# EDGAR Filing Document

**Accession Number:** 0002086771
**File Stem:** 0001062993-25-017177
**Filing Date:** 2025-12
**Character Count:** 220495
**Document Hash:** 9ee829a4f8e1d8568bd112e168d9313c
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001062993-25-017177.hdr.sgml**: 20251204

**ACCESSION NUMBER**: 0001062993-25-017177

**CONFORMED SUBMISSION TYPE**: S-8

**PUBLIC DOCUMENT COUNT**: 27

**FILED AS OF DATE**: 20251204

**DATE AS OF CHANGE**: 20251204

**EFFECTIVENESS DATE**: 20251204

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Elemental Royalty Corp
- **CENTRAL INDEX KEY:** 0002086771
- **STANDARD INDUSTRIAL CLASSIFICATION:** GOLD & SILVER ORES [1040]
- **ORGANIZATION NAME:** 01 Energy & Transportation
- **EIN:** 000000000
- **STATE OF INCORPORATION:** A1
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** S-8
- **SEC ACT:** 1933 Act
- **SEC FILE NUMBER:** 333-291930
- **FILM NUMBER:** 251548611

**BUSINESS ADDRESS:**
- **ADDRESS IS A NON US LOCATION:** YES
- **STREET 1:** 905 - 815 W. HASTINGS ST.
- **CITY:** VANCOUVER
- **PROVINCE COUNTRY:** A1
- **ZIP:** V6C 1B4
- **BUSINESS PHONE:** 604-243-6511

**MAIL ADDRESS:**
- **ADDRESS IS A NON US LOCATION:** YES
- **STREET 1:** 905 - 815 W. HASTINGS ST.
- **CITY:** VANCOUVER
- **PROVINCE COUNTRY:** A1
- **ZIP:** V6C 1B4

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** Elemental Altus Royalties Corp.
- **DATE OF NAME CHANGE:** 20250918

------

As filed with the Securities and Exchange Commission on December 4, 2025

Registration No. 333-

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

Washington, D.C. 20549

**FORM S-8**

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

**<u>ELEMENTAL ROYALTY CORPORATION</u>**

(Exact name of Registrant as specified in its charter) <br>

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| | |
|:---|:---|
| &nbsp;&nbsp;<u>**British Columbia**</u><br>(State or other jurisdiction of<br>incorporation or organization) | &nbsp;&nbsp;<u>**Not Applicable**</u><br>(I.R.S. Employer<br>Identification No.) |
| &nbsp;&nbsp;**905 - 815 W. Hastings St.**<br><u>**Vancouver, British Columbia, Canada**</u> <br>(Address of Principal Executive Offices) | &nbsp;&nbsp;<u>**V6C 1B4**</u><br>(Zip Code) |

---

<u>**EMX Royalty Corporation Stock Option Plan**</u>

(Full title of the plan)

**C T Corporation System**

**28 Liberty Street**

<u>**New York, NY 10005**</u>

(Name and address of agent for service)

<u>**(212) 894-8940**</u>

(Telephone number, including area code, of agent for service)

*Copies to:*

---

| | |
|:---|:---|
| **David Gossen**<br>**Chief Legal Officer**<br>**Elemental Royalty Corporation**<br>**905 - 815 W. Hastings St.**<br>**Vancouver, British Columbia V6C 1B4,**<br>**Canada**<br><u>**(604) 646-4527**</u> | **Thomas M. Rose**<br>**Shona C. Smith**<br>**Troutman Pepper Locke LLP**<br>**111 Huntington Avenue, 9th Floor**<br>**Boston, Massachusetts 02199-7613**<br>**United States**<br><u>**(757) 687-7715**</u> |

---

Indicate by check mark whether the Registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or an emerging growth company. See the definitions of "large accelerated filer," "accelerated filer," "smaller reporting company," and "emerging growth company" in Rule 12b-2 of the Securities Exchange Act of 1934, as amended.

Large accelerated filer ☐ Accelerated filer ☐ <br> Non-accelerated filer ☒ Smaller reporting company ☐ <br> Emerging growth company ☒

If an emerging growth company, indicate by check mark if the Registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 7(a)(2)(B) of the Securities Act of 1933, as amended. ☐

-i-

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**EXPLANATORY NOTE**

On September 4, 2025, Elemental Royalty Corporation (formerly Elemental Altus Royalties Corp.) (the "**Registrant**") entered into an Arrangement Agreement with EMX Royalty Corporation ("**EMX**") and 1554829 B.C. Ltd. pursuant to which the Registrant agreed to acquire all of the issued and outstanding common shares of EMX (the "**Arrangement**"). The Arrangement was completed on November 13, 2025. In connection with the Arrangement, each option of EMX (each, an "**EMX Option**") granted under the Stock Option Plan of EMX, as amended (the "**EMX Stock Option Plan**"), was exchanged for an option (each, a "**Replacement Option**") to purchase 0.2822 common shares, no par value, of the Registrant (the "**Common Shares**"), with an exercise price per Common Share equal to the exercise price per share of such EMX Option divided by 0.2822 and rounded up to the nearest whole cent.

The Registrant has prepared this registration statement (this "**Registration Statement**") in accordance with the requirements of Form S-8 under the United States Securities Act of 1933, as amended (the "**Securities Act**"), to register 1,362,005 Common Shares that are reserved for issuance upon the exercise of the Replacement Options.

**PART I - INFORMATION REQUIRED IN THE SECTION 10(A) PROSPECTUS**

Item 1. <u>Plan Information</u>. \*

Item 2. <u>Registrant Information and Employee Plan Annual Information</u>.\*

\* The documents containing the information specified in "Item 1. Plan Information" and "Item 2. Registrant Information and Employee Plan Annual Information" of Form S-8 will be sent or given to participants, as specified by Rule 428(b)(1) under the Securities Act. Such documents are not required to be, and are not, filed with the United States Securities and Exchange Commission (the "**Commission**") either as part of this Registration Statement or as a prospectus or prospectus supplement pursuant to Rule 424 under the Securities Act. These documents and the documents incorporated by reference in this Registration Statement pursuant to Item 3 of Part II of Form S-8, taken together, constitute a prospectus that meets the requirements of Section 10(a) of the Securities Act.

**PART II - INFORMATION REQUIRED IN THE REGISTRATION STATEMENT**

Item 3. <u>Incorporation of Documents by Reference</u>.

The following documents filed by the Registrant with the Commission are incorporated herein by reference:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Registrant's registration statement on [Form 40-F (File No. 001-42900) filed with the Commission on October 8, 2025](http://www.sec.gov/Archives/edgar/data/2086771/000110465925097978/tm2527697d1_40fr12b.htm), as amended on [November 17, 2025](http://www.sec.gov/Archives/edgar/data/2086771/000110465925113285/tm2531218d1_40fa.htm), and declared effective on [November 24, 2025](http://www.sec.gov/Archives/edgar/data/2086771/999999999525003366/xslEFFECTX01/primary_doc.xml) (the "**Form 40-F**").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) All documents filed by the Registrant pursuant to Section 13(a) or 15(d) of the United States Securities Exchange Act of 1934, as amended (the "**Exchange Act**"), subsequent to the date of the Form 40-F (excluding any documents or portions of such documents that are furnished under Item 2.02 or Item 7.01 of any current report on Form 8-K and any exhibits included with such Items), and prior to the filing of a post-effective amendment to this Registration Statement which indicates that all securities offered hereby have been sold or which deregisters all securities then remaining unsold, shall be deemed to be incorporated by reference into this Registration Statement and to be a part hereof commencing on the respective dates on which such documents are filed; and

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The description of the Registrant's Common Shares contained under the heading "Description of Capital Structure" in [Exhibit 99.83](http://www.sec.gov/Archives/edgar/data/2086771/000110465925097978/tm2527697d1_ex99-83.htm) to the Form 40-F, including any amendment or report filed for the purposes of updating such description.

Item 4. <u>Description of Securities</u>.

Not applicable.

Item 5. <u>Interests of Named Experts and Counsel</u>.

Not applicable.

Item 6. <u>Indemnification of Directors and Officers</u>.

Under the *Business Corporations Act* (British Columbia) (the "**BCBCA**"), the Registrant may indemnify a present or former director or officer of the Registrant or another individual who acts or acted at the Registrant's request as a director or officer, or an individual acting in a similar capacity, of another entity, against all "eligible penalties" (as defined in the BCBCA), costs, charges and expenses, including an amount paid to settle an action or satisfy a judgment, reasonably incurred by the individual in respect of an "eligible proceeding" (as defined in the BCBCA) in which the individual is involved because of that association with the Registrant or other entity. The Registrant may not indemnify such an individual unless the individual acted honestly and in good faith with a view to the best interests of the Registrant, or, as the case may be, to the best interests of the other entity for which the individual acted as a director or officer or in a similar capacity at the Registrant's request and in the case of a criminal or administrative action or proceeding that is enforced by a monetary penalty, the individual had reasonable grounds for believing that the individual's conduct was lawful. With approval of a court and subject to the sentence above, the Registrant may indemnify such individuals in respect of an action by or on behalf of the Registrant or other entity to procure a judgment in its favor, to which the individual is made a party because of the individual's association with the Registrant or other entity as described above. The Registrant may advance "expenses" (as defined in the BCBCA) to an individual described above for the costs, charges and expenses of an "eligible proceeding" described above; however, the individual shall repay the "expenses" if the individual does not fulfill the conditions set out above in the second sentence under this heading. The aforementioned individuals are entitled to indemnification from the Registrant in respect of all "eligible penalties" costs, charges and expenses reasonably incurred by the individual in connection with the defense of any "eligible proceeding" to which the individual's association with the Registrant or other entity as described above if the individual was not judged by the court or other competent authority to have committed any fault or omitted to do anything that the individual described above ought to have done provided the individual fulfills the conditions set out above in the second sentence under this heading.

The articles of the Registrant provide that, subject to the BCBCA, the Registrant must indemnify a director or former director of the Registrant and his or her heirs and legal personal representatives against all eligible penalties to which such person is or may be liable, and the Registrant must, after the final disposition of an eligible proceeding, pay the expenses actually and reasonably incurred by such person in respect of that proceeding. Each director and alternate director is deemed to have contracted with the Registrant on the terms of this indemnity. In addition, the articles of the Registrant provide that, subject to any restrictions in the BCBCA, the Registrant may indemnify any person. Furthermore, the Registrant may purchase and maintain insurance for the benefit of any person (or his or her heirs or legal personal representatives) who: (1) is or was a director, alternate director, officer, employee or agent of the Registrant; (2) is or was a director, alternate director, officer, employee or agent of a corporation at a time when the corporation is or was an affiliate of the Registrant; (3) at the request of the Registrant, is or was a director, alternate director, officer, employee or agent of a corporation or of a partnership, trust, joint venture or other unincorporated entity; or (4) at the request of the Registrant, holds or held a position equivalent to that of a director, alternate director or officer of a partnership, trust, joint venture or other unincorporated entity; against any liability incurred by him or her as such director, alternate director, officer, employee or agent or person who holds or held such equivalent position.

------

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

Item 7. <u>Exemption from Registration Claimed</u>.

Not applicable.

Item 8. <u>Exhibits</u>.

The exhibits listed under the caption "Exhibits Index" of this Registration Statement are incorporated by reference herein.

Item 9. <u>Undertakings</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The undersigned Registrant hereby undertakes:

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

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

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

------

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

*Provided, however,* that paragraphs (a)(1)(i) and (a)(1)(ii) do not apply if the information required to be included in a post-effective amendment by those paragraphs is contained in reports filed with or furnished to the Commission by the Registrant pursuant to Section 13 or Section 15(d) of the Exchange Act that are incorporated by reference in the Registration Statement.

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

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

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

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

------

**EXHIBIT INDEX**

---

| | |
|:---|:---|
| **Exhibit** <br><u>**No.**</u> | <u>**Description**</u> |
| [4.1](exhibit4-1.htm) | [Elemental Royalty Corporation Notice of Articles](exhibit4-1.htm) |
| [4.2](exhibit4-2.htm) | [Certificate of Change of Name](exhibit4-2.htm) |
| [4.3](exhibit4-3.htm) | [Articles of Elemental Royalty Corporation](exhibit4-3.htm) |
| [4.4](exhibit4-4.htm) | [Elemental Royalty Corporation form of common share certificate](exhibit4-4.htm) |
| [4.5](exhibit4-5.htm) | [EMX Royalty Corporation Stock Option Plan](exhibit4-5.htm) |
| [5.1](exhibit5-1.htm) | [Opinion of Fasken Marineau DuMoulin LLP](exhibit5-1.htm) |
| [23.1](exhibit5-1.htm) | [Consent of Fasken Marineau DuMoulin LLP (contained in Exhibit 5.1 hereto).](exhibit5-1.htm) |
| [23.2](exhibit23-2.htm) | [Consent of PricewaterhouseCoopers LLP](exhibit23-2.htm) |
| [24.1](#page_9) | [Powers of Attorney (included on the signature page of this Registration Statement).](#page_8) |
| [107](exhibitfilingfees.htm) | [Filing Fee Table](exhibitfilingfees.htm) |

---

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**SIGNATURES**

Pursuant to the requirements of the Securities Act, the Registrant certifies that it has reasonable grounds to believe that it meets all of the requirements for filing on Form S-8 and has duly caused this registration statement to be signed on its behalf by the undersigned, thereunto duly authorized, in the City of Littleton, CO, Country of the United States of America, on December 4, 2025.

---

| | |
|:---|:---|
| **ELEMENTAL ROYALTY CORPORATION** | **ELEMENTAL ROYALTY CORPORATION** |
| <br>By:<u> </u> | <br><u>/s/ David M. Cole</u><br>Name: David M. Cole<br>Title: Chief Executive Officer |

---

------

**POWERS OF ATTORNEY**

**AND**

**SIGNATURES**

Each person whose signature appears below constitutes and appoints David M. Cole, Stefan Wenger, or David Gossen, or any of them, as his or her true and lawful attorneys-in-fact and agents, each of whom may act alone, with full powers of substitution and resubstitution, for him or her and in his or her name, place and stead, in any and all capacities, to sign any or all amendments to this registration statement, including post-effective amendments to this registration statement, registration statements filed pursuant to Rule 429 under the Securities Act, and any related registration statements necessary to register additional securities, and to file the same, with all exhibits thereto, and other documents and in connection therewith, with the Commission, granting unto said attorneys-in-fact and agents, and each of them full power and authority to do and perform each and every act and thing requisite and necessary to be done in and about the premises, as fully to all intents and purposes as he or she might or could do in person, and hereby ratifies and confirms all his or her said attorneys-in-fact and agents or any of them or his or her substitute or substitutes may lawfully do or cause to be done by virtue hereof.

This Power of Attorney may be executed in multiple counterparts, each of which shall be deemed an original, but which taken together shall constitute one instrument.

Pursuant to the requirements of the Securities Act, this registration statement has been signed by the following persons in the capacities indicated on December 4, 2025.

---

| | |
|:---|:---|
| **Signature** | **Title** |
| /s/ David M. Cole | Chief Executive Officer, Director |
| David M. Cole | (principal executive officer) |
| /s/ Stefan Wenger | Chief Financial Officer |
| Stefan Wenger | (principal financial and accounting officer) |
| /s/ Juan Sartori | Executive Chairman |
| Juan Sartori |  |
| /s/ Sunny Lowe | Director |
| Sunny Lowe |  |
| /s/ Ravi Sood | Director |
| Ravi Sood |  |
| /s/ Antonio Simon Vumbaca | Director |
| Antonio Simon Vumbaca |  |

---

------

**AUTHORIZED REPRESENTATIVE**

Pursuant to the requirements of Section 6(a) of the Securities Act of 1933, as amended, the undersigned has signed this Form S-8, solely in its capacity as duly authorized representative of Elemental Royalty Corporation in the United States, on December 4, 2025.

---

| | |
|:---|:---|
|  | **AUTHORIZED REPRESENTATIVE** |
| By: | /s/ Donald J. Puglisi |
| Name: | Donald J. Puglisi |
| Title: | Managing Director |

---

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## Exhibit 4.1

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![](exhibit4-1xu004.jpg)

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![](exhibit4-1xu005.jpg)

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![](exhibit4-1xu006.jpg)

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## Exhibit 4.2

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![](exhibit4-2xu002.jpg)

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## Exhibit 4.3

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| | |
|:---|:---|
| Amended by Special Resolutions consented on Aug 8, 2022 and effective as of Sept 26, 2022 for change of name of Company from Elemental Royalties Corp. to Elemental Altus Royalties Corp. |  |
|  | Incorporation Number <u>C1083309&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u> |
| Amended by Special Resolutions consented on November 4, 2025 and effective as of November 13, 2025 for the change of name of Company from Elemental Altus Royalties Corp. to Elemental Royalty Corporation |  |

---

**ARTICLES**

**OF**

**ELEMENTAL ROYALTIES CORP.** 

**ELEMENTAL ALTUS ROYALTIES CORP.**

**ELEMENTAL ROYALTY CORPORATION** 

**PROVINCE OF BRITISH COLUMBIA** 

***BUSINESS CORPORATIONS ACT***

------

**TABLE OF CONTENTS**

<u>**Page**</u>

---

| | | |
|:---|:---|:---|
| Article 1 |  |  |
| [INTERPRETATION](#page_8) | [INTERPRETATION](#page_8) | [1](#page_8) |
| &nbsp;&nbsp;&nbsp;&nbsp;[1.1.](#page_8) | &nbsp;&nbsp;&nbsp;&nbsp;[Definitions](#page_8) | [1](#page_8) |
| &nbsp;&nbsp;&nbsp;&nbsp;[1.2.](#page_8) | &nbsp;&nbsp;&nbsp;&nbsp;[Business Corporations Act and Interpretation Act Definitions Applicable](#page_8) | [1](#page_8) |
| Article 2 |  |  |
| [SHARES AND SHARE CERTIFICATES](#page_8) | [SHARES AND SHARE CERTIFICATES](#page_8) | [1](#page_8) |
| &nbsp;&nbsp;&nbsp;&nbsp;[2.1.](#page_8) | &nbsp;&nbsp;&nbsp;&nbsp;[Authorized Share Structure](#page_8) | [1](#page_8) |
| &nbsp;&nbsp;&nbsp;&nbsp;[2.2.](#page_9) | &nbsp;&nbsp;&nbsp;&nbsp;[Form of Share Certificate](#page_9) | [2](#page_9) |
| &nbsp;&nbsp;&nbsp;&nbsp;[2.3.](#page_9) | &nbsp;&nbsp;&nbsp;&nbsp;[Shareholder Entitled to Certificate or Acknowledgement](#page_9) | [2](#page_9) |
| &nbsp;&nbsp;&nbsp;&nbsp;[2.4.](#page_9) | &nbsp;&nbsp;&nbsp;&nbsp;[Delivery by Mail](#page_9) | [2](#page_9) |
| &nbsp;&nbsp;&nbsp;&nbsp;[2.5.](#page_9) | &nbsp;&nbsp;&nbsp;&nbsp;[Replacement of Worn Out or Defaced Certificate or Acknowledgement](#page_9) | [2](#page_9) |
| &nbsp;&nbsp;&nbsp;&nbsp;[2.6.](#page_9) | &nbsp;&nbsp;&nbsp;&nbsp;[Replacement of Lost, Stolen or Destroyed Certificate or Acknowledgement](#page_9) | [2](#page_9) |
| &nbsp;&nbsp;&nbsp;&nbsp;[2.7.](#page_9) | &nbsp;&nbsp;&nbsp;&nbsp;[Splitting Share Certificates](#page_9) | [2](#page_9) |
| &nbsp;&nbsp;&nbsp;&nbsp;[2.8.](#page_10) | &nbsp;&nbsp;&nbsp;&nbsp;[Certificate Fee](#page_10) | [3](#page_10) |
| &nbsp;&nbsp;&nbsp;&nbsp;[2.9.](#page_10) | &nbsp;&nbsp;&nbsp;&nbsp;[Recognition of Trusts](#page_10) | [3](#page_10) |
| Article 3 |  |  |
| [ISSUE OF SHARES](#page_10) | [ISSUE OF SHARES](#page_10) | [3](#page_10) |
| &nbsp;&nbsp;&nbsp;&nbsp;[3.1.](#page_10) | &nbsp;&nbsp;&nbsp;&nbsp;[Directors Authorized](#page_10) | [3](#page_10) |
| &nbsp;&nbsp;&nbsp;&nbsp;[3.2.](#page_10) | &nbsp;&nbsp;&nbsp;&nbsp;[Commissions and Discounts](#page_10) | [3](#page_10) |
| &nbsp;&nbsp;&nbsp;&nbsp;[3.3.](#page_10) | &nbsp;&nbsp;&nbsp;&nbsp;[Brokerage](#page_10) | [3](#page_10) |
| &nbsp;&nbsp;&nbsp;&nbsp;[3.4.](#page_10) | &nbsp;&nbsp;&nbsp;&nbsp;[Conditions of Issue](#page_10) | [3](#page_10) |
| &nbsp;&nbsp;&nbsp;&nbsp;[3.5.](#page_10) | &nbsp;&nbsp;&nbsp;&nbsp;[Share Purchase Warrants and Rights](#page_10) | [3](#page_10) |
| Article 4 |  |  |
| [SHARE REGISTERS](#page_11) | [SHARE REGISTERS](#page_11) | [4](#page_11) |
| &nbsp;&nbsp;&nbsp;&nbsp;[4.1.](#page_11) | &nbsp;&nbsp;&nbsp;&nbsp;[Central Securities Register](#page_11) | [4](#page_11) |
| &nbsp;&nbsp;&nbsp;&nbsp;[4.2.](#page_11) | &nbsp;&nbsp;&nbsp;&nbsp;[Closing Register](#page_11) | [4](#page_11) |
| Article 5 |  |  |
| [SHARE TRANSFERS](#page_11) | [SHARE TRANSFERS](#page_11) | [4](#page_11) |
| &nbsp;&nbsp;&nbsp;&nbsp;[5.1.](#page_11) | &nbsp;&nbsp;&nbsp;&nbsp;[Registering Transfers](#page_11) | [4](#page_11) |
| &nbsp;&nbsp;&nbsp;&nbsp;[5.2.](#page_11) | &nbsp;&nbsp;&nbsp;&nbsp;[Form of Instrument of Transfer](#page_11) | [4](#page_11) |
| &nbsp;&nbsp;&nbsp;&nbsp;[5.3.](#page_11) | &nbsp;&nbsp;&nbsp;&nbsp;[Transferor Remains Shareholder](#page_11) | [4](#page_11) |
| &nbsp;&nbsp;&nbsp;&nbsp;[5.4.](#page_11) | &nbsp;&nbsp;&nbsp;&nbsp;[Signing of Instrument of Transfer](#page_11) | [4](#page_11) |
| &nbsp;&nbsp;&nbsp;&nbsp;[5.5.](#page_12) | &nbsp;&nbsp;&nbsp;&nbsp;[Enquiry as to Title Not Required](#page_12) | [5](#page_12) |
| &nbsp;&nbsp;&nbsp;&nbsp;[5.6.](#page_12) | &nbsp;&nbsp;&nbsp;&nbsp;[Transfer Fee](#page_12) | [5](#page_12) |

---

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| | | |
|:---|:---|:---|
| Article 6 |  |  |
| [TRANSMISSION OF SHARES](#page_12) | [TRANSMISSION OF SHARES](#page_12) | [5](#page_12) |
| &nbsp;&nbsp;&nbsp;&nbsp;[6.1.](#page_12) | &nbsp;&nbsp;&nbsp;&nbsp;[Legal Personal Representative Recognized on Death](#page_12) | [5](#page_12) |
| &nbsp;&nbsp;&nbsp;&nbsp;[6.2.](#page_12) | &nbsp;&nbsp;&nbsp;&nbsp;[Rights of Legal Personal Representative](#page_12) | [5](#page_12) |
| Article 7 |  |  |
| [PURCHASE OF SHARES](#page_12) | [PURCHASE OF SHARES](#page_12) | [5](#page_12) |
| &nbsp;&nbsp;&nbsp;&nbsp;[7.1.](#page_12) | &nbsp;&nbsp;&nbsp;&nbsp;[Company Authorized to Purchase Shares](#page_12) | [5](#page_12) |
| &nbsp;&nbsp;&nbsp;&nbsp;[7.2.](#page_13) | &nbsp;&nbsp;&nbsp;&nbsp;[Purchase When Insolvent](#page_13) | [6](#page_13) |
| &nbsp;&nbsp;&nbsp;&nbsp;[7.3.](#page_13) | &nbsp;&nbsp;&nbsp;&nbsp;[Sale and Voting of Purchased Shares](#page_13) | [6](#page_13) |
| Article 8 |  |  |
| [BORROWING POWERS](#page_13) | [BORROWING POWERS](#page_13) | [6](#page_13) |
| &nbsp;&nbsp;&nbsp;&nbsp;[8.1.](#page_13) | &nbsp;&nbsp;&nbsp;&nbsp;[Borrowing Powers](#page_13) | [6](#page_13) |
| Article 9 |  |  |
| [ALTERATIONS](#page_13) | [ALTERATIONS](#page_13) | [6](#page_13) |
| &nbsp;&nbsp;&nbsp;&nbsp;[9.1.](#page_13) | &nbsp;&nbsp;&nbsp;&nbsp;[Alteration of Authorized Share Structure](#page_13) | [6](#page_13) |
| &nbsp;&nbsp;&nbsp;&nbsp;[9.2.](#page_14) | &nbsp;&nbsp;&nbsp;&nbsp;[Special Rights and Restrictions](#page_14) | [7](#page_14) |
| &nbsp;&nbsp;&nbsp;&nbsp;[9.3.](#page_14) | &nbsp;&nbsp;&nbsp;&nbsp;[Change of Name](#page_14) | [7](#page_14) |
| &nbsp;&nbsp;&nbsp;&nbsp;[9.4.](#page_14) | &nbsp;&nbsp;&nbsp;&nbsp;[Other Alterations](#page_14) | [7](#page_14) |
| Article 10 |  |  |
| [MEETINGS OF SHAREHOLDERS](#page_14) | [MEETINGS OF SHAREHOLDERS](#page_14) | [7](#page_14) |
| &nbsp;&nbsp;&nbsp;&nbsp;[10.1.](#page_14) | &nbsp;&nbsp;&nbsp;&nbsp;[Annual General Meetings](#page_14) | [7](#page_14) |
| &nbsp;&nbsp;&nbsp;&nbsp;[10.2.](#page_15) | &nbsp;&nbsp;&nbsp;&nbsp;[Resolution Instead of Annual General Meeting](#page_15) | [8](#page_15) |
| &nbsp;&nbsp;&nbsp;&nbsp;[10.3.](#page_15) | &nbsp;&nbsp;&nbsp;&nbsp;[Calling of Meetings of Shareholders](#page_15) | [8](#page_15) |
| &nbsp;&nbsp;&nbsp;&nbsp;[10.4.](#page_15) | &nbsp;&nbsp;&nbsp;&nbsp;[Notice for Meetings of Shareholders](#page_15) | [8](#page_15) |
| &nbsp;&nbsp;&nbsp;&nbsp;[10.5.](#page_15) | &nbsp;&nbsp;&nbsp;&nbsp;[Record Date for Notice](#page_15) | [8](#page_15) |
| &nbsp;&nbsp;&nbsp;&nbsp;[10.6.](#page_15) | &nbsp;&nbsp;&nbsp;&nbsp;[Record Date for Voting](#page_15) | [8](#page_15) |
| &nbsp;&nbsp;&nbsp;&nbsp;[10.7.](#page_16) | &nbsp;&nbsp;&nbsp;&nbsp;[Failure to Give Notice and Waiver of Notice](#page_16) | [9](#page_16) |
| &nbsp;&nbsp;&nbsp;&nbsp;[10.8.](#page_16) | &nbsp;&nbsp;&nbsp;&nbsp;[Notice of Special Business at Meetings of Shareholders](#page_16) | [9](#page_16) |
| Article 11 |  |  |
| [PROCEEDINGS AT MEETINGS OF SHAREHOLDERS](#page_16) | [PROCEEDINGS AT MEETINGS OF SHAREHOLDERS](#page_16) | [9](#page_16) |
| &nbsp;&nbsp;&nbsp;&nbsp;[11.1.](#page_16) | &nbsp;&nbsp;&nbsp;&nbsp;[Special Business](#page_16) | [9](#page_16) |
| &nbsp;&nbsp;&nbsp;&nbsp;[11.2.](#page_17) | &nbsp;&nbsp;&nbsp;&nbsp;[Special Majority](#page_17) | [10](#page_17) |
| &nbsp;&nbsp;&nbsp;&nbsp;[11.3.](#page_17) | &nbsp;&nbsp;&nbsp;&nbsp;[Quorum](#page_17) | [10](#page_17) |
| &nbsp;&nbsp;&nbsp;&nbsp;[11.4.](#page_17) | &nbsp;&nbsp;&nbsp;&nbsp;[One Shareholder May Constitute Quorum](#page_17) | [10](#page_17) |
| &nbsp;&nbsp;&nbsp;&nbsp;[11.5.](#page_17) | &nbsp;&nbsp;&nbsp;&nbsp;[Other Persons May Attend](#page_17) | [10](#page_17) |
| &nbsp;&nbsp;&nbsp;&nbsp;[11.6.](#page_17) | &nbsp;&nbsp;&nbsp;&nbsp;[Requirement of Quorum](#page_17) | [10](#page_17) |
| &nbsp;&nbsp;&nbsp;&nbsp;[11.7.](#page_17) | &nbsp;&nbsp;&nbsp;&nbsp;[Lack of Quorum](#page_17) | [10](#page_17) |
| &nbsp;&nbsp;&nbsp;&nbsp;[11.8.](#page_17) | &nbsp;&nbsp;&nbsp;&nbsp;[Lack of Quorum at Succeeding Meeting](#page_17) | [10](#page_17) |
| &nbsp;&nbsp;&nbsp;&nbsp;[11.9.](#page_18) | &nbsp;&nbsp;&nbsp;&nbsp;[Chair](#page_18) | [11](#page_18) |
| &nbsp;&nbsp;&nbsp;&nbsp;[11.10.](#page_18) | &nbsp;&nbsp;&nbsp;&nbsp;[Selection of Alternate Chair](#page_18) | [11](#page_18) |
| &nbsp;&nbsp;&nbsp;&nbsp;[11.11.](#page_18) | &nbsp;&nbsp;&nbsp;&nbsp;[Adjournments](#page_18) | [11](#page_18) |
| &nbsp;&nbsp;&nbsp;&nbsp;[11.12.](#page_18) | &nbsp;&nbsp;&nbsp;&nbsp;[Notice of Adjourned Meeting](#page_18) | [11](#page_18) |

---

ii

------

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;[11.13.](#page_18) | &nbsp;&nbsp;&nbsp;&nbsp;[Decision by Show of Hands or Poll](#page_18) | [11](#page_18) |
| &nbsp;&nbsp;&nbsp;&nbsp;[11.14.](#page_18) | &nbsp;&nbsp;&nbsp;&nbsp;[Declaration of Result](#page_18) | [11](#page_18) |
| &nbsp;&nbsp;&nbsp;&nbsp;[11.15.](#page_18) | &nbsp;&nbsp;&nbsp;&nbsp;[Motion Need Not be Seconded](#page_18) | [11](#page_18) |
| &nbsp;&nbsp;&nbsp;&nbsp;[11.16.](#page_18) | &nbsp;&nbsp;&nbsp;&nbsp;[Casting Vote](#page_18) | [11](#page_18) |
| &nbsp;&nbsp;&nbsp;&nbsp;[11.17.](#page_19) | &nbsp;&nbsp;&nbsp;&nbsp;[Manner of Taking Poll](#page_19) | [12](#page_19) |
| &nbsp;&nbsp;&nbsp;&nbsp;[11.18.](#page_19) | &nbsp;&nbsp;&nbsp;&nbsp;[Demand for Poll on Adjournment](#page_19) | [12](#page_19) |
| &nbsp;&nbsp;&nbsp;&nbsp;[11.19.](#page_19) | &nbsp;&nbsp;&nbsp;&nbsp;[Chair Must Resolve Dispute](#page_19) | [12](#page_19) |
| &nbsp;&nbsp;&nbsp;&nbsp;[11.20.](#page_19) | &nbsp;&nbsp;&nbsp;&nbsp;[Casting of Votes](#page_19) | [12](#page_19) |
| &nbsp;&nbsp;&nbsp;&nbsp;[11.21.](#page_19) | &nbsp;&nbsp;&nbsp;&nbsp;[Demand for Poll](#page_19) | [12](#page_19) |
| &nbsp;&nbsp;&nbsp;&nbsp;[11.22.](#page_19) | &nbsp;&nbsp;&nbsp;&nbsp;[Demand for Poll Not to Prevent Continuance of Meeting](#page_19) | [12](#page_19) |
| &nbsp;&nbsp;&nbsp;&nbsp;[11.23.](#page_19) | &nbsp;&nbsp;&nbsp;&nbsp;[Retention of Ballots and Proxies](#page_19) | [12](#page_19) |
| &nbsp;&nbsp;&nbsp;&nbsp;[11.24.](#page_19) | &nbsp;&nbsp;&nbsp;&nbsp;[Meeting by Telephone or Other Communications Medium](#page_19) | [12](#page_19) |
| Article 12 |  |  |
| [VOTES OF SHAREHOLDERS](#page_20) | [VOTES OF SHAREHOLDERS](#page_20) | [13](#page_20) |
| &nbsp;&nbsp;&nbsp;&nbsp;[12.1.](#page_20) | &nbsp;&nbsp;&nbsp;&nbsp;[Number of Votes by Shareholder or by Shares](#page_20) | [13](#page_20) |
| &nbsp;&nbsp;&nbsp;&nbsp;[12.2.](#page_20) | &nbsp;&nbsp;&nbsp;&nbsp;[Votes of Persons in Representative Capacity](#page_20) | [13](#page_20) |
| &nbsp;&nbsp;&nbsp;&nbsp;[12.3.](#page_20) | &nbsp;&nbsp;&nbsp;&nbsp;[Votes by Joint Holders](#page_20) | [13](#page_20) |
| &nbsp;&nbsp;&nbsp;&nbsp;[12.4.](#page_20) | &nbsp;&nbsp;&nbsp;&nbsp;[Legal Personal Representatives as Joint Shareholders](#page_20) | [13](#page_20) |
| &nbsp;&nbsp;&nbsp;&nbsp;[12.5.](#page_20) | &nbsp;&nbsp;&nbsp;&nbsp;[Representative of a Corporate Shareholder](#page_20) | [13](#page_20) |
| &nbsp;&nbsp;&nbsp;&nbsp;[12.6.](#page_21) | &nbsp;&nbsp;&nbsp;&nbsp;[Proxy Provisions Do Not Apply to All Companies](#page_21) | [14](#page_21) |
| &nbsp;&nbsp;&nbsp;&nbsp;[12.7.](#page_21) | &nbsp;&nbsp;&nbsp;&nbsp;[Appointment of Proxy Holders](#page_21) | [14](#page_21) |
| &nbsp;&nbsp;&nbsp;&nbsp;[12.8.](#page_21) | &nbsp;&nbsp;&nbsp;&nbsp;[Alternate Proxy Holders](#page_21) | [14](#page_21) |
| &nbsp;&nbsp;&nbsp;&nbsp;[12.9.](#page_21) | &nbsp;&nbsp;&nbsp;&nbsp;[When Proxy Holder Need Not Be Shareholder](#page_21) | [14](#page_21) |
| &nbsp;&nbsp;&nbsp;&nbsp;[12.10.](#page_22) | &nbsp;&nbsp;&nbsp;&nbsp;[Deposit of Proxy](#page_22) | [15](#page_22) |
| &nbsp;&nbsp;&nbsp;&nbsp;[12.11.](#page_22) | &nbsp;&nbsp;&nbsp;&nbsp;[Validity of Proxy Vote](#page_22) | [15](#page_22) |
| &nbsp;&nbsp;&nbsp;&nbsp;[12.12.](#page_22) | &nbsp;&nbsp;&nbsp;&nbsp;[Form of Proxy](#page_22) | [15](#page_22) |
| &nbsp;&nbsp;&nbsp;&nbsp;[12.13.](#page_23) | &nbsp;&nbsp;&nbsp;&nbsp;[Revocation of Proxy](#page_23) | [16](#page_23) |
| &nbsp;&nbsp;&nbsp;&nbsp;[12.14.](#page_23) | &nbsp;&nbsp;&nbsp;&nbsp;[Revocation of Proxy Must Be Signed](#page_23) | [16](#page_23) |
| &nbsp;&nbsp;&nbsp;&nbsp;[12.15.](#page_23) | &nbsp;&nbsp;&nbsp;&nbsp;[Production of Evidence of Authority to Vote](#page_23) | [16](#page_23) |
| Article 13 |  |  |
| [DIRECTORS](#page_23) | [DIRECTORS](#page_23) | [16](#page_23) |
| &nbsp;&nbsp;&nbsp;&nbsp;[13.1.](#page_23) | &nbsp;&nbsp;&nbsp;&nbsp;[First Directors; Number of Directors](#page_23) | [16](#page_23) |
| &nbsp;&nbsp;&nbsp;&nbsp;[13.2.](#page_24) | &nbsp;&nbsp;&nbsp;&nbsp;[Change in Number of Directors](#page_24) | [17](#page_24) |
| &nbsp;&nbsp;&nbsp;&nbsp;[13.3.](#page_24) | &nbsp;&nbsp;&nbsp;&nbsp;[Directors' Acts Valid Despite Vacancy](#page_24) | [17](#page_24) |
| &nbsp;&nbsp;&nbsp;&nbsp;[13.4.](#page_24) | &nbsp;&nbsp;&nbsp;&nbsp;[Qualifications of Directors](#page_24) | [17](#page_24) |
| &nbsp;&nbsp;&nbsp;&nbsp;[13.5.](#page_24) | &nbsp;&nbsp;&nbsp;&nbsp;[Remuneration of Directors](#page_24) | [17](#page_24) |
| &nbsp;&nbsp;&nbsp;&nbsp;[13.6.](#page_24) | &nbsp;&nbsp;&nbsp;&nbsp;[Reimbursement of Expenses of Directors](#page_24) | [17](#page_24) |
| &nbsp;&nbsp;&nbsp;&nbsp;[13.7.](#page_24) | &nbsp;&nbsp;&nbsp;&nbsp;[Special Remuneration for Directors](#page_24) | [17](#page_24) |
| &nbsp;&nbsp;&nbsp;&nbsp;[13.8.](#page_24) | &nbsp;&nbsp;&nbsp;&nbsp;[Gratuity, Pension or Allowance on Retirement of Director](#page_24) | [17](#page_24) |
| Article 14 |  |  |
| [ELECTION AND REMOVAL OF DIRECTORS](#page_25) | [ELECTION AND REMOVAL OF DIRECTORS](#page_25) | [18](#page_25) |
| &nbsp;&nbsp;&nbsp;&nbsp;[14.1.](#page_25) | &nbsp;&nbsp;&nbsp;&nbsp;[Election at Annual General Meeting](#page_25) | [18](#page_25) |
| &nbsp;&nbsp;&nbsp;&nbsp;[14.2.](#page_25) | &nbsp;&nbsp;&nbsp;&nbsp;[Consent to be a Director](#page_25) | [18](#page_25) |
| &nbsp;&nbsp;&nbsp;&nbsp;[14.3.](#page_25) | &nbsp;&nbsp;&nbsp;&nbsp;[Failure to Elect or Appoint Directors](#page_25) | [18](#page_25) |

---

iii

------

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;[14.4.](#page_25) | &nbsp;&nbsp;&nbsp;&nbsp;[Places of Retiring Directors Not Filled](#page_25) | [18](#page_25) |
| &nbsp;&nbsp;&nbsp;&nbsp;[14.5.](#page_26) | &nbsp;&nbsp;&nbsp;&nbsp;[Directors May Fill Casual Vacancies](#page_26) | [19](#page_26) |
| &nbsp;&nbsp;&nbsp;&nbsp;[14.6.](#page_26) | &nbsp;&nbsp;&nbsp;&nbsp;[Remaining Directors Power to Act](#page_26) | [19](#page_26) |
| &nbsp;&nbsp;&nbsp;&nbsp;[14.7.](#page_26) | &nbsp;&nbsp;&nbsp;&nbsp;[Shareholders May Fill Vacancies](#page_26) | [19](#page_26) |
| &nbsp;&nbsp;&nbsp;&nbsp;[14.8.](#page_26) | &nbsp;&nbsp;&nbsp;&nbsp;[Additional Directors](#page_26) | [19](#page_26) |
| &nbsp;&nbsp;&nbsp;&nbsp;[14.9.](#page_26) | &nbsp;&nbsp;&nbsp;&nbsp;[Ceasing to be a Director](#page_26) | [19](#page_26) |
| &nbsp;&nbsp;&nbsp;&nbsp;[14.10.](#page_26) | &nbsp;&nbsp;&nbsp;&nbsp;[Removal of Director by Shareholders](#page_26) | [19](#page_26) |
| &nbsp;&nbsp;&nbsp;&nbsp;[14.11.](#page_27) | &nbsp;&nbsp;&nbsp;&nbsp;[Removal of Director by Directors](#page_27) | [20](#page_27) |
| Article 15 |  |  |
| [POWERS AND DUTIES OF DIRECTORS](#page_27) | [POWERS AND DUTIES OF DIRECTORS](#page_27) | [20](#page_27) |
| &nbsp;&nbsp;&nbsp;&nbsp;[15.1.](#page_27) | &nbsp;&nbsp;&nbsp;&nbsp;[Powers of Management](#page_27) | [20](#page_27) |
| &nbsp;&nbsp;&nbsp;&nbsp;[15.2.](#page_27) | &nbsp;&nbsp;&nbsp;&nbsp;[Appointment of Attorney of Company](#page_27) | [20](#page_27) |
| Article 16 |  |  |
| [DISCLOSURE OF INTEREST OF DIRECTORS](#page_27) | [DISCLOSURE OF INTEREST OF DIRECTORS](#page_27) | [20](#page_27) |
| &nbsp;&nbsp;&nbsp;&nbsp;[16.1.](#page_27) | &nbsp;&nbsp;&nbsp;&nbsp;[Obligation to Account for Profits](#page_27) | [20](#page_27) |
| &nbsp;&nbsp;&nbsp;&nbsp;[16.2.](#page_27) | &nbsp;&nbsp;&nbsp;&nbsp;[Restrictions on Voting by Reason of Interest](#page_27) | [20](#page_27) |
| &nbsp;&nbsp;&nbsp;&nbsp;[16.3.](#page_27) | &nbsp;&nbsp;&nbsp;&nbsp;[Interested Director Counted in Quorum](#page_27) | [20](#page_27) |
| &nbsp;&nbsp;&nbsp;&nbsp;[16.4.](#page_28) | &nbsp;&nbsp;&nbsp;&nbsp;[Disclosure of Conflict of Interest or Property](#page_28) | [21](#page_28) |
| &nbsp;&nbsp;&nbsp;&nbsp;[16.5.](#page_28) | &nbsp;&nbsp;&nbsp;&nbsp;[Director Holding Other Office in the Company](#page_28) | [21](#page_28) |
| &nbsp;&nbsp;&nbsp;&nbsp;[16.6.](#page_28) | &nbsp;&nbsp;&nbsp;&nbsp;[No Disqualification](#page_28) | [21](#page_28) |
| &nbsp;&nbsp;&nbsp;&nbsp;[16.7.](#page_28) | &nbsp;&nbsp;&nbsp;&nbsp;[Professional Services by Director or Officer](#page_28) | [21](#page_28) |
| &nbsp;&nbsp;&nbsp;&nbsp;[16.8.](#page_28) | &nbsp;&nbsp;&nbsp;&nbsp;[Director or Officer in Other Corporations](#page_28) | [21](#page_28) |
| Article 17 |  |  |
| [PROCEEDINGS OF DIRECTORS](#page_28) | [PROCEEDINGS OF DIRECTORS](#page_28) | [21](#page_28) |
| &nbsp;&nbsp;&nbsp;&nbsp;[17.1.](#page_28) | &nbsp;&nbsp;&nbsp;&nbsp;[Meetings of Directors](#page_28) | [21](#page_28) |
| &nbsp;&nbsp;&nbsp;&nbsp;[17.2.](#page_28) | &nbsp;&nbsp;&nbsp;&nbsp;[Voting at Meetings](#page_28) | [21](#page_28) |
| &nbsp;&nbsp;&nbsp;&nbsp;[17.3.](#page_28) | &nbsp;&nbsp;&nbsp;&nbsp;[Chair of Meetings](#page_28) | [21](#page_28) |
| &nbsp;&nbsp;&nbsp;&nbsp;[17.4.](#page_29) | &nbsp;&nbsp;&nbsp;&nbsp;[Meetings by Telephone or Other Communications Medium](#page_29) | [22](#page_29) |
| &nbsp;&nbsp;&nbsp;&nbsp;[17.5.](#page_29) | &nbsp;&nbsp;&nbsp;&nbsp;[Calling of Meetings](#page_29) | [22](#page_29) |
| &nbsp;&nbsp;&nbsp;&nbsp;[17.6.](#page_29) | &nbsp;&nbsp;&nbsp;&nbsp;[Notice of Meetings](#page_29) | [22](#page_29) |
| &nbsp;&nbsp;&nbsp;&nbsp;[17.7.](#page_29) | &nbsp;&nbsp;&nbsp;&nbsp;[When Notice Not Required](#page_29) | [22](#page_29) |
| &nbsp;&nbsp;&nbsp;&nbsp;[17.8.](#page_30) | &nbsp;&nbsp;&nbsp;&nbsp;[Meeting Valid Despite Failure to Give Notice](#page_30) | [23](#page_30) |
| &nbsp;&nbsp;&nbsp;&nbsp;[17.9.](#page_30) | &nbsp;&nbsp;&nbsp;&nbsp;[Waiver of Notice of Meetings](#page_30) | [23](#page_30) |
| &nbsp;&nbsp;&nbsp;&nbsp;[17.10.](#page_30) | &nbsp;&nbsp;&nbsp;&nbsp;[Quorum](#page_30) | [23](#page_30) |
| &nbsp;&nbsp;&nbsp;&nbsp;[17.11.](#page_30) | &nbsp;&nbsp;&nbsp;&nbsp;[Validity of Acts Where Appointment Defective](#page_30) | [23](#page_30) |
| &nbsp;&nbsp;&nbsp;&nbsp;[17.12.](#page_30) | &nbsp;&nbsp;&nbsp;&nbsp;[Consent Resolutions in Writing](#page_30) | [23](#page_30) |
| Article 18 |  |  |
| [EXECUTIVE AND OTHER COMMITTEES](#page_30) | [EXECUTIVE AND OTHER COMMITTEES](#page_30) | [23](#page_30) |
| &nbsp;&nbsp;&nbsp;&nbsp;[18.1.](#page_30) | &nbsp;&nbsp;&nbsp;&nbsp;[Appointment and Powers of Executive Committee](#page_30) | [23](#page_30) |
| &nbsp;&nbsp;&nbsp;&nbsp;[18.2.](#page_31) | &nbsp;&nbsp;&nbsp;&nbsp;[Appointment and Powers of Other Committees](#page_31) | [24](#page_31) |
| &nbsp;&nbsp;&nbsp;&nbsp;[18.3.](#page_31) | &nbsp;&nbsp;&nbsp;&nbsp;[Obligations of Committees](#page_31) | [24](#page_31) |
| &nbsp;&nbsp;&nbsp;&nbsp;[18.4.](#page_31) | &nbsp;&nbsp;&nbsp;&nbsp;[Powers of Board](#page_31) | [24](#page_31) |
| &nbsp;&nbsp;&nbsp;&nbsp;[18.5.](#page_32) | &nbsp;&nbsp;&nbsp;&nbsp;[Committee Meetings](#page_32) | [25](#page_32) |

---

iv

------

---

| | | |
|:---|:---|:---|
| Article 19 |  |  |
| [OFFICERS](#page_32) | [OFFICERS](#page_32) | [25](#page_32) |
| &nbsp;&nbsp;&nbsp;&nbsp;[19.1.](#page_32) | &nbsp;&nbsp;&nbsp;&nbsp;[Directors May Appoint Officers](#page_32) | [25](#page_32) |
| &nbsp;&nbsp;&nbsp;&nbsp;[19.2.](#page_32) | &nbsp;&nbsp;&nbsp;&nbsp;[Functions, Duties and Powers of Officers](#page_32) | [25](#page_32) |
| &nbsp;&nbsp;&nbsp;&nbsp;[19.3.](#page_32) | &nbsp;&nbsp;&nbsp;&nbsp;[Qualifications](#page_32) | [25](#page_32) |
| &nbsp;&nbsp;&nbsp;&nbsp;[19.4.](#page_32) | &nbsp;&nbsp;&nbsp;&nbsp;[Remuneration and Terms of Appointment](#page_32) | [25](#page_32) |
| Article 20 |  |  |
| [INDEMNIFICATION](#page_33) | [INDEMNIFICATION](#page_33) | [26](#page_33) |
| &nbsp;&nbsp;&nbsp;&nbsp;[20.1.](#page_33) | &nbsp;&nbsp;&nbsp;&nbsp;[Definitions](#page_33) | [26](#page_33) |
| &nbsp;&nbsp;&nbsp;&nbsp;[20.2.](#page_33) | &nbsp;&nbsp;&nbsp;&nbsp;[Mandatory Indemnification of Directors and Former Directors](#page_33) | [26](#page_33) |
| &nbsp;&nbsp;&nbsp;&nbsp;[20.3.](#page_33) | &nbsp;&nbsp;&nbsp;&nbsp;[Indemnification of Other Persons](#page_33) | [26](#page_33) |
| &nbsp;&nbsp;&nbsp;&nbsp;[20.4.](#page_33) | &nbsp;&nbsp;&nbsp;&nbsp;[Non-Compliance with Business Corporations Act](#page_33) | [26](#page_33) |
| &nbsp;&nbsp;&nbsp;&nbsp;[20.5.](#page_33) | &nbsp;&nbsp;&nbsp;&nbsp;[Company May Purchase Insurance](#page_33) | [26](#page_33) |
| Article 21 |  |  |
| [DIVIDENDS](#page_34) | [DIVIDENDS](#page_34) | [27](#page_34) |
| &nbsp;&nbsp;&nbsp;&nbsp;[21.1.](#page_34) | &nbsp;&nbsp;&nbsp;&nbsp;[Payment of Dividends Subject to Special Rights](#page_34) | [27](#page_34) |
| &nbsp;&nbsp;&nbsp;&nbsp;[21.2.](#page_34) | &nbsp;&nbsp;&nbsp;&nbsp;[Declaration of Dividends](#page_34) | [27](#page_34) |
| &nbsp;&nbsp;&nbsp;&nbsp;[21.3.](#page_34) | &nbsp;&nbsp;&nbsp;&nbsp;[No Notice Required](#page_34) | [27](#page_34) |
| &nbsp;&nbsp;&nbsp;&nbsp;[21.4.](#page_34) | &nbsp;&nbsp;&nbsp;&nbsp;[Record Date](#page_34) | [27](#page_34) |
| &nbsp;&nbsp;&nbsp;&nbsp;[21.5.](#page_34) | &nbsp;&nbsp;&nbsp;&nbsp;[Manner of Paying Dividend](#page_34) | [27](#page_34) |
| &nbsp;&nbsp;&nbsp;&nbsp;[21.6.](#page_34) | &nbsp;&nbsp;&nbsp;&nbsp;[Settlement of Difficulties](#page_34) | [27](#page_34) |
| &nbsp;&nbsp;&nbsp;&nbsp;[21.7.](#page_34) | &nbsp;&nbsp;&nbsp;&nbsp;[When Dividend Payable](#page_34) | [27](#page_34) |
| &nbsp;&nbsp;&nbsp;&nbsp;[21.8.](#page_35) | &nbsp;&nbsp;&nbsp;&nbsp;[Dividends to be Paid in Accordance with Number of Shares](#page_35) | [28](#page_35) |
| &nbsp;&nbsp;&nbsp;&nbsp;[21.9.](#page_35) | &nbsp;&nbsp;&nbsp;&nbsp;[Receipt by Joint Shareholders](#page_35) | [28](#page_35) |
| &nbsp;&nbsp;&nbsp;&nbsp;[21.10.](#page_35) | &nbsp;&nbsp;&nbsp;&nbsp;[Dividend Bears No Interest](#page_35) | [28](#page_35) |
| &nbsp;&nbsp;&nbsp;&nbsp;[21.11.](#page_35) | &nbsp;&nbsp;&nbsp;&nbsp;[Fractional Dividends](#page_35) | [28](#page_35) |
| &nbsp;&nbsp;&nbsp;&nbsp;[21.12.](#page_35) | &nbsp;&nbsp;&nbsp;&nbsp;[Payment of Dividends](#page_35) | [28](#page_35) |
| &nbsp;&nbsp;&nbsp;&nbsp;[21.13.](#page_35) | &nbsp;&nbsp;&nbsp;&nbsp;[Capitalization of Surplus](#page_35) | [28](#page_35) |
| Article 22 |  |  |
| [DOCUMENTS, RECORDS AND REPORTS](#page_35) | [DOCUMENTS, RECORDS AND REPORTS](#page_35) | [28](#page_35) |
| &nbsp;&nbsp;&nbsp;&nbsp;[22.1.](#page_35) | &nbsp;&nbsp;&nbsp;&nbsp;[Recording of Financial Affairs](#page_35) | [28](#page_35) |
| &nbsp;&nbsp;&nbsp;&nbsp;[22.2.](#page_35) | &nbsp;&nbsp;&nbsp;&nbsp;[Inspection of Accounting Records](#page_35) | [28](#page_35) |
| Article 23 |  |  |
| [NOTICES](#page_35) | [NOTICES](#page_35) | [28](#page_35) |
| &nbsp;&nbsp;&nbsp;&nbsp;[23.1.](#page_35) | &nbsp;&nbsp;&nbsp;&nbsp;[Method of Giving Notice](#page_35) | [28](#page_35) |
| &nbsp;&nbsp;&nbsp;&nbsp;[23.2.](#page_36) | &nbsp;&nbsp;&nbsp;&nbsp;[Deemed Receipt of Mailing](#page_36) | [29](#page_36) |
| &nbsp;&nbsp;&nbsp;&nbsp;[23.3.](#page_36) | &nbsp;&nbsp;&nbsp;&nbsp;[Certificate of Sending](#page_36) | [29](#page_36) |
| &nbsp;&nbsp;&nbsp;&nbsp;[23.4.](#page_37) | &nbsp;&nbsp;&nbsp;&nbsp;[Notice to Joint Shareholders](#page_37) | [30](#page_37) |
| &nbsp;&nbsp;&nbsp;&nbsp;[23.5.](#page_37) | &nbsp;&nbsp;&nbsp;&nbsp;[Notice to Trustees](#page_37) | [30](#page_37) |

---

v

------

---

| | | |
|:---|:---|:---|
| Article 24 | Article 24 |  |
| [SEAL AND EXECUTION OF DOCUMENTS](#page_37) | [SEAL AND EXECUTION OF DOCUMENTS](#page_37) | [30](#page_37) |
| &nbsp;&nbsp;&nbsp;&nbsp;[24.1.](#page_37) | &nbsp;&nbsp;&nbsp;&nbsp;[Who May Attest Seal](#page_37) | [30](#page_37) |
| &nbsp;&nbsp;&nbsp;&nbsp;[24.2.](#page_37) | &nbsp;&nbsp;&nbsp;&nbsp;[Sealing Copies](#page_37) | [30](#page_37) |
| &nbsp;&nbsp;&nbsp;&nbsp;[24.3.](#page_37) | &nbsp;&nbsp;&nbsp;&nbsp;[Mechanical Reproduction of Seal](#page_37) | [30](#page_37) |
| &nbsp;&nbsp;&nbsp;&nbsp;[24.4.](#page_38) | &nbsp;&nbsp;&nbsp;&nbsp;[Execution of Documents Generally](#page_38) | [31](#page_38) |
| Article 25 |  |  |
| [PROHIBITIONS](#page_38) | [PROHIBITIONS](#page_38) | [31](#page_38) |
| &nbsp;&nbsp;&nbsp;&nbsp;[25.1.](#page_38) | &nbsp;&nbsp;&nbsp;&nbsp;[Definitions](#page_38) | [31](#page_38) |
| &nbsp;&nbsp;&nbsp;&nbsp;[25.2.](#page_38) | &nbsp;&nbsp;&nbsp;&nbsp;[Application](#page_38) | [31](#page_38) |
| &nbsp;&nbsp;&nbsp;&nbsp;[25.3.](#page_39) | &nbsp;&nbsp;&nbsp;&nbsp;[Consent Required for Transfer of Shares or Designated Securities](#page_39) | [32](#page_39) |

---

vi

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Incorporation Number <u>C1083309</u>

**ARTICLES**

**ELEMENTAL ROYALTIES CORP.** 

**ELEMENTAL ALTUS ROYALTIES CORP.**

**ELEMENTAL ROYALTY CORPORATION** 

<u>**(the "Company")**</u>

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

**1.1. Definitions.** In these Articles, unless the context otherwise requires:

"**board of directors**", "**directors**" and "**board**" mean the directors or sole director of the Company for the time being;

***"Business Corporations Act"*** means the Business Corporations Act (British Columbia) from time to time in force and all amendments thereto and includes all regulations and amendments thereto made pursuant to that Act;

**"legal personal representative"** means the personal or other legal representative of the shareholder;

**"registered address"** of a shareholder means the shareholder's address as recorded in the central securities register;

**"seal"** means the seal of the Company, if any.

**1.2. Business Corporations Act and Interpretation Act Definitions Applicable**. The definitions in the *Business Corporations Act* and the definitions and rules of construction in the *Interpretation Act,* with the necessary changes, so far as applicable, and unless the context requires otherwise, apply to these Articles as if they were an enactment. If there is a conflict between a definition in the *Business Corporations Act* and a definition or rule in the *Interpretation Act* relating to a term used in these Articles, the definition in the *Business Corporations Act* will prevail in relation to the use of the term in these Articles. If there is a conflict between these Articles and the *Business Corporations Act,* the *Business Corporations Act* will prevail.

**ARTICLE 2**<br>**SHARES AND SHARE CERTIFICATES**

**2.1. Authorized Share Structure.** The authorized share structure of the Company consists of shares of the class or classes and series, if any, described in the Notice of Articles of the Company.

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**2.2. Form of Share Certificate.** Each share certificate issued by the Company must comply with, and be signed as required by, the *Business Corporations Act.*

**2.3. Shareholder Entitled to Certificate or Acknowledgement.** Each shareholder is entitled, without charge, to (a) one share certificate representing the shares of each class or series of shares registered in the shareholder's name or (b) a non-transferable written acknowledgement of the shareholder's right to obtain such a share certificate, provided that in respect of a share held jointly by several persons, the Company is not bound to issue more than one share certificate and delivery of a share certificate for a share to one of several joint shareholders or to one of the shareholders' duly authorized agents will be sufficient delivery to all.

**2.4. Delivery by Mail.** Any share certificate or non-transferable written acknowledgement of a shareholder's right to obtain a share certificate may be sent to the shareholder by mail at the shareholder's registered address and neither the Company nor any director, officer or agent of the Company is liable for any loss to the shareholder because the share certificate or acknowledgement is lost in the mail or stolen.

**2.5. Replacement of Worn Out or Defaced Certificate or Acknowledgement**. If the directors are satisfied that a share certificate or a non-transferable written acknowledgement of the shareholder's right to obtain a share certificate is worn out or defaced, they must, on production to them of the share certificate or acknowledgement, as the case may be, and on such other terms, if any, as they think fit:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) order the share certificate or acknowledgement, as the case may be, to be cancelled; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) issue a replacement share certificate or acknowledgement, as the case may be.

**2.6. Replacement of Lost, Stolen or Destroyed Certificate or Acknowledgement.** If a share certificate or a non-transferable written acknowledgement of a shareholder's right to obtain a share certificate is lost, stolen or destroyed, a replacement share certificate or acknowledgement, as the case may be, must be issued to the person entitled to that share certificate or acknowledgement, as the case may be, if the directors receive:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) proof satisfactory to them that the share certificate or acknowledgement is lost, stolen or destroyed; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) any indemnity the directors consider adequate.

**2.7. Splitting Share Certificates.** If a shareholder surrenders a share certificate to the Company with a written request that the Company issue in the shareholder's name two or more share certificates, each representing a specified number of shares and in the aggregate representing the same number of shares as the share certificate so surrendered, the Company must cancel the surrendered share certificate and issue replacement share certificates in accordance with that request.

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**2.8. Certificate Fee.** There must be paid to the Company, in relation to the issue of any share certificate under Articles 2.5, 2.6 or 2.7, the amount, if any and which must not exceed the amount prescribed under the *Business Corporations Act,* determined by the directors.

**2.9. Recognition of Trusts.** Except as required by law or statute or these Articles, no person will be recognized by the Company as holding any share upon any trust, and the Company is not bound by or compelled in any way to recognize (even when having notice thereof) any equitable, contingent, future or partial interest in any share or fraction of a share or (except as by law or statute or these Articles provided or as ordered by a court of competent jurisdiction) any other rights in respect of any share except an absolute right to the entirety thereof in the shareholder.

**ARTICLE 3**<br>**ISSUE OF SHARES**

**3.1. Directors Authorized.** Subject to the *Business Corporations Act* and the rights of the holders of issued shares of the Company, the Company may issue, allot, sell or otherwise dispose of the unissued shares, and issued shares held by the Company, at the times, to the persons, including directors, in the manner, on the terms and conditions and for the issue prices (including any premium at which shares with par value may be issued) that the directors may determine. The issue price for a share with par value must be equal to or greater than the par value of the share.

**3.2. Commissions and Discounts.** The Company may at any time, pay a reasonable commission or allow a reasonable discount to any person in consideration of that person purchasing or agreeing to purchase shares of the Company from the Company or any other person or procuring or agreeing to procure purchasers for shares of the Company.

**3.3. Brokerage.** The Company may pay such brokerage fee or other consideration as may be lawful for or in connection with the sale or placement of its securities.

**3.4. Conditions of Issue.** Except as provided for by the *Business Corporations Act,* no share may be issued until it is fully paid. A share is fully paid when:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) consideration is provided to the Company for the issue of the share by one or more of the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) past services performed for the Company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) property;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) money; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the value of the consideration received by the Company equals or exceeds the issue price set for the share under Article 3 .1.

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**ARTICLE 4**<br>**SHARE REGISTERS**

**4.1. Central Securities Register.** As required by and subject to the *Business Corporations Act,* the Company must maintain in British Columbia a central securities register. The directors may, subject to the *Business Corporations Act,* appoint an agent to maintain the central securities register. The directors may also appoint one or more agents, including the agent which keeps the central securities register, as transfer agent for its shares or any class or series of its shares, as the case may be, and the same or another agent as registrar for its shares or such class or series of its shares, as the case may be. The directors may terminate such appointment of any agent at any time and may appoint another agent in its place.

**4.2. Closing Register.** The Company must not at any time close its central securities register.

**ARTICLE 5**<br>**SHARE TRANSFERS**

**5.1. Registering Transfers.** A transfer of a share of the Company must not be registered unless:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) a duly signed instrument of transfer in respect of the share has been received by the Company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) if a share certificate has been issued by the Company in respect of the share to be transferred, that share certificate has been surrendered to the Company; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) if a non-transferable written acknowledgement of the shareholder's right to obtain a share certificate has been issued by the Company in respect of the share to be transferred, that acknowledgement has been surrendered to the Company.

**5.2. Form of Instrument of Transfer.** The instrument of transfer in respect of any share of the Company must be either in the form, if any, on the back of the Company's share certificates or in any other form that may be approved by the directors from time to time.

**5.3. Transferor Remains Shareholder.** Except to the extent that the *Business Corporations Act* otherwise provides, the transferor of shares is deemed to remain the holder of the shares until the name of the transferee is entered in a securities register of the Company in respect of the transfer.

**5.4. Signing of Instrument of Transfer.** If a shareholder, or his or her duly authorized attorney, signs an instrument of transfer in respect of shares registered in the name of the shareholder, the signed instrument of transfer constitutes a complete and sufficient authority to the Company and its directors, officers and agents to register the number of shares specified in the instrument of transfer or specified in any other manner, or, if no number is specified, all the shares represented by the share certificates or set out in the written acknowledgements deposited with the instrument of transfer:

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) in the name of the person named as transferee in that instrument of transfer; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) if no person is named as transferee in that instrument of transfer, in the name of the person on whose behalf the instrument is deposited for the purpose of having the transfer registered.

**5.5. Enquiry as to Title Not Required.** Neither the Company nor any director, officer or agent of the Company is bound to inquire into the title of the person named in the instrument of transfer as transferee or, if no person is named as transferee in the instrument of transfer, of the person on whose behalf the instrument is deposited for the purpose of having the transfer registered or is liable for any claim related to registering the transfer by the shareholder or by any intermediate owner or holder of the shares, of any interest in the shares, of any share certificate representing such shares or of any written acknowledgement of a right to obtain a share certificate for such shares.

**5.6. Transfer Fee.** There must be paid to the Company, in relation to the registration of any transfer, the amount, if any, determined by the directors.

**ARTICLE 6**<br>**TRANSMISSION OF SHARES**

**6.1. Legal Personal Representative Recognized on Death.** In case of the death of a shareholder, the legal personal representative, or if the shareholder was a joint holder, the surviving joint holder, will be the only person recognized by the Company as having any title to the shareholder's interest in the shares. Before recognizing a person as a legal personal representative, the directors may require proof of appointment by a court of competent jurisdiction, a grant of letters probate, letters of administration or such other evidence or documents as the directors consider appropriate.

**6.2. Rights of Legal Personal Representative.** The legal personal representative has the same rights, privileges and obligations that attach to the shares held by the shareholder, including the right to transfer the shares in accordance with these Articles, provided the documents required by the *Business Corporations Act* and the directors have been deposited with the Company.

**ARTICLE 7**<br>**PURCHASE OF SHARES**

**7.1. Company Authorized to Purchase Shares.** Subject to Article 7.2, the special rights and restrictions attached to the shares of any class or series and the *Business Corporations Act,* the Company may, if authorized by the directors, purchase or otherwise acquire any of its shares at the price and upon the terms specified in such resolution.

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**7.2. Purchase When Insolvent.** The Company must not make a payment or provide any other consideration to purchase or otherwise acquire any of its shares if there are reasonable grounds for believing that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the Company is insolvent; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) making the payment or providing the consideration would render the Company insolvent.

**7.3. Sale and Voting of Purchased Shares.** If the Company retains a share redeemed, purchased or otherwise acquired by it, the Company may sell, gift or otherwise dispose of the share, but, while such share is held by the Company, it:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) is not entitled to vote the share at a meeting of its shareholders;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) must not pay a dividend in respect of the share; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) must not make any other distribution in respect of the share.

**ARTICLE 8**<br>**BORROWING POWERS**

**8.1. Borrowing Powers.** The Company, if authorized by the directors, may:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) borrow money in the manner and amount, on the security, from the sources and on the terms and conditions that they consider appropriate;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) issue bonds, debentures and other debt obligations either outright or as security for any liability or obligation of the Company or any other person and at such discounts or premiums and on such other terms as they consider appropriate;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) guarantee the repayment of money by any other person or the performance of any obligation of any other person; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) mortgage, charge, whether by way of specific or floating charge, grant a security interest in, or give other security on, the whole or any part of the present and future assets and undertaking of the Company.

**ARTICLE 9**<br>**ALTERATIONS**

**9.1. Alteration of Authorized Share Structure**. Subject to Article 9.2 and the *Business Corporations Act,* the Company may by special resolution:

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) subdivide or consolidate all or any of its unissued, or fully paid issued, shares;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) if the Company is authorized to issue shares of a class of shares with par value:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) decrease the par value of those shares; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) if none of the shares of that class of shares are allotted or issued, increase the par value of those shares;

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) otherwise alter its shares or authorized share structure when required or permitted to do so by the *Business Corporations Act.*

**9.2. Special Rights and Restrictions.** Subject to the *Business Corporations Act,* the Company may by special resolution:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) create special rights or restrictions for, and attach those special rights or restrictions to, the shares of any class or series of shares, whether or not any or all of those shares have been issued; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) vary or delete any special rights or restrictions attached to the shares of any class or series of shares, whether or not any or all of those shares have been issued.

**9.3. Change of Name.** The Company may by special resolution authorize an alteration of its Notice of Articles in order to change its name.

**9.4. Other Alterations.** If the *Business Corporations Act* does not specify the type of resolution and these Articles do not specify another type of resolution, the Company may by special resolution alter these Articles.

**ARTICLE 10**<br>**MEETINGS OF SHAREHOLDERS**

**10.1. Annual General Meetings.** Unless an annual general meeting is deferred or waived in accordance with the *Business Corporations Act,* the Company must hold its first annual general meeting within 18 months after the date on which it was incorporated or otherwise recognized, and after that must hold an annual general meeting at least once in each calendar year and not more than 15 months after the last annual reference date at such time and place as may be determined by the directors.

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**10.2. Resolution Instead of Annual General Meeting.** If all the shareholders who are entitled to vote at an annual general meeting consent by a unanimous resolution under the *Business Corporations Act* to all of the business that is required to be transacted at that annual general meeting, the annual general meeting is deemed to have been held on the date of the unanimous resolution. The shareholders must, in any unanimous resolution passed under this Article 10.2, select as the Company's annual reference date a date that would be appropriate for the holding of the applicable annual general meeting.

**10.3. Calling of Meetings of Shareholders.** The directors may, whenever they think fit, call a meeting of shareholders.

**10.4. Notice for Meetings of Shareholders.** The Company must send notice of the date, time and location of any meeting of shareholders, in the manner provided in these Articles, or in such other manner, if any, as may be prescribed by ordinary resolution (whether previous notice of the resolution has been given or not), to each shareholder entitled to attend the meeting, to each director and to the auditor of the Company, unless these Articles otherwise provide, at least the following number of days before the meeting:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) if and for so long as the Company is a public company, 21 days;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) otherwise, 10 days.

**10.5. Record Date for Notice.** The directors may set a date as the record date for the purpose of determining shareholders entitled to notice of any meeting of shareholders. The record date must not precede the date on which the meeting is to be held by more than two months or, in the case of a general meeting requisitioned by shareholders under the *Business Corporations Act,* by more than four months. The record date must not precede the date on which the meeting is held by fewer than:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) if and for so long as the Company is a public company, 21 days;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) otherwise, 10 days.

If no record date is set, the record date is 5 p.m. on the day immediately preceding the first date on which the notice is sent or, if no notice is sent, the beginning of the meeting.

**10.6. Record Date for Voting.** The directors may set a date as the record date for the purpose of determining shareholders entitled to vote at any meeting of shareholders. The record date must not precede the date on which the meeting is to be held by more than two months or, in the case of a general meeting requisitioned by shareholders under the *Business Corporations Act,* by more than four months. If no record date is set, the record date is 5 p.m. on the day immediately preceding the first date on which the notice is sent or, if no notice is sent, the beginning of the meeting.

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**10.7. Failure to Give Notice and Waiver of Notice.** The accidental omission to send notice of any meeting to, or the non-receipt of any notice by, any of the persons entitled to notice does not invalidate any proceedings at that meeting. Any person entitled to notice of a meeting of shareholders may, in writing or otherwise, waive or reduce the period of notice of such meeting.

**10.8. Notice** of Special Business at Meetings of Shareholders. If a meeting of shareholders is to consider special business within the meaning of Article 11.1, the notice of meeting must:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) state the general nature of the special business; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) if the special business includes considering, approving, ratifying, adopting or authorizing any document or the signing of or giving of effect to any document, have attached to it a copy of the document or state that a copy of the document will be available for inspection by shareholders:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) at the Company's records office, or at such other reasonably accessible location in British Columbia as is specified in the notice; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) during statutory business hours on any one or more specified days before the day set for the holding of the meeting.

**ARTICLE 11**<br>**PROCEEDINGS AT MEETINGS OF SHAREHOLDERS**

**11.1. Special Business.** At a meeting of shareholders, the following business is special business:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) at a meeting of shareholders that is not an annual general meeting, all business is special business except business relating to the conduct of or voting at the meeting;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) at an annual general meeting, all business is special business except for the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) business relating to the conduct of or voting at the meeting;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) consideration of any financial statements of the Company presented to the meeting;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) consideration of any reports of the directors or auditor;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) the setting or changing of the number of directors;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) the election or appointment of directors;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) the appointment of an auditor;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) the setting of the remuneration of an auditor;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii) business arising out of a report of the directors not requiring the passing of a special resolution or an exceptional resolution;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ix) any other business which, under these Articles or the *Business Corporations Act,* may be transacted at a meeting of shareholders without prior notice of the business being given to the shareholders.

**11.2. Special Majority.** The majority of votes required for the Company to pass a special resolution at a meeting of shareholders is two-thirds of the votes cast on the resolution.

**11.3. Quorum.** Subject to the special rights and restrictions attached to the shares of any class or series of shares, the quorum for the transaction of business at a meeting of shareholders is two persons who are, or who represent by proxy, shareholders who, in the aggregate, hold at least 5% of the issued shares entitled to be voted at the meeting.

**11.4. One Shareholder May Constitute Quorum.** If there is only one shareholder entitled to vote at a meeting of shareholders:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the quorum is one person who is, or who represents by proxy, that shareholder, and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) that shareholder, present in person or by proxy, may constitute the meeting.

**11.5. Other Persons May Attend.** The directors, the president (if any), the secretary (if any), the assistant secretary (if any), any lawyer for the Company, the auditor of the Company and any other persons invited by the directors are entitled to attend any meeting of shareholders, but if any of those persons does attend a meeting of shareholders, that person is not to be counted in the quorum and is not entitled to vote at the meeting unless that person is a shareholder or proxy holder entitled to vote at the meeting.

**11.6. Requirement of Quorum.** No business, other than the election of a chair of the meeting and the adjournment of the meeting, may be transacted at any meeting of shareholders unless a quorum of shareholders entitled to vote is present at the commencement of the meeting, but such quorum need not be present throughout the meeting.

**11.7. Lack of Quorum.** If, within one-half hour from the time set for the holding of a meeting of shareholders, a quorum is not present:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) in the case of a general meeting requisitioned by shareholders, the meeting is dissolved, and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) in the case of any other meeting of shareholders, the meeting stands adjourned to the same day in the next week at the same time and place.

**11.8. Lack of Quorum at Succeeding Meeting.** If, at the meeting to which the meeting referred to in Article 11.7(b) was adjourned, a quorum is not present within one-half hour from the time set for the holding of the meeting, the person or persons present and being, or representing by proxy, one or more shareholders entitled to attend and vote at the meeting constitute a quorum.

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**11.9. Chair.** The following individual is entitled to preside as chair at a meeting of shareholders:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the chair of the board, if any; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) if the chair of the board is absent or unwilling to act as chair of the meeting, the president, if any.

**11.10. Selection of Alternate Chair.** If, at any meeting of shareholders, there is no chair of the board or president present within 15 minutes after the time set for holding the meeting, or if the chair of the board and the president are unwilling to act as chair of the meeting, or if the chair of the board and the president have advised the secretary, if any, or any director present at the meeting, that they will not be present at the meeting, the directors present must choose one of their number to be chair of the meeting or if all of the directors present decline to take the chair or fail to so choose or if no director is present, the shareholders entitled to vote at the meeting who are present in person or by proxy may choose any person present at the meeting to chair the meeting.

**11.11. Adjournments.** The chair of a meeting of shareholders may, and if so directed by the meeting must, adjourn the meeting from time to time and from place to place, but no business may be transacted at any adjourned meeting other than the business left unfinished at the meeting from which the adjournment took place.

**11.12. Notice of Adjourned Meeting.** It is not necessary to give any notice of an adjourned meeting or of the business to be transacted at an adjourned meeting of shareholders except that, when a meeting is adjourned for 30 days or more, notice of the adjourned meeting must be given as in the case of the original meeting.

**11.13. Decision by Show of Hands or Poll.** Subject to the *Business Corporations Act,* every motion put to a vote at a meeting of shareholders will be decided on a show of hands unless a poll, before or on the declaration of the result of the vote by show of hands, is directed by the chair or demanded by at least one shareholder entitled to vote who is present in person or by proxy.

**11.14. Declaration of Result.** The chair of a meeting of shareholders must declare to the meeting the decision on every question in accordance with the result of the show of hands or the poll, as the case may be, and that decision must be entered in the minutes of the meeting. A declaration of the chair that a resolution is carried by the necessary majority or is defeated is, unless a poll is directed by the chair or demanded under Article 11.13, conclusive evidence without proof of the number or proportion of the votes recorded in favour of or against the resolution.

**11.15. Motion Need Not be Seconded.** No motion proposed at a meeting of shareholders need be seconded unless the chair of the meeting rules otherwise, and the chair of any meeting of shareholders is entitled to propose or second a motion.

**11.16. Casting Vote.** In case of an equality of votes, the chair of a meeting of shareholders does not, either on a show of hands or on a poll, have a second or casting vote in addition to the vote or votes to which the chair may be entitled as a shareholder.

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**11.17. Manner of Taking Poll.** Subject to Article 11.18, if a poll is duly demanded at a meeting of shareholders:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the poll must be taken:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) at the meeting, or within seven days after the date of the meeting, as the chair of the meeting directs; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) in the manner, at the time and at the place that the chair of the meeting directs;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the result of the poll is deemed to be the decision of the meeting at which the poll is demanded; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) the demand for the poll may be withdrawn by the person who demanded it.

**11.18. Demand for Poll on Adjournment.** A poll demanded at a meeting of shareholders on a question of adjournment must be taken immediately at the meeting.

**11.19. Chair Must Resolve Dispute.** In the case of any dispute as to the admission or rejection of a vote given on a poll, the chair of the meeting must determine the dispute, and his or her determination made in good faith is final and conclusive.

**11.20. Casting of Votes.** On a poll, a shareholder entitled to more than one vote need not cast all the votes in the same way.

**11.21. Demand for Poll.** No poll may be demanded in respect of the vote by which a chair of a meeting of shareholders is elected.

**11.22. Demand for Poll Not to Prevent Continuance of Meeting.** The demand for a poll at a meeting of shareholders does not, unless the chair of the meeting so rules, prevent the continuation of a meeting for the transaction of any business other than the question on which a poll has been demanded.

**11.23. Retention of Ballots and Proxies.** The Company must, for at least three months after a meeting of shareholders, keep each ballot cast on a poll and each proxy voted at the meeting, and, during that period, make them available for inspection during normal business hours by any shareholder or proxy holder entitled to vote at the meeting. At the end of such three month period, the Company may destroy such ballots and proxies.

**11.24. Meeting by Telephone or Other Communications Medium.** A shareholder or proxy holder may participate in a meeting of the shareholders in person or by telephone if all shareholders or proxy holders participating in the meeting, whether in person or by telephone or other communications medium, are able to communicate with each other. A shareholder or proxy holder may participate in a meeting of the shareholders by a communications medium other than telephone if all shareholders or proxy holders participating in the meeting, whether in person or by telephone or other communications medium, are able to communicate with each other and if all shareholders or proxy holders who wish to participate in the meeting agree to such participation. A shareholder or proxy holder who participates in a meeting in a manner contemplated by this Article 11.24 is deemed for all purposes of the *Business Corporations Act* and these Articles to be present at the meeting and to have agreed to participate in that manner.

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**ARTICLE 12**<br>**VOTES OF SHAREHOLDERS**

**12.1. Number of Votes by Shareholder or by Shares.** Subject to any special rights or restrictions attached to any shares and to the restrictions imposed on joint shareholders under Article 12.3:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) on a vote by show of hands, every person present who is a shareholder or proxy holder and entitled to vote on the matter has one vote; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) on a poll, every shareholder entitled to vote on the matter has one vote in respect of each share entitled to be voted on the matter and held by that shareholder and may exercise that vote either in person or by proxy.

**12.2. Votes of Persons in Representative Capacity.** A person who is not a shareholder may vote at a meeting of shareholders, whether on a show of hands or on a poll, and may appoint a proxy holder to act at the meeting, if, before doing so, the person satisfies the chair of the meeting, or the directors, that the person is a legal personal representative or a trustee in bankruptcy for a shareholder who is entitled to vote at the meeting.

**12.3. Votes by Joint Holders.** If there are joint shareholders registered in respect of any share:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) any one of the joint shareholders may vote at any meeting, either personally or by proxy, in respect of the share as if that joint shareholder were solely entitled to it; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) if more than one of the joint shareholders is present at any meeting, personally or by proxy, and more than one of them votes in respect of that share, then only the vote of the joint shareholder present whose name stands first on the central securities register in respect of the share will be counted.

**12.4. Legal Personal Representatives as Joint Shareholders.** Two or more legal personal representatives of a shareholder in whose sole name any share is registered are, for the purposes of Article 12.3, deemed to be joint shareholders.

**12.5. Representative of a Corporate Shareholder.** If a corporation, that is not a subsidiary of the Company, is a shareholder, that corporation may appoint a person to act as its representative at any meeting of shareholders of the Company, and:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) for that purpose, the instrument appointing a representative must:

&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) be received at the registered office of the Company or at any other place specified, in the notice calling the meeting, for the receipt of proxies, at least the number of business days specified in the notice for the receipt of proxies, or if no number of days is specified, two business days before the day set for the holding of the meeting; or

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) be provided, at the meeting, to the chair of the meeting or to a person designated by the chair of the meeting;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) if a representative is appointed under this Article 12.5:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the representative is entitled to exercise in respect of and at that meeting the same rights on behalf of the corporation that the representative represents as that corporation could exercise if it were a shareholder who is an individual, including, without limitation, the right to appoint a proxy holder; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the representative, if present at the meeting, is to be counted for the purpose of forming a quorum and is deemed to be a shareholder present in person at the meeting.

Evidence of the appointment of any such representative may be sent to the Company by written instrument, fax or any other method of transmitting legibly recorded messages.

**12.6. Proxy Provisions Do Not Apply to All Companies.** Articles 12.7 to 12.15 do not apply to the Company if and for so long as it is a public company or a pre-existing reporting company which has the Statutory Reporting Company Provisions as part of its Articles or to which the Statutory Reporting Company Provisions apply.

**12.7. Appointment of Proxy Holders.** Every shareholder of the Company, including a corporation that is a shareholder but not a subsidiary of the Company, entitled to vote at a meeting of shareholders of the Company may, by proxy, appoint one or more (but not more than five) proxy holders to attend and act at the meeting in the manner, to the extent and with the powers conferred by the proxy.

**12.8. Alternate Proxy Holders.** A shareholder may appoint one or more alternate proxy holders to act in the place of an absent proxy holder.

**12.9. When Proxy Holder Need Not Be Shareholder.** A person must not be appointed as a proxy holder unless the person is a shareholder, although a person who is not a shareholder may be appointed as a proxy holder if:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the person appointing the proxy holder is a corporation or a representative of a corporation appointed under Article 12.5;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the Company has at the time of the meeting for which the proxy holder is to be appointed only one shareholder entitled to vote at the meeting; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) the shareholders present in person or by proxy at and entitled to vote at the meeting for which the proxy holder is to be appointed, by a resolution on which the proxy holder is not entitled to vote but in respect of which the proxy holder is to be counted in the quorum, permit the proxy holder to attend and vote at the meeting.

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**12.10. Deposit of Proxy.** A proxy for a meeting of shareholders must:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) be received at the registered office of the Company or at any other place specified, in the notice calling the meeting, for the receipt of proxies, at least the number of business days specified in the notice, or if no number of days is specified, two business days before the day set for the holding of the meeting; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) unless the notice provides otherwise, be provided, at the meeting, to the chair of the meeting or to a person designated by the chair of the meeting.

A proxy may be sent to the Company by written instrument, fax or any other method of transmitting legibly recorded messages.

**12.11. Validity of Proxy Vote.** A vote given in accordance with the terms of a proxy is valid notwithstanding the death or incapacity of the shareholder giving the proxy and despite the revocation of the proxy or the revocation of the authority under which the proxy is given, unless notice in writing of that death, incapacity or revocation is received:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) at the registered office of the Company, at any time up to and including the last business day before the day set for the holding of the meeting at which the proxy is to be used; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) by the chair of the meeting, before the vote is taken.

**12.12. Form of Proxy.** A proxy, whether for a specified meeting or otherwise, must be either in the following form or in any other form approved by the directors or the chair of the meeting:

*[Name of Company]* <br>(the "Company")

The undersigned, being a shareholder of the Company, hereby appoints *[name]* or, failing that person, *[name],* as proxy holder for the undersigned to attend, act and vote for and on behalf of the undersigned at the meeting of shareholders of the Company to be held on *[month, day, year]* and at any adjournment of that meeting.

Number of shares in respect of which this proxy is given (if no number is specified, then this proxy if given in respect of all shares registered in the name of the shareholder): ________________.

Signed this ______ day of __________, _____.

(Signature of shareholder) <br>____________________________________<br>(Name of shareholder - printed)

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**12.13. Revocation of Proxy.** Subject to Article 12.14, every proxy may be revoked by an instrument in writing that is:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) received at the registered office of the Company at any time up to and including the last business day before the day set for the holding of the meeting at which the proxy is to be used; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) provided, at the meeting, to the chair of the meeting.

**12.14. Revocation of Proxy Must Be Signed**. An instrument referred to in Article 12.13 must be signed as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) if the shareholder for whom the proxy holder is appointed is an individual, the instrument must be signed by the shareholder or his or her legal personal representative or trustee in bankruptcy;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) if the shareholder for whom the proxy holder is appointed is a corporation, the instrument must be signed by the corporation or by a representative appointed for the corporation under Article 12.5.

**12.15. Production of Evidence of Authority to Vote.** The chair of any meeting of shareholders may, but need not, inquire into the authority of any person to vote at the meeting and may, but need not, demand from that person production of evidence as to the existence of the authority to vote.

**ARTICLE 13**<br>**DIRECTORS**

**13.1. First Directors; Number of Directors.** The first directors are the persons designated as directors of the Company in the Notice of Articles that applies to the Company when it is recognized under the *Business Corporations Act.* The number of directors, excluding additional directors appointed under Article 14.8, is set at:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) subject to paragraphs (b) and (c), the number of directors that is equal to the number of the Company's first directors;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) if the Company is a public company, the greater of three and the most recently set of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the number of directors set by ordinary resolution (whether or not previous notice of the resolution was given); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the number of directors set under Article 14.4;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) if the Company is not a public company, the most recently set of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the number of directors set by ordinary resolution (whether or not previous notice of the resolution was given); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the number of directors set under Article 14.4.

**13.2. Change in Number of Directors.** If the number of directors is set under Articles 13.1(b)(i) or 13.1(c)(i):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the shareholders may elect or appoint the directors needed to fill any vacancies in the board of directors up to that number;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) if the shareholders do not elect or appoint the directors needed to fill any vacancies in the board of directors up to that number contemporaneously with the setting of that number, then the directors may appoint, or the shareholders may elect or appoint, directors to fill those vacancies.

**13.3. Directors**' **Acts Valid Despite Vacancy.** An act or proceeding of the directors is not invalid merely because fewer than the number of directors set or otherwise required under these Articles is in office.

**13.4. Qualifications of Directors.** A director is not required to hold a share in the capital of the Company as qualification for his or her office but must be qualified as required by the *Business Corporations Act* to become, act or continue to act as a director.

**13.5. Remuneration of Directors.** The directors are entitled to the remuneration for acting as directors, if any, as the directors may from time to time determine. If the directors so decide, the remuneration of the directors, if any, will be determined by the shareholders. That remuneration may be in addition to any salary or other remuneration paid to any officer or employee of the Company as such, who is also a director.

**13.6. Reimbursement of Expenses of Directors.** The Company must reimburse each director for the reasonable expenses that he or she may incur in and about the business of the Company.

**13.7. Special Remuneration for Directors.** If any director performs any professional or other services for the Company that in the opinion of the directors are outside the ordinary duties of a director, or if any director is otherwise specially occupied in or about the Company's business, he or she may be paid remuneration fixed by the directors, or, at the option of that director, fixed by ordinary resolution, and such remuneration may be either in addition to, or in substitution for, any other remuneration that he or she may be entitled to receive.

**13.8. Gratuity, Pension or Allowance on Retirement of Director.** Unless otherwise determined by ordinary resolution, the directors on behalf of the Company may pay a gratuity or pension or allowance on retirement to any director who has held any salaried office or place of profit with the Company or to his or her spouse or dependants and may make contributions to any fund and pay premiums for the purchase or provision of any such gratuity, pension or allowance.

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**ARTICLE 14**<br>**ELECTION AND REMOVAL OF DIRECTORS**

**14.1. Election at Annual General Meeting.** At every annual general meeting and in every unanimous resolution contemplated by Article 10.2:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the shareholders entitled to vote at the annual general meeting for the election of directors must elect, or in the unanimous resolution appoint, a board of directors consisting of the number of directors for the time being set under these Articles; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) all the directors cease to hold office immediately before the election or appointment of directors under paragraph (a), but are eligible for re-election or re-appointment.

**14.2. Consent to be a Director.** No election, appointment or designation of an individual as a director is valid unless:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) that individual consents to be a director in the manner provided for in the *Business Corporations Act;*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) that individual is elected or appointed at a meeting at which the individual is present and the individual does not refuse, at the meeting, to be a director; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) with respect to first directors, the designation is otherwise valid under the *Business Corporations Act.*

**14.3. Failure to Elect or Appoint Directors**. If:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the Company fails to hold an annual general meeting, and all the shareholders who are entitled to vote at an annual general meeting fail to pass the unanimous resolution contemplated by Article 10.2, on or before the date by which the annual general meeting is required to be held under the *Business Corporations Act;* or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the shareholders fail, at the annual general meeting or in the unanimous resolution contemplated by Article 10.2, to elect or appoint any directors;

then each director then in office continues to hold office until the earlier of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) the date on which his or her successor is elected or appointed; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) the date on which he or she otherwise ceases to hold office under the *Business Corporations Act* or these Articles.

**14.4. Places of Retiring Directors Not Filled.** If, at any meeting of shareholders at which there should be an election of directors, the places of any of the retiring directors are not filled by that election, those retiring directors who are not re-elected and who are asked by the newly elected directors to continue in office will, if willing to do so, continue in office to complete the number of directors for the time being set pursuant to these Articles until further new directors are elected at a meeting of shareholders convened for that purpose. If any such election or continuance of directors does not result in the election or continuance of the number of directors for the time being set pursuant to these Articles, the number of directors of the Company is deemed to be set at the number of directors actually elected or continued in office.

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**14.5. Directors May Fill Casual Vacancies.** Any casual vacancy occurring in the board of directors may be filled by the directors.

**14.6. Remaining Directors Power to Act.** The directors may act notwithstanding any vacancy in the board of directors, but if the Company has fewer directors in office than the number set pursuant to these Articles as the quorum of directors, the directors may only act for the purpose of appointing directors up to that number or of summoning a meeting of shareholders for the purpose of filling any vacancies on the board of directors or, subject to the *Business Corporations Act,* for any other purpose.

**14.7. Shareholders May Fill Vacancies.** If the Company has no directors or fewer directors in office than the number set pursuant to these Articles as the quorum of directors, the shareholders may elect or appoint directors to fill any vacancies on the board of directors.

**14.8. Additional Directors.** Notwithstanding Articles 13.1 and 13.2, between annual general meetings or unanimous resolutions contemplated by Article 10.2, the directors may appoint one or more additional directors, but the number of additional directors appointed under this Article 14.8 must not at any time exceed:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) one-third of the number of first directors, if, at the time of the appointments, one or more of the first directors have not yet completed their first term of office; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) in any other case, one-third of the number of the current directors who were elected or appointed as directors other than under this Article 14.8.

Any director so appointed ceases to hold office immediately before the next election or appointment of directors under Article 14.1(a), but is eligible for re-election or re- appointment

**14.9. Ceasing to be a Director.** A director ceases to be a director when:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the term of office of the director expires;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the director dies;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) the director resigns as a director by notice in writing provided to the Company or a lawyer for the Company; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) the director is removed from office pursuant to Articles 14.10 or 14.11.

**14.10. Removal of Director by Shareholders.** The Company may remove any director before the expiration of his or her term of office by special resolution. In that event, the shareholders may elect, or appoint by ordinary resolution, a director to fill the resulting vacancy. If the shareholders do not elect or appoint a director to fill the resulting vacancy contemporaneously with the removal, then the directors may appoint or the shareholders may elect, or appoint by ordinary resolution, a director to fill that vacancy.

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**14.11. Removal of Director by Directors.** The directors may remove any director before the expiration of his or her term of office if the director is convicted of an indictable offence, or if the director ceases to be qualified to act as a director of a company and does not promptly resign, and the directors may appoint a director to fill the resulting vacancy.

**ARTICLE 15**<br>**POWERS AND DUTIES OF DIRECTORS**

**15.1. Powers of Management.** The directors must, subject to the *Business Corporations Act* and these Articles, manage or supervise the management of the business and affairs of the Company and have the authority to exercise all such powers of the Company as are not, by the *Business Corporations Act* or by these Articles, required to be exercised by the shareholders of the Company.

**15.2. Appointment of Attorney of Company.** The directors may from time to time, by power of attorney or other instrument, under seal if so required by law, appoint any person to be the attorney of the Company for such purposes, and with such powers, authorities and discretions (not exceeding those vested in or exercisable by the directors under these Articles and excepting the power to fill vacancies in the board of directors, to remove a director, to change the membership of, or fill vacancies in, any committee of the directors, to appoint or remove officers appointed by the directors and to declare dividends) and for such period, and with such remuneration and subject to such conditions as the directors may think fit. Any such power of attorney may contain such provisions for the protection or convenience of persons dealing with such attorney as the directors think fit. Any such attorney may be authorized by the directors to sub-delegate all or any of the powers, authorities and discretions for the time being vested in him or her.

**ARTICLE 16**<br>**DISCLOSURE OF INTEREST OF DIRECTORS**

**16.1. Obligation to Account for Profits.** A director or senior officer who holds a disclosable interest (as that term is used in the *Business Corporations Act)* in a contract or transaction into which the Company has entered or proposes to enter is liable to account to the Company for any profit that accrues to the director or senior officer under or as a result of the contract or transaction only if and to the extent provided in the *Business Corporations Act.*

**16.2. Restrictions on Voting by Reason of Interest.** A director who holds a disclosable interest in a contract or transaction into which the Company has entered or proposes to enter is not entitled to vote on any directors' resolution to approve that contract or transaction, unless all the directors have a disclosable interest in that contract or transaction, in which case any or all of those directors may vote on such resolution.

**16.3. Interested Director Counted in Quorum.** A director who holds a disclosable interest in a contract or transaction into which the Company has entered or proposes to enter and who is present at the meeting of directors at which the contract or transaction is considered for approval may be counted in the quorum at the meeting whether or not the director votes on any or all of the resolutions considered at the meeting.

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**16.4. Disclosure of Conflict of Interest or Property.** A director or senior officer who holds any office or possesses any property, right or interest that could result, directly or indirectly, in the creation of a duty or interest that materially conflicts with that individual's duty or interest as a director or senior officer, must disclose the nature and extent of the conflict as required by the *Business Corporations Act.*

**16.5. Director Holding Other Office in the Company.** A director may hold any office or place of profit with the Company, other than the office of auditor of the Company, in addition to his or her office of director for the period and on the terms (as to remuneration or otherwise) that the directors may determine.

**16.6. No Disqualification.** No director or intended director is disqualified by his or her office from contracting with the Company either with regard to the holding of any office or place of profit the director holds with the Company or as vendor, purchaser or otherwise, and no contract or transaction entered into by or on behalf of the Company in which a director is in any way interested is liable to be voided for that reason.

**16.7. Professional Services by Director or Officer.** Subject to the *Business Corporations Act,* a director or officer, or any person in which a director or officer has an interest, may act in a professional capacity for the Company, except as auditor of the Company, and the director or officer or such person is entitled to remuneration for professional services as if that director or officer were not a director or officer.

**16.8. Director or Officer in Other Corporations.** A director or officer may be or become a director, officer or employee of, or otherwise interested in, any person in which the Company may be interested as a shareholder or otherwise, and, subject to the *Business Corporations Act,* the director or officer is not accountable to the Company for any remuneration or other benefits received by him or her as director, officer or employee of, or from his or her interest in, such other person.

**ARTICLE 17**<br>**PROCEEDINGS OF DIRECTORS**

**17.1. Meetings of Directors.** The directors may meet together for the conduct of business, adjourn and otherwise regulate their meetings as they think fit, and meetings of the directors held at regular intervals may be held at the place, at the time and on the notice, if any, as the directors may from time to time determine.

**17.2. Voting at Meetings.** Questions arising at any meeting of directors are to be decided by a majority of votes and, in the case of an equality of votes, the chair of the meeting does not have a second or casting vote.

**17.3. Chair of Meetings.** The following individual is entitled to preside as chair at a meeting of directors:

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the chair of the board, if any;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) in the absence of the chair of the board, the president, if any, if the president is a director; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) any other director chosen by the directors if:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) neither the chair of the board nor the president, if a director, is present at the meeting within 15 minutes after the time set for holding the meeting;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) neither the chair of the board nor the president, if a director, is willing to chair the meeting; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) the chair of the board and the president, if a director, have advised the secretary, if any, or any other director, that they will not be present at the meeting.

**17.4. Meetings by Telephone or Other Communications Medium**. A director may participate in a meeting of the directors or of any committee of the directors in person or by telephone if all directors participating in the meeting, whether in person or by telephone or other communications medium, are able to communicate with each other. A director may participate in a meeting of the directors or of any committee of the directors by a communications medium other than telephone if all directors participating in the meeting, whether in person or by telephone or other communications medium, are able to communicate with each other and if all directors who wish to participate in the meeting agree to such participation. A director who participates in a meeting in a manner contemplated by this Article 17.4 is deemed for all purposes of the *Business Corporations Act* and these Articles to be present at the meeting and to have agreed to participate in that manner.

**17.5. Calling of Meetings.** A director may, and the secretary or an assistant secretary of the Company, if any, on the request of a director must, call a meeting of the directors at any time.

**17.6. Notice of Meetings.** Other than for meetings held at regular intervals as determined by the directors pursuant to Article 17.1, reasonable notice of each meeting of the directors, specifying the place, day and time of that meeting must be given to each of the directors by any method set out in Article 23.1 or orally or by telephone.

**17.7. When Notice Not Required.** It is not necessary to give notice of a meeting of the directors to a director if:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the meeting is to be held immediately following a meeting of shareholders at which that director was elected or appointed, or is the meeting of the directors at which that director is appointed; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the director has waived notice of the meeting.

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**17.8. Meeting Valid Despite Failure to Give Notice.** The accidental omission to give notice of any meeting of directors to, or the non-receipt of any notice by, any director does not invalidate any proceedings at that meeting.

**17.9. Waiver of Notice of Meetings.** Any director may send to the Company a document signed by him or her waiving notice of any past, present or future meeting or meetings of the directors and may at any time withdraw that waiver with respect to meetings held after that withdrawal. After sending a waiver with respect to all future meetings and until that waiver is withdrawn, no notice of any meeting of the directors need be given to such director and all meetings of the directors so held are deemed not to be improperly called or constituted by reason of notice not having been given to such director.

**17.10. Quorum**. The quorum necessary for the transaction of the business of the directors may be set by the directors and, if not so set, is deemed to be set at two directors or, if the number of directors is set at one, is deemed to be set at one director, and that director may constitute a meeting.

**17.11. Validity of Acts Where Appointment Defective.** Subject to the *Business Corporations Act,* an act of a director or officer is not invalid merely because of an irregularity in the election or appointment or a defect in the qualification of that director or officer.

**17.12. Consent Resolutions in Writing.** A resolution of the directors or of any committee of the directors consented to in writing by all of the directors entitled to vote on it, whether by signed document, fax, email or any other method of transmitting legibly recorded messages, is as valid and effective as if it had been passed at a meeting of the directors or of the committee of the directors duly called and held. Such resolution may be in two or more counterparts which together are deemed to constitute one resolution in writing. A resolution passed in that manner is effective on the date stated in the resolution or on the latest date stated on any counterpart. A resolution of the directors or of any committee of the directors passed in accordance with this Article 17.12 is deemed to be a proceeding at a meeting of directors or of the committee of the directors and to be as valid and effective as if it had been passed at a meeting of the directors or of the committee of the directors that satisfies all the requirements of the *Business Corporations Act* and all the requirements of these Articles relating to meetings of the directors or of a committee of the directors.

**ARTICLE 18**<br>**EXECUTIVE AND OTHER COMMITTEES**

**18.1. Appointment and Powers of Executive Committee.** The directors may, by resolution, appoint an executive committee consisting of the director or directors that they consider appropriate, and this committee has, during the intervals between meetings of the board of directors, all of the directors' powers, except:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the power to fill vacancies in the board of directors;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the power to remove a director;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) the power to change the membership of, or fill vacancies in, any committee of the directors; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) such other powers, if any, as may be set out in the resolution or any subsequent directors' resolution.

**18.2. Appointment and Powers of Other Committees**. The directors may, by resolution:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) appoint one or more committees (other than the executive committee) consisting of the director or directors that they consider appropriate;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) delegate to a committee appointed under paragraph (a) any of the directors' powers, except:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the power to fill vacancies in the board of directors;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the power to remove a director;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) the power to change the membership of, or fill vacancies in, any committee of the directors; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) the power to appoint or remove officers appointed by the directors; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) make any delegation referred to in paragraph (b) subject to the conditions set out in the resolution or any subsequent directors' resolution.

**18.3. Obligations of Committees.** Any committee appointed under Articles 18.1 or 18.2, in the exercise of the powers delegated to it, must:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) conform to any rules that may from time to time be imposed on it by the directors; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) report every act or thing done in exercise of those powers at such times as the directors may require.

**18.4. Powers of Board.** The directors may, at any time, with respect to a committee appointed under Articles 18.1 or 18.2:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) revoke or alter the authority given to the committee, or override a decision made by the committee, except as to acts done before such revocation, alteration or overriding;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) terminate the appointment of, or change the membership of, the committee; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) fill vacancies in the committee.

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**18.5. Committee Meetings.** Subject to Article 18.3(a) and unless the directors otherwise provide in the resolution appointing the committee or in any subsequent resolution, with respect to a committee appointed under Articles 18.1 or 18.2:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the committee may meet and adjourn as it thinks proper;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the committee may elect a chair of its meetings but, if no chair of a meeting is elected, or if at a meeting the chair of the meeting is not present within 15 minutes after the time set for holding the meeting, the directors present who are members of the committee may choose one of their number to chair the meeting;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) a majority of the members of the committee constitutes a quorum of the committee; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) questions arising at any meeting of the committee are determined by a majority of votes of the members present, and in case of an equality of votes, the chair of the meeting does not have a second or casting vote.

**ARTICLE 19**<br>**OFFICERS**

**19.1. Directors May Appoint Officers.** The directors may, from time to time, appoint such officers, if any, as the directors determine and the directors may, at any time, terminate any such appointment.

**19.2. Functions, Duties and** Powers of Officers. The directors may, for each officer:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) determine the functions and duties of the officer;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) entrust to and confer on the officer any of the powers exercisable by the directors on such terms and conditions and with such restrictions as the directors think fit; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) revoke, withdraw, alter or vary all or any of the functions, duties and powers of the officer.

**19.3. Qualifications.** No officer may be appointed unless that officer is qualified in accordance with the *Business Corporations Act.* One person may hold more than one position as an officer of the Company. Any person appointed as the chair of the board or as the managing director must be a director. Any other officer need not be a director.

**19.4. Remuneration and Terms of Appointment.** All appointments of officers are to be made on the terms and conditions and at the remuneration (whether by way of salary, fee, commission, participation in profits or otherwise) that the directors thinks fit and are subject to termination at the pleasure of the directors, and an officer may in addition to such remuneration be entitled to receive, after he or she ceases to hold such office or leaves the employment of the Company, a pension or gratuity.

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**ARTICLE 20**<br>**INDEMNIFICATION**

**20.1. Definitions**. In this Article 20:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) **"eligible penalty"** means a judgment, penalty or fine awarded or imposed in, or an amount paid in settlement of, an eligible proceeding;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) **"eligible proceeding"** means a legal proceeding or investigative action, whether current, threatened, pending or completed, in which a director or former director of the Company (an "eligible party") or any of the heirs and legal personal representatives of the eligible party, by reason of the eligible party being or having been a director of the Company:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) is or may be joined as a party; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) is or may be liable for or in respect of a judgment, penalty or fine in, or expenses related to, the proceeding;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) **"expenses"** has the meaning set out in the *Business Corporations Act.*

**20.2. Mandatory Indemnification of Directors and Former Directors.** Subject to the *Business Corporations Act,* the Company must indemnify a director or former director of the Company and his or her heirs and legal personal representatives against all eligible penalties to which such person is or may be liable, and the Company must, after the final disposition of an eligible proceeding, pay the expenses actually and reasonably incurred by such person in respect of that proceeding. Each director is deemed to have contracted with the Company on the terms of the indemnity contained in this Article 20.2.

**20.3. Indemnification of Other Persons.** Subject to any restrictions in the *Business Corporations Act,* the Company may indemnify any person.

**20.4. Non-Compliance with Business Corporations Act.** The failure of a director or officer of the Company to comply with the *Business Corporations Act* or these Articles does not invalidate any indemnity to which he or she is entitled under this Article 20.

**20.5. Company May Purchase Insurance.** The Company may purchase and maintain insurance for the benefit of any person (or his or her heirs or legal personal representatives) who:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) is or was a director, officer, employee or agent of the Company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) is or was a director, officer, employee or agent of a corporation at a time when the corporation is or was an affiliate of the Company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) at the request of the Company, is or was a director, officer, employee or agent of a corporation or of a partnership, trust, joint venture or other unincorporated entity;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) at the request of the Company, holds or held a position equivalent to that of a director or officer of a partnership, trust, joint venture or other unincorporated entity;

against any liability incurred by him or her as such director, officer, employee or agent or person who holds or held such equivalent position.

**ARTICLE 21**<br>**DIVIDENDS**

**21.1. Payment of Dividends Subject to Special Rights.** The provisions of this Article 21 are subject to the rights, if any, of shareholders holding shares with special rights as to dividends.

**21.2. Declaration of Dividends.** Subject to the *Business Corporations Act* and the rights of the holders of issued shares of the Company, the directors may from time to time declare and authorize payment of such dividends as they may deem advisable.

**21.3. No Notice Required.** The directors need not give notice to any shareholder of any declaration under Article 21.2.

**21.4. Record Date.** The directors may set a date as the record date for the purpose of determining shareholders entitled to receive payment of a dividend. The record date must not precede the date on which the dividend is to be paid by more than two months. If no record date is set, the record date is 5 p.m. on the date on which the directors pass the resolution declaring the dividend.

**21.5. Manner of Paying Dividend.** A resolution declaring a dividend may direct payment of the dividend wholly or partly by the distribution of specific assets or of fully paid shares or of bonds, debentures or other securities of the Company, or in any one or more of those ways.

**21.6. Settlement of Difficulties.** If any difficulty arises in regard to a distribution under Article 21.5, the directors may settle the difficulty as they deem advisable, and, in particular, may:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) set the value for distribution of specific assets;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) determine that cash payments in substitution for all or any part of the specific assets to which any shareholders are entitled may be made to any shareholders on the basis of the value so fixed in order to adjust the rights of all parties; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) vest any such specific assets in trustees for the persons entitled to the dividend.

**21.7. When Dividend Payable.** Any dividend may be made payable on such date as is fixed by the directors.

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**21.8. Dividends to be Paid in Accordance with Number of Shares.** All dividends on shares of any class or series of shares must be declared and paid according to the number of such shares held.

**21.9. Receipt by Joint Shareholders.** If several persons are joint shareholders of any share, any one of them may give an effective receipt for any dividend, bonus or other money payable in respect of the share.

**21.10. Dividend Bears No Interest.** No dividend bears interest against the Company.

**21.11. Fractional Dividends.** If a dividend to which a shareholder is entitled includes a fraction of the smallest monetary unit of the currency of the dividend, that fraction may be disregarded in making payment of the dividend and that payment represents full payment of the dividend.

**21.12. Payment of Dividends.** Any dividend or other distribution payable in cash in respect of shares may be paid by cheque, made payable to the order of the person to whom it is sent, and mailed to the address of the shareholder, or in the case of joint shareholders, to the address of the joint shareholder who is first named on the central securities register, or to the person and to the address the shareholder or joint shareholders may direct in writing. The mailing of such cheque will, to the extent of the sum represented by the cheque (plus the amount of the tax required by law to be deducted), discharge all liability for the dividend unless such cheque is not paid on presentation or the amount of tax so deducted is not paid to the appropriate taxing authority.

**21.13. Capitalization of Surplus.** Notwithstanding anything contained in these Articles, the directors may from time to time capitalize any surplus of the Company and may from time to time issue, as fully paid, shares or any bonds, debentures or other securities of the Company as a dividend representing the surplus or any part of the surplus.

**ARTICLE 22**<br>**DOCUMENTS, RECORDS AND REPORTS**

**22.1. Recording of Financial Affairs.** The directors must cause adequate accounting records to be kept to record properly the financial affairs and condition of the Company and to comply with the *Business Corporations Act.*

**22.2. Inspection of Accounting Records.** Unless the directors determine otherwise, or unless otherwise determined by ordinary resolution, no shareholder of the Company is entitled to inspect or obtain a copy of any accounting records of the Company.

**ARTICLE 23**<br>**NOTICES**

**23.1. Method of Giving Notice.** Unless the *Business Corporations Act* or these Articles provides otherwise, a notice, statement, report or other record required or permitted by the *Business Corporations Act* or these Articles to be sent by or to a person may be sent by any one of the following methods:

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) mail addressed to the person at the applicable address for that person as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) for a record mailed to a shareholder, the shareholder's registered address;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) for a record mailed to a director or officer, the prescribed address for mailing shown for the director or officer in the records kept by the Company or the mailing address provided by the recipient for the sending of that record or records of that class;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) in any other case, the mailing address of the intended recipient;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) delivery at the applicable address for that person as follows, addressed to the person:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) for a record delivered to a shareholder, the shareholder's registered address;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) for a record delivered to a director or officer, the prescribed address for delivery shown for the director or officer in the records kept by the Company or the delivery address provided by the recipient for the sending of that record or records of that class;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) in any other case, the delivery address of the intended recipient;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) sending the record by fax to the fax number provided by the intended recipient for the sending of that record or records of that class;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) sending the record by email to the email address provided by the intended recipient for the sending of that record or records of that class;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) physical delivery to the intended recipient;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) as otherwise permitted by any securities legislation (together with all regulations and rules made and promulgated thereunder and all administrative policy statements, blanket orders, and rulings, notices, and other administrative directions issued by securities commissions or similar authorities appointed thereunder) in any province or territory of Canada or in the federal jurisdiction of the United States or in any state of the United States that is applicable to the Company.

**23.2. Deemed Receipt of Mailing.** A record that is mailed to a person by ordinary mail to the applicable address for that person referred to in Article 23.1 is deemed to be received by the person to whom it was mailed on the day, Saturdays, Sundays and holidays excepted, following the date of mailing.

**23.3. Certificate of Sending.** A certificate signed by the secretary, if any, or other officer of the Company or of any other corporation acting in that behalf for the Company stating that a notice, statement, report or other record was addressed as required by Article 23.1, prepaid and mailed or otherwise sent as permitted by Article 23.1 is conclusive evidence of that fact.

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**23.4. Notice to Joint Shareholders.** A notice, statement, report or other record may be provided by the Company to the joint shareholders of a share by providing the notice to the joint shareholder first named in the central securities register in respect of the share.

**23.5. Notice to Trustees.** A notice, statement, report or other record may be provided by the Company to the persons entitled to a share in consequence of the death, bankruptcy or incapacity of a shareholder by:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) mailing the record, addressed to them:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) by name, by the title of the legal personal representative of the deceased or incapacitated shareholder, by the title of trustee of the bankrupt shareholder or by any similar description; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) at the address, if any, supplied to the Company for that purpose by the persons claiming to be so entitled; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) if an address referred to in paragraph (a)(ii) has not been supplied to the Company, by giving the notice in a manner in which it might have been given if the death, bankruptcy or incapacity had not occurred.

**ARTICLE 24**<br>**SEAL AND EXECUTION OF DOCUMENTS**

**24.1. Who May Attest Seal.** Except as provided in Articles 24.2 and 24.3, the Company's seal, if any, must not be impressed on any record except when that impression is attested by the signatures of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) any two directors;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) any officer, together with any director;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) if the Company only has one director, that director; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) any one or more directors or officers or persons as may be determined by the directors.

**24.2. Sealing Copies.** For the purpose of certifying under seal a certificate of incumbency of the directors or officers of the Company or a true copy of any resolution or other document, despite Article 24.1, the impression of the seal may be attested by the signature of any director or officer.

**24.3. Mechanical Reproduction of Seal.** The directors may authorize the seal to be impressed by third parties on share certificates or bonds, debentures or other securities of the Company as they may determine appropriate from time to time. To enable the seal to be impressed on any share certificates or bonds, debentures or other securities of the Company, whether in definitive or interim form, on which facsimiles of any of the signatures of the directors or officers of the Company are, in accordance with the *Business Corporations Act* or these Articles, printed or otherwise mechanically reproduced, there may be delivered to the person employed to engrave, lithograph or print such definitive or interim share certificates or bonds, debentures or other securities one or more unmounted dies reproducing the seal and the chair of the board or any senior officer together with the secretary, treasurer, secretary-treasurer, an assistant secretary, an assistant treasurer or an assistant secretary-treasurer may in writing authorize such person to cause the seal to be impressed on such definitive or interim share certificates or bonds, debentures or other securities by the use of such dies. Share certificates or bonds, debentures or other securities to which the seal has been so impressed are for all purposes deemed to be under and to bear the seal impressed on them.

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**24.4. Execution of Documents Generally.** The Directors may from time to time by resolution appoint any one or more persons, officers or Directors for the purpose of executing any instrument, document or agreement in the name of and on behalf of the Company for which the seal need not be affixed, and if no such person, officer or Director is appointed, then any one officer or Director of the Company may execute such instrument, document or agreement.

**ARTICLE 25**<br>**PROHIBITIONS**

**25.1. Definitions**. In this Article 25:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) "**designated security**" means:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) a voting security of the Company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) a security of the Company that is not a debt security and that carries a residual right to participate in the earnings of the Company or, on the liquidation or winding up of the Company, in its assets; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) a security of the Company convertible, directly or indirectly, into a security described in paragraph (i) or (ii);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) **"security"** has the meaning assigned in the *Securities Act* (British Columbia);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) **"voting security"** means a security of the Company that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) is not a debt security, and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) carries a voting right either under all circumstances or under some circumstances that have occurred and are continuing.

**25.2. Application.** Article 25.3 does not apply to the Company if and for so long as it is a public company or a pre-existing reporting company which has the Statutory Reporting Company Provisions as part of its Articles or to which the Statutory Reporting Company Provisions apply.

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**25.3. Consent Required for Transfer of Shares or Designated Securities.** No share or designated security may be sold, transferred or otherwise disposed of without the consent of the directors and the directors are not required to give any reason for refusing to consent to any such sale, transfer or other disposition.

Dated <u>July 19</u> , 2016.

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| |
|:---|
| **FULL NAME AND SIGNATURE OF ONE OF THE DIRECTORS PURSUANT TO S. 302(1)(C) OF THE** ***BUSINESS CORPORATIONS ACT*** **(BRITISH COLUMBIA)** |
| <u>/s/ Giles Edward Baynham</u><u> </u> |
| Print Name: **Giles Edward Baynham** |

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## Exhibit 4.4

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![](exhibit4-4xu005.jpg)

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![](exhibit4-4xu006.jpg)

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## Exhibit 4.5

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![](exhibit4-5x002.jpg)

<u>**STOCK OPTION PLAN**</u>

**PART 1**

<u>**DEFINITIONS**</u>

1.01 <u>Definitions</u> In this Plan the following words and phrases shall have the following meanings, namely:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) "**Applicable Withholding Taxes**" has the meaning ascribed thereto in Section 4.20

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) "**Blackout Period**" means a period during which there is a prohibition on trading in the Company's securities imposed by the Company on Insiders, Employees and non-arm's length Consultants.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) "**Board**" means the board of Directors of the Company or, if the Board so elects, a committee of Directors (which may consist of only one Director) appointed by the Board.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) "**Cashless Exercise**" means any arrangement with a brokerage firm pursuant to which the brokerage firm will loan money to an Optionee to purchase the Shares underlying an Option. The brokerage firm then sells a sufficient number of Shares to cover the exercise price of the Option in order to repay the loan made to the Optionee. The brokerage firm receives an equivalent number of Shares from the exercise of the Option and the Optionee then receives the balance of Shares or the cash proceeds from the balance of such Shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) "**Cashless Exercise Right**" has the meaning ascribed thereto in section 4.17 of this Plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) "**Company**" means EMX Royalty Corporation and includes any successor corporation thereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) "**Consultant**" means an individual (other than a Director, Officer or Employee) who (or a corporation or partnership (a "**Consultant Company**") of which the individual is an employee, shareholder or partner 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;i. is engaged to provide, on an ongoing *bona fide* basis, consulting, technical, management or other services to the Company or a subsidiary of the Company other than in relation to a distribution of the Company's securities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ii. provides the services under a written contract between the Consultant or Consultant Company and the Company or a subsidiary of the Company; and

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iii. in the Board's reasonable opinion, spends or will spend a significant amount of time and attention on the business and affairs of the Company or a subsidiary of the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) "**Director**" means a director of the Company or any of its subsidiaries.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) "**Disinterested Shareholder**" means a Shareholder that is not an Insider, Optionee or Eligible Participant, as the case may be, nor an associate or an affiliate (as defined in Policy 1.1 - *Interpretation* of the Exchange) of an Insider, Optionee or Eligible Participant, as the case may be.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) "**Eligible Participant**" means a Director, Officer, Employee, Consultant or a corporation, other than a Consultant Company, where such corporation's sole shareholder is a Director, Officer or Employee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) "**Employee**" means:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i. an individual who is considered an employee of the Company or of one of its subsidiaries under the Tax Act and for whom income tax, employment insurance and Canada Pension Plan deductions must be made at source;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ii. an individual who works full-time for the Company or one of its subsidiaries providing services normally provided by an employee and who is subject to the same control and direction by the Company or one of its subsidiaries over the details and methods of work as an employee of the Company or of its subsidiaries, as the case may be, but for whom income tax deductions are not made at source; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iii. an individual who works for the Company or one of its subsidiaries on a continuing and regular basis for a minimum amount of time per week (the number of hours should be disclosed in the submission) providing services normally provided by an employee and who is subject to the same control and direction by the Company or one of its subsidiaries over the details and methods of work as an employee of the Company or of the subsidiary of the Company, as the case may be, but for whom income tax deductions are not made at source.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) "**Exchange**" means the TSX Venture Exchange.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m) "**Exchange Policy**" means Policy 4.4 - *Security Based Compensation* of the Exchange.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n) "**Grant Date**" means the date on which the Board grants a particular Option.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(o) "**Insider**" means:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i. a Director or an Officer;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ii. a Person that has beneficial ownership of, or control or direction over, directly or indirectly, more than 10% of the Shares;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iii. a Person that has a combination of beneficial ownership of, and control or direction over, directly or indirectly, more than 10% of the Shares; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iv. the Company if it has purchased, redeemed or otherwise acquired a security of its own issue, for so long as it continues to hold that security.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(p) "**Investor Relations Services Provider**" means any Consultant that performs Investor Relations Activities (as defined in Policy 1.1 - *Interpretation* of the Exchange) and any Eligible Participant whose role and duties primarily consist of Investor Relations Activities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(q) "**Market Price**" means the last closing price of the Shares on the day immediately preceding the Grant Date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(r) "**Net Exercise**" has the meaning ascribed thereto in section 4.18 of this Plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(s) "**NEX**" means the board on which former Exchange and Toronto Stock Exchange issuers that do not meet Exchange continued listing requirements for Tier 2 Issuers may continue to trade.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(t) "**Officer**" means the chair or any vice-chair of the Board, the chief executive officer, chief financial officer, chief operating officer, president, vice-president, secretary, assistant secretary, treasurer or assistant treasurer of the Company, any of its subsidiaries or an individual designated as an officer by a resolution of the Board or the constating documents of the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(u) "**Option**" means an option to purchase Shares granted to an Optionee under this Plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) "**Optionee**" means an Eligible Participant that is granted an Option under this Plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(w) "**Person**" means an individual or a corporation, incorporated association or organization, body corporate, partnership, trust, fund, association and any other entity other than an individual.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(x) "**Plan**" means this stock option plan, as amended, supplemented or restated.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(y) "**Promoter**" has the meaning ascribed thereto in the Securities Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(z) "**Securities Act**" means the *Securities Act* (British Columbia).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(aa) "**Securities Laws**" means the Securities Act, together with the regulations and rules under the Securities Act, as amended, and the policies, notices, instruments and blanket orders in force from time to time that are applicable to the Company.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(bb) "**Security Based Compensation**" includes any Deferred Share Unit, Performance Share Unit, Restricted Share Unit, Securities for Services, Stock Appreciation Right, Stock Purchase Plan (as those terms are each defined in the Exchange Policy), Option, any security purchase from treasury by an Eligible Participant which is financially assisted by the Company by any means whatsoever, and any other compensation or incentive mechanism involving the issuance or potential issuance of securities of the Company from treasury to an Eligible Participant, subject to certain exclusions under the Exchange Policy.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(cc) "**Security Based Compensation Plan**" includes any compensation or incentive mechanism involving the issuance of Security Based Compensation or any other compensation or incentive mechanism involving the issuance or potential issuance of Shares from treasury.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(dd) "**Share**" means a common share of the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ee) "**Shareholder**" means a beneficial owner of Shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ff) "**Tax Act**" means the *Income Tax Act* (Canada) and the regulations thereto, as amended from time to time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(gg) "**Trading Day**" means a day when trading occurs through the facilities of the Exchange.

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) "**U.S. Tax Code**" means the United States *Internal Revenue Code of 1986*, as amended.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(jj) "**VWAP**" means the volume weighted average trading price of the Shares on the Exchange calculated by dividing the total value by the total volume of such securities traded for the five Trading Days immediately preceding the exercise of the subject Option, provided that the Exchange may exclude internal crosses and certain other special terms trades from the calculation.

**PART 2**

<u>**PURPOSE OF PLAN**</u>

2.01 <u>Purpose</u> The purpose of this Plan is to attract and retain Directors, Officers, Employees and Consultants and to motivate them to advance the interests of the Company by providing them the opportunity to acquire equity interests in the Company by being granted Options under this Plan.

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**PART 3**<br> <u>**GRANTING OF OPTIONS**</u>

3.01 <u>Administration</u> This Plan shall be administered by the Board.

3.02 <u>Grant by Resolution</u> The Board may determine by resolution those Eligible Participants to whom Options should be granted and grant to them such Options as the Board determines to be appropriate. Such grant shall be deemed to be a representation by the Company that the Optionee is an Eligible Participant.

3.03 <u>No Grants if Listed on NEX</u> The Board shall not grant any Options if the Shares are listed on the NEX or the Company has been given notice that its listing will or might be transferred to NEX.

3.04 <u>Terms of Option</u> The Board shall determine and specify in its resolution the number of Shares that should be placed under an Option granted to an Eligible Participant, the price per Share to be paid for such Shares upon the exercise of such Option, and the period during which such Option may be exercised.

3.05 <u>Written Agreement</u> Every Option shall be evidenced by a written agreement (an "**Option Agreement**") between the Company and the Optionee, substantially in the form attached hereto as Schedule A. If there is any inconsistency between the terms of the Option Agreement and this Plan, the terms of this Plan shall govern.

3.06 <u>Confirmation of Status</u> The Company and the Optionee are responsible for ensuring and confirming, for Options granted to Employees and Consultants, that the Optionee is a *bona fide* Employee or Consultant, as applicable.

**PART 4**

<u>**CONDITIONS GOVERNING THE GRANTING & EXERCISING OF OPTIONS**</u>

4.01 <u>Option Agreements to Specify Exercise Period and Price, Vesting and Number of Shares</u> In granting an Option, the Board must specify, among other things, a particular time period or periods during which the Option may be exercised, the price required to purchase the Shares subject to the Option and any vesting terms and conditions of the Option, including the number of Shares in respect of which the Option may be exercised during each such time period, which information shall be included in the applicable Option Agreement.

4.02 <u>Minimum Exercise Price of Options</u> The exercise price of an Option shall not be less than the Market Price on the Grant Date. No Options shall be granted which are exercisable at a price of less than C$0.05 per Share.

4.03 <u>Number of Shares subject to Option</u> The aggregate number of Shares reserved for issuance to an Optionee pursuant to an Option, together with all Shares issuable under all other Security Based Compensation granted to the Optionee in the previous 12 months, shall not exceed, on the Grant Date:

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) 5% of the outstanding Shares, unless the Company has obtained approval from the Disinterested Shareholders;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) 2% of the outstanding Shares, if the Optionee is a Consultant; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) 2% of the outstanding Shares (including Shares reserved for issuance to all other Investor Relations Services Providers), if the Optionee is an Investor Relations Services Provider.

4.04 <u>Vesting of Options</u> Subject to further vesting requirements required by the Board on granting of an Option, all Options shall vest and be exercisable on the following terms:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) *If Optionee is an Investor Relations Services Provider:* If the Optionee is an Investor Relations Services Provider, any Option granted to such Optionee must vest in stages over at least 12 months with no more than one quarter of the Option vesting in any three month period, with the first vesting stage to occur no sooner than three months after the Grant Date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) *If there is a Change of Control:* If a Change of Control is agreed to by the Company or events which might lead to a Change of Control are commenced by third parties, all Options, subject to the Exchange's approval (if required), shall vest immediately and be fully exercisable notwithstanding the terms thereof. For the purposes hereof "**Change of Control**" means, in respect of the Company:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i. if, as a result of or in connection with the election of Directors, the people who were Directors (or who were entitled under a contractual arrangement to be Directors) before the election cease to constitute a majority of the Board, unless the Directors have been nominated by management or approved of by a majority of the previously serving Directors;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ii. any transaction at any time and by whatever means pursuant to which any person or any group of two or more persons acting jointly or in concert as a single control group or any affiliate (other than a wholly owned subsidiary of the Company or in connection with a reorganization of the Company) or any one or more directors thereof "beneficially owns" (as defined in the *Business Corporations Act* (British Columbia)), directly or indirectly, or acquires the right to exercise control or direction over, voting securities of the Company representing 50% or more of the then issued and outstanding voting securities of the Company, as the case may be, in any manner whatsoever;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iii. the sale, assignment, lease or other transfer or disposition of all or substantiall all of the assets of the Company to a person or any group of two or more persons acting jointly or in concert (other than a wholly owned subsidiary of the Company or in connection with a reorganization of the Company); or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iv. the occurrence of a transaction requiring approval of any of the Company's securityholders whereby the Company is acquired through consolidation, merger, exchange of securities involving all of the Company's voting securities, purchase of assets, amalgamation, statutory arrangement or otherwise by any person or any group of two or more persons acting jointly or in concert (other than a short-form amalgamation of the Company or an exchange of securities with a wholly owned subsidiary of the Company or a reorganization of the Company). For purposes of this definition of "Change of Control", the terms jointly or in concert, beneficial ownership and voting securities will have the respective meanings given to those terms in National Instrument 62-104 - Take-Over Bids and Issuer Bids ("**NI 62-104**"), and the number of securities outstanding will be determined in accordance with NI 62-104, and to permit Optionees to participate in any of the foregoing, the Board may make appropriate provision for the exercise of Options conditional upon the Shares so issued being taken-up and paid for pursuant to any of the foregoing.

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4.05 <u>Limitations on Acceleration of Vesting</u> There can be no acceleration of vesting requirements applicable to Options granted to any Investor Relations Service Providers without the prior written approval of the Exchange.

4.06 <u>Exercise of Options if Specified Value Exceeds US$100,000</u> If the Optionee is subject to the tax laws of the United States of America, that part of any Option entitling the Optionee to purchase Shares having a value of US$100,000 or less would be treated as an "**Incentive Stock Option**" under U.S. Tax Code (so that the Optionee could defer the payment of tax on such Shares until the year in which such Shares are disposed of by the Optionee). For the purposes hereof, value is determined by multiplying the number of Shares which are subject to the Option by the Market Price (on the Grant Date). That part of any Option on Shares having a value in excess of US$100,000 shall be treated as a non-qualifying stock option ("**NQSO**") for the purposes of the U.S. Tax Code and shall not entitle the Optionee to such tax deferral. Pursuant to this Plan, Eligible Participants subject to the tax laws of the United States of America may be granted NQSOs, however, no Incentive Stock Options shall be granted.

4.07 <u>Expiry of Options</u> Each Option shall expire not later than 10 years from its Grant Date.

4.08 <u>Expiry of Options during or immediately after Blackout Periods</u> If an Option is set to expire during a Blackout Period, notwithstanding section 4.07 of this Plan or the terms of the Option, the term of the Option shall be automatically extended. The following requirements are applicable to any extension of the term of any Options as a result of a Blackout Period:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the Blackout Period must be formally imposed by the Company pursuant to its internal trading policies as a result of the *bona fide* existence of an undisclosed material fact or material change (as defined under the Securities Laws). In the absence of the Company formally imposing a Blackout Period, the expiry date of any Options will not be automatically extended;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the Blackout Period will be terminated following the general disclosure of the undisclosed material fact or material change. The affected Options shall expire 10 business days after the termination of the Blackout Period;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) the automatic extension of affected Options will not be permitted where the relevant Optionee or the Company is subject to a cease trade order (or similar order under the Securities Laws) in respect of the Company's securities; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) any automatic extension shall be available to all Optionees under this Plan under the same terms and conditions.

4.09 <u>Death or Disability of Optionee</u> If an Optionee dies or suffers a Disability prior to the expiry of an Option, the Optionee's legal representatives or the Optionee, before the earlier of the expiry date of the Option and the first anniversary of the Optionee's death or Disability, may exercise that portion of an Option which has vested as at the date of death or Disability. For the purposes hereof "**Disability**" shall mean any inability of the Optionee arising due to medical reasons which the Board considers likely to permanently prevent or substantially impair the Optionee from serving as a Director, Officer, Employee or Consultant.

4.10 <u>Cessation as an Optionee (Involuntary or not on request)</u> If an Optionee ceases to be an Eligible Participant through:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) removal as a Director;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) dismissal or termination as an Officer, Consultant or Employee (whether or not 'for cause'); or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) resignation where such resignation is not made at the request of the Board or for the benefit of any Director or Officer,

then, notwithstanding the Optionee continuing to fall within another of such categories, any Options shall terminate immediately on and shall not further vest after such removal, dismissal, termination or resignation or such later date not exceeding the first anniversary of such cessation and may further vest, both as may be reasonably determined by the Board and, unless extended, shall not be exercisable by the Optionee.

4.11 <u>Cessation as an Optionee (Voluntary and on request)</u> If an Optionee ceases to be an Eligible Participant for any reason except as provided in sections 4.09 or 4.10 of this Plan, any Option held by that Optionee shall be exercisable to the extent that it has vested and was exercisable as at the date of such cessation, unless further vesting is permitted by the Board, and must terminate on the earlier of the expiry date of the Option and:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the 90<sup>th</sup> day after the Optionee ceased to be an Eligible Participant, or such later date not exceeding the first anniversary of such cessation as may be reasonably determined by the Board; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the earlier of the 90<sup>th</sup> day and the third month after the Optionee ceased to be an Employee or Officer, if the Optionee is subject to the tax laws of the United States of America.

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4.12 <u>No Transfer or Assignment of Options</u> No Option or any right thereunder or in respect thereof shall be transferable or assignable otherwise than by will or pursuant to the laws of succession except that, if permitted by the rules and policies of the Exchange, an Optionee shall have the right to assign any Option (other than NQSOs pursuant to a qualified domestic relations order under the U.S. Tax Code) to a corporation wholly owned by them.

4.13 <u>Exchange Hold Period on Certain Options</u> Any Option Agreement and any certificate representing Shares issued on the exercise thereof, granted to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) any Director, Officer, Consultant, Promoter, Insider (or Person who will become an Insider following the Grant Date) or any Person who has elected or appointed or has the right to elect or appoint one or more Directors or Officers; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) any Eligible Participant at an exercise price that is less than the applicable Market Price,

shall be subject to a four month resale restriction imposed by the Exchange from the Grant Date and, in accordance with the policies of the Exchange, the Option Agreement and any certificates representing the Shares issued on exercise thereof shall bear the Exchange's prescribed "Exchange Hold Period" legend, substantially in the form as set out in the Option Agreement attached hereto as Schedule A.

4.15 <u>Notice of Exercise of an Option</u> Options shall be exercised only in accordance with the terms and conditions of the Option Agreement under which they are respectively granted and shall be exercisable only by notice in writing to the Company.

4.16 <u>Payment on Exercise of an Option</u> Vested Options may be exercised in whole or in part at any time prior to their lapse or termination. Shares purchased by an Optionee on exercise of an Option shall be fully paid for by cash, certified cheque, bank draft or wire transfer at the time of their purchase.

4.17 <u>Cashless Exercise</u> The Board may, in its discretion and at any time, determine to grant an Optionee the alternative, when entitled to exercise an Option, to deal with the subject Option on a Cashless Exercise basis, on such terms as the Board may determine in its discretion (the "**Cashless Exercise Right**"). In the event of a Cashless Exercise, the number of Shares for which the Option is exercised, surrendered or converted, and not the number of Shares actually issued by the Company, must be included in calculating the limits set forth in sections 4.03, 5.02 and 5.03 of this Plan.

4.18 <u>Net Exercise</u> The Board may, in its discretion and at any time, determine to grant the Optionee, excluding an Optionee that is an Investor Relations Service Provider, the alternative, when entitled to exercise an Option, to surrender all or part of the Optionee's vested Options, and receive the number of Shares that is the equal to the quotient obtained by dividing: (i) the product of the number of Options being exercised multiplied by the difference between the VWAP of the Shares and the exercise price of the subject Options, by (ii) the VWAP of the Shares on the date of exercise ("**Net Exercise**") (subject to satisfaction of Applicable Withholding Tax requirements). In the event that the Company determines to accept the Optionee's Net Exercise, and where the Optionee is subject to the Tax Act in respect of the Option, the Company shall make the election provided for in subsection 110(1.1) of the Tax Act. In the event of a Net Exercise, the number of Shares for which the Option is exercised, surrendered or converted, and not the number of Shares actually issued by the Company, must be included in calculating the limits set forth in sections 4.03, 5.02 and 5.03 of this Plan.

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4.19 <u>Representations and Warranties of Optionees</u> The Board may require, as a condition of the grant of an Option, the issuance of Shares or delivery of certificates representing such Shares upon the exercise of any Option and to ensure compliance with any applicable laws, regulations, rules, orders and requirements that the Optionee or the Optionee's heirs, executors or other legal representatives, as applicable, make such covenants, agreements and representations as the Board deems necessary or desirable, including, without limitation, exemptions from the registration requirements of the U.S. Securities Act, and applicable United States state securities laws.

4.20 <u>Withholding or Deduction of Taxes</u> The Company or any subsidiary of the Company may, in accordance with all applicable law and the policies of the Exchange, deduct or withhold from any amount payable to an Eligible Participant, either under this Plan or otherwise, such amount as may be necessary so as to ensure that the Company or any subsidiary of the Company will be able to comply with the applicable provisions of any federal, provincial, state or local law relating to the withholding of tax or that any other required deductions are paid or otherwise satisfied (the "**Applicable Withholding Taxes**"). The Company or a subsidiary of the Company may require an Optionee, as a condition to exercise of an Option, to pay to the Company or a subsidiary of the Company any Applicable Withholding Taxes related to the exercise of such Option. The Company or a subsidiary of the Company may make such other arrangements that are satisfactory to the Optionee and the Company, provided that such arrangements are in compliance with the Exchange Policy.

**PART 5**

<u>**RESERVATION OF SHARES FOR OPTIONS**</u>

5.01 <u>Sufficient Shares to be Reserved</u> Whenever the constating documents of the Company limit the number of authorized Shares, a sufficient number of Shares shall be reserved by the Board to satisfy the exercise of Options. Options that have been settled in cash, cancelled, terminated, surrendered, forfeited or expired without being exercised, and pursuant to which no Shares have been issued, shall continue to be issuable under this Plan.

5.02 <u>Maximum Number of Shares to be Reserved Under Plan</u> The aggregate number of Shares which may be subject to issuance pursuant to Options pursuant to this Plan, together with any stock options granted under any other previous or current stock option plan and any other Security Based Compensation granted under any other Security Based Compensation Plans, is equal to up to a maximum of 10% of the Shares outstanding at the Grant Date (or issuance of any other Security Based Compensation under any other Security Based Compensation Plans) unless the approval of the Disinterested Shareholders is obtained.

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5.03 <u>Maximum Number of Shares Reserved for Insiders</u> All Options granted under this Plan, together with all of the Company's other Security Based Compensation, shall not result in:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the aggregate number of Shares that are issuable pursuant to all Security Based Compensation granted or issued to Insiders (as a group) exceeding 10% of the Shares outstanding at any point in time; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the aggregate number of Shares that are issuable pursuant to all Security Based Compensation granted or issued in any 12 month period to Insiders (as a group) exceeding 10% of the Shares outstanding, calculated as at the date any Security Based Compensation is granted or issued to any Insider,

unless the Company has obtained the approval of the Disinterested Shareholders.

**PART 6**

<u>**CAPITAL REORGANIZATIONS**</u>

6.01 <u>Share Consolidation or Subdivision</u> If the Shares are at any time subdivided or consolidated, the number of Shares reserved for Options shall be similarly increased or decreased and the price payable for any Shares that are then subject to issuance shall be decreased or increased proportionately, as the case may require, so that upon exercising each Option the same proportionate shareholdings at the same aggregate purchase price shall be acquired after such subdivision or consolidation as would have been acquired before.

6.02 <u>Stock Dividend</u> If the Shares are at any time changed as a result of the declaration of a stock dividend thereon, the number of Shares reserved for Options and the price payable for any Shares that are then subject to issuance may be adjusted by the Board to such extent as they deem proper in their absolute discretion.

6.03 <u>No Fractional Shares</u> No adjustment made pursuant to this Part shall require the Company to issue a fraction of a Share and any fractions of a Share shall be rounded up or down to the nearest whole number, with one-half of a Share being rounded up to one Share.

6.04 <u>No Adjustment for Cash Dividends or Rights Offerings</u> No adjustment shall be made to any Option pursuant to this Part in respect of the payment of any cash dividend or the distribution to the Shareholders of any rights to acquire Shares or other securities of the Company.

6.05 <u>No Adjustments in Violation of Limits</u> No adjustments shall be made pursuant to this Part where such adjustments would result in the violation of any limits imposed under this Plan, including those limits set under sections 4.03, 5.02 and 5.03 of this Plan. If the Company does not have a sufficient number of Shares available under this Plan to satisfy its obligations in respect of any adjustments under this Part, any Optionees entitled to adjustments under this Part shall receive cash in lieu of such an adjustment to their respective Options.

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**PART 7**<br> <u>**EXCHANGE RULES AND POLICIES & APPLICABLE LAW**</u>

7.01 <u>Exchange Policies Apply</u> This Plan and the granting and exercise of any Options are also subject to the terms and conditions as are set out in the Exchange Policy and the requirements of the Securities Laws, and such Exchange Policy and Securities Laws shall be deemed to be incorporated into this Plan. If there is any inconsistency between this Plan and such Exchange Policy, the provisions of the Exchange Policy and Securities Laws shall prevail.

7.02 <u>Compliance with Applicable Laws</u> Notwithstanding anything herein to the contrary, the Company shall not be obliged to cause any Shares to be issued or certificates evidencing Shares to be delivered pursuant to this Plan, where issuance and delivery is not, or would result in the Company not being in compliance with all applicable laws, regulations, rules, orders of governmental or regulatory authorities and the requirements of the Exchange, including the Exchange Policy. If any provision of this Plan, any Option Agreement or any other agreement entered into pursuant to this Plan contravenes any applicable law, rule, regulation or order, or any policy or requirement of the Exchange, including the Exchange Policy, or any regulatory body having authority over the Company or this Plan, such provision shall be deemed to be amended to the extent required to bring such provision into compliance therewith, but the Company shall not be responsible to pay and shall not incur any penalty, liability or further obligation in connection therewith.

7.03 <u>United States Registration and Legends</u> No Options shall be granted in the United States and no Shares shall be issued in the United States pursuant to any Option unless such Shares are registered under the U.S. Securities Act and any applicable state securities laws or an exemption from such registration is available. Any Option granted in the United States, and any Shares issued pursuant thereto, will be "restricted securities" (as such term is defined in Rule 144(a)(3) under the U.S. Securities Act). Any Option Agreement representing an Option granted in the United States or Shares issued in the United States pursuant to such an Option pursuant to an exemption from registration under the U.S. Securities Act and applicable state securities laws shall bear a legend restricting transfer under the U.S. Securities Act and applicable state securities laws substantially in the form as set out in the Option Agreement attached hereto as Schedule A.

7.03 <u>No Obligation to File Prospectus</u> The Company shall not be liable to compensate any Optionee and in no event shall it be obliged to take any action, including the filing of any prospectus, registration statement or similar document, in order to permit the issuance and delivery of any Shares upon the exercise of any Option in order to comply with Securities Laws.

7.04 <u>Governing Law</u> This Plan shall be governed by, and construed in accordance with, the laws of the province of British Columbia.

**PART 8**

<u>**AMENDMENT OF PLAN & OPTIONS**</u>

8.01 <u>Board May Amend Plan or Options</u> The Board may amend or terminate this Plan or any Option, however, no such amendment or termination, except with the written consent of the Optionees concerned or unless required to make this Plan or the Option comply with the rules and policies of the Exchange or applicable laws, shall affect the terms and conditions of the Option which has not then been exercised or terminated.

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8.02 <u>Shareholder Approval of Amendments</u> The approval of Shareholders is required for:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) a change in those Persons who may be Eligible Participants;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) an increase in the number of Shares, or percentage of the outstanding Shares, reserved for issuance under this Plan and all other Security Based Compensation Plans or a change from a fixed number to a fixed percentage of the outstanding Shares, or from a fixed percentage to a fixed number, in the number of Shares reserved for issuance under this Plan;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) an increase in the percentage of Shares that may be issued pursuant to Options granted to any one Optionee or group of Optionees (such as Insiders);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) a change in the method by which the exercise price of an Option is determined;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) an extension of the maximum term of Options that may be granted under this Plan (unless the extension arises from a Blackout Period);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) an amendment to the expiry and termination provisions applicable to Options;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) an amendment to method or formula for calculating prices, values or amounts under this Plan that may result in a benefit to an Optionee; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) an amendment to this Part 8.

The approval of the Disinterested Shareholders for an amendment to any Option is required in respect of an Option held by an Insider involving:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) any amendment to an Option that would have the effect of decreasing the exercise price of the Option or an extension of the term of the Option (unless the extension arises from a Blackout Period); or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) any amendment to an Option that results in a benefit to an Insider, and for further clarity, if the Company cancels any Option and within one year grants or issues a new Option to the same Insider, that is considered an amendment.

No approval by Shareholders is required for an amendment:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) to comply with applicable law or rules of the Exchange or of a 'housekeeping' nature required to correct typographical and similar errors;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) to clarify existing provisions of this Plan that do not have the effect of altering the scope, nature and intent of such provisions; or

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m) to change the vesting provisions other than those required by this Plan or the Exchange Policy.

8.03 <u>Exchange Approval Required</u> Any amendment to this Plan or any Options, other than adjustments due to a Share consolidation or subdivision but including amendments resulting from an amalgamation, merger, arrangement, reorganization, spin-off, dividend or recapitalization, shall not become effective until such amendments have been accepted for filing by the Exchange.

8.04 <u>Clawback</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Notwithstanding any other provisions in this Plan, all or any portion of the Options issued, granted or vested hereunder on or after October 2, 2023 for which vesting is based wholly or in part upon the attainment of a Financial Reporting Measure which is subject to recovery under any law, government rule or regulation, in effect from time to time, by Canadian, U.S. or other foreign governments, including specifically as required to implement Section 10D of the U.S. Securities Exchange Act of 1934, as amended ("**U.S. Exchange Act**"), Rule 10D-1 under the U.S. Exchange Act, and any applicable rules or regulations promulgated thereunder (including, without limitation, applicable securities exchange listing standards or rules and regulations of the New York Stock Exchange American (the "**NYSE American**") (including Section 811 - Erroneously Awarded Compensation of the NYSE American Listed Company Manual), the Exchange or other securities exchange where the Company lists its securities for trading) (the "**Clawback Rules**"), will be subject to such deductions, offset, repayment, forfeiture, cancellation, clawback and recoupment as may be re-quired to be made pursuant to such Clawback Rules or any policy adopted by the Company to implement any such Clawback Rules (the "**Company Clawback Policies**").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) For purposes of the Clawback Rules and the Company Clawback Policies, the term "Financial Reporting Measure" means (i) any measure that is determined and presented in accordance with the generally accepted accounting principles ("**GAAP**") used in preparing the Company's financial statements and any measure that is derived wholly or in part from any such measure, and (ii) the Company's stock price and the total shareholder return of the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) For the avoidance of doubt, Financial Reporting Measures include non-GAAP financial measures for purposes of Regulation G of the U.S. Exchange Act, as well other measures, metrics and ratios that are not non-GAAP financial measures and whether or not presented within the Company's financial statements or any filing with the U.S. Securities and Exchange Commission.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The Company shall decide, in its sole and absolute discretion, what policies it must adopt in or-der to comply with such Clawback Rules, any of which could in certain circumstances require repayment or forfeiture of awards or any Shares or other cash or property received related to the applicable lookback periods with respect to the awards (including any value received from a dis-position of Shares acquired upon vesting and exercise of Options). All Options issued, granted or vested hereunder on or after October 2, 2023 and any Shares issued on vesting and exercise of such Options are subject to the terms and conditions of the Clawback Rules and Company Clawback Policies from and after the effective date thereof and Eligible Participants issued awards under this Plan shall not be entitled to any indemnification or advancement of expenses with respect to the application or enforcement of the Clawback Rules or Company Clawback Policies or any actions by the Company to enforce such Clawback Rules or the Company Claw-back Policies through any deductions, offset, repayment, forfeiture, cancellation, clawback, recoupment or otherwise, as may be required to be made pursuant to such Clawback Rules or Company Clawback Policies.

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**PART 9**

<u>**PLAN DOES NOT AFFECT OTHER COMPENSATION PLANS**</u>

9.01 <u>Other Plans Not Affected</u> This Plan shall not in any way affect the policies or decisions of the Board in relation to the remuneration of Directors, Officers, Consultants and Employees.

**PART 10**<br><u>**OPTIONEE'S RIGHTS AS A SHAREHOLDER**</u>

10.01 <u>No Rights Until Option Exercised</u> Optionees shall be entitled to the rights pertaining to Share ownership, such as to voting rights, dividends or rights on liquidation, only with respect to Shares that have been fully paid for and issued to the Optionee upon exercise of an Option.

**PART 11**

<u>**EFFECTIVE DATE & EXPIRY OF PLAN**</u>

11.01 <u>Effective Date</u> This Plan shall become effective upon the later of the acceptance for filing of this Plan by the Exchange and the approval of this Plan at a meeting of the Shareholders. Options may be granted, but not exercised, prior to the receipt of such acceptance and approval. Thereafter, this Plan must be approved annually by the Shareholders and the Exchange. If such approvals are not obtained, Options may no longer be granted, and any Options granted subject to such approvals shall not be exercisable.

11.02 <u>Termination</u> This Plan shall terminate upon a resolution to that effect being passed by the Board. Any Options shall continue to be exercisable according to their terms after the termination of this Plan.

DATED: July 3, 2008

LAST AMENDED: November 23, 2023

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**SCHEDULE A**

![](exhibit4-5x001.jpg)

**OPTION AGREEMENT**

● [*Date of grant / news release*]

● [*Optionee's name & address*]

● [*Street*]

● [*city, province or state*]

● [*postal or ZIP code*]

Dear Optionee:

<u>**Re:**</u><u> </u><u>**Grant of Stock Option**</u>

EMX Royalty Corporation (the "**Company**") hereby offers you a non-assignable option (an "**Option**") to purchase common shares in the capital of the Company (the "**Shares**") pursuant to the Company's Stock Option Plan (the "**Plan**"), a copy of which is enclosed with this Agreement.

Your Option is subject to the terms and conditions of the Plan, which are deemed to be incorporated in this Agreement, and to the following specific provisions:

**Number of Shares: ●** 

**Exercise Price: C$ ● per Share** 

**Expiry Time: 4:00 p.m. (Vancouver time) on ●**

**Vesting:** ☞<u>Option 1 -</u> [ **Immediately** 

☞<u>Option 2 for IR persons -</u> [ **25% on ●** <u>[must be at least three months after granting]</u> **and 25% each three months thereafter**

☞<u>Option 3 - if milestones or other periods for vesting are desired</u> [ **●% on ● and ●% on ●** 

[☞<u>Option</u>: <u>insert Hold Period if option is granted to an Insider, Consultant or Promoter of the Company (or Person who will become an Insider following the Grant Date) or any Person who has elected or appointed or has the right to elect or appoint one or more Directors or Officers or is exercisable at less than Market Price at the time of granting]</u>

**Hold Period: WITHOUT PRIOR WRITTEN APPROVAL OF THE TSX VENTURE EXCHANGE AND COMPLIANCE WITH ALL APPLICABLE SECURITIES LEGISLATION, THE SECURITIES REPRESENTED BY THIS AGREEMENT AND ANY SECURITIES ISSUED ON EXERCISE HEREOF MAY NOT BE SOLD, TRANSFERRED, HYPOTHECATED OR OTHERWISE TRADED ON OR THROUGH THE FACILITIES OF THE TSX VENTURE EXCHANGE OR OTHERWISE IN CANADA OR TO OR FOR THE BENEFIT OF A CANADIAN RESIDENT UNTIL** <u>[FOUR MONTHS AND ONE DAY FOLLOWING THE DATE OF THIS AGREEMENT]</u>**.** 

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[☞<u>Option</u>: <u>insert U.S. Legend if option is granted to a U.S. Participant]</u>

**Hold Period: "THE SECURITIES REPRESENTED BY THIS AGREEMENT AND ANY SECURITIES ISSUED UPON EXERCISE HEREOF HAVE NOT BEEN AND WILL NOT BE REGISTERED UNDER THE** ***UNITED STATES SECURITIES ACT OF 1933*****, AS AMENDED (THE "U.S. SECURITIES ACT") OR ANY STATE SECURITIES LAWS, AND THE SECURITIES REPRESENTED BY THIS AGREEMENT AND ANY SECURITIES ISSUED UPON EXERCISE THEREOF MAY BE OFFERED, SOLD, PLEDGED OR OTHERWISE TRANSFERRED ONLY (A) TO EMX ROYALTY CORPORATION. (THE "COMPANY") (B) OUTSIDE THE UNITED STATES IN COMPLIANCE WITH RULE 904 OF REGULATION S UNDER THE U.S. SECURITIES ACT, IF AVAILABLE, AND IN COMPLIANCE WITH LOCAL LAWS AND REGULATIONS, (C) PURSUANT TO A REGISTRATION STATEMENT THAT HAS BEEN DECLARED EFFECTIVE UNDER THE U.S. SECURITIES ACT AND IS AVAILABLE FOR RESALE OF THE SECURITIES, OR (D) IN COMPLIANCE WITH AN EXEMPTION FROM REGISTRATION UNDER THE U.S. SECURITIES ACT, INCLUDING RULE 144 OR RULE 144A THEREUNDER, IF AVAILABLE, AND, IN EACH CASE, IN COMPLIANCE WITH ANY APPLICABLE STATE SECURITIES LAWS. THE HOLDER OF THE SECURITIES REPRESENTED BY THIS AGREEMENT FURTHER UNDERSTANDS AND AGREES THAT IN THE EVENT OF A TRANSFER PURSUANT TO THE FOREGOING CLAUSE (D), THE COMPANY WILL REQUIRE A LEGAL OPINION OF COUNSEL OF RECOGNIZED STANDING OR OTHER EVIDENCE REASONABLY SATISFACTORY TO THE COMPANY THAT SUCH TRANSFER IS EXEMPT FROM REGISTRATION UNDER THE U.S. SECURITIES ACT AND APPLICABLE STATE SECURITIES LAWS. DELIVERY OF THIS AGREEMENT MAY NOT CONSTITUTE "GOOD DELIVERY" IN SETTLEMENT OF TRANSACTIONS ON STOCK EXCHANGES IN CANADA."**

**[for convertible securities, include:] "SECURITIES REPRESENTED HEREBY MAY NOT BE EXERCISED IN THE UNITED STATES OR BY OR ON BEHALF OF, OR FOR THE ACCOUNT OR BENEFIT OF, A U.S. PERSON UNLESS THE SHARES ISSUABLE UPON EXERCISE OF THIS SECURITY HAVE BEEN REGISTERED UNDER THE U.S. SECURITIES ACT AND THE APPLICABLE SECURITIES LEGISLATION OF ANY SUCH STATE OR AN EXEMPTION FROM SUCH REGISTRATION REQUIREMENTS IS AVAILABLE. "UNITED STATES" AND "U.S. PERSON" ARE AS DEFINED BY REGULATION S UNDER THE U.S. SECURITIES ACT."**

Subject to first vesting, your Option may be exercised in whole or in part at any time before the Expiry Time by notice in writing to the Company. Such notice shall specify the number of Shares with respect to which you are purchasing by exercising your Option and must be accompanied by cash, a certified cheque, a bank draft or a wire transfer in favour of the Company payable in Canadian funds in full payment of the Exercise Price for the number of Shares then being purchased, excluding any Options exercised pursuant to the Cashless Exercise or Net Exercise provisions of the Plan.

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There may be restrictions imposed under securities legislation of Canada and your country of residence on your ability to sell Shares acquired on exercise of this Option. If you are in doubt about the applicable requirements, you should consult a lawyer.

If you are, or become, a resident of the United States of America, you hereby represent and warrant to, and covenant with, the Company (and it is a condition of exercising your Option and the Company may require you to execute an instrument in a form acceptable to it confirming the following) that you:

(a) will acquire any Shares upon the exercise of your Option as an investment and not with a view to distribution;

(b) undertake not to offer or sell or otherwise dispose of the Shares unless the Shares are subsequently registered under the United States *Securities Act of 1933*, as amended, or an exemption from registration is available;

(c) consent to the placing of a restrictive legend on any Share certificates issued to you should such be necessary in order to comply with securities laws applicable to you or the Company; and

(d) acknowledge that securities laws applicable to you or the Company may require you to hold any Shares issued to you for a certain period prior to resale thereof.

You acknowledge and consent to the Company:

(a) collecting your personal information ("**Personal Information**") for the purposes of this Agreement;

(b) retaining the Personal Information for as long as permitted or required by applicable law or business practices; and

(c) providing to various governmental and regulatory authorities, as may be required by applicable securities laws, stock exchange rules, and the rules of the Investment Industry Regulatory Organization of Canada (IIROC) or to give effect to this agreement any personal information provided by you.

You also acknowledge that you have been notified by the Company:

(a) of the delivery of Personal Information to all applicable securities regulatory authorities or regulators;

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(b) that the Personal Information is being collected by the securities regulatory authority or regulator under the authority granted in Canadian securities legislation for the purposes of the administration and enforcement of applicable Canadian securities legislation; and

(d) of the contact information of the public official in each applicable Canadian jurisdiction who can answer questions about this indirect collection of Personal Information is set out in the attached Exhibit 1 hereto.

If you choose to accept this Option, please sign in the space provided below.

*[Signature Page Follows]*

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- 5 - <br>

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| | |
|:---|:---|
| **EMX ROYALTY CORPORATION<br>**<br>Per: <u> </u><u> </u><br> Authorized Signatory | **I hereby ACCEPT** the above Option **and AGREE** to the terms and conditions described above, including the terms and conditions of the Plan<br>|
|  | <u> </u> |
|  | Optionee's Signature |

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**Exhibit 1**

**Contact Information of Public Officials Regarding Indirect Collection of Personal Information**

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| | |
|:---|:---|
| &nbsp;&nbsp;**Alberta Securities Commission** <br>Suite 600, 250 - 5<sup>th</sup> Street SW<br>Calgary, Alberta T2P 0R4<br>Telephone: 403-297-6454 Toll free in Canada: 1-877-355-0585<br>Facsimile: 403-297-2082<br>Public official contact regarding indirect collection of information:<br>**FOIP Coordinator** | &nbsp;&nbsp;**British Columbia Securities Commission** <br>P.O. Box 10142, Pacific Centre<br>701 West Georgia Street<br>Vancouver, British Columbia V7Y 1L2<br>Inquiries: 604-899-6854 Toll free in Canada: 1-800-373-6393<br>Facsimile: 604-899-6581<br>Email: FOI-privacy@bcsc.bc.ca<br>Public official contact regarding indirect collection of information:<br>**FOI Inquiries** |
| &nbsp;&nbsp;**The Manitoba Securities Commission** <br>500 - 400 St. Mary Avenue<br>Winnipeg, Manitoba R3C 4K5<br>Telephone: 204-945-2561<br>Toll free in Manitoba 1-800-655-5244<br>Facsimile: 204-945-0330<br>Public official contact regarding indirect collection of information: <br>**Director** | &nbsp;&nbsp;**Financial and Consumer Services Commission (New Brunswick)** <br>85 Charlotte Street, Suite 300<br>Saint John, New Brunswick E2L 2J2<br>Telephone: 506-658-3060 Toll free in Canada: 1-866-933-2222<br>Facsimile: 506-658-3059<br>Email: info@fcnb.ca<br>Public official contact regarding indirect collection of information:<br>**Chief Executive Officer and Privacy Officer** |
| &nbsp;&nbsp;**Government of Newfoundland and Labrador** <br>**Financial Services Regulation Division** <br>P.O. Box 8700, Confederation Building<br>2<sup>nd</sup> Floor, West Block<br>Prince Philip Drive<br>St. John's, Newfoundland and Labrador A1B 4J6<br>Attention: Director of Securities<br>Telephone: 709-729-4189 Facsimile: 709-729-6187<br>Public official contact regarding indirect collection of information: **Superintendent of Securities** | &nbsp;&nbsp;**Government of the Northwest Territories** <br>**Office of the Superintendent of Securities** <br>P.O. Box 1320<br>Yellowknife, Northwest Territories X1A 2L9<br>Telephone: 867-767-9305 Facsimile: 867-873-0243<br>Public official contact regarding indirect collection of information: **Superintendent of Securities** |
| &nbsp;&nbsp;**Nova Scotia Securities Commission** <br>Suite 400, 5251 Duke Street<br>Duke Tower<br>P.O. Box 458<br>Halifax, Nova Scotia B3J 2P8<br>Telephone: 902-424-7768 Facsimile: 902-424-4625<br>Public official contact regarding indirect collection of information: <br>**Executive Director** | &nbsp;&nbsp;**Government of Nunavut** <br>**Department of Justice** <br>Legal Registries Division<br>P.O. Box 1000, Station 570<br>1st Floor, Brown Building<br>Iqaluit, Nunavut X0A 0H0<br>Telephone: 867-975-6590 Facsimile: 867-975-6594<br>Public official contact regarding indirect collection of information: **Superintendent of Securities** |
| &nbsp;&nbsp;**Ontario Securities Commission** <br>20 Queen Street West, 22<sup>nd</sup> Floor<br>Toronto, Ontario M5H 3S8<br>Telephone: 416-593- 8314 Toll free in Canada: 1-877-785-1555<br>Facsimile: 416-593-8122<br>Email: exemptmarketfilings@osc.gov.on.ca<br>Public official contact regarding indirect collection of information: <br>**Inquiries Officer** | &nbsp;&nbsp;**Prince Edward Island Securities Office** <br>95 Rochford Street, 4<sup>th</sup> Floor Shaw Building<br>P.O. Box 2000<br>Charlottetown, Prince Edward Island C1A 7N8<br>Telephone: 902-368-4569 Facsimile: 902-368-5283<br>Public official contact regarding indirect collection of information: **Superintendent of Securities** |
| &nbsp;&nbsp;**Autorité des marchés financiers** <br>800, Square Victoria, 22e étage<br>C.P. 246, Tour de la Bourse<br>Montréal, Québec H4Z 1G3<br>Telephone: 514-395-0337 or 1-877-525-0337<br>Facsimile: 514-864-6381<br>Email: financementdessocietes@lautorite.qc.ca<br>Public official contact regarding indirect collection of information: <br>**Secrétaire générale** | &nbsp;&nbsp;**Financial and Consumer Affairs Authority of Saskatchewan** <br>Suite 601 - 1919 Saskatchewan Drive<br>Regina, Saskatchewan S4P 4H2<br>Telephone: 306-787-5842 Facsimile: 306-787-5899<br>Public official contact regarding indirect collection of information:<br>**Director** |
| &nbsp;&nbsp;**Government of Yukon** <br>**Department of Community Services** <br>Office of the Superintendent of Securities<br>307 Black Street<br>Whitehorse, Yukon Y1A 2N1<br>Telephone: 867-667-5466 Facsimile: 867-393-6251<br>Email: securities@gov.yk.ca<br>Public official contact regarding indirect collection of information:<br>**Superintendent of Securities** | &nbsp;&nbsp;**Government of Yukon** <br>**Department of Community Services** <br>Office of the Superintendent of Securities<br>307 Black Street<br>Whitehorse, Yukon Y1A 2N1<br>Telephone: 867-667-5466 Facsimile: 867-393-6251<br>Email: securities@gov.yk.ca<br>Public official contact regarding indirect collection of information:<br>**Superintendent of Securities** |

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## Exhibit 5.1

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December 4, 2025

Elemental Royalty Corporation

1020-800 West Pender Street

Vancouver, BC V6X 2V6

Canada

Ladies and Gentlemen:

**Re:** <u>**Elemental Royalty Corporation - Registration Statement on Form S-8**</u>

We have acted as Canadian counsel to Elemental Royalty Corporation (the "**Company**"), a corporation organized under the *Business Corporations Act* (British Columbia) (the "**BCBCA**") in connection with the Registration Statement on Form S-8 (the "**Registration Statement**") filed by the Company with the U.S. Securities and Exchange Commission (the "**SEC**") on December 4, 2025, relating to the registration under the Securities Act of 1933, as amended, of 1,362,005 common shares in the capital of the Company (the "**Shares**") issuable upon the exercise of replacement options (the "**Replacement Options**") of EMX Royalty Corporation, a wholly-owned subsidiary of the Company ("**EMX**"), issued pursuant to a statutory plan of arrangement of EMX (the "**Plan of Arrangement**") under Division 5 of Part 9 of the BCBCA. The Replacement Options were issued by EMX in exchange for options to purchase common shares of the Company granted under the Plan (as defined below) (the "**EMX Options**") and are governed by the terms of the EMX Stock Option Plan, as amended (the "**Plan**").

<u>Examinations</u>

In order to render our opinion, we have examined and are relying on originals or copies of the following documents:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the Registration Statement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the Plan;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) a certificate of an officer of the Company dated as of the date hereof certifying certain factual matters (the "**Opinion Support Certificate**"), including:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the articles of the Company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the notice of articles of the Company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) the Plan of Arrangement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) the form of joint notice of the Company and EMX to holders of Replacement Options (the "**Replacement Option Notice**");

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) resolutions of the Board of Directors of the Company authorizing, among other things, reserving for issuance the Shares issuable pursuant to the exercise of the Replacement Options (the "**Board Resolutions**"); and

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) a certificate of good standing dated the date hereof issued under the *Business Corporations Act* (British Columbia) in respect of the Company.

We have considered such questions of law and examined such statues and regulations of the Province of British Columbia and of Canada applicable therein as they exist on the date hereof, as we considered necessary or relevant as a basis for our opinion.

<u>Jurisdiction</u>

The opinion expressed herein is limited to the laws of the Province of British Columbia and the federal laws of Canada applicable therein having the force of law on the date hereof (collectively, "**British Columbia Law**"). We express no opinion as to whether the laws of any particular jurisdiction other than British Columbia Law are applicable to the subject matter hereof. Our opinion is expressed as of the date hereof and we assume no obligation to revise or supplement this opinion should British Columbia Law change subsequent to the date hereof by legislative action, judicial decisions or otherwise or if there is a change in any fact or facts after the date hereof.

<u>Reliance and Assumptions</u>

As a basis for our opinion, we have made the following assumptions and have relied upon the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the authenticity of all documents submitted to us as originals, the genuineness of all signatures and the conformity to authentic originals of all documents submitted to us as copies and that all facts set forth in official public records and certificates and other documents supplied by public officials or otherwise conveyed to us by public officials are complete, true and accurate as of, and at all material times prior to, the date of this opinion letter;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the parties to all executed documents or documents to be executed, including the Company, have legal capacity, had or will have the power, corporate or other, to enter into and perform all obligations thereunder and have also assumed the due authorization by all requisite action, corporate or other, and execution and delivery by such parties of such documents and, the validity, binding effect, and enforceability on all such parties;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) such proceedings taken and proposed to be taken by the Company in connection with the authorization and issuance of the Shares will be timely and properly completed, in accordance with all requirements of the British Columbia Law, in the manner presently proposed;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) all facts set forth and statements made in certificates supplied by directors and/or officers of the Company, including the Opinion Support Certificate, are and remain true, accurate and complete;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) (i) all Replacement Options have been duly authorized and issued in accordance with the terms of the Plan of Arrangement, (ii) the Plan governs the Replacement Options in accordance with the terms of the Plan of Arrangement, (iii) the Shares will be issued and sold only in accordance with the terms of and upon the due exercise or vesting, as applicable, of the Replacement Options and the Replacement Option Notice and in accordance with the Plan and the Board Resolutions and (iv) the Replacement Options were issued pursuant to the Plan of Arrangement in exchange for an equal number of EMX Options, and such EMX Options were duly authorized and issued pursuant to the Plan;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) all legal matters related to the meeting of the securityholders of EMX called to consider the Plan of Arrangement were duly complied with and that the Plan of Arrangement was completed in accordance with all applicable laws;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) all signatures on documents submitted to us are genuine, all documents submitted to us as originals are authentic and complete, and all documents submitted to us as copies conform to authentic and complete original documents;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) none of the documents, originals or copies of which we have examined, has been amended supplemented or revoked; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) all relevant individuals had full legal capacity at all relevant times.

As to questions of fact material to our opinions, we have relied upon certificates of officers of the Company and of public officials. We have relied upon the certificates and other documents referred to above with respect to the accuracy of the factual matters contained therein and we have not performed any independent check or verification of such factual matters.

When our opinion refers to the Shares of the Company as being "fully-paid and non-assessable", we express no opinion as to actual receipt by the Company of the consideration for the issuance of such Shares or as to the sufficiency of the consideration received by the Company therefor.

------

<u>Opinion</u>

On the basis of the foregoing and subject to the qualifications and limitations herein expressed, we are of the opinion that the Shares, upon the due exercise of the Replacement Options in accordance with the terms of the Plan and the corresponding Replacement Option Notice, including receipt by the Company of the full consideration therefor, will be issued as fully-paid and non-assessable common shares in the capital of the Company.

<u>Qualification and Limitations</u>

We hereby consent to the filing of this opinion letter as an exhibit to the Registration Statement. In giving this consent, we do not hereby admit that we come within the category of persons whose consent is required under Section 7 of the Securities Act, or the rules or regulations of the SEC promulgated thereunder.

This opinion is furnished solely for the benefit of the Company in connection with the registration of the Shares pursuant to the Registration Statement. This opinion may not be relied upon by any other person or used for any other purpose without our prior written consent.

Yours truly,

**/s/Fasken Martineau DuMoulin LLP**

Fasken Martineau DuMoulin LLP

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## Exhibit 23.2

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**Consent of Independent Auditor**

We hereby consent to the incorporation by reference in this Registration Statement on Form S-8 of Elemental Royalty Corporation (the Company) of our report dated April 16, 2025 relating to the consolidated financial statements of Elemental Royalty Corporation (formerly Elemental Altus Royalties Corp.) as at and for the years ended December 31, 2024 and 2023, which is filed as Exhibit 99.57 to the Company's Amendment No. 1 to the Registration Statement on Form 40-F (Form 40-F/A).

We also consent to the incorporation by reference in this Registration Statement on Form S-8 our report dated April 16, 2024 relating to the consolidated financial statements of Elemental Royalty Corporation (formerly Elemental Altus Royalties Corp.) as at and for the years ended December 31, 2023 and 2022, which is filed as Exhibit 99.6 to the Form 40-F/A.

We also consent to the references to us under the heading "Interest of Experts", in the Annual Information Form dated April 29, 2024 which is filed as Exhibit 99.11 and the Annual Information Form dated August 18, 2025, which is filed as Exhibit 99.83 to the Form 40-F/A.<br>

/s/PricewaterhouseCoopers LLP<br>

Chartered Professional Accountants, Licensed Public Accountants

Toronto, Canada

December 4, 2025

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## Ex-Filing

?xml version='1.0' encoding='ASCII'? EX-FILING FEES

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| |
|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Calculation of Filing Fee Tables**  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **S-8**  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Elemental Royalty Corp**  |

---

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| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Security Type**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Security Class Title**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Fee Calculation Rule**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Amount Registered**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Proposed Maximum Offering Price Per Unit**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Maximum Aggregate Offering Price**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Fee Rate**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Amount of Registration Fee**  |
| 1 | Equity | Common Shares, no par value | Other | 1362005 | $13.00 | $17706065.00 | 0.0001381 | $2445.20 |
| Total Offering Amounts: | Total Offering Amounts: | Total Offering Amounts: | Total Offering Amounts: | Total Offering Amounts: |  | $17706065.00  |  | $2445.20  |
| Total Fee Offsets:  | Total Fee Offsets:  | Total Fee Offsets:  | Total Fee Offsets:  | Total Fee Offsets:  |  |  |  | $0.00  |
| Net Fee Due:  | Net Fee Due:  | Net Fee Due:  | Net Fee Due:  | Net Fee Due:  |  |  |  | $2445.20  |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Offering Note** <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <sup>1</sup> Note 1.a. Represents common shares, no par value (the "Common Shares"), of Elemental Royalty Corp. (the "Registrant") issuable pursuant to replacement options of the Registrant governed by the terms of the Stock Option Plan of EMX Royalty Corp. (the "Plan"), registered herein. Note 1.b. Estimated solely for the purpose of calculating the registration fee pursuant to 457(h) under the Securities Act of 1933, as amended and based upon the weighted average exercise price of the outstanding options under the Plan. Note 1.c. Pursuant to Rule 416 promulgated under the Securities Act, this registration statement also covers an indeterminate number of additional Common Shares of the Registrant that may be offered or issued by reason of certain corporate transactions or events, including any stock dividend, stock split or any other similar transaction effected which results in an increase in the number of Common Shares.

---

| | |
|:---|:---|
| | |
| **Rule 457(p)** | **Rule 457(p)** |
| Fee Offset Claims | N/A |
| Fee Offset Sources | N/A |

---