Transfer Agency ULC, at its principal offices in Toronto, Ontario will be, as of the applicable Closing Date, duly appointed as Special
 Warrant Agent under the Special Warrant Indenture, and as Warrant Agent under the Warrant Indenture, respectively;

(ww) the
 issue of the Special Warrants, the Agents Compensation Options, the Unit Shares and Warrants issuable upon exercise of the Special
 Warrants, the Warrant Shares issuable upon exercise of the Warrants, the PP Unit Shares and PP Warrants, the PP Warrant Shares issuable
 upon exercise of the PP Warrants, the Agents' Commission Shares and Agents' Commission Warrants issuable upon exercise
 of the Agents Compensation Options and the Agents' Commission Warrant Shares issuable on exercise of the Agents' Commission
 Warrants, as applicable, will not be subject to any pre-emptive right or other contractual right to purchase securities granted by
 the Corporation or to which the Corporation is subject that has not been waived. No holder of outstanding shares in the capital of
 the Corporation is at the applicable Closing Time or will be following the applicable Closing Time entitled to any pre-emptive or
 any similar rights to subscribe for any Common Shares or other securities of the Corporation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xx) other
 than as disclosed in the Disclosure Record, none of the Corporation or, to the knowledge of the Corporation, the Subsidiaries is
 and has ever been in violation of, in connection with the ownership, use, maintenance or operation of the property and assets thereof,
 any Environmental Laws;

(yy) each
 of the Corporation and the Subsidiaries has all applicable Environmental Permits and is in compliance with any material requirements
 thereof;

(zz) there
 are no, to the knowledge of the Corporation, pending or threatened administrative, regulatory or judicial actions, suits, demands,
 demand letters, claims, liens, notices of non-compliance or violation, investigation or proceedings relating to any Environmental
 Laws against the Corporation or any Subsidiary, which if determined adversely, would reasonably be expected to have a Material Adverse
 Effect;

(aaa) neither
 the Corporation nor any of the Subsidiaries has used, except in compliance ‎with all Environmental Laws, any property or facility
 ‎which it owns or leases or previously owned or leased, to generate, manufacture, ‎process, distribute, use, treat, store,
 dispose of, transport or handle any Hazardous ‎Material; ‎

(bbb) the
 Properties are the only properties in which the Corporation or the Subsidiaries has an interest; the Corporation or one of the Subsidiaries
 holds either freehold title, mining leases, mining concessions, mining claims, exploration permits, prospecting permits or participant
 interests or other conventional property or proprietary interests or rights, recognized in the jurisdiction in which the Properties
 are located, in respect of the ore bodies and minerals located on the Properties in which the Corporation or one of the Subsidiaries
 has an interest under valid, subsisting and enforceable title documents or other recognized and enforceable agreements or instruments,
 sufficient to permit the Corporation or its Subsidiaries to explore for and exploit the minerals relating thereto, all leases or
 claims and permits relating to the Properties in which the Corporation or one of the Subsidiaries has an interest or right have been
 validly located and recorded in accordance with all applicable laws and are valid and subsisting, the Corporation or one of the Subsidiaries
 has all necessary surface rights, access rights and other necessary rights and interests relating to the Properties in which the
 Corporation or one of the Subsidiaries has an interest granting the Corporation or one of the Subsidiaries the right and ability
 to explore for and exploit minerals, ore and metals for development purposes as are appropriate in view of the rights and interest
 therein of the Corporation or one of the Subsidiaries, as applicable, with only such exceptions as do not materially interfere with
 the use made by the Corporation or one of the Subsidiaries of the rights or interest so held, and each of the proprietary interests
 or rights and each of the documents, agreements and instruments and obligations relating thereto referred to above is currently in
 good standing in all material respects in the name of the Corporation or one of the Subsidiaries; neither the Corporation nor one
 of the Subsidiaries has any responsibility or obligation to pay any commission, royalty, licence, fee or similar payment to any person
 with respect to the property rights thereof other than as described in the Disclosure Record, which includes, but is not limited
 to, disclosure regarding the royalty convertible debenture (the "**Royalty Convertible Debenture**") between the Corporation's
 wholly-owned subsidiary, Silver Valley Metals Corp. and Sprott Private Resource Streaming and Royalty (Collector), LP and the conversion
 of the Royalty Convertible Debenture into a royalty agreement as described therein;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ccc) the
 Corporation or one of the Subsidiaries holds direct interests in the Properties, as described in the Disclosure Record (the "**Project Rights** "), free of all mortgages, liens, charges, pledges, security interests, encumbrances, claims or demands whatsoever,
 except as disclosed to the Agents and as described in the Disclosure Record and Financial Statements and no other property rights
 are necessary for the conduct of the business of the Corporation as currently conducted; the Corporation does not know of any claim
 or the basis for any claim that might or could adversely affect the right thereof to use, transfer or otherwise exploit such property
 rights, under valid, subsisting and enforceable agreements or instruments, and all such agreements and instruments in connection
 with the Project Rights are valid and subsisting and enforceable in accordance with their terms.

(ddd) the
 Corporation has identified all the material permits, certificates, and approvals (collectively, the "**Permits** ")
 which are or will be required for the exploration, development and eventual operation of the Properties, which Permits include but
 are not limited to environmental assessment certificates, water licenses, land tenures, rezoning or zoning variances and other necessary
 local, provincial and federal approvals; and the appropriate Permits have either been received, applied for, or the processes to
 obtain such Permits have been or will in due course be initiated by the Corporation; and, except as disclosed to the Agents, the
 Corporation does not know of any issue or reason why the Permits should not be approved and obtained in the ordinary course;

(eee) all
 assessments or other work required to be performed in relation to the material mining claims and the mining rights of the Corporation
 in order to maintain its interests therein, if any, have been performed to date and the Corporation has complied in all material
 respects with all applicable governmental laws, regulations and policies in this regard as well as with regard to legal, contractual
 obligations to third parties in this regard except in respect of mining claims and mining rights that the Corporation intends to
 abandon or relinquish and except for any non-compliance which would not either individually or in the aggregate have a material adverse
 effect; all such mining claims and mining rights are in good standing in all respects as of the date of this Agreement;

(fff) there
 are no environmental audits, evaluations, assessments, studies or tests relating to the Corporation except for ongoing assessments
 conducted by or on behalf of the Corporation in the ordinary course;

(ggg) with
 respect to each of the Leased Premises, the Corporation and the Subsidiaries, as applicable, occupies the Leased Premises and has
 the exclusive right to occupy and use the Leased Premises and each of the leases pursuant to which the Corporation or any Subsidiary,
 as applicable, occupies the Leased Premises is in good standing and in full force and effect. The performance of obligations pursuant
 to and in compliance with the terms of this Agreement and the completion of the transactions described herein by the Corporation,
 will not afford any of the parties to such leases or any other person the right to terminate such leases or result in any additional
 or more onerous obligations under such leases. The Corporation has provided the Agents with true and complete copies of all leases
 in respect of the Leased Premises;

(hhh) except
 as disclosed in the Financial Statements and the Disclosure Record, the Corporation has good registered and marketable title to the
 Bunker Hill Mine free of all material mortgages, liens, charges, pledges, security interests, encumbrances, claims or demands whatsoever,
 and property rights (including access rights) as are necessary for the conduct of the business of the Corporation as currently conducted
 or contemplated to be conducted;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) the
 Corporation is not aware of any licensing or legislation, regulation, by-law or other lawful requirement of any Governmental Authority
 having lawful jurisdiction over the Corporation presently in force or, to its knowledge, proposed to be brought into force, or any
 pending or contemplated change to any licensing or legislation, regulation, by-law or other lawful requirement of any Governmental
 Authority having lawful jurisdiction over the Corporation or any Subsidiary presently in force, that the Corporation anticipates
 the Corporation or any Subsidiary will be unable to comply with or which could reasonably be expected to materially adversely affect
 the business of the Corporation or any Subsidiary or the business environment or legal environment under which such entity operates;

(jjj) each
 of the Corporation and the Subsidiaries is in compliance with all laws respecting employment and employment practices, terms and
 conditions of employment, pay equity and wages, except where non-compliance with such laws could not reasonably be expected to have
 a Material Adverse Effect;

(kkk) all
 information which has been prepared by the Corporation relating to the Corporation, the Subsidiaries and their respective business,
 properties and liabilities and made available to the Agents was, as of the date of such information and is as of the date hereof,
 true and correct in all material respects, taken as a whole, does not contain a misrepresentation and no fact or facts have been
 omitted therefrom which would make such information materially misleading;

(lll) to
 the best of the Corporation's knowledge, all forecasts, budgets or projections set forth in the Investor Presentation were
 prepared in good faith, disclosed all relevant assumptions and contain reasonable estimates of the prospects of the business of the
 Corporation;

(mmm) the
 Corporation has a reasonable basis for disclosing any forward-looking information contained in the Investor Presentation, and such
 forward looking information contained in the Investor Presentation reflects the best currently available estimates and good faith
 judgments of the management of the Corporation, as the case may be, as to the matters covered thereby;

(nnn) to
 the knowledge of the Corporation, the Investor Presentation complies in all material respects with applicable Canadian Securities
 Laws;

(ooo) there
 are no material events relating to the Corporation or any Subsidiary required to be disclosed pursuant to applicable Canadian Securities
 Laws or U.S. Securities Laws which are not referenced in the Disclosure Record;

(ppp) information
 available on the Corporation's profile at www.sedar.com was accurate and complete on the date of filing such information and
 such information does not contain a misrepresentation;

(qqq) other
 than as previously disclosed in the Disclosure Record, the Corporation has not entered into any agreement to complete any "significant
 acquisition" nor is it proposing any "probable acquisitions" (as such terms are defined in NI 51-102) that would
 require the filing of a "business acquisition report" (as defined in NI 51-102) pursuant to Canadian Securities Laws;

(rrr) with
 respect to forward-looking information contained in the Disclosure Record:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the
 Corporation had a reasonable basis for the forward-looking information at the time the disclosure was made;

(ii) all
 forward-looking information is identified as such, and all such documents caution users of forward-looking information that actual
 results may vary from the forward-looking information and identifies material risk factors that could cause actual results to differ
 materially from the forward-looking information; and states the material factors or assumptions used to develop forward-looking information;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) all
 future-oriented financial information and each financial outlook: (A) has been prepared in accordance with U.S. GAAP, using the accounting
 policies the Corporation expects to use to prepare its historical financial statements for the period covered by the future-oriented
 financial information or the financial outlook; (B) presents fully, fairly and correctly in all material respects the expected results
 of the operations for the periods covered thereby; (C) is based on assumptions that are reasonable in the circumstances, reflect
 the Corporation's intended course of action, and reflect management's expectations concerning the most probable set of
 economic conditions during the periods covered thereby; and

(iv) is
 limited to a period for which the information in the future-oriented financial information or financial outlook can be reasonably
 estimated;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(sss) all
 filings and fees required to be made and paid by the Corporation pursuant to applicable Laws and general corporate and Canadian Securities
 Laws in the Qualifying Jurisdictions have been made and paid and such disclosure and filings were true and accurate in all material
 respects as at the respective dates thereof and the Corporation has not filed any confidential material change reports or similar
 confidential report with any Canadian Securities Commissions that are still maintained on a confidential basis;

(ttt) the
 Corporation is currently a "reporting issuer" in each of the Reporting Jurisdictions and is in compliance, in all material
 respects, with all of its obligations as a reporting issuer and since incorporation has not been the subject of any investigation
 by any stock exchange or any Securities Commission, is current with all filings required to be made by it under Canadian Securities
 Laws and U.S. Securities Laws and other laws, is not aware of any deficiencies in the filing of any documents or reports with any
 Securities Commissions and there is no material change relating to the Corporation which has occurred and with respect to which the
 requisite news release or material change report has not been filed with the Securities Commissions;

(uuu) the
 Corporation is in compliance in all material respects with its continuous and timely disclosure obligations under Canadian Securities
 Laws and the rules and regulations of the CSE and has filed all documents required to be filed by it with the Canadian Securities
 Commissions under applicable Canadian Securities Laws, and no document has been filed on a confidential basis with the Canadian Securities
 Commissions that remains confidential at the date hereof. None of the documents filed in accordance with applicable Canadian Securities
 Laws contained, as at the date of filing thereof, a misrepresentation;

(vvv) the
 Corporation has not withheld from the Agents any material fact relating to the Corporation, any Subsidiary or to the Offering;

(www) the
 minute books and corporate records of the Corporation and the Subsidiaries for the period from incorporation to the date hereof made
 available to the Agents contain copies of all proceedings (or certified copies thereof or drafts thereof pending approval) of the
 shareholders and the directors (or any committee thereof) thereof and there have been no other meetings, resolutions or proceedings
 of the shareholders or directors of the Corporation or the Subsidiaries to the date hereof not reflected in such corporate records,
 other than those which are not material to the Corporation or the Subsidiaries, as the case may be;

(xxx) other
 than the Agents, there is no person acting or purporting to act at the request or on behalf of the Corporation that is entitled to
 any brokerage or finder's fee or other similar compensation in connection with the transactions contemplated by this Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(yyy) the
 Corporation and each Subsidiary maintains insurance by insurers of recognized financial responsibility, against such losses, risks
 and damages to their assets in such amounts as are customary for the business in which they are engaged and on a basis consistent
 with reasonably prudent persons in comparable businesses, and all of the policies in respect of such insurance coverage, fidelity
 or surety bonds insuring the Corporation and the Subsidiaries, and their respective directors, officers and employees, and the Corporation's
 and the Subsidiaries' assets, are in good standing and in full force and effect in all respects, and not in default. Each of
 the Corporation and each Subsidiary is in compliance with the terms of such policies and instruments in all material respects and
 there are no material claims by the Corporation or any Subsidiary under any such policy or instrument as to which any insurance company
 is denying liability or defending under a reservation of rights clause; the Corporation has no reason to believe that it will not
 be able to renew such existing insurance coverage as and when such coverage expires or to obtain similar coverage from similar insurers
 as may be necessary to continue its business, and neither the Corporation nor any Subsidiary has failed to promptly give any notice
 of any material claim thereunder;

(zzz) none
 of the Corporation or any Subsidiary, or, to the knowledge of the Corporation, any employee or agent thereof, has made any unlawful
 contribution or other payment to any official of, or candidate for, any federal, state, provincial or foreign office, or failed to
 disclose fully any contribution, in violation of any law, or made any payment to any foreign, Canadian, governmental officer or official,
 or other person charged with similar public or quasi-public duties, other than payments required or permitted by applicable Laws;

(aaaa) the
 operations of the Corporation and each Subsidiary have been conducted at all times in compliance with the applicable federal and
 state laws relating to terrorism or money laundering ()"**Anti-Terrorism Laws** "), including: the financial recordkeeping
 and reporting requirements of The Bank Secrecy Act of 1970, as amended; Executive Order No. 13224 on Terrorist Financing, effective
 September 24, 2001 (the "**Executive Order** "); the Corruption of Foreign Public Officials Act (Canada), the Foreign
 Corrupt Practices Act of 1977 (United States), as amended, the Uniting and Strengthening America by Providing Appropriate Tools Required
 to Intercept and Obstruct Terrorism Act of 2001, Public Law 107-56, and the Proceeds of Crime (Money Laundering) and Terrorist Financing
 Act (Canada), and neither the Corporation nor any Subsidiary is (i) a person that is listed in the annex to, or is otherwise subject
 to the provisions of, the Executive Order; (ii) a person owned or controlled by, or acting for or on behalf of, any person that is
 listed in the annex to, or is otherwise subject to the provisions of, the Executive Order; (iii) a person with which the Agents or
 any other persons are prohibited from dealing or otherwise engaging in any transaction by any Anti-Terrorism Law; (iv) a person that
 commits, threatens or conspires to commit or supports "terrorism" as defined in the Executive Order; or (v) a person
 that is named as a "specially designated national and blocked person" on the most current list published by the U.S.
 Treasury Department Office of Foreign Assets Control ()"**OFAC**") at its official website or any replacement website
 or other replacement official publication of such list or any other person (including any foreign country and any national of such
 country) with whom the United States Treasury Department prohibits doing business in accordance with OFAC regulations. No action,
 suit or proceeding by or before any court or governmental agency, authority or body or any arbitrator involving the Corporation or
 the Subsidiary with respect to Anti-Terrorism Laws is, to the knowledge of the Corporation or any Subsidiary, pending or threatened.
 The Corporation and each Subsidiary, and their affiliates have conducted their businesses in compliance with the Anti-Terrorism Laws
 and will implement and maintain policies and procedures designed to ensure, and which are reasonably expected to continue to ensure,
 continued compliance with the Anti-Terrorism Laws;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(bbbb) the
 Disclosure Record, when they were or are filed with the Canadian Securities Commissions and with the SEC, conformed or will conform
 in all material respects to the applicable requirements of applicable Securities Laws, the U.S. Exchange Act and the applicable rules
 and regulations of the SEC thereunder and when read together did not and will not contain an untrue statement of a material fact
 or omit to state a material fact required to be stated therein or necessary to make the statements therein not misleading;

(cccc) the
 Financial Statements have been prepared in accordance with U.S. GAAP, as applicable, and present fairly, in all material respects,
 the financial position (including the assets and liabilities, whether absolute, contingent or otherwise) of the Corporation as at
 such dates and results of operations of the Corporation for the periods then ended and there has been no material change in accounting
 policies or practices of the Corporation or the Subsidiaries since September 30, 2022. All disclosures in the Disclosure Record regarding
 "non-GAAP financial measures" (as such term is defined by the rules and regulations of the SEC) comply in all material
 respects to U.S. securities laws, to the extent applicable;

(dddd) other
 than disclosed in the Disclosure Record and in addition to securities issued in connection with the Offering, no holder of outstanding
 securities of the Corporation will be entitled to any pre-emptive or any similar rights to subscribe for any of the Common Shares
 or other securities of the Corporation and no rights, warrants or options to acquire, or instruments convertible into or exchangeable
 for, any shares in the capital of the Corporation are outstanding. Other than the holders of the Special Warrants and purchasers
 in the Offering, there are no persons with registration rights or other similar rights to have any securities registered pursuant
 to the Registration Statement or otherwise registered by the Corporation under the U.S. Securities Act; and

(eeee) other
 than the notification filing on Form D required to be filed with the SEC 15 days after the applicable Closing Date and the filing
 of the Investor Presentation with the applicable securities commission and a report in Form 45-106F1, as prescribed by National Instrument
 45-106, to be filed with the Canadian Securities Commissions 10 days after the applicable Closing Date, all filings required to be
 made by the Corporation and the Subsidiaries pursuant to the Securities Laws and general corporate law applicable to them have been
 made and such filings were true and accurate as at the respective dates thereof and the Corporation has not filed any confidential
 material change reports.

**Section 7. Covenants of the Corporation**

The Corporation covenants with the Agents that the Corporation shall during the period from the date of this Agreement until the first to occur of (i) the Qualification Event, (ii) the day that is six months after the Initial Closing Date, and (iii) the day that is four months and one day after the Initial Closing Date, provided that the Registration Statement was declared effective under the U.S. Securities Act prior to said date, and no stop order suspending its effectiveness has been issued by the SEC, nor is a proceeding for that purpose pending before or contemplated or threatened by the SEC:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) promptly
 provide to the Agents copies of any filings made by the Corporation or the Subsidiaries of information relating to the Offering with
 any Securities Commissions or any regulatory body in Canada or any other jurisdiction;

(b) promptly
 provide to the Agents drafts of any press releases and other public documents of the Corporation relating to the Offering for review
 by the Lead Agents prior to issuance, and give the Lead Agents a reasonable opportunity to provide comments on any such press release
 or other public document, subject to the Corporation's timely disclosure obligations under applicable Canadian Securities Laws;

(c) the
 Corporation shall have duly notified the CSE of the issuance of the Offered Securities and completed all necessary filings for the
 listing of the Units Shares, Warrants Shares, Agents' Commission Shares and Agents' Commission Warrant Shares on the
 CSE and the CSE shall not have objected thereto or denied the listing thereof;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) advise
 the Agents, promptly after receiving notice or obtaining knowledge thereof, of: (1) the suspension of the qualification for distribution
 of the Unit Shares and Warrants comprising the Units in any of the Qualifying Jurisdictions; (2) the institution, threatening or
 contemplation of any proceeding for any such purposes; (3) any requests made by any Securities Commission or similar regulatory authority
 for additional information; (4) the receipt by the Corporation of any material communication, whether written or oral, from any Securities
 Commission or similar regulatory authority or any stock exchange, relating to the distribution of the Unit Shares and Warrants comprising
 Units; (5) the receipt by the Corporation of any material communication, whether written or oral, from any Securities Commission,
 the CSE or any other competent authority, relating to the Offering; (6) any notice or other correspondence received by the Corporation
 from any Governmental Authority and any requests from such bodies for information, a meeting or a hearing relating to the Corporation,
 the Offering, the issue and sale of the Special Warrants, the issue and sale of the Private Placement Units, the issue of the Unit
 Shares and Warrants comprising Units issuable upon exercise of the Special Warrants or any other event or state of affairs that could,
 individually, or in the aggregate, have a Material Adverse Effect; or (7) the issuance by any Securities Commission, the CSE or any
 other competent authority, including any other Governmental Authority, of any order to cease or suspend trading or distribution of
 any securities of the Corporation or of the institution, threat of institution of any proceedings for that purpose or any notice
 of investigation that could potentially result in an order to cease or suspect trading or distribution of any securities of the Corporation,
 and will use its commercially reasonable efforts to prevent the issuance of any order referred to in (1) and (7) above and, if any
 such order is issued, to obtain the withdrawal thereof as quickly as possible;

(e) prior
 to filing the Registration Statement, file or cause to be filed with the CSE all necessary documents and shall take or cause to be
 taken all necessary steps to ensure that the Corporation has obtained all necessary approvals for the Underlying Shares to be listed
 on the CSE;

(f) until
 the expiry date of the Warrants, use its commercially reasonable efforts to remain a corporation validly subsisting under the laws
 under which it is currently subsisting, licensed, registered or qualified as an extra-provincial or foreign corporation in all jurisdictions
 where the character of its properties owned or leased or the nature of the activities conducted by it make such licensing, registration
 or qualification necessary and shall carry on its business in the ordinary course and in compliance in all material respects with
 all applicable Laws of each such jurisdiction, provided that the Corporation shall not be required to comply with the terms of this
 Section 7(f) following the completion of a merger, amalgamation, arrangement, business combination or take-over bid pursuant to which
 the Corporation ceases to be a "public company" (within the meaning of the *Business Corporations Act* (Ontario));

(g) other
 than in the event of an acquisition of all of the issued and outstanding Common Shares by way of take-over bid merger, amalgamation,
 plan of arrangement or similar transaction or following a sale of all or substantially all of the assets of the Corporation, until
 the expiry date of the Warrants, use commercially reasonable efforts to maintain its status as a "reporting issuer" under
 the Canadian Securities Laws of a jurisdiction of Canada, not in default of any requirement of such Canadian Securities Laws;

(h) other
 than in the event of an acquisition of all of the issued and outstanding Common Shares by way of take-over bid merger, amalgamation,
 plan of arrangement or similar transaction or following a sale of all or substantially all of the assets of the Corporation, until
 the expiry date of the Warrants, use commercially reasonable efforts to maintain the listing of the Common Shares on the CSE or another
 recognized stock exchange or quotation system in Canada;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) fulfil
 or cause to be fulfilled, at or prior to the applicable Closing Time each of the conditions required to be fulfilled by it set out
 in Section 5 hereof;

(j) fulfill
 all legal requirements to permit the creation and issuance of the Unit Shares and Warrants comprising the Units and the Agents Compensation
 Options at the applicable Closing Time and the issuance of the Warrants and the Compensation Units, as applicable, all as contemplated
 by the Transaction Documents, and file or cause to be filed all forms, notices, documents, applications, undertakings or certificates
 required to be filed by the Corporation in connection with the Offering so that the distribution of such securities may lawfully
 occur without the necessity of filing a prospectus in Canada or a registration statement in the United States or similar document
 in any other jurisdiction;

(k) ensure
 that, the Warrants and the Agents Compensation Options shall be validly created and shall have attributes corresponding in all material
 respects to the description thereof set forth in this Agreement, the Warrant Indenture and the Agents Compensation Option Certificates;

(l) ensure
 that, at the applicable Closing Time, the Corporation is a "reporting issuer" under Canadian Securities Laws in good
 standing in each of the Reporting Jurisdictions;

(m) file
 the Investor Presentation with the applicable Canadian Securities Commissions within the time period prescribed by applicable Securities
 Laws;

(n) subject
 to management's discretion, to use the net proceeds of the Offering in the manner specified in the Term Sheet attached to the
 Subscription Agreement;

(o) ensure
 that, at all times prior to the expiry date of the Warrants or date of exercise, as applicable, a sufficient number of Common Shares
 are allotted and reserved for issuance upon the due conversion of the Special Warrants and exercise of the Warrants, the PP Warrants,
 Agents Compensation Options and the Agents' Commission Warrants in accordance with their terms;

(p) for
 the period of 120 days following the final Closing Date, not, directly or indirectly, offer, issue, sell, grant, secure, pledge,
 or otherwise transfer, dispose of or monetize, or engage in any hedging transaction, or enter into any form of agreement or arrangement
 the consequence of which is to alter economic exposure to, or announce any intention to do so, in any manner whatsoever, any Common
 Shares or securities convertible into, exchangeable for, or otherwise exercisable to acquire Common Shares or other equity securities
 of the Corporation, without the prior written consent of Echelon, such consent not to be unreasonably withheld or delayed, other
 than in conjunction with: (i) the exchange, transfer, conversion or exercise rights of existing outstanding securities (including
 the Offered Securities), including, without limitation, the rights of the Corporation under existing outstanding securities to issue
 Common Shares in settlement of obligations thereunder; (ii) the issuance of security-based incentives (including, but not limited
 to, stock options, restricted share units, and deferred share units) pursuant to the security-based incentive plans of the Corporation,
 provided such security-based incentives are granted or issued with an exercise price not less than the Issue Price; (iii) existing
 commitments to issue securities; (iv) the issuance of securities in connection with an arm's length acquisition of assets and/or
 shares; (v) the issuance of securities as bonuses or for services rendered to directors, employees, contractors, advisors, provided
 such securities are issued with a deemed issuance price not less than the Issue Price; and (vi) this Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(q) cause
 the executive officers and the directors to deliver to the Agents the Lock-Up Agreements; and

(r) promptly
 do, make, execute or deliver, or cause to be done, made, executed or delivered, such further acts, documents and things for the purpose
 of giving effect to this Agreement and the transactions contemplated herein.

**Section 8. Compliance with U.S. Securities Laws**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Representations and Covenants of the Corporation Regarding U.S. Securities Laws</u> 

The Corporation represents, warrants, covenants and agrees to and with the Agents as of the date hereof and the applicable Closing Date that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) it
 is not, and as a result of the sale of the Offered Securities will not be, an "investment company" as defined in the
 United States Investment Company Act of 1940, as amended, registered or required to be registered under such Act;

(ii) Neither
 it nor any of its affiliates, nor any person acting on their behalf (other than the Agents, their U.S. Affiliates or any person acting
 on its or their behalf, in respect to whom no representation 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;A. has
 made or will make any Directed Selling Efforts in the United States with respect to any of the Special Warrants or the Private Placement
 Units;

B. has
 offered or will offer to sell, or has solicited or will solicit offers to buy, any of the Special Warrants or the Private Placement
 Units in the United States or, to or for the account or benefit of, persons in the United States or U.S. Persons by means of General
 Solicitation or General Advertising, which includes, without limitation, any advertisements, articles, notices or other communications
 published on the Internet or in any newspaper, magazine or similar media or broadcast over the Internet, radio or television, or
 any seminar or meeting whose attendees had been invited by General Solicitation or General Advertising, or in any manner involving
 a public offering within the meaning of Section 4(a)(2) of the U.S. Securities Act; or

C. has
 violated or will violate Regulation M under the U.S. Exchange Act in connection with the offer and sale of the Offered Securities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) except
 with respect to the offer and sale of the Offered Securities offered hereby, it has not and will not, for a period beginning six
 months prior to the commencement of the Offering and ending six months after the completion of the Offering, sold, offered for sale
 or solicited any offer to buy any of its securities in the United States or, to for the account or benefit of, persons in the United
 States or U.S. Persons in a manner that would be integrated with and would cause the exemption from registration provided by Rule
 506(b) of Regulation D to be unavailable with respect to offers and sales of the Special Warrants or the Private Placement Units;

(iv) subject
 to Section 8(a)(viii) of this Agreement, it covenants and agrees with the Agents to execute or procure the execution of all documents
 and to take or cause to be taken all such steps as may be reasonably necessary or desirable to establish, to the satisfaction of
 counsel for the Agents and counsel for the Corporation, any and all legal requirements to enable the Agents to offer the Special
 Warrants and the Private Placement Units for sale in the United States or to, or for the account or benefit of, persons in the United
 States and U.S. Persons in compliance with Rule 506(b) of Regulation D in accordance with this Agreement, provided such offers and
 sales are made only to U.S. Accredited Investors or Qualified Institutional Buyers;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) none
 of it, its affiliates, or any person acting on its or their behalf (other than the Agents, their affiliates or any person acting
 on its or their behalf, in respect of which no representation, warranty, covenant or agreement 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;A. has
 taken or will take any action that would cause the exemption provided by Rule 506(b) of Regulation D to be unavailable for offers
 and sales of the Special Warrants or the Private Placement Units in the United States or to, or for the account or benefit of, persons
 in the United States or U.S. Persons in accordance with this Agreement,

B. has
 taken or will take any action that would cause the exclusion from registration afforded by Rule 903 of Regulation S to be unavailable
 for offers and sales of the Special Warrants or the Private Placement Units outside the United States to non-U.S. Persons in accordance
 with this Agreement, or

C. will:
 (i) take an action that would cause the exemption provided by Section 3(a)(9) of the U.S. Securities Act to be unavailable for the
 exchange of Special Warrants for Units; and (ii) pay or give any commission or other remuneration, directly or indirectly, for soliciting
 the exchange of Special Warrants for Units;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) except
 with respect to sales in accordance with Section 8(a) of this Agreement in reliance upon the exemption from registration provided
 by Rule 506(b) of Regulation D, none of it, its affiliates, or any person acting on its or their behalf, has made or will make:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. any
 offer to sell, or any solicitation of an offer to buy, any Special Warrants or Private Placement Units in the United States or to,
 or for the account or benefit of, a U.S. Person or a person in the United States; or

B. any
 sale of any Special Warrants or Private Placement Units unless, at the time the buy order was or will have been originated, the Purchaser
 is:

1 outside the United States and not a U.S. Person; or <br>2 it, its affiliates, and any person acting on their behalf reasonably believes that the Purchaser is outside the United States and not a U.S. Person;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) it
 shall refuse to register and transfer any Offered Securities that is not made accordance with Regulation S, pursuant to registration
 under the U.S. Securities Act, or pursuant to an available exemption from such registration and the Offered Securities shall bear
 a legend to the foregoing effect, as well as a notation that hedging transactions involving such securities may not be conducted
 unless in compliance with the U.S. Securities Act;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii) it
 will, within prescribed time periods, prepare and file any forms or notices required under the U.S. Securities Laws in connection
 with the offer and sale of the Offered Securities, including filing a Form D with the SEC in a timely manner;

(ix) neither
 it nor any of its predecessors or affiliates has been subject to any order, judgment or decree of any court of competent jurisdiction
 temporarily, preliminarily or permanently enjoining such person for failure to comply with Rule 503 of Regulation D;

(x) it
 will comply with the U.S. Securities Act so as to permit the completion of the distribution of the Special Warrants and the Private
 Placement Units as contemplated hereby and in the Transaction Documents;

(xi) none
 of it or any of its predecessors or subsidiaries has had the registration of a class of securities under the U.S. Exchange Act revoked
 by the SEC pursuant to Section 12(j) of the U.S. Exchange Act and any rules or regulations promulgated under the U.S. Securities
 Act;

(xii) the
 representations, warranties and covenants by it contained in this Section 8(a) shall be true and correct as of the applicable Closing
 Time, with the same force and effect as if then made by it;

(xiii) the
 Corporation is subject to Section 13 or Section 15(d) of the U.S. Exchange Act and is current with SEC filings;

(xiv) it
 is not an "ineligible issuer" as defined under Rule 405 under the U.S. Securities Act;

(xv) it
 will file promptly all reports and any definitive proxy or information statements required to be filed by the Corporation with the
 SEC pursuant to Section 13(a), 13(c), 14 or 15(d) of the U.S. Exchange Act subsequent to the effective date of the Registration Statement
 and for so long as the delivery of the Registration Statement is required in connection with the offering or sale of the Registrable
 Securities;

(xvi) no
 forward looking statement (within the meaning of Section 27A of the U.S. Securities Act) included or incorporated by reference in
 the Registration Statement has been made or reaffirmed without a reasonable basis or has been disclosed other than in good faith;
 and

(xvii) with
 respect to the Special Warrants and the Private Placement Units to be offered and sold hereunder in reliance on Rule 506(b) of Regulation
 D, none of the Corporation, any of its predecessors, any director, executive officer, or other officer of the Corporation participating
 in the Offering, any beneficial owner of 20% or more of the Corporation's outstanding voting equity securities, calculated
 on the basis of voting power, nor any promoter (as that term is defined in Rule 405 under the U.S. Securities Act but excluding the
 Agents, their U.S. Affiliates and their respective affiliates or any person acting on its or their behalf, as to whom the Corporation
 makes no representation, warranty, acknowledgement, covenant or agreement) connected with the Corporation in any capacity at the
 time of sale (each, an "**Issuer Covered Person**" and, together, "**Issuer Covered Persons**") is
 subject to any of the "Bad Actor" disqualifications described in Rule 506(d)(1)(i) to (viii) of Regulation D (a "**Disqualification Event** "), except for a Disqualification Event covered by Rule 506(d)(2) or (d)(3) of Regulation D. The Corporation has exercised
 reasonable care to determine: (i) the identity of each person that is an Issuer Covered Person; and (ii) whether any Issuer Covered
 Person is subject to a Disqualification Event. The Corporation has complied, to the extent applicable, with its disclosure obligations
 under Rule 506(e) of Regulation D, and has furnished to the Agents a copy of any disclosures provided thereunder. The Corporation
 has not paid and will not pay, nor is it aware of any person that has paid or will pay, directly or indirectly, any remuneration
 to any person (other than the Dealer Covered Persons (as defined below)) for solicitation of purchasers of the Special Warrants or
 Private Placement Units.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Undertakings of the Agents in Compliance with Regulation S</u> 

Each of the Agents, on their own behalf and on behalf of their U.S. Affiliate, represents, warrants, covenants and agrees to and with the Corporation that except as otherwise permitted by Section 8(c) of this Agreement, it will offer and sell the Offered Securities only in accordance with Rule 903 of Regulation S. Accordingly, none of the Agents, the U.S. Affiliates, or any person acting on their behalf has made or will make (except as permitted by Section 8(c) of this Agreement) as of the date hereof and the applicable Closing Date:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) any
 offer to sell, or any solicitation of an offer to buy, the Offered Securities in the United States or to, or for the account or benefit
 of, any U.S. Person or any person in the United States;

(ii) any
 sale of the Offered Securities to any Purchaser unless, at the time the buy order was or will have been originated the Purchaser
 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;A. outside
 the United States and not a U.S. Person and not acting for the account or benefit of a person in the United States or a U.S. Person;
 or

B. the
 Agents, their affiliates and any person acting on their behalf reasonably believes that the Purchaser is outside the United States
 and not a U.S. Person and not acting for the account or benefit of a person in the United States or a U.S. Person;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) any
 Directed Selling Efforts in the United States with respect to any of the Offered Securities;

(iv) any
 offers or sales of the Offered Securities during the Distribution Compliance Period (as hereinafter defined) unless such offers and
 sales are made in accordance with Rule 903 or Rule 904 of Regulation S, pursuant to registration of such securities under the U.S.
 Securities Act, or pursuant to an available exemption under the U.S. Securities Act, and any hedging transactions with regard to
 such securities prior to the expiration of the Distribution Compliance Period are made in compliance with the U.S. Securities Act;
 or

(v) any
 sale of Offered Securities during the Distribution Compliance Period to any distributor (as defined in Regulation S), any dealer
 (as defined in Section 2(a)(12) of the U.S. Securities Act), or any person receiving a selling concession, fee or other remuneration,
 unless it sends to any such person a confirmation or other notice stating that such person is subject to the same restrictions on
 offers and sales that apply to a distributor under Regulation S.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Offering by Agents in the United States</u> 

The Agents, on their own behalf and on behalf of their U.S. Affiliate, acknowledge that none of the Offered Securities and the Compensation Securities have been registered under the U.S. Securities Act or the securities laws of any state in the United States and may not be offered or sold in the United States or to, or for the account or benefit of, U.S. Persons, except pursuant to available exemptions from the registration requirements of the U.S. Securities Act and any applicable state securities laws. Accordingly, each of the Agents, on their own behalf and on behalf of their U.S. Affiliate, represents, warrants, covenants and agrees to and with the Corporation as of the date hereof and the applicable Closing Date, that, with respect to each offer or sale of the Offered Securities in the United States or to, or for the account or benefit of, a person in the United States or a U.S. Person, it has offered and sold, and will offer and sell such securities only in the following manner:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) it
 will offer the Offered Securities for sale by the Corporation in the United States and to, or for the account or benefit of, persons
 in the United States or U.S. Persons only through their respective U.S. Affiliate, each, a broker-dealer registered pursuant to Section
 15(b) of the U.S. Exchange Act and in good standing with the Financial Industry Regulatory Authority, Inc. at the time of each offer
 and sale of such securities, solely to U.S. Accredited Investors or to Qualified Institutional Buyers, and only in states of the
 United States where such broker-dealer is registered, or otherwise exempt from registration at the time of each offer and sale of
 such securities and in compliance with all applicable U.S. federal and state broker-dealer requirements;

(ii) it
 has not and will not offer or sell the Offered Securities by any form of General Solicitation or General Advertising or any manner
 involving a public offering within the meaning of Section 4(a)(2) of the U.S. Securities Act; and (ii) it has not violated and will
 not violate Regulation M under the U.S. Exchange Act in connection with the offer and sale of the Offered Securities;

(iii) any
 offer, sale or solicitation of an offer to buy the Offered Securities by it that has been made or will be made in the United States
 or to, or for the account or benefit of, U.S. Persons was or will be made only to U.S. Accredited Investors or to Qualified Institutional
 Buyers in compliance with the exemption from registration provided by Rule 506(b) of Regulation D, and in transactions that are exempt
 from registration under the applicable state securities laws;

(iv) it
 has not entered and will not enter into any contractual arrangement with respect to the distribution of the Offered Securities, except
 with their respective U.S. Affiliates, or with the prior written consent of the Corporation, and they shall require their respective
 U.S. Affiliates to agree, for the benefit of the Corporation, to comply with, and shall use their commercially reasonable best efforts
 to ensure that their respective U.S. Affiliates comply with, the same provisions of this Agreement as apply to the Agents, as if
 such provisions applied to their respective U.S. Affiliates;

(v) immediately
 prior to soliciting any offeree that is in the United States or a U.S. Person, or that is purchasing for the account or benefit of
 a person in the United States or a U.S. Person, it, its U.S. Affiliate, and any person acting on their behalf had and will have reasonable
 grounds to believe and did and will believe that each such offeree was a U.S. Accredited Investor or a Qualified Institutional Buyer
 with respect to which it, its U.S. Affiliate or any party hereto has a pre-existing relationship, and at the time of completion of
 each sale to a U.S. Purchaser (hereinafter defined), it, its U.S. Affiliates, and any person acting on their behalf will have reasonable
 grounds to believe and will believe, that such purchaser is a U.S. Accredited Investor or a Qualified Institutional Buyer;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) prior
 to completion of any sale of Special Warrants or Private Placement Units by it to a person in the United States or a U.S. Person,
 or to a person purchasing for the account or benefit of a person in the United States or a U.S. Person, or to a person that was offered
 Offered Securities in the United States (any of the foregoing a "U.S. Purchaser"), it shall cause each such U.S. Purchaser
 of Special Warrants or Private Placement Units to execute a Subscription Agreement in the form agreed upon by the Agents and the
 Corporation, including all applicable schedules and annexes included therein;

(vii) no
 written material will be used in connection with the offer or sale of the Offered Securities in the United States and to, or for
 the account or benefit of, persons in the United States or U.S. Persons, other than the Subscription Agreements referenced in Section
 8(c)(vi) above and the Investor Presentation;

(viii) it
 shall give the Corporation reasonable notice of the U.S. jurisdictions in which it proposes to offer and sell the Offered Securities,
 so as to assist the Corporation, as applicable, in satisfying its obligations hereunder;

(ix) at
 least three Business Days prior to the applicable Closing, the Corporation will be provided with a list of all U.S. Purchasers;

(x) the
 representations, warranties and covenants by it contained in Section 8(b) of this Agreement and this Section 8(c) shall be true and
 correct as of the applicable Closing Time, with the same force and effect as if then made by it;

(xi) at
 the applicable Closing Time, it will either: (i) together with its U.S. Affiliate provide to the Corporation a certificate in the
 form of Schedule "A" to this Agreement relating to the manner of the offer and sale of the Offered Securities in the
 United States and to, or for the account or benefit of, persons in the United States or U.S. Persons; or (ii) be deemed to have represented
 and warranted to the Corporation, as of the applicable Closing Time, that it did not and will not offer or sell any of the Offered
 Securities in the United States or to, or for the account or benefit of, persons in the United States or U.S. Persons;

(xii) it
 will inform, and cause its U.S. Affiliate to inform, each U.S. Purchaser that: (i) the Offered Securities have not been registered
 under the U.S. Securities Act or under state securities laws; (ii) the Offered Securities are being sold to it without registration
 under the U.S. Securities Act in reliance on the exemption provided by Rule 506(b) of Regulation D and in reliance upon exemptions
 from applicable state securities laws; (iii) the Offered Securities are "restricted securities" within the meaning of
 Rule 144 of the U.S. Securities Act and may not be offered or sold in the United States or to, or for the account or benefit of,
 U.S. Persons, nor may hedging transactions involving such securities be conducted, unless such securities are registered under the
 U.S. Securities Act and any applicable state securities laws, an exemption from such registration is available or such registration
 is otherwise not required;

(xiii) none
 of it, its U.S. Affiliate or any person acting on its or their behalf will: (i) take an action that would cause the exemption provided
 by Section 3(a)(9) of the U.S. Securities Act to be unavailable for the exchange of Special Warrants for Units or for the exchange
 of Agents Compensation Options for Compensation Units; and (ii) receive any commission or remuneration, directly or indirectly, for
 soliciting the exchange of Special Warrants for Units;

(xiv) it
 is acquiring the Compensation Securities as principal for its own account and not for the benefit of any other person. Furthermore,
 in connection with the issuance of the Compensation Securities, it is: (i) not a U.S. Person and it is not acquiring the Compensation
 Securities in the United States, or on behalf of a U.S. Person or a person located in the United States; and (ii) this Agreement
 was executed and delivered outside the United States. It agrees that it will not engage in any Directed Selling Efforts with respect
 to any Compensation Securities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xv) it
 understands and agrees that offers and sales of any of the Compensation Securities prior to one year from the issuance of such securities
 (such one year period referred to as the "**Distribution Compliance Period**") shall only be made in compliance with
 the safe harbor provisions set forth in Regulation S, pursuant to the registration provisions of the U.S. Securities Act or an exemption
 therefrom, and that all offers and sales after the Distribution Compliance Period shall be made only in compliance with the registration
 provisions of the U.S. Securities Act or an exemption therefrom, and in each case only in accordance with applicable state securities
 laws, and it agrees not to engage in hedging transactions involving such securities unless such transactions are in compliance with
 the provisions of the U.S. Securities Act and in each case only in accordance with applicable state securities laws.

(xvi) with
 respect to the Offered Securities to be offered and sold hereunder in reliance on Rule 506(b) of Regulation D (the "**Regulation D Securities** "), none of it, its U.S. Affiliates, any of their respective general partners or managing members, any director
 or executive officer of any of the foregoing, any other officer of any of the foregoing participating in offer and sale of the Regulation
 D Securities, or any other officer or employee of any of the foregoing that has been or will be paid (directly or indirectly) remuneration
 for solicitation of purchasers of the Regulation D Securities (each, a "**Dealer Covered Person**" and, together,
 the "**Dealer Covered Persons**") is subject to any Disqualification Event except for a Disqualification Event (i)
 covered by Rule 506(d)(2) of Regulation D and (ii) a description of which has been furnished in writing to the Corporation prior
 to the date hereof. Neither it nor its U.S. Affiliate has paid or will pay, nor is it aware of any other person that has paid or
 will pay, directly or indirectly, any remuneration to any person (other than the Dealer Covered Persons) for solicitation of purchasers
 of the Regulation D Securities.

**Section 9. Closing**

The purchase and sale of the Special Warrants and/or the Private Placement Units, as applicable, shall be completed at the applicable Closing Time at the offices of Blake, Cassels & Graydon LLP in Vancouver, BC or at such other place as the Lead Agents and the Corporation may agree. At the applicable Closing Time, the Corporation shall, as applicable: (i) cause the Special Warrant Agent to issue such certificates representing, as requested, the Special Warrants, (ii) deliver the PP Units Shares, by way of electronic deposit, certificated form or direct registration statement, as requested, and (iii) deliver the PP Warrant Certificates, as requested, all registered in such names as Echelon may notify the Corporation in writing not less than 24 hours prior to the applicable Closing Time against payment by the Agents to the Corporation, at the direction of the Corporation, of the aggregate purchase price for the Special Warrants and the Private Placement Units less an amount equal to the Agents' Commission, and a reasonable estimate of the Agents' Expenses payable pursuant to Section 15, by wire transfer, or if permitted by applicable Law, certified cheque or bank draft, in Canadian currency payable at par in Toronto, ON, together with a receipt signed by Echelon for such certificates and the Agents' Commission, and the Agents' Expenses. As soon as practicable following the applicable Closing Time, the Agents shall submit an invoice with respect to the actual reasonable out of-pocket fees and the Agents' Expenses payable by the Corporation pursuant to Section 15 (and subject to solicitor-client confidentiality provide the Corporation with such back up detail for such invoices as the Corporation may reasonably request). In the event that the actual reasonable out-of-pocket fees and the Agents' Expenses is less than the estimated amount thereof paid to the Agents on Closing, the Agents shall reimburse the Corporation for the amount of such difference. In the event that the actual reasonable out-of-pocket fees and the Agents' Expenses is greater than the estimated amount thereof paid to the Agents on Closing, the Corporation shall promptly pay the amount of such difference to the Agents (up to the maximum amounts set forth in this Agreement).

**Section 10. Termination Rights**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The
 Agents (or any one of them) shall be entitled to terminate their obligations hereunder by written notice to that effect given to
 the Corporation at or prior to the applicable Closing Time if:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) **Restrictions on Distribution.** Any inquiry, action, suit, investigation or other proceeding (whether formal or informal), including matters
 of regulatory transgression or unlawful conduct, is commenced, announced or threatened or any order is made or issued under or pursuant
 to any federal, provincial, state, municipal or other governmental department, commission, board, bureau, agency or instrumentality
 (including without limitation the CSE or any securities regulatory authority) or there is any enactment or change in any law, rule
 or regulation, or the interpretation or administration thereof, which, in the reasonable opinion of the Agents (or any one of them),
 could operate to prevent, restrict or otherwise seriously adversely affect in any manner the distribution of the Special Warrants
 and the Private Placement Units or the market price or value of the Common Shares;

(ii) **Material Change.** There shall occur or come into effect any material change in the business, affairs, financial condition, capital or control
 of the Corporation and its Subsidiaries, taken as a whole, or any change in any material fact or new material fact, or there should
 be discovered any previously undisclosed fact which, in each case, in the reasonable opinion of the Agents (or any one of them),
 has or could reasonably be expected to have a significant effect on the market price or value or marketability of the Special Warrants
 and the Private Placement Units;

(iii) **Disaster Out.** There should develop, occur or come into effect or existence any event, action, state, or condition or any action, law or
 regulation, inquiry, including, without limitation, terrorism, pandemic, accident or major financial, political or economic occurrence
 of national or international consequence, or any action, government, law, regulation, inquiry or other occurrence of any nature,
 which in the reasonable opinion of the Agents (or any one of them), seriously adversely affects or involves, or may seriously adversely
 affect or involve, the financial markets in Canada or the U.S. or the business, operations or affairs of the Corporation or the marketability
 of the Special Warrants and the Private Placement Units;

(iv) **Adverse Order.** An order shall have been made or threatened to cease or suspend trading in the Special Warrants and the Private Placement
 Units, or to otherwise prohibit or restrict in any manner the distribution or trading of the Special Warrants and the Private Placement
 Units or proceedings are announced or commenced for the making of any such order by any securities regulatory authority or similar
 regulatory or judicial authority or the CSE;

(v) **Market Out.** The state of the financial markets in Canada or the U.S. is such that in the reasonable opinion of the Agents (or any one
 of them), the Special Warrants and the Private Placement Units cannot be marketed profitably;

(vi) **Litigation**.
 Any inquiry, action, suit, proceeding or investigation (whether formal or informal) (including matters of regulatory transgression
 or unlawful conduct) is commenced, announced or threatened in relation to the Corporation, the Subsidiaries or any one of the officers
 or directors thereof or any of the respective promoters or principal shareholders thereof which, in the sole opinion of the Agents
 (or any one of them), acting reasonably, has or would be expected to have a significant adverse effect on the market price or value
 of the securities of the Corporation or on the marketability of the Offering;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) **Breach.** The Corporation is in breach of any material term, condition or covenant of this Agreement or any representation or warranty
 given by Corporation becomes or is false in any material respect; or

(viii) **Due Diligence.** If the Agents (or any one of them) are not satisfied in their sole discretion, acting reasonably, with their due diligence
 review and investigations in respect of the Corporation and its Subsidiaries.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The
 rights of termination contained in this Section 10 as may be exercised by the Agents (or any of them) and are in addition to any
 other rights or remedies the Agents may have in respect of any default, act or failure to act or non-compliance by the Corporation
 in respect of any of the matters contemplated by this Agreement or otherwise. Any such termination shall not discharge or otherwise
 affect any obligations or liability of the Corporation provided herein or prejudice any other rights or remedies any party may have
 as a result of any breach, default or non-compliance by any other party. Notwithstanding the foregoing sentence, in the event of
 any such termination, there shall be no further liability on the part of the Agents to the Corporation or on the part of the Corporation
 to the Agents except in respect of any liability which may have arisen prior to or which may arise after such termination under Section
 11, Section 13 and Section 15. A notice of termination given by one Agent under Section 9 shall not be binding upon the other Agents.

**Section 11. All Terms to be Conditions**

The Corporation agrees that the conditions contained in Section 5 will be complied with insofar as the same relate to acts to be performed or caused to be performed by the Corporation and that it will use its best efforts to cause all such conditions to be complied with. Any breach or failure to comply with any of the conditions set out in Section 5 shall entitle the Agents (or any of them) to terminate this Agreement by written notice to that effect given to the Corporation at or prior to the applicable Closing Time. It is understood that the Agents may waive, in whole or in part, or extend the time for compliance with, any of such terms and conditions without prejudice to the rights of the Agents in respect of any such terms and conditions or any other or subsequent breach or non-compliance, provided that to be binding on the Agents any such waiver or extension must be in writing.

**Section 12. Indemnification**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The
 Corporation agrees to indemnify and hold harmless each of the Agents, each of the Agents' subsidiaries and affiliates and each
 of their respective directors, officers, employees, partners, agents, shareholders, each other person, if any, controlling the Agents,
 or any of their respective subsidiaries and affiliates (collectively, the "**Indemnified Parties**" and individually,
 an "**Indemnified Party** "), from and against any and all losses (other than loss of profits), expenses, claims (including
 shareholder actions, derivative or otherwise), actions, damages and liabilities, joint or several, including without limitation the
 aggregate amount paid in reasonable settlement of any actions, suits, proceedings, investigations or claims and the reasonable fees
 and expenses of their counsel (collectively, the "**Losses**") that may be suffered by, imposed upon or asserted against
 an Indemnified Party as a result of, in respect of, connected with or arising out of any action, suit, proceeding, investigation
 or claim that may be made or threatened by any person or in enforcing this indemnity (collectively, the "**Claims** ")
 insofar as the Claims relate to, are caused by, result from, arise out of or are based upon, directly or indirectly, this Agreement,
 including, for greater certainty, the Registration Statement, whether performed before or after the date hereof, and to reimburse
 each Indemnified Party forthwith, upon demand, for any legal or other expenses reasonably incurred by such Indemnified Party in connection
 with any Claim.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) In
 addition, the Corporation shall indemnify and save harmless the Agents from any and all losses or expenses relating to sales to investors
 on the President's List.

(c) The
 foregoing indemnity shall not apply, and the Indemnified Party shall reimburse any funds advanced by the Corporation pursuant to
 the foregoing indemnity, to the extent that a court of competent jurisdiction in a final judgment that has become non-appealable
 has determined that such Losses to which the Indemnified Party may be subject were caused by the material breach of this Agreement,
 breach of applicable Laws, gross negligence or fraudulent act of the Indemnified Party. The Corporation agrees to waive any right
 the Corporation may have of first requiring an Indemnified Party to proceed against or enforce any other right, power, remedy or
 security or claim payment from any other person before claiming under this indemnity.

(d) Promptly
 after receiving notice of a Claim against any Indemnified Party or receipt of notice of the commencement of any investigation which
 is based, directly or indirectly, upon any matter in respect of which indemnification may be sought from the Corporation, any such
 Indemnified Party will notify the Corporation in writing of the particulars thereof, provided that the omission so to notify the
 Corporation shall not relieve the Corporation of any liability which the Corporation may have to any Indemnified Party except and
 only to the extent that any such delay in or failure to give notice as required prejudices the defense of such Claim or results in
 any material increase in the liability which the Corporation has under this indemnity. The Corporation shall have 14 days after receipt
 of the notice to undertake, conduct and control, through counsel of its own choosing and at its own expense, the settlement or defense
 of the Claim. If the Corporation undertakes, conducts or controls the settlement or defense of the Claim, the relevant Indemnified
 Parties shall have the right to participate in the settlement or defense of the Claim.

(e) The
 Corporation will not, without the prior written consent of Echelon, compromise, consent to the entry of any judgment in or otherwise
 seek to terminate any Claim in respect of which indemnification may be sought under this indemnity (whether or not any Indemnified
 Party is a party to such Claim) unless the Corporation has acknowledged in writing that the Indemnified Parties are entitled to be
 indemnified in respect of such Claim and such settlement, compromise, consent or termination includes an unconditional release of
 each Indemnified Party from any liabilities arising out of such Claim without any admission of negligence, misconduct, liability
 or responsibility by or on behalf of any Indemnified Party.

(f) The
 Corporation hereby constitutes Echelon as trustee for each of the other Indemnified Parties which are not a party to this Agreement
 of the Corporation's covenants under this indemnity with respect to those persons and Echelon agrees to accept that trust and
 to hold and enforce those covenants on behalf of those persons.

(g) The
 Corporation also agrees that no Indemnified Party shall have any liability (whether direct or indirect, in contract or tort or otherwise)
 to the Corporation or any person asserting Claims on behalf of or in right of the Corporation for or in connection with this Agreement
 (whether performed before or after the Corporation's execution of this Agreement), except to the extent that any losses, expenses,
 claims, actions, damages or liabilities incurred by the Corporation are determined by a court of competent jurisdiction in a final
 judgement (in a proceeding in which an Indemnified Party is named as a party) that has become non-appealable to have resulted from
 a material breach of this Agreement, breach of applicable laws, gross negligence or fraudulent act of such Indemnified Party..

(h) The
 Corporation also agrees to reimburse the Indemnified Party for the time spent by their personnel in connection with any Claim at
 their normal per diem rates. The Indemnified Parties may retain counsel to separately represent them in the defense of a Claim, which
 shall be at the Corporation's expense if (i) the Corporation does not promptly assume the defense of the Claim no later than
 14 days after receiving actual notice of the Claim (as set forth above), (ii) the Corporation agrees to separate representation,
 or (iii) the Indemnified Parties are advised by external legal counsel that there is an actual or potential conflict in the Corporation's
 and the Indemnified Party's respective interests or additional defenses are available to the Indemnified Parties, which makes
 representation by the same counsel inappropriate.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) The
 Corporation also agrees that if any action, suit, proceeding or claim shall be brought against, or any investigation commenced in
 respect of the Corporation, and any of the Agents or personnel of such Agents shall be required to testify, participate or respond
 in respect of or in connection with the Offering, each such Agent shall have the right to employ its own counsel in connection therewith
 and the Corporation will reimburse such Agent monthly for the time spent by its personnel in connection therewith at their normal
 per diem rates together with such disbursements and reasonable out-of-pocket expenses as may be incurred, including fees and disbursements
 of such Agent's counsel.

(j) The
 obligations of the Corporation hereunder are in addition to any liabilities which the Corporation may otherwise have to any Indemnified
 Party. The foregoing provisions shall survive the completion of professional services rendered under this Agreement or any termination
 of the authorization given by this Agreement.

**Section 13. Contribution**

In order to provide for a just and equitable contribution in circumstances in which the indemnity provided in Section 12 (other than in accordance with the terms hereof) would otherwise be available in accordance with its terms but is unavailable to the Agents or the Indemnified Parties or insufficient to hold them harmless in respect of a Claim for any reason, the Corporation shall contribute to the amount paid or payable by the Agents or the other Indemnified Party as a result of such Claim in such proportion as is appropriate to reflect not only the relative benefits received by the Corporation on the one hand and the Agents or any other Indemnified Party on the other hand but also the relative fault of the Corporation, the Agents or any other Indemnified Party as well as any relevant equitable considerations; provided that the Corporation shall in any event contribute to the amount paid or payable by the Agents or any other Indemnified Party as a result of such Claim any excess of such amount over the amount of the fees received by the Agents under this Agreement.

**Section 14. Advertisements**

If the Offering is successfully completed, the Corporation acknowledges and agrees that the Agents will be permitted to publish, at their own expense, public announcements or other communications relating to their services in connection with the Offering as they consider appropriate.

**Section 15. Expenses**

The Corporation will be responsible for all expenses related to the Offering, whether or not the Offering is completed, including, but not limited to, the fees and disbursements of the Corporation's legal counsel, the fees and disbursements of the Agent's legal counsel (including all expenses and Agent's legal fees associated with the November 22, 2022 announced public offering), the fees and disbursements of accountants and auditors, the fees and disbursements of translators, the reasonable fees and disbursements of technical consultants and other applicable experts, all costs and expenses related to road-shows and marketing activities (other than the Investor Presentation), printing costs, filing fees, distribution fees, stock exchange fees, fees for other regulatory compliance, other reasonable out-of-pocket expenses of the Agents (including, but not limited to, travel expenses in connection with due diligence and marketing activities) and all taxes payable in respect of any of the foregoing. All such fees, disbursements and expenses shall be payable by the Corporation immediately upon receiving an invoice therefor from Echelon, or, at the option of the Agents, may be deducted from the gross proceeds of the Offering otherwise payable by the Agents to the Corporation at the applicable Closing of the Offering.

**Section 16. Agents' Obligations**

The Agents' obligations, representations, warranties and covenants under this Agreement shall be several (and not joint nor joint and several), and the Agents' respective obligations and rights and benefits hereunder shall be as to the following percentages:

---

| | |
|:---|:---|
| Echelon Wealth Partners Inc. | 52.5% |
| Roth Capital Partners, LLC | 35.0% |
| Laurentian Bank Securities Inc. | 12.5% |
|  | 100% |

---

**Section 17. Governing Law**

This Agreement shall be governed by and construed in accordance with the laws of the Province of Ontario and the federal laws of Canada applicable therein. The parties irrevocably attorn to the jurisdiction of the courts of the Province of Ontario, which will have non-exclusive jurisdiction over any matter arising out of this Agreement.

**Section 18. Authority to Bind Agents**

The Corporation shall be entitled to and shall act on any notice, waiver, extension or communication given by or on behalf of the Agents by Echelon, which shall represent the Agents, and which shall have the authority to bind the Agents in respect of all matters hereunder, except in respect of any settlement under Section 12 or Section 13, and any matter referred to in Section 10.

**Section 19. Survival of Warranties, Representations, Covenants and Agreements**

Except as expressly set out herein, all warranties, representations, covenants and agreements of the Corporation and the Agents herein contained or contained in documents submitted or required to be submitted pursuant to this Agreement shall survive the Closing of the Offering and shall continue in full force and effect for the benefit of the Agents, the Purchasers or the Corporation, as the case may be, regardless of the Closing of the sale of the Special Warrants and/or the Private Placement Units, any subsequent disposition of the Special Warrants, the Unit Shares, the Warrants, the Warrant Shares, the PP Unit Shares, the PP Warrants or the PP Warrant Shares by the Purchasers or the termination of the Agents' obligations under this Agreement, for a period ending on the date that is three years following the final Closing Date and shall not be limited or prejudiced by any investigation made by or on behalf of the Agents or the distribution of the Special Warrants and the Private Placement Units or otherwise, and the Corporation agrees that the Agents shall not be presumed to know of the existence of a claim against the Corporation under this Agreement or any certificate delivered pursuant to this Agreement or in connection with the purchase and sale of the Special Warrants and the Private Placement Units as a result of any investigation made by or on behalf of the Agents in accordance with the distribution of the Special Warrants, the Private Placement Units or otherwise. Notwithstanding the foregoing, the provisions contained in this Agreement in any way related to indemnification or contribution obligations shall survive and continue in full force and effect, indefinitely.

**Section 20. Notices**

All notices or other communications by the terms hereof required or permitted to be given by one party to another shall be given in writing by personal delivery or by electronic delivery to such other party as follows:

---

| | |
|:---|:---|
| (i) | to the Corporation at: |
|  | Bunker Hill Mining Corp. |
|  | 82 Richmond Street East |
|  | Toronto, ON M5C 1P1 |
| Attention: Chief Executive Officer | Attention: Chief Executive Officer |
| E-Mail: **[Redacted – Personal Information]** | E-Mail: **[Redacted – Personal Information]** |

---

with a copy (which shall not constitute notice hereunder) to:

---

| | |
|:---|:---|
|  | Blake, Cassels & Graydon LLP |
|  | 595 Burrard Street, Suite 2600 |
|  | Vancouver, BC V7X 1L3 |
|  | Attention: Jamie Kariya |
|  | E-Mail: **[Redacted – Personal Information]** |
| (ii) | to the Agents, to: |
|  | Echelon Wealth Partners Inc. |
|  | 181 Bay Street, Suite 2500 |
|  | Toronto, ON M5J 2T3 |
|  | Attention: Jason Yeung |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Managing Director |
|  | E-Mail: **[Redacted – Personal Information]** |
|  | Roth Capital Partners, LLC |
|  | 888 San Clemente Drive |
|  | Newport Beach, California 92660 |
|  | Attention: Joseph Barry |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Managing Director |
|  | Email: **[Redacted – Personal Information]** |
|  | Laurentian Bank Securities Inc. |
|  | 1360 Rene-Levesque Blvd. W. Suite 620 |
|  | Montreal, QC H3G 0E8 |
|  | Attention: Joseph Gallucci |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Managing Director |
|  | E-Mail: **[Redacted – Personal Information]** |

---

with a copy (which shall not constitute notice hereunder) to:

---

| |
|:---|
| DLA Piper (Canada) LLP |
| 100 King St West, Suite 6000 |
| Toronto, Ontario M5X 1E2 |
| Attention: Derek Sigel |
| E-Mail: **[Redacted – Personal Information]** |

---

or at such other address or e-mail address as may be given by either of them to the other in writing from time to time. Each notice shall be personally delivered to the addressee or sent by electronic transmission to the addressee and: (i) a notice which is personally delivered shall, if delivered on a Business Day, be deemed to be given and received on that day and, in any other case, be deemed to be given and received on the first Business Day following the day on which it is delivered; and (ii) a notice which is sent by electronic transmission shall be deemed to be given and received on the Business Day on which it is confirmed to have been sent.

**Section 21. Other Business**

The Corporation acknowledges that the Agents and certain of their affiliates: (i) act as an investment fund manager and a trader or, and dealer in, securities both as principal and on behalf of its clients (including managed accounts and investment funds) and, as such, may have had, and may in the future have, long and short positions in the securities of the Corporation or related entities, and, from time to time, may have executed or may execute transactions on behalf of such persons; (ii) may provide research or investment advice or portfolio management services to clients on investment matters, including the Corporation; (iii) may participate in securities transactions on a proprietary basis, including transactions in the Offered Securities or other securities of the Corporation or related entities; and (iv) nothing herein shall restrict their ability to conduct business in the ordinary course and in compliance with applicable laws. The Agents acknowledge their responsibility to comply with applicable securities laws as they relate to the trading of securities while in possession of material non-public information and further acknowledge that they have in place information barriers to protect the unauthorized transmission of such information to employees who do not have a legitimate need to know such information.

**Section 22. Enforceability**

To the extent permitted by applicable Law, the invalidity or unenforceability of any particular provision of this Agreement will not affect or limit the validity or enforceability of the remaining provisions of this Agreement.

**Section 23. Successors and Assigns**

The terms and provisions of this Agreement will be binding upon and enure to the benefit of the Corporation and the Agents and their respective successors and assigns; provided that, except as otherwise provided in this Agreement, this Agreement will not be assignable by any party without the written consent of the others and any purported assignment without that consent will be invalid and of no force and effect.

**Section 24. Entire Agreement; Time of the Essence**

This Agreement constitutes the entire agreement between the Agents and the Corporation relating to the subject matter hereof and supersedes all prior agreements between the Agents and the Corporation (including, for greater certainty, the Engagement Letter) and time shall be of the essence hereof.

**Section 25. Further Assurances**

Each of the parties hereto shall do or cause to be done all such acts and things and shall execute or cause to be executed all such documents, agreements and other instruments as may reasonably be necessary or desirable for the purpose of carrying out the provisions and intent of this Agreement.

**Section 26. No Fiduciary Duty**

The Corporation acknowledges and agrees that: (a) the Agents have not assumed or will assume a fiduciary responsibility in favour of the Corporation with respect to the Offering contemplated hereby or the process leading thereto and none of the Agents has any obligation to the Corporation with respect to the Offering contemplated hereby except the obligations expressly set forth in this Agreement; (b) any Agents and their respective affiliates may be engaged in a broad range of transactions that involve interests that differ from those of the Corporation; and (c) none of the Agents has provided any legal, accounting, regulatory or tax advice with respect to the Offering contemplated hereby and the Corporation has consulted its own legal, accounting, regulatory and tax advisors to the extent it deemed appropriate.

**Section 27. Effective Date**

This Agreement is intended to and shall take effect as of the date first set forth above, notwithstanding its actual date of execution or delivery.

**Section 28. Language**

The parties hereby acknowledge that they have expressly required this Agreement and all notices, statements of account and other documents required or permitted to be given or entered into pursuant hereto to be drawn up in the English language only. *Les parties reconnaissent avoir expressment demandées que la présente convention ainsi que tout avis, tout état de compte et tout autre document a être ou pouvant être donné ou conclu en vertu des dispositions des présentes, soient rédigés en langue anglaise seulement.*

 

**Section 29. Counterparts and Electronic or Facsimile Copies**

This Agreement may be executed in any number of counterparts and by facsimile or other electronic transmission (in PDF), each of which so executed will constitute an original and all of which taken together shall form one and the same agreement.

**[Balance of Page Intentionally Left Blank]**

If this offer accurately reflects the terms of the transaction which we are to enter into and if such terms are agreed to by the Corporation please communicate your acceptance by executing where indicated below and returning one originally executed copy to the Agents.

**ECHELON WEALTH PARTNERS INC.**

---

| | |
|:---|:---|
| Per: | (signed) *"Jason Yeung"* |
|  | Authorized Signing Officer |
| **ROTH CAPITAL PARTNERS, LLC** | **ROTH CAPITAL PARTNERS, LLC** |
| Per: | (signed) *"Joseph Barry"* |
|  | Authorized Signing Officer |
| **LAURENTIAN BANK SECURITIES INC.** | **LAURENTIAN BANK SECURITIES INC.** |
| Per: | (signed) *"Joseph Gallucci"* |
|  | Authorized Signing Officer |

---

The foregoing is hereby accepted and agreed to by the undersigned as of the date first written above.

**BUNKER HILL MINING CORP.**

Per: <u>(signed) *"Sam Ash"*</u> <br> Authorized Signing Officer

**SCHEDULE "A"**

**Agents' CERTIFICATE**

In connection with the offer and sale in the United States or to, or for the account or benefit of, U.S. Persons, of Special Warrants (the "**Special Warrants**") of Bunker Hill Mining Corp. (the "**Corporation**") and units of the Corporation ("**Private Placement Units**") pursuant to an agency agreement (the "**Agency Agreement**") dated March 27, 2023 between the Corporation and the Agents named in the Agency Agreement, the undersigned each hereby certify as follows:

(i) on
 the date hereof and on the date of each offer, solicitation of an offer and sale of Special Warrants or Private Placement Units in
 the United States or to, or for the account or benefit of, U.S. Persons, the U.S. Affiliate is and was: (A) a duly registered broker-dealer
 with the United States Securities and Exchange Commission and under the laws of each state where offers and sales of Special Warrants
 or Private Placement Units were made (unless exempted therefrom); and (B) a member of and in good standing with the Financial Industry
 Regulatory Authority, Inc.;

(ii) all
 offers of Special Warrants or Private Placement Units for sale by the Corporation in the United States or to, or for the account
 or benefit of, U.S. Persons, have been and will be effected and arranged by the U.S. Affiliate in accordance with all applicable
 U.S. federal and state laws and regulation (including, without limitation, laws and regulation with respect to the registration and
 conduct of broker-dealers);

(iii) immediately
 prior to offering or soliciting offers for the Special Warrants or Private Placement Units in the United States or to, or for the
 account or benefit of U.S. Persons, we had reasonable grounds to believe and did believe that each offeree was a U.S. Accredited
 Investor or a Qualified Institutional Buyer, and, on the date hereof, we continue to believe that each person purchasing Special
 Warrants or Private Placement Units from the Corporation in the United States or to, or for the account or benefit of, U.S. Persons,
 is a U.S. Accredited Investor or a Qualified Institutional Buyer;

(iv) no
 form of "general solicitation" or "general advertising" (as those terms are used in Regulation D under the
 U.S. Securities Act) was used by us, including, without limitation, advertisements, articles, notices or other communications published
 in any newspaper, magazine or similar media or the internet or broadcast over radio or television or the internet, or any seminar
 or meeting whose attendees had been invited by general solicitation or general advertising or in any manner involving a public offering
 within the meaning of Section 4(a)(2) of the U.S. Securities Act, in connection with the offer or sale of the Special Warrants or
 Private Placement Units in the United States or to, or for the account or benefit of, U.S. Persons;

(v) the
 offers and solicitations of offers of the Special Warrants and Private Placement Units have been conducted by us in accordance with
 the terms of the Agency Agreement; and

(vi) in
 connection with each sale of Special Warrants or Private Placement Units in the United States or to, or for the account or benefit
 of, U.S. Persons, we (A) caused each purchaser that is a Qualified Institutional Buyer to execute a Subscription Agreement, including
 Schedule F thereto, in a form mutually acceptable to the Corporation and the Lead Agents, and (B) delivered to the Corporation all
 such completed Subscription Agreements.

[*signature page follows*]

Terms used in this certificate have the meanings given to them in the Agency Agreement unless otherwise defined herein.

Dated this ____ day of March, 2023.

---

| | |
|:---|:---|
| **[INSERT NAME OF AGENT]** | **[INSERT NAME OF U.S. AFFILIATE]** |
| By: | By: |
| Name: | Name: |
| Title: | Title: |

---

## Exhibit 10.1

**Exhibit 10.1**

**SUBSCRIPTION AGREEMENT<br> SPECIAL WARRANT FINANCING**

**(Canada, U.S. and International Jurisdictions)**

---

| | |
|:---|:---|
| **TO:** | Bunker Hill Mining Corp. (the **"Company**") |
| **AND TO:** | Echelon Wealth Partners Inc. |
|  | Roth Capital Partners, LLC |
|  | Laurentian Bank Securities Inc. |
|  | (collectively, the "**Agents**") |
| **AND TO:** | U.S. broker-dealer affiliates of the Agents |
|  | (collectively, the "**U.S. Affiliates**") |

---

The undersigned (the "**Purchaser**") hereby irrevocably subscribes for and agrees to purchase from the Company the number of special warrants of the Company (the "**Special Warrants**") set out below for the aggregate subscription price set forth below, representing a subscription price of $0.12 per Special Warrant (the "**Offering Price**"), upon and subject to the terms and conditions set forth in this Subscription Agreement (as defined herein). Each Special Warrant is exercisable into one unit of the Company (a "**Unit**") subject to deemed exercise on the Automatic Exercise Date (as defined herein). Each Unit consists of one share of common stock in the capital of the Company (an "**Underlying Share**") and one common stock purchase warrant in the Company (an "**Underlying Warrant**"). Each Underlying Warrant shall entitle the holder thereof the right to acquire one share of common stock in the capital of the Company (a "**Warrant Share**") at an exercise price of $0.15 per Warrant Share until the date that is 36 months following the applicable Closing Date (as defined herein).

Unless the context otherwise requires all references, in this agreement, to the "Special Warrants" shall include any Additional Special Warrants (as defined herein) issued pursuant to the Agents' Option (as defined herein) and all references to the "**Offering**" shall include the exercise of the Agents' Option.

This subscription, the attached terms and conditions (the "**Terms and Conditions**"), the completed and executed schedules attached hereto, as applicable, and the Term Sheet (as defined in the Terms and Conditions) attached hereto as Schedule D, are collectively referred to as the "**Subscription Agreement**". The Purchaser agrees to be bound by the Terms and Conditions and agrees that the Company and the Agents may rely upon the covenants, representations and warranties contained in this Subscription Agreement.

All references to currency in this Subscription Agreement are to lawful money of Canada, unless otherwise stated.

---

| | | |
|:---|:---|:---|
| **Number of Special Warrants: ______________________** | **Number of Special Warrants: ______________________** | **Aggregate Subscription Amount: $_____________________** |
| **Name and Address of Purchaser:** | **Name and Address of Purchaser:** | **Registration Instructions (if different) (which may be superseded by instructions from the Agents):** |
| Name of Purchaser (*please print*) | Name of Purchaser (*please print*) | Name |
| By: |  |  |
|  | Authorized Signature | Account Reference, if applicable |
| Official Capacity or Title (*please print*) | Official Capacity or Title (*please print*) |  |
| (*Please print name of signatory if different from the name of the Purchaser printed above*.) | (*Please print name of signatory if different from the name of the Purchaser printed above*.) | Address, including postal code/zip code |
| Purchaser's Address, including Province/State and Country: | Purchaser's Address, including Province/State and Country: | **Delivery Instructions (if different):** |
|  |  | Name |
|  |  | Account Reference, if applicable |

---

---

| | |
|:---|:---|
| Telephone Number: | |
| Fax Number: | |
|  | Address, including postal code/zip code |
| E-mail Address: | |
|  | Telephone Number |

---

**<u>Beneficial Purchaser Information</u>**

---

| | |
|:---|:---|
| **Name and Address of beneficial Purchaser ("Beneficial Purchaser") (if not the same as the Purchaser):** | **Beneficial Purchaser's Telephone Number:** |
| Name of Beneficial Purchaser (*please print*) |  |
| Beneficial Purchaser's Address, including Province/State and Country: | E-mail Address:<br>|

---

**<u>Additional Purchaser Information</u>**

<u>Present Ownership of Securities</u>

The Purchaser either [check appropriate box]:

☐ owns directly or indirectly, or exercises control or direction over, **<u>no</u>** common stock in the capital of the Company (the "**Common Shares**") or securities convertible into Common Shares; or

☐ owns directly or indirectly, or exercises control or direction over, _________________ Common Shares and convertible securities entitling the Purchaser to acquire an additional _________________ Common Shares.

<u>Insider Status</u>

The Purchaser either [check appropriate box]:

---

| | |
|:---|:---|
| ☐ | is an "**insider**" of the Company as defined in the *Securities Act* (Ontario), namely: "insider" means: |
| (a) | a director or an officer of the Company, |
| (b) | a director or an officer of a person or company that is itself an insider or a subsidiary of the Company, |
| (c) | a person that has |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) beneficial ownership of, or control or direction over, directly or indirectly, or |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) a combination of beneficial ownership of, and control or direction over, directly or indirectly, securities of the Company carrying more than 10% of the voting rights attached to all the Company's outstanding voting securities, excluding, for the purpose of the calculation of the percentage held, any securities held by the person as underwriter in the course of a distribution, |
| (d) | a reporting issuer that has purchased, redeemed or otherwise acquired a security of its own issue, for so long as it continues to hold that security, |
| (e) | a person or company designated as an insider in an order made under Section 1.1(11) of the *Securities Act* (Ontario), or |
| (f) | a person or company that is in a class of persons or companies designated under subparagraph 40 v of subsection 143(1) of the *Securities Act* (Ontario); or |
| ☐ | is not an "**insider**" of the Company. |

---

<u>Registrant Status</u>

The Purchaser either [check appropriate box]:

☐ is a "**registrant**" as defined in the *Securities Act* (Ontario), namely: a person registered or required to be registered under the *Securities Act* (Ontario) in order to carry on the business of trading securities; or

☐ is not a "**registrant**".

---

| | |
|:---|:---|
|  | **INSTRUCTIONS FOR PURCHASERS**<br>**In order to participate in the Offering, you must deliver the following documents to the applicable Agent or U.S. Affiliate pursuant to Section 5(a) of the Terms and Conditions:**<br>|
| ☐ | Read this Subscription Agreement |
| ☐ | Complete and execute the face page of this Subscription Agreement. |
| ☐ | Complete and execute the Purchaser Certificate attached as Schedule A and, if required, the Individual Risk Acknowledgment Form attached as Attachment 1 to Schedule A. |
| ☐ | If a U.S. Purchaser, read and complete the U.S. Purchaser Certificate attached as Schedule B – Annex 1 or Schedule B – Annex 2. |
| ☐ | If the Purchaser is not a resident of Canada or the United States, complete and execute the International Purchaser Certificate attached as Schedule C. |
| ☐ | Make payment for the Special Warrants as required by Section 2 of the Terms and Conditions. |

---

**ACCEPTANCE**: The Company hereby accepts the above subscription subject to the Terms and Conditions of this Subscription Agreement and the Company covenants, represents and warrants to the Purchaser that the Purchaser shall have the benefit of the representations and ‎warranties made by the Company to the Agents in the Agency Agreement (as defined herein) as if such representations and warranties were ‎made by the Company in this Subscription Agreement and such representations and warranties are true and correct in all material respects as ‎of the applicable Closing Date (save and except as waived by the Agents) and that the Purchaser is entitled to rely thereon‎.

**BUNKER HILL MINING CORP.**

---

| | | |
|:---|:---|:---|
| Per: | | **DATED** as of ______________, 2023. |
| Name: | Sam Ash |  |
| Title: | Chief Executive Officer & President |  |

---

**<u>IMPORTANT NOTES:</u>**

**<u>RESALE RESTRICTIONS</u>**

**The Special Warrants, Underlying Shares, Underlying Warrants and Warrant Shares (the "Offered Securities") are subject to resale restrictions prescribed by securities laws in Canada and the United States (regardless of the domicile of the Purchaser). Canadian securities law prescribes a hold period which restricts the resale of the securities until the date that is four (4) months and a day after the applicable Closing Date. In addition, all of the Offered Securities are subject to a six month hold period under United States securities laws (regardless of the domicile of the Purchaser). The Offered Securities have not been registered under the United States Securities Act of 1933, as amended (the "U.S. Securities Act") and are accordingly subject to resale restrictions under the U.S. Securities Act. Certificates or book entries representing the securities will be endorsed with appropriate restrictive legends. The Company will undertake to file a registration statement under the U.S. Securities Act and to use its best efforts to cause such registration statement to become effective, in order to permit the resale of the Offered Securities without restriction in the United States. There is no guarantee that the registration statement to be filed by the Company with respect to the Offered Securities will become effective.**

**It is anticipated that the Special Warrants purchased hereunder will be deposited electronically with CDS Clearing and Depository Services Inc. ("CDS") through the book-based system administered by CDS using the "non-certificated inventory" issue process on the applicable Closing Date. In such case, (i) no Purchaser will be entitled to receive definitive certificates or other instruments from the Company or CDS representing their interest in the Special Warrants purchased hereunder and (ii) the Purchaser will receive only a customer confirmation from the registered dealer who is a CDS participant and from or through whom the Special Warrants hereunder are purchased against payment of the net subscription proceeds.**

**SUBSCRIPTION AGREEMENT**

**TERMS AND CONDITIONS**

1. <u>Acceptance</u> 

In consultation with the Agents, the Company may accept or reject this Subscription Agreement in whole or in part at any time prior to the applicable Closing Time (as defined herein) and the Company has the right to allot to any Purchaser less than the amount of the Special Warrants subscribed for. Pursuant to the Agency Agreement to be entered into by the Company with the Agents on or prior to the initial Closing Date (the "**Agency Agreement**"), the Agents will act as the agents on a commercially reasonable "best efforts" basis in connection with the offering for sale of the Special Warrants. In accordance with the Agency Agreement, and subject to the Terms and Conditions of this Subscription Agreement, upon acceptance by the Company of this subscription (in whole or in part), the Purchaser will be obliged to purchase from the Company the number of Special Warrants in respect of which this subscription has been accepted.

At the applicable Closing, the Company shall forward to the Agents confirmation of acceptance or reject of this Subscription Agreement promptly after the acceptance or rejection of this Subscription Agreement by the Company. If this Subscription Agreement is rejected in whole, the Purchaser understands that any funds, certified cheques and bank drafts delivered by the Purchaser to the Agents representing the purchase price for the Special Warrants will be promptly returned to the Purchaser without interest. If this Subscription Agreement is accepted only in part, the Purchaser understands that a cheque representing the portion of the purchase price for the portion of its subscription for the Special Warrants that is not accepted will be promptly delivered to the Purchaser without interest.

2. <u>Payment</u> 

The Purchaser shall deliver the aggregate amount payable in respect of the Special Warrants subscribed for hereby to the applicable Agent or U.S. Affiliate at or before the applicable Closing Time on the applicable Closing Date, by certified cheque or bank draft drawn on a Canadian chartered bank or trust company in Canadian dollars and payable to the applicable Agent or U.S. Affiliate, or payable in such other manner as may be specified by the Agents or U.S. Affiliates.

3. <u>Special Warrant Indenture</u> 

The Special Warrants will be issued pursuant to and governed by a special warrant indenture (the "**Special Warrant Indenture**") to be entered into between the Company and Capital Transfer Agency ULC, or such other trust company as determined by management of the Company in connection with the Offering, which will contain provisions to the following effect:

(a) each
 Special Warrant will be exercisable, and will automatically be deemed to be exercised, into
 one Unit, with no further action on the part of the holder thereof and without payment of
 any further consideration, at 5:00 p.m. (Toronto time) on the earlier of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the
 third business day after the date upon which the registration statement (the "**Registration Statement**") of the Company filed with the United States Securities and Exchange
 Commission (the "**SEC**") registering the resale of the Underlying Shares
 and Underlying Warrants issuable on the exercise or deemed exercise of the Special Warrants,
 and the Warrant Shares issuable on the exercise of the Underlying Warrants, is declared effective
 by the SEC; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the
 date that is six months following the applicable Closing Date.

(collectively, the "**Automatic Exercise Date**");

(b) if
 by 5:00 p.m. (Toronto time) on the date that is four months following the initial Closing Date, the Registration Statement has not
 been declared effective by the SEC, each unexercised Special Warrant will be deemed to be exercised on the Automatic Exercise Date
 into 1.2 Units (the "**Penalty Units**") instead of 1.0 Units, with each Penalty Unit being comprised of 1.2 Underlying
 Shares and 1.2 Underlying Warrants, provided, however, that any fractional Penalty Unit entitlement will be rounded up to the next
 greater whole number of Penalty Units if the fractional entitlement is equal to or greater than 0.5 and shall, without any additional
 compensation, be rounded down to the next lesser whole number of Penalty Units if the fractional entitlement is less than 0.5 and,
 in calculating such fractional interests, all Penalty Units registered in the name of and held by such Purchaser shall be aggregated;
 and

(c) the
 number Underlying Shares issuable upon the exercise or deemed exercise of the Special Warrants, and the Warrant Shares issuable upon
 the exercise of the Underlying Warrants, will be subject to standard adjustment provisions, including, without limitation, certain
 reorganization transactions.

In the event of an inconsistency between the terms of this Subscription Agreement and the Special Warrant Indenture, the terms of the Special Warrant Indenture will govern.

4. <u>Underlying Warrant Indenture</u> 

(a) The
 Underlying Warrants will be transferable and will be issued pursuant to and governed by a warrant indenture (the "**Underlying Warrant Indenture**") to be entered into between the Company and Capital Transfer Agency ULC, or such other trust company
 as determined by management of the Company in connection with the Offering, which will contain provisions to the effect that each
 Underlying Warrant is exercisable into one Warrant Share at an exercise price of $0.15 per Warrant Share until the date that is 36
 months following the applicable Closing Date; provided that the Underlying Warrants shall be exercisable on a cashless basis in the
 event the Registration Statement has not been declared effective by the SEC prior to the date of exercise of such Underlying Warrants.

(b) In
 the event of an inconsistency between the terms of this Subscription Agreement and the Underlying Warrant Indenture, the terms of
 the Underlying Warrant Indenture will govern.

5. <u>Deliveries</u> 

(a) At
 the initial Closing, the Purchaser will complete, sign and return as principal, or, if the
 Purchaser is contracting hereunder as trustee, agent, representative or nominee for one or
 more Beneficial Purchasers, on behalf of each such Beneficial Purchaser, the following documents
 to Echelon Wealth Partners Inc. at email: ecm@echelonpartners.com, as soon as possible and,
 in any event not later than 4:00 p.m. (Toronto time) on March 6, 2023 (and if at an additional
 Closing, on a date to be determined by the Company and the Agents):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) a
 completed and executed copy of this Subscription Agreement;

(ii) a
 completed and executed copy of the Purchaser Certificate in the form attached as Schedule A hereto (the "**Purchaser Certificate** ");

(iii) if
 the Purchaser is an individual and is relying on the exemption in Section 9(q) of this Subscription Agreement, a completed and executed
 a copy of the risk acknowledgement form attached as Attachment 1 to Schedule A (the "**Individual Risk Acknowledgement Form** ");

(iv) if
 the Purchaser is, or is purchasing for the account or benefit of, a person in the "United States" or a "U.S. Person"
 (as such terms are defined in Rule 902 of Regulation S under the United States Securities Act of 1933, as amended (the "**U.S. Securities Act** ")) or has been offered or sold the Special Warrants in the United States or as a U.S. Person, a completed
 and executed copy of the "U.S. Accredited Investor Certificate" attached hereto as Schedule B – Annex 1 or the
 "U.S. Qualified Institutional Buyer Certificate" attached hereto as Schedule B – Annex 2 (the "**U.S. Purchaser Certificate** "), as applicable;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) if
 the Purchaser is a resident of an International Jurisdiction (as defined below), a completed
 and executed copy of the Purchaser certificate in the form attached as Schedule C (the "**International Purchaser Certificate** "); and

(vi) such
 other documents as may be reasonably requested by the Company or the Agents.

(b) The
 Purchaser acknowledges and agrees that this offer, the purchase price for the Special Warrants and any other documents delivered
 in connection this Subscription Agreement will be held by the Agents until such time as the conditions set out in the Agency Agreement
 are satisfied by the Company or waived by the Agents.

(c) Any
 obligation of the Company to sell the Special Warrants to the Purchaser is subject to: (i) performance by the Purchaser of its covenants
 under and in accordance with this Subscription Agreement; (ii) the truth, at the time of acceptance of this Subscription Agreement
 and at the applicable Closing Date, of the Purchaser's representations and warranties in this Subscription Agreement; (iii)
 the terms and conditions contained in the Agency Agreement for the benefit of the Company being complied with to the satisfaction
 of the Company or waived by the Company; (iv) the distribution of the Special Warrants to the Purchaser being exempt from the prospectus
 requirements of applicable Securities Laws (as defined herein); (v) the Company having obtained all required regulatory approvals
 to permit the completion of such sale; and (vi) the Purchaser executing and delivering all requisite documentation as required by
 this Subscription Agreement, and applicable Securities Laws with respect to the Special Warrants.

(d) The
 Purchaser understands that the information provided herein will be relied upon by the Company, the Agents and the U.S. Affiliates
 for purposes of determining the eligibility of the Purchaser to purchase the Special Warrants. The Purchaser agrees to provide, upon
 request, any additional information that the Company or the Agents determines necessary or appropriate in determining the Purchaser's
 eligibility.

(e) If
 the Purchaser is acting as trustee, agent, representative or nominee for a Beneficial Purchaser, the Purchaser understands and acknowledges
 that the representations, warranties, and agreements made herein are made by the Purchaser, with respect to the Purchaser, and with
 respect to the Beneficial Purchaser. Unless the context otherwise requires or as specifically stated, references to the Purchaser
 in this Subscription Agreement are to the Purchaser and any such Beneficial Purchaser.

(f) For
 the purposes hereof, "**Securities Laws**" means the securities laws, regulations and rules, blanket rulings, policies
 and written interpretations of and multilateral or national instruments adopted by the securities regulators of the provinces of
 Canada except Quebec, as well as the securities laws, regulations and rules of the United States. For the purposes hereof, "**Business Day**" means any day except Saturday, Sunday or a statutory holiday in Toronto, Ontario.

6. <u>Closing</u> 

(a) Closing
 of this subscription for the Special Warrants will be completed in one or more tranches (collectively, the "**Closing** ")
 at the offices of Blake, Cassels & Graydon LLP at Suite 2600, Three Bentall Centre, Vancouver, BC V7X 1L3 on such dates (each,
 a "**Closing Date**") and times (each, a "**Closing Time**") as the Agents and the Company may agree.
 If, by the applicable Closing Time, the terms and conditions contained in the Agency Agreement have been complied with to the satisfaction
 of the Agents or waived by the Agents, the Agents shall deliver to the Company (a) all completed subscription agreements, including
 this Subscription Agreement, and (b) the net subscription proceeds (less any commissions payable and any expenses owing), against
 (i) delivery by the Company of certificates representing, or evidence of electronic deposit of, the Special Warrants, and (ii) delivery
 by the Company of such other documentation as may be required by the Agents.

(b) If
 a Closing does not occur, the Agents shall return this Subscription Agreement and any funds, certified cheques and bank drafts delivered
 by the Purchaser to the Agents representing the purchase price for the Special Warrants, without interest, to the Purchaser.

7. <u>Authority of the Agents</u> 

The Purchaser hereby:

(a) appoints
 the Agents, with full power of substitution, as its true and lawful attorney and agent with the full power and authority in its place
 and stead to act as its representative at the applicable Closing, approve any opinions, certificates or other documents addressed
 to the Purchaser and provided for by the Agency Agreement, to swear, execute, file and record any document necessary to accept delivery
 of the Special Warrants on the applicable Closing Date, to complete or correct any errors or omissions in this Subscription Agreement
 on behalf of the Purchaser, to terminate this subscription on its behalf in the event that any condition precedent to the Offering
 has not been satisfied, to execute a receipt for the Special Warrants in respect of which this subscription is accepted and all other
 documentation, and promptly after the applicable Closing Date, to deliver certificates representing the Special Warrants to the Purchaser
 in accordance with the delivery instructions set forth above;

(b) irrevocably
 authorizes the Agents to negotiate and settle the form of Special Warrant Indenture, the Underlying Warrant Indenture and any other
 agreement to be entered into in connection with the Offering and to waive on its own behalf and on behalf of the holders of the Special
 Warrants in whole or in part, or extend the time for compliance with, any of the Closing conditions in such manner and on such terms
 and conditions as the Agents may determine, acting reasonably; and

(c) acknowledges
 and agrees that the Agents and the Company may vary, amend, alter or waive, in whole or in part, one or more of the terms set forth
 in the Agency Agreement in such manner and on such terms and conditions as they may determine, acting reasonably, and that any such
 variation, amendment, alteration or waiver shall not affect in any way the obligations of the Purchaser or such others for whom the
 Purchaser is contracting hereunder; provided, however, that the Agents shall not vary, amend, alter or waive any such term or condition
 where to do so would result in a material change to any of the material attributes of the Special Warrants described herein.

8. <u>Acknowledgements of the Purchaser</u> 

The Purchaser, on its own behalf, and if applicable, on behalf of a Beneficial Purchaser, agrees and acknowledges that:

(a) the
 Purchaser understands that the Special Warrants subscribed for by the Purchaser hereunder form part of a larger offering by the Company
 of up to 75,000,000 Special Warrants in one or more tranches for aggregate gross proceeds of up to $9,000,000 (the "**Offering** ").
 The Special Warrants subscribed for under this Subscription Agreement are part of the Offering;

(b) the
 Agents have been granted an option (the "**Agents' Option**") to increase the size of the Offering by up to
 11,250,000 Special Warrants (the "**Additional Special Warrants**") at a price of $0.12 per Additional Special Warrant,
 for additional gross proceeds of up to $1,350,000, on the same terms and conditions as the Special Warrants, and the Agents'
 Option shall be exercisable by the Agents, in whole or in part, at any time up to 48 hours before the applicable Closing Date;

(c) the
 Special Warrants will be governed by the Special Warrant Indenture, and such Special Warrant Indenture and the Special Warrants issued
 thereunder will contain terms substantially similar to those set out in the term sheet (the "**Term Sheet**") attached
 as Schedule D hereto, and will be issued and registered in accordance with this Subscription Agreement;

(d) the
 Underlying Warrants will be governed by the Underlying Warrant Indenture, and such Underlying Warrant Indenture and the Underlying
 Warrants issued thereunder shall be in the form and substance satisfactory to the Company and the Agents, each acting reasonably,
 and will include standard adjustment provisions, including, without limitation, certain reorganization transactions;

(e) subject
 to Section 3, each Special Warrant will be deemed to be exercised, without any further action on the part of the holder thereof and
 for no additional consideration, on the Automatic Exercise Date;

(f) no
 fractional Units, Underlying Shares or Underlying Warrants will be issued in any Closing and, to the extent Purchaser subscribes
 for a number of Special Warrants that, upon exercise would otherwise entitle the Purchaser to a fraction of a whole Unit, whole Underlying
 Share and/or whole Underlying Warrant, the number of Underlying Shares and/or Underlying Warrants, as applicable, to be issued to
 the Purchaser will be rounded up to the next greater whole number if the fractional entitlement is equal to or greater than 0.5 and
 shall, without any additional compensation, be rounded down to the next lesser whole number if the fractional entitlement is less
 than 0.5 and, in calculating such fractional interests, all Underlying Shares and/or Underlying Warrants, as applicable, subscribed
 for by such Purchaser shall be aggregated;

(g) the
 Offering is not subject to any minimum aggregate subscription amount or minimum number of Purchasers;

(h) this
 subscription is subject to rejection or acceptance by the Company in whole or in part, is effective only upon acceptance by the Company
 and the Company reserves the right to close the subscription books at any time without notice;

(i) the
 Offering is conditional upon such sale being exempt from the prospectus filing or registration requirements and the requirement to
 deliver an offering memorandum in connection with the distribution of the Special Warrants under applicable Securities Laws, or upon
 the issuance of such orders, consents or approvals as may be required to permit such sale without the requirement of filing a prospectus
 or registration statement;

(j) the
 Purchaser is aware that the investment is highly speculative and that the Purchaser may lose the entire amount of his, her or its
 investment;

(k) the
 Purchaser understands that the business of the Company is in a pre-revenue phase, and so acknowledges that there is no assurance
 that the Company will raise sufficient funds to adequately capitalize the Company or that the Company will be profitable in the future;

(l) the
 Purchaser has been advised to seek independent legal and tax advisors and is solely responsible for obtaining independent legal,
 income tax and investment advice with respect to its subscription for Special Warrants and has had the opportunity to acquire an
 understanding of the meanings of all of the terms and definitions contained herein for the purposes of giving the acknowledgements,
 representations, warranties, undertakings and covenants contained in this Subscription Agreement;

(m) no
 securities commission or similar regulatory authority has reviewed or passed on the merits of the Special Warrants, the Underlying
 Shares and Underlying Warrants that the Special Warrants may be exercisable for, or the Warrant Shares that the Underlying Warrants
 may be exercisable for;

(n) the
 Purchaser is resident, or if not an individual has its head office, in the jurisdiction set forth on the face page hereof as the
 "Purchaser's Address";

(o) there
 is no government or other insurance covering the Special Warrants;

(p) there
 are hold periods and other restrictions that limit the Purchaser's ability to resell the Special Warrants, the Underlying Shares
 and the Underlying Warrants issuable upon the exercise and deemed exercise of the Special Warrants, and the Warrant Shares issuable
 upon the exercise of the Underlying Warrants, except under limited exemptions available under applicable Securities Laws, and it
 is the responsibility of the Purchaser to find out what those restrictions are and to comply with them before selling the Special
 Warrants, Underlying Shares, Underlying Warrants or Warrant Shares;

(q) the
 Special Warrants, Underlying Shares, Underlying Warrants and Warrant Shares issuable on exercise of the Underlying Warrants are subject
 to resale restrictions under both Canadian and U.S. securities laws which, in the absence of qualification of a prospectus in Canada
 and effectiveness of the Registration Statement, require, among others, a holding period before such securities may be resold;

(r) the
 Company has hereby provided the Purchaser with written notice pursuant to section 2.5(2)(3.1) of National Instrument 45-102 – *Resale of Securities* that:

**"UNLESS PERMITTED UNDER SECURITIES LEGISLATION, THE HOLDER OF THE SPECIAL WARRANTS, UNDERLYING SHARES, UNDERLYING WARRANTS AND WARRANT SHARES (THE "SECURITIES"), AS APPLICABLE, MUST NOT TRADE THE SECURITIES BEFORE [THE DATE THAT IS FOUR MONTHS AND ONE DAY FOLLOWING THE APPLICABLE CLOSING DATE]."**

(s) there
 is no guarantee that the Registration Statement shall be declared effective by the SEC;

(t) the
 offer to purchase made by this subscription is irrevocable (subject to the Purchaser's right to terminate its obligations at
 Section 15) and requires acceptance by the Company;

(u) the
 Company has advised the Purchaser that the Company is relying on an exemption from the requirements to provide the Purchaser with
 a prospectus and other applicable Securities Laws and, as a consequence of acquiring the Special Warrants pursuant to this exemption,
 certain protections, rights and remedies provided by the *Securities Act* (Ontario) and other applicable Securities Laws, including
 statutory rights of rescission or damages, will not be available to the Purchaser;

(v) other
 than the investor presentation dated March 1, 2023 (the "**Investor Presentation** "), the Purchaser has not received
 or been provided with, nor has it requested, nor does it have any need to receive, any offering memorandum, any prospectus, sales
 or advertising literature, or any other document describing or purporting to describe the business and affairs of the Purchaser;

(w) no
 prospectus or registration statement has been filed by the Company with any securities commission or similar regulatory authority
 in any jurisdiction in connection with the Offering and the Offering is exempt from the prospectus and registration statement requirements
 and the requirements to sell securities through a registered dealer available under the provisions of applicable Securities Laws,
 and as a result:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the
 Purchaser is restricted from using most of the civil remedies available under applicable Securities Laws;

(ii) the
 Purchaser may not receive information that would otherwise be required to be provided to it under applicable Securities Laws;

(iii) the
 common law may not provide the Purchaser with an adequate remedy in the event that it suffers investment losses in connection with
 the Special Warrants acquired pursuant to the Offering; and

(iv) the
 Company is relieved from certain obligations that would otherwise apply under applicable Securities Laws;

(x) the
 Special Warrants are not listed on any stock exchange or quoted on any quotation and trade reporting system and may never become
 listed on a stock exchange or quoted on a quotation and trade reporting system and, accordingly, the Purchaser may not be able to
 resell the Special Warrants to any third parties or liquidate its investment through selling the Special Warrants in a public market;

(y) the
 Special Warrants may be issued in registered form to a bank, trust company or transfer agent selected by the Company that provides
 depository or transfer agent services (the "**Depository** "), as non-certificated inventory ()"**NCI** ")
 uncertificated securities to be deposited with the Depository on each applicable Closing of the Offering. If the Company and the
 Agents elect to proceed in this manner, Purchasers will not receive physical certificates representing their ownership of the Special
 Warrants or be shown on the records maintained by the Depository except through a participant in the Depository's depository
 or transfer agent services;

(z) the
 Special Warrants may, at the election of the applicable Agent, be issued as global certificates in favour of the Agent which may
 be delivered in electronic form or such other basis as such Agent determines; and

(aa) the
 Company may complete additional financings in the future, in addition to the Offering, and there is no assurance that such additional
 financing will be available and, if available, on reasonable terms. Any such future financings may have a dilutive effect on current
 shareholders, including the Purchaser.

**9.**  **<u>Representations, Warranties and Covenants of the Purchaser</u>** 

By executing this Subscription Agreement, the Purchaser, on its own behalf, and if applicable, on behalf of a Beneficial Purchaser, represents, warrants and covenants to the Company, the Agents and the U.S. Affiliates that:

 ****

(a) the
 Purchaser:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) has
 such knowledge in financial and business affairs as to be capable of evaluating the merits and risks of its investment in the Special
 Warrants;

(ii) is
 capable of assessing the proposed investment in the Special Warrants as a result of the Purchaser's own experience or as a
 result of advice received from a person registered under applicable Securities Laws;

(iii) is
 aware of the characteristics of the Special Warrants and the risks relating to an investment therein; and

(iv) is
 able to bear the economic risk of loss of its investment in the Special Warrants;

(b) the
 execution and delivery by the Purchaser of this Subscription Agreement and the consummation by the Purchaser of the transactions
 contemplated hereby have been duly authorized by all necessary action on the part of the Purchaser and, upon execution, constitute
 legal, valid and binding obligations of the Purchaser, enforceable against the Purchaser in accordance with their terms; if the Purchaser
 is contracting hereunder as trustee, agent, representative or nominee for one or more Beneficial Purchasers, the Purchaser has due
 and proper authority to execute and deliver this Subscription Agreement on behalf of each such Beneficial Purchaser and to act on
 behalf of each such Beneficial Purchaser in connection with the transactions contemplated hereby and acknowledges that the Company,
 the Agents and the U.S. Affiliates may be required by law to disclose to certain regulatory authorities the identity of each Beneficial
 Purchaser of Special Warrants for whom the Purchaser may be acting;

(c) the
 execution and delivery by the Purchaser of this Subscription Agreement does not, and the consummation by the Purchaser of the transactions
 contemplated hereby will not (with or without the giving of notice or the lapse of time or both), contravene, conflict with or result
 in a breach or violation of, or a default under:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) any
 judgment, order, decree, statute, rule, regulation or other law applicable to the Purchaser; or

(ii) any
 contract, agreement or instrument by which the Purchaser is bound;

(d) no
 consent, approval, order or authorization of, or registration, declaration or filing with, any court, administrative agency or commission
 or other governmental authority or instrumentality, domestic or foreign, is required by or with respect to the Purchaser (other than
 those required by or of the Company and the Agents) in connection with the execution and delivery by the Purchaser of this Subscription
 Agreement or the consummation by the Purchaser of the transactions contemplated hereby;

(e) no
 person has made any written or oral representation to the Purchaser that any person will re-sell or re-purchase the Special Warrants,
 Underlying Shares, Underlying Warrants or Warrant Shares or refund any of the purchase price of the Special Warrants, Underlying
 Shares, Underlying Warrants or Warrant Shares, or that the Special Warrants or Underlying Warrants will be listed on any exchange
 or quoted on any quotation and trade reporting system, other than as set out herein, 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;

 

(f) the
 Purchaser is entitled under applicable Securities Laws to purchase such Special Warrants without the benefit of a prospectus or registration
 statement qualified under such securities laws;

(g) the
 Purchaser is not relying on any verbal or written representations as to a fact relating to the Company, and the Purchaser acknowledges
 that neither the Company nor the Agents nor the U.S. Affiliates have made any verbal or written representations, warranties or covenants
 relating to (i) the business of the Company, except for factual statements about the Company as set forth in this Subscription Agreement
 and the Agency Agreement, which statements are made as of the respective dates thereof, or (ii) the future value or price of the
 Special Warrants, Underlying Shares, Underlying Warrants or Warrant Shares;

(h) the
 Purchaser understands that he, she or it will not be able to resell the Special Warrants, Underlying Shares, Underlying Warrants
 or Warrant Shares until the expiry of the applicable hold period under applicable Securities Laws except in accordance with limited
 exemptions and in compliance with other requirements of applicable law, and the Purchaser (and not the Company or the Agents or the
 U.S. Affiliates) is responsible for compliance with applicable resale restrictions or hold periods and will comply with all applicable
 Securities Laws in connection with any resale of the Special Warrants, Underlying Shares, Underlying Warrants or Warrant Shares;

(i) the
 Purchaser will execute and deliver within the applicable time periods all documentation as may be required by applicable Securities
 Laws to permit the purchase of the Special Warrants on the terms set out herein and, if required by applicable Securities Laws or
 stock exchange rules, the Purchaser will execute, deliver, file and otherwise assist the Company in obtaining and filing such reports,
 undertakings and other documents relating to the purchase of the Special Warrants by the Purchaser as may be required by any applicable
 Securities Laws, securities commission, stock exchange or other regulatory authority;

(j) the
 Purchaser is aware that, the certificates or book entries evidencing the Special Warrants, Underlying Shares, Underlying Warrants
 or Warrant Shares will be endorsed with legends setting out resale restrictions under applicable Securities Laws in substantially
 the following form(s):

**"THE ISSUANCE OF THE SECURITIES REPRESENTED HEREBY HAS NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE "SECURITIES ACT"), OR ANY STATE SECURITIES LAWS AND NEITHER SUCH SECURITIES NOR ANY INTEREST THEREIN MAY BE OFFERED, SOLD, PLEDGED, ASSIGNED OR OTHERWISE TRANSFERRED EXCEPT (1) PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT UNDER THE SECURITIES ACT AND APPLICABLE STATE SECURITIES LAWS OR (2) PURSUANT TO AN AVAILABLE EXEMPTION FROM THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT AND APPLICABLE STATE SECURITIES LAWS, IN WHICH CASE THE HOLDER MUST, PRIOR TO SUCH TRANSFER, FURNISH TO THE COMPANY AN OPINION OF COUNSEL, WHICH COUNSEL AND OPINION ARE REASONABLY SATISFACTORY TO THE COMPANY, THAT SUCH SECURITIES MAY BE OFFERED, SOLD, PLEDGED, ASSIGNED OR OTHERWISE TRANSFERRED IN THE MANNER CONTEMPLATED PURSUANT TO AN AVAILABLE EXEMPTION FROM THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT AND APPLICABLE STATE SECURITIES LAWS."**

and, if the Purchaser is located in or subject to the applicable Securities Laws of a province or territory of Canada, the following legend:

"**UNLESS PERMITTED UNDER SECURITIES LEGISLATION, THE HOLDER OF THIS SECURITY MUST NOT TRADE THIS SECURITY BEFORE [THE DATE THAT IS FOUR MONTHS AND ONE DAY FOLLOWING THE APPLICABLE CLOSING DATE].**"

(k) if
 the Purchaser is an individual, he or she has attained the age of majority and is legally competent to execute this Subscription
 Agreement and to take all actions required pursuant hereto;

(l) if
 the Purchaser is not an individual:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) it
 has the requisite power, authority, legal capacity and competence to enter into and perform all of its obligations hereunder and
 to undertake all actions required, and all necessary approvals of its directors, partners, shareholders, trustees, principals or
 otherwise with respect to such matters have been given or obtained;

(ii) it
 pre-existed the Offering, has a bona fide purpose other than the investment in the Special Warrants and was not created, formed or
 established solely or primarily to acquire securities without a prospectus or registration statement in reliance on an exemption
 from the prospectus and registration requirements provided for in applicable Securities Laws; and

(iii) if
 it is a body corporate, it has been duly incorporated, amalgamated or continued, as the case may be, and is validly subsisting under
 the laws of its jurisdiction of formation;

(m) other
 than the Investor Presentation, the Purchaser has not received, nor has the Purchaser requested, nor does the Purchaser have any
 need to receive, any prospectus, sales or advertising literature, offering memorandum or any other document (other than an annual
 or interim report, financial statements or any other document the content of which is prescribed by statute or regulation) describing
 or purporting to describe the business and affairs of the Company which has been prepared for delivery to, and review by, prospective
 purchasers in order to assist them in making an investment decision in respect of the purchase of the Special Warrants;

(n) the
 Purchaser agrees that it is solely responsible for obtaining such legal, tax and other advice as the Purchaser considers appropriate
 in connection with the execution, delivery and performance of this Subscription Agreement and the transactions contemplated hereunder;

(o) the
 Purchaser will not resell or otherwise transfer the Special Warrants, Underlying Shares, Underlying Warrants or Warrant Shares except
 in accordance with the provisions of any applicable Securities Laws;

(p) the
 Purchaser is purchasing the Special Warrants with the benefit of a prospectus exemption provided by National Instrument 45-106 – *Prospectus Exemptions* ()"**NI 45-106**") and is either: (i) purchasing the Special Warrants as principal for
 its own account and not for the benefit of any other person; or (ii) if it is not purchasing as principal it is either: (A) deemed
 to be purchasing the Special Warrants as principal for its own account in accordance with applicable Securities Laws; or (B) acting
 as trustee, agent, representative or nominee for a Beneficial Purchaser (whose identity is disclosed on the face page of this Subscription
 Agreement) who is purchasing as principal for its own account and not for the benefit of any other person;

(q) the
 Purchaser is purchasing the Special Warrants with the benefit of a prospectus exemption and is an "accredited investor",
 as such term is defined in NI 45-106, such that one or more of the categories set out in Part B of Schedule A correctly and in all
 respects describes the Purchaser, and the Purchaser has so indicated by initialling the box opposite each category on such certificate
 which so describes it and certified the same by executing the certificate, and if the Purchaser is an individual, he or she has executed
 and delivered to the Agents an Individual Risk Acknowledgment Form;

(r) if
 the Purchaser is an "accredited investor" in reliance on paragraph (m) of the definition of "accredited investor"
 in Section 1.1 of NI 45-106, the Purchaser was not created or used solely to purchase or hold securities as an accredited investor
 under that paragraph (m);

(s) unless
 the Purchaser has completed and executed Schedule B (either Annex 1 or Annex 2) to this Agreement, the Purchaser, whether acting
 as principal, trustee or agent, is neither (i) a "U.S. Person" (as defined in Rule 902(k) of Regulation S promulgated
 under the U.S. Securities Act), which definition includes, but is not limited to, an individual resident in the United States, an
 estate or trust of which any executor or administrator or trustee is a U.S. Person, and any partnership or corporation organized
 or incorporated under the laws of the United States, nor (ii) purchasing the Special Warrants for the account of a U.S. Person or
 a person in the United States or for resale in the United States, and the Special Warrants, Underlying Shares, Underlying Warrants
 and Warrant Shares have not been offered to the Purchaser in the United States and the Purchaser was not in the United States when
 the order was placed or when this Subscription Agreement was executed and delivered;

(t) the
 Purchaser will not offer or sell the Special Warrants, Underlying Shares, Underlying Warrants or Warrant Shares unless such securities
 are registered under the U.S. Securities Act and the laws of all applicable states of the United States or an exemption from such
 registration requirements is available, and further that the Purchaser will not resell the Special Warrants, Underlying Shares, Underlying
 Warrants or Warrant Shares, except in accordance with the provisions of applicable Securities Laws;

(u) if
 the Purchaser is, or is acting for the account or benefit of, a person in the United States or a U.S. Person, the Purchaser confirms,
 represents and warrants that the Purchaser is either (A) an "accredited investor" (a "**U.S. Accredited Investor** "),
 as such term is defined in Rule 501(a) of Regulation D under the U.S. Securities Act, and the Purchaser has concurrently completed
 and executed Schedule B – Annex 1 to the Subscription Agreement indicating which category of U.S. Accredited Investor that
 Purchaser satisfies, or (B) a "qualified institutional buyer" (a "**Qualified Institutional Buyer** "),
 as such term is defined in Rule 144A under the U.S. Securities Act, that is also a U.S. Accredited Investor, and the Purchaser has
 concurrently completed and executed Schedule B – Annex 2 to the Subscription Agreement;

(v) if
 the Purchaser, or a Beneficial Purchaser, if any, for whom it is acting as agent or trustee, is resident in or otherwise subject
 to applicable Securities Laws of a jurisdiction other than Canada and the United States, the Purchaser confirms, represents and warrants
 that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the
 Purchaser is knowledgeable of, or has been independently advised as to, the applicable Securities Laws of the jurisdiction in which
 the Purchaser is resident (the "**International Jurisdiction**") and which would apply to this Subscription Agreement;

(ii) the
 Purchaser is purchasing the Special Warrants, as principal, pursuant to exemptions from the prospectus, financial promotion and/or
 registration requirements or equivalent requirements under applicable Securities Laws or, if such is not applicable, the Purchaser
 is permitted to purchase the Special Warrants under the applicable Securities Laws of the International Jurisdiction without the
 need to rely on any exemptions;

(iii) all
 acts of solicitation, conduct or negotiations directly or indirectly in furtherance of the purchase of the securities occurred outside
 of Canada and the United States;

(iv) no
 offer was made to the Purchaser in Canada or the United States and the buy order in respect of the subscription was not placed from
 within Canada or the United States;

(v) the
 applicable Securities Laws of the International Jurisdiction do not require the Company to make any filings or seek any approvals
 of any kind whatsoever from any securities regulator of any kind whatsoever in the International Jurisdiction in connection with
 the issue and sale or resale of the Special Warrants, Underlying Shares, Underlying Warrants or Warrant Shares;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) the
 delivery of this Subscription Agreement, the acceptance hereof by the Company and the purchase of the Special Warrants by the Purchaser
 complies with all applicable laws of the International Jurisdiction and all other applicable laws and does not trigger: (i) any obligation
 to prepare and file a prospectus, registration statement or similar document, or any other report or notice with respect to such
 purchase in the International Jurisdiction or to register the Special Warrants, Underlying Shares, Underlying Warrants or Warrant
 Shares; or (ii) any continuous disclosure reporting obligations of the Company in the International Jurisdiction; or (iii) any registration
 obligation of any Agent in the International Jurisdiction; and

(vii) the
 Purchaser will, if requested by the Company, the Agents or their respective counsel, deliver to the Company and the Agents a certificate
 or opinion of local counsel from the International Jurisdiction which will confirm the matters referred to in subsections (ii) to
 (vi) above to the satisfaction of the Company, the Agents and their respective counsel, acting reasonably;

(w) except
 for its knowledge regarding its subscription for Special Warrants hereunder, it has no knowledge of a "material fact"
 or a "material change" (as those terms are defined in the *Securities Act* (Ontario) in the affairs of the Company
 that has not been generally disclosed; and

(x) the
 funds to purchase the Special Warrants which will be advanced by the Purchaser to the Company and the Agents will not represent proceeds
 of crime for the purposes of the *Proceeds of Crime (Money Laundering) and Terrorist Financing Act* (Canada) (the "**PCMLTFA** "),
 and the Purchaser acknowledges that the Company and the Agents may in the future be required by law to disclose the Purchaser's
 name and other information relating to this Subscription Agreement and the subscription hereunder, on a confidential basis, pursuant
 to the PCMLTFA; and none of the funds to be provided by the Purchaser hereunder (A) have been or will be derived from or related
 to any activity that is deemed criminal under the laws of Canada, the United States, or any other jurisdiction, or (B) are being
 tendered on behalf of a person or entity who has not been identified by the Purchaser; and the Purchaser will promptly notify the
 Company and the Agents if the Purchaser discovers that any of such representations ceases to be true, and to provide the Company
 and the Agents with appropriate information in connection therewith.

(y) the
 Purchaser is not (i) a person or entity named on the List of Specially Designated Nationals and Blocked Persons administered by the
 U.S. Treasury Department's Office of Foreign Assets Control ()"**OFAC**") or in any Executive Order issued by
 the President of the United States and administered by OFAC ()"**OFAC List** "), or a person or entity prohibited by
 any OFAC sanctions program, (ii) a Designated National as defined in the Cuban Assets Control Regulations, 31 C.F.R. Part 515, or
 (iii) a non-U.S. shell bank or providing banking services indirectly to a non-U.S. shell bank. The Purchaser agrees to provide law
 enforcement agencies, if requested thereby, such records as required by applicable law, provided that the Purchaser is permitted
 to do so under applicable law. If the Purchaser is a financial institution subject to the Bank Secrecy Act (31 U.S.C. Section 5311
 et seq.), as amended by the USA PATRIOT Act of 2001, and its implementing regulations (collectively, the "**BSA/PATRIOT Act** "),
 to the extent required, the Purchaser maintains policies and procedures reasonably designed to comply with applicable obligations
 under the BSA/PATRIOT Act. To the extent required, it maintains policies and procedures reasonably designed for the screening of
 its investors against the OFAC sanctions programs, including the OFAC List. To the extent required, it maintains policies and procedures
 reasonably designed to ensure that the funds held by the Purchaser and used to purchase the Special Warrants were legally derived.

**10.**  **<u>Reliance upon Representations, Warranties and Covenants by the Company, the Agents and the U.S. Affiliates</u>** 

The Purchaser acknowledges that the representations, warranties and covenants made by the Purchaser in this Subscription Agreement are made with the intent that they may be relied upon by the Company, the Agents, the U.S. Affiliates and their respective counsel to, among other things, determine the Purchaser's eligibility to purchase the Special Warrants, including without limitation the availability of exemptions from the registration and prospectus requirements of applicable Securities Laws in connection with the issuance of the Special Warrants to the Purchaser. The Purchaser further covenants to the Company, the Agents and the U.S. Affiliates that by accepting the Special Warrants, the Purchaser will be representing and warranting that such representations and warranties are true as at the applicable Closing Date with the same force and effect as if they had been made by the Purchaser at the applicable Closing Date, and that the covenants of the Purchaser made by it in this Subscription Agreement to be performed prior to the applicable Closing Date have been performed. The Purchaser further agrees to indemnify the Agents, the Company and its respective directors, officers, employees, advisers, affiliates, shareholders and agents, and their respective counsel, against all losses, claims, costs, expenses, damages and liabilities which any of them may suffer or incur and which are caused by or rise from any inaccuracy in, or breach or misrepresentation by the Purchaser of, any such representations, warranties and covenants. The Purchaser undertakes to immediately notify the Company, the Agents and the U.S. Affiliates of any change in any statement or other information relating to the Purchaser set out herein or in a schedule hereto that takes place prior to the applicable Closing Date.

**11.**  **<u>Representations, Warranties and Covenants of the Company</u>** 

By accepting the Purchaser's subscription, the Company agrees that the Purchaser will have the benefit of all the representations, warranties and covenants given by the Company in the Agency Agreement and further agrees that all such representations, warranties and covenants will be deemed to be incorporated herein as if they were reproduced in their entirety, with such changes as are necessary in order to reflect that such representations, warranties and covenants are being made by the Company to the Purchaser. However, the Purchaser acknowledges and agrees that any of the representations, warranties and covenants set forth in the Agency Agreement may be varied, amended, altered or waived as contemplated in Section 7(c) hereof.

**12.**  **<u>Commissions, Fees and Expenses</u>** 

The Purchaser understands that in connection with the Offering, on each Closing Date, the Agents will receive from the Company a cash commission (the "**Cash Commission**") of 6.0% of the aggregate gross proceeds raised from Purchasers in the applicable Closing (including any exercise of the Agents' Option). In addition, on each Closing Date, the Company shall issue to the agents such number of non-transferable compensation options (the "**Agent's Compensation Options**", and together with the Cash Commission, the "**Capital Raising Commission**") to acquire that number of Units (as such Units are described in the Term Sheet attached as Schedule D hereto) equal to 6.0% of the number of Special Warrants sold in the applicable Closing (including any exercise of the Agents' Option) at the Offering Price for a period of 36 months following the applicable Closing Date, subject to adjustment in certain events.

Notwithstanding the foregoing, on each Closing Date, the compensation payable by the Company to the Agents for subscriptions received from certain purchasers listed on the Company's president's list (collectively, the "**President's List Purchasers**") shall be a Cash Commission of 3.0% of the aggregate gross proceeds raised the President's List Purchasers in the applicable Closing. In addition, on each Closing Date, the Company shall issue Agent's Compensation Options to the Agents to acquire that number of Units of the Company equal to 3.0% of the number of Special Warrants sold to the President's List Purchasers in the applicable Closing.

Additionally, at each Closing, the Company shall be entitled to sell Special Warrants to Valuestone Global Resources Fund I LP (or an affiliate of), management, the board of directors or insiders of the Company (the "**Company Purchasers**"). On each Closing Date, the Company shall pay the Agents a Cash Commission of 2.0% of the aggregate gross proceeds raised from the Company Purchasers in the applicable Closing. In addition, on each Closing Date, the Company shall issue Agent's Compensation Options to the Agents to acquire that number of Units of the Company equal to 2.0% of the number of Special Warrants sold to the Company Purchasers in the applicable Closing.

**13.**  **<u>No Revocation.</u>** 

The Purchaser agrees that this offer is made for valuable consideration and may not be withdrawn, cancelled, terminated or revoked by the Purchaser without the consent of the Company, subject to Section 15 hereof. Further, to the extent permitted by law, the Purchaser expressly waives and releases the Company and the Agents from all rights of withdrawal or rescission to which the Purchaser might otherwise be entitled pursuant to the applicable Securities Laws with respect to the Special Warrants purchased pursuant to the Offering.

**14.**  **<u>Exclusion of Liability of Agents.</u>** 

The Purchaser acknowledges that the Agents are acting as agent in this transaction and that all warranties, conditions, representations or stipulations, other than those relating solely to the Agents, whether express or implied and whether arising hereunder or under prior agreement or statement or by statute or at common law are expressly those of the Company. The Purchaser acknowledges that no information or representation concerning the Company has been provided to the Purchaser by the Company or the Agents other than those contained in this Subscription Agreement, the Agency Agreement and the Investor Presentation, and that the Purchaser is relying entirely upon this Subscription Agreement, the Agency Agreement and publicly available information relating to the Company, such publicly available information having been delivered to the Purchaser without independent investigation or verification by the Agents, and agrees that the Agents assume no responsibility or liability of any nature whatsoever for the accuracy, adequacy or completeness of the publicly available information or as to whether all information concerning the Company required to be disclosed by the Company has been generally disclosed and agrees and acknowledges that the Company's counsel and the Agents' counsel are acting solely as counsel to the Company and the Agents, respectively, and not as counsel to the Purchaser. No person in the employment of, or acting as agent of, the Agents has any authority to make or give any representation or warranty whatsoever in relation to the Company or the Special Warrants. Any information given or statement made is given or made without liability or responsibility howsoever arising on the part of the Agents, and the Purchaser hereby releases the Agents from any claims that may arise in respect of any such information given or statement made.

**15.**  **<u>Withdrawal of Subscription.</u>** 

The Purchaser reserves the right to withdraw this subscription and to terminate its obligations hereunder at any time before the applicable Closing if the Agents terminate their obligations with respect to the Offering under the Agency Agreement and hereby appoints the Agents as its agent for the purpose of notifying the Company of the withdrawal or termination of this subscription.

**16.**  **<u>Survival</u>.** 

This Subscription Agreement, including without limitation the representations, warranties and covenants contained herein, will survive and continue in full force and effect and be binding upon the Company and the Purchaser, notwithstanding the completion of the purchase of the Special Warrants by the Purchaser pursuant hereto, the issuance of the Underlying Shares, Underlying Warrants or Warrant Shares, or the subsequent disposition of the Special Warrants, Underlying Shares, Underlying Warrants or Warrant Shares by the Purchaser, subject in the case of the representations and warranties in the Agency Agreement to the limitations and other terms thereof.

**17.**  **<u>Personal Information Authorization</u>.** 

By executing this Subscription Agreement, the Purchaser hereby consents to the collection, use and disclosure of the personal information provided herein, and other personal information provided by the Purchaser or collected by the Company, the Agents, the U.S. Affiliates, or their respective counsel as reasonably necessary in connection with the Purchaser's subscription for the Special Warrants (collectively, "**personal information**") as follows:

(a) the
 Company, the Agents and the U.S. Affiliates may use personal information and disclose personal information to intermediaries such
 as the Company's or Agents' legal counsel and withholding and/or transfer agents for the purposes of determining the
 Purchaser's eligibility to invest in the Special Warrants and for managing and administering the Purchaser's investment
 in the Special Warrants;

(b) the
 Company, the Agents and the U.S. Affiliates may disclose personal information to the Canadian Securities Exchange ()"**CSE** ")
 and other securities regulatory authorities for purposes including, but not limited to, complete any filings required by the CSE
 or other securities regulatory authorities, indirect collection of information by the CSE or securities regulatory authorities under
 authority granted in applicable Securities Laws and the administration and enforcement of the applicable Securities Laws by the securities
 regulator authorities;

(c) the
 Company may use the Purchaser's social insurance number for income reporting purposes in accordance with applicable law;

(d) the
 Company and its advisors may each collect, use and disclose personal information for the purposes of meeting legal, regulatory, self-regulatory,
 security and audit requirements (including any applicable tax, securities, money laundering or anti-terrorism legislation, rules
 or regulations) and as otherwise permitted or required by law, which disclosures may include disclosures to tax, securities or other
 regulatory or self-regulatory authorities in Canada and/or in foreign jurisdictions, if applicable, in connection with the regulatory
 oversight mandate of such authorities; and

(e) the
 Company and its advisors may use personal information and disclose personal information to parties connected with the proposed or
 actual transfer, sale, assignment, merger or amalgamation of the Company or its business or assets or similar transactions for the
 purpose of permitting such parties to evaluate and/or proceed with and complete such transaction. Purchasers, assignees and successors
 of the Company or its business or assets may collect, use and disclose personal information as described in this Subscription Agreement.
 The Purchaser acknowledges that the Company's agents or intermediaries may be located outside of Canada, and personal information
 may be transferred and/or processed outside of Canada for the purposes described above, and that measures the Company may use to
 protect personal information while handled by agents, intermediaries or other third parties on its behalf, and personal information
 otherwise disclosed or transferred outside of Canada for the purposes described above, are subject to legal requirements in foreign
 countries applicable to the Company or such third parties; for example, any lawful requirements to disclose personal information
 to government authorities in those countries.

By executing this Subscription Agreement, the Purchaser consents to and authorizes the foregoing collection, use and disclosure of the Purchaser's personal information. The Purchaser also consents to and authorizes the filing of copies or originals of any of this Subscription Agreement (including attachments) below as may be required to be filed with the CSE or other securities regulatory authorities in connection with the transactions contemplated hereby. In addition, the Purchaser consents to and authorizes the collection, use and disclosure of all such personal information by the CSE and other securities regulatory authorities in accordance with their requirements, including the provision to third party service providers, from time to time. The Purchaser agrees that the Company, the Agents and the U.S. Affiliates may be required by law or otherwise to disclose to securities regulatory authorities the identity of the Purchaser and if applicable the beneficial purchaser for whom the Purchaser may be acting.

**18.**  **<u>Personal Information Protection and Electronic Documents Act</u>** 

The Purchaser and, if the person signing this subscription is acting as agent for a disclosed principal, such agent acknowledge and consent to the fact that the Company, the Agents and the U.S. Affiliates are collecting the Purchaser's, and, if applicable, such agent's 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 this Subscription Agreement. The Purchaser and, if the person signing this subscription is acting as agent for a disclosed principal, such agent acknowledges and consents to the Company, the Agents and the U.S. Affiliates retaining such personal information for as long as permitted or required by law or business practices. The Purchaser and, if the person signing this subscription is acting as agent for a disclosed principal, such agent further acknowledges and consents to the fact that the Company, the Agents and the U.S. Affiliates may be required by the applicable Securities Laws, the rules and policies of any stock exchange or the rules of the Investment Industry Regulatory Organization of Canada to provide regulatory authorities or stock exchanges with any personal information provided by the Purchaser or, if applicable, such agent in this Subscription Agreement. The Purchaser and, if the person signing this subscription is acting as agent for a disclosed principal, such agent represents and warrants that it has the authority to provide the consents and acknowledgements set out in this section. In addition to the foregoing, the Purchaser and, if the person signing this subscription is acting as agent for a disclosed principal, such agent acknowledges and agrees that the Company, the Agents and the U.S. Affiliates may use and disclose the Purchaser's and, if applicable, such agent's personal information, and consents thereto, as follows:

(a) for
 internal use with respect to managing the relationships between and contractual obligations of the Company and the Purchaser;

(b) for
 use and disclosure for income tax related purposes, including without limitation, where required by law, disclosure to the Canada
 Revenue Agency;

(c) disclosure
 to stock exchanges and securities regulatory authorities and other regulatory bodies having jurisdiction with respect to the approval
 or acceptance of the Offering, reports of trades and similar stock exchange or regulatory filings;

(d) 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;

(e) disclosure
 to professional advisers of the Company in connection with the performance of their professional services;

(f) disclosure
 to any person where such disclosure is necessary for legitimate business reasons;

(g) disclosure
 to a court determining the rights of the parties under this Subscription Agreement; or

(h) for
 use and disclosure as otherwise required or permitted by law.

**19.**  **<u>Governing Law</u>.** 

This Subscription Agreement will be governed by and construed in accordance with the laws of the Province of Ontario and the federal laws of Canada applicable therein. The Purchaser hereby irrevocably attorns to the non-exclusive jurisdiction of the courts of the Province of Ontario with respect to any matters arising out of this Subscription Agreement.

**20.**  **<u>Severability</u>.** 

The invalidity, illegality or unenforceability of any provision of this Subscription Agreement will not affect the validity, legality or enforceability of any other provision hereof.

**21.**  **<u>Costs</u>.** 

All costs and expenses incurred by the Purchaser, including, without limitation, legal fees and disbursements relating to the purchase by the Purchaser of the Special Warrants, will be borne by the Purchaser.

**22.**  **<u>Assignment</u>.** 

This Subscription Agreement will enure to the benefit of and be binding on the Company, the Purchaser and their respective heirs, administrators, executors, successors and permitted assigns. This Subscription Agreement may not be assigned by the Company and may only be transferred or assigned by the Purchaser: (a) subject to compliance with applicable Securities Laws, and (b) with the prior written consent of the Company and the Agents.

**23.**  **<u>No Partnership</u>.** 

Nothing herein will constitute or be construed to constitute a partnership of any kind whatsoever between the Purchaser and the Company.

**24.**  **<u>Entire Agreement</u>.** 

This Subscription Agreement constitutes the entire agreement between the parties hereto pertaining to the subject matter hereof and supersede all prior agreements, understandings, negotiations and discussions, whether oral or written. There are no conditions, representations, warranties, covenants or other agreements between the parties hereto relating to the subject matter hereof, except as specifically set out, referred to or incorporated by reference herein.

**25.**  **<u>Amendments and Waivers</u>.** 

Except as contemplated by Section 7 and as permitted by the Agency Agreement, no amendment to this Subscription Agreement will be valid or binding unless set out in writing and duly executed by the parties hereto. 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.

**26.**  **<u>Facsimile Deliveries and Counterparts</u>.** 

The Company, the Agents and the U.S. Affiliates will be entitled to rely on delivery by facsimile or other electronic means of a copy of this Subscription Agreement executed by the Purchaser, and acceptance by the Company of such executed Subscription Agreement will be legally effective to create a valid and binding agreement between the Purchaser and the Company in accordance with the terms hereof. In addition, this Subscription Agreement may be executed in counterparts, each of which will be deemed to be an original and all of which will constitute one and the same document.

**27.**  **<u>Extended Meanings and Headings</u>.** 

In this Subscription Agreement words importing the singular number include the plural and vice versa, words importing any gender include all genders and words importing persons include individuals, partnerships, associations, trusts and unincorporated associations. The headings contained herein are for convenience of reference only and will not affect the construction or interpretation hereof.

**28.**  **<u>Time of Essence</u>.** 

Time will be of the essence of this Subscription Agreement.

**29.**  **<u>Currency</u>.** 

All references to currency herein are to lawful money of Canada.

**30.**  **<u>Further Assurances.</u>** 

Each of the parties hereto will from time to time execute and deliver all such further documents and instruments and do all acts and things as the other party may, either before or after the closing of the transactions contemplated hereby, reasonably require to effectively carry out or better evidence or perfect the full intent and meaning of this Subscription Agreement.

**SCHEDULE A**

**PURCHASER CERTIFICATE**

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| | |
|:---|:---|
| **TO:** | **BUNKER HILL MINING CORP.** (the "**Company**") |
| **AND TO:** | **ECHELON WEALTH PARTNERS INC.** |
|  | **ROTH CAPITAL PARTNERS, LLC** |
|  | **LAURENTIAN BANK SECURITIES INC.** |
|  | (collectively, the "**Agents**") |

---

Terms not otherwise defined in this Schedule have the meaning given to them in, as applicable, (a) National Instrument 45-106 - *Prospectus Exemptions* ("**NI 45-106**"), (b) National Instrument 14-101 - *Definitions*, or (c) the securities legislation of the jurisdiction of the Company or Purchaser. While certain definitions used in this Schedule A are incorporated for ease of reference in footnotes, full reference should be made to NI 45-106 for the complete provisions, including definitions, and to the Companion Policy to NI 45-106 for matters of interpretation and application. All monetary references are in Canadian dollars.

**INSTRUCTIONS**

Each Purchaser must complete Part A (Purchasing as Principal) of this Schedule A and Part B (Accredited Investor) of this Schedule A.

If a Purchaser completes Part B of this Schedule A and is an individual Accredited Investor, such Purchaser must also complete Attachment 1 (Risk Acknowledgement Form for Individual Accredited Investors) to this Schedule A.

In connection with the purchase of the Special Warrants by the Purchaser, the Purchaser represents, warrants, covenants (on its own behalf or, if applicable, on behalf of those for whom the Purchaser is contracting under the Subscription Agreement) and certifies to the Company and the Agents, and acknowledges that the Company and the Agents are relying thereon, that:

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| | | |
|:---|:---|:---|
| **PART A - PURCHASING AS PRINCIPAL** | **PART A - PURCHASING AS PRINCIPAL** | **PART A - PURCHASING AS PRINCIPAL** |
|  | The Purchaser is: *[check the box and complete the category that applies]* | The Purchaser is: *[check the box and complete the category that applies]* |
| ☐ | (a) | purchasing the Special Warrants as principal; or |
| ☐ | (b) | deemed to be purchasing as principal under applicable Securities Laws, in accordance with the following statutory provision, the particulars of which are set out below: |
|  |  | _______________________________________________________________________ |
|  |  | _______________________________________________________________________ |
|  |  | _______________________________________________________________________ |

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| | | |
|:---|:---|:---|
| **PART B - ACCREDITED INVESTOR** | **PART B - ACCREDITED INVESTOR** | **PART B - ACCREDITED INVESTOR** |
|  | The Purchaser is: *[check the box that applies]* | The Purchaser is: *[check the box that applies]* |
| ☐ | (a) | (i) except in Ontario, a Canadian financial institution<sup>1</sup>, or a Schedule III bank<sup>2</sup>,<br>(ii) in Ontario, a financial institution described in paragraph 73.1(1) of the *Securities Act* (Ontario) (as detailed below), |
| ☐ | (b) | the Business Development Bank of Canada incorporated under the *Business Development Bank of Canada Act* (Canada), |
| ☐ | (c) | a subsidiary<sup>3</sup> of any person<sup>4</sup> 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, |
| ☐ | (d) | a person registered under the securities legislation of a jurisdiction of Canada as an adviser or dealer, |
| ☐ | (e) | an individual<sup>5</sup> registered under the securities legislation of a jurisdiction of Canada as a representative of a person referred to in paragraph (d), |
| ☐ | (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) | 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, |
| ☐ | (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<sup>6</sup>, or any agency of that government, |
| ☐ | (i) | 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, |

---

<sup>1</sup> "Canadian financial institution" means (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 (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 of Canada.

<sup>2</sup> "Schedule III bank" means an authorized foreign bank named in Schedule III of the *Bank Act* (Canada).

<sup>3</sup> "subsidiary" means an issuer that is controlled by another issuer, and an issuer is controlled by a person if (a) voting securities of the issuer are held, other than by way of security only, by or for the benefit of that person, and (b) the voting rights attached to those voting securities are entitled, if exercised, to elect a majority of the directors of the issuer.

<sup>4</sup> "person" includes an individual, corporation, partnership, trust, fund, association, syndicate, organization, any other organized group of persons, whether incorporated or not, and the personal or other legal representative of a person to whom the context can apply according to law.

<sup>5</sup> "individual" means a natural person, but does not include (a) a partnership, unincorporated association, unincorporated syndicate, unincorporated organization or trust, or (b) a natural person in the person's capacity as a trustee, executor, administrator or personal or other legal representative.

<sup>6</sup> "foreign jurisdiction" means a country other than Canada or a political subdivision of a country other than Canada.

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| | | |
|:---|:---|:---|
| ☐ | (j) | an individual who, either alone or with a spouse<sup>7</sup>, beneficially owns financial assets<sup>8</sup> having an aggregate realizable value that, before taxes but net of any related liabilities<sup>9</sup>, exceeds CDN$1,000,000,<br>**IMPORTANT – If you qualify as an accredited investor under this Category (j), you must complete and execute Form 45-106F9 –Individual Risk Acknowledgment form, attached as Attachment 1 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 CDN$5,000,000, |
| ☐ | (k) | an individual whose net income before taxes exceeded CDN$200,000 in each of the 2 most recent calendar years or whose net income before taxes combined with that of a spouse exceeded CDN$300,000 in each of the 2 most recent calendar years and who, in either case, reasonably expects to exceed that net income level in the current calendar year,<br>**IMPORTANT – If you qualify as an accredited investor under this Category (k), you must complete and execute Form 45-106F9 –Individual Risk Acknowledgment form, attached as Attachment 1 to this Schedule A** |
| ☐ | (l) | an individual who, either alone or with a spouse, has net assets of at least CDN$5,000,000,<br>**IMPORTANT – If you qualify as an accredited investor under this Category (l), you must complete and execute Form 45-106F9 –Individual Risk Acknowledgment form, attached as Attachment 1 to this Schedule A** |
| ☐ | (m) | a person, other than an individual or investment fund<sup>10</sup>, that has net assets<sup>11</sup> of at least CDN$5,000,000 as shown on its most recently prepared financial statements<sup>12</sup>, and such person has not been created or used solely to purchase or hold securities as an accredited investor, |
| ☐ | (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 of NI 45-106 [*Minimum amount investment*], and 2.19 of NI 45-106 [*Additional investment in investment funds*], or |
|  | (ii) | a person described in paragraph (i) or (ii) that acquires or acquired securities under section 2.18 of NI 45-106 [*Investment fund reinvestment*], |

---

<sup>7</sup> "spouse" means, an individual who, (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, (b) is living with another individual in a marriage-like relationship, including a marriage like relationship between individuals of the same gender, or (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).

<sup>8</sup> "financial assets" means (a) cash, (b) securities, or (c) a contract of insurance, a deposit or an evidence of a deposit that is not a security for the purposes of securities legislation.

<sup>9</sup> "related liabilities" means (a) liabilities incurred or assumed for the purpose of financing the acquisition or ownership of financial assets, or (b) liabilities that are secured by financial assets.

<sup>10</sup> "investment fund" means a mutual fund or a non-redeemable investment fund, and, for greater certainty in British Columbia, includes (a) 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), and whose business objective is making multiple investments, and (b) a venture capital corporation registered under Part 1 of the *Small Business Venture Capital Act* (British Columbia), whose business objective is making multiple investments and a "non-redeemable investment fund" means an issuer, (x) whose primary purpose is to invest money provided by its securityholders, (y) that does not invest, (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 (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 (z) that is not a mutual fund.

<sup>11</sup> "net assets" means the value of the total assets of the purchaser less the value of the total liabilities.

<sup>12</sup> "financial statements" includes interim financial reports.

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| | |
|:---|:---|
| ☐(o) | 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, |
| ☐ (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, |
| ☐ (q) | a person acting on behalf of a fully managed account<sup>13</sup> 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, |
| ☐ (r) | a registered charity under the *Income Tax Act* (Canada) that, in regard to the trade, has obtained advice from an eligibility adviser<sup>14</sup> or an adviser registered under the securities legislation of the jurisdiction of the registered charity to give advice on the securities being traded, |
| ☐ (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) 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, |
| ☐ (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, |
| ☐ (v) | 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 |
| ☐ (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<sup>7</sup>, 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. |

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<sup>13</sup> "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.

<sup>14</sup> "eligibility adviser" means (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 (b) in 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 (i) have a professional, business or personal relationship with the issuer, or any of its directors, executive officers, founders, or control persons, and (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.

**DATED** as of this ______ day of _________________, 2023.

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| | |
|:---|:---|
| Name of Purchaser (please print) | Name of Purchaser (please print) |
| By: |  |
|  | Authorized Signature |
| Official Title or Capacity (please print) | Official Title or Capacity (please print) |
| Name of Signatory (please print name of individual whose signature appears above if different than name of Purchaser) | Name of Signatory (please print name of individual whose signature appears above if different than name of Purchaser) |

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**ATTACHMENT 1 TO SCHEDULE A**

**INDIVIDUAL RISK ACKNOWLEDGMENT FORM**

**Form 45-106F9**

**Risk Acknowledgement 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 THE ISSUER OR SELLING SECURITY HOLDER**

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| | |
|:---|:---|
| **1. About your investment** |  |
| Type of securities: **Special Warrants** | Issuer: **Bunker Hill Mining Corp.** (the "**Company**") |

---

Purchased from: the Company

**SECTIONS 2 TO 4 TO BE COMPLETED BY THE PURCHASER**

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| | |
|:---|:---|
| **2. Risk acknowledgement** |  |
| This investment is risky. Initial that you understand that: | **Your initials** |
| **Risk of loss –** You could lose your entire investment of CDN$____________________ . [*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>. |  |

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

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● Your
net income before taxes was more than CDN$200,000 in each of the 2 most recent calendar years, and you expect it to be more than CDN$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 CDN$300,000 in each of the 2 most recent calendar years, and
you expect your combined net income before taxes to be more than CDN$300,000 in the current calendar year.

● Either
alone or with your spouse, you own more than CDN$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 CDN$5 million. (Your net assets are your total assets (including real
estate) minus your total debt.)

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

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| | |
|:---|:---|
| First and last name (please print)**:** |  |
| Signature: | Date: |

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**SECTION 5 TO BE COMPLETED BY THE SALESPERSON**

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| |
|:---|
| **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, a registrant or a person who is exempt from the registration requirement.]* |

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| | |
|:---|:---|
| First and last name of salesperson (please print): |  |
| Telephone: | Email: |
| Name of firm (if registered): |  |

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**SECTION 6 TO BE COMPLETED BY THE ISSUER OR SELLING SECURITY HOLDER**

**6. For more information about this investment**

Bunker Hill Mining Corp.

82 Richmond St East

Toronto, Ontario M5C 1P1

Attention: David Wiens, Chief Financial Officer, Telephone: 604-779-2461,

Email: david.wiens@bunkerhillmining.com

**For more information about prospectus exemptions, contact your local securities regulator. You can find contact information at <u>www.securities-administrators.ca.</u>**

***Form instructions****:*

*1.* *The information in sections 1, 5 and 6 must be completed before the purchaser completes and signs the form.* 

*2.* *The purchaser must sign this form. Each of the purchaser and the issuer or selling security holder must receive a copy of this form signed by the purchaser. The issuer or selling security holder is required to keep a copy of this form for 8 years after the distribution.* 

**SCHEDULE B – ANNEX 1**

**U.S. ACCREDITED INVESTOR CERTIFICATE**

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| | |
|:---|:---|
| **TO:** | Bunker Hill Mining Corp. (the "**Company**") |
| **AND TO:** | Echelon Wealth Partners Inc. |
|  | Roth Capital Partners, LLC |
|  | Laurentian Bank Securities Inc. |
|  | (collectively, the "**Agents**") |
| **AND TO:** | U.S. broker-dealer affiliates of the Agents |
|  | (collectively, the "**U.S. Affiliates**") |

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Reference is made to the subscription agreement between the Company and the undersigned (referred to herein as the "**Purchaser**") dated as of the date hereof (the "**Subscription Agreement**"). Upon execution of this U.S. Accredited Investor Certificate by the Purchaser, this U.S. Accredited Investor Certificate shall be incorporated into and form a part of the Subscription Agreement. Terms not otherwise defined herein have the meanings attributed to them in the Subscription Agreement.

In connection with the proposed purchase of special warrants (the "**Special Warrants**") of the Company, the undersigned represents and warrants to, and covenants with, the Company, the Agents and the U.S. Affiliates, on the date hereof on the applicable Closing Date, as follows:

(a) the
 Purchaser understands and acknowledges that:

&nbsp;&nbsp;&nbsp;&nbsp;(i) the
 Special Warrants, the Underlying Shares, the Underlying Warrants and the Warrant Shares (collectively,
 the "**Securities**") 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 that the sale contemplated hereby is being made
 in reliance on the exemption from such registration requirements provided by Rule 506(b)
 of Regulation D and/or Section 4(a)(2) under the U.S. Securities Act and similar exemptions
 under applicable state securities laws;

&nbsp;&nbsp;&nbsp;&nbsp;(ii) the
 Securities may not be offered or sold except pursuant to registration under the U.S. Securities
 Act and the securities laws of all applicable states, or pursuant to available exemptions
 therefrom; and

&nbsp;&nbsp;&nbsp;&nbsp;(iii) the
 Purchaser will not engage in any "directed selling efforts" (as defined by Rule
 902(c) of 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 any of the Securities;

(b) the
 Purchaser is resident in the jurisdiction set out under the "Purchaser's Address"
 on the face page hereof, which is the address at which the Purchaser received and accepted
 the offer to purchase the Special Warrants;

(c) if
 the Purchaser 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
 the sale is:

&nbsp;&nbsp;&nbsp;&nbsp;(i) to
 the Company;

&nbsp;&nbsp;&nbsp;&nbsp;(ii) 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;(iii) made
 pursuant to the exemption from the registration requirements of the U.S. Securities Act provided
 by Rule 144 thereunder, if available, and in accordance with any applicable state securities
 laws; or

&nbsp;&nbsp;&nbsp;&nbsp;(iv) in
 another 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 (ii), (iii) or (iv) above, it has prior to such sale furnished to the Company an opinion of counsel of recognized standing or other evidence of exemption, in each case in form and substance reasonably satisfactory to the Company;

(d) it
 understands and acknowledges that the Securities will be "restricted securities",
 as such term is defined in Rule 144(a)(3) under the U.S. Securities Act, and 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 each of the Securities will bear a legend (the "**U.S. Legend** ")
 in substantially the following form:

**"THE SECURITIES REPRESENTED HEREBY [AND THE SECURITIES ISSUABLE UPON EXERCISE HEREOF] HAVE NOT BEEN AND WILL NOT BE REGISTERED UNDER THE U.S. SECURITIES ACT OF 1933, AS AMENDED (THE "U.S. SECURITIES ACT"). THE HOLDER HEREOF, BY PURCHASING SUCH SECURITIES, AGREES FOR THE BENEFIT OF THE COMPANY THAT SUCH SECURITIES MAY BE OFFERED, SOLD, PLEDGED OR OTHERWISE TRANSFERRED ONLY (A) TO 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 ALL LOCAL LAWS AND REGULATIONS, (C) PURSUANT TO THE EXEMPTION FROM THE REGISTRATION REQUIREMENTS OF THE U.S. SECURITIES ACT PROVIDED BY RULE 144 THEREUNDER, IF AVAILABLE, AND 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, AND IN THE CASE OF (B), (C) OR (D), THE HOLDER HAS PRIOR TO SUCH SALE FURNISHED TO THE COMPANY AN OPINION OF COUNSEL OR OTHER EVIDENCE OF EXEMPTION IN FORM AND SUBSTANCE REASONABLY SATISFACTORY TO THE COMPANY. DELIVERY OF THIS CERTIFICATE MAY NOT CONSTITUTE "GOOD DELIVERY" IN SETTLEMENT OF TRANSACTIONS ON STOCK EXCHANGES IN CANADA."**

provided that the legend may be removed by delivery to the Company and the Company's registrar and transfer agent of an opinion of counsel of recognized standing or other evidence of exemption 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 or state securities laws;

(e) the
 Purchaser consents to the Company making a notation on its records or giving instruction
 to its registrar and transfer agent in order to implement the restrictions on transfer and
 exercise with respect to the Securities set forth and described herein;

(f) the
 Purchaser 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;

(g) the
 Purchaser certifies that, if the Purchaser is an entity or organization, the Purchaser was
 not formed for the specific purpose of acquiring the Securities;

(h) the
 Purchaser acknowledges that the Company has provided to the Purchaser 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 Company as it has considered necessary
 or appropriate in connection with its investment decision to acquire the Securities;

(i) the
 Purchaser understands and acknowledges that the Company was previously a "shell company"
 and accordingly Rule 144 under the U.S. Securities Act may not be available for resales of
 the Securities;

(j) the
 Purchaser has not purchased the Special Warrants as a result of any form of "general
 solicitation or general advertising" (as those terms are used in Regulation D under
 the U.S. Securities Act), including, without limitation, advertisements, articles, notices
 or other communications published in any newspaper, magazine or similar media or on the Internet,
 or broadcast over radio or television, or the Internet or other form of telecommunications,
 including electronic display, or any seminar or meeting whose attendees have been invited
 by general solicitation or general advertising;

(k) the
 Purchaser understands and acknowledges that the Special Warrants and the Underlying Warrants
 may not be exercised by, or on behalf of, a U.S. Person or a person in the United States
 unless exemptions are available from the registration requirements of the U.S. Securities
 Act and the securities laws of all applicable states, and the holder has furnished an opinion
 of counsel of recognized standing in form and substance reasonably satisfactory to the Company
 to such effect; provided that a holder of Special Warrants and Underlying Warrants that acquired
 the Special Warrants in the Offering will not be required to deliver an opinion of counsel
 in connection with its exercise of the Special Warrants or the Underlying Warrants, for its
 own account or for the account of the original beneficial purchaser, if any, at a time when
 such holder and such original beneficial purchaser thereof, if any, are a U.S. Accredited
 Investor;

(l) the
 Purchaser is and will be acquiring the Securities for its own account, or for the account
 of one or more persons for whom it is exercising sole investment discretion (a "**Beneficial Purchaser** "), for investment purposes only and not with a view to resale or distribution
 of any of the Securities and, in particular, neither it nor any Beneficial Purchaser for
 whose account it is purchasing the Special Warrants has any intention to distribute either
 directly or indirectly the Securities to, or for the account or benefit of, a U.S. Person
 or person in the United States; provided, however, that this paragraph shall not restrict
 the Purchaser from selling or otherwise disposing of such Securities pursuant to registration
 thereof pursuant to the U.S. Securities Act and any applicable state securities laws, or
 under an applicable exemption from such registration requirements;

(m) no
 agency, governmental authority, regulatory body, stock exchange or other entity (including,
 without limitation, the United States Securities and Exchange Commission or any state securities
 commission) has made any finding or determination as to the merit of investment in, nor have
 any such agencies or governmental authorities made any recommendation or endorsement with
 respect, to the Securities;

(n) the
 funds representing the purchase price which will be advanced by the Purchaser to the Company
 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 Purchaser acknowledges that
 the Company may in the future be required by law to disclose the Purchaser's name and
 other information relating to the subscription agreement and the Purchaser's subscription
 hereunder, on a confidential basis, pursuant to the PATRIOT Act. No portion of the purchase
 price to be provided by the Purchaser (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 Purchaser, and it shall promptly notify the Company if the Purchaser
 discovers that any of such representations ceases to be true and provide the Company with
 appropriate information in connection therewith;

(o) the
 Purchaser understands and agrees that there may be material tax consequences to the Purchaser
 of an acquisition, disposition or exercise, as applicable, of any of the Securities. The
 Company gives no opinion and makes no representation with respect to the tax consequences
 to the Purchaser 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 Company is or will be a "passive foreign investment company" within
 the meaning of Section 1297 of the United States Internal Revenue Code of 1986, as amended
 (the "**Code** ");

(p) the
 Purchaser, and if applicable, each Beneficial Purchaser for whose account it is purchasing
 the Special Warrants, is an "accredited investor" that satisfies one or more
 criteria set forth in Rule 501(a) of Regulation D (a "**U.S. Accredited Investor** "),
 and the Purchaser has initialled the category of U.S. Accredited Investor applicable to the
 Purchaser and the Beneficial Purchaser **(please place your initials and a P (denoting Purchaser) and, if applicable, a BP (denoting Beneficial Purchaser) on the appropriate line(s))**:

---

| | |
|:---|:---|
| 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. |
| 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. |
| Category 3. | A broker or dealer registered pursuant to Section 15 of the Securities Exchange Act of 1934, as amended. |
| Category 4. | An investment adviser registered pursuant to Section 203 of the U.S. Investment Advisers Act of 1940 or registered pursuant to the laws of a state. |
| Category 5. | An investment adviser relying on the exemption from registering with the SEC under Section 203(l) or (m) of the Investment Advisers Act of 1940. |
| Category 6. | An insurance company as defined in Section 2(a)(13) of the U.S. Securities Act. |
| Category 7. | An investment company registered under the Investment Company Act of 1940, as amended. |
| Category 8. | A business development company as defined in Section 2(a)(48) of the Investment Company Act of 1940, as amended. |
| Category 9. | A small business investment company licensed by the U.S. Small Business Administration under Section 301(c) or (d) of the Small Business Investment Act of 1958, as amended. |
| Category 10. | A rural business investment company as defined in Section 384A of the Consolidated Farm and Rural Development Act. |
| Category 11. | A plan established and maintained by a state, its political subdivision or any agency or instrumentality of a state or its political subdivisions, for the benefit of its employees, with assets in excess of US$5,000,000. |
| Category 12. | An employee benefit plan within the meaning of the Employee Retirement Income Security Act of 1974, as amended, 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 advisor, or an employee benefit plan with total assets in excess of US$5,000,000 or, if a self-directed plan, the investment decisions are made solely by persons who are accredited investors. |
| Category 13. | A private business development company as defined in Section 202(a)(22) of the Investment Advisors Act of 1940, as amended. |
| Category 14. | An organization described in Section 501(c)(3) of the Code, a corporation, a Massachusetts or similar business trust, or a partnership, not formed for the specific purpose of acquiring the securities offered, with total assets in excess of US$5,000,000. |
| Category 15. | A director, executive officer or general partner of the Company. |

---

---

| | |
|:---|:---|
| Category 16. | Any natural person whose individual net worth, or joint net worth with that person's spouse, at the time of purchase, exceeds $1,000,000 (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 and purchase of securities contemplated by the accompanying Subscription Agreement, shall not be included as a liability (except that if the amount of such indebtedness outstanding at the time of the sale and purchase of securities contemplated by the accompanying Subscription Agreement 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); and (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). |
| Category 17. | A natural person who had an individual income in excess of US$200,000 in each year of the two most recent years or joint income with that person's spouse 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. |
| 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) of Regulation D under the U.S. Securities Act. |
| Category 19. | An entity in which each of the equity owners meets the requirements of one of the above categories – if this category is selected you must identify each equity owner and provide statements from each demonstrating how they qualify as an accredited investor. |
| Category 20. | Any natural person holding in good standing one or more professional certifications or designations or credentials from an accredited educational institution that the SEC has designated as qualifying an individual for accredited investor status. |
| Category 21. | Any natural person who is a "knowledgeable employee," as defined in rule 3c-5(a)(4) under the U.S. Investment Company Act of 1940, of the issuer of the securities being offered or sold where the issuer would be an investment company, as defined in section 3 of such act, but for the exclusion provided by either section 3(c)(1) or section 3(c)(7) of such act. |

---

____ Category 22. Any "family office," as defined in rule 202(a)(11)(G)-1 under the U.S. Investment Advisers Act of 1940:

---

| | |
|:---|:---|
| (i) | With assets under management in excess of $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 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. | (iii) Whose prospective 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. |

---

____ Category 23. Any "family client," as defined in rule 202(a)(11)(G)-1 under the U.S. Investment Advisers Act of 1940, of a family office whose prospective investment in the issuer is directed by such family office.

The Purchaser acknowledges that the representations, warranties and covenants made by the Purchaser in this U.S. Accredited Investor Certificate are made with the intent that they may be relied upon by the Company, the Agents, the U.S. Affiliates and their respective counsel to, among other things, determine the Purchaser's eligibility to purchase the Special Warrants, including without limitation the availability of an exemption from the registration requirements of the U.S. Securities Act and all applicable state securities laws in connection with the issuance of the Securities to the Purchaser. The Purchaser further covenants that by accepting the Special Warrants, the Purchaser will be representing and warranting that such representations and warranties are true as at the applicable Closing Date with the same force and effect as if they had been made by the Purchaser at the applicable Closing Date. The Purchaser undertakes to immediately notify the Company, the Agents, the U.S. Affiliates of any change in any statement or other information relating to the Purchaser set forth herein that takes place prior to the applicable Closing Date.

All monetary references in this Schedule only are in United States dollars.

**[Signature page follows.]**

**DATED** as of this ________ day of _________________, 2023.

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| | |
|:---|:---|
| Name of Purchaser (please print) | Name of Purchaser (please print) |
| By: |  |
|  | Authorized Signature |
| Official Title or Capacity (please print) | Official Title or Capacity (please print) |
| Name of Signatory (please print name of individual whose signature appears above if different than name of Purchaser) | Name of Signatory (please print name of individual whose signature appears above if different than name of Purchaser) |

---

**SCHEDULE B – ANNEX 2**

**U.S. QUALIFIED INSTITUTIONAL BUYER CERTIFICATE**

---

| | |
|:---|:---|
| **TO:** | Bunker Hill Mining Corp. (the "**Company**") |
| **AND TO:** | Echelon Wealth Partners Inc. |
|  | Roth Capital Partners, LLC |
|  | Laurentian Bank Securities Inc. |
|  | (collectively, the "**Agents**") |
| **AND TO:** | U.S. broker-dealer affiliates of the Agents |
|  | (collectively, the "**U.S. Affiliates**") |

---

Reference is made to the subscription agreement between the Company and the undersigned (referred to herein as the "**Purchaser**") dated as of the date hereof (the "**Subscription Agreement**"). Upon execution of this U.S. Qualified Institutional Buyer Certificate by the Purchaser, this U.S. Qualified Institutional Buyer Certificate shall be incorporated into and form a part of the Subscription Agreement. Terms not otherwise defined herein have the meanings attributed to them in the Subscription Agreement.

In connection with the proposed purchase of special warrants (the "**Special Warrants**") of the Company, the undersigned represents and warrants to, and covenants with, the Company, the Agents and the U.S. Affiliates, on the date hereof on the Closing Date, as follows:

(a) the
 Purchaser understands and acknowledges that:

&nbsp;&nbsp;&nbsp;&nbsp;(i) the
 Special Warrants, the Underlying Shares, the Underlying Warrants and the Warrant Shares (collectively,
 the "**Securities**") have not been registered under the U.S. Securities Act
 or the securities laws of any state of the United States, and that the sale contemplated
 hereby is being made in reliance on the exemption from such registration requirements provided
 by Rule 506(b) of Regulation D and/or Section 4(a)(2) under the United States Securities
 Act of 1933, as amended (the "**U.S. Securities Act**") and similar exemptions
 under applicable state securities laws;

&nbsp;&nbsp;&nbsp;&nbsp;(ii) the
 Securities may not be offered or sold, directly or indirectly except pursuant to registration
 under the U.S. Securities Act and the securities laws of all applicable states, or pursuant
 to available exemptions therefrom; and

&nbsp;&nbsp;&nbsp;&nbsp;(iii) the
 Purchaser will not engage in any "directed selling efforts" (as defined by Rule
 902(c) of 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 any of the Securities;

(b) the
 Purchaser is resident in the jurisdiction set out under the "Purchaser's Address"
 on the face page hereof, which is the address at which the Purchaser received and accepted
 the offer to purchase the Special Warrants;

(c) the
 Purchaser is a "qualified institutional buyer" as that term is defined in Rule
 144A under the U.S. Securities Act and an "accredited investor" as that term
 is defined in Rule 501(a) of Regulation D under the U.S. Securities Act (a "**Qualified Institutional Buyer**") and is acquiring the Securities for its own account or for
 the account of one or more Qualified Institutional Buyers with respect to which it exercises
 sole investment discretion, and not with a view to resale, distribution or other disposition
 of any of the Securities in violation of United States federal or state securities laws;

(d) the
 Purchaser understands and acknowledges that the Securities will not be represented by certificated
 securities that bear a U.S. restrictive legend or identified by a restricted CUSIP number
 in reliance on its agreement hereby, that: (i) if in the future it shall decide to offer,
 resell, pledge or otherwise transfer any such securities, the same may be offered, resold,
 pledged or otherwise transferred only (A) to the Company, or (B) outside the United States
 in compliance with Rule 904 of Regulation S under the U.S. Securities Act, and, in each case,
 in compliance with any applicable local laws and regulations, and that it will not make resales
 of the Securities in any other manner, even if other exemptions from registration under the
 U.S. Securities Act may be available; and (ii) it has in place or will adopt and implement
 internal controls and procedures to ensure that such restrictions on transfer are complied
 with;

(e) the
 Purchaser is not an "affiliate" (as defined in Rule 144 under the U.S. Securities
 Act) of the Company and it is not acting on behalf of an affiliate of the Company;

(f) the
 Purchaser understands, acknowledges and agrees that the Securities may only be held in an
 account at CDS Clearing and Depository Services Inc., or a successor depository in Canada,
 and shall not be held in an account at The Depository Trust Company, or a successor depository
 within the United States;

(g) the
 Purchaser consents to the Company making a notation on its records or giving instruction
 to its registrar and transfer agent in order to implement the restrictions on transfer and
 exercise with respect to the Securities set forth and described herein;

(h) the
 Purchaser 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;

(i) the
 Purchaser certifies that, if the Purchaser is an entity or organization, the Purchaser was
 not formed for the specific purpose of acquiring the Securities;

(j) the
 Purchaser acknowledges that the Company has provided to the Purchaser 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 Company as it has considered necessary
 or appropriate in connection with its investment decision to acquire the Securities;

(k) the
 Purchaser has not purchased the Special Warrants as a result of any form of "general
 solicitation or general advertising" (as those terms are used in Regulation D under
 the U.S. Securities Act), including, without limitation, advertisements, articles, notices
 or other communications published in any newspaper, magazine or similar media or on the Internet,
 or broadcast over radio or television, or the Internet or other form of telecommunications,
 including electronic display, or any seminar or meeting whose attendees have been invited
 by general solicitation or general advertising;

(l) the
 Purchaser understands and acknowledges that the Special Warrants and the Underlying Warrants
 may not be exercised by, or on behalf of, a U.S. Person or a person in the United States
 unless exemptions are available from the registration requirements of the U.S. Securities
 Act and the securities laws of all applicable states, and the holder has furnished an opinion
 of counsel of recognized standing in form and substance reasonably satisfactory to the Company
 to such effect; provided that a holder of Special Warrants and Underlying Warrants that acquired
 the Special Warrants in the Offering will not be required to deliver an opinion of counsel
 in connection with its exercise of the Special Warrants or the Underlying Warrants, for its
 own account or for the account of the original beneficial purchaser, if any, at a time when
 such holder and such original beneficial purchaser thereof, if any, are a Qualified Institutional
 Buyer;

(m) the
 Purchaser is and will be acquiring the Securities for its own account, or for the account
 of one or more beneficial purchasers over which it exercises sole investment discretion,
 for investment purposes only and not with a view to resale or distribution of any of the
 Securities and, in particular, neither it nor any beneficial purchaser for whose account
 it is purchasing the Special Warrants has any intention to distribute either directly or
 indirectly the Securities to, or for the account or benefit of, a U.S. Person or person in
 the United States; provided, however, that this paragraph shall not restrict the Purchaser
 from selling or otherwise disposing of such Securities pursuant to registration thereof pursuant
 to the U.S. Securities Act and any applicable state securities laws, or under an applicable
 exemption from such registration requirements;

(n) no
 agency, governmental authority, regulatory body, stock exchange or other entity (including,
 without limitation, the SEC or any state securities commission) has made any finding or determination
 as to the merit of investment in, nor have any such agencies or governmental authorities
 made any recommendation or endorsement with respect, to the Securities;

(o) the
 funds representing the purchase price which will be advanced by the Purchaser to the Company
 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 Purchaser acknowledges that
 the Company may in the future be required by law to disclose the Purchaser's name and
 other information relating to the subscription agreement and the Purchaser's subscription
 hereunder, on a confidential basis, pursuant to the PATRIOT Act. No portion of the purchase
 price to be provided by the Purchaser (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 Purchaser, and it shall promptly notify the Company if the Purchaser
 discovers that any of such representations ceases to be true and provide the Company with
 appropriate information in connection therewith; and

(p) the
 Purchaser understands and agrees that there may be material tax consequences to the Purchaser
 of an acquisition, disposition or exercise, as applicable, of any of the Securities. The
 Company gives no opinion and makes no representation with respect to the tax consequences
 to the Purchaser 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 Company is or will be a "passive foreign investment company" within
 the meaning of Section 1297 of the United States Internal Revenue Code of 1986, as amended.

The Purchaser acknowledges that the representations, warranties and covenants made by the Purchaser in this U.S. Qualified Institutional Buyer Certificate are made with the intent that they may be relied upon by the Company, the Agents, the U.S. Affiliates and their respective counsel to, among other things, determine the Purchaser's eligibility to purchase the Special Warrants, including without limitation the availability of an exemption from the registration requirements of the U.S. Securities Act and all applicable state securities laws in connection with the issuance of the Securities to the Purchaser. The Purchaser further covenants that by accepting the Special Warrants, the Purchaser will be representing and warranting that such representations and warranties are true as at the applicable Closing Date with the same force and effect as if they had been made by the Purchaser at the applicable Closing Date. The Purchaser undertakes to immediately notify the Company, the Agents, the U.S. Affiliates of any change in any statement or other information relating to the Purchaser set forth herein that takes place prior to the applicable Closing Date.

All monetary references in this Schedule only are in United States dollars.

**[Signature page follows.]**

**DATED** as of this ________ day of ________________, 2023.

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| | |
|:---|:---|
| Name of Purchaser (please print) | Name of Purchaser (please print) |
| By: |  |
|  | Authorized Signature |
| Official Title or Capacity (please print) | Official Title or Capacity (please print) |
| Name of Signatory (please print name of individual whose signature appears above if different than name of Purchaser) | Name of Signatory (please print name of individual whose signature appears above if different than name of Purchaser) |

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**SCHEDULE C**

**INTERNATIONAL PURCHASER CERTIFICATE**

---

| | |
|:---|:---|
| **TO:** | Bunker Hill Mining Corp. (the "**Company**") |
| **AND TO:** | Echelon Wealth Partners Inc. |
|  | Roth Capital Partners, LLC |
|  | Laurentian Bank Securities Inc. |
|  | (collectively, the "**Agents**") |

---

Reference is made to the subscription agreement between the Company and the undersigned dated as of the date hereof (the "**Subscription Agreement**"). Terms not otherwise defined herein have the meanings attributed to them in the Subscription Agreement. In connection with the purchase of the Special Warrants by the undersigned purchaser (the "**Purchaser**") or, if applicable, on behalf of any disclosed beneficial purchaser ("**Disclosed Beneficial Purchaser**"), the Purchaser hereby represents, warrants, covenants and certifies to the Company and the Agents that:

1. The
 Purchaser is resident in a jurisdiction outside Canada and the United States (the "**International Jurisdiction**") or is otherwise subject to the laws of an International Jurisdiction.

2. The
 Purchaser complies with the requirements of all applicable Securities Laws in the applicable
 International Jurisdiction and will provide such evidence of compliance with all such matters
 as the Company and the Agents may request.

3. Upon
 execution of this International Purchaser Certificate by the Purchaser, this International
 Purchaser Certificate will be incorporated into and form a part of the Subscription Agreement.

4. The
 Purchaser is: *[check the box that applies]* 

---

| | | |
|:---|:---|:---|
| ☐ | (a) | purchasing the Special Warrants as principal for its own account and not for the benefit of any other person, for investment only, and not with a view to the resale or distribution of all or any of the Special Warrants; or |
| ☐ | (b) | is acting as agent for one or more beneficial purchasers disclosed on the cover page of the Subscription Agreement, each Disclosed Beneficial Purchaser is purchasing as principal for its own account and not for the benefit of any other person, for investment only, and not with a view to the resale or distribution of all or any of the Special Warrants. |

---

5. The
 Purchaser is knowledgeable of, or has been independently advised as to, the applicable Securities
 Laws of the International Jurisdiction having application or jurisdiction over the Purchaser
 and which would apply to the acquisition of the Special Warrants.

6. The
 Purchaser is purchasing the Special Warrants pursuant to exemptions from prospectus, registration
 or similar requirements under applicable Securities Laws or, if such is not applicable, the
 Purchaser is permitted to purchase the Special Warrants under the applicable Securities Laws
 of the International Jurisdiction without the need to rely on exemptions, and the Company
 does not have any filing obligations in that International Jurisdiction.

7. Applicable
 laws of International Jurisdictions do not require the Company to make any filings or seek
 any approvals of any kind whatsoever from any regulatory authority of any kind whatsoever
 in that International Jurisdiction in connection with the issue and sale or resale of the
 Purchaser's Special Warrants.

8. The
 Purchaser is an "accredited investor" within the meaning of NI 45-106 by virtue
 of satisfying the indicated criterion as set out in a completed and executed certificate
 certifying the same that has been delivered concurrently to the Company and the Agents with
 this certificate.

**[Signature page follows.]**

**DATED** as of this ________ day of ________________, 2023.

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| | |
|:---|:---|
| Name of Purchaser (please print) | Name of Purchaser (please print) |
| By: |  |
|  | Authorized Signature |
| Official Title or Capacity (please print) | Official Title or Capacity (please print) |
| Name of Signatory (please print name of individual whose signature appears above if different than name of Purchaser) | Name of Signatory (please print name of individual whose signature appears above if different than name of Purchaser) |

---

**SCHEDULE D**

**TERM SHEET**

**BUNKER HILL MINING CORP.**

**PRIVATE PLACEMENT OFFERING OF SPECIAL WARRANTS**

**MARCH 2, 2023**

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| | |
|:---|:---|
| Issuer: | Bunker Hill Mining Corp. (the "**Company**"). |
| Offering: | Commercially reasonable "best efforts" private placement offering (the "**Offering**") of special warrants (the "**Special Warrants**") pursuant to an agency agreement to be entered into between the Company and the Agents (as defined below) (the "**Agency Agreement**"). |
| Offering Amount: | Up to C$9,000,000 (or up to C$10,350,000 if the Agents' Option (as defined below) is exercised in full). |
| Offering Price: | C$0.12 per Special Warrant (the "**Offering Price**"). |
| Agent's Option: | The Company has granted the Agents an option (the "**Agent's Option**") to offer for sale up to an additional 15% of the Special Warrants, at the Offering Price, exercisable in whole or in part at any time up to 48 hours prior to the final closing date of the Offering. |
| Special Warrants: | Each Special Warrant shall be exercisable, for no additional consideration and with no further action on the part of the holder thereof, into one unit (each, a "**Unit**") of the Company, subject to adjustment described below, on the earlier of: (i) the third business day after the date upon which the registration statement (the "**Registration Statement**") ‎of the Company to be filed with the United States Securities and Exchange Commission (the "**SEC**") registering the resale of the ‎Units issuable upon exercise of the Special Warrants ‎has been declared effective by the SEC; and (ii) the date that is six months following the Initial Closing ‎Date (as defined below)‎, subject to compliance with United States securities laws.<br>The Company will file and use commercially reasonable efforts to have the Registration ‎Statement deemed effective by the SEC, within six months following the Initial Closing Date. ‎<br>In the event that the ‎Registration Statement has not been deemed effective on or before 5:00 p.m. (EST) on the date ‎that is 4 months following the Initial Closing Date, each unexercised ‎Special Warrant will thereafter entitle the holder thereof to receive, upon the exercise thereof, ‎at no additional cost, 1.20 Units (instead of one Unit). |
| Description of Units: | Each Unit shall consist of one common share (a "**Common Share**") and one common share purchase warrant (each whole common share purchase warrant, a "**Warrant**") of the Company. Each Warrant shall entitle the holder to purchase one common share of the Company (a "**Warrant Share**") at a price of C$0.15 per Warrant Share, subject to adjustment in certain events, for a period of 36 months following the applicable closing date. The Warrants shall also be exercisable on a cashless basis in the event the Registration ‎Statement has not been made effective by the SEC prior to the date of exercise‎. |
| Offering Jurisdictions: | The Offering will take place by way of a commercially reasonable "best efforts" private placement: (i) to accredited investors (as defined in National Instrument 45-106 - *Prospectus Exemptions*) in all the provinces of Canada, other than the Province of Quebec; (ii) in the United States to Accredited Investors and Qualified Institutional Buyers (as such terms are defined in Rules 501 and 144A, respectively, under ‎the United States Securities Act of 1933, as amended (the "**1933 Act**")), and pursuant to the ‎requirements of any applicable securities laws of any state of the United States, in each case by ‎way of private placement pursuant to available exemptions from the registration requirements ‎of the 1933 Act; and (iii) outside Canada and the United States on a basis which does not require ‎the qualification or registration of any of the Special Warrants‎. |

---

---

| | |
|:---|:---|
| Hold Period: | Canada: The Special Warrants, and the securities issuable thereunder will be subject to statutory hold period in Canada of four months and one day following the applicable closing date, in the event the Registration Statement has been declared effective by the SEC, and otherwise the hold period would be six months.<br>United States: The Special Warrants shall be subject to a minimum six month hold period under ‎United States securities laws, which hold period will no longer apply in the event that the Registration ‎Statement is filed and declared effective by the SEC in advance of such date.‎ |
| Listing: | The common stock of the Company is listed on the Canadian Securities Exchange ("**CSE**") under the symbol "BNKR". The Company will apply to list the Common Shares and Warrant Shares issuable pursuant to the Offering on the CSE. |
| Agents: | Echelon Wealth Partners Inc. and ROTH Capital Partners, LLC (together, the "**Co-Lead Agents**") shall act as co-lead agents and joint bookrunners, on behalf of a syndicate of agents including Laurentian Bank Securities Inc. (collectively, the "**Agents**"). |
| Use of Proceeds: | The Company intends to use the net proceeds of the Offering for working capital, general corporate purposes, and capital expenditures relating to the Bunker Hill Mine. |
| Eligibility: | The Special Warrants are eligible for RRSPs, RRIFs, RESPs, RDSPs, DPSPs and TFSAs. |
| Agents' Fees: | Cash commission of 6.0% of the gross proceeds of the Offering.<br>Any proceeds raised through sales to certain persons named on the Company's president's list (collectively, the "**President's List Purchasers**") provided to the Agents by the Company shall be subject to a 3.0% commission to the Agents.<br>Any proceeds raised through sales to Valuestone Global Resource Fund I, management, the board of directors or insiders of the Company (collectively, the "**Company Purchasers**") shall be subject to a 2.0% commission to the Agents. |
| Compensation Options:<br>| The Agents will also receive, on each applicable closing date, non-transferable compensation options (the "**Compensation Options**") exercisable to acquire that number of Units as is equal to 6.0% of the number of the number of Special Warrants sold in the applicable closing (including any exercise of the Agents' Option) at the Offering Price for a period of 36 months following the applicable closing date, subject to adjustment in certain events; provided that the Agents will receive such number of Compensation Options as is equal to (i) 3.0% of the number of Special Warrants sold to President's List Purchasers, and (ii) 2.0% of the number of Special Warrants sold to Company Purchasers. |
| Closing Date: | The Offering is expected to close in multiple tranches, with the first tranche expected to close on or about March 9, 2023, or such other date as may be agreed upon between the Co-Lead Agents and the Company (the "**Initial Closing Date**"). |

---

## Exhibit 10.2

**Exhibit 10.2**

**SPECIAL WARRANT INDENTURE**

**Providing for the Creation and Issue of 51,633,727 Special Warrants**

**BETWEEN**

**BUNKER HILL MINING CORP.**

and

**CAPITAL TRANSFER AGENCY ULC**

Dated as of March 27, 2023

**TABLE OF CONTENTS**

---

| | | |
|:---|:---|:---|
|  |  | **Page no.** |
|  | **ARTICLE 1** |  |
|  | **INTERPRETATION** |  |
| Section 1.1 | Definitions | 1 |
| Section 1.2 | Gender and Number | 6 |
| Section 1.3 | Headings, Etc. | 6 |
| Section 1.4 | Day not a Business Day | 6 |
| Section 1.5 | Time of the Essence | 7 |
| Section 1.6 | Currency | 7 |
| Section 1.7 | No Strict Construction | 7 |
| Section 1.8 | Severability | 7 |
| Section 1.9 | English Language Only | 7 |
| Section 1.10 | Conflicts | 7 |
|  | **ARTICLE 2** |  |
|  | **THE SPECIAL WARRANTS** |  |
| Section 2.1 | Creation, Form and Issue of Special Warrants | 7 |
| Section 2.2 | Form of Special Warrants | 7 |
| Section 2.3 | Terms of Special Warrants | 8 |
| Section 2.4 | Special Warrantholder not a Shareholder | 8 |
| Section 2.5 | Special Warrants to Rank Pari Passu | 8 |
| Section 2.6 | Signing of Special Warrant Certificates | 8 |
| Section 2.7 | Certification by the Special Warrant Agent | 9 |
| Section 2.8 | Issue in Substitution for Special Warrant Certificates Lost, etc. | 9 |
| Section 2.9 | Exchange of Special Warrant Certificates | 10 |
| Section 2.10 | Transfer and Ownership of Special Warrants | 10 |
| Section 2.11 | Assumption by Transferee and Release of Transferor | 11 |
| Section 2.12 | Registration of Special Warrants | 11 |
| Section 2.13 | Legend Matters and Restrictions on Transfer | 12 |
| Section 2.14 | Book-Entry Only System and Issue of Certificates | 14 |
| Section 2.15 | Location and Residence of Special Warrantholders | 17 |
| Section 2.16 | Cancellation of Surrendered Special Warrants | 17 |
|  | **ARTICLE 3** |  |
|  | **EXERCISE OF SPECIAL WARRANTS** |  |
| Section 3.1 | Method of Exercise of Special Warrants | 17 |
| Section 3.2 | Effect of Exercise of Special Warrants | 19 |
| Section 3.3 | Partial Exercise of Special Warrants; Fractions | 19 |
| Section 3.4 | Cancellation of Surrendered Special Warrants | 20 |
| Section 3.5 | Accounting and Recording | 20 |
| Section 3.6 | Expiration of Special Warrants | 20 |
| Section 3.7 | Deemed or Automatic Exercise and Surrender | 20 |
| Section 3.8 | Securities Restrictions | 21 |
| Section 3.9 | Delivery of Expiry Date Notice | 22 |
|  | **ARTICLE 4** |  |
|  | **ADJUSTMENT OF NUMBER OF UNITS** |  |
| Section 4.1 | Adjustment of Number of Units | 22 |
| Section 4.2 | Adjustment of Number of Underling Shares and Underlying Warrants | 23 |
| Section 4.3 | Proceedings Prior to any Action Requiring Adjustment | 26 |
| Section 4.4 | Certificate of Adjustment | 26 |

---

---

| | | |
|:---|:---|:---|
|  | **TABLE OF CONTENTS** | |
|  | (continued) | |
|  |  | <br>**Page no.** |
| Section 4.5 | No Action After Notice | 26 |
| Section 4.6 | Protection of Special Warrant Agent | 27 |
| Section 4.7 | Notice of Special Matters | 27 |
|  | **ARTICLE 5** |  |
|  | **RIGHTS AND COVENANTS OF THE COMPANY** |  |
| Section 5.1 | Optional Purchases by the Company | 27 |
| Section 5.2 | General Covenants | 28 |
| Section 5.3 | Special Warrant Agent's Remuneration and Expenses | 29 |
| Section 5.4 | Securities Qualification Requirements | 29 |
| Section 5.5 | Performance of Covenants by Special Warrant Agent | 29 |
|  | **ARTICLE 6** |  |
|  | **ENFORCEMENT** |  |
| Section 6.1 | Suits by Special Warrantholders | 30 |
| Section 6.2 | Immunity of Shareholders, etc. | 30 |
| Section 6.3 | Waiver of Default | 30 |
|  | **ARTICLE 7** |  |
|  | **MEETINGS OF SPECIAL WARRANTHOLDERS** |  |
| Section 7.1 | Right to Convene Meetings | 30 |
| Section 7.2 | Notice | 31 |
| Section 7.3 | Chairman | 31 |
| Section 7.4 | Quorum | 31 |
| Section 7.5 | Power to Adjourn | 31 |
| Section 7.6 | Show of Hands | 31 |
| Section 7.7 | Poll and Voting | 31 |
| Section 7.8 | Regulations | 32 |
| Section 7.9 | Company, Agents and Special Warrant Agent May be Represented | 32 |
| Section 7.10 | Powers Exercisable by Extraordinary Resolution | 32 |
| Section 7.11 | Meaning of Extraordinary Resolution | 33 |
| Section 7.12 | Powers Cumulative | 34 |
| Section 7.13 | Minutes | 34 |
| Section 7.14 | Instruments in Writing | 34 |
| Section 7.15 | Binding Effect of Resolutions | 34 |
| Section 7.16 | Holdings by Company or Subsidiaries | 34 |
|  | **ARTICLE 8** |  |
|  | **SUPPLEMENTAL INDENTURES** |  |
| Section 8.1 | Provision for Supplemental Indentures for Certain Purposes | 34 |
| Section 8.2 | Successor Corporations | 35 |
|  | **ARTICLE 9** |  |
|  | **CONCERNING THE SPECIAL WARRANT Agent** |  |
| Section 9.1 | Legislation | 35 |
| Section 9.2 | Rights and Duties of Special Warrant Agent | 36 |
| Section 9.3 | Conflict of Interest | 36 |
| Section 9.4 | Evidence, Experts and Advisors | 36 |
| Section 9.5 | Documents, Monies, etc. Held by Special Warrant Agent | 37 |

---

---

| | | |
|:---|:---|:---|
|  | **TABLE OF CONTENTS** | |
|  | (continued) | |
|  |  | <br>**Page no.** |
| Section 9.6 | Actions by Special Warrant Agent to Protect Interest | 38 |
| Section 9.7 | Special Warrant Agent Not Required to Give Security | 38 |
| Section 9.8 | Protection of Special Warrant Agent | 38 |
| Section 9.9 | Replacement of Special Warrant Agent; Successor by Merger | 39 |
| Section 9.10 | Acceptance of Trust | 40 |
| Section 9.11 | Special Warrant Agent Not to be Appointed Receiver | 40 |
| Section 9.12 | Reliance by the Special Warrant Agent | 40 |
| Section 9.13 | Indemnity of Special Warrant Agent | 40 |
| Section 9.14 | Anti-Money Laundering | 40 |
|  | **ARTICLE 10** |  |
|  | **GENERAL** |  |
| Section 10.1 | Notice to the Company, the Special Warrant Agent, CDS and the Agents | 41 |
| Section 10.2 | Notice to Special Warrantholders | 43 |
| Section 10.3 | Ownership of Special Warrants | 43 |
| Section 10.4 | Evidence of Ownership | 44 |
| Section 10.5 | Counterparts | 44 |
| Section 10.6 | Privacy Matters | 44 |
| Section 10.7 | Satisfaction and Discharge of Indenture | 45 |
| Section 10.8 | Provisions of Indenture and Special Warrants for the Sole Benefit of Parties and Special Warrantholders | 45 |
| Section 10.9 | Special Warrants Owned by the Company or its Subsidiaries – Certificate to be Provided | 45 |
| Section 10.10 | Representation Regarding Third Party Interests | 45 |
| Section 10.11 | Power to Amend | 46 |
| Section 10.12 | Waiver | 46 |
| Section 10.13 | Force Majeure | 46 |
| Section 10.14 | Governing Law | 46 |
| Section 10.15 | Assignment, Successors and Assigns | 46 |

---

**SCHEDULES**

SCHEDULE "A" – FORM OF SPECIAL WARRANT

SCHEDULE "B" – EXPIRY DATE NOTICE

**THIS SPECIAL WARRANT INDENTURE** is made as of the 27<sup>th</sup> day of March, 2023.

**BETWEEN:**

**BUNKER HILL MINING CORP.**, a company incorporated under the laws of the State of Nevada

(the "**Company**")

- and -

**CAPITAL TRANSFER AGENCY ULC**, a trust company existing under the laws of Canada and authorized to carry on business in all provinces of Canada

(the "**Special Warrant Agent**")

**WHEREAS:**

A. The
 Company is completing a brokered private placement (the "**Brokered Private Placement** ")
 of up to 86,250,000 Special Warrants (as defined herein), pursuant to the terms of the Agency
 Agreement (as defined herein);

B. Pursuant
 to completing the Brokered Offering, the Company is proposing to create and issue 51,633,727
 Special Warrants at a price of $0.12 per Special Warrant, upon the terms and conditions set
 forth in this Indenture (as defined herein);

C. One
 Special Warrant will, subject to adjustment as provided for in this Indenture, entitle the
 holder to acquire one Unit (as defined herein), comprised of one Underlying Share and one
 Underlying Warrant (as such terms are defined herein), upon exercise or deemed exercise thereof,
 at no additional cost subject to and upon the terms and conditions set forth in this Indenture;

D. All
 necessary acts and deeds have been undertaken and performed by the Company to make the Special
 Warrants when created and issued as provided in this Indenture, legal, valid and binding
 upon the Company, with the benefits set forth in, and subject to the terms of, this Indenture;
 and

E. The
 foregoing recitals are made as representations and statements of fact of the Company and
 not by the Special Warrant Agent.

**NOW THEREFORE, THIS INDENTURE WITNESSETH** that for good and valuable consideration mutually given and received, the receipt and sufficiency of which is hereby acknowledged, the Company hereby appoints the Special Warrant Agent as trustee for the Special Warrantholders (as defined herein), to hold the rights, interests and benefits contained herein of and on behalf of those persons who from time to time become holders of Special Warrants issued pursuant to this Indenture, and the parties hereto agree as follows:

**ARTICLE 1<br> INTERPRETATION**

---

| | |
|:---|:---|
| **Section 1.1** | **Definitions** |

---

In this Indenture, including the recitals above and schedules hereto and in all indentures supplemental hereto, the following words and terms will have the indicated meanings:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) "**Accredited Investor**" means an "accredited investor" within the meaning of Rule
 501(a) of Regulation D;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) "**Accredited Investor Certificate**" means the U.S. Accredited Investor Certificate, attached
 as Schedule B – Annex 1 to the subscription agreement for Special Warrants, delivered
 by U.S. Purchasers that are Accredited Investors in connection with the purchase of Special
 Warrants;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) "**Adjustment Period**" has the meaning ascribed thereto in Section 4.2;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) **"Agency Agreement"** means the agency agreement between the Company and the Agents dated
 March 27, 2023, governing the sale of the Special Warrants pursuant to the Brokered Offering;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) **"Agents"** means Echelon Wealth Partners Inc., Roth Capital Partners, LLC, and Laurentian Bank Securities
 Inc., collectively;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) "**Applicable Legislation**" means such provisions of any statute of the United States, a State
 thereof, Canada or of a Province or Territory thereof, and the regulations under any such
 named or other statute, including applicable Securities Laws, relating to special warrant
 indentures or to the rights, duties and obligations of corporations and of trustees under
 special warrant indentures, to the extent that such provisions are at the time in force and
 are applicable to this Indenture;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) "**Auditor"** means MNP LLP, or such other firm of chartered accountants duly appointed as auditor
 of the Company, from time to time;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) "**Authenticated** "
 means (i) with respect to the issuance of a Special Warrant Certificate, one which has been
 duly signed by the Company and authenticated by signature of an authorized officer of the
 Special Warrant Agent, or (ii) with respect to the issuance of an Uncertificated Special
 Warrant, one in respect of which the Special Warrant Agent has completed all Internal Procedures
 such that the particulars of such Uncertificated Special Warrant, as required by Section
 2.7, are entered in the register of holders of Special Warrants, and "**Authenticate** ",
 "**Authenticating**" and "**Authentication**" have the appropriate
 correlative meanings;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) "**Beneficial Owner**" means a person that has a beneficial interest in a Special Warrant;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) "**Book-Entry Only System**" means the book-based securities transfer system administered by CDS
 in accordance with its operating rules and procedures in force from time to time;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) "**Business Day**" means a day other than a Saturday, Sunday or any other day on which the principal
 chartered banks located in the City of Vancouver, British Columbia or Toronto, Ontario are
 not open for business;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) "**Capital Reorganization"** has the meaning set forth in Section 4.2(d);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m) "**CDS Global Special Warrant Certificate**" means Special Warrants representing all or
 a portion of the aggregate number of Special Warrants issued in the name of the Depository
 represented by an Uncertificated Special Warrant, or if requested, by the Depository or the
 Company, by a Special Warrant Certificate;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n) "**Closing Date**" means March 27, 2023;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(o) "**Common Shares**" means fully paid and non-assessable shares of common stock in the capital
 of the Company as presently constituted;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(p) "**Common Share Reorganization**" has the meaning set forth in Section 4.2(a)(iii);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(q) "**Counsel** "
 means a barrister and/or solicitor or a firm of barristers and/or solicitors, which may include
 counsel for the Company, retained by the Special Warrant Agent or retained by the Company
 and acceptable to the Special Warrant Agent, acting reasonably;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(r) "**CSE** "
 means the Canadian Securities Exchange;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(s) "**Current Market Price**" of a Common Share at any date means the price per share equal to
 the weighted average price at which the Common Shares have traded during the twenty (20)
 consecutive trading days ending on the fifth (5) trading day immediately prior to such date
 as reported by the CSE or such other over-the-counter or recognized market or exchange in
 which the Common Shares are then trading or quoted. The weighted average price per Common
 Share shall be determined by dividing the aggregate sale price of all such shares sold on
 the aforementioned over-the-counter market, recognized exchange or market, as the case may
 be, during the aforementioned twenty (20) consecutive trading days by the total number of
 such shares so sold. If the Common Shares are not then traded in the over-the-counter market
 or on a recognized exchange or market, the Current Market Price of the Common Shares shall
 be the fair market value of the Common Shares as determined in good faith by the board of
 directors of the Company after consultation with a nationally or internationally recognized
 investment dealer or investment banker;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(t) "**Depository** "
 or "**CDS**" means CDS Clearing and Depository Services Inc., or its successor,
 or any other depository offering a book-based securities registration and transfer system
 similar to that administered by CDS which the Company, with the consent of the Special Warrant
 Agent, acting reasonably, may designate to be the depository for the Special Warrants;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(u) "**Designated Province**" means each Selling Jurisdiction in Canada where Special Warrants are
 actually distributed;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) "**director** "
 means a director of the Company for the time being and, unless otherwise specified herein,
 reference to action "by the directors" means action by the directors of the Company
 as a board or, whenever duly empowered, action by any committee of such board;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(w) "**Dividends paid in the Ordinary Course**" means dividends paid on the Common Shares in any fiscal
 year of the Company, whether in (1) cash, (2) shares of the Company, (3) warrants or similar
 rights to purchase any shares of the Company, or (4) property or other assets of the Company,
 provided that the amount or value of such dividends (any such shares, warrants or similar
 rights, or property or other assets so distributed to be valued at the fair market value
 of such shares, warrants or similar rights, or property or other assets, as the case may
 be, as determined by action by the directors (such determination to be conclusive)) does
 not in such fiscal year exceed the greater of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) 150%
 of the aggregate amount or value of dividends paid by the Company on the Common Shares in
 its immediately preceding financial year; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) 100%
 of the consolidated net income of the Company (before extraordinary items but after dividends
 payable on all shares ranking prior to or on a parity with the Common Shares with respect
 to the payment of dividends) for its immediately preceding financial year, determined in
 accordance with International Financial Reporting Standards,

and for the purpose of the foregoing, where any individual is paid otherwise than in cash, any securities so distributed by way of dividend shall be valued at the fair market value of such securities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(x) "**DRS** "
 means the Direct Registration System maintained by the Special Warrant Agent in respect of
 the Special Warrants;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(y) "**DRS Advice**" means the notification produced by the DRS evidencing ownership of the
 Special Warrants;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(z) "**Effective Date**" means March 27, 2023;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(aa) "**Exercise Date**" means, with respect to any Special Warrant, either: (i) the date on which
 the Special Warrant Certificate representing such Special Warrant is voluntarily surrendered
 for exercise pursuant to Section 3.1(a) and (b) or the date on which a Confirmation is received
 by the Special Warrant Agent with respect to Uncertificated Special Warrants pursuant to
 Section 3.1(c); or (ii) the date the Special Warrants are automatically exercised pursuant
 to Section 3.7;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(bb) "**Expiry Date Notice**" means a written notice in the form set out in Schedule "B"
 attached hereto executed by the Company confirming the date of the automatic exercise of
 the Special Warrants;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(cc) "**Expiry Date**" means the earlier of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the
 third Business Day after the Qualification Date; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the
 date that is six months following the Closing Date;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(dd) "**Expiry Time**" means 5:00 p.m. (Toronto time) on the Expiry Date;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ee) "**extraordinary resolution**" has the meaning set forth in Section 7.11;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ff) "**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 (including without limitation,
 original issuance or registration of transfer of ownership), the Special Warrant Agent's
 then current internal procedures customary for such entry, change or deletion;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(gg) "**Lead Agents**" means Echelon Wealth Partners Inc. and Roth Capital Partners, LLC, as co-lead
 agents and joint bookrunners;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(hh) **"OTCQB** "
 means the OTCQB Venture Market;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) "**Participant** "
 means a person recognized by the Depository as a participant in the Book-Entry Only System;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(jj) "**Penalty Provision**" has the meaning set forth in Section 4.1(a);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(kk) "**Penalty Unit**" means a unit of the Company comprised of 1.2 Underlying Warrants and 1.2
 Underlying Shares issuable upon exercise of Special Warrants upon the triggering of the Penalty
 Provision;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ll) "**person** "
 means an individual, body corporate, partnership, trust, trustee, executor, administrator,
 legal representative or any unincorporated organization;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(mm) "**Qualification Date**" means the date upon which the Registration Statement has been declared effective
 by the SEC;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(nn) "**Registration Statement**" means the registration statement of the Company to be filed with the
 SEC registering the resale of the Underlying Securities to be issued upon the voluntary or
 automatic exercise of the Special Warrants;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(oo) "**Regulation D**" means Regulation D promulgated by the SEC under the U.S. Securities Act;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(pp) "**Regulation S**" means Regulation S promulgated by the SEC under the U.S. Securities Act;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(qq) "**SEC** "
 means the United States Securities and Exchange Commission;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(rr) "**Securities Laws**" means the securities laws, regulations, rules, rulings and orders and the
 blanket rulings and policies and written interpretations of, and multilateral or national
 instruments adopted by, the Securities Regulators and the policies and rules of any applicable
 stock exchange or quotation or stock reporting system, including the CSE and the OTCQB;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ss) "**Securities Regulators**" means the securities commissions or other securities regulatory authorities
 of all of the Selling Jurisdictions or the relevant Selling Jurisdictions as the context
 requires;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(tt) "**Selling Jurisdictions**" means each of the provinces of Canada (other than Québec)
 in which sales of the Special Warrants are made, the United States, and any other jurisdictions
 which are agreed to by the Company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(uu) "**Shareholder** "
 means a holder of record of one or more Common Shares;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vv) "**Special Warrant Agency**" means the principal office of the Special Warrant Agent in the
 City of Toronto, Ontario, or such other places as may be so designated in accordance with
 Section 2.12;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ww) "**Special Warrant Agent**" means Capital Transfer Agency ULC or its successors from time to
 time in the trust hereby created;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xx) "**Special Warrant Certificate**" means a certificate in substantially the form set forth in
 Schedule "A" hereto or such other form as may be approved by the Company and
 Special Warrant Agent, issued on or after the Effective Date to evidence the Special Warrants.
 To the extent that the Special Warrants are in the non-certificated issuer system, then this
 term shall mean the appropriate evidence of such warrants pursuant to the non-certificated
 issuer system (including a DRS Advice);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(yy) "**Special Warrantholders' Request**" means an instrument signed in one or more counterparts
 by Special Warrantholders holding in the aggregate not less than 50% of the Special Warrants
 outstanding at the relevant time, requesting that the Special Warrant Agent take some action
 or proceeding specified in such instrument;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(zz) "**Special Warrantholders**" or "**holders**" means the persons, as such name
 appears on the register of the Special Warrant Agent, who, on or after the Effective Date,
 are registered owners of the Special Warrants;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(aaa) "**Special Warrants**" means the special warrants created hereunder and to be issued, countersigned,
 and certified hereunder as a Special Warrant Certificate and/or Uncertificated Special Warrant
 held through the Book-Entry Only System on a no certificate issued basis, and for the time
 being outstanding entitling the holders thereof to acquire up to 51,633,727 Units, comprised
 of up to 51,633,727 Underlying Shares and up to 51,633,727 Underlying Warrants (subject to
 adjustment as herein provided, including the Penalty Provision) prior to the Expiry Time
 and, where the context so requires, also means the Special Warrants issued and Authenticated
 hereunder, whether by way of Special Warrant Certificate or Uncertificated Special Warrant;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(bbb) "**Subsidiary of the Company**" or "**Subsidiary**" means Silver Valley Metals Corp.
 or any other corporation of which more than fifty (50%) percent of the outstanding Voting
 Shares are owned, directly or indirectly, by or for the Company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ccc) "**Successor Corporation**" has the meaning set forth in Section 8.2;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ddd) "**this Special Warrant Indenture** ", "**this Indenture** ", "**herein** ",
 "**hereby**" and similar expressions mean and refer to this Indenture and
 any indenture, deed or instrument supplemental hereto; and the expressions "**Article** ",
 "**Section** ", "**subsection**" and "**paragraph** "
 followed by a number mean and refer to the specified article, section, subsection or paragraph
 of this Indenture;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(eee) "t **rading day**" means any day on which the facilities of the CSE, or, if the Common Shares
 are not listed thereon, the facilities of any stock exchange on which the Common Shares are
 then listed, are open for trading;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(fff) "**U.S. Person**" means a "U.S. person" as set forth in Rule 902(k) of Regulation
 S;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ggg) "**U.S. Purchaser**" means (1) an Accredited Investor that completed and executed an Accredited
 Investor Certificate that is (i) a U.S. Person that purchased Special Warrants, (ii) a person
 that purchased Special Warrants for the account or benefit of any U.S. Person or any person
 in the United States, (iii) a purchaser of Special Warrants that received an offer of the
 Special Warrants while in the United States, or (iv) a person that was in the United States
 at the time the purchaser's buy order was made or the subscription agreement for Special
 Warrants was executed or delivered; or (2) any Special Warrantholder that is not an original
 purchaser of Special Warrants from the Company that is a U.S. Person, or acquired Special
 Warrants in the United States or for the account or benefit of any U.S. Person or Person
 in the United States;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(hhh) "**U.S. Securities Act**" means the United States Securities Act of 1933, as amended;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) "**U.S. Exchange Act**" means the United States Securities Exchange Act of 1934, as amended;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(jjj) "**Uncertificated Special Warrant**" means any issued Special Warrant that is not evidenced by a Special
 Warrant Certificate including, but not limited to, a CDS Global Special Warrant Certificate
 or a DRS Advice;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(kkk) "**Underlying Securities**" means the Underlying Shares and the Underlying Warrants;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(lll) "**Underlying Shares**" means the Common Shares, issuable upon the exercise or deemed exercise
 of the Special Warrants, including any Common Shares issued pursuant to the Penalty Provision;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(mmm) "**Underlying Warrant Indenture**" means the underlying warrant indenture dated the date hereof
 between the Company and Capital Transfer Agency ULC, as underlying warrant agent, governing
 the Underlying Warrants;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(nnn) "**Underlying Warrants**" means the underlying warrants of the Company, issuable upon the exercise
 or deemed exercise of the Special Warrants, entitling the holder thereof to acquire one Warrant
 Share at an exercise price of $0.15 per Warrant Share until the date that is 36 months following
 the Closing Date, provided that the Underlying Warrants shall be exercisable on a cashless
 basis in the event the Registration Statement has not be made effective by the SEC prior
 to the exercise date of the Underlying Warrants, including any Underlying Warrants that may
 be issued pursuant to the Penalty Provision, in accordance with the terms of the Underlying
 Warrant Indenture;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ooo) "**United States**" means the United States of America, its territories and possessions, any
 State of the United States and the District of Columbia;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ppp) "**Units** "
 means the units of the Company, each comprised of one Underlying Share and one Underlying
 Warrant, issuable upon the exercise of deemed exercise of the Special Warrants, without payment
 of additional consideration or further action by the Special Warrantholder, including any
 Units that may be issued pursuant to the Penalty Provision, in accordance with the terms
 of this Indenture;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(qqq) "**Voting Shares**" means shares in the capital of any class of any corporation carrying voting
 rights under all circumstances, provided that, for the purposes of such definition, shares
 which only carry the right to vote conditionally on the happening of an event will not be
 considered Voting Shares, whether or not such event will have occurred, nor will any shares
 be deemed to cease to be Voting Shares solely by reason of a right to vote accruing to shares
 of another class or classes by reason of the happening of any such event;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(rrr) "**Warrant Agent**" means Capital Transfer Agency ULC, in its capacity as warrant agent of the
 Underlying Warrants, or its successors from time to time;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(sss) "**Warrant Shares**" means the Common Shares issuable upon the exercise of the Underlying Warrants;
 and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ttt) "**written order of the Company** ", "**written request of the Company** ", "**written consent of the Company**" and "**certificate of the Company**" means,
 respectively, a written order, request, consent or certificate signed in the name of the
 Company by its Chief Executive Officer or President, and may consist of one or more instruments
 so executed.

---

| | |
|:---|:---|
| **Section 1.2** | **Gender and Number** |

---

Unless herein otherwise expressly provided or unless the context otherwise requires, words importing the singular include the plural and vice versa and words importing gender include all genders.

---

| | |
|:---|:---|
| **Section 1.3** | **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 will not affect the construction or interpretation of this Indenture, the Special Warrant Certificates or the DRS Advices or any provision hereof.

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| | |
|:---|:---|
| **Section 1.4** | **Day not a Business Day** |

---

In the event that any day on or before which any action is required to be taken under this Indenture is not a Business Day, then such action will be required to be taken at or before the requisite time on the next succeeding day that is a Business Day.

---

| | |
|:---|:---|
| **Section 1.5** | **Time of the Essence** |

---

Time will be of the essence in all respects in this Indenture.

---

| | |
|:---|:---|
| **Section 1.6** | **Currency** |

---

Except as otherwise provided, all dollar amounts herein and in the Special Warrant Certificates are expressed in Canadian dollars.

---

| | |
|:---|:---|
| **Section 1.7** | **No Strict Construction** |

---

The language used in this Indenture is the language chosen by the parties to express their mutual intent, and no rule of strict construction will be applied against either party.

---

| | |
|:---|:---|
| **Section 1.8** | **Severability** |

---

If, in any jurisdiction, any provision of this Indenture or its application to either party or circumstance is restricted, prohibited or unenforceable, such provision will, as to such jurisdiction, be ineffective only to the extent of such restriction, prohibition or unenforceability without invalidating the remaining provisions of this Indenture and without affecting the validity or enforceability of such provision in any other jurisdiction or without affecting its application to other parties or circumstances.

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| | |
|:---|:---|
| **Section 1.9** | **English Language Only** |

---

The parties to this Indenture hereby agree and request that this Indenture, and any documents related hereto, including, without limitation, the Special Warrant Certificates, be drafted only in the English language.

---

| | |
|:---|:---|
| **Section 1.10** | **Conflicts** |

---

In the event of any conflict or inconsistency between the provisions of this Indenture and the Special Warrant Certificates, the provisions of this Indenture will govern.

**Article 2<br> THE SPECIAL wARRANTS**

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| | |
|:---|:---|
| **Section 2.1** | **Creation, Form and Issue of Special Warrants** |

---

Up to 51,633,727 Special Warrants, entitling the holders thereof to acquire the Units on the terms and subject to the adjustments and conditions herein provided, are hereby created and authorized for issuance at a price of $0.12 per Special Warrant. Upon the issue of the Special Warrants and upon receipt of the issue price therefor, one or more Special Warrant Certificates may be executed by the Company and delivered to the Special Warrant Agent, or certified by the Special Warrant Agent upon the written direction of the Company and delivered by the Special Warrant Agent to the Company or to the order of the Company pursuant to a written direction of the Company, without any further act of or formality on the part of the Company and without the Special Warrant Agent receiving any consideration therefor, or the Special Warrants may be deposited by the Special Warrant Agent directly with the Depository through the Book-Entry Only System. The Depository will issue a customer confirmation, which is to include all applicable legends, as directed by the Company, with respect to any Special Warrants deposited by the Special Warrant Agent directly with the Depository through the Book-Entry Only System.

---

| | |
|:---|:---|
| **Section 2.2** | **Form of Special Warrants** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The
 Special Warrants may be issued in both certificated and uncertificated form (including a
 DRS Advice). The Special Warrant Certificates (including all replacements issued in accordance
 with this Indenture) will be substantially in the form set out in Schedule "A"
 for the Special Warrants, will be dated the date of issuance of the Special Warrant Certificates
 in accordance with the written order of the Company, and will bear such legends and distinguishing
 letters and numbers as the Company may, with the approval of the Special Warrant Agent, prescribe.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Subject
 to Section 2.14(j) and Section 3.6, except in certain limited circumstances: (i) Special
 Warrants may be issued and registered to the Depository, and will be deposited directly with
 the Depository pursuant to a direct Book-Entry Only System; (ii) Special Warrant Certificates
 evidencing the Special Warrants may be issued to Special Warrantholders; and (iii) Beneficial
 Owners will receive only a customer confirmation, which is to include all applicable legends,
 from the applicable registered dealer who is a Participant and from or through whom a beneficial
 interest in the Special Warrant is held. Beneficial Holders of Special Warrants issued in
 uncertificated form evidenced by a security entitlement in respect of Special Warrants in
 the Book-Entry Only System who desires to exercise his, her or its Special Warrants must
 do so by causing a Participant to deliver to the Depository on behalf of the entitlement
 holder, notice of the owner's intention to exercise Special Warrants in a manner acceptable
 to the Depository.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The
 Special Warrant Certificates may be engraved, lithographed or printed (the expression "printed",
 including for purposes hereof, mechanically, photographically, photostatically or electronically
 reproduced, typewritten or other written material), or partly in one form and partly in another,
 as the Special Warrant Agent may determine.

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| | |
|:---|:---|
| **Section 2.3** | **Terms of Special Warrants** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Each
 Special Warrant created and delivered hereunder will entitle the holder thereof, upon exercise
 or deemed exercise, to acquire one Unit, comprised of one Underlying Share and one Underlying
 Warrant, subject to adjustment in the events and in the manner specified in Article 4, at
 any time after the Effective Date until the Expiry Time, without payment of any further consideration
 by the holder thereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) No
 fractional Special Warrants shall be issued or otherwise provided for hereunder and Special
 Warrants may only be exercised in a sufficient number to acquire whole numbers of Units.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Each
 Special Warrant will entitle the holder thereof to such other rights and privileges as set
 forth in this Indenture.

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| | |
|:---|:---|
| **Section 2.4** | **Special Warrantholder not a Shareholder** |

---

Nothing in this Indenture or in the holding of a Special Warrant, or Special Warrant Certificate or otherwise, will, in itself, confer or be construed as conferring upon a Special Warrantholder any right or interest whatsoever as a Shareholder or as any other shareholder of the Company, including, but not limited to, the right to vote at, to receive notice of, or to attend, meetings of Shareholders or any other proceedings of the Company, or the right to receive dividends and other distributions.

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| | |
|:---|:---|
| **Section 2.5** | **Special Warrants to Rank Pari Passu** |

---

All Special Warrants will rank equally and without preference over each other, whatever may be the actual date of issue thereof.

---

| | |
|:---|:---|
| **Section 2.6** | **Signing of Special Warrant Certificates** |

---

The Special Warrant Certificates will be signed by any one director or officer of the Company and need not be under seal. The signature of such director or officer may be mechanically reproduced by way of photocopy or facsimile and Special Warrant Certificates bearing such photocopy or facsimile signature will be binding upon the Company as if they had been manually signed by such director or officer. Notwithstanding that any person whose manual or facsimile signature appears on any Special Warrant Certificate as a director or officer may no longer hold office at the date of such Special Warrant Certificate or at the date of certification or delivery thereof, any Special Warrant Certificate signed as aforesaid will, subject to Section 2.7, be valid and binding upon the Company and the holder thereof will be entitled to the benefits of this Indenture.

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| | |
|:---|:---|
| **Section 2.7** | **Certification by the Special Warrant Agent** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Until
 receipt of a written order by the Company, no Special Warrant Certificate will be issued
 or, if issued, will be valid for any purpose or entitle the holder thereof to the benefit
 of this Indenture, until it has been certified by signature by or on behalf of the Special
 Warrant Agent substantially in the form set out in Schedule "A", and such certification
 by the Special Warrant Agent upon any such Special Warrant Certificate will be conclusive
 evidence as against the Company that the said Special Warrant Certificate so certified has
 been duly issued hereunder and that the holder thereof is entitled to the benefits of this
 Indenture.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) No
 Uncertificated Special Warrant shall be considered issued and shall be obligatory or shall
 entitle the holder thereof to the benefits of this Indenture, until receipt of a written
 order by the Company and the Uncertificated Special Warrant has been Authenticated by entry
 on the register of Special Warrantholders of the particulars of the Uncertificated Special
 Warrant. Such entry on the register of Special Warrantholders of the particulars of an Uncertificated
 Special Warrant shall be conclusive evidence that such Uncertificated Special Warrant is
 a valid and binding obligation of the Company and that the holder is entitled to the benefits
 of this Indenture. The Special Warrant Agent shall Authenticate Uncertificated Special Warrants
 (whether upon original issuance, exchange, registration of transfer, partial payment, or
 otherwise) by completing its Internal Procedures, and the Company hereby acknowledges that
 it shall, thereupon be deemed to have duly and validly issued such Uncertificated Special
 Warrants under this Indenture. Such Authentication shall be conclusive evidence that such
 Uncertificated Special Warrant has been duly issued hereunder and that the holder or holders
 are entitled to the benefits of this Indenture. The register of Special Warrantholders shall
 be final and conclusive evidence as to all matters relating to Uncertificated Special Warrants
 with respect to which this Indenture requires the Special Warrant Agent to maintain records
 or accounts. In case of differences between the register of Special Warrantholders at any
 time and any other time the register of Special Warrantholders at the later time shall be
 controlling, absent manifest error, and such Uncertificated Special Warrants are binding
 on the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The
 certification of the Special Warrant Agent on Special Warrant Certificates issued hereunder
 or the Authentication by the Special Warrant Agent of any Uncertificated Special Warrants
 will not be construed as a representation or warranty by the Special Warrant Agent as to
 the validity of this Indenture or the Special Warrant Certificates (except the due certification
 thereof), or as to the performance by the Company of its obligations hereunder, and the Special
 Warrant Agent will in no respect be liable or answerable for the use made of the Special
 Warrant Certificates or any of them or of the consideration therefor except as otherwise
 specified herein.

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| | |
|:---|:---|
| **Section 2.8** | **Issue in Substitution for Special Warrant Certificates Lost, etc.** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) If
 any Special Warrant Certificate becomes mutilated or is lost, destroyed or stolen, the Company,
 subject to Applicable Legislation and Section 2.8(b), will issue, and thereupon the Special
 Warrant Agent will certify and deliver, a new Special Warrant Certificate of like denomination
 and tenor as the one mutilated, lost, destroyed or stolen, in exchange for and in place of
 and upon cancellation of such mutilated Special Warrant Certificate, or in lieu of and in
 substitution for such lost, destroyed or stolen Special Warrant Certificate, and the substituted
 Special Warrant Certificate will be in a form approved by the Special Warrant Agent and the
 Company and the Special Warrants evidenced thereby will be entitled to the benefits hereof
 and will rank equally, in accordance with their terms, with all other Special Warrants created
 or to be created hereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The
 applicant for the issue of a new Special Warrant Certificate pursuant to this Section 2.8
 will bear the reasonable cost of the issue thereof and, in case of loss, destruction or theft
 will, as a condition precedent to the issue thereof, furnish to the Company and to the Special
 Warrant Agent such evidence of ownership and of the loss, destruction or theft of the Special
 Warrant Certificate so lost, destroyed or stolen as will be satisfactory to the Company and
 to the Special Warrant Agent in their sole discretion, and such applicant will also be required
 to furnish an indemnity and surety bond in such amount and form as the Company and the Special
 Warrant Agent, in their sole discretion, and will pay the reasonable charges of the Company
 and the Special Warrant Agent in connection therewith.

---

| | |
|:---|:---|
| **Section 2.9** | **Exchange of Special Warrant Certificates** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Special
 Warrant Certificates representing any number of Special Warrants may, upon compliance with
 the reasonable requirements of the Special Warrant Agent, be exchanged for one or more other
 Special Warrant Certificates representing the same aggregate number of Special Warrants,
 and bearing the same legend, if applicable, as represented by the Special Warrant Certificate
 or Special Warrant Certificates tendered for exchange.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Special
 Warrant Certificates may be exchanged only at the Special Warrant Agency or at any other
 place that is designated by the Company, with the approval of the Special Warrant Agent.
 Any Special Warrant Certificate tendered for exchange will be surrendered to and cancelled
 by the Special Warrant Agent.

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| | |
|:---|:---|
| **Section 2.10** | **Transfer and Ownership of Special Warrants** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Subject
 to Section 2.14, the Special Warrants may only be transferred on the register maintained
 at the Special Warrant Agency by the holder or its legal representative or its attorney duly
 appointed by an instrument in writing in form and execution satisfactory to the Special Warrant
 Agent and the Company only upon surrendering to the Special Warrant Agent the Special Warrant
 Certificate or Special Warrant Certificates representing the Special Warrants to be transferred,
 and upon compliance with:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the
 conditions set forth in this Indenture;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) such
 reasonable requirements as the Special Warrant Agent may prescribe;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) if
 applicable, the rules and procedures of the Depository; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) all
 Applicable Legislation and applicable requirements of regulatory authorities, including the
 Securities Regulators,

and such transfer will be duly noted in such register by the Special Warrant Agent. Upon compliance with such requirements, unless such Special Warrants have been deposited into the Book-Entry Only System, the Special Warrant Agent will issue to the transferee one or more Special Warrant Certificates representing the Special Warrants transferred. No duty shall rest with the Special Warrant Agent to determine compliance of the transferee or transferor of any Special Warrants with applicable Securities Laws. The Special Warrant Agent may assume for the purposes of this Indenture that the address on the register of holders of any holder is the actual address of such holder and is also determinative of the residence of such holder, and that the address of any transferee to whom any Special Warrants or other securities issuable upon the exercise of any Special Warrants are to be registered, as shown on the transfer document, is the actual address of the transferee and is also determinative of the residency of the transferee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Subject
 to Section 2.14, the Company and the Special Warrant Agent will deem and treat the registered
 owner of any Special Warrant Certificate as the Beneficial Owner thereof for all purposes
 and neither the Company nor the Special Warrant Agent will be affected by any notice to the
 contrary, except where the Company or the Special Warrant Agent is required to take notice
 by statute or by order of a court of competent jurisdiction.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Subject
 to the provisions of this Indenture and Applicable Legislation, the Special Warrantholders
 will be entitled to the rights and privileges attaching to the Special Warrants, as applicable.
 The issuance of Underlying Securities by the Company upon the exercise or deemed exercise
 of the Special Warrants by any Special Warrantholder, in accordance with the terms and conditions
 herein contained, will discharge all responsibilities of the Company and the Special Warrant
 Agent with respect to such Special Warrants and neither the Company nor the Special Warrant
 Agent will be bound to enquire into the title of any such holder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Special
 Warrants bearing the legend set forth in Section 2.13(b) hereof, or any of the Underlying
 Securities or Warrant Shares bearing such legend, may only be offered, sold, pledged or otherwise
 transferred (i) to the Company, (ii) outside the United States in compliance with Rule 904
 of Regulation S and in compliance with applicable local laws and regulations, (iii) in compliance
 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 (iv) in another
 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. In the event of a
 transfer pursuant to the foregoing, clause (iii) or clause (iv), the Company and the Special
 Warrant Agent may require a legal opinion of counsel of recognized standing reasonably satisfactory
 to the Company and the Special Warrant Agent that such transfer is exempt from registration
 under the U.S. Securities Act and applicable state securities laws. Notwithstanding the foregoing,
 the Special Warrant Agent may impose additional requirements for the removal of legends from
 the Special Warrants.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Notwithstanding
 any other provision of this Section 2.10, in connection with any transfer of Special Warrants,
 the transferor and transferee shall comply with all reasonable requirements of the Special
 Warrant Agent, as the Special Warrant Agent may deem necessary to secure the obligations
 of the transferee of such Special Warrants with respect to such transfer.

---

| | |
|:---|:---|
| **Section 2.11** | **Assumption by Transferee and Release of Transferor** |

---

Upon becoming a Special Warrantholder in accordance with the provisions of this Indenture, the transferee thereof will be deemed to have acknowledged and agreed to be bound by this Indenture. Upon the registration of such transferee as the holder of a Special Warrant, the transferor will cease to have any further rights and obligations under this Indenture with respect to such Special Warrant (or the Underlying Securities issuable in respect thereof).

---

| | |
|:---|:---|
| **Section 2.12** | **Registration of Special Warrants** |

---

Subject to Section 2.14, the Special Warrant Agent will keep at the Special Warrant Agency: (a) a register of Special Warrantholders in which will be entered in alphabetical order the names and addresses of the holders of the Special Warrants and particulars of the Special Warrants held by them; and (b) a register of transfers in which all transfers of the Special Warrants and the date and other particulars of each transfer will be entered. Branch registers will also be kept at such other place or places, if any, as the Company, with the approval of the Special Warrant Agent, may designate. Such registers will be open for inspection by the Company and/or any Special Warrantholder. The Special Warrant Agent will, from time to time, when requested to do so by the Company, and upon payment of the Special Warrant Agent's reasonable charges, furnish a list of the names and addresses of Special Warrantholders showing the number of the Special Warrants held by each such Special Warrantholder.

The register shall be available for inspection by the Company and or any Special Warrantholder during the Special Warrant Agent's regular business hours on a Business Day and upon payment to the Special Warrant Agent of its reasonable fees. Any Special Warrantholder exercising such right of inspection shall first provide an affidavit in form satisfactory to the Company and the Special Warrant Agent stating the name and address of the Special Warrantholder and agreeing not to use the information therein except in connection with an effort to call a meeting of Special Warrantholders or to influence the voting of Special Warrantholders at any meeting of Special Warrantholders.

Once an Uncertificated Special Warrant has been Authenticated, the information set forth in the register with respect thereto at the time of Authentication may be altered, modified, amended, supplemented or otherwise changed only to reflect exercise or proper instructions to the Special Warrant Agent from the holder as provided herein, except that the Special Warrant Agent may act unilaterally to make purely administrative changes internal to the Special Warrant Agent and changes to correct errors. Each person who becomes a holder of an Uncertificated Special Warrant, by his, her or its acquisition thereof shall be deemed to have irrevocably: (a) consented to the foregoing authority of the Special Warrant Agent to make such minor error corrections; and (b) agreed to pay to the Special Warrant Agent, promptly upon written demand, the full amount of all losses and expenses (including without limitation reasonable legal fees of the Company and the Special Warrant Agent plus interest, at an appropriate then prevailing rate of interest to the Special Warrant Agent), sustained by the Company or the Special Warrant Agent as a proximate result of such error but only if and only to the extent that such present or former holder realized any benefit as a result of such error and could reasonably have prevented, forestalled or minimized such loss and expense by prompt reporting of the error or avoidance of accepting benefits thereof, whether or not such error is or should have been timely detected and corrected by the Special Warrant Agent; provided, however, that no person who is a bona fide purchaser shall have any such obligation to the Company or to the Special Warrant Agent.

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| | |
|:---|:---|
| **Section 2.13** | **Legend Matters and Restrictions on Transfer** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The
 Special Warrants, Underlying Securities and Warrant Shares have not been registered under
 the U.S. Securities Act or any state securities laws.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Each
 Special Warrant Certificate originally issued to a U.S. Purchaser, and each certificate issued
 in exchange therefor or in substitution thereof prior to (i) the Qualification Date or (ii)
 the date that is six months and a day after the Closing Date, shall bear the following legend:

**"THE SECURITIES REPRESENTED HEREBY [AND THE SECURITIES ISSUABLE UPON EXERCISE HEREOF] HAVE NOT BEEN REGISTERED UNDER THE U.S. SECURITIES ACT OF 1933, AS AMENDED (THE "U.S. SECURITIES ACT"). THE HOLDER HEREOF, BY PURCHASING SUCH SECURITIES, AGREES FOR THE BENEFIT OF THE COMPANY THAT SUCH SECURITIES MAY BE OFFERED, SOLD, PLEDGED OR OTHERWISE TRANSFERRED ONLY (A) TO 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 ALL LOCAL LAWS AND REGULATIONS, (C) PURSUANT TO THE EXEMPTION FROM THE REGISTRATION REQUIREMENTS OF THE U.S. SECURITIES ACT PROVIDED BY RULE 144 THEREUNDER, IF AVAILABLE, AND 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, AND IN THE CASE OF (B), (C) OR (D), THE HOLDER HAS PRIOR TO SUCH SALE FURNISHED TO THE COMPANY AN OPINION OF COUNSEL OR OTHER EVIDENCE OF EXEMPTION IN FORM AND SUBSTANCE REASONABLY SATISFACTORY TO THE COMPANY. DELIVERY OF THIS CERTIFICATE MAY NOT CONSTITUTE "GOOD DELIVERY" IN SETTLEMENT OF TRANSACTIONS ON STOCK EXCHANGES IN CANADA."**

provided that the above legend may be removed by delivery to the Company and the Special Warrant Agent of an opinion of counsel, of recognized standing, or other evidence of exemption in form and substance reasonably satisfactory to the Company, to the effect that such legend is no longer required under applicable requirements of the U.S. Securities Act or state securities laws.

The Special Warrant Agent shall be entitled to request any other documents that it may require in accordance with its internal policies for the removal of the legend set forth above.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Notwithstanding
 any other provisions of this Indenture, in processing and registering transfers of Special
 Warrants, no duty or responsibility whatsoever shall rest upon the Special Warrant Agent
 to determine the compliance by any transferor or transferee with the terms of the legend
 contained in Section 2.13(b), or with the relevant securities laws or regulations, including,
 without limitation, Regulation S, and the Special Warrant Agent shall be entitled to assume
 that all transfers are legal and proper if made in accordance with this Indenture.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Each
 CDS Global Special Warrant Certificate, if issued on a certificated basis originally issued
 in Canada and held by the Depository, and each CDS Global Special Warrant Certificate issued
 in exchange therefor or in substitution thereof, shall bear or be deemed to bear the following
 legend or such variations thereof as the Company may prescribe from time to time:

**"UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF CDS CLEARING AND DEPOSITORY SERVICES INC. ("CDS") TO THE COMPANY 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."**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Each
 Special Warrant Certificate originally issued to a holder and each CDS Global Special Warrant
 Certificate originally issued and held by the Depository on the date hereof (and each such
 Special Warrant Certificate or CDS Global Special Warrant Certificate, as the case may be,
 issued in exchange therefore or in substitution thereof prior to (i) the Qualification Date
 or (ii) the date that is six months and a day after the Closing Date), shall bear or be deemed
 to bear the following legend(s) or such variations thereof as the Company my prescribe from
 time to time:

**"THE ISSUANCE OF THE SECURITIES REPRESENTED HEREBY HAS NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE "SECURITIES ACT"), OR ANY STATE SECURITIES LAWS AND NEITHER SUCH SECURITIES NOR ANY INTEREST THEREIN MAY BE OFFERED, SOLD, PLEDGED, ASSIGNED OR OTHERWISE TRANSFERRED EXCEPT (1) PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT UNDER THE SECURITIES ACT AND APPLICABLE STATE SECURITIES LAWS OR (2) PURSUANT TO AN AVAILABLE EXEMPTION FROM THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT AND APPLICABLE STATE SECURITIES LAWS, IN WHICH CASE THE HOLDER MUST, PRIOR TO SUCH TRANSFER, FURNISH TO THE COMPANY AN OPINION OF COUNSEL, WHICH COUNSEL AND OPINION ARE REASONABLY SATISFACTORY TO THE COMPANY, THAT SUCH SECURITIES MAY BE OFFERED, SOLD, PLEDGED, ASSIGNED OR OTHERWISE TRANSFERRED IN THE MANNER CONTEMPLATED PURSUANT TO AN AVAILABLE EXEMPTION FROM THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT AND APPLICABLE STATE SECURITIES LAWS."**

and, if the Special Warrantholder is located in or subject to the Securities Laws of a province or territory of Canada, the following legend:

**"UNLESS PERMITTED UNDER SECURITIES LEGISLATION, THE HOLDER OF THIS SECURITY MUST NOT TRADE THIS SECURITY BEFORE JULY 28, 2023."**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) The
 Company 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. Exchange Act or have a
 reporting obligation pursuant to Section 15(d) of the U.S. Exchange Act. The Company covenants
 with the Special Warrant Agent that in the event that (i) any class of its securities shall
 become registered pursuant to Section 12 of the U.S. Exchange Act or the Company shall incur
 a reporting obligation pursuant to Section 15(d) of the U.S. Exchange Act, or (ii) any such
 registration or reporting obligation shall be terminated by the Company in accordance with
 the U.S. Exchange Act, the Company shall promptly deliver to the Special Warrant Agent a
 certificate of an officer (in a form provided by the Special Warrant Agent, acting reasonably)
 notifying the Special Warrant Agent of such registration or termination and such other information
 as the Special Warrant Agent may reasonably require at the time. The Company acknowledges
 that the Special Warrant Agent is relying upon the foregoing representation and covenants
 in order to meet certain SEC obligations with respect to those clients who are filing reports
 with the SEC.

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| | |
|:---|:---|
| **Section 2.14** | **Book-Entry Only System and Issue of Certificates** |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Subject
 to Section 2.14(j), unless the Book-Entry Only System is terminated or required to be so
 terminated by applicable law, the Special Warrants may be issued in uncertificated form and
 deposited in the Book-Entry Only System, and shall be deemed to bear the legend(s) set forth
 in Section 2.14(a)(ii). In respect of any Special Warrants issued in certificated form, the
 Company will execute and the Special Warrant Agent will countersign and deliver Special Warrant
 Certificates that will:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) represent
 the aggregate number of Special Warrants to be represented by such certificate(s); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) bear
 the legend(s) substantially to the following effect:

**"THE ISSUANCE OF THE SECURITIES REPRESENTED HEREBY HAS NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE "SECURITIES ACT"), OR ANY STATE SECURITIES LAWS AND NEITHER SUCH SECURITIES NOR ANY INTEREST THEREIN MAY BE OFFERED, SOLD, PLEDGED, ASSIGNED OR OTHERWISE TRANSFERRED EXCEPT (1) PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT UNDER THE SECURITIES ACT AND APPLICABLE STATE SECURITIES LAWS OR (2) PURSUANT TO AN AVAILABLE EXEMPTION FROM THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT AND APPLICABLE STATE SECURITIES LAWS, IN WHICH CASE THE HOLDER MUST, PRIOR TO SUCH TRANSFER, FURNISH TO THE COMPANY AN OPINION OF COUNSEL, WHICH COUNSEL AND OPINION ARE REASONABLY SATISFACTORY TO THE COMPANY, THAT SUCH SECURITIES MAY BE OFFERED, SOLD, PLEDGED, ASSIGNED OR OTHERWISE TRANSFERRED IN THE MANNER CONTEMPLATED PURSUANT TO AN AVAILABLE EXEMPTION FROM THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT AND APPLICABLE STATE SECURITIES LAWS."**

and, if the Special Warrantholder is located in or subject to the Securities Laws of a province or territory of Canada, the following legend:

**"UNLESS PERMITTED UNDER SECURITIES LEGISLATION, THE HOLDER OF THIS SECURITY MUST NOT TRADE THIS SECURITY BEFORE JULY 28, 2023."**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Subject
 to Section 2.14(g) and Section 3.7, unless the Book-Entry Only System is terminated or required
 to do so by applicable law, owners of the beneficial interests in Special Warrants deposited
 in the Book-Entry Only System will not receive or be entitled to receive Special Warrant
 Certificates in definitive form and will not be considered registered owners or holders thereof
 under this Indenture or any supplemental indenture, except in circumstances where the Depository
 resigns or is removed from its responsibility and the Special Warrant Agent is unable or
 does not wish to locate a qualified successor. Except as otherwise provided for herein, beneficial
 interests in the Special Warrants will be represented only through the Book-Entry Only System.
 Transfers of beneficial ownership in any Special Warrant in the Book-Entry Only System between
 Participants will be effected only in accordance with the rules and procedures of the Depository.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) All
 references herein to actions by, notices given or payments made to Special Warrantholders
 will, where Special Warrants are held through the Depository, refer to actions taken by,
 or notices given or payments made to, the Depository 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 at the direction of Special Warrantholders evidencing
 a specified percentage of the aggregate Special Warrants outstanding, such direction or consent
 may be given by holders of Special Warrants acting through the Depository and the Participants
 owning Special Warrants evidencing the requisite percentage of the Special Warrants.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The
 rights of Beneficial Owners of Special Warrants who hold securities entitlements in respect
 of the Special Warrants through the Book-Entry Only System shall be limited to those established
 by applicable law and agreements between the Depository and the Participants and between
 such Participants and the Beneficial Owners of Special Warrants who hold securities entitlements
 in respect of the Special Warrants through the Book-Entry Only System, and such rights must
 be exercised through a Participant in accordance with the rules and procedures of the Depository.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) For
 so long as Special Warrants are held through the Depository, if any notice or other communication
 is required to be given to Special Warrantholders, the Special Warrant Agent will give such
 notices and communications to the Depository.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) Unless
 the Book-Entry Only System is terminated or required to be so terminated by applicable law,
 and subject to Section 2.14(g) and Section 2.14(j) and Section 3.7, neither the Company nor
 the Special Warrant Agent will be under any obligation to deliver to any Participant or Beneficial
 Owner, nor will any Participant or Beneficial Owner have any right to require the delivery
 of, Special Warrant Certificates in definitive form or other instrument evidencing any interest
 in the Special Warrants and will not be considered registered owners or holders thereof under
 this Indenture.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) If
 any Special Warrant is deposited in the Book-Entry Only System and any of the following events
 occurs:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the
 Depository or the Company has notified the Special Warrant Agent that (A) the Depository
 is unwilling or unable to continue or is removed from its responsibility as depository, or
 (B) the Depository ceases to be a clearing agency in good standing under applicable laws
 and, in either case, the Company is unable to locate a qualified successor depository within
 90 days receipt of such notice;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the
 Company has determined, in its sole discretion, with the consent of the Special Warrant Agent,
 to terminate the Book-Entry Only System and has communicated such determination to the Special
 Warrant Agent in writing;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) the
 Company or the Depository is required by Applicable Legislation to take the action contemplated
 in this Section 2.14(g);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) the
 Special Warrant is to be Authenticated to or for the account or benefit of a U.S. Purchaser;
 or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) the
 Book-Entry Only System administered by the Depository ceases to exist, then one or more definitive
 fully registered Special Warrant Certificates will be executed by the Company and countersigned
 and delivered by the Special Warrant Agent to the Depository,

then, in any such case, fully registered Special Warrant Certificates issued and exchanged pursuant to this Section 2.14(g) will be registered in such names and in such denominations as the Depository will instruct the Special Warrant Agent; provided, however, that the aggregate number of Special Warrants represented by such Special Warrant Certificates will be equal to the aggregate number of Special Warrants represented by the Special Warrants deposited in the Book-Entry Only System so exchanged. The Company shall provide a certificate executed by an officer of the Company giving notice to the Special Warrant Agent of the occurrence of any event outlined in this Section 2.14(g).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) Notwithstanding
 anything herein or in the terms of the Special Warrant Certificates to the contrary, neither
 the Company nor the Special Warrant Agent nor any agent thereof will have any responsibility
 or liability for: (i) the records maintained by the Depository relating to any ownership
 interests or any other interests in the Special Warrants or the depository system maintained
 by the Depository, or payments made by the Depository or its nominee on account of any ownership
 interest or any other interest of any person in any Special Warrant; (ii) for maintaining,
 supervising or reviewing any records of the Depository or any Participant relating to any
 such interest; or (iii) any advice or representation made or given by the Depository or those
 contained herein that relate to the rules, procedures 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. Nothing herein will prevent the owners of beneficial interests in Special Warrants
 from voting such Special Warrants using duly executed proxies or voting instruction forms,
 as applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) The
 provisions of Section 2.10 with respect to the transfer of Special Warrants and the provisions
 of Section 2.12 with respect to the registration of Special Warrants are subject to the provisions
 of this Section 2.14.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) Notwithstanding
 anything to the contrary contained herein, any Special Warrants issued to a U.S. Purchaser
 will be represented by definitive Special Warrant Certificates and fully registered in such
 names and denominations as the Company will instruct the Special Warrant Agent.

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| | |
|:---|:---|
| **Section 2.15** | **Location and Residence of Special Warrantholders** |

---

A Special Warrantholder will be deemed to be, and the Company and the Special Warrant Agent may treat, for such purposes, the subscriber for the Special Warrants in question as the Special Warrantholder, and the Special Warrantholder will be deemed to be located and resident in the jurisdiction provided as the address of such subscriber as set forth in the subscription agreement for such Special Warrants or the address of the purchaser of the Special Warrants as set forth in the forms filed on issuance of the Special Warrants or such other filing required under applicable Securities Laws in respect of a transfer of the Special Warrants. If the Company and the Special Warrant Agent will not have been provided with a copy of such form or other filing required under applicable Securities Laws in respect of a transfer of beneficial ownership, then the original subscriber will be treated for all purposes hereunder to be the Beneficial Owner of the Special Warrants, as applicable.

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| | |
|:---|:---|
| **Section 2.16** | **Cancellation of Surrendered Special Warrants** |

---

All Special Warrant Certificates surrendered to the Special Warrant Agent in accordance with the provisions of this Indenture will be cancelled by the Special Warrant Agent, and upon the exercise or deemed exercise of all Uncertificated Special Warrants, such Uncertificated Special Warrants shall be deemed cancelled and so noted on the register by the Special Warrant Agent. If requested in writing by the Company, the Special Warrant Agent will furnish to the Company a cancellation certificate identifying the Special Warrants so cancelled, the number of Special Warrants represented thereby and the number of Units, if any, issued pursuant to the exercise of such Special Warrants.

**Article 3<br> EXERCISE OF SPECIAL WARRANTS**

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| | |
|:---|:---|
| **Section 3.1** | **Method of Exercise of Special Warrants** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The
 holder of any Special Warrant Certificates may exercise the right conferred on such holder
 to acquire Units (as evidenced by such Special Warrant Certificate) by surrendering to the
 Special Warrant Agent at the Special Warrant Agency, after the Effective Date and prior to
 the Expiry Time, the Special Warrant Certificate with a duly completed and executed exercise
 form attached as Appendix 1 to the Special Warrant Certificate (attached hereto as Schedule
 "A"). A Special Warrant Certificate with the duly completed and executed exercise
 form referred to in this Section 3.1(a) will be deemed to be surrendered only upon personal
 delivery thereof or, if sent by mail or other means of transmission, upon actual receipt
 thereof by the Special Warrant Agent at the Special Warrant Agency.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any
 exercise form referred to in Section 3.1(a) will be signed by the Special Warrantholder and
 will specify:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the
 number of Units which the holder wishes to acquire (being not more than the number of Units
 which the holder is entitled to acquire pursuant to the Special Warrant Certificate(s) surrendered);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the
 person or persons in whose name or names the Units to be acquired upon exercise of the Special
 Warrants are to be issued;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) the
 address or addresses of such person or persons; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) the
 number of Units to be issued to each such person if more than one person is so specified.

If any of the Units subscribed for are to be issued to a person or persons other than the Special Warrantholder, the Special Warrantholder will pay to the Company, or to the Special Warrant Agent on behalf of the Company, all applicable transfer or stamp taxes or government or other similar charges, and the Company will not be required to issue or deliver certificates evidencing Units unless or until such Special Warrantholder has paid to the Company, or to the Special Warrant Agent on behalf of the Company, the amount of such taxes or charges, or will have established to the satisfaction of the Company that such taxes or charges have been paid or that no taxes or charges are due.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) A
 Beneficial Owner of Special Warrants issued in uncertificated form evidenced by a security
 entitlement in respect of Special Warrants in the Book-Entry Only System who desires to exercise
 his, her or its Special Warrants must do so by causing a Participant to withdraw the Special
 Warrant from the Book-Entry Only System. Upon withdrawal of the Special Warrant, an individually
 registered Special Warrant Certificate shall be issued by the Special Warrant Agent to such
 Beneficial Owner or Participant and the exercise procedures set forth in Section 3.1(a) and
 Section 3.1(b) shall be followed.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) By
 causing a Participant to withdraw the Special Warrants from the Depository, a Beneficial
 Owner shall be deemed to have irrevocably appointed such Participant to act as his, her or
 its exclusive settlement agent with respect to the exercise and the receipt of Units in connection
 with the obligations arising from such exercise.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Any
 exercise notice which the Special Warrant Agent determines to be incomplete, not in proper
 form or not duly executed shall for all purposes be void and of no effect, and the exercise
 to which it relates shall be considered for all purposes not to have been exercised thereby.
 A failure by a Participant to exercise or to give effect to the settlement thereof in accordance
 with the Beneficial Owner's instructions, will not give rise to any obligations or
 liability on the part of the Company or Special Warrant Agent to the Participant or the Beneficial
 Owner.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) In
 connection with the exchange of Special Warrant Certificates and the exercise of Special
 Warrants, and in compliance with such other terms and conditions hereof as may be required,
 the Company has appointed the Special Warrant Agency as the agency at which Special Warrant
 Certificates may be surrendered for exchange or transfer or at which Special Warrants may
 be exercised, and the Special Warrant Agent has accepted such appointment. The Company may,
 with the prior approval of the Special Warrant Agent, from time to time designate alternate
 or additional places as the Special Warrant Agency and will give notice to the Special Warrant
 Agent of any change of the Special Warrant Agency.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) If
 the exercise form set forth in the Special Warrant Certificate shall have been amended, the
 Company shall cause the amended exercise form to be forwarded to all Special Warrantholders.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) Exercise
 forms must be delivered to the Special Warrant Agent at any time during the Special Warrant
 Agent's actual business hours on any Business Day prior to the Expiry Time. Any exercise
 forms received by the Special Warrant Agent after business hours on any Business Day other
 than the Expiry Date will be deemed to have been received by the Special Warrant Agent on
 the next following Business Day.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) If
 an exercise form is not received by the Special Warrant Agent on a date that is earlier than
 the Expiry Time, then at the Expiry Time the Special Warrants will be automatically exercised
 into Units pursuant to Section 3.7 herein.

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| | |
|:---|:---|
| **Section 3.2** | **Effect of Exercise of Special Warrants** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Upon
 compliance by the holder of any Special Warrant Certificate or Uncertificated Special Warrant
 with the provisions of Section 3.1 or upon the deemed exercise pursuant to Section 3.7, and
 subject to Section 3.3, the Units to be issued upon the exercise of the Special Warrants
 will be deemed to have been issued and the person or persons to whom such Units are to be
 issued will be deemed to have become the holder or holders of record of such Units on the
 Exercise Date, unless the registers of the Company will be closed on such date, in which
 case the Units to be issued upon the exercise of the Special Warrants will be deemed to have
 been issued and such person or persons deemed to have become the holder or holders of record
 of such Units on the date on which such transfer registers are reopened. It is hereby understood
 that in order for persons to whom Units are to be issued, to become holders of Units on record
 on the Exercise Date, Beneficial Owners must commence the exercise process sufficiently in
 advance so that the Special Warrant Agent is in receipt of all items of exercise at least
 one Business Day prior to such Exercise Date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Subject
 to Section 3.7 and subject to adjustment in accordance with Article 4, within three (3) Business
 Days after the Exercise Date of a Special Warrant as set forth above, the Special Warrant
 Agent shall use commercially reasonable efforts to cause to be mailed to the person or persons
 in whose name or names the Underlying Securities have been issued upon the exercise of Special
 Warrants as specified in the exercise form, at the address specified in such exercise form
 or, if so specified in such exercise form, cause to be delivered to such person or persons
 at the Special Warrant Agency where the Special Warrant Certificate was surrendered, a certificate
 or certificates for the appropriate number of Underlying Securities (or any other appropriate
 evidence of the issuance of Underlying Securities to such person or persons in respect of
 Underlying Securities issued under the Book-Entry Only System).

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| | |
|:---|:---|
| **Section 3.3** | **Partial Exercise of Special Warrants; Fractions** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The
 holder of any Special Warrants may exercise its right to acquire Units in part and may thereby
 acquire a number of Units less than the aggregate number which the holder is entitled to
 acquire pursuant to the Special Warrant Certificate(s) surrendered in connection therewith;
 provided, however, that, in no event will fractional Underlying Shares or Underlying Warrants
 be issued with regard to the applicable Special Warrants exercised. In the event of any acquisition
 of a number of Units less than the number which the holder is entitled to acquire, the holder
 of the Special Warrants will, upon exercise thereof, be entitled to receive, without charge
 therefor, a new Special Warrant Certificate or Special Warrant Certificates or, if in uncertificated
 form, customer confirmation in the Book-Entry Only System or DRS Advice representing the
 balance of the Units which such holder was entitled to acquire pursuant to the surrendered
 Special Warrant Certificate(s) and which were not then acquired.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Notwithstanding
 anything contained in this Indenture, including any adjustment provided for in Article 4,
 the Company will not be required, upon the exercise of any Special Warrants to issue fractional
 Underlying Shares or Underlying Warrants or to issue certificates which evidence a fractional
 Underlying Share or Underlying Warrant. Any fractional Underlying Shares or Underlying Warrants
 will be rounded up to the next greater whole number if the fractional entitlement is equal
 to or greater than 0.5 and shall, without any additional compensation, be rounded down to
 the next lesser whole number if the fractional entitlement is less than 0.5 and, in calculating
 such fractional interest, all Underlying Shares or Underlying Warrants, as applicable, held
 by the holder shall be aggregated.

---

| | |
|:---|:---|
| **Section 3.4** | **Cancellation of Surrendered Special Warrants** |

---

All Special Warrant Certificates surrendered will be returned to the Special Warrant Agent for cancellation and, after the expiry of any period of retention prescribed by Applicable Legislation, and in accordance with the Special Warrant Agent's ordinary business practice, destroyed by the Special Warrant Agent. Upon the request of the Company, the Special Warrant Agent will furnish to the Company a destruction certificate identifying the Special Warrant Certificates so destroyed and the number of Special Warrants, evidenced thereby, the number of Units issued pursuant to such Special Warrants and the details of any Special Warrant Certificates issued in substitution or exchange for such Special Warrant Certificates destroyed.

---

| | |
|:---|:---|
| **Section 3.5** | **Accounting and Recording** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The
 Special Warrant Agent will promptly account to the Company with respect to Special Warrants
 exercised. Any securities or other instruments from time to time received by the Special
 Warrant Agent, will be received in trust for, and will be segregated and kept apart by the
 Special Warrant Agent in trust for, the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The
 Special Warrant Agent will record the particulars of Special Warrants exercised, which will
 include the date of exercise and the names and addresses of the persons who become holders
 of Units on the exercise and Exercise Date in respect thereof. The Special Warrant Agent
 will provide, within five Business Days, upon written request of the Company, particulars
 in writing to the Company regarding the exercise of such Special Warrants.

---

| | |
|:---|:---|
| **Section 3.6** | **Expiration of Special Warrants** |

---

Subject to Section 3.7, immediately after the Expiry Time, all rights under any Special Warrants not exercised or deemed to be exercised in accordance with the terms and conditions of this Indenture will cease and terminate and such Special Warrants will be void and of no further force or effect.

---

| | |
|:---|:---|
| **Section 3.7** | **Deemed or Automatic Exercise and Surrender** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Upon
 receipt of the Expiry Date Notice by the Special Warrant Agent, the rights of holders of
 the Special Warrants to acquire Units will be deemed to be exercised, effective as of the
 Expiry Date, without any additional payment and without any further action on the part of
 such holders at the Expiry Time on the Expiry Date, and the Units will be deemed to be issued
 to the Special Warrantholders at such time. The Underlying Securities, issued upon automatic
 exercise, will be registered in the name of the applicable Special Warrantholder, as it appears
 on the register of the Special Warrant Agent, at the time of exercise and such Underlying
 Securities will be issued in the same form, certificated or uncertificated, as the Special
 Warrants are held by such Special Warrantholder, provided that the Underlying Securities
 issued upon the exercise of Special Warrants deposited with CDS shall be deposited with Depository
 Trust Clearing Company or such other persons designated in writing by the Company to act
 as depository. If the Expiry Date Notice has not been received by the Special Warrant Agent
 on or before the date that is six months following the Closing Date, the Expiry Date shall
 be deemed to be the date that is six months following the Closing Date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Unless,
 prior to the Expiry Date, the Company or the Special Warrant Agent has received from such
 Special Warrantholder, in the case of Special Warrants that are not deposited in the Book-Entry
 Only System, an exercise form (accompanied by a Special Warrant Certificate) in accordance
 with Section 3.1(a) and Section 3.1(b) or in the case of Special Warrants deposited in the
 Book-Entry Only System, an exercise form in accordance Section 3.1(c), with which such Units
 have already been issued upon voluntary exercise by such Special Warrantholder, immediately
 at the Expiry Time, all remaining Special Warrants will be deemed to be exercised into the
 respective Underlying Securities and will be sent by courier, registered post or first class
 insured mail by the Special Warrant Agent to the holder at its registered address, as listed
 on the register of Special Warrantholders maintained by the Special Warrant Agent. Delivery
 of Underlying Securities, whether certificated or uncertificated, will be caused to be delivered
 within three (3) Business Days of the date on which the Special Warrants are deemed to be
 exercised.

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| | |
|:---|:---|
| **Section 3.8** | **Securities Restrictions** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Notwithstanding
 anything contained in this Indenture, Special Warrants and Units will only be issued pursuant
 to the transfer or exercise of any Special Warrant in compliance with Applicable Legislation
 of any applicable jurisdiction and, without limiting the generality of the foregoing, in
 respect of any Special Warrants transferred or exercised for Underlying Securities, the certificates
 in physical or uncertificated form, representing the issued Special Warrants and Underlying
 Securities, as the case may be, will bear such legends as may, in the opinion of Counsel
 to the Company, be necessary in order to avoid a violation of applicable Securities Laws
 or other Applicable Legislation of such jurisdiction or to comply with the requirements of
 any stock exchange on which the Underlying Shares are listed; provided, however, that if,
 at any time, in the opinion of Counsel to the Company, such legends are no longer necessary
 in order to avoid a violation of any such laws, or the holder of any such legended certificate,
 in physical or uncertificated form, at the holder's expense, provides the Company with
 evidence satisfactory in form and substance to the Company (which may include an opinion
 of counsel satisfactory to the Company) to the effect that such holder is entitled to sell
 or otherwise transfer such Special Warrants or Underlying Securities, as the case may be,
 in a transaction in which such legends are not required, such legended certificate, in physical
 or uncertificated form, may thereafter be surrendered to the Special Warrant Agent in exchange
 for a certificate, in physical or uncertificated form, which does not bear such legend.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) All
 certificates representing the Underlying Securities issued or Underlying Securities issued
 in certificated or uncertificated form upon the exercise or deemed exercise of Special Warrants
 to holders located in, or subject to the Securities Laws of a province or territory of Canada,
 prior to the date that is four months and one day following the Closing Date, will bear the
 following legend:

**"UNLESS PERMITTED UNDER SECURITIES LEGISLATION, THE HOLDER OF THIS SECURITY MUST NOT TRADE THIS SECURITY BEFORE JULY 28, 2023."**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) If
 the Special Warrant Certificate representing Special Warrants exercised or deemed to have
 been exercised in accordance with this Article 3 bears the legend set forth in Section 2.13(b),
 and the Registration Statement has not been declared effective by the SEC prior to the Expiry
 Date, then any certificate representing the Underlying Securities in physical form issued
 upon such exercise shall bear, in addition to any legends required by this Section 3.8, the
 following legend:

**"THE SECURITIES REPRESENTED HEREBY [AND THE SECURITIES ISSUABLE UPON EXERCISE HEREOF] HAVE NOT BEEN REGISTERED UNDER THE U.S. SECURITIES ACT OF 1933, AS AMENDED (THE "U.S. SECURITIES ACT"). THE HOLDER HEREOF, BY PURCHASING SUCH SECURITIES, AGREES FOR THE BENEFIT OF THE COMPANY THAT SUCH SECURITIES MAY BE OFFERED, SOLD, PLEDGED OR OTHERWISE TRANSFERRED ONLY (A) TO 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 ALL LOCAL LAWS AND REGULATIONS, (C) PURSUANT TO THE EXEMPTION FROM THE REGISTRATION REQUIREMENTS OF THE U.S. SECURITIES ACT PROVIDED BY RULE 144 THEREUNDER, IF AVAILABLE, AND 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, AND IN THE CASE OF (B), (C) OR (D), THE HOLDER HAS PRIOR TO SUCH SALE FURNISHED TO THE COMPANY AN OPINION OF COUNSEL OR OTHER EVIDENCE OF EXEMPTION IN FORM AND SUBSTANCE REASONABLY SATISFACTORY TO THE COMPANY. DELIVERY OF THIS CERTIFICATE MAY NOT CONSTITUTE "GOOD DELIVERY" IN SETTLEMENT OF TRANSACTIONS ON STOCK EXCHANGES IN CANADA."**

Provided that the above legend may be removed by delivery to the Company and the applicable registrar and transfer agent of an opinion of counsel of recognized standing, or other evidence, in form and substance reasonably satisfactory to the Company, to the effect that such legend is no longer required under applicable requirements of the U.S. Securities Act or state securities laws.

---

| | |
|:---|:---|
| **Section 3.9** | **Delivery of Expiry Date Notice** |

---

The Company will deliver the Expiry Date Notice duly executed by the Company to the Special Warrant Agent no later than 5:00 p.m. (Toronto time) on the Business Day immediately before the Expiry Date. Notwithstanding the foregoing, if the Expiry Date Notice has not been received by the Special Warrant Agent on or before the date that is six months following the Closing Date, the Expiry Date shall be deemed to be the date that is six months following the Closing Date. At which point, for greater certainty, all Special Warrants remaining on the register at such time will be deemed exercised into the Underlying Securities.

**Article 4<br> ADJUSTMENT OF NUMBER OF UNITS**

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| | |
|:---|:---|
| **Section 4.1** | **Adjustment of Number of Units** |

---

The rights to acquire Units in effect at any date attaching to the Special Warrants are subject to adjustment from time to time as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) If
 the Qualification Date has not occurred on or prior to 5:00 p.m. (Toronto time) on the date
 that is four months following the Closing Date, each Special Warrantholder shall acquire
 one Penalty Unit per unexercised Special Warrant by exercise prior to the Expiry Time or
 deemed exercise at the Expiry Time, with each Penalty Unit being comprised of 1.2 Underlying
 Shares and 1.2 Underlying Warrants; provided, however, that any fractional Penalty Unit entitled
 will be rounded up to the next greater whole number of Penalty Units if the fractional entitlement
 is equal to or greater than 0.5 and shall, without any additional compensation, be rounded
 down to the next lesser whole number of Penalty Units if the fractional entitlement is less
 than 0.5 and, in calculating such fractional interests, all Penalty Units registered in the
 name of and held by the Special Warrantholder shall be aggregated, subject to adjustment
 in accordance with the following provisions of this Article 4, at the Expiry Date, at no
 additional cost to or further action by the Special Warrantholder (the "**Penalty Provision** ");

---

| | |
|:---|:---|
| **Section 4.2** | **Adjustment of Number of Underling Shares and Underlying Warrants** |

---

The rights to acquire Warrant Shares underlying the Underlying Warrants (including the exercise price thereof) in effect at any date attaching to the Special Warrants shall be subject to adjustment from time to time in accordance with the provisions of the Warrant Indenture governing the Underlying Warrants. The rights to acquire Underlying Shares in effect at any date attaching to the Special Warrants are subject to adjustment from time to time as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) if
 and whenever at any time from the Effective Date and prior to the Expiry Time (the "**Adjustment Period** "), the Company:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) subdivides,
 re-divides or changes its 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) consolidates,
 reduces or combines its 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) issues
 Common Shares or securities exchangeable or exercisable for or convertible to Common Shares
 ()"**convertible securities**") to the holders of all or substantially all
 of the outstanding Common Shares by way of a stock dividend (other than the issue of Common
 Shares or convertible securities to such holders as Dividends Paid in the Ordinary Course);

(any of the above being a "**Common Share Reorganization**"), the number of Units issuable upon the exercise of each Special Warrant is adjusted immediately after the effective date of the Common Share Reorganization or on the record date for the issue of such Common Shares or exchangeable, exercisable or convertible securities by way of stock dividend, by multiplying the number of Units previously obtainable on the exercise of a Special Warrant by the fraction of which:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. the
 numerator is the total number of Common Shares outstanding immediately after the effective
 or record date of the Common Share Reorganization, or, in the case of the issuance of exchangeable,
 exercisable or convertible securities, the total number of Common Shares outstanding immediately
 after the effective or record date of the Common Share Reorganization plus the total number
 of Common Shares issuable upon conversion, exercise or exchange of such convertible 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;B. the
 denominator is the total number of Common Shares outstanding immediately prior to the applicable
 effective or record date of such Common Share Reorganization,

and the Company and Special Warrant Agent, upon receipt of notice pursuant to Section 4.4, shall make such adjustment successively whenever any event referred to in this Section 4.2(a) occurs and any such issue of Common Shares or exercisable, exchangeable or convertible securities by way of a stock dividend is deemed to have occurred on the record date for the stock dividend for the purpose of calculating the number of outstanding Common Shares under this Section 4.2(a). To the extent that any exercisable, exchangeable or convertible securities are not converted into or exercised or exchanged for Common Shares, prior to the expiration thereof, the number of Units obtainable under each Special Warrant shall be readjusted to the number of Units that is then obtainable based upon the number of Common Shares actually issued on conversion or exchange of such convertible securities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) if
 and whenever during the Adjustment Period, the Company fixes a record date for the issue
 of rights, options or warrants to all or substantially all of the holders of Common Shares
 under which such holders are entitled, during a period expiring not more than 45 days after
 the record date for such issue (a "**Rights Period** "), to subscribe for or
 acquire Common Shares at a price per share to the holder of less than 85% of the Current
 Market Price for the Common Shares on such record date (any of such events being called a
 "**Rights Offering** "), then the number of Units obtainable upon the exercise
 of each Special Warrant is adjusted effective immediately after the end of the Rights Period
 to a number determined by multiplying the number of Units obtainable upon the exercise thereof
 immediately prior to the end of the Rights Period by a fraction:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the
 numerator of which is the number of Common Shares outstanding after giving effect to the
 Rights Offering and including the number of Common Shares actually issued or subscribed for
 during the Rights Period upon exercise of the rights, warrants or options under the Rights
 Offering; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the
 denominator of which is the aggregate of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. the
 number of Common Shares outstanding as of the record date for the Rights Offering, and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. a
 number determined by dividing (1) the product of the number of Common Shares issued or subscribed
 during the Rights Period upon the exercise of the rights, warrants, or options under the
 Rights Offering and the price at which such Common Shares are offered by (2) the Current
 Market Price of the Common Shares as of the record date for the Rights Offering;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) if
 and whenever during the Adjustment Period, the Company issues or distributes to all or to
 substantially all of the holders of the Common Shares:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) securities
 of the Company including rights, options or warrants to acquire shares of any class or securities
 exchangeable for or convertible into or exchangeable into any such shares or property or
 assets and including evidence of its indebtedness; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) any
 property (including cash), evidence of indebtedness or other assets,

and if such issuance or distribution does not constitute Dividends paid in the Ordinary Course, a Common Share Reorganization or a Rights Offering (any of such non-excluded events being herein called a "**Special Distribution**"), the number of Units obtainable upon the exercise of each Special Warrant is adjusted effective immediately after the record date at which the holders of affected Common Shares are determined for purposes of the Special Distribution to a number determined by multiplying the number of Units obtainable upon the exercise thereof in effect on such record date by a fraction:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the
 numerator of which is the number of Common Shares outstanding on such record date multiplied
 by the Current Market Price of the Common Shares on such record date; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the
 denominator of which 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;A. the
 product of the number of Common Shares outstanding on such record date and the Current Market
 Price of the Common Shares on such record date, less

&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
 fair market value on such record date, as determined by action of the directors (whose determination
 shall be conclusive), to the holders of the Common Shares of such securities or property,
 indebtedness or other assets so issued or distributed in the Special Distribution;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) if
 and whenever during the Adjustment Period, there is a reclassification of the Common Shares
 or a change in or exchange of the Common Shares into other shares or securities, or a capital
 reorganization of the Company other than as described in Section 4.2(a), or the triggering
 of a shareholders' rights plan or a consolidation, amalgamation, arrangement or merger
 of the Company with or into any other body corporate, trust, partnership or other entity,
 or a transfer, sale or conveyance of the property and assets of the Company as an entirety
 or substantially as an entirety to any other body corporate, trust, partnership or other
 entity, any of such events being referred to as a "**Capital Reorganization** ",
 every Special Warrantholder who has not exercised its right of acquisition as on the record
 date or at the effective date of such Capital Reorganization, as the case may be, is entitled
 to receive, upon exercise in accordance with the terms and conditions hereof and shall accept,
 in lieu of the number of Units obtainable under the Special Warrants to which it was previously
 entitled, the kind and number of Units or other securities or property of the Company that
 the Special Warrantholder would have been entitled to receive on such Capital Reorganization,
 if, on the record date or the effective date thereof, as the case may be, the Special Warrantholder
 had been the registered holder of the number of Units obtainable upon the exercise of Special
 Warrants then held, subject to adjustment thereafter in accordance with provisions of the
 same, as nearly as may be possible, as those contained in this Section 4.2(d). The Company
 shall not carry into effect any action requiring an adjustment pursuant to this Section 4.2(d)
 unless all necessary steps have been taken so that the Special Warrantholders are thereafter
 entitled to receive such kind and number of Units, other securities or property. The Company
 will not enter into a Capital Reorganization unless its successor, or the purchasing body
 corporate, partnership, trust or other entity, as the case may be, prior to or contemporaneously
 with any such Capital Reorganization, enters into an indenture which provides, 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 Special Warrantholders to the end that the
 provisions set forth in this Indenture are correspondingly made applicable, as nearly as
 may reasonably be, with respect to any shares, other securities or property to which a Special
 Warrantholder is entitled on the exercise of his acquisition rights thereafter. An indenture
 entered into by the Company pursuant to the provisions of this Section 4.2(d) is deemed a
 supplemental indenture entered into pursuant to the provisions of Article 8. An indenture
 entered into between the Company, any successor to the Company or any purchasing body corporate,
 partnership, trust or other entity and the Special Warrant Agent must provide for adjustments
 which are as nearly equivalent as may be practicable to the adjustments provided in this
 Section 4.2(d) and which apply to successive Capital Reorganizations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) where
 this Section 4.2(e) requires that an adjustment becomes effective immediately after a record
 date or effective date, as the case may be, for an event referred to herein, the Company
 may defer, until the occurrence of that event, issuing to the Special Warrantholder exercising
 his acquisition rights after the record date or effective date, as the case may be, and before
 the occurrence of that event, the adjusted number of Units, other securities or property
 issuable upon the exercise or deemed exercise of the Special Warrants by reason of the adjustment
 required by that event. If the Company relies on this Section 4.2(e) to defer issuing an
 adjusted number of Units, other securities or property to a Special Warrantholder, the Special
 Warrantholder has the right to receive any distributions made on the adjusted number of Units,
 other securities or property declared in favour of holders of record on and after the date
 of exercise or such later date as the Special Warrantholder would but for the provisions
 of this Section 4.2(e), have become the holder of record of the adjusted number of Units,
 other securities or property;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) the
 adjustments provided for in this Section 4.2(f) are cumulative. After any adjustment pursuant to this Section 4.2(f), the term
 "Units" where used in this Indenture is interpreted to mean securities of any class or classes which, as a result of
 such adjustment and all prior adjustments pursuant to this Section 4.2(f) the Special Warrantholder is entitled to receive upon the
 exercise of his Special Warrant, and the number of Units obtainable in any exercise made pursuant to a Special Warrant is
 interpreted to mean the number of Units or other property or securities a Special Warrantholder is entitled to receive, as a result
 of such adjustment and all prior adjustments pursuant to this Section 4.2(f), upon the full exercise of a Special
 Warrant;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) notwithstanding
 anything in this Section 4.2(g), no adjustment shall be made in the acquisition rights attached to the Special Warrants if the issue
 of Common Shares is being made pursuant to any stock option or stock purchase plan in force from time to time for directors, officers
 or employees of the Company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) in
 the event of a question arising with respect to the adjustments provided for in this Section 4.2(h), that question shall be conclusively
 determined by the Company's Auditor or, if they are unwilling or unable to act, such independent nationally recognized chartered
 accountants as may be selected by the directors of the Company, acting reasonably and in good faith, who shall have access to all
 necessary records of the Company, and a determination by the Company's Auditor is binding upon the Company, the Special Warrant
 Agent, all Special Warrantholders and all other persons interested therein; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) no
 adjustment in the number of Units obtainable upon exercise of Special Warrants shall be made in respect of any event described in
 this Section 4.2(i), other than the events referred in Sections 4.2(a)(i) and 4.2(a)(ii), if the Special Warrantholders are entitled
 to participate in such event on the same terms, mutatis mutandis, as if the Special Warrantholders had exercised their Special Warrants
 prior to or on the effective date or record date of such event.

---

| | |
|:---|:---|
| **Section 4.3** | **Proceedings Prior to any Action Requiring Adjustment** |

---

As a condition precedent to the taking of any action which requires an adjustment in any of the acquisition rights pursuant to the Special Warrants, including the number of Units obtainable upon the exercise or deemed exercise thereof, the Company shall take any corporate action which may, in the opinion of Counsel, be necessary in order that the Company or any successor to the Company has unissued and reserved Common Shares in its authorized capital and may validly and legally issue as fully paid and non-assessable all the Underlying Shares and may validly and legally deliver all the Underlying Warrants and all other securities or property which the Special Warrantholders are entitled to receive on the full exercise of the Special Warrants in accordance with the provisions hereof.

---

| | |
|:---|:---|
| **Section 4.4** | **Certificate of Adjustment** |

---

The Company shall from time to time immediately, and in any event not later than three Business Days, after the occurrence of any event which requires an adjustment as provided in Section 4.2, deliver a certificate of the Company to the Special Warrantholders and the Special Warrant Agent specifying the nature of the event requiring the adjustment, the amount of the adjustment necessitated thereby, and setting forth in reasonable detail the method of calculation and the facts upon which the calculation is based. The Special Warrant Agent shall rely, and shall be protected in so doing, upon the certificate of the Company or of the Company's Auditor and any other document filed by the Company pursuant to this Article 4 for all purposes.

---

| | |
|:---|:---|
| **Section 4.5** | **No Action After Notice** |

---

The Company covenants with the Special Warrant Agent that it will not close its transfer books or take any other corporate action which might deprive the holder of a Special Warrant of the opportunity of exercising the Special Warrants during the period of 14 days after giving of the notice set forth in Section 4.7 hereof.

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| | |
|:---|:---|
| **Section 4.6** | **Protection of Special Warrant Agent** |

---

The Special Warrant Agent:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) is
 not at any time under any duty or responsibility to a Special Warrantholder to determine whether any facts exist which require any
 adjustment contemplated by Section 4.1, 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) is
 not accountable with respect to the validity or value (or the kind or amount) of any Underlying Securities or other securities or
 property which may at any time be issued or delivered upon the exercise of the rights attaching to any Special Warrant;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) is
 not responsible for any failure of the Company to make any cash payment or to issue, transfer or deliver the Underlying Securities
 or certificates for the same upon the surrender of any Special Warrants for the purpose of the exercise of such rights or to comply
 with any of the covenants contained in this Article 4;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) will
 be entitled to act and rely on any adjustment calculation of the Company or the Company's Auditor; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) shall
 not incur any liability or responsibility whatsoever or be in any way responsible for the consequence of any breach on the part of
 the Company of any of the representations, warrants or covenants herein contained or of any acts of agents or servants of the Company.

---

| | |
|:---|:---|
| **Section 4.7** | **Notice of Special Matters** |

---

The Company covenants with the Special Warrant Agent that so long as any Special Warrants remain outstanding, it will give 14 days' prior written notice in the manner provided for in Section 10.1 and Section 10.2, as applicable, to the Special Warrant Agent and to the Agents, of any event which requires an adjustment to the subscription rights attaching to any of the Special Warrants pursuant to this Article 4. The Company covenants and agrees that such notice shall contain the particulars of such event in reasonable detail and, if determinable, the required adjustment in the manner provided for in Article 4. The Company further covenants and agrees that it shall promptly, as soon as the adjustment calculations are reasonably determinable, file a certificate of the Company with the Special Warrant Agent showing how such adjustment shall be computed.

**Article 5<br> RIGHTS AND COVENANTS OF THE COMPANY**

---

| | |
|:---|:---|
| **Section 5.1** | **Optional Purchases by the Company** |

---

Subject to compliance with applicable Securities Laws and the receipt of any necessary approvals of applicable regulatory authorities, the Company may from time to time purchase, by private contract or otherwise, any of the Special Warrants. Any such purchase will be made at the lowest price or prices at which, in the opinion of the directors of the Company, such Special Warrants are then obtainable, plus reasonable costs of purchase, and may be made in such manner, from such persons and on such other terms as the Company, in its sole discretion, may determine. Any Special Warrant Certificates representing the Special Warrants purchased pursuant to this Section 5.1 will forthwith be delivered to and cancelled by the Special Warrant Agent. In the case of Uncertificated Special Warrants, the Special Warrants purchased pursuant to this Section 5.1 shall be reflected accordingly on the register of the Special Warrants and in accordance with procedures prescribed by the Depository under the Book-Entry Only System. No Special Warrants will be issued in replacement thereof.

---

| | |
|:---|:---|
| **Section 5.2** | **General Covenants** |

---

The Company covenants with the Special Warrant Agent that, so long as any Special Warrants remain outstanding:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) it
 is duly authorized to create and issue the Special Warrants and, when issued and countersigned as herein provided, or when issued
 in uncertificated form as herein provided, the Special Warrants will be valid and enforceable obligations of the Company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) it
 will reserve and keep available a sufficient number of (i) Underlying Shares for the purpose of enabling it to satisfy its obligations
 to issue the Underlying Shares upon the exercise or deemed exercise of the Special Warrants, and (ii) Warrant Shares for the purpose
 of enabling it to satisfy its obligations to issue the Warrant Shares upon the exercise of the Underlying Warrants;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) it
 will cause the Underlying Securities and the certificates representing the Underlying Securities from time to time acquired pursuant
 to the exercise or deemed exercise of the Special Warrants to be duly issued and delivered in accordance with the Special Warrant
 Certificates and the terms hereof;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) all
 Common Shares which will be issued upon exercise or deemed exercise of the Special Warrants will be fully paid and non-assessable,
 and all Underlying Securities will be free and clear of all encumbrances, except for resale restrictions as may be required under
 applicable Securities Laws;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) it
 will use its commercially reasonable efforts to maintain its corporate existence or the corporate existence of any Successor Corporation
 and carry on its business in the ordinary course, consistent with past practices;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) it
 will make all requisite filings under applicable Securities Laws, including those necessary to remain a reporting issuer not in default
 in such jurisdictions in which it is a reporting issuer and those filings required in connection with the issuance of the Special
 Warrants;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) it
 will use its commercially reasonable efforts to have the Registration Statement declared effective by the SEC, within six months
 following the Closing Date;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) in
 the event that the Registration Statement is declared effective by the SEC, it will give written notice to the Special Warrant Agent,
 CDS and the Agents of the filing of the Registration Statement and specifying the date on which the Special Warrants expire and the
 date of automatic exercise, not later than two Business Days after the filing of the Registration Statement, and the Company will
 provide written confirmation to the Special Warrant Agent, CDS, the Agents and the Special Warrantholders of any adjustment that
 has been made pursuant to Article 4 in the aforementioned notice;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) it
 will not pay or give any consideration or other remuneration to any person in respect of the exercise of the Special Warrants, except
 for administrative or professional services or for services performed by a registered dealer;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) if
 any instrument is required to be filed with or any permission, order or ruling is required to be obtained from the Securities Regulators
 or any other step is required under any federal or provincial law of the Designated Provinces before any securities or property which
 a Special Warrantholder is entitled to receive pursuant to the exercise or deemed exercise of a Special Warrant may properly and
 legally be delivered upon the due exercise or deemed exercise of a Special Warrant, the Company shall use its commercially reasonable
 efforts to make such filing, obtain such permission, order or ruling and take all such action, at its expense, as is required or
 appropriate in the circumstances;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) it
 will comply with all covenants and satisfy all terms and conditions on its part to be performed and satisfied under this Indenture
 and advise the Special Warrant Agent promptly in writing of any default under the terms of this Indenture; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) generally,
 it will well and truly perform and carry out all of the acts or things to be done by it as provided in this Indenture.

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| | |
|:---|:---|
| **Section 5.3** | **Special Warrant Agent's Remuneration and Expenses** |

---

The Company covenants that it will pay to the Special Warrant Agent (in advance as may be required from time to time) reasonable remuneration for its services hereunder and will pay or reimburse the Special Warrant Agent upon its request, for all reasonable expenses, disbursements and advances incurred or made by the Special Warrant Agent in the administration or execution of the trusts hereby created (including the reasonable compensation and the disbursements of its counsel and all other advisors and assistants not regularly in its employ), both before any default hereunder and thereafter until all duties of the Special Warrant Agent hereunder will be finally and fully performed, except any such expense, disbursement or advance as may arise out of or result from the Special Warrant Agent's gross negligence, wilful misconduct or fraud. Any amount owing hereunder and remaining unpaid after 30 days from the invoice date will bear interest at the then current rate charged by the Special Warrant Agent against unpaid invoices and shall be payable upon demand. This Section 5.3 shall survive the resignation or removal of the Special Warrant Agent and/or the termination of this Indenture.

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| | |
|:---|:---|
| **Section 5.4** | **Securities Qualification Requirements** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) If,
 in the opinion of Counsel to the Company, any instrument is required to be filed with, or any permission is required to be obtained
 from, any governmental authority in Canada or the United States or any other step is required under any federal law of Canada or
 the United States, provincial law or state law before any Units which a Special Warrantholder is entitled to acquire pursuant to
 the exercise of any Special Warrant may properly and legally be issued upon due exercise thereof and thereafter traded without further
 formality or restriction, the Company covenants that it will use its commercially reasonable efforts to take such required action.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The
 Company will give notice of the issue of Units pursuant to the exercise of Special Warrants if required by applicable Securities
 Laws, and in such detail as may be required, to each Securities Regulators or similar regulatory authority in each jurisdiction in
 Canada in which there is legislation or regulation permitting or requiring the giving of any such notice in order that such issue
 of Units and the subsequent disposition of the Units, so issued will not be subject to the prospectus qualification requirements
 of such legislation or regulation.

---

| | |
|:---|:---|
| **Section 5.5** | **Performance of Covenants by Special Warrant Agent** |

---

If the Company fails to perform any of its covenants contained in this Indenture, the Special Warrant Agent may notify the Special Warrantholders of such failure on the part of the Company or may itself perform any of the covenants capable of being performed by it but will be under no obligation to perform such covenants or to notify the Special Warrantholders of such performance by it. All sums expended or advanced by the Special Warrant Agent in so doing will be repayable as provided in Section 5.3. No such performance, expenditure or advance by the Special Warrant Agent will relieve the Company of any default hereunder or of its continuing obligations under the covenants contained in this Indenture.

**Article 6<br> ENFORCEMENT**

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| | |
|:---|:---|
| **Section 6.1** | **Suits by Special Warrantholders** |

---

All or any of the rights conferred upon any Special Warrantholder by any of the terms of the Special Warrant Certificates or of this Indenture, or of both, may be enforced by the Special Warrantholder by appropriate proceedings, but without prejudice to the right which is hereby conferred upon the Special Warrant Agent to proceed in its own name to enforce each and all of the provisions herein contained for the benefit of the Special Warrantholders.

---

| | |
|:---|:---|
| **Section 6.2** | **Immunity of Shareholders, etc.** |

---

The obligations hereunder are not personally binding upon, nor will resort hereunder be had to, the private property of any of the past, present or future directors or shareholders of the Company or any Successor Corporation, or any of the past, present or future officers, employees or agents of the Company or any Successor Corporation, and only the property of the Company or any Successor Corporation will be bound in respect hereof.

---

| | |
|:---|:---|
| **Section 6.3** | **Waiver of Default** |

---

Upon the happening of any default hereunder:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the
 Special Warrantholders may, by extraordinary resolution as provided in Section 7.10, by notice or requisition in writing, instruct
 the Special Warrant Agent to waive any default hereunder and the Special Warrant Agent will upon receipt of any such notice waive
 the default upon such terms and conditions as will be prescribed in such notice or requisition; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the
 Special Warrant Agent will have power to waive any default hereunder upon such terms and conditions as the Special Warrant Agent
 may deem advisable, if, in the Special Warrant Agent's opinion, relying on the opinion of Counsel, the same will have been
 cured or adequate provision made therefor;

provided, however, that no delay or omission of the Special Warrant Agent or of the Special Warrantholders to exercise any right or power accruing upon any default will impair any such right or power or will be construed to be a waiver of any such default or acquiescence therein and provided further that no act or omission either of the Special Warrant Agent or of the Special Warrantholders in the premises will extend to or be taken in any manner whatsoever to affect any subsequent default hereunder or the rights resulting therefrom.

**Article 7<br> MEETINGS OF special WARRANTHOLDERS**

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| | |
|:---|:---|
| **Section 7.1** | **Right to Convene Meetings** |

---

The Special Warrant Agent may at any time, from time to time, and will on receipt of a written request of the Company or of a Special Warrantholders' Request, and upon being indemnified and funded to its reasonable satisfaction by the Company or by the Special Warrantholders who signed such Special Warrantholders' Request against the cost which may be incurred in connection with the calling and holding of such meeting, call and convene a meeting of the Special Warrantholders. In the event of the Special Warrant Agent failing to so call a meeting within seven days after receipt of such written request of the Company or within thirty days after receipt of such Special Warrantholders' Request and indemnity and funding given as aforesaid, the Company or any of the Special Warrantholders who signed such Special Warrantholders' Request, as the case may be, may call and convene such meeting. Every such meeting will be held in the City of Toronto, Ontario or at such other place as may be approved or determined by the Special Warrant Agent and the Company.

---

| | |
|:---|:---|
| **Section 7.2** | **Notice** |

---

At least 10 days prior notice of any meeting of Special Warrantholders will be given to the Special Warrantholders in the manner provided for in Section 10.2 and a copy of such notice will be sent by mail to the Special Warrant Agent (unless the meeting has been called by the Special Warrant Agent), the Agents and to the Company (unless the meeting has been called by the Company). Such notice will state the time when and the place where the meeting is to be held, will state briefly the general nature of the business to be transacted thereat and will contain such information as is reasonably necessary to enable the Special Warrantholders to make a reasoned decision on the matter or matters to be brought before the meeting, but it will 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 7.

---

| | |
|:---|:---|
| **Section 7.3** | **Chairman** |

---

An individual (who need not be a Special Warrantholder) designated in writing by the Special Warrant Agent will be chairman of any meeting of Special Warrantholders, and if no individual is so designated, or if the individual so designated is not present within 15 minutes after the time fixed for the holding of the meeting, the Special Warrantholders present in person or by proxy will choose some individual present to be chairman.

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| | |
|:---|:---|
| **Section 7.4** | **Quorum** |

---

Subject to the provisions of Section 7.11, at any meeting of the Special Warrantholders a quorum will consist of Special Warrantholders present in person or by proxy and holding at least 10% of the aggregate number of the then outstanding Special Warrants, provided that at least two persons entitled to vote thereat are personally present. If a quorum of the Special Warrantholders will not be present within 30 minutes from the time fixed for holding any meeting, the meeting, if summoned by the Special Warrantholders or on a Special Warrantholders' Request, will be dissolved; but in any other case the meeting will be adjourned to the same day in the next week (unless such day is not a Business Day, in which case it will be adjourned to the next following Business Day) at the same time and place and no notice of the adjournment need be given. Any business may be brought before or dealt with at an adjourned meeting which might have been dealt with at the original meeting in accordance with the notice calling the same. No business will be transacted at any meeting of Special Warrantholders unless a quorum is present at the commencement of the meeting. At the adjourned meeting, the Special Warrantholders present in person or by proxy will form a quorum and may transact the business for which the meeting was originally convened, notwithstanding that they may not hold at least 10% of the aggregate number of the then outstanding Special Warrants.

---

| | |
|:---|:---|
| **Section 7.5** | **Power to Adjourn** |

---

The chairman of any meeting of Special Warrantholders at which a quorum of the Special Warrantholders is present may, with the consent of the meeting, adjourn any such meeting, and no notice of such adjournment need be given except such notice, if any, as the meeting may prescribe.

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| | |
|:---|:---|
| **Section 7.6** | **Show of Hands** |

---

Every question submitted to a meeting of Special Warrantholders will be decided in the first place by a majority of the votes given on a show of hands except that votes on an extraordinary resolution will 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 will be conclusive evidence of the fact.

---

| | |
|:---|:---|
| **Section 7.7** | **Poll and Voting** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) On
 every extraordinary resolution, and on any other question submitted to a meeting of Special Warrantholders and after a vote by show
 of hands when demanded by the chairman or by one or more of the Special Warrantholders acting in person or by proxy and holding at
 least 5% of the aggregate number of Special Warrants then outstanding, a poll will be taken in such manner as the chairman will direct.
 Questions other than those required to be determined by extraordinary resolution will be decided by a majority of the votes cast
 on the poll, whereby each Special Warrantholder will be entitled to one vote in respect of each whole Special Warrant then held or
 represented by it.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) On
 a show of hands, every person who is present and entitled to vote, whether as a registered Special Warrantholder or as proxy for
 one or more absent registered Special Warrantholders, or both, shall have one vote. On a poll, each registered Special Warrantholder
 present in person or represented by a proxy duly appointed by instrument in writing shall be entitled to one vote in respect of each
 Special Warrant then held or represented by it. A proxy need not be a registered Special Warrantholder. The chairman of any meeting
 shall be entitled, both on a show of hands and on a poll, to vote in respect of the Special Warrants, if any, held or represented
 by him.

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| | |
|:---|:---|
| **Section 7.8** | **Regulations** |

---

The Special Warrant Agent, or the Company with the approval of the Special Warrant Agent, may from time to time make and from time to time vary such regulations as it thinks fit for the setting of the record date for a meeting of Special Warrantholders for the purpose of determining Special Warrantholders entitled to receive notice of and to vote at the meeting, the form of the instrument of proxy, and generally for calling meetings of Special Warrant holders and the conduct of business thereat.

Any regulations so made will be binding and effective and the votes given in accordance therewith will be valid and will be counted. Except as such regulations may provide, the only persons who will be recognized at any meeting as a Special Warrantholder, or be entitled to vote or be present at the meeting in respect thereof (subject to Section 7.9), will be Special Warrantholders or their counsel, or proxyholders of Special Warrantholders.

---

| | |
|:---|:---|
| **Section 7.9** | **Company, Agents and Special Warrant Agent May be Represented** |

---

The Company, the Agents and the Special Warrant Agent, by their respective directors, officers, agents or employees, and the Counsel for the Company, the Agents and for the Special Warrant Agent, may attend any meeting of the Special Warrantholders, but will have no vote as such, unless in their capacity as a Special Warrantholder or as a proxy for a Special Warrantholder.

---

| | |
|:---|:---|
| **Section 7.10** | **Powers Exercisable by Extraordinary Resolution** |

---

In addition to all other powers conferred upon them by any other provisions of this Indenture or by law, the Special Warrantholders at the meeting will, subject to the provisions of Section 7.11, have the power, exercisable from time to time by extraordinary resolution (as defined in Section 7.11):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) to
 agree to any modification, abrogation, alteration, compromise or arrangement of the rights of Special Warrantholders or the Special
 Warrant Agent in its capacity as trustee hereunder or on behalf of the Special Warrantholders against the Company whether such rights
 arise under this Indenture or the Special Warrant Certificates or otherwise;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) to
 amend, alter or repeal any extraordinary resolution previously passed or sanctioned by the Special Warrantholders;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) to
 direct or to authorize the Special Warrant Agent, subject to Section 9.2(b) hereof, to enforce any of the covenants on the part of
 the Company contained in this Indenture or the Special Warrant Certificates or to enforce any of the rights of the Special Warrantholders
 in any manner specified in such extraordinary resolution or to refrain from enforcing any such covenant or right;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) to
 waive, and to direct the Special Warrant Agent to waive, any default on the part of the Company in complying with any provisions
 of this Indenture or the Special Warrant Certificates, either unconditionally or upon any conditions specified in such extraordinary
 resolution;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) to
 restrain any Special Warrantholder from taking or instituting any suit, action or proceeding against the Company for the enforcement
 of any of the covenants on the part of the Company contained in this Indenture or the Special Warrant Certificates or to enforce
 any of the rights of the Special Warrantholders;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) to
 direct any Special Warrantholder who, as such, has brought any suit, action or proceeding to stay or to discontinue or otherwise
 to deal with the same upon payment of the costs, charges and expenses reasonably and properly incurred by such Special Warrantholder
 in connection therewith;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) to
 assent to any change in or omission from the provisions contained in the Special Warrant Certificates or this Indenture or any ancillary
 or supplemental instrument which may be agreed to by the Company, and to authorize the Special Warrant Agent to concur in and execute
 any ancillary or supplemental indenture embodying the change or omission;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) with
 the consent of the Company, such consent not to be unreasonably withheld, to remove the Special Warrant Agent or its successors in
 office and to appoint a new trustee or trustees to take the place of the Special Warrant Agent so removed; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) 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 Company.

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| | |
|:---|:---|
| **Section 7.11** | **Meaning of Extraordinary Resolution** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The
 expression "extraordinary resolution" when used in this Indenture means, subject to as hereinafter provided in this Section
 7.11 and in Section 7.14, a resolution proposed at a meeting of Special Warrantholders duly convened for that purpose and held in
 accordance with the provisions of this Article 7, at which there are present in person or by proxy Special Warrantholders holding
 at least 25% of the aggregate number of the then outstanding Special Warrants and passed by the affirmative votes of Special Warrantholders
 holding not less than 66.67% of the aggregate number of the then outstanding Special Warrants represented at the meeting and voted
 on the poll upon such resolution.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) If,
 at the meeting of Special Warrantholders at which an extraordinary resolution is to be considered, Special Warrantholders holding
 at least 25% of the aggregate number of the then outstanding Special Warrants are not present in person or by proxy within 30 minutes
 after the time appointed for the meeting, then the meeting, if convened by Special Warrantholders or on a Special Warrantholders'
 Request, will be dissolved, but in any other case it will stand adjourned to such day, being not less than 15 or more than 60 days
 later, and to such place and time as may be determined by the chairman. Not less than 10 days' prior notice will be given of
 the time and place of such adjourned meeting in the manner provided for in Section 10.2. Such notice will state that at the adjourned
 meeting the Special Warrantholders present in person or by proxy will form a quorum but it will not be necessary to set forth the
 purposes for which the meeting was originally called or any other particulars. At the adjourned meeting the Special Warrantholders
 present in person or by proxy will 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 by the requisite vote as provided in Section 7.11(a) will be an "extraordinary
 resolution" within the meaning of this Indenture notwithstanding that Special Warrantholders holding at least 25% of the aggregate
 number of the then outstanding Special Warrants are not present in person or by proxy at such adjourned meeting.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Votes
 on an extraordinary resolution will always be given on a poll and no demand for a poll on an extraordinary resolution will be necessary.

---

| | |
|:---|:---|
| **Section 7.12** | **Powers Cumulative** |

---

Any one or more of the powers or any combination of the powers in this Indenture stated to be exercisable by the Special Warrantholders by extraordinary resolution or otherwise may be exercised from time to time and the exercise of any one or more of such powers or any combination of powers from time to time will not be deemed to exhaust the right of the Special Warrantholders to exercise such power or powers or combination of powers then or thereafter from time to time.

---

| | |
|:---|:---|
| **Section 7.13** | **Minutes** |

---

Minutes of all resolutions and proceedings at every meeting of Special Warrantholders will be made and duly entered in the books and any such minutes as aforesaid, if signed by the chairman or the secretary of the meeting at which such resolutions were passed or proceedings taken, will 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 will have been made will be deemed to have been duly convened and held, and all resolutions passed thereat or proceedings taken will be deemed to have been duly passed and taken.

---

| | |
|:---|:---|
| **Section 7.14** | **Instruments in Writing** |

---

All actions which may be taken and all powers that may be exercised by the Special Warrantholders at a meeting held as provided in this Article 7 may also be taken and exercised by Special Warrantholders holding at least 66.67% of the aggregate number of the then outstanding Special Warrants by an instrument in writing signed in one or more counterparts by such Special Warrantholders in person or by attorney duly appointed in writing, and the expression "extraordinary resolution" when used in this Indenture will include an instrument so signed.

---

| | |
|:---|:---|
| **Section 7.15** | **Binding Effect of Resolutions** |

---

Every resolution and every extraordinary resolution passed in accordance with the provisions of this Article 7 at a meeting of Special Warrantholders will be binding upon all of the Special Warrantholders, whether present at or absent from such meeting, and every instrument in writing signed by Special Warrantholders in accordance with Section 7.14 will be binding upon all of the Special Warrantholders, whether signatories thereto or not, and each and every Special Warrantholder and the Special Warrant Agent (subject to the provisions for indemnity herein contained) will be bound to give effect accordingly to every such resolution and instrument in writing.

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| | |
|:---|:---|
| **Section 7.16** | **Holdings by Company or Subsidiaries** |

---

In determining whether Special Warrantholders holding the required number of Special Warrants are present at a meeting of Special Warrantholders for the purpose of determining a quorum or have concurred in any consent, waiver, extraordinary resolution, Special Warrantholders' Request or other action under this Indenture, Special Warrants owned legally or beneficially by the Company or any Subsidiary of the Company will be disregarded in accordance with the provisions of Section 10.9.

**Article 8<br> SUPPLEMENTAL INDENTURES**

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| | |
|:---|:---|
| **Section 8.1** | **Provision for Supplemental Indentures for Certain Purposes** |

---

From time to time, the Company (when authorized by action of the directors) and the Special Warrant Agent, may, subject to the provisions hereof and the prior approval of the CSE, as need be, and the Company or the Special Warrant Agent will, when so directed in accordance with the provisions hereof, execute and deliver by their proper officers, indentures or instruments supplemental hereto, which thereafter will form part hereof, for any one or more or all of the following purposes:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) setting
 forth any adjustments resulting from the application of the provisions of Article 4;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) adding
 to the provisions hereof such additional covenants and enforcement provisions as, in the opinion of Counsel of the Company, are necessary
 or advisable in the circumstances, provided that the same are not in the opinion of the Special Warrant Agent (relying upon the opinion
 of its Counsel) prejudicial to the interests of the Special Warrantholders;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) giving
 effect to any extraordinary resolution passed as provided in Article 7;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) adding
 to, deleting or altering the provisions hereof in respect of the transfer of the Special Warrants, making provision for the exchange
 of Special Warrant Certificates, and making any modification in the form of the Special Warrant Certificates which does not affect
 the substance thereof;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) modifying
 any of the provisions of this Indenture, including relieving the Company from any of the obligations, conditions or restrictions
 herein contained; provided, however, that such modification or relief will be or become operative or effective only if, in the opinion
 of the Special Warrant Agent (relying upon the opinion of its Counsel), such modification or relief in no way prejudices any of the
 rights of the Special Warrantholders or of the Special Warrant Agent, and provided further that the Special Warrant Agent may in
 its sole discretion decline to enter into any such supplemental indenture which in its opinion may not afford adequate protection
 to the Special Warrant Agent when the same will become operative;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) making
 such provisions not inconsistent with this Indenture as may be necessary or desirable with respect to matters or questions arising
 hereunder, provided that such provisions are not, in the opinion of the Special Warrant Agent, relying on the opinion of its Counsel,
 prejudicial to the interests of the Special Warrantholders; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) for
 any other purpose not inconsistent with the terms of this Indenture, including the correction or rectification of any ambiguities,
 defective or inconsistent provisions, errors, mistakes or omissions herein, provided that in the opinion of the Special Warrant Agent,
 relying on the opinion of its Counsel, the rights of the Special Warrant Agent and of the Special Warrantholders are in no way prejudiced
 thereby.

---

| | |
|:---|:---|
| **Section 8.2** | **Successor Corporations** |

---

In the case of the consolidation, amalgamation, arrangement, merger or transfer of the undertaking or assets of the Company as an entirety or substantially as an entirety to or with another corporation (each, a "**Successor Corporation**"), the Successor Corporation resulting from such consolidation, amalgamation, arrangement, merger or transfer (if not the Company) will expressly assume, by supplemental indenture in a form satisfactory to the Special Warrant Agent, acting reasonably, and executed and delivered to the Special Warrant Agent, the due and punctual performance and observance of each and every covenant and condition of this Indenture to be performed and observed by the Company.

**Article 9<br> CONCERNING THE SPECIAL WARRANT Agent**

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| | |
|:---|:---|
| **Section 9.1** | **Legislation** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) If
 and to the extent that any provision of this Indenture limits, qualifies or conflicts with a mandatory requirement of Applicable
 Legislation, such mandatory requirement will prevail.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The
 Company and the Special Warrant Agent agree that each will, at all times in relation to this Indenture and any action to be taken
 hereunder, observe and comply with and be entitled to the benefits of Applicable Legislation.

---

| | |
|:---|:---|
| **Section 9.2** | **Rights and Duties of Special Warrant Agent** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) In
 the exercise of the rights and duties prescribed or conferred by the terms of this Indenture, the Special Warrant Agent will exercise
 that degree of care, diligence and skill that a reasonably prudent trustee would exercise in comparable circumstances. No provision
 of this Indenture shall be construed to relieve the Special Warrant Agent from liability for its own gross negligent action, wilful
 misconduct, bad faith or fraud under this Indenture.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The
 obligation of the Special Warrant Agent to commence or continue any act, action or proceeding for the purpose of enforcing any rights
 of the Special Warrant Agent or the Special Warrantholders hereunder will be conditional upon the Special Warrantholders furnishing,
 when required by a notice of the Special Warrant Agent, sufficient funds to commence or to continue such act, action or proceeding
 and an indemnity reasonably satisfactory to the Special Warrant Agent to protect and to hold harmless the Special Warrant Agent and
 its officers, directors, employees and agents, against the costs, charges and expenses and liabilities to be incurred thereby and
 any loss and damage it may suffer by reason thereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) None
 of the provisions contained in this Indenture will require the Special Warrant Agent to expend or to risk its own funds or otherwise
 to incur financial liability in the performance of any of its duties or in the exercise of any of its rights or powers unless indemnified
 and funded as aforesaid.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The
 Special Warrant Agent may, before commencing or at any time during the continuance of any such act, action or proceeding, require
 the Special Warrantholders, at whose instance it is acting, to deposit with the Special Warrant Agent the Special Warrants held by
 them, for which Special Warrants, the Special Warrant Agent will issue receipts.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Every
 provision of this Indenture that, by its terms, relieves the Special Warrant Agent of liability or entitles it to rely upon any evidence
 submitted to it, is subject to the provisions of Applicable Legislation.

---

| | |
|:---|:---|
| **Section 9.3** | **Conflict of Interest** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The
 Special Warrant Agent represents to the Company that, to the best of its knowledge, at the time of execution and delivery hereof,
 no material conflict of interest exists between its role as a Special Warrant Agent hereunder and its role in any other capacity
 and agrees that in the event of a material conflict of interest arising hereafter it will, within 90 days after ascertaining that
 it has such material conflict of interest, either eliminate the same or assign its agency hereunder to a successor Special Warrant
 Agent approved by the Company and meeting the requirements set forth in Section 9.9. Notwithstanding the foregoing provisions of
 this Section 9.3, if any such material conflict of interest exists or hereafter shall exist, the validity and enforceability of this
 Indenture and the Special Warrant Certificate shall not be affected in any manner whatsoever by reason thereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The
 Special Warrant Agent, in its personal or any other capacity, may buy, lend upon and deal in securities of the Company and generally
 may contract, in addition to the reports, certificates, opinions and other evidence required by this Indenture, the Company shall
 furnish to the Special Warrant Agent such additional evidence of compliance with any provision hereof, and in such form, as may be
 prescribed by Applicable Legislation or as the Special Warrant Agent may reasonably require by written notice to the Company.

---

| | |
|:---|:---|
| **Section 9.4** | **Evidence, Experts and Advisors** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) In
 addition to the reports, certificates, opinions and other evidence required by this Indenture, the Company will furnish to the Special
 Warrant Agent such additional evidence of compliance with any provisions hereof, in such form, as may be prescribed by Applicable
 Legislation or as the Special Warrant Agent may reasonably require by written notice to the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) In
 the exercise of its rights and duties hereunder, the Special Warrant Agent may, if it is acting in good faith, rely as to the truth
 of the statements and the accuracy of the opinions expressed in statutory declarations, opinions, reports, written requests, consents,
 or orders of the Company, certificates of the Company or other evidence furnished to the Special Warrant Agent pursuant to a request
 of the Special Warrant Agent, provided that such evidence complies with Applicable Legislation and that the Special Warrant Agent
 complies with Applicable Legislation and that the Special Warrant Agent examines the same and determines that such evidence complies
 with the applicable requirements of this Indenture.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Whenever
 it is provided in this Indenture or under Applicable Legislation that the Company will deposit with the Special Warrant Agent resolutions,
 certificates, reports, opinions, requests, orders or other documents, it is intended that the truth, accuracy and good faith on the
 effective date thereof and the facts and opinions stated in all such documents so deposited will, in each and every such case, be
 conditions precedent to the right of the Company to have the Special Warrant Agent take the action to be based thereon.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Proof
 of the execution of an instrument in writing, including a Special Warrantholders' Request, by any Special Warrantholder may
 be made by the certificate of a notary public, or other officer with similar powers, stating that the person signing such instrument
 acknowledged to it the execution thereof, or by an affidavit of a witness to such execution or in any other manner which the Special
 Warrant Agent may consider adequate and in the case of a Special Warrantholder that is a corporation, will include a certificate
 of incumbency of such Special Warrantholder together with a certified resolution authorizing the person who signs such instrument
 to sign such instrument.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) The
 Special Warrant Agent may employ or retain such Counsel, accountants, appraisers or other experts or advisors as it may reasonably
 require for the purpose of discharging its duties hereunder and may pay reasonable remuneration for all services so performed by
 any of them, without taxation of costs of any Counsel, and will not be responsible for any misconduct or negligence on the part of
 any such experts or advisors who have been appointed with due care by the Special Warrant Agent. The Company will pay or reimburse
 the Special Warrant Agent for any reasonable remuneration, expenses, disbursements and advances of such Counsel, accountant, appraiser
 or other expert or advisor.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) The
 Special Warrant Agent may act and rely and shall be protected in acting and relying in good faith on the opinion or advice of or
 information obtained from any Counsel, accountant, appraiser, engineer or other expert or adviser, whether retained or employed by
 the Company or by the Special Warrant Agent, in relation to any matter arising in the administration of the agency hereof.

---

| | |
|:---|:---|
| **Section 9.5** | **Documents, Monies, etc. Held by Special Warrant Agent** |

---

Until released in accordance with this Indenture, any funds received hereunder shall be kept in segregated records of the Special Warrant Agent and the Special Warrant Agent shall place the funds in segregated trust accounts of the Special Warrant Agent at one or more of the Canadian Chartered Banks listed in Schedule 1 of the Bank Act (Canada) (each an "**Approved Bank**"). All amounts held by the Special Warrant Agent pursuant to this Indenture shall be held by the Special Warrant Agent for the Company and the delivery of the funds to the Special Warrant Agent shall not give rise to a debtor-creditor or other similar relationship. The amounts held by the Special Warrant Agent pursuant to this Indenture are at the sole risk of the Company and, without limiting the generality of the foregoing, the Special Warrant Agent shall have no responsibility or liability for any diminution of the funds which may result from any deposit made with an Approved Bank pursuant to this section, including any losses resulting from a default by the Approved Bank or other credit losses (whether or not resulting from such a default). The parties hereto acknowledge and agree that the Special Warrant Agent will have acted prudently in depositing the funds at any Approved Bank, and that the Special Warrant Agent is not required to make any further inquiries in respect of any such bank. The Special Warrant Agent may hold cash balances constituting part or all of such monies and need not invest the same. The Special Warrant Agent shall not be liable to account for any profit to any parties to this Indenture or to any other person or entity.

---

| | |
|:---|:---|
| **Section 9.6** | **Actions by Special Warrant Agent to Protect Interest** |

---

The Special Warrant Agent will have power to institute and to maintain such actions and proceedings as it may consider necessary or expedient to preserve, protect or enforce its interests and the interests of the Special Warrantholders.

---

| | |
|:---|:---|
| **Section 9.7** | **Special Warrant Agent Not Required to Give Security** |

---

The Special Warrant Agent will 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 9.8** | **Protection of Special Warrant Agent** |

---

By way of supplement to the provisions of any law for the time being relating to trustees, it is expressly declared and agreed that the Special Warrant Agent will not:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) be
 liable for or by reason of any statements of fact or recitals in this Indenture or in the Special Warrant Certificates or be required
 to verify the same, but all such statements (other than those relating specifically to the Special Warrant Agent) or recitals are
 and will be deemed to be made by the Company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) be
 bound to give notice to any person or persons of the execution hereof;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) incur
 any liability or responsibility whatsoever, or be in any way responsible, for the consequence of any breach on the part of the Company
 of any of the covenants herein contained or of any acts of any directors, officers, employees, agents or servants of the Company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) at
 any time be under any duty or responsibility to any Special Warrantholder to determine whether any facts exist which may require
 any adjustment contemplated by Section 4.1(a), 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;(e) nothing
 herein contained will impose any obligation on the Special Warrant Agent to see to or to require evidence of the registration or
 filing (or renewal thereof) of this Indenture or any instrument ancillary or supplemental hereto;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) be
 accountable with respect to the validity or value (or the kind or amount) of any Units or other securities or property which may
 at any time be issued or delivered upon the exercise of the rights attaching to any Special Warrant;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) be
 responsible for any failure of the Company to issue, transfer or deliver the Units or certificates representing the Units upon the
 surrender of any Special Warrants for the purpose of the exercise of such rights or to comply with any of the covenants contained
 in Article 4; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) in
 any way be responsible for the use by the Company of the proceeds of the Special Warrants issued hereunder.

Notwithstanding the foregoing or any other provision of this Indenture, any liability of the Special Warrant Agent shall be limited, in the aggregate, to the amount of annual retainer fees paid by the Company to the Special Warrant Agent under this Indenture in the 12 months immediately prior to the Special Warrant Agent receiving the first notice of the claim. Notwithstanding any other provision of this Indenture, and whether such losses or damages are foreseeable or unforeseeable, the Special Warrant Agent shall not be liable under any circumstances whatsoever for any (a) breach by any other party of securities law or other rule of any securities regulatory authority, (b) lost profits or (c) special, indirect, incidental, consequential, exemplary, aggravated or punitive losses or damages.

---

| | |
|:---|:---|
| **Section 9.9** | **Replacement of Special Warrant Agent; Successor by Merger** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The
 Special Warrant Agent may resign its trust and be discharged from all further duties and liabilities hereunder, subject to this Section
 9.9, by giving to the Company not less than sixty (60) days prior notice in writing, or such shorter prior notice as the Company
 may accept as sufficient. The Special Warrantholders by extraordinary resolution will have power at any time to remove the existing
 Special Warrant Agent and to appoint a new Special Warrant Agent. In the event of the Special Warrant Agent resigning or being removed
 as aforesaid or being dissolved, becoming bankrupt, going into liquidation or otherwise becoming incapable of acting hereunder, the
 Company will forthwith appoint a new Special Warrant Agent unless a new Special Warrant Agent has already been appointed by the Special
 Warrantholders; failing such appointment by the Company, the retiring Special Warrant Agent or any Special Warrantholder may apply
 to a justice of the Superior Court of Ontario, on such notice as such court may direct, for the appointment of a new Special Warrant
 Agent; but any new Special Warrant Agent so appointed by the Company or by the Superior Court of Ontario be subject to removal as
 aforesaid by the Special Warrantholders. Any new Special Warrant Agent appointed under this Section 9.9 will be a corporation authorized
 to carry on the business of a trust company in the Province of Ontario. On any such appointment, the new Special Warrant Agent will
 be vested with the same powers, rights, duties and responsibilities as if it had been originally named herein as Special Warrant
 Agent under this Indenture without further assurance, conveyance, act or deed, provided that there be executed, at the expense of
 the Company, all such conveyances or other instruments as may, in the opinion of Counsel, be necessary or advisable for the purpose
 of assigning such powers, rights, duties and responsibilities to the new Special Warrant Agent, including, without limitation, an
 appropriate instrument executed by the new Special Warrant Agent accepting such appointment and, at the request of the Company, the
 predecessor Special Warrant Agent will, upon payment of its outstanding remuneration and expenses, execute and deliver to the new
 Special Warrant Agent an appropriate instrument transferring to such new Special Warrant Agent all rights and powers of the Special
 Warrant Agent hereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Upon
 the appointment of a successor Special Warrant Agent, the Company will promptly notify the Special Warrantholders thereof in the
 manner provided for in Section 10.2.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Any
 corporation into which or with which the Special Warrant Agent may be merged, consolidated or amalgamated, or any corporation resulting
 therefrom to which the Special Warrant Agent will be a party, or any corporation succeeding to the trust business of the Special
 Warrant Agent will be the successor to the Special Warrant Agent hereunder without any further act on its part or any of the parties
 hereto, provided that such corporation would be eligible for appointment as a successor Special Warrant Agent under Section 9.9(a).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Any
 Special Warrant Certificates certified but not delivered by a predecessor Special Warrant Agent may be certified by the successor
 Special Warrant Agent in the name of the predecessor or successor Special Warrant Agent.

---

| | |
|:---|:---|
| **Section 9.10** | **Acceptance of Trust** |

---

The Special Warrant Agent hereby accepts the trusts declared and provided for in this Indenture and agrees to perform the same upon the terms and conditions herein set forth.

---

| | |
|:---|:---|
| **Section 9.11** | **Special Warrant Agent Not to be Appointed Receiver** |

---

The Special Warrant Agent and any person related to the Special Warrant Agent will not be appointed a receiver, a receiver and manager or liquidator of all or any part of the assets or undertaking of the Company.

---

| | |
|:---|:---|
| **Section 9.12** | **Reliance by the Special Warrant Agent** |

---

The Special Warrant Agent may act on the opinion or advice obtained from Counsel to the Special Warrant Agent and will, provided it acts in good faith in reliance thereon, not be responsible for any loss occasioned by doing so nor will it incur any liability or responsibility for determining in good faith not to act upon such opinion or advice. The Special Warrant Agent will be protected in acting and relying reasonably upon any written notice, direction, instruction, order, certificate, confirmation, request, waiver, consent, receipt, statutory declaration or other paper or document (collectively referred to as the "**Documents**") furnished to it and signed by any person required to or entitled to execute and deliver to the Special Warrant Agent any such Documents in connection with this Special Warrant Indenture, not only as to its due execution and the validity and effectiveness of its provisions, but also as to the truth and accuracy of any information therein contained, which it in good faith believes to be genuine.

---

| | |
|:---|:---|
| **Section 9.13** | **Indemnity of Special Warrant Agent** |

---

The Company hereby indemnifies and agrees to hold harmless the Special Warrant Agent, its affiliates, their officers, directors, employees, agents, successors and assigns (the "**Indemnified Parties**") from and against any and all liabilities whatsoever, losses, damages, penalties, claims, demands, actions, suits, proceedings, costs, charges, assessments, judgments, expenses and disbursements, including reasonable legal fees and disbursements of whatever kind and nature which may at any time be imposed on or incurred by or asserted against the Indemnified Parties, or any of them, whether at law or in equity, in any way caused by or arising, directly or indirectly, in respect of any act, deed, matter or thing whatsoever made, done, acquiesced in or omitted in or about or in relation to the execution of the Indemnified Parties' duties, or any other services that Special Warrant Agent may provide in connection with or in any way relating to this Indenture. The Company agrees that its liability hereunder shall be absolute and unconditional regardless of the correctness of any representations of any third parties and regardless of any liability of third parties to the Indemnified Parties, and shall accrue and become enforceable without prior demand or any other precedent action or proceeding; provided that the Company shall not be required to indemnify the Indemnified Parties in the event of the gross negligence, wilful misconduct, fraud or bad faith of the Special Warrant Agent, and this provision shall survive the resignation or removal of the Special Warrant Agent or the termination or discharge of this Indenture.

---

| | |
|:---|:---|
| **Section 9.14** | **Anti-Money Laundering** |

---

The Special Warrant Agent will retain the right not to act and will not be liable for refusing to act if, due to a lack of information or for any other reason whatsoever, the Special Warrant Agent, in its sole judgment, acting reasonably, determines that such act might cause it to be in non-compliance with any applicable anti-money laundering, anti-terrorist legislation or economic sanctions legislation, regulation or guideline. Further, should the Special Warrant Agent, 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, anti-terrorist legislation or economic sanctions legislation, regulation or guideline, then it will have the right to resign on 10 days prior written notice sent to the Company provided that (a) the Special Warrant Agent's written notice will describe the circumstances of such non-compliance, and (b) that if such circumstances are rectified to the Special Warrant Agent's satisfaction within such 10-day period, then such resignation will not be effective.

**Article 10<br> GENERAL**

---

| | |
|:---|:---|
| **Section 10.1** | **Notice to the Company, the Special Warrant Agent, CDS and the Agents** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Unless
 herein otherwise expressly provided, any notice to be given hereunder to the Company or the Special Warrant Agent will be deemed
 to be validly given if delivered, sent by registered letter, postage prepaid or emailed:

If to the Company:

**Bunker Hill Mining Corp.**

82 Richmond Street East

Toronto, Ontario

M5C 1P1

Attention: Sam Ash, CEO, President and Director

Email: **[Redacted – Personal Information]**

With a copy to (which shall not constitute notice):

**Blake, Cassels & Graydon LLP**

Suite 2600, 595 Burrard Street

Vancouver, BC V7X 1L3

Attention: Jamie Kariya

Email: **[Redacted – Personal Information]**

If to the Special Warrant Agent:

**Capital Transfer Agency ULC**

Suite 920, 390 Bay Street

Toronto, Ontario M5H 2Y2

Attention: Emilia Huniewicz

Email: **[Redacted – Personal Information]**

If to the Agents:

**Echelon Wealth Partners Inc.**

181 Bay Street, Suite 2500

Toronto, Ontario M5J 2T3

Attention: Jason Yeung, Managing Director

Email: **[Redacted – Personal Information]**

Attention: Melissa Tan, Managing Director & Head of Equity Capital Markets

Email: **[Redacted – Personal Information]**

**Roth Capital Partners, LLC**

888 San Clemente Drive

Newport Beach, California 92660

Attention: Joseph Barry, Managing Director, Investment Banking<br> Email: **[Redacted – Personal Information]**<br>

Attention: Lou Ellis, Senior Vice President, Equity Capital<br> Email: **[Redacted – Personal Information]**

**Laurentian Bank Securities Inc.**

1360 Rene-Levesque Blvd. W. Suite 620

Montreal, QC H3G 0E8

Attention: Joseph Gallucci, Managing Director

E-Mail: **[Redacted – Personal Information]**

With a copy to (which shall not constitute notice):

**DLA Piper (Canada) LLP**

Suite 6000, 1 First Canadian Place,

P.O. Box 367, 100 King Street West

Toronto, Ontario M5X 1E2

Attention: Derek Sigel

Email: **[Redacted – Personal Information]**

**DLA Piper (US) LLP**

4365 Executive Drive, Suite 1100

San Diego, CA 92121

Attention: Larry Nishnick

Email: **[Redacted – Personal Information]**

If to CDS:

**CDS Clearing and Depository Services Inc.**<br> 100 Adelaide Street West<br> Toronto, ON M5H 1S3

Attention: Client Relationship Manager

Email: **[Redacted – Personal Information]**

and any such notice delivered or emailed in accordance with the foregoing will be deemed to have been received on the date of delivery, or, if mailed, on the fifth Business Day following the date of the postmark on such notice, or if sent by email, be deemed to have been given and received on the day it was so sent unless it was sent:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) on
 a day which is not a Business Day in the place to which it was sent; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) after
 5:00 p.m. in the place to which it was sent,

in which case it will be deemed to have been given and received on the next day which is a Business Day in the place to which it was sent.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The
 Company, the Agents or the Special Warrant Agent, as the case may be, may from time to time notify the other in the manner provided
 in Section 10.1 (a) of a change of address which, from the effective date of such notice and until changed by like notice, will be
 the address of the Company or the Special Warrant Agent, as the case may be, for all purposes of this Indenture.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) If,
 by reason of a strike, lockout or other work stoppage, actual or threatened, involving postal employees, any notice to be given to
 the Special Warrant Agent or to the Company hereunder could reasonably be considered unlikely to reach its destination, such notice
 will be valid and effective only if it is delivered or faxed to the named officer of the party to which it is addressed.

---

| | |
|:---|:---|
| **Section 10.2** | **Notice to Special Warrantholders** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Unless
 herein otherwise expressly provided, any notice to be given hereunder to Special Warrantholders shall be deemed to be validly given
 if the notice is sent by first class mail, postage prepaid, addressed to the holder or delivered by hand (or so mailed to certain
 holders and so delivered to other holders) at their respective addresses appearing on the register maintained by the Special Warrant
 Agent and if in the case of joint holders of any Special Warrants more than one address appears on the register in respect of that
 joint holding, the notice shall be addressed or delivered, as the case may be, only to the first address, as the case may be, so
 appearing. Any notice so given shall be deemed to have been given on the day of delivery by hand or on the next Business Day if delivered
 by mail. In the event that Special Warrants are held in the name of the Depository, a copy of such notice shall also be sent by electronic
 communication to the Depository and shall be deemed received and given on the day it is so sent.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) If,
 by reason of strike, lockout or other work stoppage, actual or threatened, involving postal employees, any notice to be given to
 the Special Warrantholders could reasonably be considered unlikely to reach its destination, the notice may be published or distributed
 once in the *"Report on Business"* section of the national edition of The Globe and Mail newspaper or, in the event
 of a disruption in the circulation of that newspaper, once in a daily newspaper in the English language of general circulation in
 the City of Vancouver, British Columbia and Toronto, Ontario; provided that in the case of a notice convening a meeting of the holders
 of Special Warrants, the Special Warrant Agent may require such additional publications of that notice, in the same or in other cities
 or both, as it may deem necessary for the reasonable protection of the holders of Special Warrants or to comply with any applicable
 requirement of law or any stock exchange. Any notice so given shall be deemed to have been given on the day on which it has been
 published in all of the cities in which publication was required (or first published in a city if more than one publication in that
 city is required). In determining under any provision hereof, the date when notice of any meeting or other event must be given, the
 date of giving notice shall be included and the date of the meeting or other event shall be excluded.

---

| | |
|:---|:---|
| **Section 10.3** | **Ownership of Special Warrants** |

---

The Company and the Special Warrant Agent may deem and treat the registered owner of any Special Warrant as the absolute owner of the Special Warrant represented thereby for all purposes, and the Company and the Special Warrant Agent will not be affected by any notice or knowledge to the contrary except where the Company or the Special Warrant Agent is required to take notice by statute or by order of a court of competent jurisdiction. A Special Warrantholder will be entitled to the rights evidenced by such Special Warrant Certificate or a customary confirmation in accordance with Section 2.2(b) hereunder in the case of Special Warrants in uncertificated form, free from all equities or rights of setoff or counterclaim between the Company and the original or any intermediate holder of the Special Warrants and all persons may act accordingly and the issuance thereto in accordance with the terms hereof pursuant thereto will be a good discharge to the Company and the Special Warrant Agent for the same and the Company and the Special Warrant Agent will not be bound to inquire into the title of any such holder, except where the Company or the Special Warrant Agent is required to take notice by statute or by order of a court of competent jurisdiction.

---

| | |
|:---|:---|
| **Section** **10.4** | **Evidence of Ownership** |

---

The Company and the Special Warrant Agent may deem and treat the registered Special Warrantholders as the absolute owners thereof for all purposes, and the Company and the Special Warrant Agent shall not be affected by any notice or knowledge to the contrary except where the Company or the Special Warrant Agent is required to take notice by statute or by order of a court of competent jurisdiction. The receipt of any such registered Special Warrantholder of the Underlying Securities comprising the Units which may be acquired pursuant thereto shall be a good discharge to the Company and the Special Warrant Agent for the same and neither the Company nor the Special Warrant Agent shall be bound to inquire into the title of any such holder except where the Company or the Special Warrant Agent is required to take notice by statute or by order of a court of competent jurisdiction.

---

| | |
|:---|:---|
| **Section 10.5** | **Counterparts** |

---

This Indenture may be executed by facsimile and in several counterparts, each of which when so executed will be deemed to be an original and such counterparts together will constitute one and the same instrument and notwithstanding their date of execution they will be deemed to be executed as of the date hereof. Delivery of an executed copy of the Indenture by electronic facsimile transmission or other means of electronic communication capable of producing a printed copy will be deemed to be execution and delivery of this Indenture as of the date hereof.

---

| | |
|:---|:---|
| **Section 10.6** | **Privacy Matters** |

---

The parties acknowledge that the Special Warrant Agent 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 Special Warrant Agent manage its servicing relationships with such individuals;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) to
 meet the Special Warrant Agent's legal and regulatory requirements; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) if
 Social Insurance Numbers are collected by the Special Warrant Agent, to perform tax reporting and to assist in verification of an
 individual's identity for security purposes.

Each party acknowledges and agrees that the Special Warrant Agent 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 Special Warrant Agent shall make available on its website, www.capitaltransferagency.com, or upon request, including revisions thereto. The Special Warrant Agent 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 Special Warrant Agent 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 10.7** | **Satisfaction and Discharge of Indenture** |

---

Upon the earlier of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the
 date by which there will have been delivered to the Special Warrant Agent a written order for the exercise, cancellation or destruction
 of all Special Warrant Certificates theretofore certified hereunder, or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the
 Expiry Time,

and if all certificates or electronic deposits with the Depository representing the Units required to be issued in compliance with the provisions hereof have been issued and delivered, this Indenture will cease to be of force or effect and the Special Warrant Agent, on demand of and at the cost and expense of the Company and upon delivery to the Special Warrant Agent of a certificate of the Company stating that all conditions precedent to the satisfaction and discharge of this Indenture have been complied with, will execute proper instruments acknowledging satisfaction of and discharging this Indenture. Notwithstanding the foregoing, the indemnities provided to the Special Warrant Agent by the Company hereunder will remain in full force and effect and survive the termination of this Indenture.

---

| | |
|:---|:---|
| **Section 10.8** | **Provisions of Indenture and Special Warrants for the Sole Benefit of Parties and Special Warrantholders** |

---

Nothing in this Indenture or in the Special Warrant Certificates, expressed or implied, will give or be construed to give to any person other than the parties hereto and the Special Warrantholders, as the case may be, any legal or equitable right, remedy or claim under this Indenture, or under any covenant or provision herein or therein contained, all such covenants and provisions being for the sole benefit of the parties hereto and the Special Warrantholders.

---

| | |
|:---|:---|
| **Section 10.9** | **Special Warrants Owned by the Company or its Subsidiaries – Certificate to be Provided** |

---

For the purpose of disregarding any Special Warrants owned legally or beneficially by the Company or any Subsidiary of the Company in Section 7.16, the Company will provide to the Special Warrant Agent, from time to time and upon request of the Special Warrant Agent, a certificate of the Company setting forth, as at the date of such certificate:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the
 names (other than the name of the Company) of the registered holders of Special Warrants which, to the knowledge of the Company,
 are owned by or held for the account of the Company or any Subsidiary of the Company; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the
 number of Special Warrants owned legally or beneficially by the Company or any Subsidiary of the Company,

and the Special Warrant Agent, in making the computations, will be entitled to rely on such certificate without any additional evidence.

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| | |
|:---|:---|
| **Section 10.10** | **Representation Regarding Third Party Interests** |

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The Company hereby represents to the Special Warrant Agent that any account to be opened by, or interest held by, the Special Warrant Agent in connection with this Indenture, for or to the credit of the Company, either (a) is not intended to be used by or on behalf of any third party, or (b) is intended to be used by or on behalf of a third party, in which case the Company hereby agrees to complete, execute and deliver forthwith to the Special Warrant Agent a declaration, in the Special Warrant Agent's prescribed form or in such other form as may be satisfactory to it, as to the particulars of such third party.

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| | |
|:---|:---|
| **Section 10.11** | **Power to Amend** |

---

Subject to Article 8, all and any provisions of this Indenture and the Special Warrant Certificates may from time to time be

amended by agreement between the Company and the Special Warrant Agent on its own behalf and on behalf of the Special Warrantholders in any respect which they deem necessary or desirable, with notice to but without the need for any additional consent by or on behalf of the Special Warrantholders, for the purpose of curing any ambiguity, or of curing, correcting or supplementing any defective provisions contained herein or in any manner which the Company and the Special Warrant Agent on its own behalf and on behalf of the Special Warrantholders may deem necessary or expedient and which does not in the opinion of the Special Warrant Agent, relying upon the opinion of Counsel, materially prejudice the rights exercisable by extraordinary resolution of the Special Warrantholders within the meaning of and in accordance with the procedures set forth in Article 7 hereof and any such amendments will be binding on all Special Warrantholders from and after the effective date thereof. If this Indenture is so amended, reference herein to this Indenture will, unless the context otherwise requires, be construed, as from the date from which such amendment is expressed to be made, as references to this Indenture and so amended.

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| | |
|:---|:---|
| **Section 10.12** | **Waiver** |

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Each of the parties hereto will have the right to waive any of its rights under this Indenture, in whole or in part, in its absolute discretion, and any such right once waived may thereafter, subject to the terms of the waiver, be reasserted by such party at any time and enforced pursuant to the terms of this Indenture.

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| | |
|:---|:---|
| **Section 10.13** | **Force Majeure** |

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Except for the payment obligations of the Company contained herein, neither party will 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 will be extended for a period of time equivalent to the time lost because of any delay that is excusable under this Section.

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| | |
|:---|:---|
| **Section 10.14** | **Governing Law** |

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This Indenture, the Special Warrant Certificates and DRS Advices will be governed by and construed in accordance with the laws of the Province of Ontario and the federal laws of Canada applicable therein and will be treated in all respects as Ontario contracts. Each of the parties hereto irrevocably attorns to the exclusive jurisdiction of the courts of the Province of Ontario with respect to all matters arising out of this Indenture and the transactions contemplated herein.

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| | |
|:---|:---|
| **Section 10.15** | **Assignment, Successors and Assigns** |

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Neither of the parties hereto may assign its rights or interest under this Indenture, except as provided in Section 9.9 in the case of the Special Warrant Agent, or as provided in Section 8.2 in the case of the Company. Subject thereto, this Indenture shall enure to the benefit of and be binding upon the parties hereto and their respective successors and permitted assigns.

**[*Remainder of page intentionally left blank.*]**

**IN WITNESS WHEREOF** the parties hereto have executed this Indenture under the hands of their proper officers in that behalf as of the date first written above.

---

| | |
|:---|:---|
| **BUNKER HILL MINING CORP.** | **BUNKER HILL MINING CORP.** |
| By: | (signed) *"Sam Ash*" |
| Name: | Sam Ash |
| Title: | Chief Executive Officer & President |
| **CAPITAL TRANSFER AGENCY ULC** | **CAPITAL TRANSFER AGENCY ULC** |
| By: | (signed) *"Emilia Huniewicz*" |
| Name: | Emilia Huniewicz |
| Title: | Managing Director |

---

**Schedule "A"**

**Form of SPECIAL Warrant CERTIFICATE**

**"THE ISSUANCE OF THE SECURITIES REPRESENTED HEREBY HAS NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE "SECURITIES ACT"), OR ANY STATE SECURITIES LAWS AND NEITHER SUCH SECURITIES NOR ANY INTEREST THEREIN MAY BE OFFERED, SOLD, PLEDGED, ASSIGNED OR OTHERWISE TRANSFERRED EXCEPT (1) PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT UNDER THE SECURITIES ACT AND APPLICABLE STATE SECURITIES LAWS OR (2) PURSUANT TO AN AVAILABLE EXEMPTION FROM THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT AND APPLICABLE STATE SECURITIES LAWS, IN WHICH CASE THE HOLDER MUST, PRIOR TO SUCH TRANSFER, FURNISH TO THE COMPANY AN OPINION OF COUNSEL, WHICH COUNSEL AND OPINION ARE REASONABLY SATISFACTORY TO THE COMPANY, THAT SUCH SECURITIES MAY BE OFFERED, SOLD, PLEDGED, ASSIGNED OR OTHERWISE TRANSFERRED IN THE MANNER CONTEMPLATED PURSUANT TO AN AVAILABLE EXEMPTION FROM THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT AND APPLICABLE STATE SECURITIES LAWS."**

**[NOTE: THE LEGEND BELOW NEEDS ONLY BE ENDORSED ON THE SPECIAL WARRANT CERTIFICATES ISSUED TO OR FOR THE ACCOUNT OR BENEFIT OF A CANADIAN PURCHASER.]**

**"UNLESS PERMITTED UNDER SECURITIES LEGISLATION, THE HOLDER OF THIS SECURITY MUST NOT TRADE THIS SECURITY BEFORE JULY 28, 2023."**

**SPECIAL WARRANT CERTIFICATE**

**BUNKER HILL MINING CORP.**

(incorporated under the laws of the State of Nevada)

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| | |
|:---|:---|
| No. SW- [●]<br>CUSIP NO: **[●]**<br>ISIN NO: **[●]** | **[**●**]** SPECIAL WARRANTS entitling the holder to acquire one Unit for each Special Warrant, subject to the terms as set out below and in the Indenture |

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**THIS IS TO CERTIFY** that, for value received, **[●]** (the "**Special Warrantholder**") is the registered holder of the number of special warrants (the "**Special Warrants**") stated above, and is entitled to acquire in the manner and at the time, and subject to the restrictions contained in the Indenture (as defined below), the number of units (the "**Units**") of Bunker Hill Mining Corp. (the "**Company**") as is equal to the number of Special Warrants represented hereby (each subject to adjustment as set out below and in the Indenture (as defined below)), without payment of any consideration in addition to that paid for the Special Warrants represented hereby. Each Unit is comprised of one common share in the capital of the Company (a "**Underlying Share**") and one common share purchase warrant of the Company (a "**Underlying Warrant**"). Each Underlying Warrant entitles the holder thereof to acquire one common share in the capital of the Company (a "**Warrant Share**") at an exercise price of $0.15 per Warrant Share until March 27, 2026, provided that the Underlying Warrants shall be exercisable on a cashless basis in the event the Registration Statement has not been declared effective by the United States Securities and Exchange Commission (the "**SEC**") prior to the exercise date of the Underlying Warrants, subject to adjustment in certain events and the Penalty Provision. Terms not otherwise defined herein have the meanings attributed to them in the Indenture.

The Special Warrants represented by this certificate are issued under and pursuant to a certain special warrant indenture (the "**Indenture**") made as of March 27, 2023 between the Company and Capital Transfer Agency ULC (the "**Special Warrant Agent**") (which expression includes any successor trustee appointed under the Indenture), to which Indenture and any instruments supplemental thereto reference is hereby made for a full description of the rights of the holders of the Special Warrants and the terms and conditions upon which such Special Warrants are, or are to be, issued and held, all to the same effect as if the provisions of the Indenture and all instruments supplemental thereto were herein set forth, to all of which provisions the holder of these Special Warrants by acceptance hereof assents. In the event of any conflict or inconsistency between the provisions of the Indenture and the provisions of this Special Warrant Certificate, except those that are necessary by context, the provisions of the Indenture shall prevail. The Company will furnish to the holder of this Special Warrant Certificate, upon request and without charge, a copy of the Indenture.

The Special Warrants represented by this Special Warrant Certificate are exercisable at or prior to and will automatically be deemed to be exercised into Units at 5:00 p.m. (Toronto time) (the "**Expiry Time**") on the date of automatic exercise of the Special Warrants which automatic exercise shall occur on the earlier of (the "**Expiry Date**"):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the
 third Business Day after the Qualification Date; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) September
 27, 2023

**If any Special Warrants have not been voluntarily exercised by the holders thereof prior to the Expiry Time, then such Special Warrants will be deemed to have been exercised, delivered and surrendered by the holder thereof on such Expiry Date immediately prior to the Expiry Time without any further action or additional payment on the part of the holder.**

The holder of this Special Warrant Certificate may, at any time before the Expiry Time, exercise all or any number of the Special Warrants represented hereby, by surrendering to the Special Warrant Agent a Special Warrant Certificate or Special Warrant Certificates representing the number of Special Warrants to be exercised, together with the duly completed and executed exercise form attached as Appendix 1 hereto in accordance with the instructions contained in Appendix 3 attached hereto. Any such exercise, at a time when the Registration Statement to be filed with the SEC has not yet been declared effective by the SEC, is subject to compliance with, and may be restricted by, Applicable Legislation. If, at the time of the exercise of the Special Warrants, there remain restrictions on resale under Applicable Legislation on the Units issued upon exercise thereof, the Company may endorse the certificates representing such securities with respect to such resale restrictions.

The Units issuable upon exercise of the Special Warrants will be deemed to have been issued on the date of such exercise, at which time each Special Warrantholder will be deemed to have become the holder of record of such Units.

After the exercise or deemed exercise of Special Warrants, the Special Warrant Agent shall within three (3) Business Days of such exercise or deemed exercise cause to be mailed or delivered to each Special Warrantholder at its address specified in the register for the Special Warrants maintained by the Special Warrant Agent, or to such address as the Company or Special Warrantholder may specify in writing to the Special Warrant Agent prior to the exercise of such Special Warrants, certificates for the appropriate number of Units issuable in respect of such Special Warrants, not exceeding those which such Special Warrantholder is entitled to acquire pursuant to the Special Warrants so exercised. If the holder of this Special Warrant Certificate exercises some but not all of the Special Warrants represented hereby, the holder will be entitled to receive, without charge, a new Special Warrant Certificate representing the unexercised number of the Special Warrants represented hereby.

The holder of this Special Warrant Certificate may at any time up to the Expiry Time, upon written instruction delivered to the Special Warrant Agent and payment of the charges provided for in the Indenture and otherwise in accordance with the provisions of the Indenture, exchange this Special Warrant Certificate for other Special Warrant Certificates evidencing Special Warrants entitling the holder to acquire in the aggregate the same number of Units as may be acquired under this Special Warrant Certificate.

The number of Units which may be acquired by a Special Warrantholder upon exercise of Special Warrants, are subject to and governed by Article 4 of the Indenture with respect to anti-dilution provisions, including provisions for the issuance of Penalty Units, appropriate adjustment of the class, number and price of the securities issuable hereunder upon the occurrence of certain events including any subdivision, consolidation, or reclassification of the shares, payment of stock dividends, or amalgamation of the Company. The Company has covenanted under the Indenture that, among other things, it will use its commercially reasonable efforts to file the Registration Statement with the SEC, for the purposes of qualifying, under the applicable laws of the United States, the resale of the Underlying Securities issuable or transferable upon the exercise or deemed exercise of the Special Warrants as expeditiously as possible and in any event prior to the Expiry Date. It being understood that the day upon which the Registration Statement is declared effective by the SEC will be referred to as the "Qualification Date". If the Qualification Date has not occurred on or prior to July 27, 2023, each unexercised Special Warrant shall thereafter entitle the Special Warrantholder thereof to receive upon the deemed exercise thereof, for no additional consideration, one Penalty Unit, subject to adjustment in accordance with Article 4 of the Indenture.

The holding of the Special Warrants evidenced by this Special Warrant Certificate does not constitute the Special Warrantholder a shareholder of the Company or entitle such holder to any right or interest in respect thereof except as herein and in the Indenture expressly provided.

The Special Warrants may only be transferred by the Special Warrantholder (or its legal representatives or its attorney duly appointed), on the register kept at the office of the Special Warrant Agent in accordance with applicable laws and upon compliance with the conditions set out in the Indenture, by delivering to the Special Warrant Agent's Toronto office a duly executed Form of Transfer attached as Appendix 2 and complying with such other reasonable requirements as the Company and the Special Warrant Agent may prescribe, and such transfer shall be duly noted on the register by the Special Warrant Agent.

The holder understands and acknowledges that the Special Warrants and the Underlying Securities issuable hereunder upon exercise of the Special Warrants and the Warrant Shares issuable upon exercise of the Underlying Warrants have not been not be registered under the United States Securities Act of 1933, as amended (the "**U.S. Securities Act**"), or under the securities laws of any state of the United States, and that Special Warrants originally issued in the United States or to, or for the account or benefit of, a person in the United States or a U.S. person are, and any Underlying Securities issued upon exercise of such Special Warrants will be, "restricted securities" within the meaning of Rule 144(a)(3) under the U.S. Securities Act. "United States" and "U.S. person" have the respective meanings assigned in Regulation S under the U.S. Securities Act ("**Regulation S**").

The holder understands that the Special Warrants represented hereby may not be exercised within the United States or by or for the account or benefit of a U.S. person or a person in the United States, and the Underlying Securities issuable upon exercise of such Special Warrants may not be delivered within the United States, unless such securities are registered under the U.S. Securities Act and the securities laws of any state in which the holder is resident, or unless an exemption from such registration requirements is available.

The holder understands that, until such time as the same is no longer required under applicable requirements of the U.S. Securities Act or applicable U.S. state securities laws, certificates representing securities which are "restricted securities", and all certificates issued in exchange therefor or in substitution thereof, will bear a U.S. restrictive legend substantially in the form prescribed by Section 2.13(b) of the Indenture; provided that the legend may be removed by delivery to the Company and the transfer agent of an opinion of counsel of recognized standing in form and substance reasonably satisfactory to the Company, to the effect that such legend is no longer required under applicable requirements of the U.S. Securities Act or U.S. state securities laws; and further provided that such legend may be removed from certificates representing any Special Warrants or Underlying Securities in accordance with the terms and conditions set forth in the indenture governing the Special Warrants.

This Special Warrant Certificate shall be construed in accordance with the laws of the Province of Ontario and the laws of Canada applicable therein and shall be treated in all respects as an Ontario contract.

After the exercise or deemed exercise of any of the Special Warrants represented by this Special Warrant Certificate, the Special Warrantholder shall no longer have any rights under either the Indenture or this Special Warrant Certificate with respect to such Special Warrants, other than the right to receive certificates or an electronic deposit with the Depository representing the Underlying Securities issuable on the exercise of those Special Warrants, and those Special Warrants shall be void and of no further value or effect.

The Indenture contains provisions making binding upon all Special Warrantholders resolutions passed at meetings of such holders in accordance with such provisions or by instruments in writing signed by the Special Warrantholders holding a specified percentage of the Special Warrants.

Time shall be of the essence hereof.

**[*Remainder of page intentionally left blank.*]**

**IN WITNESS WHEREOF** the Company has caused this Special Warrant Certificate to be executed and the Special Warrant Agent has caused this Special Warrant Certificate to be countersigned by its duly authorized officers as of this ______ day of______________, 2023.

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| | |
|:---|:---|
| **BUNKER HILL MINING CORP.** | **BUNKER HILL MINING CORP.** |
| By: |  |
|  | Authorized Signatory |
| **CAPITAL TRANSFER AGENCY ULC** | **CAPITAL TRANSFER AGENCY ULC** |
| By: |  |
|  | Authorized Signatory |

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**APPENDIX 1**

**TO SPECIAL WARRANT CERTIFICATE**

**EXERCISE FORM**

TO: BUNKER HILL MINING CORP. (the "**Company**")

1. The
 undersigned hereby irrevocably subscribes for and exercises the right to acquire ____________ Units (or such number of other securities
 or property to which such Special Warrants entitle the undersigned in lieu thereof or in addition thereto under the provisions of
 the accompanying Special Warrant Certificate).

2. The
 Units and Underlying Securities are to be registered as follows:

Name: <u><br></u> <br> (print clearly)

Address in full:  

Number of Units:

&nbsp;&nbsp;&nbsp;&nbsp;3. Such
 securities should be sent by courier to:

Name: <u><br></u> <br> (print clearly)

Address in full:  

If the number of Special Warrants exercised is less than the number of Special Warrants represented hereby, the undersigned requests that the new Special Warrant Certificate representing the balance of the Special Warrants be registered in the name of the undersigned and should be sent by courier to:

Name: <u><br></u> <br> (print clearly)

Address in full:  

The undersigned understands that upon the exercise of Special Warrants issued in the "United States" or to, or for the account or benefit of, a "U.S. person" or a person in the United States, which bear the legend in Section 2.13(b) of the Indenture, the certificate(s) representing the Underlying Securities issued upon exercise of such Special Warrants will bear a legend substantially in the form prescribed by Section 3.8(c) of the Indenture restricting transfer of the Underlying Securities without registration under the United States Securities Act of 1933, as amended (the "**U.S. Securities Act**") and applicable U.S. state securities laws unless an exemption from registration is available. "U.S. person" and "United States" have the respective meanings assigned in Regulation S under the U.S. Securities Act.

DATED at ___________________________________, ____________________________, this _____ day of_______________________, 20_______.

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| | |
|:---|:---|
| Signature Witnessed or Guaranteed<br> (See instructions to Special Warrantholders in Appendix 3) | (Signature of Special Warrantholder, to be the same as appears on the face of this Special Warrant Certificate) |
| Name of Special Warrantholder: |  |
| Address (**Please print**): |  |

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Notes to Special Warrantholders:

1. In
 order to voluntarily exercise the Special Warrants represented by this certificate, prior to the Expiry Time pursuant to Article
 3 of the Indenture, this exercise form must be delivered to the Special Warrant Agent, together with this Special Warrant Certificate.
 Refer to the instructions to Special Warrantholders attached as Appendix 3 to this Special Warrant Certificate.

2. If
 this exercise form indicates that the Units and Underlying Securities are to be issued to a person or persons other than the registered
 holder of this Special Warrant Certificate, the Form of Transfer attached as Appendix 2 must be completed. The signature(s) of such
 holder on the exercise form and the transfer form must be guaranteed by a Canadian Schedule 1 chartered bank, a major trust company
 in Canada, a member of the Securities Transfer Association Medallion Program (STAMP), a member of the Stock Exchange Medallion Program
 (SEMP) or a member of the New York Stock Exchange Inc. Medallion Signature Program (MSP). The Guarantor must affix a stamp bearing
 the actual words "Medallion Guaranteed", with the correct prefix covering the face value of the certificate.

3. The
 Underlying Securities issued on exercise prior to the Expiry Time will be subject to restrictions on resale under applicable securities
 legislation and will be endorsed with legends that effect.

**APPENDIX 2**

**TO SPECIAL WARRANT CERTIFICATE**

**FORM OF TRANSFER**

TO: BUNKER HILL MINING CORP. (the "**Company**")

FOR VALUE RECEIVED, the undersigned hereby sells, assigns and transfers unto (name) ____________________ (the "**Transferee**"), of ______________________________________________ (residential address) ______________________________________ Special Warrants of Bunker Hill Mining Corp. registered in the name of the undersigned on the records of Capital Trust Agency ULC represented by the attached certificate, and irrevocably appoints ______________________________ as the attorney of the undersigned to transfer the said securities on the books or register of transfer, with full power of substitution.

**THE UNDERSIGNED TRANSFEROR HEREBY CERTIFIES AND DECLARES** that the Special Warrants are not being offered, sold or transferred to, or for the account or benefit of, a "U.S. person" or a person within the "United States" (as such terms are defined in Regulation S under the U.S. Securities Act of 1933, as amended (the "**U.S. Securities Act**")) unless registered under the U.S. Securities Act and any applicable state securities laws or unless an exemption from such registration is available and an opinion of counsel, reasonably acceptable to the Company, has been provided.

The undersigned certifies that all applicable Canadian and foreign securities laws and requirements of regulatory authorities respecting the transfer of the said securities have been complied with. Without limiting the foregoing, if the Special Warrant Certificate bears a legend restricting the transfer of the Special Warrants except pursuant to an exemption from registration under the U.S. Securities Act, this form of Transfer of Special Warrants must be accompanied by a written opinion of counsel of recognized standing in form and substance reasonably satisfactory to the Company to the effect that the transfer is exempt from registration under the U.S. Securities Act and applicable state securities laws.

☐ If transfer is to, or for the account or benefit of, a person in the United States or a U.S. Person, check this box.

DATED the ______ day of ___________________, 20____.

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| | |
|:---|:---|
| Signature Guaranteed<br> (See instructions to Special Warrantholders in Appendix) | (Signature of Special Warrantholder, to be the same as appears on the face of this Special Warrant Certificate) |
| Name of Special Warrantholder:<br>|  |
| Address (**Please print**): | |

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**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).**

☐ ☐ ☐ ☐ <br> Gift Estate Private Sale Other (or no change in ownership)

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| | |
|:---|:---|
| **Date of Event** (Date of gift, death or sale): | **Value per Special Warrant** on the date of event: |

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| | | | | |
|:---|:---|:---|:---|:---|
| ![](ex10-2_001.jpg) | ![](ex10-2_002.jpg) | ☐ |  | ☐ |
|  |  | CAD | **<u>OR</u>** | USD |

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**CERTAIN REQUIREMENTS RELATING TO TRANSFERS – READ CAREFULLY**

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. All securityholders or a legally authorized representative must sign this form. The signature(s) on this form must be guaranteed in accordance with the transfer agent's then current guidelines and requirements at the time of transfer. Notarized or witnessed signatures are not acceptable as guaranteed signatures. As at the time of closing, you may choose one of the following methods (although subject to change in accordance with industry practice and standards):

**Canada and the USA**: A Medallion Signature Guarantee obtained from a member of an acceptable Medallion Signature Guarantee Program (STAMP, SEMP, NYSE, MSP). Many commercial banks, savings banks, credit unions, and all broker dealers participate in a Medallion Signature Guarantee Program. The Guarantor must affix a stamp bearing the actual words "Medallion Guaranteed", with the correct prefix covering the face value of the certificate.

**Canada**: A Signature Guarantee obtained from an authorized officer of the Royal Bank of Canada, Scotia Bank or TD Canada Trust. The Guarantor must affix a stamp bearing the actual words "Signature Guaranteed", sign and print their full name and alpha numeric signing number. Signature Guarantees are not accepted from Treasury Branches, Credit Unions or Caisse Populaires unless they are members of a Medallion Signature Guarantee Program. For corporate holders, corporate signing resolutions, including certificate of incumbency, are also required to accompany the transfer, unless there is a "Signature & Authority to Sign Guarantee" Stamp affixed to the transfer (as opposed to a "Signature Guaranteed" Stamp) obtained from an authorized officer of the Royal Bank of Canada, Scotia Bank or TD Canada Trust or a Medallion Signature Guarantee with the correct prefix covering the face value of the certificate.

**Outside North America**: For holders located outside North America, present the certificates(s) and/or document(s) that require a guarantee to a local financial institution that has a corresponding Canadian or American affiliate which is a member of an acceptable Medallion Signature Guarantee Program. The corresponding affiliate will arrange for the signature to be over-guaranteed.

**OR**

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.

**REASON FOR TRANSFER – FOR US RESIDENTS ONLY**

Consistent with US IRS regulations, Capital Transfer Agency ULC is required to request cost basis information from US securityholders. Please indicate the reason for requesting the transfer as well as the date of event relating to the reason. The event date is not the day in which the transfer is finalized, but rather the date of the event which led to the transfer request (i.e. date of gift, date of death of the securityholder, or the date the private sale took place).

**Note to Special Warrantholders**:

(1) In order to transfer the Special Warrants represented by this
Special Warrant Certificate, this transfer form must be delivered to the Special Warrant Agent, together with this Special Warrant Certificate.

(2) The Underlying Securities issued on exercise prior to the Expiry
Time will be subject to restrictions on resale under applicable securities legislation and will be endorsed with legends that effect.

**APPENDIX 3**

**TO SPECIAL WARRANT CERTIFICATE**

**INSTRUCTIONS TO SPECIAL WARRANTHOLDERS**

**TO EXERCISE:**

If the Special Warrantholder voluntarily exercises Special Warrants prior to the Expiry Time pursuant to Article 3 of the Indenture, it must complete, sign and deliver:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the
 exercise form, attached as Appendix 1; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the
 Special Warrant Certificates,

to the Special Warrant Agent indicating the number of Units to be acquired. In such case, the signature of such registered holder on the exercise form must be witnessed.

**TO TRANSFER:**

If the Special Warrantholder wishes to transfer Special Warrants, then the Special Warrantholder must complete, sign and deliver (as appropriate):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the
 Form of Transfer attached as Appendix 2; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the
 Special Warrant Certificates;

to the Special Warrant Agent indicating the number of Special Warrants to be transferred.

If the Special Warrant Certificate is transferred, the Special Warrantholder's signature on the Form of Transfer must be guaranteed by an authorized officer of a chartered bank, trust company or an investment dealer who is a member of a recognized stock exchange.

For the protection of the holder, it would be prudent to use registered mail if forwarding by mail.

**GENERAL:**

If the Transfer Form or Exercise Form is signed by a trustee, executor, administrator, curator, guardian, attorney, officer of a corporation or any person acting in a fiduciary or representative capacity, the Special Warrant Certificate must also be accompanied by evidence of authority to sign satisfactory to the Special Warrant Agent.

The name and address of the Special Warrant Agent is:

Capital Transfer Agency ULC<br> Suite 920, 390 Bay Street<br> Toronto, Ontario M5H 2Y2

**SCHEDULE "B"**

**EXPIRY DATE NOTICE**

THIS IS SCHEDULE "B" to the Special Warrant Indenture made as of March 27, 2023 between BUNKER HILL MINING CORP. and Capital Transfer Agency ULC, as Special Warrant Agent.

Reference is made to the Special Warrant Indenture (the "**Indenture**") dated March 27, 2023 between Bunker Hill Mining Corp. (the "**Company**") and Capital Transfer Agency ULC , as Special Warrant Agent. All capitalized terms not used but not defined herein shall have the meaning ascribed thereto in the Indenture.

Pursuant to the terms of the Indenture, "**Expiry Date**" means the earlier 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
 third Business Day after the Qualification Date; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) September
 27, 2023;

Pursuant to Section 3.9 of the Indenture, the Company hereby gives notice to the Special Warrant Agent **[that the Registration Statement has been declared effective by the SEC and]** that the Expiry Date is _____________________, 2023 being **[the third Business Day after the Qualification Date of _____________, 2023 {OR} the date that is six months after the Closing Date**].

DATED this _____ day of ______________, 2023.

---

| |
|:---|
| **BUNKER HILL MINING CORP.** |
| Authorized Signatory |

---

## Exhibit 10.3

**Exhibit 10.3**

**EXECUTION VERSION**

**WARRANT INDENTURE**

**Providing for the Issue of Warrants**

**BETWEEN**

**BUNKER HILL MINING CORP.**

and

**CAPITAL TRANSFER AGENCY ULC**

Dated as of March 27, 2023

**TABLE OF CONTENTS**

---

| | | |
|:---|:---|:---|
|  |  | **Page No.** |
| **ARTICLE 1** | **ARTICLE 1** | **ARTICLE 1** |
| **INTERPRETATION** | **INTERPRETATION** | **INTERPRETATION** |
| Section 1.1 | Definitions. | 2 |
| Section 1.2 | Gender and Number. | 6 |
| Section 1.3 | Headings, Etc. | 6 |
| Section 1.4 | Day not a Business Day. | 7 |
| Section 1.5 | Time of the Essence. | 7 |
| Section 1.6 | Monetary References. | 7 |
| Section 1.7 | Applicable Law. | 7 |
| Section 1.8 | No Strict Construction. | 7 |
| Section 1.9 | English Language Only. | 7 |
| Section 1.10 | Conflicts. | 7 |
| **ARTICLE 2**<br> **ISSUE OF WARRANTS** | **ARTICLE 2**<br> **ISSUE OF WARRANTS** | **ARTICLE 2**<br> **ISSUE OF WARRANTS** |
| Section 2.1 | Creation and Issue of Warrants. | 7 |
| Section 2.2 | Terms of Warrants. | 8 |
| Section 2.3 | Warrantholder not a Shareholder. | 8 |
| Section 2.4 | Warrants to Rank Pari Passu. | 8 |
| Section 2.5 | Form of Warrants, Warrant Certificates. | 8 |
| Section 2.6 | Book-Entry Warrants. | 9 |
| Section 2.7 | Warrant Certificate. | 10 |
| Section 2.8 | Legends. | 11 |
| Section 2.9 | Register of Warrants | 13 |
| Section 2.10 | Issue in Substitution for Warrant Certificates Lost, etc. | 14 |
| Section 2.11 | Exchange of Warrant Certificates. | 14 |
| Section 2.12 | Transfer and Ownership of Warrants. | 14 |
| Section 2.13 | Cancellation of Surrendered Warrants. | 15 |
| **ARTICLE 3**<br> **EXERCISE OF WARRANTS** | **ARTICLE 3**<br> **EXERCISE OF WARRANTS** | **ARTICLE 3**<br> **EXERCISE OF WARRANTS** |
| Section 3.1 | Right of Exercise. | 16 |
| Section 3.2 | Warrant Exercise. | 16 |
| Section 3.3 | Cashless Exercise of Warrants | 18 |
| Section 3.4 | Restrictions on Exercise by U.S. Persons; Legended Certificates | 19 |
| Section 3.5 | Transfer Fees and Taxes. | 20 |
| Section 3.6 | Warrant Agency. | 20 |
| Section 3.7 | Effect of Exercise of Warrant Certificates. | 20 |
| Section 3.8 | Partial Exercise of Warrants; Fractions. | 21 |
| Section 3.9 | Expiration of Warrants. | 21 |
| Section 3.10 | Accounting and Recording. | 21 |
| Section 3.11 | Securities Restrictions | 21 |
| **ARTICLE 4** | **ARTICLE 4** | **ARTICLE 4** |
| **ADJUSTMENT OF NUMBER OF WARRANT SHARES**<br> **AND EXERCISE PRICE** | **ADJUSTMENT OF NUMBER OF WARRANT SHARES**<br> **AND EXERCISE PRICE** | **ADJUSTMENT OF NUMBER OF WARRANT SHARES**<br> **AND EXERCISE PRICE** |
| Section 4.1 | Adjustment of Number of Warrant Shares and Exercise Price. | 21 |
| Section 4.2 | Entitlement to Warrant Shares on Exercise of Warrant. | 25 |
| Section 4.3 | No Adjustment for Certain Transactions. | 25 |
| Section 4.4 | Determination by Independent Firm. | 25 |
| Section 4.5 | Proceedings Prior to any Action Requiring Adjustment. | 25 |

---

**TABLE OF CONTENTS** 

**(continued)**

---

| | | |
|:---|:---|:---|
|  |  | **Page No.** |
| Section 4.6 | Certificate of Adjustment. | 25 |
| Section 4.7 | Notice of Special Matters. | 25 |
| Section 4.8 | No Action after Notice. | 26 |
| Section 4.9 | Other Action. | 26 |
| Section 4.10 | Protection of Warrant Agent. | 26 |
| Section 4.11 | Participation by Warrantholder. | 26 |
| **ARTICLE 5** | **ARTICLE 5** | **ARTICLE 5** |
| **RIGHTS OF THE COMPANY AND COVENANTS** | **RIGHTS OF THE COMPANY AND COVENANTS** | **RIGHTS OF THE COMPANY AND COVENANTS** |
| Section 5.1 | Optional Purchases by the Company. | 27 |
| Section 5.2 | General Covenants. | 27 |
| Section 5.3 | Warrant Agent's Remuneration and Expenses. | 27 |
| Section 5.4 | Performance of Covenants by Warrant Agent. | 28 |
| Section 5.5 | Enforceability of Warrants. | 28 |
| **ARTICLE 6**<br> **ENFORCEMENT** | **ARTICLE 6**<br> **ENFORCEMENT** | **ARTICLE 6**<br> **ENFORCEMENT** |
| Section 6.1 | Suits by Registered Warrantholders. | 28 |
| Section 6.2 | Suits by the Company. | 28 |
| Section 6.3 | Immunity of Shareholders, etc. | 28 |
| Section 6.4 | Waiver of Default. | 28 |
| **ARTICLE 7**<br> **MEETINGS OF REGISTERED WARRANTHOLDERS** | **ARTICLE 7**<br> **MEETINGS OF REGISTERED WARRANTHOLDERS** | **ARTICLE 7**<br> **MEETINGS OF REGISTERED WARRANTHOLDERS** |
| Section 7.1 | Right to Convene Meetings. | 29 |
| Section 7.2 | Notice. | 29 |
| Section 7.3 | Chairman. | 29 |
| Section 7.4 | Quorum. | 29 |
| Section 7.5 | Power to Adjourn. | 30 |
| Section 7.6 | Show of Hands. | 30 |
| Section 7.7 | Poll and Voting. | 30 |
| Section 7.8 | Regulations. | 30 |
| Section 7.9 | Company and Warrant Agent May be Represented. | 31 |
| Section 7.10 | Powers Exercisable by Extraordinary Resolution. | 31 |
| Section 7.11 | Meaning of Extraordinary Resolution. | 32 |
| Section 7.12 | Powers Cumulative. | 32 |
| Section 7.13 | Minutes. | 32 |
| Section 7.14 | Instruments in Writing. | 32 |
| Section 7.15 | Binding Effect of Resolutions. | 33 |
| Section 7.16 | Holdings by Company Disregarded. | 33 |
| **ARTICLE 8**<br> **SUPPLEMENTAL INDENTURES** | **ARTICLE 8**<br> **SUPPLEMENTAL INDENTURES** | **ARTICLE 8**<br> **SUPPLEMENTAL INDENTURES** |
| Section 8.1 | Provision for Supplemental Indentures for Certain Purposes. | 33 |
| Section 8.2 | Successor Entities. | 34 |
| **ARTICLE 9**<br> **CONCERNING THE WARRANT AGENT** | **ARTICLE 9**<br> **CONCERNING THE WARRANT AGENT** | **ARTICLE 9**<br> **CONCERNING THE WARRANT AGENT** |
| Section 9.1 | Trust Indenture Legislation. | 34 |
| Section 9.2 | Rights and Duties of Warrant Agent. | 34 |

---

**TABLE OF CONTENTS**

**(continued)**

---

| | | |
|:---|:---|:---|
|  |  | **Page No.** |
| Section 9.3 | Evidence, Experts and Advisers. | 35 |
| Section 9.4 | Documents, Monies, etc. Held by Warrant Agent. | 35 |
| Section 9.5 | Actions by Warrant Agent to Protect Interest. | 36 |
| Section 9.6 | Warrant Agent Not Required to Give Security. | 36 |
| Section 9.7 | Protection of Warrant Agent. | 36 |
| Section 9.8 | Replacement of Warrant Agent; Successor by Merger. | 37 |
| Section 9.9 | Acceptance of Agency | 37 |
| Section 9.10 | Warrant Agent Not to be Appointed Receiver. | 37 |
| Section 9.11 | Warrant Agent Not Required to Give Notice of Default. | 38 |
| Section 9.12 | Anti-Money Laundering. | 38 |
| Section 9.13 | Compliance with Privacy Code. | 38 |
| Section 9.14 | Securities Exchange Commission Certification. | 39 |
| **ARTICLE 10**<br> **GENERAL** | **ARTICLE 10**<br> **GENERAL** | **ARTICLE 10**<br> **GENERAL** |
| Section 10.1 | Notice to the Company and the Warrant Agent. | 39 |
| Section 10.2 | Notice to Registered Warrantholders. | 40 |
| Section 10.3 | Ownership of Warrants. | 40 |
| Section 10.4 | Counterparts. | 40 |
| Section 10.5 | Satisfaction and Discharge of Indenture. | 41 |
| Section 10.6 | Provisions of Indenture and Warrants for the Sole Benefit of Parties and Registered Warrantholders. | 41 |
| Section 10.7 | Common Shares or Warrants Owned by the Company or its Subsidiaries - Certificate to be Provided. | 41 |
| Section 10.8 | Severability | 41 |
| Section 10.9 | Force Majeure | 42 |
| Section 10.10 | Assignment, Successors and Assigns | 42 |
| Section 10.11 | Rights of Rescission and Withdrawal for Holders | 42 |
| Section 10.12 | Power to Amend | 42 |
| Section 10.13 | Waiver | 43 |
| Section 10.14 | Governing Law | 43 |

---

**SCHEDULES**

SCHEDULE "A" – FORM OF WARRANT

SCHEDULE "B" – EXERCISE FORM

**WARRANT INDENTURE**

**THIS WARRANT INDENTURE** is dated as of March 27, 2023.

**BETWEEN:**

**BUNKER HILL MINING CORP.**, a company incorporated under the laws of the State of Nevada

(the "**Company**")

- and -

**CAPITAL TRANSFER AGENCY ULC**, a trust company existing under the laws of Canada and authorized to carry on business in all provinces of Canada

(the "**Warrant Agent**")

**WHEREAS:**

A. The
 Company is completing a brokered private placement (the "**Brokered Offering** ")
 of up to 86,250,000 Special Warrants (as defined herein), pursuant to the terms of the Agency
 Agreement and the terms of the Special Warrant Indenture (as such terms are defined herein);

B. Pursuant
 to completing the Brokered Offering, the Company is proposing to create and issue 51,633,727
 Special Warrants at a price of $0.12 per Special Warrant, upon the terms and conditions set
 forth in the Special Warrant Indenture;

C. Each
 Special Warrant entitles the holder thereof upon exercise or deemed exercise thereof, subject
 to certain adjustment and the Penalty Provision (as defined herein), to one Unit (as defined
 herein) comprised of one Common Share and one Warrant (as such terms are defined herein),
 including any additional Units that may be issued pursuant to the Penalty Provision;

D. Pursuant
 to completing the Brokered Offering, the Company is proposing to issue up to 61,960,473 Warrants
 (which includes the Warrants issuable pursuant to the Penalty Provision), in the manner set
 forth herein and pursuant to the terms of this Indenture;

E. Pursuant
 to this Indenture, each Warrant shall, subject to adjustment, entitle the holder thereof
 to acquire one Common Share (each, a "**Warrant Share**") upon payment of
 the Exercise Price prior to the Expiry Time (as such terms are defined herein) upon the terms
 and conditions herein set forth;

F. All
 acts and deeds necessary have been done and performed to make the Warrants, when created
 and issued as provided in this Indenture, legal, valid and binding upon the Company with
 the benefits and subject to the terms of this Indenture; and

G. The
 foregoing recitals are made as representations and statements of fact by the Company and
 not by the Warrant Agent.

**NOW THEREFORE, THIS INDENTURE WITNESSETH** that for good and valuable consideration mutually given and received, the receipt and sufficiency of which is hereby acknowledged, the Company hereby appoints the Warrant Agent as warrant agent to hold the rights, interests and benefits contained herein for and on behalf of those persons who from time to time become holders of Warrants issued pursuant to this Indenture, and the parties hereto agree as follows:

**Article 1**

**INTERPRETATION**

**Section 1.1 Definitions.**

In this Indenture, including the recitals and schedules hereto, and in all indentures supplemental hereto:

"**Accredited Investors**" means an "accredited investor" within the meaning of Rule 501(a) of Regulation D;

"**Adjustment Period**" means the period from the Closing Date up to and including the Expiry Time;

"**Agency Agreement**" means the agency agreement between the Company and the Agents dated March 27, 2023, governing the sale of the Special Warrants pursuant to the Brokered Offering;

**"Agents"** means Echelon Wealth Partners Inc., Roth Capital Partners, LLC, and Laurentian Bank Securities Inc., collectively;

"**Applicable Legislation**" means such provisions of any statute of the United States, a State thereof, Canada or of a Province or Territory thereof, and the regulations under any such named or other statute, including applicable Securities Laws, relating to warrant indentures or to the rights, duties and obligations of warrant agents under warrant indentures, to the extent that such provisions are at the time in force and applicable to this Indenture;

"**Auditor**" means MNP LLP, or such other firm of chartered accountants duly appointed as auditor of the Company, from time to time;

"**Authenticated**" means (a) with respect to the issuance of a Warrant Certificate, one which has been duly signed by the Company or on which the signatures of the Company have been printed, lithographed or otherwise mechanically reproduced and authenticated by signature of an authorized officer of the Warrant Agent, and (b) with respect to the issuance of an Uncertificated Warrant, one in respect of which the Warrant Agent has completed all Internal Procedures such that the particulars of such Uncertificated Warrant, as required by Section 2.7, are entered in the register of holders of Warrants, "**Authenticate**", "**Authenticating**" and "**Authentication**" have the appropriate correlative meanings;

"**Book-Entry Participants**" means institutions that participate directly or indirectly in the Depository's book-entry registration system for the Warrants;

"**Book-Entry Warrants**" means Warrants that are to be held only by or on behalf of the Depository;

"**Business Day**" means any day other than Saturday, Sunday or a statutory or civic holiday, or any other day on which banks are not open for business in the City of Vancouver**,** Province of British Columbia or Toronto, Ontario;

"**CDS Global Warrants**" means Warrants representing all or a portion of the aggregate number of Warrants issued in the name of the Depository and represented by an Uncertificated Warrant, or if requested by the Depository or the Company, by a Warrant Certificate;

"**Closing Date**" means March 27, 2023;

"**Common Shares**" means, subject to Article 4, fully paid and non-assessable common stock in the capital of the Company as presently constituted;

"**Common Share Reorganization**" has the meaning set forth in Section 4.1(a)(iii);

"**Counsel**" means a barrister and/or solicitor or a firm of barristers and/or solicitors, which may include counsel for the Company, retained by the Warrant Agent or retained by the Company and acceptable to the Warrant Agent, acting reasonably;

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

"**Current Market Price**" of a Common Share at any date means the price per Common Share equal to the weighted average price at which the Common Shares have traded during the twenty (20) consecutive trading days ending on the fifth (5) trading day immediately prior to such date as reported by the CSE or such other over-the-counter or recognized market or exchange in which the Common Shares are then trading or quoted. The weighted average price per Common Share shall be determined by dividing the aggregate sale price of all such shares sold on the aforementioned over-the-counter market, recognized exchange or market, as the case may be, during the aforementioned twenty (20) consecutive trading days by the total number of such shares so sold. If the Common Shares are not then traded in the over-the-counter market or on a recognized exchange or market, the Current Market Price of the Common Shares shall be the fair market value of the Common Shares as determined in good faith by the board of directors of the Company after consultation with a nationally or internationally recognized investment dealer or investment banker;

"**Depository**" means CDS Clearing and Depository Services Inc., or its successor, or any other depository offering a book-based securities registration and transfer system similar to that administered by CDS which the Company, with the consent of the Warrant Agent, acting reasonably, may designate to be the depository for the Warrants;

"**director"** means a director of the Company for the time being and, unless otherwise specified herein, reference to action "by the directors" means action by the directors of the Company as a board or, whenever duly empowered, action by any committee of such board;

"**DRS Advice**" means the notification evidencing ownership of the Special Warrants produced by the Direct Registration System maintained by the Special Warrant Agent;

"**Exchange Rate**" means the number of Warrant Shares subject to the right of purchase under each Warrant;

"**Exercise Date**" means, in relation to a Warrant, the Business Day on which such Warrant is validly exercised or deemed to be validly exercised in accordance with Article 3 hereof;

"**Exercise Notice**" has the meaning set forth in Section 3.2(1);

"**Exercise Price**" at any time means the price at which a whole Warrant Share may be purchased by the exercise of a whole Warrant, which is initially at a price of $0.15 per Warrant Share, payable in immediately available Canadian funds, subject to adjustment in accordance with the provisions of Section 4.1;

"**Expiry Date**" means March 27, 2026;

"**Expiry Time**" means 5:00 p.m. (Toronto time) on the Expiry Date;

"**Extraordinary Resolution**" has the meaning set forth in Section 7.11(1);

**"Indemnified Parties**" has the meaning set forth in Section 9.7(e);

"**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 (including without limitation, original issuance or registration of transfer of ownership) based on the Warrant Agent's then current internal procedures customary for such entry, change or deletion;

"**Issue Date**" means the date of issuance of the Warrants upon the exercise or deemed exercise of the Special Warrants;

"**Lead Agents**" means Echelon Wealth Partners Inc. and Roth Capital Partners, LLC, as co-lead agents and joint bookrunners;

**"OTCQB**" means the OTCQB Venture Market;

"**Penalty Provision**" means the provision of the Special Warrant Indenture whereby, if the Qualification Date has not occurred on or prior to 5:00 p.m. (Toronto Time) on the date that is four months following March 27, 2023, each holder of Special Warrants shall acquire, at no additional cost or further action by the holder thereof, one Penalty Unit per unexercised Special Warrant, by automatic exercise at 5:00 p.m. (Toronto Time) on the Qualification Date Expiry, with each Penalty Unit being comprised of 1.2 Warrants and 1.2 Common Shares, provided however, that any fractional additional Penalty Unit entitled will be rounded up to the next greater whole number of Penalty Units if the fractional entitlement is equal to or great than 0.5 and shall, without any additional compensation, be rounded down to the next lesser whole number of Penalty Units if the fractional entitlement is less than 0.5 and, in calculating such fractional interests, all Penalty Units registered in the name of and held by the holder of Special Warrants shall be aggregated at no additional cost to or further action by the holder of Special Warrants, at the Qualification Date Expiry, subject to adjustment in accordance with the Special Warrant Indenture;

"**Penalty Unit**" means a unit of the Company comprised of 1.2 Warrants and 1.2 Common Shares issuable upon exercise of Special Warrants upon the triggering of the Penalty Provision;

"**person**" means an individual, body corporate, partnership, trust, warrant agent, executor, administrator, legal representative or any unincorporated organization;

"**Qualification Date**" means the date on which upon which the Registration Statement has been declared effective by the SEC;

"**Qualification Date Expiry**" means the earlier of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the third Business Day after
 the Qualification Date; and

(b) September 27, 2023;

"**register**" means the one set of records and accounts maintained by the Warrant Agent pursuant to ;

"**Registration Statement**" means the registration statement of the Company to be filed with the SEC registering the resale of the Underlying Securities to be issued upon the voluntary or automatic exercise of the Special Warrants;

"**Registered Warrantholders**" means the persons who are registered owners of Warrants as such names appear on the register, and for greater certainty, shall include the Depository as well as the holders of Uncertificated Warrants appearing on the register of the Warrant Agent;

"**Regulation D**" means Regulation D as promulgated by the SEC under the U.S. Securities Act;

"**Regulation S**" means Regulation S as promulgated by the SEC under the U.S. Securities Act;

"**Rights Offering**" has the meaning set forth in Section 4.1(b);

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

"**Securities Laws**" means the securities laws, regulations, rules, rulings and orders and the blanket rulings and policies and written interpretations of, and multilateral or national instruments adopted by, the Securities Regulators and the policies and rules of any applicable stock exchange or quotation or stock reporting system, including the CSE and the OTCQB;

"**Securities Regulators**" means the securities commissions or other securities regulatory authorities of all of the Selling Jurisdictions or the relevant Selling Jurisdictions as the context requires;

"**Selling Jurisdictions**" means each of the provinces of Canada (other than Québec) in which sales of the Special Warrants are made, the United States, and any other jurisdictions which are agreed to by the Company;

"**Shareholder**" means a holder of record of one or more Common Shares;

"**Special Warrants**" means the special warrants issued by the Company pursuant to the Brokered Offering and created, issued and certified pursuant to the Special Warrant Indenture, entitling the holders thereof to acquire the Units;

"**Special Warrant Agent**" means Capital Transfer Agency ULC, in its capacity as special warrant agent of the Special Warrants, or its successors from time to time;

"**Special Warrant Indenture**" means the special warrant indenture entered into and effective March 27, 2023 between the Company and Capital Tansfer Agency ULC, as Special Warrant Agent;

**"successor entity"** has the meaning set forth in Section 8.2;

"**Tax Act**" means the *Income Tax Act* (Canada) and the regulations promogulated thereunder;

"**this Warrant Indenture**", "**this Indenture**", "**this Agreement**", "**hereto**" "**herein**", "**hereby**", "**hereof**" and similar expressions mean and refer to this Indenture and any indenture, deed or instrument supplemental hereto; and the expressions "**Article**", "**Section**", "**subsection**" and "**paragraph**" followed by a number, letter or both mean and refer to the specified article, section, subsection or paragraph of this Indenture;

**"Trading Day**" means, with respect to the CSE, a day on which such exchange is open for the transaction of business and with respect to another exchange or an over-the-counter market means a day on which such exchange or market is open for the transaction of business;

"**Uncertificated Warrant**" means any Warrant which is not evidenced by a Warrant Certificate, including but not limited to DRS Advices;

"**Underlying Securities**" means the Common Shares and Warrants to be issued upon voluntary or automatic exercise of the Special Warrants;

"**United States**" means the United States of America, its territories and possessions, any state of the United States, and the District of Columbia;

"**Units**" means the units of the Company issuable upon the exercise or deemed exercise of the Special Warrants, consisting of one Common Share and one Warrant, subject to the Penalty Provision;

"**U.S. Accredited Investor Certificate**" means the U.S. Accredited Investor Certificate, attached as Schedule B – Annex 1 to the subscription agreement for Special Warrants, delivered by each Accredited Investor (that was not a Qualified Institutional Buyer) in connection with the purchase of Special Warrants;

"**U.S. Exchange Act**" means the United States Securities Exchange Act of 1934, as amended;

"**U.S. Person**" has the meaning set forth in Rule 902(k) of Regulation S;

"**U.S. Purchaser**" means (1) an Accredited Investor that executed and delivered a U.S. Accredited Investor Certificate and that is (i) a U.S. Person that purchased Special Warrants, (ii) a person that purchased Special Warrants for the account or benefit of any U.S. Person or any person in the United States, (iii) a purchaser of Special Warrants that received an offer of the Special Warrants while in the United States, or (iv) a person that was in the United States at the time the purchaser's buy order was made or the subscription agreement for Special Warrants was executed or delivered; or (2) any Warrantholder that is not an original purchaser of special warrants from the Company that is a U.S. Person, acquired Warrants in the United States or for the account or benefit of any U.S. Person or Person in the United States;

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

"**Warrant Agency**" means the principal office of the Warrant Agent in the City of Toronto or such other place as may be designated in accordance with Section 3.6;

"**Warrant Agent**" means Capital Transfer Agency ULC, in its capacity as warrant agent of the Warrants, or its successors from time to time;

"**Warrant Certificate**" means a certificate, substantially in the form set forth in Schedule "A" hereto, to evidence those Warrants that will be evidenced by a certificate;

"**Warrantholders**", or "**holders**" without reference to Warrants, means the warrantholders as and in respect of Warrants registered in the name of the Depository and includes owners of Warrants who beneficially hold securities entitlements in respect of the Warrants through a Book-Entry Participant or means, at a particular time, the persons entered in the register hereinafter mentioned as holders of Warrants outstanding at such time;

"**Warrantholders' Request**" means an instrument signed in one or more counterparts by Registered Warrantholders entitled to acquire in the aggregate not less than 25% of the aggregate number of Warrant Shares which could be acquired pursuant to all Warrants then unexercised and outstanding, requesting the Warrant Agent to take some action or proceeding specified therein;

"**written order of the Company**", "**written request of the Company**", "**written consent of the "Company**" and "**certificate of the Company**" mean, respectively, a written order, request, consent and certificate signed in the name of the Company by any duly authorized signatories of the Company and may consist of one or more instruments so executed; and

"**Warrant Shares**" has the meaning, subject to Article 4, set forth in the preambles hereto.

**Section 1.2 Gender and Number.**

Unless herein otherwise expressly provided or unless the context otherwise requires, words importing the singular include the plural and vice versa and words importing gender includes all genders.

**Section 1.3 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 Warrants.

**Section 1.4 Day not a Business Day.**

If any day on or before which any action or notice is required to be taken or given hereunder is not a Business Day, then such action or notice shall be required to be taken or given on or before the requisite time on the next succeeding day that is a Business Day.

**Section 1.5 Time of the Essence.**

Time shall be of the essence in all respects in 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 Canada, unless otherwise expressed.

**Section 1.7 Applicable Law.**

This Indenture, the Warrants, the Warrant Certificates (including all documents relating thereto, which by common accord have been and will be drafted in English) shall be construed in accordance with the laws of the Province of Ontario, and the federal laws of Canada applicable therein and shall be treated in all respects as Ontario contracts. Each of the parties hereto, which shall include the Warrantholders, irrevocably attorns to the exclusive jurisdiction of the courts of the Province of Ontario with respect to all matters arising out of this Indenture and the transactions contemplated herein.

**Section 1.8 No Strict Construction.**

The language used in this Indenture is the language chosen by the parties to express their mutual intent, and no rule of strict construction will be applied against either party.

**Section 1.9 English Language Only.**

The parties to this Indenture hereby agree and request that this Indenture, and any documents related hereto, including, without limitation, the Warrant Certificates, be drafted only in the English language.

**Section 1.10 Conflicts.**

In the event of any conflict or inconsistency between the provisions of this Indenture and the Warrant Certificates, the provisions of this Indenture will govern.

**Article 2**

**ISSUE OF WARRANTS**

**Section 2.1 Creation and Issue of Warrants.**

A maximum of 61,960,473 Warrants (subject to adjustment as herein provided) are hereby created and authorized to be issued in accordance with the terms and conditions hereof. The Company hereby agrees that up to 51,633,727 Warrants (excluding the application of any Penalty Provision) shall be issued in accordance with the terms and conditions hereof, upon exercise of the Special Warrants for Units consisting of one Common Share and one Warrant in accordance with the terms and conditions of the Special Warrant Indenture. In the event that the Penalty Provision is triggered, the Company hereby agrees that up to 61,960,473 Warrants shall be issued. By written order of the Company, the Warrant Agent shall deliver Warrants in certificate or uncertificated form pursuant to Section 2.5 hereof to Registered Warrantholders and record the name of such Registered Warrantholders on the Warrant register. Registration of interests in Warrants held by the Depository may be evidenced by a position appearing on the register for Warrants of the Warrant Agent for an amount representing the aggregate number of such Warrants outstanding from time to time.

**Section 2.2 Terms of Warrants.**

(1) Subject
 to the applicable conditions for exercise set out in Article 3 having been satisfied and
 subject to adjustment in accordance with Section 4.1, each whole Warrant shall entitle each
 Warrantholder thereof, upon exercise at any time after the Issue Date and prior to the Expiry
 Time, to acquire one (1) Warrant Share upon payment of the Exercise Price.

(2) No
 fractional Warrants shall be issued or otherwise provided for hereunder and Warrants may
 only be exercised in a sufficient number to acquire whole numbers of Warrant Shares. Any
 fractional Warrants shall be rounded up to the next greater whole number if the fractional
 entitlement is equal to or greater than 0.5 and shall, without any additional compensation,
 be rounded down to the next lesser whole number if the entitlement is less than 0.5 and,
 in calculating such fractional interest, all Warrants subscribed by such Warrantholder shall
 be aggregated.

(3) Each
 whole Warrant shall entitle the holder thereof to such other rights and privileges as are
 set forth in this Indenture.

(4) The
 number of Warrant Shares which may be purchased pursuant to the Warrants and the Exercise
 Price therefor shall be adjusted upon the events and in the manner specified in Section 4.1.

(5) Neither
 the Company nor the Warrant Agent shall have any obligation to deliver Warrant Shares upon
 the exercise of any Warrant if the person to whom such shares are to be delivered is a resident
 of a country or political subdivision thereof in which the Warrant Shares may not lawfully
 be issued pursuant to applicable securities legislation. The Company or the Warrant Agent
 may require any person to provide proof of an applicable exemption from such securities legislation
 to the Company and Warrant Agent before Warrant Shares are delivered pursuant to the exercise
 of any Warrant.

**Section 2.3 Warrantholder not a Shareholder.**

Except as may be specifically provided herein, nothing in this Indenture or in the holding of a Warrant Certificate, entitlement to a Warrant or otherwise, shall, in itself, confer or be construed as conferring upon a Warrantholder any right or interest whatsoever as a Shareholder, including, but not limited to, the right to vote at, to receive notice of, or to attend, meetings of Shareholders or any other proceedings of the Company, or the right to receive dividends and other distributions.

**Section 2.4 Warrants to Rank Pari Passu.**

All Warrants shall rank equally and without preference over each other, whatever may be the actual date of issue thereof.

**Section 2.5 Form of Warrants, Warrant Certificates.**

(1) The
 Warrants may be issued in both certificated and uncertificated form. Each Warrant originally
 issued to a U.S. Purchaser will be evidenced in certificated form only and bear the applicable
 legends as set forth in Schedule "A" hereto. All Warrants issued in certificated
 form shall be evidenced by a Warrant Certificate (including all replacements issued in accordance
 with this Indenture), substantially in the form and bearing the applicable legends as set
 out in Schedule "A" hereto, which: (i) shall be dated as of the Issue Date; (ii)
 shall bear such distinguishing letters and numbers as the Company may, with the approval
 of the Warrant Agent, prescribe; and (iii) shall be issuable in any denomination excluding
 fractions. All Warrants issued to the Depository may be in either a certificated or uncertificated
 form, such uncertificated form being evidenced by a book position on the register of Warrantholders
 to be maintained by the Warrant Agent in accordance with Section 2.6.

(2) Each
 Warrantholder by purchasing such Warrant acknowledges and agrees that the terms and conditions
 set forth in the form of the Warrant Certificate set out in Schedule "A" hereto
 shall apply to all Warrants and Warrantholders regardless of whether such Warrants are issued
 in certificated or uncertificated form or whether such Warrantholders are Registered Warrantholders
 or owners of Warrant who beneficially hold security entitlements in respect of the Warrants
 through a Depository.

**Section 2.6 Book-Entry Warrants.**

(1) Reregistration
 of beneficial interests in and transfers of Warrants held by the Depository shall be made
 only through the book-entry registration system, and no Warrant Certificates shall be issued
 in respect of such Warrants except where physical certificates evidencing ownership in such
 securities are required or as set out herein or as may be requested by the Depository, as
 determined by the Company, from time to time. Except as provided in this Section 2.6, owners
 of beneficial interests in any CDS Global Warrants shall not be entitled to have Warrants
 registered in their names and shall not receive or be entitled to receive Warrants in definitive
 form or to have their names appear in the register referred to in Section 2.9 herein. Notwithstanding
 any terms set out herein, Warrants held in the name of the Depository having any legend set
 forth in Section 2.8 herein and may only be held in the form of Uncertificated Warrants with
 the prior consent of the Warrant Agent and in accordance Internal Procedures of the Warrant
 Agent.

(2) Notwithstanding
 any other provision in this Indenture, no CDS Global Warrants may be exchanged in whole or
 in part for Warrants registered, and no transfer of any CDS Global Warrants in whole or in
 part may be registered, in the name of any person other than the Depository for such CDS
 Global Warrants or a nominee thereof unless:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the
 Depository notifies the Company that it is unwilling or unable to continue to act as depository
 in connection with the Book-Entry Warrants and the Company is unable to locate a qualified
 successor;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the
 Company determines that the Depository is no longer willing, able or qualified to properly
 discharge its responsibilities as holder of the CDS Global Warrants and the Company is unable
 to locate a qualified successor;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) the
 Depository ceases to be a clearing agency or otherwise ceases to be eligible to be a depository
 and the Company is unable to locate a qualified successor;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) the
 Company determines that the Warrants shall no longer be held as Book-Entry Warrants through
 the Depository;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) such
 right is required by Applicable Legislation, as determined by the Company and the Company's
 Counsel;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) the
 Warrant is to be Authenticated to or for the account or benefit of a U.S. Purchaser; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) such
 registration is effected in accordance with the internal procedures of the Depository and
 the Warrant Agent,

following which, Warrants for those holders requesting the same shall be registered and issued to the beneficial owners of such Warrants or their nominees as directed by the holder. The Company shall provide a certificate executed by an officer of the Company giving notice to the Warrant Agent of the occurrence of any event outlined in this Section 2.6(2).

(3) Subject
 to the provisions of this Section 2.6, any exchange of CDS Global Warrants for Warrants which
 are not CDS Global Warrants may be made in whole or in part in accordance with the provisions
 of Section 2.11, mutatis mutandis. All such Warrants issued in exchange for a CDS Global
 Warrant or any portion thereof shall be registered in such names as the Depository for such
 CDS Global Warrants shall direct and shall be entitled to the same benefits and be subject
 to the same terms and conditions (except insofar as they relate specifically to CDS Global
 Warrants) as the CDS Global Warrants or portion thereof surrendered upon such exchange.

(4) Every
 Warrant that is Authenticated upon registration or transfer of a CDS Global Warrant, or in
 exchange for or in lieu of a CDS Global Warrant or any portion thereof, whether pursuant
 to this Section 2.6, or otherwise, shall be Authenticated in the form of, and shall be, a
 CDS Global Warrant, unless such Warrant is registered in the name of a person other than
 the Depository for such CDS Global Warrant or a nominee thereof.

(5) Notwithstanding
 anything to the contrary in this Indenture, subject to Applicable Legislation, the CDS Global
 Warrant will be issued as an Uncertificated Warrant, unless otherwise requested in writing
 by the Depository or the Company.

(6) The
 rights of beneficial owners of Warrants who hold securities entitlements in respect of the
 Warrants through the book-entry registration system shall be limited to those established
 by Applicable Legislation and agreements between the Depository and the Book-Entry Participants
 and between such Book-Entry Participants and the beneficial owners of Warrants who hold securities
 entitlements in respect of the Warrants through the book-entry registration system, and such
 rights must be exercised through a Book-Entry Participant in accordance with the rules and
 procedures of the Depository.

(7) Notwithstanding
 anything herein to the contrary, neither the Company nor the Warrant Agent 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 any
 other interests in the Warrants 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 Warrant represented by an electronic position in the book-entry registration system (other
 than the Depository or its nominee);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) maintaining,
 supervising or reviewing any records of the Depository or any Book-Entry 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 Book-Entry Participant.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8) The
 Company may terminate the application of this Section 2.6 in its sole discretion, in which
 case all Warrants shall be evidenced by Warrant Certificates registered in the name of a
 person other than the Depository.

**Section 2.7 Warrant Certificate.**

(1) For
 Warrants issued in certificated form, the form of certificate representing such Warrants
 shall be substantially as set out in Schedule "A" hereto or such other form as
 is authorized from time to time by the Warrant Agent. Each Warrant Certificate shall be Authenticated
 on behalf of the Warrant Agent. Each Warrant Certificate shall be signed by any duly authorized
 signatories of the Company and need not be under seal; whose signature shall appear on the
 Warrant Certificate and may be printed, lithographed or otherwise mechanically reproduced
 thereon and, in such event, certificates so signed are as valid and binding upon the Company
 as if it had been signed manually. The Warrant Certificates may be engraved, printed or lithographed,
 or partly in one form and partly in another, as the Warrant Agent may determine.

(2) The
 Warrant Agent shall Authenticate Uncertificated Warrants (whether upon original issuance,
 exchange, registration of transfer, partial payment, or otherwise) by completing its Internal
 Procedures, and the Company hereby acknowledges that it shall, thereupon be deemed to have
 duly and validly issued such Uncertificated Warrants under this Indenture. Such Authentication
 shall be conclusive evidence that such Uncertificated Warrant has 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 Warrants
 with respect to which this Indenture requires the Warrant Agent 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 Warrants
 are binding on the Company.

(3) Any
 Warrant Certificate validly issued in accordance with the terms of this Indenture in effect
 at the time of issue of such Warrant Certificate shall, subject to the terms of this Indenture
 and Applicable Legislation, validly entitle the holder to acquire Warrant Shares, notwithstanding
 that the form of such Warrant Certificate may not be in the form currently required by this
 Indenture.

(4) No
 Warrant shall be considered issued and shall be valid or obligatory or shall entitle the
 holder thereof to the benefits of this Indenture, until it has been Authenticated by the
 Warrant Agent. Authentication by the Warrant Agent, including by way of entry on the register,
 shall not be construed as a representation or warranty by the Warrant Agent as to the validity
 of this Indenture or of such Warrant Certificates or Uncertificated Warrants (except the
 due Authentication thereof) or as to the performance by the Company of its obligations under
 this Indenture, and the Warrant Agent shall in no respect be liable or answerable for the
 use made of the Warrants or any of them or of the consideration thereof. Authentication by
 the Warrant Agent shall be conclusive evidence as against the Company that the Warrants so
 Authenticated have been duly issued hereunder and that the holder thereof is entitled to
 the benefits of this Indenture.

(5) No
 Warrant Certificate shall be considered issued and Authenticated or, if Authenticated, shall
 be obligatory or shall entitle the holder thereof to the benefits of this Indenture, until
 it has been Authenticated by signature by or on behalf of the Warrant Agent substantially
 in the form of the Warrant set out in Schedule "A" hereto. Such Authentication
 on any such Warrant Certificate shall be conclusive evidence that such Warrant Certificate
 is duly Authenticated and is valid and a binding obligation of the Company, and that the
 holder is entitled to the benefits of this Indenture.

(6) No
 Uncertificated Warrant shall be considered issued and shall be obligatory or shall entitle
 the holder thereof to the benefits of this Indenture, until it has been Authenticated by
 entry on the register of the particulars of the Uncertificated Warrant. Such entry on the
 register of the particulars of an Uncertificated Warrant shall be conclusive evidence that
 such Uncertificated Warrant is a valid and binding obligation of the Company and that the
 holder is entitled to the benefits of this Indenture.

**Section 2.8 Legends.**

(1) Neither
 the Warrants nor the Warrant Shares have been registered under the U.S. Securities Act or
 under any United States state securities laws. If required under United States securities
 laws, Warrant Certificates originally issued for the benefit or account of a U.S. Purchaser
 and each Warrant Certificate issued in exchange therefor or in substitution thereof, shall
 bear the following legend or such variations thereof as the Company may prescribe from time
 to time:

**"THE SECURITIES REPRESENTED HEREBY AND THE SECURITIES ISSUABLE UPON EXERCISE HEREOF HAVE NOT BEEN REGISTERED UNDER THE U.S. SECURITIES ACT OF 1933, AS AMENDED (THE "U.S. SECURITIES ACT"). THE HOLDER HEREOF, BY PURCHASING SUCH SECURITIES, AGREES FOR THE BENEFIT OF THE COMPANY THAT SUCH SECURITIES MAY BE OFFERED, SOLD, PLEDGED OR OTHERWISE TRANSFERRED ONLY (A) TO 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 ALL LOCAL LAWS AND REGULATIONS, (C) PURSUANT TO THE EXEMPTION FROM THE REGISTRATION REQUIREMENTS OF THE U.S. SECURITIES ACT PROVIDED BY RULE 144 THEREUNDER, IF AVAILABLE, AND 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, AND IN THE CASE OF (B), (C) OR (D), THE HOLDER HAS PRIOR TO SUCH SALE FURNISHED TO THE COMPANY AN OPINION OF COUNSEL OR OTHER EVIDENCE OF EXEMPTION IN FORM AND SUBSTANCE REASONABLY SATISFACTORY TO THE COMPANY. DELIVERY OF THIS CERTIFICATE MAY NOT CONSTITUTE "GOOD DELIVERY" IN SETTLEMENT OF TRANSACTIONS ON STOCK EXCHANGES IN CANADA."**

provided, that the legend may be removed by delivery to the Company and the Warrant Agent of an opinion of counsel of recognized standing or other evidence of exemption 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 or state securities laws.

The Warrant Agent shall be entitled to request any other documents that it may reasonably require in accordance with its internal policies for the removal of the legend set forth above.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) Each
 CDS Global Warrant, if issued on a certificated basis originally issued in Canada and held
 by the Depository, and each CDS Global Warrant issued in exchange therefor or in substitution
 thereof, shall bear or be deemed to bear the following legend or such variations thereof
 as the Company may prescribe from time to time:

**"UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF CDS CLEARING AND DEPOSITORY SERVICES INC. ("CDS") TO THE COMPANY 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."**

(3) Each
 Warrant Certificate originally issued in Canada or to a Canadian holder and each CDS Global
 Warrant originally issued in Canada and held by the Depository prior to the date that is
 four (4) months and one (1) day following the Closing Date, and each such Warrant Certificate
 or CDS Global Warrant, as the case may be, issued in exchange therefor or in substitution
 thereof prior to the date that is four (4) months and one (1) day following the Closing Date,
 shall bear or be deemed to bear the following legend or such variations thereof as the Company
 my prescribe from time to time:

**"UNLESS PERMITTED UNDER SECURITIES LEGISLATION, THE HOLDER OF THIS SECURITY MUST NOT TRADE THIS SECURITY BEFORE JULY 28, 2023."**

Each Warrant Certificate originally issued in Canada or to a Canadian holder and each CDS Global Warrant originally issued in Canada and held by the Depository after the date that is four (4) months and one (1) day following the Closing Date, will not bear the legend in this Section 2.8(3).

(4) Notwithstanding
 any other provisions of this Indenture, in processing and registering transfers of Warrants,
 no duty or responsibility whatsoever shall rest upon the Warrant Agent to determine the compliance
 by any transferor or transferee with the terms of the legend contained in Section 2.8(1)
 or Section 2.8(2), or with the relevant securities laws or regulations, including, without
 limitation, Regulation S, and the Warrant Agent shall be entitled to assume that all transfers
 are legal and proper.

**Section 2.9 Register of Warrants**

(1) The
 Warrant Agent shall maintain records and accounts concerning the Warrants, whether certificated
 or uncertificated, which shall contain the information called for below with respect to each
 Warrant, together with such other information as may be required by law or as the Warrant
 Agent may elect to record. All such information shall be kept in one set of accounts and
 records which the Warrant Agent shall designate (in such manner as shall permit it to be
 so identified as such by an unaffiliated party) as the register of the holders of Warrants.
 The information to be entered for each account in the register of Warrants at any time shall
 include (without limitation):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the
 name and address of the Registered Warrantholder, the date of Authentication thereof and
 the number of Warrants;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) whether
 such Warrant is a Warrant Certificate or an Uncertificated Warrant and, if a Warrant Certificate,
 the unique number or code assigned to and imprinted thereupon and, if an Uncertificated Warrant,
 the unique number or code assigned thereto if any;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) whether
 such Warrant has been cancelled; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) a
 register of transfers in which all transfers of Warrants and the date and other particulars
 of each transfer shall be entered.

The register shall be available for inspection by the Company and or any Warrantholder during the Warrant Agent's regular business hours on a Business Day and upon payment to the Warrant Agent of its reasonable fees. Any Warrantholder exercising such right of inspection shall first provide an affidavit in form satisfactory to the Company and the Warrant Agent stating the name and address of the Warrantholder and agreeing not to use the information therein except in connection with an effort to call a meeting of Warrantholders or to influence the voting of Warrantholders at any meeting of Warrantholders.

(2) Once
 an Uncertificated Warrant has been Authenticated, the information set forth in the register
 with respect thereto at the time of Authentication may be altered, modified, amended, supplemented
 or otherwise changed only to reflect exercise or proper instructions to the Warrant Agent
 from the holder as provided herein, except that the Warrant Agent may act unilaterally to
 make purely administrative changes internal to the Warrant Agent and changes to correct errors.
 Each person who becomes a holder of an Uncertificated Warrant, by his, her or its acquisition
 thereof shall be deemed to have irrevocably (i) consented to the foregoing authority of the
 Warrant Agent to make such minor error corrections and (ii) agreed to pay to the Warrant
 Agent, promptly upon written demand, the full amount of all losses and expenses (including
 without limitation reasonable legal fees of the Company and the Warrant Agent plus interest,
 at an appropriate then prevailing rate of interest to the Warrant Agent), sustained by the
 Company or the Warrant Agent as a proximate result of such error if but only if and only
 to the extent that such present or former holder realized any benefit as a result of such
 error and could reasonably have prevented, forestalled or minimized such losses and expenses
 by prompt reporting of the error or avoidance of accepting benefits thereof, whether or not
 such error is or should have been timely detected and corrected by the Warrant Agent; provided,
 that no person who is a bona fide purchaser shall have any such obligation to the Company
 or to the Warrant Agent.

**Section 2.10 Issue in Substitution for Warrant Certificates Lost, etc.**

(1) If
 any Warrant Certificate becomes mutilated or is lost, destroyed or stolen, the Company, subject
 to applicable law, shall issue and thereupon the Warrant Agent shall certify and deliver,
 a new Warrant Certificate of like tenor, and bearing the same legend, if applicable, as the
 one mutilated, lost, destroyed or stolen in exchange for and in place of and upon cancellation
 of such mutilated Warrant Certificate, or in lieu of and in substitution for such lost, destroyed
 or stolen Warrant Certificate, and the substituted Warrant Certificate shall be in a form
 approved by the Warrant Agent and the Warrants evidenced thereby shall be entitled to the
 benefits hereof and shall rank equally in accordance with its terms with all other Warrants
 issued or to be issued hereunder.

(2) The
 applicant for the issue of a new Warrant Certificate pursuant to this Section 2.10 shall
 bear the cost of the issue thereof and, in case of loss, destruction or theft shall, as a
 condition precedent to the issuance thereof, furnish to the Company and to the Warrant Agent
 such evidence of ownership and of the loss, destruction or theft of the Warrant Certificate
 so lost, destroyed or stolen as shall be satisfactory to the Company and to the Warrant Agent,
 in their sole discretion, and such applicant shall also be required to furnish an indemnity
 and surety bond in amount and form satisfactory to the Company and the Warrant Agent, in
 their sole discretion, and shall pay the reasonable charges of the Company and the Warrant
 Agent in connection therewith.

**Section 2.11 Exchange of Warrant Certificates.**

(1) Any
 one or more Warrant Certificates representing any number of Warrants may, upon compliance
 with the reasonable requirements of the Warrant Agent (including compliance with applicable
 securities legislation), be exchanged for one or more other Warrant Certificates representing
 the same aggregate number of Warrants, and bearing the same legend, if applicable, as represented
 by the Warrant Certificate or Warrant Certificates tendered for exchange.

(2) Warrant
 Certificates may be exchanged only at the Warrant Agency or at any other place that is designated
 by the Company with the approval of the Warrant Agent. Any Warrant Certificate from the holder
 (or such other instructions, in form satisfactory to the Warrant Agent), tendered for exchange
 shall be surrendered to the Warrant Agency and cancelled by the Warrant Agent.

(3) Warrant
 Certificates exchanged for Warrant Certificates that bear the legend or legends set forth
 in Section 2.8(1) shall bear the same legend or legends.

**Section 2.12 Transfer and Ownership of Warrants.**

(1) The
 Warrants may only be transferred on the register kept by the Warrant Agent at the Warrant
 Agency by the holder or its legal representatives or its attorney duly appointed by an instrument
 in writing in form and execution satisfactory to the Warrant Agent only upon (a) in the case
 of a Warrant Certificate, surrendering to the Warrant Agent at the Warrant Agency the Warrant
 Certificates representing the Warrants to be transferred, together with a duly executed transfer
 form as set forth in Schedule "A" attached hereto, (b) in the case of Book-Entry
 Warrants, in accordance with procedures prescribed by the Depository under the book-entry
 registration system, and (c) upon compliance with:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the
 conditions set forth in this Indenture;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) such
 reasonable requirements as the Warrant Agent may prescribe;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) if
 applicable, the rules and procedures of the Depository; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) all
 Applicable Legislation and applicable requirements of regulatory authorities, including the
 Securities Regulators;

and such transfer shall be duly noted in such register by the Warrant Agent. Upon compliance with such requirements, the Warrant Agent shall issue to the transferee of a Warrant Certificate, a Warrant Certificate, and to the transferee of an Uncertificated Warrant, an Uncertificated Warrant, or the Warrant Agent shall Authenticate and deliver a Warrant Certificate upon request that part of the CDS Global Warrant be certificated. Transfers within the systems of the Depository are not the responsibility of the Warrant Agent and will not be noted on the register maintained by the Warrant Agent. No duty shall rest with the Warrant Agent to determine compliance of the transferee or transferor of any Warrants with applicable Securities Laws.

(2) If
 a Warrant Certificate tendered for transfer bears any of the legends set forth in Section
 2.8(1), the Warrant Agent shall not register such transfer unless the transferor has provided
 the Warrant Agent with the Warrant Certificate and (A) the transfer is made to the Company
 or (B) an opinion of counsel of recognized standing, reasonably satisfactory to the Company
 that the proposed transfer is exempt from registration with applicable state laws and the
 U.S. Securities Act and that such legends may be removed.

(3) Subject
 to the provisions of this Indenture, Applicable Legislation and applicable law, the Warrantholder
 shall be entitled to the rights and privileges attaching to the Warrants, and the issue of
 Warrant Shares by the Company upon the exercise of Warrants in accordance with the terms
 and conditions herein contained shall discharge all responsibilities of the Company and the
 Warrant Agent with respect to such Warrants, and neither the Company nor the Warrant Agent
 shall be bound to inquire into the title of any such holder.

(4) Warrants
 bearing the legend set forth in Section 2.8(1) hereof, or any of the Warrant Shares bearing
 such legend, may only be offered, sold, pledged or otherwise transferred (i) to the Company,
 (ii) outside the United States in compliance with Rule 904 of Regulation S and in compliance
 with applicable local laws and regulations, (iii) in compliance 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 (iv) in another 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. In the event of a transfer pursuant to the foregoing, clause
 (iii) or clause (iv), the Company and the Warrant Agent may require a legal opinion of counsel
 of recognized standing reasonably satisfactory to the Company and the Warrant Agent that
 such transfer is exempt, or other evidence of exemption, from registration under the U.S.
 Securities Act and applicable state securities laws. Notwithstanding the foregoing, the Warrant
 Agent may impose additional requirements for the removal of legends from the Warrants or
 Warrant Shares.

(5) Notwithstanding
 any other provision of this Section 2.12, in connection with any transfer of Warrants, the
 transferor and transferee shall comply with all reasonable requirements of the Warrant Agent,
 as the Warrant Agent may deem necessary to secure the obligations of the transferee of such
 Warrants with respect to such transfer.

**Section 2.13 Cancellation of Surrendered Warrants.**

All Warrant Certificates surrendered to the Warrant Agent in accordance with the provisions of this Indenture shall be cancelled by the Warrant Agent, and upon such circumstances all such Uncertificated Warrants shall be deemed cancelled and so noted on the register by the Warrant Agent. Upon request by the Company, the Warrant Agent shall furnish to the Company a cancellation certificate identifying the Warrant Certificates so cancelled, the number of Warrants evidenced thereby, the number of Warrant Shares, if any, issued pursuant to such Warrants and the details of any Warrant Certificates issued in substitution or exchange for such Warrant Certificates cancelled.

**Article 3**

**EXERCISE OF WARRANTS**

**Section 3.1 Right of Exercise.**

Subject to the provisions hereof, each Registered Warrantholder may exercise the right conferred on such holder to subscribe for and purchase one (1) Warrant Share for each Warrant after the Issue Date and prior to the Expiry Time and in accordance with the conditions herein.

If no Registration Statement is effective under the U.S. Securities Act, or if the prospectus contained therein is not available for the offer and sale of the Common Shares issuable upon exercise of the Warrants, at any time prior to the Expiry Time, such Warrantholder shall be notified forthwith by the Warrant Agent that such Warrantholder is entitled to a cashless exercise, in accordance with Section 3.3.

**Section 3.2 Warrant Exercise.**

(1) Other
 than Warrants held by the Depository, Registered Warrantholders of Warrant Certificates who
 wish to exercise the Warrants held by them in order to acquire Warrant Shares must complete
 the exercise form (the "**Exercise Notice**") attached to the Warrant Certificate(s)
 which form is attached hereto as Schedule "B", which may be amended by the Company
 with the consent of the Warrant Agent, if such amendment does not, in the reasonable opinion
 of the Company and the Warrant Agent, which may be based on the advice of Counsel, materially
 and adversely affect the rights, entitlements and interests of the Warrantholders, and deliver
 such certificate(s), the executed Exercise Notice and a certified cheque, bank draft or money
 order payable to or to the order of the Company for the aggregate Exercise Price to the Warrant
 Agent at the Warrant Agency. The Warrants represented by a Warrant Certificate shall be deemed
 to be surrendered upon personal delivery of such certificate, Exercise Notice and aggregate
 Exercise Price or, if such documents are sent by mail or other means of transmission, upon
 actual receipt thereof by the Warrant Agent at the office referred to above.

(2) Any
 Exercise Notice referred to in Section 3.2(1) will be signed by the Registered Warrantholder
 and will specify:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the
 number of Warrant Shares which the holder wishes to acquire (being not more than the number
 of Warrant Shares which the holder is entitled to acquire pursuant to the Warrant Certificate(s)
 surrendered);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the
 person or persons in whose name or names the Warrant Shares to be acquired upon exercise
 of the Warrants are to be issued;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) the
 address or addresses of such person or persons; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) the
 number of Warrant Shares to be issued to each such person if more than one person is so specified.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) If
 any of the Warrant Shares subscribed for are to be issued to a person or persons other than
 the Registered Warrantholder, the Registered Warrantholder will pay to the Company, or to
 the Warrant Agent on behalf of the Company, all applicable transfer or stamp taxes or government
 or other similar charges, and the Company will not be required to issue or deliver certificates
 evidencing Warrant Shares unless or until such Registered Warrantholder has paid to the Company,
 or to the Warrant Agent on behalf of the Company, the amount of such taxes or charges, or
 will have established to the satisfaction of the Company that such taxes or charges have
 been paid or that no taxes or charges are due.

(3) In
 addition to completing the Exercise Notice attached to the Warrant Certificate(s), a U.S.
 Purchaser must provide an opinion of counsel of recognised standing in form and substance
 reasonably satisfactory to the Company that the exercise is exempt from the registration
 requirements of applicable securities laws of any state of the United States and the U.S.
 Securities Act; provided however that in the case of a U.S. Purchaser that is the original
 U.S. Purchaser, such U.S. Purchaser will not be required to deliver an opinion of counsel
 in connection with the due exercise of the Warrants at a time when the representations, warranties
 and covenants made by the U.S. Purchaser in the U.S. Accredited Investor Certificate remain
 true and correct and the U.S. Purchaser represents to the Company as such.

(4) A
 Registered Warrantholder of Uncertificated Warrants evidenced by a security entitlement in
 respect of Warrants must complete the Exercise Notice and deliver the executed Exercise Notice
 and a certified cheque, bank draft or money order payable to or to the order of the Company
 for the aggregate Exercise Price to the Warrant Agent at the Warrant Agency. The Uncertificated
 Warrants shall be deemed to be surrendered upon receipt of the Exercise Notice and aggregate
 Exercise Price or, if such documents are sent by mail or other means of transmission, upon
 actual receipt thereof by the Warrant Agent at the office referred to above.

(5) A
 beneficial owner of Uncertificated Warrants evidenced by a security entitlement in respect
 of Warrants in the book-entry registration system who desires to exercise his or her Warrants
 must do so by causing a Book-Entry Participant to withdraw the Warrant from the book-entry
 registration system. Upon withdrawal of the Warrant, an individually registered Warrant Certificate
 shall be issued by the Warrant Agent to such beneficial owner or Book-Entry Participant and
 the exercise procedures set forth in forth in Section 3.2(1) shall be followed.

(6) Payment
 representing the aggregate Exercise Price must be provided to the appropriate office of the
 Book-Entry Participant in a manner acceptable to it. A notice in form acceptable to the Book-Entry
 Participant and payment from such beneficial holder should be provided to the Book-Entry
 Participant suffi **c** iently in advance so as to permit the Book-Entry Participant to
 deliver notice and payment to the Warrant Agent prior to the Expiry Time. The beneficial
 owner or Book-Entry Participant will initiate the exercise by way of the instructions received
 from the beneficial owner and forward the aggregate Exercise Price electronically to the
 Warrant Agent and the Warrant Agent will execute the exercise by issuing to the beneficial
 owner or Book-Entry Participant the Warrant Shares to which the exercising Warrantholder
 is entitled pursuant to the exercise. Any expense associated with the exercise process will
 be for the account of the entitlement holder exercising the Warrants and/or the Book-Entry
 Participant exercising the Warrants on its behalf.

(7) By
 causing a Book-Entry Participant to deliver notice to the Warrant Agent, a Warrantholder
 shall be deemed to have irrevocably surrendered his or her Warrants so exercised and appointed
 such Book-Entry Participant to act as his or her exclusive settlement agent with respect
 to the exercise and the receipt of Warrant Shares in connection with the obligations arising
 from such exercise.

(8) Any
 notice which the Warrant Agent determines to be incomplete, not in proper form or not duly
 executed shall for all purposes be void and of no force and effect and the exercise to which
 it relates shall be considered for all purposes not to have been exercised thereby. A failure
 by a Book-Entry Participant to exercise or to give effect to the settlement thereof in accordance
 with the Warrantholder's instructions will not give rise to any obligations or liability
 on the part of the Company or Warrant Agent to the Book-Entry Participant or the Warrantholder.

(9) The
 Exercise Notice referred to in this Section 3.2 shall be signed by the Registered Warrantholder,
 or its executors or administrators or other legal representatives or an attorney of the Registered
 Warrantholder, duly appointed by an instrument in writing satisfactory to the Warrant Agent.

(10) Any
 exercise referred to in this Section 3.2 shall require that the entire Exercise Price for
 Warrant Shares subscribed must be paid at the time of subscription and such Exercise Price
 and original Exercise Notice executed by the Registered Warrantholder must be received by
 the Warrant Agent prior to the Expiry Time.

(11) Warrants
 may only be exercised pursuant to this Section 3.2 by or on behalf of a Registered Warrantholder,
 as applicable, who makes the certifications set forth on the Exercise Notice set out in Schedule
 "B" or as provided herein.

(12) If
 the form of Exercise Notice set forth in the Warrant Certificate shall have been amended,
 the Company shall cause the amended Exercise Notice to be forwarded to all Registered Warrantholders.

(13) Exercise
 Notices must be delivered to the Warrant Agent at any time during the Warrant Agent's
 actual business hours on any Business Day prior to the Expiry Time. Any Exercise Notice received
 by the Warrant Agent after business hours on any Business Day other than the Expiry Date
 will be deemed to have been received by the Warrant Agent on the next following Business
 Day.

(14) Any
 Warrant with respect to which an Exercise Notice is not received by the Warrant Agent before
 the Expiry Time shall be deemed to have expired and become void and all rights with respect
 to such Warrants shall terminate and be cancelled.

**Section 3.3 Cashless Exercise of Warrants**

(1) If,
 at the time of exercise of any Warrant in accordance with this Indenture, there is no effective
 Registration Statement under the U.S. Securities Act, or the prospectus contained therein
 is not available for the offer and sale of the Common Shares to the Warrantholder under the
 U.S. Securities Act, then the Warrants may only be exercised, in whole or in part, at such
 time by means of a "cashless exercise" in which the Warrantholder shall be entitled
 to receive a number of Common Shares equal to the quotient obtained by dividing [(A-B) (X)]
 by (A), where:

---

| | |
|:---|:---|
| A = | the last Current Market Price immediately preceding the time of delivery of the Exercise Form giving rise to the applicable "cashless exercise" (to clarify, the "last Current Market Price" will be the last Current Market Price as calculated over an entire Trading Day such that, in the event that a Warrant is exercised at a time when the CSE is open, the prior Trading Day's Current Market Price shall be used in this calculation); |
| B = | the Exercise Price of the Warrant, as adjusted hereunder (if any); and |
| X = | the number of Common Shares that would be issuable upon exercise of the Warrant in accordance with the terms of such Warrant if such exercise were by means of a cash exercise rather than a cashless exercise. |

---

(2) If
 Common Shares are issued pursuant to such a cashless exercise, the parties acknowledge and
 agree that in accordance with Section 3(a)(9) of the U.S. Securities Act, such Common Shares
 shall take on the registered characteristics of the Warrants being exercised. The Company
 agrees not to take any position contrary to this Section 3.3(2).

(3) Upon
 receipt of a duly completed subscription form that specifies a cashless exercise, the Warrant
 Agent will notify the Company, which will calculate and provide in writing to the Warrant
 Agent the number of Common Shares to be allotted to the Warrantholder.

(4) Any
 Warrantholder that holds Warrants registered in the name of CDS and that wishes to exercise
 such Warrants under this section by means of a cashless exercise must first withdraw their
 position from CDS, arrange to have the applicable Warrant certificated and surrender such
 warrant certificate to the Warrant Agent for exercise by means of a "cashless exercise".

For the avoidance of doubt, a Warrantholder may only exercise his or her warrants by means of "cashless exercise" if there is no effective registration statement under the U.S. Securities Act registering, or the prospectus contained therein is not available for, the offer and sale of the Common Shares to the Warrantholder upon the exercise of his or her Warrants. If there is an effective registration statement under the U.S. Securities Act registering, or the prospectus contained therein is available for, the offer and sale of the Common Shares to the Warrantholder upon the exercise of his or her Warrants, such Warrantholder may only exercise his or her Warrants in accordance with Section 3.2. Furthermore, the Warrant Agent shall not be held liable for any exercise carried out by a Warrantholder that should have been carried out by means of a "cashless exercise" as described herein.

**Section 3.4 Restrictions on Exercise by U.S. Persons; Legended Certificates**

(1) Subject
 to Section 3.4(2) below, (i) Warrants may not be exercised within the United States or by
 or on behalf of any U.S. Person; and (ii) no Warrant Shares issued upon exercise of Warrants
 may be delivered to any address in the United States.

(2) Notwithstanding
 Section 3.4(1), Warrants which bear the legend set forth in Section 2.8(1) may be exercised
 in the United States or by or on behalf of a U.S. Person, and Warrant Shares issued upon
 exercise of any such Warrants may be delivered to an address in the United States, provided
 that (a) the person exercising the Warrants is an Accredited Investor and (b) delivers a
 completed and executed Exercise Notice and, if the Warrantholder is not a U.S. Purchaser,
 provides in form and substance reasonably satisfactory to the Company a legal opinion which
 confirms that issuance of shares is in compliance with the applicable state securities laws
 and the U.S. Securities Act; *provided however* that in the case of a U.S. Purchaser
 that is the original purchaser of the Special Warrants and who delivered the U.S. Accredited
 Investor Certificate attached to the subscription agreement of the Company in connection
 with its purchase of Special Warrants in the private placement pursuant to which the Warrants
 were issued, such U.S. Purchaser will not be required to deliver an opinion of counsel in
 connection with the due exercise of the Warrants at a time when the representations, warranties
 and covenants made by the U.S. Purchaser in the U.S. Accredited Investor Certificate remain
 true and correct and the U.S. Purchaser represents to the Company as such.

(3) Subject
 to the Registration Statement not being declared effective by the SEC prior to the Qualification
 Date Expiry, certificates representing Warrant Shares issued upon the exercise of Warrants
 which bear the legend set forth in Section 2.8(1) or which are issued and delivered pursuant
 to Section 3.4(2), shall bear the following legend:

**"THE SECURITIES REPRESENTED HEREBY HAVE NOT BEEN REGISTERED UNDER THE U.S. SECURITIES ACT OF 1933, AS AMENDED (THE "U.S. SECURITIES ACT"). THE HOLDER HEREOF, BY PURCHASING SUCH SECURITIES, AGREES FOR THE BENEFIT OF THE COMPANY THAT SUCH SECURITIES MAY BE OFFERED, SOLD, PLEDGED OR OTHERWISE TRANSFERRED ONLY (A) TO 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 ALL LOCAL LAWS AND REGULATIONS, (C) PURSUANT TO THE EXEMPTION FROM THE REGISTRATION REQUIREMENTS OF THE U.S. SECURITIES ACT PROVIDED BY RULE 144 THEREUNDER, IF AVAILABLE, AND 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, AND IN THE CASE OF (B), (C) OR (D), THE HOLDER HAS PRIOR TO SUCH SALE FURNISHED TO THE COMPANY AN OPINION OF COUNSEL OR OTHER EVIDENCE OF EXEMPTION IN FORM AND SUBSTANCE REASONABLY SATISFACTORY TO THE COMPANY. DELIVERY OF THIS CERTIFICATE MAY NOT CONSTITUTE "GOOD DELIVERY" IN SETTLEMENT OF TRANSACTIONS ON STOCK EXCHANGES IN CANADA.";**

Provided that the above legend may be removed by delivery to the Company and the registrar and transfer agent of an opinion of counsel of recognized standing, or other evidence, in form and substance reasonably satisfactory to the Company, to the effect that such legend is no longer required under applicable requirements of the U.S. Securities Act or state securities laws.

(4) Certificates
 representing Warrant Shares issued upon the exercise of Warrant Certificates (and issued
 in substitution or exchange therefor) to holders located in, or subject to the Securities
 Laws of a province or territory of Canada, prior to the date that is four (4) months and
 one (1) day following the Closing Date, shall bear the following legend:

**"UNLESS PERMITTED UNDER SECURITIES LEGISLATION, THE HOLDER OF THIS SECURITY MUST NOT TRADE THIS SECURITY BEFORE JULY 28, 2023."**

**Section 3.5 Transfer Fees and Taxes.**

If any of the Warrant Shares subscribed for are to be issued to a person or persons other than the Registered Warrantholder, the Registered Warrantholder shall execute the form of transfer and will comply with such reasonable requirements as the Warrant Agent may stipulate and will pay to the Company, or the Warrant Agent on behalf of the Company, all applicable transfer or similar taxes and the Company will not be required to issue or deliver certificates evidencing Warrant Shares unless or until such Warrantholder shall have paid to the Company or the Warrant Agent on behalf of the Company, the amount of such taxes or shall have established to the satisfaction of the Company and the Warrant Agent that such taxes have been paid or that no taxes are due.

**Section 3.6 Warrant Agency.**

To facilitate the exchange, transfer or exercise of Warrants and compliance with such other terms and conditions hereof as may be required, the Company has appointed the Warrant Agency, as the agency at which Warrants may be surrendered for exchange or transfer or at which Warrants may be exercised, and the Warrant Agent has accepted such appointment. The Company may from time to time designate alternate or additional places as the Warrant Agency (subject to the Warrant Agent's prior approval) and will give notice to the Warrant Agent of any proposed change of the Warrant Agency. Branch registers shall also be kept at such other place or places, if any, as the Company, with the approval of the Warrant Agent, may designate. The Warrant Agent will from time to time when requested to do so by the Company or any Registered Warrantholder, upon payment of the Warrant Agent's reasonable charges, furnish a list of the names and addresses of Registered Warrantholders showing the number of Warrants held by each such Registered Warrantholder.

**Section 3.7 Effect of Exercise of Warrant Certificates.**

(1) Upon
 the exercise of Warrants Certificates pursuant to and in compliance with Section 3.2 and
 subject to Section 3.3 and Section 3.5, the Warrant Shares to be issued pursuant to the Warrants
 exercised shall be deemed to have been issued, and the person or persons to whom such Warrant
 Shares are to be issued shall be deemed to have become the holder or holders of such Warrant
 Shares, within three (3) Business Days of the Exercise Date unless the register shall be
 closed on such date, in which case the Warrant Shares subscribed for shall be deemed to have
 been issued and such person or persons deemed to have become the holder or holders of record
 of such Warrant Shares, on the date on which such register is reopened. It is hereby understood
 that in order for persons to whom Warrant Shares are to be issued to become holders of Warrant
 Shares on record on the Exercise Date, beneficial holders must commence the exercise process
 sufficiently in advance so that the Warrant Agent is in receipt of all items of exercise
 at least one Business Day prior to such Exercise Date.

(2) Within
 three (3) Business Days after the Exercise Date with respect to a Warrant, the Warrant Agent
 shall use commercially reasonable efforts to cause to be delivered or mailed to the person
 or persons in whose name or names the Warrant is registered or, if so specified in writing
 by the holder, cause to be delivered to such person or persons at the Warrant Agency where
 the Warrant Certificate was surrendered, a certificate or certificates for the appropriate
 number of Warrant Shares subscribed for, or any other appropriate evidence of the issuance
 of Warrant Shares to such person or persons in respect of Warrant Shares issued under the
 book-entry registration system.

**Section 3.8 Partial Exercise of Warrants; Fractions.**

(1) The
 holder of any Warrants may exercise his right to acquire a number of whole Warrant Shares
 less than the aggregate number which the holder is entitled to acquire. In the event of any
 exercise of a number of Warrants less than the number which the holder is entitled to exercise,
 the holder of Warrants upon such exercise shall, in addition, be entitled to receive, without
 charge therefor, a new Warrant Certificate(s), bearing the same legend, if applicable, or
 other appropriate evidence of Warrants, in respect of the balance of the Warrants held by
 such holder and which were not then exercised.

(2) Notwithstanding
 anything herein contained including any adjustment provided for in Section 4.1, the Company
 shall not be required, upon the exercise of any Warrants, to issue fractions of Warrant Shares.
 Warrants may only be exercised in a sufficient number to acquire whole numbers of Warrant
 Shares. Any fractional Warrant Shares shall be rounded up to the next greater whole number
 if the fractional entitlement is equal to or greater than 0.5 and shall, without any additional
 compensation, be rounded down to the next lesser whole number if the fractional entitlement
 is less than 0.5 and, in calculating such fractional interests, all Warrant Shares held by
 such Warrantholder shall be aggregated.

**Section 3.9 Expiration of Warrants.**

Immediately after the Expiry Time, all rights under any Warrant in respect of which the right of acquisition provided for herein shall not have been exercised shall cease and terminate and each Warrant shall be void and of no further force or effect.

**Section 3.10 Accounting and Recording.**

(1) The
 Warrant Agent shall promptly account to the Company with respect to Warrants exercised, and
 shall promptly forward to the Company (or into an account or accounts of the Company with
 the bank or trust company designated by the Company for that purpose), all monies received
 by the Warrant Agent on the subscription of Warrant Shares through the exercise of Warrants.
 All such monies and any securities or other instruments, from time to time received by the
 Warrant Agent, shall be received in trust for, and shall be segregated and kept apart by
 the Warrant Agent, the Warrantholders and the Company as their interests may appear.

(2) The
 Warrant Agent shall record the particulars of Warrants exercised, which particulars shall
 include the names and addresses of the persons who become holders of Warrant Shares on exercise
 and the Exercise Date, in respect thereof. The Warrant Agent shall provide such particulars
 in writing to the Company within three (3) Business Days of any request in writing by the
 Company therefor.

**Section 3.11 Securities Restrictions**

Notwithstanding anything herein contained, Warrant Shares will be issued upon exercise of a Warrant only in compliance with the securities laws of any applicable jurisdiction.

**Article 4**

**ADJUSTMENT OF NUMBER OF Warrant SHARES**

**AND EXERCISE PRICE**

**Section 4.1 Adjustment of Number of Warrant Shares and Exercise Price.**

The subscription rights in effect under the Warrants for Warrant Shares issuable upon the exercise of the Warrants shall be subject to adjustment from time to time as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) if,
 at any time during the Adjustment Period, the Company shall:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) subdivide,
 re-divide or change its outstanding Common Shares into a greater number of Common Shares;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) reduce,
 combine or consolidate its outstanding Common Shares into a lesser number of Common Shares;
 or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) issue
 Common Shares or securities exchangeable for, or convertible into, Common Shares to all or
 substantially all of the holders of Common Shares by way of stock dividend or other distribution
 (other than a distribution of Common Shares upon the exercise of Warrants or any outstanding
 options);

(any of such events in Section 4.1(a)(i), (ii) or (iii) being called a "**Common Share Reorganization**") then the Exercise Price shall be adjusted as of the effect on the effective date or record date of such subdivision, re-division, change, reduction, combination, consolidation or distribution, as the case may be, shall in the case of the events referred to in (i) or (iii) above be decreased in proportion to the number of outstanding Common Shares resulting from such subdivision, re-division, change or distribution, or shall, in the case 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 by multiplying the Exercise Price in effect immediately prior to such effective date or record date by a fraction, the numerator of which shall be the number of Common Shares outstanding on such effective date or record date before giving effect to such Common Share Reorganization and the denominator of which shall be the number of Common Shares outstanding as of the effective date or record date after giving effect to such Common Share Reorganization (including, in the case where securities exchangeable for or convertible into Common Shares are distributed, the number of Common Shares that would have been outstanding had such securities been exchanged for or converted into Common Shares on such record date or effective date). Such adjustment shall be made successively whenever any event referred to in this Section 4.1(a) shall occur. Upon any adjustment of the Exercise Price pursuant to Section 4.1(a), the Exchange Rate shall be contemporaneously adjusted by multiplying the number of Common Shares theretofore obtainable on the exercise thereof by a fraction of which the numerator shall be the Exercise Price in effect immediately prior to such adjustment and the denominator shall be the Exercise Price resulting from such adjustment;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) if
 and whenever at any time during the Adjustment Period, the Company fixes a record date for
 the issuance of rights, options or warrants to all or substantially all the holders of its
 outstanding Common Shares entitling them, during a period expiring not more than 45 days
 after such record date, to subscribe for or purchase Common Shares (or securities convertible
 or exchangeable into Common Shares) at a price per Common Share (or having a conversion or
 exchange price per Common Share) less than 85% of the Current Market Price on such record
 date (a "**Rights Offering** "), the Exercise Price shall be adjusted immediately
 after such record date so that it shall equal the amount 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 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 or exchangeable securities so offered) by the 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 or exchangeable securities so offered are convertible
 or exchangeable; any Common Shares owned by or held for the account 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; to the extent that no such
 rights or warrants are exercised prior to the expiration thereof, the Exercise Price shall
 be readjusted to the Exercise Price which would then be in effect if such record date had
 not been fixed or, if any such rights or warrants are exercised, to the Exercise Price which
 would then be in effect based upon the number of Common Shares (or securities convertible
 or exchangeable into Common Shares) actually issued upon the exercise of such rights or warrants,
 as the case may be. Upon any adjustment of the Exercise Price pursuant to this Section 4.1(b),
 the Exchange Rate will be adjusted immediately after such record date so that it will equal
 the rate determined by multiplying the Exchange Rate in effect on such record date by a fraction,
 of which the numerator shall be the Exercise Price in effect immediately prior to such adjustment
 and the denominator shall be the Exercise Price resulting from such adjustment. Such adjustment
 will be made successively whenever such a record date is fixed, provided that if two or more
 such record dates or record dates referred to in this Section 4.1(b) are fixed within a period
 of 25 Trading Days, such adjustment will be made successively as if each of such record dates
 occurred on the earliest of such record dates;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) 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 the holders of its outstanding
 Common Shares of: (i) securities of any class, whether of the Company or any other entity
 (other than Common Shares); (ii) rights, options or warrants to subscribe for or purchase
 Common Shares (or other securities convertible into or exchangeable for Common Shares), other
 than pursuant to a Rights Offering; (iii) evidences of its indebtedness; or (iv) any property
 or other assets; then, in each such case, the Exercise Price shall be adjusted immediately
 after such record date so that it shall equal the price 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 such record date, less the excess, if any, of the fair market value on such record
 date, as determined by the Company (whose determination shall be conclusive), of such securities
 or other assets so issued or distributed over the fair market value of any consideration
 received therefor by the Company from the holders of the Common Shares, and of which the
 denominator shall be the total number of Common Shares outstanding on such record date multiplied
 by the Current Market Price; and Common Shares owned by or held for the account 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; to the extent that such
 distribution is not so made, the Exercise Price shall be readjusted to the Exercise Price
 which would then be in effect if such record date had not been fixed. Upon any adjustment
 of the Exercise Price pursuant to this Section 4.1(c), the Exchange Rate will be adjusted
 immediately after such record date so that it will equal the rate determined by multiplying
 the Exchange Rate in effect on such record date by a fraction, of which the numerator shall
 be the Exercise Price in effect immediately prior to such adjustment and the denominator
 shall be the Exercise Price resulting from such adjustment;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) if
 and whenever at any time during the Adjustment Period, there is a reclassification of the
 Common Shares or a capital reorganization of the Company other than as described in Section
 4.1(a), or a consolidation, amalgamation, arrangement or merger of the Company with or into
 any other body corporate, trust, partnership or other entity, or a sale or conveyance of
 the property and assets of the Company as an entirety or substantially as an entirety to
 any other body corporate, trust, partnership or other entity, any Registered Warrantholder
 who has not exercised its right of acquisition prior to the record date or effective date,
 as the case may be, of such reclassification, capital reorganization, consolidation, amalgamation,
 arrangement or merger, sale or conveyance, upon the exercise of such right thereafter, shall
 be entitled to receive upon payment of the Exercise Price and shall accept, in lieu of the
 number of Warrant Shares that prior to such effective date the Registered Warrantholder would
 have been entitled to receive, the number of shares or other securities or property of the
 Company or of the body corporate, trust, partnership or other entity resulting from such
 merger, amalgamation or consolidation, or to which such sale or conveyance may be made, as
 the case may be, that such Registered Warrantholder would have been entitled to receive on
 such reclassification, capital reorganization, consolidation, amalgamation, arrangement or
 merger, sale or conveyance, if, on the record date or effective date thereof, as the case
 may be, the Registered Warrantholder had been the registered holder of the number of Warrant
 Shares to which prior to such effective date it was entitled to acquire upon the exercise
 of the Warrants. If determined appropriate by the Warrant Agent, relying on advice of Counsel,
 to give effect to or to evidence the provisions of this Section 4.1(d), the Company, its
 successor, or such purchasing body corporate, partnership, trust or other entity, as the
 case may be, shall, prior to or contemporaneously with any such reclassification, capital
 reorganization, consolidation, amalgamation, arrangement, merger, sale or conveyance, 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 Registered Warrantholders 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 shares, other securities or property to which a Registered Warrantholder is
 entitled on the exercise of its acquisition rights thereafter. Any indenture entered into
 between the Company and the Warrant Agent pursuant to the provisions of this Section 4.1(d)
 shall be a supplemental indenture entered into pursuant to the provisions of Article 8 hereof.
 Any indenture entered into between the Company, any successor to the Company or such purchasing
 body corporate, partnership, trust or other entity and the Warrant Agent shall provide for
 adjustments which shall be as nearly equivalent as may be practicable to the adjustments
 provided in this Section 4.1 and which shall apply to successive reclassifications, capital
 reorganizations, amalgamations, consolidations, mergers, sales or conveyances;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) in
 any case in which this Section 4.1 shall require that an adjustment shall become effective
 immediately after a record date for an event referred to herein, the Company may defer, until
 the occurrence of such event, issuing to the Registered Warrantholder of any Warrant exercised
 after the record date and prior to completion of such event the additional Warrant Shares
 issuable by reason of the adjustment required by such event before giving effect to such
 adjustment; provided, however, that the Company shall deliver to such Registered Warrantholder
 an appropriate instrument evidencing such Registered Warrantholder's right to receive
 such additional Common Shares upon the occurrence of the event requiring such adjustment
 and the right to receive any distributions made on such additional Common Shares declared
 in favour of holders of record of Common Shares on and after the relevant date of exercise
 or such later date as such Registered Warrantholder would, but for the provisions of this
 Section 4.1(e), have become the holder of record of such additional Common Shares pursuant
 to Section 4.1;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) in
 any case in which Section 4.1(a)(iii), Section 4.1(b) or Section 4.1(c) require that an adjustment
 be made to the Exercise Price, no such adjustment shall be made if the Registered Warrantholders
 of the outstanding Warrants receive, subject to any required stock exchange or regulatory
 approval, the rights or warrants referred to in Section 4.1(a)(iii), Section 4.1(b) or the
 shares, rights, options, warrants, evidences of indebtedness or assets referred to in Section
 4.1(c), as the case may be, in such kind and number as they would have received if they had
 been holders of Common Shares on the applicable record date or effective date, as the case
 may be, by virtue of their outstanding Warrant having then been exercised into Common Shares
 at the Exercise Price in effect on the applicable record date or effective date, as the case
 may be;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) the
 adjustments provided for in this Section 4.1 are cumulative, and shall, in the case of adjustments
 to the Exercise Price, be computed to the nearest whole cent and shall apply to successive
 subdivisions, re-divisions, reductions, combinations, consolidations, distributions, issues
 or other events resulting in any adjustment under the provisions of this Section 4.1; provided
 that, notwithstanding any other provision of this Section 4.1, no adjustment of the Exercise
 Price shall be required unless such adjustment would require an increase or decrease of at
 least 1% in the Exercise Price then in effect; provided, however, that any adjustments which
 by reason of this Section 4.1(g) are not required to be made shall be carried forward and
 taken into account in any subsequent adjustment; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) after
 any adjustment pursuant to this Section 4.1, the term "**Common Shares** "
 where used in this Indenture shall be interpreted to mean securities of any class or classes
 which, as a result of such adjustment and all prior adjustments pursuant to this Section
 4.1, the Registered Warrantholder is entitled to receive upon the exercise of his or her
 Warrant, and the number of Warrant Shares indicated by any exercise made pursuant to a Warrant
 shall be interpreted to mean the number of Warrant Shares or other property or securities
 a Registered Warrantholder is entitled to receive, as a result of such adjustment and all
 prior adjustments pursuant to this Section 4.1, upon the full exercise of a Warrant.

**Section 4.2 Entitlement to Warrant Shares on Exercise of Warrant.**

All Common Shares or shares of any class or other securities, which a Registered Warrantholder is at the time in question entitled to receive on the exercise of its Warrant, whether or not as a result of adjustments made pursuant to this Article 4, shall, for the purposes of the interpretation of this Indenture, be deemed to be Warrant Shares which such Registered Warrantholder is entitled to acquire pursuant to such Warrant.

**Section 4.3 No Adjustment for Certain Transactions.**

Notwithstanding anything in this Article 4, no adjustment shall be made in the acquisition rights attached to the Warrants if the issue of Common Shares is being made pursuant to this Indenture or in connection with: (a) any share incentive plan or restricted share plan or share purchase plan in force from time to time for directors, officers, employees, consultants or other service providers of the Company; or (b) the satisfaction of existing instruments issued at the date hereof.

**Section 4.4 Determination by Independent Firm.**

In the event of any question arising with respect to the adjustments provided for in this Article 4, such question shall be conclusively determined by an independent firm of chartered public accountants other than the Auditor, who shall have access to all necessary records of the Company, and such determination shall be binding upon the Company, the Warrant Agent, all holders and all other persons interested therein.

**Section 4.5 Proceedings Prior to any Action Requiring Adjustment.**

As a condition precedent to the taking of any action which would require an adjustment in any of the acquisition rights pursuant to any of the Warrants, including the number of Warrant Shares which are to be received upon the exercise thereof, the Company shall take any action which may, in the opinion of Counsel, be necessary in order that the Company has unissued and reserved in its authorized capital and may validly and legally issue as fully paid and non-assessable all the Warrant Shares which the holders of such Warrants are entitled to receive on the full exercise thereof in accordance with the provisions hereof.

**Section 4.6 Certificate of Adjustment.**

The Company shall from time to time immediately after the occurrence of any event which requires an adjustment or readjustment as provided in Section 4.1, deliver a certificate of the Company to the Warrant Agent specifying the nature of the event requiring the same and the amount of the adjustment or readjustment necessitated thereby, and setting forth in reasonable detail the method of calculation and the facts upon which such calculation is based, which certificate may be supported by a certificate of the Company's Auditor verifying such calculation if requested by the Warrant Agent at their discretion. The Warrant Agent shall rely, and shall be protected in so doing, upon the certificate of the Company or of the Company's Auditor and any other document filed by the Company pursuant to this Article 4 for all purposes.

**Section 4.7 Notice of Special Matters.**

The Company covenants with the Warrant Agent that, so long as any Warrant remains outstanding, it will give notice to the Warrant Agent and to the Registered Warrantholders of its intention to fix a record date that is prior to the Expiry Date for any matter for which an adjustment may be required pursuant to Section 4.1 Such notice shall specify the particulars of such event and the record date for such event, provided that the Company shall only be required to specify in the notice such particulars of the event as shall have been fixed and determined on the date on which the notice is given. The notice shall be given in each case not less than 14 days prior to such applicable record date. If notice has been given and the adjustment is not then determinable, the Company shall promptly, after the adjustment is determinable, file with the Warrant Agent a computation of the adjustment and give notice to the Registered Warrantholders of such adjustment computation.

**Section 4.8 No Action after Notice.**

The Company covenants with the Warrant Agent that it will not close its transfer books or take any other corporate action which might deprive the Registered Warrantholder of the opportunity to exercise its right of acquisition pursuant thereto during the period of 14 days after the giving of the certificate or notices set forth in Section 4.6 and Section 4.7.

**Section 4.9 Other Action.**

If the Company, after the date hereof, shall take any action affecting the Common Shares other than action described in Section 4.1, which in the reasonable opinion of the directors of the Company would materially affect the rights of Registered Warrantholders, the Exercise Price and/or Exchange Rate and the number of Warrant Shares which may be acquired upon exercise of the Warrants shall be adjusted in such manner and at such time, by action of the directors, acting reasonably and in good faith, in their sole discretion as they may determine to be equitable to the Registered Warrantholders in the circumstances, provided that no such adjustment will be made unless any requisite prior approval of any stock exchange on which the Common Shares are listed for trading has been obtained.

**Section 4.10 Protection of Warrant Agent.**

The Warrant Agent shall not:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) at
 any time be under any duty or responsibility to any Registered Warrantholder to determine
 whether any facts exist which may require any adjustment contemplated by Section 4.1, 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) be
 accountable with respect to the validity or value (or the kind or amount) of any Warrant
 Shares or of any other securities or property which may at any time be issued or delivered
 upon the exercise of the rights attaching to any Warrant;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) be
 responsible for any failure of the Company to issue, transfer or deliver Warrant Shares or
 certificates for the same upon the surrender of any Warrants for the purpose of the exercise
 of such rights or to comply with any of the covenants contained in this Article 4; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) incur
 any liability or be in any way responsible for the consequences of any breach on the part
 of the Company of any of the representations, warranties or covenants herein contained or
 of any acts of the directors, officers, employees, agents or servants of the Company.

**Section 4.11 Participation by Warrantholder.**

No adjustments shall be made pursuant to this Article 4 if the Registered Warrantholders are entitled to participate in any event described in this Article 4 on the same terms, mutatis mutandis, as if the Registered Warrantholders had exercised their Warrants prior to, or on the effective date or record date of, such event.

**Article 5**

**RIGHTS OF THE COMPANY AND COVENANTS**

**Section 5.1 Optional Purchases by the Company.**

Subject to compliance with applicable securities legislation and approval of applicable regulatory authorities, if any such approval is required, the Company may from time to time purchase by private contract or otherwise any of the Warrants. Any such purchase shall be made at the lowest price or prices at which, in the opinion of the directors of the Company, such Warrants are then obtainable, plus reasonable costs of purchase, and may be made in such manner, from such persons and on such other terms as the Company, in its sole discretion, may determine. In the case of Warrant Certificates, Warrant Certificates representing the Warrants purchased pursuant to this Section 5.1 shall forthwith be delivered to and cancelled by the Warrant Agent and reflected accordingly on the register of Warrants. In the case of Uncertificated Warrants, the Warrants purchased pursuant to this Section 5.1 shall be reflected accordingly on the register of Warrants and in accordance with procedures prescribed by the Depository under the book-entry registration system. No Warrants shall be issued in replacement thereof.

**Section 5.2 General Covenants.**

The Company covenants with the Warrant Agent that so long as any Warrants remain outstanding:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) it
 will reserve and keep available a sufficient number of Common Shares for the purpose of enabling
 it to satisfy its obligations to issue Warrant Shares upon the exercise of the Warrants;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) it
 will cause the Warrant Shares from time to time acquired pursuant to the exercise of the
 Warrants to be duly issued and delivered in accordance with the Warrants and the terms of
 this Indenture;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) upon
 payment of the aggregate Exercise Price therefor, all Warrant Shares which shall be issued
 upon exercise of the right to acquire provided for herein shall be fully paid and non-assessable
 Common Shares, free and clear of all encumbrances, except for resale restrictions as may
 be required under applicable Securities Laws;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) it
 will use reasonable commercial efforts to maintain its corporate existence, or the corporate
 existence of any successor entity, and carry on its business in the ordinary course;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) generally,
 it will well and truly perform and carry out all of the acts or things to be done by it as
 provided in this Indenture;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) in
 the event that the Registration Statement has been declared effective by the SEC, it will
 give written notice to the Warrant Agent and the Agents of the filing of the Registration
 Statement and specifying the Qualification Date Expiry, not later than two Business Days
 after the issuance of such filing of such Registration Statement; and the Company will provide
 written confirmation to the Warrant Agent, the Agents and the Warrantholders of any adjustment
 that has been made; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) the
 Company will promptly notify the Warrant Agent and the Warrantholders in writing of any default
 under the terms of this Warrant Indenture which remains unrectified for more than five days
 following its occurrence.

**Section 5.3 Warrant Agent's Remuneration and Expenses.**

The Company covenants that it will pay to the Warrant Agent from time to time reasonable remuneration for its services hereunder and will pay or reimburse the Warrant Agent upon its request for all reasonable expenses, disbursements and advances incurred or made by the Warrant Agent in the administration or execution of its duties hereby created (including the reasonable compensation and the 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 Warrant Agent hereunder shall be finally and fully performed. Any amount owing hereunder and remaining unpaid after 30 days from the invoice date will bear interest at the then current rate charged by the Warrant Agent against unpaid invoices and shall be payable upon demand. This Section 5.3 shall survive the resignation or removal of the Warrant Agent and/or the termination of this Indenture.

**Section 5.4 Performance of Covenants by Warrant Agent.**

If the Company shall fail to perform any of its covenants contained in this Indenture, the Warrant Agent may notify the Registered Warrantholders of such failure on the part of the Company and may itself perform any of the covenants capable of being performed by it but, subject to Section 9.2, shall be under no obligation to perform said covenants or to notify the Registered Warrantholders of such performance by it. All sums expended or advanced by the Warrant Agent in so doing shall be repayable as provided in Section 5.3. No such performance, expenditure or advance by the Warrant Agent shall relieve the Company of any default hereunder or of its continuing obligations under the covenants herein contained.

**Section 5.5 Enforceability of Warrants.**

The Company covenants and agrees that it is duly authorized to create and issue the Warrants to be issued hereunder and that the Warrants, when issued and Authenticated as herein provided, will be valid and enforceable against the Company in accordance with the provisions hereof and the terms hereof and that, subject to the provisions of this Indenture, the Company will cause the Warrant Shares from time to time acquired upon exercise of Warrants issued under this Indenture to be duly issued and delivered in accordance with the terms of this Indenture.

**Article 6**

**ENFORCEMENT**

**Section 6.1 Suits by Registered Warrantholders.**

All or any of the rights conferred upon any Registered Warrantholder by any of the terms of this Indenture may be enforced by the Registered Warrantholder by appropriate proceedings but without prejudice to the right which is hereby conferred upon the Warrant Agent to proceed in its own name to enforce each and all of the provisions herein contained for the benefit of the Registered Warrantholders.

**Section 6.2 Suits by the Company.**

The Company shall have the right to enforce full payment of the Exercise Price of all Warrant Shares issued by the Warrant Agent to a Registered Warrantholder hereunder and shall be entitled to demand such payment from the Registered Warrantholder, or alternatively to instruct the Warrant Agent to cancel the share certificates representing such Warrant Shares and amend the securities register of the Company accordingly.

**Section 6.3 Immunity of Shareholders, etc.**

The Warrant Agent and the Warrantholders hereby waive and release any right, cause of action or remedy now or hereafter existing in any jurisdiction against any incorporator or any past, present or future shareholder, trustee, director, employee or agent of the Company or any successor entity on any covenant, agreement, representation or warranty by the Company herein. The obligations hereunder are not personally binding upon, nor will resort hereunder be had to, the private property of any of the past, present or future directors or shareholders of the Company, or any of the past, present or future officers, employees of the Company or any successor entity, and only the property of the Company or any successor entity will be bound in respect hereof.

**Section 6.4 Waiver of Default.**

Upon the happening of any default hereunder:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the
 Registered Warrantholders of not less than 51% of the Warrants then outstanding shall have
 power (in addition to the powers exercisable by Extraordinary Resolution) by requisition
 in writing to instruct the Warrant Agent to waive any default hereunder, and the Warrant
 Agent shall thereupon waive the default upon such terms and conditions as shall be prescribed
 in such requisition; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the
 Warrant Agent shall have power to waive any default hereunder upon such terms and conditions
 as the Warrant Agent may deem advisable, on the advice of Counsel, if, in the Warrant Agent's
 opinion, based on the advice of Counsel, the same shall have been cured or adequate provision
 made therefor;

provided that no delay or omission of the Warrant Agent or of the Registered Warrantholders to exercise any right or power accruing upon any default shall impair any such right or power or shall be construed to be a waiver of any such default or acquiescence therein and provided further that no act or omission either of the Warrant Agent or of the Registered Warrantholders in the premises shall extend to or be taken in any manner whatsoever to affect any subsequent default hereunder of the rights resulting therefrom.

**Article 7**

**MEETINGS OF REGISTERED WARRANTHOLDERS**

**Section 7.1 Right to Convene Meetings.**

The Warrant Agent may at any time and from time to time, and shall on receipt of a written request of the Company or of a Warrantholders' Request and upon being indemnified and funded to its reasonable satisfaction by the Company or by the Registered Warrantholders signing such Warrantholders' Request against the costs which may be incurred in connection with the calling and holding of such meeting, convene a meeting of the Registered Warrantholders. If the Warrant Agent fails to so call a meeting within seven days after receipt of such written request of the Company or within 30 days after receipt of such Warrantholders' Request and the indemnity and funding given as aforesaid, the Company or such Registered Warrantholders, as the case may be, may convene such meeting. Every such meeting shall be held in the City of Toronto or at such other place as may be approved or determined by the Warrant Agent and the Company.

**Section 7.2 Notice.**

At least 21 days' prior written notice of any meeting of Registered Warrantholders shall be given to the Registered Warrantholders in the manner provided for in Section 10.2, and a copy of such notice shall be sent by mail to the Warrant Agent (unless the meeting has been called by the Warrant Agent) and to the Company (unless the meeting has been called by the Company). Such notice shall state the time when and the place where the meeting is to be held, shall state briefly the general nature of the business to be transacted thereat and shall contain such information as is reasonably necessary to enable the Registered Warrantholders to make a reasoned decision on the matter, but 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 7.

**Section 7.3 Chairman.**

An individual (who need not be a Registered Warrantholder) designated in writing by the Warrant Agent shall be chairman of the meeting, and if no individual is so designated, or if the individual so designated is not present within fifteen minutes from the time fixed for the holding of the meeting, the Registered Warrantholders present in person or by proxy shall choose an individual present to be chairman.

**Section 7.4 Quorum.**

Subject to the provisions of Section 7.11, at any meeting of the Registered Warrantholders a quorum shall consist of Registered Warrantholder(s) present in person or by proxy and entitled to purchase at least 10% of the aggregate number of Warrant Shares which may be acquired pursuant to all the then outstanding Warrants, provided that at least two persons entitled to vote thereat are personally present. If a quorum of the Registered Warrantholders shall not be present within thirty minutes from the time fixed for holding any meeting, the meeting, if summoned by Registered Warrantholders or on a Warrantholders' Request, 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) at the same time and place and no notice of the adjournment need be given. Any business may be brought before or dealt with at an adjourned meeting which might have been dealt with at the original meeting in accordance with the notice calling the same. No business shall be transacted at any meeting unless a quorum be present at the commencement of business. At the adjourned meeting, the Registered Warrantholders present in person or by proxy shall form a quorum and may transact the business for which the meeting was originally convened, notwithstanding that they may not be entitled to acquire at least 10% of the aggregate number of Warrant Shares which may be acquired pursuant to all then outstanding Warrants.

**Section 7.5 Power to Adjourn.**

The chairman of any meeting of Registered Warrantholders at which a quorum of the Registered Warrantholders is present may, with the consent of the meeting, adjourn any such meeting, and no notice of such adjournment need be given except such notice, if any, as the meeting may prescribe.

**Section 7.6 Show of Hands.**

Every question submitted to a meeting of Registered Warrantholders shall be decided in the first place by a majority of the votes given on a show of hands, except that votes on an Extraordinary Resolution shall be given in the manner hereinafter provided. At any such meeting, unless a poll is duly demanded as hereinafter 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.

**Section 7.7 Poll and Voting.**

(1) On
 every Extraordinary Resolution, and on any other question submitted to a meeting and after
 a vote by show of hands when demanded by the chairman or by one or more of the Registered
 Warrantholders acting in person or by proxy and entitled to acquire in the aggregate at least
 5% of the aggregate number of Warrant Shares which may be acquired pursuant to all the Warrants
 then outstanding, a poll shall be taken in such manner as the chairman shall direct. Questions
 other than those required to be determined by Extraordinary Resolution shall be decided by
 a majority of the votes cast on the poll.

(2) On
 a show of hands, every person who is present and entitled to vote, whether as a Registered
 Warrantholder or as proxy for one or more absent Registered Warrantholders, or both, shall
 have one vote. On a poll, each Registered Warrantholder present in person or represented
 by a proxy duly appointed by instrument in writing shall be entitled to one vote in respect
 of each Warrant then held or represented by it. A proxy need not be a Registered Warrantholder.
 The chairman of any meeting shall be entitled, both on a show of hands and on a poll, to
 vote in respect of the Warrants, if any, held or represented by him.

**Section 7.8 Regulations.**

(1) The
 Warrant Agent, or the Company with the approval of the Warrant Agent, may from time to time
 make and from time to time vary such regulations as it shall think fit for the setting of
 the record date for a meeting for the purpose of determining Registered Warrantholders entitled
 to receive notice of and to vote at the meeting, the form of the instrument of proxy, and
 generally for calling meetings of the Registered Warrantholders and the conduct of business
 thereat.

(2) Any
 regulations so made shall be binding and effective and the votes given in accordance therewith
 shall be valid and shall be counted. Except as such regulations may provide, the only persons
 who shall be recognized at any meeting as a Registered Warrantholder, or be entitled to vote
 or be present at the meeting in respect thereof (subject to Section 7.9), shall be Registered
 Warrantholders or their counsel, or proxies of Registered Warrantholders.

**Section 7.9 Company and Warrant Agent May be Represented.**

The Company and the Warrant Agent, by their respective directors, officers, agents or employees, and the Counsel for the Company and for the Warrant Agent, may attend any meeting of the Registered Warrantholders, but will have no vote as such, unless in their capacity as a Registered Warrantholder or as a proxy for a Registered Warrantholder.

**Section 7.10 Powers Exercisable by Extraordinary Resolution.**

In addition to all other powers conferred upon them by any other provisions of this Indenture or by law, the Registered Warrantholders at a meeting shall, subject to the provisions of Section 7.11, have the power exercisable from time to time by Extraordinary Resolution:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) to
 agree to any modification, abrogation, alteration, compromise or arrangement of the rights
 of Registered Warrantholders or the Warrant Agent in its capacity as warrant agent hereunder
 (subject to the Warrant Agent's prior consent, acting reasonably) or on behalf of the
 Registered Warrantholders against the Company whether such rights arise under this Indenture
 or otherwise;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) to
 amend, alter or repeal any Extraordinary Resolution previously passed or sanctioned by the
 Registered Warrantholders;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) to
 direct or to authorize the Warrant Agent, subject to Section 9.2(2) hereof, to enforce any
 of the covenants on the part of the Company contained in this Indenture or to enforce any
 of the rights of the Registered Warrantholders in any manner specified in such Extraordinary
 Resolution or to refrain from enforcing any such covenant or right;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) to
 waive, and to direct the Warrant Agent to waive, any default on the part of the Company in
 complying with any provisions of this Indenture, either unconditionally or upon any conditions
 specified in such Extraordinary Resolution;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) to
 restrain any Registered Warrantholder from taking or instituting any suit, action or proceeding
 against the Company for the enforcement of any of the covenants on the part of the Company
 in this Indenture or to enforce any of the rights of the Registered Warrantholders;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) to
 direct any Registered Warrantholder who, as such, has brought any suit, action or proceeding
 to stay or to discontinue or otherwise to deal with the same upon payment of the costs, charges
 and expenses reasonably and properly incurred by such Registered Warrantholder in connection
 therewith;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) to
 assent to any change in or omission from the provisions contained in this Indenture or any
 ancillary or supplemental instrument which may be agreed to by the Company, and to authorize
 the Warrant Agent to concur in and execute any ancillary or supplemental indenture embodying
 the change or omission;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) with
 the consent of the Company, such consent not to be unreasonably withheld, to remove the Warrant
 Agent or its successor in office and to appoint a new warrant agent or warrant agents to
 take the place of the Warrant Agent so removed; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) 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 Company.

**Section 7.11 Meaning of Extraordinary Resolution.**

(1) The
 expression "**Extraordinary Resolution**" when used in this Indenture means,
 subject as hereinafter provided in this Section 7.11 and in Section 7.14, a resolution proposed
 at a meeting of Registered Warrantholders duly convened for that purpose and held in accordance
 with the provisions of this Article 7, at which there are present in person or by proxy Registered
 Warrantholders holding at least 25% of the aggregate number of Warrant Shares that may be
 acquired on exercise of the Warrants and passed by the affirmative votes of Registered Warrantholders
 holding not less than 66 2/3% of the aggregate number of Warrant Shares that may be acquired
 on exercise of the Warrants at the meeting and voted on the poll upon such resolution.

(2) If,
 at the meeting at which an Extraordinary Resolution is to be considered, Registered Warrantholders
 holding at least 25% of the aggregate number of Warrant Shares that may be acquired are not
 present in person or by proxy within 30 minutes after the time appointed for the meeting,
 then the meeting, if convened by Registered Warrantholders or on a Warrantholders'
 Request, shall be dissolved; but in any other case it shall stand adjourned to such day,
 being not less than 15 or more than 60 days later, and to such place and time as may be appointed
 by the chairman. Not less than 14 days' prior notice shall be given of the time and
 place of such adjourned meeting in the manner provided for in Section 10.2. Such notice shall
 state that at the adjourned meeting the Registered Warrantholders present in person or by
 proxy shall form a quorum but it shall not be necessary to set forth the purposes for which
 the meeting was originally called or any other particulars. At the adjourned meeting the
 Registered Warrantholders 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 by the requisite vote as provided in Section 7.11(1) shall be
 an Extraordinary Resolution within the meaning of this Indenture, notwithstanding that Registered
 Warrantholders entitled to acquire at least 25% of the aggregate number of Warrant Shares
 which may be acquired pursuant to all the then outstanding Warrants are not present in person
 or by proxy at such adjourned meeting.

(3) Subject
 to Section 7.14, 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 7.12 Powers Cumulative.**

Any one or more of the powers or any combination of the powers in this Indenture stated to be exercisable by the Registered Warrantholders by Extraordinary Resolution or otherwise may be exercised from time to time and the exercise of any one or more of such powers or any combination of powers from time to time shall not be deemed to exhaust the right of the Registered Warrantholders to exercise such power or powers or combination of powers then or thereafter from time to time.

**Section 7.13 Minutes.**

Minutes of all resolutions and proceedings at every meeting of Registered Warrantholders shall be made and duly recorded in the books and such minutes as aforesaid, if signed by the chairman or the secretary of the meeting at which such resolutions were passed or proceedings taken, 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 convened and held, and all resolutions passed thereat or proceedings taken shall be deemed to have been duly passed and taken.

**Section 7.14 Instruments in Writing.**

All actions which may be taken and all powers that may be exercised by the Registered Warrantholders at a meeting held as provided in this Article 7 may also be taken and exercised by Registered Warrantholders holding at least 66.67% of the aggregate number of the then outstanding Warrants by an instrument in writing signed in one or more counterparts by such Registered Warrantholders in person or by attorney duly appointed in writing, and the expression "**Extraordinary Resolution**" when used in this Indenture shall include an instrument so signed.

**Section 7.15 Binding Effect of Resolutions.**

Every resolution and every Extraordinary Resolution passed in accordance with the provisions of this Article 7 at a meeting of Registered Warrantholders shall be binding upon all the Warrantholders, whether present at or absent from such meeting, and every instrument in writing signed by Registered Warrantholders in accordance with Section 7.14 shall be binding upon all the Warrantholders, whether signatories thereto or not, and each and every Warrantholder and the Warrant Agent (subject to the provisions for indemnity herein contained) shall be bound to give effect accordingly to every such resolution and instrument in writing.

**Section 7.16 Holdings by Company Disregarded.**

In determining whether Registered Warrantholders holding Warrants evidencing the entitlement to acquire the required number of Warrant Shares are present at a meeting of Registered Warrantholders for the purpose of determining a quorum or have concurred in any consent, waiver, Extraordinary Resolution, Warrantholders' Request or other action under this Indenture, Warrants owned legally or beneficially by the Company shall be disregarded in accordance with the provisions of Section 10.7.

**Article 8**

**SUPPLEMENTAL INDENTURES**

**Section 8.1 Provision for Supplemental Indentures for Certain Purposes.**

From time to time, the Company (when authorized by action of the directors of the Company) and the Warrant Agent may, subject to the provisions hereof and subject to the prior approval of the CSE, as need be, and the Company or Warrant Agent shall, when so directed in accordance with the provisions hereof, execute and deliver by their proper officers, indentures or instruments supplemental hereto, which thereafter shall form part hereof, for any one or more or all of the following purposes:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) setting
 forth any adjustments resulting from the application of the provisions of Article 4;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) adding
 to the provisions hereof such additional covenants and enforcement provisions as, in the
 opinion of Counsel of the Company, are necessary or advisable in the premises, provided that
 the same are not in the opinion of the Warrant Agent (relying on the advice of Counsel) prejudicial
 to the interests of the Registered Warrantholders;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) giving
 effect to any Extraordinary Resolution passed as provided in Section 7.11;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) making
 such provisions not inconsistent with this Indenture as may be necessary or desirable with
 respect to matters or questions arising hereunder or for the purpose of obtaining a listing
 or quotation of the Warrants on any stock exchange or quotation system, provided that such
 provisions are not, in the opinion of the Warrant Agent, relying on the advice of its Counsel,
 prejudicial to the interests of the Registered Warrantholders;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) adding
 to or altering the provisions hereof in respect of the transfer of Warrants, making provision
 for the exchange of Warrants, and making any modification in the form of the Warrant Certificates
 which does not affect the substance thereof;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) modifying
 any of the provisions of this Indenture, including relieving the Company from any of the
 obligations, conditions or restrictions herein contained, provided that such modification
 or relief shall be or become operative or effective only if, in the opinion of the Warrant
 Agent, relying on the advice of its Counsel, such modification or relief in no way prejudices
 any of the rights of the Registered Warrantholders or of the Warrant Agent, and provided
 further that the Warrant Agent may in its sole discretion decline to enter into any such
 supplemental indenture which in its opinion may not afford adequate protection to the Warrant
 Agent when the same shall become operative;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) providing
 for the issuance of additional Warrants hereunder, including Warrants in excess of the number
 set out in Section 2.1 and any consequential amendments hereto as may be required by the
 Warrant Agent relying on the advice of its Counsel; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) for
 any other purpose not inconsistent with the terms of this Indenture, including the correction
 or rectification of any ambiguities, defective or inconsistent provisions, errors, mistakes
 or omissions herein, provided that in the opinion of the Warrant Agent, relying on the advice
 of its Counsel, the rights of the Warrant Agent and of the Registered Warrantholders are
 in no way prejudiced thereby.

**Section 8.2 Successor Entities.**

In the case of the consolidation, amalgamation, arrangement, merger or transfer of the undertaking or assets of the Company as an entirety or substantially as an entirety to or with another entity (each, a "**successor entity**"), the successor entity resulting from such consolidation, amalgamation, arrangement, merger or transfer (if not the Company) shall expressly assume, by supplemental indenture satisfactory in form to the Warrant Agent, acting reasonably, and executed and delivered to the Warrant Agent, the due and punctual performance and observance of each and every covenant and condition of this Indenture to be performed and observed by the Company.

**Article 9**

**CONCERNING THE WARRANT Agent**

**Section 9.1 Trust Indenture Legislation.**

(1) If
 and to the extent that any provision of this Indenture limits, qualifies or conflicts with
 a mandatory requirement of Applicable Legislation, such mandatory requirement shall prevail.

(2) The
 Company and the Warrant Agent agree that each will, at all times in relation to this Indenture
 and any action to be taken hereunder, observe and comply with and be entitled to the benefits
 of Applicable Legislation.

**Section 9.2 Rights and Duties of Warrant Agent.**

(1) In
 the exercise of the rights and duties prescribed or conferred by the terms of this Indenture,
 the Warrant Agent shall exercise that degree of care, diligence and skill that a reasonably
 prudent trustee would exercise in comparable circumstances. No provision of this Indenture
 shall be construed to relieve the Warrant Agent from liability for its own gross negligent
 action, wilful misconduct, bad faith or fraud under this Indenture.

(2) The
 obligation of the Warrant Agent to commence or continue any act, action or proceeding for
 the purpose of enforcing any rights of the Warrant Agent or the Registered Warrantholders
 hereunder shall be conditional upon the Registered Warrantholders furnishing, when required
 by notice by the Warrant Agent, sufficient funds to commence or to continue such act, action
 or proceeding and an indemnity reasonably satisfactory to the Warrant Agent to protect and
 to hold harmless the Warrant Agent and its officers, directors, employees and agents, against
 the costs, charges and expenses and liabilities to be incurred thereby and any loss and damage
 it may suffer by reason thereof.

(3) None
 of the provisions contained in this Indenture shall require the Warrant Agent to expend or
 to risk its own funds or otherwise to incur financial liability in the performance of any
 of its duties or in the exercise of any of its rights or powers unless indemnified and funded
 as aforesaid.

(4) The
 Warrant Agent may, before commencing or at any time during the continuance of any such act,
 action or proceeding, require the Registered Warrantholders, at whose instance it is acting
 to deposit with the Warrant Agent the Warrants Certificates held by them, for which Warrants
 the Warrant Agent shall issue receipts.

(5) Every
 provision of this Indenture, that by its terms relieves the Warrant Agent of liability or
 entitles it to rely upon any evidence submitted to it, is subject to the provisions of Applicable
 Legislation.

**Section 9.3 Evidence, Experts and Advisers.**

(1) In
 addition to the reports, certificates, opinions and other evidence required by this Indenture,
 the Company shall furnish to the Warrant Agent such additional evidence of compliance with
 any provision hereof, and in such form, as may be prescribed by Applicable Legislation or
 as the Warrant Agent may reasonably require by written notice to the Company.

(2) In
 the exercise of its rights and duties hereunder, the Warrant Agent may, if it is acting in
 good faith, rely as to the truth of the statements and the accuracy of the opinions expressed
 in statutory declarations, opinions, reports, written requests, consents, or orders of the
 Company, certificates of the Company or other evidence furnished to the Warrant Agent pursuant
 to a request of the Warrant Agent, provided that such evidence complies with Applicable Legislation
 and that the Warrant Agent complies with Applicable Legislation and that the Warrant Agent
 examines the same and determines that such evidence complies with the applicable requirements
 of this Indenture.

(3) Whenever
 it is provided in this Indenture or under Applicable Legislation that the Company shall deposit
 with the Warrant Agent resolutions, certificates, reports, opinions, requests, orders or
 other documents, it is intended that the truth, accuracy and good faith on the effective
 date thereof and the facts and opinions stated in all such documents so deposited shall,
 in each and every such case, be conditions precedent to the right of the Company to have
 the Warrant Agent take the action to be based thereon.

(4) The
 Warrant Agent may employ or retain such Counsel, accountants, appraisers or other experts
 or advisers as it may reasonably require for the purpose of discharging its duties hereunder
 and may pay reasonable remuneration for all services so performed by any of them, without
 taxation of costs of any Counsel, and shall not be responsible for any misconduct or negligence
 on the part of any such experts or advisers who have been appointed with due care by the
 Warrant Agent.

(5) The
 Warrant Agent may act and rely and shall be protected in acting and relying in good faith
 on the opinion or advice of or information obtained from any Counsel, accountant, appraiser,
 engineer or other expert or adviser, whether retained or employed by the Company or by the
 Warrant Agent, in relation to any matter arising in the administration of the agency hereof.

**Section 9.4 Documents, Monies, etc. Held by Warrant Agent.**

Until released in accordance with this Indenture, any funds received hereunder shall be kept in segregated records of the Warrant Agent and the Warrant Agent shall place the funds in segregated trust accounts of the Warrant Agent at one or more of the Canadian Chartered Banks listed in Schedule 1 of the *Bank Act* (Canada) (each, an "**Approved Bank**"). All amounts held by the Warrant Agent pursuant to this Indenture shall be held by the Warrant Agent for the Company and the delivery of the funds to the Warrant Agent shall not give rise to a debtor-creditor or other similar relationship. The amounts held by the Warrant Agent pursuant to this Indenture are at the sole risk of the Company and, without limiting the generality of the foregoing, the Warrant Agent shall have no responsibility or liability for any diminution of the funds which may result from any deposit made with an Approved Bank pursuant to this section, including any losses resulting from a default by the Approved Bank or other credit losses (whether or not resulting from such a default). The parties hereto acknowledge and agree that the Warrant Agent will have acted prudently in depositing the funds at any Approved Bank, and that the Warrant Agent is not required to make any further inquiries in respect of any such bank. The Warrant Agent may hold cash balances constituting part or all of such monies and need not invest the same. The Warrant Agent shall not be liable to account for any profit to any parties to this Indenture or to any other person or entity.

**Section 9.5 Actions by Warrant Agent to Protect Interest.**

The Warrant Agent shall have power to institute and to maintain such actions and proceedings as it may consider necessary or expedient to preserve, protect or enforce its interests and the interests of the Registered Warrantholders.

**Section 9.6 Warrant Agent Not Required to Give Security.**

The Warrant Agent shall not be required to give any bond or security in respect of the execution of the agency and powers of this Indenture or otherwise in respect of the premises.

**Section 9.7 Protection of Warrant Agent.**

By way of supplement to the provisions of any law for the time being relating to the Warrant Agent, it is expressly declared and agreed as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the
 Warrant Agent shall not be liable for or by reason of any statements of fact or recitals
 in this Indenture or in the Warrant Certificates (except the representation contained in
 Section 9.9 or in the Authentication of the Warrant Agent on the Warrant Certificates) or
 be required to verify the same, but all such statements or recitals are and shall be deemed
 to be made by the Company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) nothing
 herein contained shall impose any obligation on the Warrant Agent to see to or to require
 evidence of the registration or filing (or renewal thereof) of this Indenture or any instrument
 ancillary or supplemental hereto;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) the
 Warrant Agent shall not be bound to give notice to any person or persons of the execution
 hereof;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) the
 Warrant Agent shall not incur any liability or responsibility whatever or be in any way responsible
 for the consequence of any breach on the part of the Company of any of its covenants herein
 contained or of any acts of any directors, officers, employees, agents or servants of the
 Company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) the
 Company hereby indemnifies and agrees to hold harmless the Warrant Agent, its affiliates,
 their officers, directors, employees, agents, successors and assigns (collectively, the "**Indemnified Parties**") from and against any and all liabilities whatsoever, losses, damages,
 penalties, claims, demands, actions, suits, proceedings, costs, charges, assessments, judgments,
 expenses and disbursements, including reasonable legal fees and disbursements of whatever
 kind and nature which may at any time be imposed on or incurred by or asserted against the
 Indemnified Parties, or any of them, whether at law or in equity, in any way caused by or
 arising, directly or indirectly, in respect of any act, deed, matter or thing whatsoever
 made, done, acquiesced in or omitted in or about or in relation to the execution of the Indemnified
 Parties' duties, or any other services that Warrant Agent may provide in connection
 with or in any way relating to this Indenture. The Company agrees that its liability hereunder
 shall be absolute and unconditional regardless of the correctness of any representations
 of any third parties and regardless of any liability of third parties to the Indemnified
 Parties, and shall accrue and become enforceable without prior demand or any other precedent
 action or proceeding; provided that the Company shall not be required to indemnify the Indemnified
 Parties in the event of the gross negligence or wilful misconduct of the Warrant Agent, and
 this provision shall survive the resignation or removal of the Warrant Agent or the termination
 or discharge of this Indenture; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) notwithstanding
 the foregoing or any other provision of this Indenture, any liability of the Warrant Agent
 shall be limited, in the aggregate, to the amount of annual retainer fees paid by the Company
 to the Warrant Agent under this Indenture in the twelve (12) months immediately prior to
 the Warrant Agent receiving the first notice of the claim. Notwithstanding any other provision
 of this Indenture, and whether such losses or damages are foreseeable or unforeseeable, the
 Warrant Agent shall not be liable under any circumstances whatsoever for any (a) breach by
 any other party of securities law or other rule of any securities regulatory authority, (b)
 lost profits or (c) special, indirect, incidental, consequential, exemplary, aggravated or
 punitive losses or damages.

**Section 9.8 Replacement of Warrant Agent; Successor by Merger.**

(1) The
 Warrant Agent may resign its agency and be discharged from all further duties and liabilities
 hereunder, subject to this Section 9.8, by giving to the Company not less than sixty (60)
 days' prior notice in writing, or such shorter prior notice as the Company may accept
 as sufficient. The Registered Warrantholders by Extraordinary Resolution shall have power
 at any time to remove the existing Warrant Agent and to appoint a new warrant agent. In the
 event of the Warrant Agent resigning or being removed as aforesaid or being dissolved, becoming
 bankrupt, going into liquidation or otherwise becoming incapable of acting hereunder, the
 Company shall forthwith appoint a new warrant agent unless a new warrant agent has already
 been appointed by the Registered Warrantholders; failing such appointment by the Company,
 the retiring Warrant Agent or any Registered Warrantholder may apply to a judge of the Superior
 Court of the Province of Ontario on such notice as such judge may direct, for the appointment
 of a new warrant agent; but any new warrant agent so appointed by the Company or by the Court
 shall be subject to removal as aforesaid by the Registered Warrantholders. Any new warrant
 agent appointed under any provision of this Section 9.8 shall be an entity authorized to
 carry on the business of a trust company in the Province of Ontario and, if required by the
 Applicable Legislation for any other provinces, in such other provinces. On any such appointment
 the new warrant agent shall be vested with the same powers, rights, duties and responsibilities
 as if it had been originally named herein as Warrant Agent hereunder.

(2) Upon
 the appointment of a successor warrant agent, the Company shall promptly notify the Registered
 Warrantholders thereof in the manner provided for in Section 10.2.

(3) Any
 Warrant Certificates Authenticated but not delivered by a predecessor Warrant Agent may be
 Authenticated by the successor Warrant Agent in the name of the successor Warrant Agent.

(4) Any
 corporation into which the Warrant Agent may be merged or consolidated or amalgamated, or
 any Company resulting therefrom to which the Warrant Agent shall be a party, or any corporation
 succeeding to substantially the corporate trust business of the Warrant Agent shall be the
 suc **c** essor to the Warrant Agent hereunder without any further act on its part or any
 of the parties hereto, provided that such corporation would be eligible for appointment as
 successor Warrant Agent under Section 9.8(1).

**Section 9.9 Acceptance of Agency**

The Warrant Agent hereby accepts the agency in this Indenture declared and provided for and agrees to perform the same upon the terms and conditions herein set forth.

**Section 9.10 Warrant Agent Not to be Appointed Receiver.**

The Warrant Agent and any person related to the Warrant Agent shall not be appointed a receiver, a receiver and manager or liquidator of all or any part of the assets or undertaking of the Company.

**Section 9.11 Warrant Agent Not Required to Give Notice of Default.**

The Warrant Agent shall not be bound to give any notice or do or take any act, action or proceeding by virtue of the powers conferred on it hereby unless and until it shall have been required so to do under the terms hereof; nor shall the Warrant Agent be required to take notice of any default hereunder, unless and until notified in writing of such default, which notice shall distinctly specify the default desired to be brought to the attention of the Warrant Agent and in the absence of any such notice, the Warrant Agent may for all purposes of this Indenture conclusively assume that no default has been made in the observance or performance of any of the representations, warranties, covenants, agreements or conditions contained herein. Any such notice shall in no way limit any discretion herein given to the Warrant Agent to determine whether or not the Warrant Agent shall take action with respect to any default.

**Section 9.12 Anti-Money Laundering.**

(1) Each
 party to this Indenture other than the Warrant Agent hereby represents to the Warrant Agent
 that any account to be opened by, or interest to be held by the Warrant Agent in connection
 with this Agreement, for or to the credit of such 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 party hereto agrees to complete and execute forthwith a
 declaration in the Warrant Agent's prescribed form as to the particulars of such third
 party.

(2) The
 Warrant Agent shall retain the right not to act and shall not be liable for refusing to act
 if, due to a lack of information or for any other reason whatsoever, the Warrant Agent, in
 its sole judgment, determines that such act might cause it to be in non-compliance with any
 applicable anti-money laundering, anti-terrorist or economic sanctions legislation, regulation
 or guideline. Further, should the Warrant Agent, in its sole judgment, determine at any time
 that its acting under this Indenture has resulted in its being in non-compliance with any
 applicable anti-money laundering, anti-terrorist or economic sanctions legislation, regulation
 or guideline, then it shall have the right to resign on ten (10) days written notice to the
 other parties to this Indenture, provided (i) that the Warrant Agent's written notice
 shall describe the circumstances of such non-compliance; and (ii) that if such circumstances
 are rectified to the Warrant Agent's satisfaction within such ten (10) day period,
 then such resignation shall not be effective.

**Section 9.13 Compliance with Privacy Code.**

The parties acknowledge that the Warrant Agent 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 Warrant Agent manage its servicing relationships with such individuals;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) to
 meet the Warrant Agent's legal and regulatory requirements; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) if
 Social Insurance Numbers are collected by the Warrant Agent, to perform tax reporting and
 to assist in verification of an individual's identity for security purposes.

Each party acknowledges and agrees that the Warrant Agent may receive, collect, use and disclose personal information provided to it or acquired by it in the course of its acting as agent hereunder for the purposes described above and, generally, in the manner and on the terms described in its privacy code, which the Warrant Agent shall make available on its website, www.capitaltransferagency.com, or upon request, including revisions thereto. The Warrant Agent 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 Warrant Agent 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 9.14 Securities Exchange Commission Certification.**

The Company 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. Exchange Act or have a reporting obligation pursuant to Section 15(d) of the U.S. Exchange Act.

The Company covenants that in the event that: (i) any class of its securities shall become registered pursuant to Section 12 of the U.S. Exchange Act or the Company shall incur a reporting obligation pursuant to Section 15(d) of the U.S. Exchange Act; or (ii) any such registration or reporting obligation shall be terminated by the Company in accordance with the U.S. Exchange Act, the Company shall promptly deliver to the Warrant Agent an officers' certificate (in a form provided by the Warrant Agent, acting reasonably) notifying the Warrant Agent of such registration or termination and such other information as the Warrant Agent may reasonably require at the time. The Company acknowledges that Warrant Agent is relying upon the foregoing representation and covenants in order to meet certain SEC obligations with respect to those clients who are filing reports with the SEC.

**Article 10**

**GENERAL**

**Section 10.1 Notice to the Company and the Warrant Agent.**

(1) Unless
 herein otherwise expressly provided, any notice to be given hereunder to the Company or the
 Warrant Agent shall be deemed to be validly given if delivered, sent by registered letter,
 postage prepaid or if faxed or emailed:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) If
 to the Company:

**Bunker Hill Mining Corp.**

82 Richmond Street East

Toronto, Ontario

M5C 1P1

Attention: Sam Ash, CEO, President and Director

Email: **[Redacted – Personal Information]**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) If
 to the Warrant Agent:

**Capital Transfer Agency ULC**

Suite 920, 390 Bay Street

Toronto, Ontario

M5H 2Y2

Attention: Emilia Huniewicz

Email: **[Redacted – Personal Information]**

and any such notice delivered in accordance with the foregoing shall be deemed to have been received and given on the date of delivery or, if mailed, on the fifth Business Day following the date of mailing such notice or, if sent by email, be deemed to have been given and received on the day it was so sent unless it was sent:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) on
 a day which is not a Business Day in the place to which it was sent; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) after
 5:00 p.m. in the place to which it was sent,

in which case it will be deemed to have been given and received on the next day which is a Business Day in the place to which it was sent.

(2) The
 Company or the Warrant Agent, as the case may be, may from time to time notify the other
 in the manner provided in Section 10.1(1) of a change of address which, from the effective
 date of such notice and until changed by like notice, shall be the address of the Company
 or the Warrant Agent, as the case may be, for all purposes of this Indenture.

(3) If,
 by reason of a strike, lockout or other work stoppage, actual or threatened, involving postal
 employees, any notice to be given to the Warrant Agent or to the Company hereunder could
 reasonably be considered unlikely to reach its destination, such notice shall be valid and
 effective only if it is delivered to the named officer of the party to which it is addressed,
 as provided in Section 10.1(1), or given by facsimile or other means of prepaid, transmitted
 and recorded communication.

**Section 10.2 Notice to Registered Warrantholders.**

(1) Unless
 otherwise provided herein, notice to the Registered Warrantholders under the provisions of
 this Indenture shall be valid and effective if delivered or sent by ordinary prepaid post
 addressed to such holders at their post office addresses appearing on the register hereinbefore
 mentioned and shall be deemed to have been effectively received and given on the date of
 delivery or, if mailed, on the third Business Day following the date of mailing such notice.
 In the event that Warrants are held in the name of the Depository, a copy of such notice
 shall also be sent by electronic communication to the Depository and shall be deemed received
 and given on the day it is so sent.

(2) If,
 by reason of a strike, lockout or other work stoppage, actual or threatened, involving postal
 employees, any notice to be given to the Registered Warrantholders hereunder could reasonably
 be considered unlikely to reach its destination, such notice shall be valid and effective
 only if it is delivered to such Registered Warrantholders to the address for such Registered
 Warrantholders contained in the register maintained by the Warrant Agent or such notice may
 be given, at the Company's expense, by means of publication in the Globe and Mail,
 National Edition, or any other English language daily newspaper or newspapers of general
 circulation in Canada, in each two successive weeks, the first such notice to be published
 within 5 business days of such event, and any so notice published shall be deemed to have
 been received and given on the latest date the publication takes place.

**Section 10.3 Ownership of Warrants.**

The Company and the Warrant Agent may deem and treat the Registered Warrantholders as the absolute owner thereof for all purposes, and the Company and the Warrant Agent shall not be affected by any notice or knowledge to the contrary except where the Company or the Warrant Agent is required to take notice by statute or by order of a court of competent jurisdiction. The receipt of any such Registered Warrantholder of the Warrant Shares which may be acquired pursuant thereto shall be a good discharge to the Company and the Warrant Agent for the same and neither the Company nor the Warrant Agent shall be bound to inquire into the title of any such holder, except where the Company or the Warrant Agent is required to take notice by statute or by order of a court of competent jurisdiction.

**Section 10.4 Counterparts.**

This Indenture may be 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 they shall be deemed to be dated as of the date hereof. Delivery of an executed copy of the Indenture by electronic facsimile transmission or other means of electronic communication capable of producing a printed copy will be deemed to be execution and delivery of this Indenture as of the date hereof.

**Section 10.5 Satisfaction and Discharge of Indenture.**

Upon the earlier of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the
 date by which there shall have been delivered to the Warrant Agent for exercise or cancellation
 all Warrants theretofore Authenticated hereunder, in the case of Warrant Certificates (or
 such other instructions, in a form satisfactory to the Warrant Agent), in the case of Uncertificated
 Warrants, or by way of standard processing through the book entry system in the case of a
 CDS Global Warrant; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the
 Expiry Time;

and if all certificates or other entry on the register representing Warrant Shares required to be issued in compliance with the provisions hereof have been issued and delivered hereunder or to the Warrant Agent in accordance with such provisions, this Indenture shall cease to be of further effect and the Warrant Agent, on demand of and at the cost and expense of the Company and upon delivery to the Warrant Agent of a certificate of the Company stating that all conditions precedent to the satisfaction and discharge of this Indenture have been complied with, shall execute proper instruments acknowledging satisfaction of and discharging this Indenture. Notwithstanding the foregoing, the indemnities provided to the Warrant Agent by the Company hereunder shall remain in full force and effect and survive the termination of this Indenture.

**Section 10.6 Provisions of Indenture and Warrants for the Sole Benefit of Parties and Registered Warrantholders.**

Nothing in this Indenture or in the Warrants, expressed or implied, shall give or be construed to give to any person other than the parties hereto and the Registered Warrantholders, as the case may be, any legal or equitable right, remedy or claim under this Indenture, or under any covenant or provision herein or therein contained, all such covenants and provisions being for the sole benefit of the parties hereto and the Registered Warrantholders.

**Section 10.7 Common Shares or Warrants Owned by the Company or its Subsidiaries - Certificate to be Provided.**

For the purpose of disregarding any Warrants owned legally or beneficially by the Company in Section 7.16, the Company shall provide to the Warrant Agent, from time to time, a certificate of the Company setting forth as at the date of such certificate:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the
 names (other than the name of the Company) of the Registered Warrantholders which, to the
 knowledge of the Company, are owned by or held for the account of the Company; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the
 number of Warrants owned legally or beneficially by the Company;

and the Warrant Agent, in making the computations shall be entitled to rely on such certificate without any additional evidence.

**Section 10.8 Severability**

If, in any jurisdiction, any provision of this Indenture or its application to any party or circumstance is restricted, prohibited or unenforceable, such provision will, as to such jurisdiction, be ineffective only to the extent of such restriction, prohibition or unenforceability without invalidating the remaining provisions of this Indenture and without affecting the validity or enforceability of such provision in any other jurisdiction or without affecting its application to other parties or circumstances.

**Section 10.9 Force Majeure**

No 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 10.9.

**Section 10.10 Assignment, Successors and Assigns**

Neither of the parties hereto may assign its rights or interest under this Indenture, except as provided in Section 9.8 in the case of the Warrant Agent, or as provided in Section 8.2 in the case of the Company. Subject thereto, this Indenture shall enure to the benefit of and be binding upon the parties hereto and their respective successors and permitted assigns.

**Section 10.11 Rights of Rescission and Withdrawal for Holders**

Should a holder of Warrants exercise any legal, statutory, contractual or other right of withdrawal or rescission that may be available to it, and the holder's funds which were paid on exercise have already been released to the Company by the Warrant Agent, the Warrant Agent shall not be responsible for ensuring the exercise is cancelled and a refund is paid back to the holder. In such cases, the holder shall seek a refund directly from the Company and subsequently, the Company, upon surrender to the Company or the Warrant Agent of any underlying Warrant Shares or other securities that may have been issued, or such other procedure as agreed to by the parties hereto, shall instruct the Warrant Agent in writing, to cancel the exercise transaction and any such underlying Warrant Shares or other securities on the register, which may have already been issued upon the Warrant exercise. In the event that any payment is received from the Company by virtue of the holder being a shareholder for such Warrants that were subsequently rescinded, such payment must be returned to the Company by such holder. The Warrant Agent shall not be under any duty or obligation to take any steps to ensure or enforce the return of the funds pursuant to this section, nor shall the Warrant Agent be in any other way responsible in the event that any payment is not delivered or received pursuant to this section. Notwithstanding the foregoing, in the event that the Company provides the refund to the Warrant Agent for distribution to the holder, the Warrant Agent shall return such funds to the holder as soon as reasonably practicable, and in so doing, the Warrant Agent shall incur no liability with respect to the delivery or non-delivery of any such funds.

**Section 10.12 Power to Amend**

Subject to Article 8, all and any provisions of this Indenture and the Warrant Certificates may from time to time be amended by agreement between the Company and the Warrant Agent on its own behalf and on behalf of the Registered Warrantholders in any respect which they deem necessary or desirable, with notice to but without the need for any additional consent by or on behalf of the Registered Warrantholders, for the purpose of curing any ambiguity, or of curing, correcting or supplementing any defective provisions contained herein or in any manner which the Company and the Warrant Agent on its own behalf and on behalf of the Registered Warrantholders may deem necessary or expedient and which does not in the opinion of the Warrant Agent, relying upon the opinion of its Counsel, materially prejudice the rights exercisable by Extraordinary Resolution of the Registered Warrantholders within the meaning of and in accordance with the procedures set forth in Section 7.11 hereof, and any such amendments will be binding on all Registered Warrantholders from and after the effective date thereof. If this Indenture is so amended, reference herein to this Indenture will, unless the context otherwise requires, be construed, as from the date from which such amendment is expressed to be made, as references to this Indenture and so amended.

**Section 10.13 Waiver**

Each of the parties hereto will have the right to waive any of its rights under this Indenture, in whole or in part, in its absolute discretion, and any such right once waived may thereafter, subject to the terms of the waiver, be reasserted by such party at any time and enforced pursuant to the terms of this Indenture.

**Section 10.14 Governing Law**

This Indenture, the Warrant Certificates and DRS Advices will be governed by and construed in accordance with the laws of the Province of Ontario and the federal laws of Canada applicable therein and will be treated in all respects as Ontario contracts. Each of the parties hereto irrevocably attorns to the exclusive jurisdiction of the courts of the Province of Ontario with respect to all matters arising out of this Indenture and the transactions contemplated herein.

**[*Remainder of page intentionally left blank*.]**

**IN WITNESS WHEREOF** the parties hereto have executed this Indenture under the hands of their proper officers in that behalf as of the date first written above.

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| | |
|:---|:---|
| **BUNKER HILL MINING CORP.** | **BUNKER HILL MINING CORP.** |
| By: | (signed) *"Sam Ash"* |
| Name: | Sam Ash |
| Title: | Chief Executive Officer & President |

---

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| | |
|:---|:---|
| **CAPITAL TRANSFER AGENCY ULC** | **CAPITAL TRANSFER AGENCY ULC** |
| By: | (signed) *"Emilia Huniewicz"* |
| Name: | Emilia Huniewicz |
| Title: | Managing Director |

---

**Schedule "A"**

**Form of Warrant**

**THE WARRANTS EVIDENCED HEREBY ARE EXERCISABLE AT OR BEFORE 5:00 P.M. (TORONTO TIME) ON MARCH 27, 2026, AFTER WHICH TIME THE WARRANTS EVIDENCED HEREBY SHALL BE DEEMED TO BE VOID AND OF NO FURTHER FORCE OR EFFECT.**

*For all Warrants include the following legends*:

**THE SECURITIES REPRESENTED HEREBY AND THE SECURITIES ISSUABLE UPON EXERCISE HEREOF HAVE NOT BEEN REGISTERED UNDER THE U.S. SECURITIES ACT OF 1933, AS AMENDED (THE "U.S. SECURITIES ACT"). THE HOLDER HEREOF, BY PURCHASING SUCH SECURITIES, AGREES FOR THE BENEFIT OF THE COMPANY THAT SUCH SECURITIES MAY BE OFFERED, SOLD, PLEDGED OR OTHERWISE TRANSFERRED ONLY (A) TO 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 ALL LOCAL LAWS AND REGULATIONS, (C) PURSUANT TO THE EXEMPTION FROM THE REGISTRATION REQUIREMENTS OF THE U.S. SECURITIES ACT PROVIDED BY RULE 144 THEREUNDER, IF AVAILABLE, AND 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, AND IN THE CASE OF (B), (C) OR (D), THE HOLDER HAS PRIOR TO SUCH SALE FURNISHED TO THE COMPANY AN OPINION OF COUNSEL OR OTHER EVIDENCE OF EXEMPTION IN FORM AND SUBSTANCE REASONABLY SATISFACTORY TO THE COMPANY. DELIVERY OF THIS CERTIFICATE MAY NOT CONSTITUTE "GOOD DELIVERY" IN SETTLEMENT OF TRANSACTIONS ON STOCK EXCHANGES IN CANADA.**

*For all Warrants issued to holders located in, or subject to the securities laws of a province or territory of Canada, prior to the date that is four (4) months and one (1) day following March 27, 2023, include the following legend until such time as it is no longer required in accordance with applicable Canadian securities laws:*

 

**UNLESS PERMITTED UNDER SECURITIES LEGISLATION, THE HOLDER OF THIS SECURITY MUST NOT TRADE THIS SECURITY BEFORE JULY 28, 2023.**

*For all Warrants sold to persons who are not U.S. Purchasers and registered in the name of the Depository, then also include the following legend*:

**<u>(INSERT IF BEING ISSUED TO CDS)</u> UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF CDS CLEARING AND DEPOSITORY SERVICES INC. ("CDS") TO THE COMPANY 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 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.**

**WARRANT**

To acquire Common Shares of

**BUNKER HILL MINING CORP.**

(incorporated pursuant to the laws of the State of Nevada)

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| | |
|:---|:---|
| Warrant<br> Certificate No. **[●]** | Certificate for _____________________________Warrants, each entitling the holder to acquire one (1) Common Share (subject to adjustment as provided for in the Warrant Indenture (as defined below)<br>CUSIP **[●]**<br>ISIN **[●]** |

---

**THIS IS TO CERTIFY THAT**, for value received, **[●]** (the "**Warrantholder**") is the registered holder of the number of common share purchase warrants (the "**Warrants**") of Bunker Hill Mining Corp. **(**the "**Company**") specified above, and is entitled, on exercise of these Warrants upon and subject to the terms and conditions set forth herein and in the Warrant Indenture (as defined below), to purchase at any time before 5:00 p.m. (Toronto time) (the "**Expiry Time**") on March 27, 2026 (the "**Expiry Date**"), one fully paid and non-assessable common stock without par value in the capital of the Company as constituted on the date hereof (a "**Common Share**") for each Warrant, subject to adjustment in accordance with the terms of the Warrant Indenture. Terms not otherwise defined herein have the meanings attributed to them in the Warrant Indenture.

The right to purchase Common Shares may only be exercised by the Warrantholder within the time set forth above by:

(a) duly completing and executing
 the exercise form (the "**Exercise Form**") attached hereto; and

(b) surrendering
 this warrant certificate (the "**Warrant Certificate** "), with the Exercise
 Form to the Warrant Agent at the principal office of the Warrant Agent, in the city of Toronto,
 together with a certified cheque, bank draft or money order in the lawful money of Canada
 payable to or to the order of the Company in an amount equal to the aggregate Exercise Price
 of the Common Shares so subscribed for.

The surrender of this Warrant Certificate, the duly completed Exercise Form and payment as provided above will be deemed to have been effected only on personal delivery thereof to, or if sent by mail or other means of transmission on actual receipt thereof by, the Warrant Agent at its principal office as set out above.

Pursuant to Section 3.3 of the Warrant Indenture, subject to adjustment thereof in the events and in the manner set forth in the Warrant Indenture hereinafter referred to, the exercise price payable for each Common Share upon the exercise of Warrants shall be $0.15 per Common Share (the "**Exercise Price**"), provided that the Warrants shall be exercisable on a cashless basis in the event the Registration Statement has not been made effective by the SEC prior to the Exercise Date.

Certificates for the Common Shares subscribed for will be mailed, within three (3) Business Days of such exercise, to the persons specified in the Exercise Form at their respective addresses specified therein or, if so specified in the Exercise Form, delivered to such persons at the office where this Warrant Certificate is surrendered. If fewer Common Shares are purchased than the number that can be purchased pursuant to this Warrant Certificate, the holder hereof will be entitled to receive without charge a new Warrant Certificate in respect of the balance of the Common Shares not so purchased. No fractional Common Shares will be issued upon exercise of any Warrant.

This Warrant Certificate evidences Warrants of the Company issued or issuable under the provisions of a warrant indenture (which indenture together with all other instruments supplemental or ancillary thereto is herein referred to as the "**Warrant Indenture**") dated as of March 27, 2023 between the Company and Capital Transfer Agency ULC, as Warrant Agent, to which Warrant Indenture reference is hereby made for particulars of the rights of the holders of Warrants, the Company and the Warrant Agent in respect thereof and the terms and conditions on which the Warrants are issued and held, all to the same effect as if the provisions of the Warrant Indenture were herein set forth, to all of which the holder, by acceptance hereof, assents. The Company will furnish to the holder, on request and without charge, a copy of the Warrant Indenture.

On presentation at the principal office of the Warrant Agent as set out above, subject to the provisions of the Warrant Indenture and on compliance with the reasonable requirements of the Warrant Agent, one or more Warrant Certificates may be exchanged for one or more Warrant Certificates entitling the holder thereof to purchase in the aggregate an equal number of Common Shares as are purchasable under the Warrant Certificate(s) so exchanged.

Neither the Warrants nor the Common Shares issuable upon exercise hereof have been registered under the United States Securities Act of 1933, as amended (the "U.S. Securities Act"), or U.S. 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 or a person in the United States, unless the Warrants and the Common Shares issuable upon exercise of the Warrants have been registered under the U.S. Securities Act and the applicable state securities legislation or an exemption from such registration requirements is available. "United States" and "U.S. Person" have the meanings ascribed thereto in Regulation S under the U.S. Securities Act.

The Warrant Indenture contains provisions for the adjustment of the Exercise Price payable for each Common Share upon the exercise of Warrants and the number of Common Shares issuable upon the exercise of Warrants in the events and in the manner set forth therein.

The Warrant Indenture also contains provisions making binding on all holders of Warrants outstanding thereunder resolutions passed at meetings of holders of Warrants held in accordance with the provisions of the Warrant Indenture and instruments in writing signed by Warrantholders of Warrants entitled to purchase a specific majority of the Common Shares that can be purchased pursuant to such Warrants.

Nothing contained in this Warrant Certificate, the Warrant Indenture or elsewhere shall be construed as conferring upon the holder hereof any right or interest whatsoever as a holder of Common Shares or any other right or interest except as herein and in the Warrant Indenture expressly provided. In the event of any discrepancy between anything contained in this Warrant Certificate and the terms and conditions of the Warrant Indenture, the terms and conditions of the Warrant Indenture shall govern.

Warrants may only be transferred in compliance with the conditions of the Warrant Indenture on the register to be kept by the Warrant Agent in Toronto or such other registrar as the Company, with the approval of the Warrant Agent, may appoint at such other place or places, if any, as may be designated, upon surrender of this Warrant Certificate to the Warrant Agent or other registrar accompanied by a written instrument of transfer in form and execution satisfactory to the Warrant Agent or other registrar and upon compliance with the conditions prescribed in the Warrant Indenture and with such reasonable requirements as the Warrant Agent or other registrar may prescribe and upon the transfer being duly noted thereon by the Warrant Agent or other registrar. Time is of the essence hereof.

This Warrant Certificate will not be valid for any purpose until it has been countersigned by or on behalf of the Warrant Agent from time to time under the Warrant Indenture.

The parties hereto have declared that they have required that these presents and all other documents related hereto be in the English language. Les parties aux présentes déclarent qu'elles ont exigé que la présente convention, de même que tous les documents s'y rapportant, soient rédigés en anglais.

**IN WITNESS WHEREOF** the Company has caused this Warrant Certificate to be duly executed as of:

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| | |
|:---|:---|
| **BUNKER HILL MINING CORP.** | **BUNKER HILL MINING CORP.** |
| By: |  |
|  | Authorized Signatory |

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| | |
|:---|:---|
| Countersigned and Registered by: | Countersigned and Registered by: |
| **CAPITAL TRUST AGENCY ULC** | **CAPITAL TRUST AGENCY ULC** |
| By: |  |
|  | Authorized Signatory |

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**FORM OF TRANSFER**

To: Capital Trust Agency ULC

FOR VALUE RECEIVED the undersigned hereby sells, assigns and transfers to ____________________________________________________________________________________________________________________________________________________________(print name and address) the Warrants represented by this Warrants Certificate and hereby irrevocably constitutes and appoints ____________________ as its attorney with full power of substitution to transfer the said securities on the appropriate register of the Warrant Agent.

In the case of a warrant certificate that contains a U.S. restrictive legend, the undersigned hereby represents, warrants and certifies that (one (only) of the following must be checked):

☐ (A) the transfer is being made only to the Company;

☐ (B) the transfer is being made outside the United States in compliance with Rule 904 of Regulation S under the U.S. Securities Act of 1933, as amended (the "U.S. Securities Act"), and in compliance with any applicable local laws and regulations and the holder has provided herewith an opinion of counsel of recognized standing in form and substance reasonably satisfactory to the Company to such effect, or

☐ (C) the transfer is being made in compliance with Rule 144 under the U.S. Securities Act or in another transaction that does not require registration under the U.S. Securities Act or any applicable state securities laws and the undersigned has furnished to the Company and the Warrant Agent an opinion of counsel of recognized standing in form and substance reasonably satisfactory to the Company to such effect.

In the case of a warrant certificate that does not contain a U.S. restrictive legend, if the proposed transfer is to, or for the account or benefit of a "U.S. Person" or to a person in the "United States" (as such terms are defined in Regulation S under the U.S. Securities Act), the undersigned hereby represents, warrants and certifies that the transfer of the Warrants is being completed pursuant to an exemption from the registration requirements of the U.S. Securities Act and any applicable state securities laws, in which case the undersigned has furnished to the Company and the Warrant Agent an opinion of counsel of recognized standing in form and substance reasonably satisfactory to the Company to such effect.]

☐ If transfer is to, or for the account or benefit of, a person in the United States or a U.S. Person, check this box.

DATED this ____ day of_________________, 20____.

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| |
|:---|
| Signature of Transferor |
| Name of Transferor |

---

**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).**

**CERTAIN REQUIREMENTS RELATING TO TRANSFERS – READ CAREFULLY**

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. All securityholders or a legally authorized representative must sign this form. The signature(s) on this form must be guaranteed in accordance with the transfer agent's then current guidelines and requirements at the time of transfer. Notarized or witnessed signatures are not acceptable as guaranteed signatures. As at the time of closing, you may choose one of the following methods (although subject to change in accordance with industry practice and standards):

● **Canada and the USA:** A Medallion Signature Guarantee obtained from a member of an acceptable Medallion Signature Guarantee Program (STAMP, SEMP, NYSE, MSP). Many commercial banks, savings banks, credit unions, and all broker dealers participate in a Medallion Signature Guarantee Program. The Guarantor must affix a stamp bearing the actual words "Medallion Guaranteed", with the correct prefix covering the face value of the certificate.

● **Canada:** A Signature Guarantee obtained from an authorized officer of the Royal Bank of Canada, Scotia Bank or TD Canada Trust. The Guarantor must affix a stamp bearing the actual words "Signature Guaranteed", sign and print their full name and alpha numeric signing number. Signature Guarantees are not accepted from Treasury Branches, Credit Unions or Caisse Populaires unless they are members of a Medallion Signature Guarantee Program. For corporate holders, corporate signing resolutions, including certificate of incumbency, are also required to accompany the transfer, unless there is a "Signature & Authority to Sign Guarantee" Stamp affixed to the transfer (as opposed to a "Signature Guaranteed" Stamp) obtained from an authorized officer of the Royal Bank of Canada, Scotia Bank or TD Canada Trust or a Medallion Signature Guarantee with the correct prefix covering the face value of the certificate.

● **Outside North America:** For holders located outside North America, present the certificates(s) and/or document(s) that require a guarantee to a local financial institution that has a corresponding Canadian or American affiliate which is a member of an acceptable Medallion Signature Guarantee Program. The corresponding affiliate will arrange for the signature to be over-guaranteed.

**OR**

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.

**<u>REASON FOR TRANSFER – FOR US RESIDENTS ONLY</u>**

Consistent with US IRS regulations, Capital Transfer Agency is required to request cost basis information from US securityholders. Please indicate the reason for requesting the transfer as well as the date of event relating to the reason. The event date is not the day in which the transfer is finalized, but rather the date of the event which led to the transfer request (i.e. date of gift, date of death of the securityholder, or the date the private sale took place).

**SCHEDULE "B"**

**EXERCISE FORM**

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| | |
|:---|:---|
| **TO:** | Bunker Hill Mining Corp.. (the "**Company**") |

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| | |
|:---|:---|
| **AND** | **TO:** Capital Transfer Agency ULC |
|  | **[B/P address]** |

---

The undersigned holder of the Warrants evidenced by this Warrant Certificate hereby exercises the right to acquire ____________ (A) Common Shares of Bunker Hill Mining Corp.

Exercise Price Payable: __________________________________________________

((A) multiplied by $0.15, subject to adjustment)

The undersigned hereby exercises the right of such holder to be issued, and hereby subscribes for, Common Shares that are issuable pursuant to the exercise of such Warrants on the terms specified in such Warrant Certificate and in the Warrant Indenture.

The undersigned hereby acknowledges that the undersigned is aware that the Common Shares received on exercise may be subject to restrictions on resale under applicable securities legislation.

**Any capitalized term in this Warrant Certificate that is not otherwise defined herein, shall have the meaning ascribed thereto in the Warrant Indenture.**

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 and (iv) did not execute or deliver this exercise form in the United States, and delivery of the underlying Common Shares will not be to an address in the United States; OR

☐ (B) the undersigned holder (a) is the original U.S. purchaser who purchased the Warrants pursuant to the Company's special warrant offering who delivered the U.S. Accredited Investor Certificate attached to the subscription agreement in connection with its purchase of special warrants of the Company, (b) is exercising the Warrants for its own account or for the account of a disclosed principal that was named in the subscription agreement pursuant to which it purchased such special warrants, and (c) is, and such disclosed principal, if any, 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 original subscription agreement, including the U.S. Accredited Investor Certificate, remain true and correct as of the date of exercise of these Warrants; OR

☐ (C) if the undersigned holder is (i) in the United States, (ii) a U.S. Person, (iii) a person exercising for the account or benefit of a person in the United States or a U.S. Person, (iv) executing or delivering this exercise form in the United States or (v) requesting delivery of the underlying Common Shares in the United States, the undersigned holder has delivered to the Company and the Warrant Agent an opinion of counsel (which will not be sufficient unless it is in form and substance reasonably satisfactory to the Company) or such other evidence reasonably satisfactory to the Company to the effect that with respect to the Common Shares to be delivered upon exercise of the Warrants, the issuance of such securities is exempt from registration under the U.S. Securities Act and applicable state securities laws.

It is understood that the Company and Capital Transfer Agency ULC may require evidence to verify the foregoing representations.

Notes: (1) Certificates will not be registered or delivered to an address in the United States unless Box B or C above is checked.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) If
 Box C above is checked, holders are encouraged to consult with the Company in advance to
 determine that the legal opinion tendered in connection with the exercise will be reasonably
 satisfactory in form and substance to the Company.

"United States" and "U.S. Person" are as defined in Rule 902 of Regulation S under the U.S. Securities Act.

The undersigned hereby irrevocably directs that the said Common Shares be issued, registered and delivered as follows:

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| | | |
|:---|:---|:---|
| **Name(s) in Full and Social Insurance Number(s) (if applicable)** | **Address(es)** | **Number of Common**<br> **Shares** |

---

Please print full name in which certificates representing the Common Shares are to be issued. If any Common Shares are to be issued to a person or persons other than the registered holder, the registered holder must pay to the Warrant Agent all eligible transfer taxes or other government charges, if any, and the Form of Transfer must be duly executed.

The undersigned hereby acknowledges and agrees that if that offer and sale of the Common Shares underlying the Warrants is not registered under the U.S. Securities Act, the undersigned elects to exercise the above referenced Warrants by cashless exercise pursuant to Section 3.3 of the Warrant Indenture.

Once completed and executed, this Exercise Form must be mailed or delivered to **Capital Transfer Agency ULC, c/o [●].**

**DATED** this ____day of _____, 20__.

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| |
|:---|
| (Signature of Warrantholder, to be the same as<br>|
| appears on the face of this Warrant Certificate) |
| Name of Registered Warrantholder |

---

☐ Please check if the certificates representing the Common Shares are to be delivered at the office where this Warrant Certificate is surrendered, failing which such certificates will be mailed to the address set out above. Certificates will be delivered or mailed as soon as practicable after the surrender of this Warrant Certificate to the Warrant Agent

## Exhibit 99.1

**Exhibit 99.1**

![](ex99-1_001.jpg)

**BUNKER HILL SECURES EQUITY INVESTMENTS OF APPROXIMATELY C$7.3 MILLION, INCLUDING CLOSING OF PRIVATE PLACEMENT AND WARRANT EXERCISE PROCEEDS**

*Not for distribution to United States Newswire Services or for dissemination in the United States*

 

TORONTO, March 28, 2023 (GLOBE NEWSWIRE) — Bunker Hill Mining Corp. (the "Company") (CSE: BNKR; OTCQB: BHLL) is pleased to announce that the Company has closed its private placement of special warrants of the Company (the "Special Warrants"), previously announced on February 15, 2023, by issuing 51,633,727 Special Warrants at a price of C$0.12 per Special Warrant (the "Issue Price"), for aggregate gross proceeds of C$6,196,047.26 (the "Offering"). In addition, 10,416,667 common stock purchase warrants of the Company were exercised at a price of C$0.11 per warrant for aggregate gross proceeds of C$1,145,834.

**The Offering**

The Offering was conducted by Echelon Wealth Partners Inc. and Roth Capital Partners, LLC, as co-lead agents and joint bookrunners (collectively, the "Lead Agents"), and Laurentian Bank Securities Inc. (together with the Lead Agents, the "Agents"), on a commercially reasonable "best efforts" private placement basis.

In connection with the Offering, each Special Warrant is automatically exercisable (without payment of any further consideration and subject to customary anti-dilution adjustments) into one unit of the Company (a "Unit") on the earlier date of: (i) the third business day following the date upon which the Company has obtained notification that the registration statement (the "Registration Statement") ‎of the Company to be filed with the United States Securities and Exchange Commission (the "SEC") registering the resale of the Underlying Shares (as defined below) issuable upon exercise of the Special Warrants and the securities issuable thereunder, has been declared effective by the SEC; and (ii) September 27, 2023 (collectively, the "Automatic Exercise Date"), subject to compliance with United States securities laws.

Each Unit consists of one share of common stock of the Company (each, a "Unit Share") and one common stock purchase warrant of the Company (each, a "Warrant"). Each whole Warrant entitles the holder thereof to acquire one share of common stock of the Company (a "Warrant Share", and together with the Unit Shares, the "Underlying Shares") at an exercise price of $0.15 per Warrant Share until March 27, 2026, subject to adjustment in certain events. In the event that the Registration Statement has not been declared effective by the SEC on or before 5:00 p.m. (EST) on July 27, 2023, each unexercised Special Warrant will be deemed to exercised on the Automatic Exercise Date into one penalty unit of the Company (each, a "Penalty Unit"), with each Penalty Unit being comprised of 1.2 Unit Shares and 1.2 Warrants.

In consideration for their services in connection with the Offering, a cash commission in the amount of $211,461.38 is payable to the Agents. The Agents were also issued 2,070,258 compensation options (the "Compensation Options"). Each Compensation Option is exercisable to acquire one unit of the Company (a "Compensation Unit") at the Issue Price for a period of 36 months from March 27, 2023, subject to adjustment in certain events. Each Compensation Unit consists of one share of common stock of the Company and one common stock purchase warrant of the Company (an "Agents' Compensation Warrant") Each Agents' Compensation Warrant entitles the holder thereof to acquire one share of common stock of the Company (an "Agents' Compensation Warrant Share") at a price of C$0.15 per Agents' Compensation Warrant Share until March 27, 2026.

The Company intends to use the net proceeds of the Offering for working capital, general corporate purposes and capital expenditures relating to the Bunker Hill Mine.

The Offering and issuance of the Special Warrants referenced in this press release involves related parties (as such term is defined under Multilateral Instrument 61-101 – *Protection of Minority Security Holders in Special Transactions* ("MI 61-101")) and therefore constitutes a related party transaction under MI 61-101. The Company is relying on exemptions from the formal valuation and minority shareholder approval requirements under MI 61-101 on the basis that the issuance of the Special Warrants to related parties does not exceed 25% of the fair market value of the Company's market capitalization.

The Company did not file a material change report disclosing the related party transaction more than 21 days before the expected closing date of the Offering as the details of the Offering and the participation therein by each related party was not settled until shortly prior to the closing of the Offering.

The securities mentioned above have not been registered under the United States Securities Act of 1933, as amended (the "U.S. Securities Act") or any U.S. state securities laws, and may not be offered or sold in the United States without registration under the U.S. Securities Act and all applicable state securities laws or compliance with requirements of an applicable exemption therefrom. No stock exchange, securities commission or other regulatory authority has approved or disapproved of the contents of this press release. This press release does not constitute an offer to sell or the solicitation of an offer to buy these securities, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction. Any offers, solicitations or offers to buy, or any sales of securities will be made in accordance with the registration requirements of the U.S. Securities Act. The Offering is subject to market conditions, and there can be no assurance as to whether or not multiple tranches of the Offering may be completed, or as to the final size of the Offering.

**Warrant Exercise**

In compliance with the policies of the Canadian Securities Exchange (the "CSE"), the Company previously amended the expiry date and exercise price of 10,416,667 warrants issued to Teck Resources Limited ("Teck"), as announced on March 15, 2023. These warrants were previously issued on a private placement basis on May 13, 2022 in consideration for the Company's acquisition of the Pend Oreille process plant. Following the amendment of the terms of the warrants, Teck exercised all 10,416,667 warrants at an exercise price of C$0.11, for aggregate gross proceeds of approximately C$1,145,834 to the Company.

**ABOUT BUNKER HILL MINING CORP.**

Under new Idaho-based leadership, Bunker Hill Mining Corp. intends to sustainably restart and develop the Bunker Hill Mine as the first step in consolidating a portfolio of North American mining assets with a focus on silver. Information about the Company is available on its website, www.bunkerhillmining.com, or within the SEDAR and EDGAR databases.

**Cautionary Statements**

*Certain statements in this news release are forward-looking and involve a number of risks and uncertainties. Such forward-looking statements are within the meaning of that term in Section 27A of the U.S. Securities Act and Section 21E of the United States Securities Exchange Act of 1934, as amended, as well as within the meaning of the phrase 'forward-looking information' in the Canadian Securities Administrators' National Instrument 51-102 – Continuous Disclosure Obligations (collectively, "forward-looking statements"). Forward-looking statements include estimates and statements that describe the Company's future plans, objectives or goals, including words to the effect that the Company or management expects a stated condition or result to occur. Forward-looking statements may be identified by such terms as "believes", "intends", "anticipates", "expects", "estimates", "may", "could", "would", "will", "plan" or variations of such words and phrases.*

 

 

*Forward looking statements in this news release include, but are not limited to: the Company's intentions regarding its objectives, goals or future plans, including with respect to filing the Registration Statement and the same being declared effected by the SEC; and the intended use of the net proceeds of the Offering. Although the Company's management believes that the assumptions underlying these statements are reasonable, they may prove to be incorrect. The forward-looking statements discussed in this news release may not occur by certain dates or at all and could differ materially as a result of known and unknown risk factors and uncertainties affecting the Company. Although the Company has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking statements, there may be other factors that cause actions, events or results to differ from those anticipated, estimated or intended. No forward-looking statements can be guaranteed. Except as required by applicable securities laws, forward-looking statements speak only as of the date on which they are made and the Company undertakes no obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future events or otherwise.*

 

*Readers are cautioned that the foregoing risk and uncertainty is not exhaustive. Additional information on this and other risk factors that could affect the Company's operations or financial results are included in the Company's annual information form or annual report and may be accessed through the SEDAR website (<u>www.sedar.com</u>) or through EDGAR on the SEC website (<u>www.sec.gov</u>), respectively.*

 

**For additional information contact:**

David Wiens, CFA

CFO & Corporate Secretary

+1 208 370 3665

<u>ir@bunkerhillmining.com</u>