# EDGAR Filing Document

**Accession Number:** 0001434614
**File Stem:** 0001104659-25-067467
**Filing Date:** 2025-7
**Character Count:** 648643
**Document Hash:** bc18203d4351d46b1bedfb1c9915ad11
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001104659-25-067467.hdr.sgml**: 20250714

**ACCESSION NUMBER**: 0001104659-25-067467

**CONFORMED SUBMISSION TYPE**: 6-K

**PUBLIC DOCUMENT COUNT**: 3

**CONFORMED PERIOD OF REPORT**: 20250711

**FILED AS OF DATE**: 20250714

**DATE AS OF CHANGE**: 20250711

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** SANDSTORM GOLD LTD
- **CENTRAL INDEX KEY:** 0001434614
- **STANDARD INDUSTRIAL CLASSIFICATION:** GOLD & SILVER ORES [1040]
- **ORGANIZATION NAME:** 01 Energy & Transportation
- **EIN:** 000000000
- **STATE OF INCORPORATION:** A1

**FILING VALUES:**
- **FORM TYPE:** 6-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-35617
- **FILM NUMBER:** 251119833

**BUSINESS ADDRESS:**
- **STREET 1:** 733 SEYMOUR STREET
- **STREET 2:** SUITE 3200
- **CITY:** VANCOUVER
- **STATE:** A1
- **ZIP:** V6B 0S6
- **BUSINESS PHONE:** 604-689-0234

**MAIL ADDRESS:**
- **STREET 1:** 733 SEYMOUR STREET
- **STREET 2:** SUITE 3200
- **CITY:** VANCOUVER
- **STATE:** A1
- **ZIP:** V6B 0S6

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** SANDSTORM RESOURCES LTD
- **DATE OF NAME CHANGE:** 20080507

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**Washington, D.C. 20549**

**FORM 6-K**

**REPORT OF FOREIGN PRIVATE ISSUER<br> PURSUANT TO RULE 13A-16 OR 15D-16<br> OF THE SECURITIES EXCHANGE ACT OF 1934**

**For the month of July, 2025**

Commission File Number: **001-35617**

**Sandstorm Gold Ltd.**

(Translation of registrant's name into English)

------

**Suite 3200 – 733 Seymour Street<br> Vancouver, British Columbia<br> V6B 0SB Canada**

(Address of principal executive offices)

Indicate by check mark whether the registrant files or will file annual reports under cover Form 20-F or Form 40-F.

Form 20-F ◻ Form 40-F ⌧

**EXHIBIT INDEX**

---

| | |
|:---|:---|
| Exhibit | Description of Exhibit |
| [99.1](tm2520703d1_ex99-1.htm) | [Material Change Report](tm2520703d1_ex99-1.htm) |
| [99.2](tm2520703d1_ex99-2.htm) | [Arrangement Agreement](tm2520703d1_ex99-2.htm) |

---

**SIGNATURE**

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

---

| | | |
|:---|:---|:---|
|  | **SANDSTORM GOLD LTD.** | **SANDSTORM GOLD LTD.** |
| Date: July 11, 2025 | By: | /s/ Erfan Kazemi |
|  |  | Name: Erfan Kazemi |
|  |  | Title: Chief Financial Officer |

---

## Exhibit 99.1

**Exhibit 99.1**

**FORM 51-102F3<br> *Material Change Report***

---

| | |
|:---|:---|
| **Item 1** | **Name and Address of Company** |

---

Sandstorm Gold Ltd. ("**Sandstorm**" or the "**Company**")

733 Seymour Street, Suite 3200

Vancouver, BC V6B 0S6

---

| | |
|:---|:---|
| **Item 2** | **Date of Material Change** |

---

July 6, 2025

---

| | |
|:---|:---|
| **Item 3** | **News Release** |

---

A news release with respect to the material change referred to in this report was disseminated through Globe Newswire on July 7, 2025. The news release was subsequently filed on SEDAR+.

---

| | |
|:---|:---|
| **Item 4** | **Summary of Material Change** |

---

On July 6, 2025, Sandstorm entered into a definitive arrangement agreement (the "**Arrangement Agreement**") with Royal Gold, Inc. ("**Royal Gold**"), pursuant to which Royal Gold will acquire all of the issued and outstanding common shares of Sandstorm (the "**Sandstorm Shares**") in an all-share transaction with an implied value of approximately $3.5 billion (the "**Sandstorm Transaction**").

All figures in this material change report are in U.S. dollars unless otherwise noted.

---

| | |
|:---|:---|
| **Item 5.1** | **Full Description of Material Change** |

---

On July 6, 2025, Sandstorm entered into the Arrangement Agreement with Royal Gold, pursuant to which Royal Gold will acquire all of the issued and outstanding Sandstorm Shares in an all-share transaction with an implied value of approximately $3.5 billion. Sandstorm shareholders will receive 0.0625 (the "**Exchange Ratio**") of a share of common stock of Royal Gold (each whole share, a "**Royal Gold Share**") for each Sandstorm Share held.

Concurrent with the Sandstorm Transaction, Royal Gold entered into a definitive arrangement agreement with Horizon Copper Corp. ("**Horizon Copper**"), pursuant to which Royal Gold will acquire all of the issued and outstanding common shares of Horizon Copper (the "**Horizon Shares**") in an all-cash transaction valued at approximately $196 million (the "**Horizon Transaction**", and together with the Sandstorm Transaction, the "**Transactions**"). Horizon Copper shareholders will receive C$2.00 for each Horizon Share held.

Immediately following the completion of the Transactions, Royal Gold will continue under the name "Royal Gold, Inc."

*<u>Board and Special Committee Recommendations</u>*

The Boards of Directors of Royal Gold and Sandstorm and a special committee comprised solely of independent directors of Sandstorm, after receiving outside legal and financial advice, have each determined that the Sandstorm Transaction is in the best interests of Royal Gold and Sandstorm, respectively. Additionally, the Boards of Directors of Royal Gold and Horizon Copper and a special committee composed solely of independent directors of Horizon Copper, after receiving outside legal and financial advice, have each determined that the Horizon Transaction is in the best interests of Royal Gold and Horizon Copper, respectively.

Accordingly, the Boards of Directors of Royal Gold, Sandstorm, and Horizon Copper have recommended that shareholders vote in favour of the Transactions. Nolan Watson, as a director of each of Sandstorm and Horizon Copper with a "disclosable interest" in each case, abstained from voting with respect to the Sandstorm Transaction and the Horizon Transaction. Erfan Kazemi, as the Chief Financial Officer of Sandstorm and the Chief Executive Officer and a director of Horizon Copper with a "disclosable interest", abstained from voting with respect to the Horizon Transaction.

*<u>Summary of Transaction and Timing</u>*

The Sandstorm Transaction will be effected by way of a court-approved plan of arrangement under the *Business Corporations Act* (British Columbia). Under the terms of the Arrangement Agreement, Sandstorm shareholders will receive 0.0625 of a Royal Gold Share for each Sandstorm Share held.

At closing of the Sandstorm Transaction, Royal Gold expects to issue an aggregate of approximately 19 million Royal Gold Shares to Sandstorm shareholders, and following the completion of the Sandstorm Transaction, former Sandstorm shareholders will own approximately 23% of the issued and outstanding Royal Gold Shares on a fully diluted basis.

The Sandstorm Transaction will be subject to the approval of at least: (i) 66⅔% of the votes cast by shareholders of Sandstorm at a special meeting of Sandstorm shareholders (the "**Sandstorm Meeting**") and (ii) a simple majority of the votes cast by shareholders of Sandstorm at the Sandstorm Meeting excluding the votes cast by persons required to be excluded under Canadian Multilateral Instrument 61-101 – *Protection of Minority Security Holders in Special Transactions*.

Royal Gold will require approval by a simple majority of votes cast by Royal Gold shareholders at a special meeting in connection with the share issuance under the Sandstorm Transaction.

In addition to shareholder approvals, the completion of the Sandstorm Transaction is subject to satisfaction of certain conditions and applicable regulatory approvals, including but not limited to (i) completion of the Horizon Transaction (which can be waived by Royal Gold in its sole discretion), (ii) approval by the TSX, Nasdaq Stock Exchange, and NYSE, (iii) approval under the *Competition Act* (Canada), (iv) approval under the *Investment Canada Act*, (v) South African antitrust approval, and (vi) the satisfaction of certain other closing conditions customary for a transaction of this nature. Sandstorm, as well as the senior officers and directors of Horizon Copper and certain additional Horizon Copper shareholders, which collectively control 54% of the Horizon Shares on a basic basis, have entered into voting support agreements pursuant to which they have agreed to vote their shares in favour of the Horizon Transaction, subject to certain conditions. The senior officers and directors of Sandstorm, which collectively control 6% of the Sandstorm Shares on a fully diluted basis, have entered into voting support agreements pursuant to which they have agreed to vote their shares in favour of the Sandstorm Transaction, subject to certain conditions.

The Arrangement Agreement contains customary deal protections, including non-solicitation, "fiduciary out", and "right to match" provisions in respect of Sandstorm, and non-solicitation and "fiduciary out" provisions in respect of Royal Gold, as well as a $200 million or $130 million termination fee payable to Sandstorm or Royal Gold, respectively, as the case may be, under certain circumstances.

None of the securities to be issued pursuant to the Sandstorm Transaction have been or will be registered under the United States *Securities Act of 1933*, as amended (the "**U.S. Securities Act**"), or any state securities laws, and any securities issued pursuant to the Sandstorm Transaction are anticipated to be issued in reliance upon available exemptions from such registration requirements pursuant to Section 3(a)(10) of the U.S. Securities Act and applicable exemptions under state securities laws. This material change report does not constitute an offer to sell or the solicitation of an offer to buy any securities.

Subject to receiving the requisite court, regulatory and shareholder approvals as described above, the Sandstorm Transaction is expected to close in the fourth quarter of 2025. In connection with and subject to closing of the Sandstorm Transaction, it is expected that the Sandstorm Shares will be delisted from the TSX and NYSE, and that Sandstorm will cease to be a reporting issuer under Canadian and U.S. securities laws.

Further details regarding the Sandstorm Transaction will be included in Sandstorm's management information circular in connection with the Sandstorm Meeting and are set out in the Arrangement Agreement. A copy of the Arrangement Agreement is available on the Company's profile on SEDAR+ at www.sedarplus.ca and on EDGAR at www.sec.gov.

---

| | |
|:---|:---|
| **Item 5.2** | **Disclosure for Restructuring Transactions** |

---

Not applicable.

**Item 6.** **Reliance on Subsection 7.1(2) of National Instrument 51-102**

Not applicable.

---

| | |
|:---|:---|
| **Item 7** | **Omitted Information** |

---

No information has been omitted on the basis that it is confidential information.

---

| | |
|:---|:---|
| **Item 8** | **Executive Officer** |

---

For further information, contact David Awram at (604) 689-0234.

---

| | |
|:---|:---|
| **Item 9** | **Date of Report** |

---

July 11, 2025

**CAUTIONARY NOTE REGARDING FORWARD-LOOKING INFORMATION**

*This material change report contains "forward-looking statements", within the meaning of the United States Securities Act of 1933, as amended, the U.S. Securities Exchange Act of 1934, the Private Securities Litigation Reform Act of 1995 and "forward-looking information" within the meaning of applicable Canadian securities legislation, concerning the business, operations and financial performance and condition of Sandstorm (collectively, "forward-looking statements"). Forward-looking statements include the completion of the Transactions and the timing thereof and the receipt of required approvals for the Transactions. Forward-looking statements can generally be identified by the use of forward-looking terminology such as "may", "will", "expect", "intend", "estimate", "anticipate", "believe", "continue", "plans", or similar terminology.*

*Forward-looking statements are made based upon certain assumptions and other important factors that, if untrue, could cause the actual results, performances or achievements of Sandstorm to be materially different from future results, performances or achievements expressed or implied by such statements. Such statements and information are based on numerous assumptions regarding present and future business strategies and the environment in which Sandstorm will operate in the future, including the receipt of all required approvals for the Transactions and the timing thereof. Certain important factors that could cause actual results, performances or achievements to differ materially from those in the forward-looking statements include, amongst others, failure to receive necessary approvals or the timing of such approvals, changes in business plans and strategies, market conditions, share prices, best use of available cash, gold and other commodity price volatility, discrepancies between actual and estimated production, guidance produced by third parties, mineral reserves and resources and metallurgical recoveries, mining operational and development risks relating to the parties which produce the gold or other commodity the Company will purchase , regulatory restrictions, activities by governmental authorities (including changes in taxation), currency fluctuations, the global economic climate, dilution, share price volatility and competition.*

*Forward-looking statements are subject to known and unknown risks, uncertainties and other important factors that may cause the actual results, level of activity, performance or achievements of the Company to be materially different from those expressed or implied by such forward-looking statements, including but not limited to: the impact of general business and economic conditions, the absence of control over mining operations from which the Company will purchase gold, other commodities or receive royalties from, and risks related to those mining operations, including risks related to international operations, government and environmental regulation, actual results of current exploration activities, conclusions of economic evaluations and changes in project parameters as plans continue to be refined, risks in the marketability of minerals, fluctuations in the price of gold and other commodities, fluctuation in foreign exchange rates and interest rates, stock market volatility, as well as those factors discussed in the section entitled "Risks to Sandstorm" in the Company's annual report for the financial year ended December 31, 2024 and the section entitled "Risk Factors" contained in the Company's annual information form dated March 31, 2025 available at www.sedarplus.ca. Although the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking statements, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements. The Company does not undertake to update any forward-looking statements that are contained or incorporated by reference herein, except in accordance with applicable securities laws.*

## Exhibit 99.2

**Exhibit 99.2**

***Execution Version***

**ARRANGEMENT AGREEMENT**

**<br> AMONG**

**<br> ROYAL GOLD, INC.**

**AND**

**INTERNATIONAL ROYALTY CORPORATION**

**AND**

**SANDSTORM GOLD LTD.**

**July 6, 2025**

- i -

**TABLE OF CONTENTS**

Page

---

| | | |
|:---|:---|:---|
| Article 1 INTERPRETATION | Article 1 INTERPRETATION | 2.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.1 | Definitions | 2.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.2 | Interpretation Not Affected by Headings | 28.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.3 | Number and Gender | 28.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.4 | Calculation of Time | 28.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.5 | Date for Any Action | 28.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.6 | Currency | 29.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.7 | No Strict Construction | 29.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.8 | Statutory, Contractual and Other References | 29.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.9 | Time References | 29.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.10 | Inclusion | 29.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.11 | Accounting Matters | 29.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.12 | Knowledge | 29.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.13 | Company Disclosure Letter | 30.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.14 | Purchaser Disclosure Letter | 30.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.15 | Schedules | 30.0 |
| Article 2 THE ARRANGEMENT | Article 2 THE ARRANGEMENT | 30.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.1 | Arrangement | 30.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.2 | Approvals | 31.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.3 | Interim Order | 32.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.4 | Company Meeting | 33.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.5 | Purchaser Meeting | 35.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.6 | Preparation of Company Circular and the Purchaser Proxy Statement | 36.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.7 | Final Order | 39.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.8 | Court Proceedings | 40.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.9 | U.S. Securities Law Matters | 40.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.10 | Treatment of Company Incentive Awards | 42.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.11 | Effective Date | 42.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.12 | Payment of Consideration | 42.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.13 | Announcement and Shareholder Communications | 43.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.14 | Withholding Taxes | 43.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.15 | Section 338(g) Election | 44.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.16 | List of Securityholders | 44.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.17 | Adjustment to Consideration Regarding Distributions | 45.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.18 | Appraisal Rights | 45.0 |
| Article 3 REPRESENTATIONS AND WARRANTIES OF THE COMPANY | Article 3 REPRESENTATIONS AND WARRANTIES OF THE COMPANY | 46.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.1 | Representations and Warranties | 46.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.2 | Survival of Representations and Warranties | 46.0 |
| Article 4 REPRESENTATIONS AND WARRANTIES OF THE Purchaser | Article 4 REPRESENTATIONS AND WARRANTIES OF THE Purchaser | 46.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.1 | Representations and Warranties | 46.0 |

---

- ii -

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.2 | Survival of Representations and Warranties | 46.0 |
| Article 5 COVENANTS | Article 5 COVENANTS | 47.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.1 | Covenants of the Company Relating to the Conduct of Business | 47.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.2 | Covenants of the Company Relating to the Arrangement | 54.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.3 | Covenants of the Company Relating to the Horizon Arrangement | 56.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.4 | Covenants of the Company Relating to TSX and NYSE Delisting | 56.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.5 | Covenants of the Purchaser and AcquireCo Relating to the Conduct of Business | 56.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.6 | Covenants of the Purchaser and AcquireCo Relating to the Arrangement | 59.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.7 | Covenants of the Purchaser Relating to the Horizon Arrangement | 61.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.8 | Control and Supervision of the Company and the Purchaser | 62.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.9 | Termination of Company Credit Facility; Consents under Purchaser Credit Facility | 62.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.10 | Regulatory Approvals | 63.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.11 | Employment Matters | 66.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.12 | Pre-Acquisition Reorganization | 66.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.13 | Filings | 68.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.14 | Access to Information; Confidentiality | 68.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.15 | Insurance and Indemnification | 69.0 |
| Article 6 CONDITIONS | Article 6 CONDITIONS | 70.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.1 | Mutual Conditions Precedent | 70.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.2 | Additional Conditions Precedent to the Obligations of the Purchaser | 71.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.3 | Additional Conditions Precedent to the Obligations of the Company | 73.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.4 | Satisfaction of Conditions | 74.0 |
| Article 7 ADDITIONAL AGREEMENTS OF THE COMPANY REGARDING Company ACQUISITION PROPOSALS | Article 7 ADDITIONAL AGREEMENTS OF THE COMPANY REGARDING Company ACQUISITION PROPOSALS | 74.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.1 | Non-Solicitation by the Company | 74.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.2 | Notification of Company Acquisition Proposals | 76.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.3 | Responding to Company Acquisition Proposals | 77.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.4 | Superior Proposals and Right to Match | 78.0 |
| Article 8 ADDITIONAL AGREEMENTS OF THE Purchaser REGARDING PURCHASER ACQUISITION pROPOSALS | Article 8 ADDITIONAL AGREEMENTS OF THE Purchaser REGARDING PURCHASER ACQUISITION pROPOSALS | 80.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.1 | Non-Solicitation by the Purchaser | 80.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.2 | Notification of Purchaser Acquisition Proposals | 82.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.3 | Responding to Purchaser Acquisition Proposals | 82.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.4 | Purchaser Superior Proposal | 83.0 |
| Article 9 TERM, TERMINATION, AMENDMENT AND WAIVER | Article 9 TERM, TERMINATION, AMENDMENT AND WAIVER | 84.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.1 | Term | 84.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.2 | Termination | 85.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.3 | Notice and Cure | 87.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.4 | Termination Payments | 88.0 |

---

- iii -

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.5 | Amendment | 93 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.6 | Waiver | 93 |
| Article 10 GENERAL PROVISIONS | Article 10 GENERAL PROVISIONS | 93 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.1 | Privacy | 93 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.2 | Notices | 94 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.3 | Governing Law; Waiver of Jury Trial | 96 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.4 | Injunctive Relief | 96 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.5 | Time of Essence | 97 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.6 | Entire Agreement, Binding Effect | 96 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.7 | No Liability | 96 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.8 | Further Assurances | 97 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.9 | Assignment and Enurement | 97 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.10 | Severability | 97 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.11 | No Third Party Beneficiaries | 97 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.12 | Counterparts, Execution | 98 |
| Schedule A PLAN OF ARRANGEMENT | Schedule A PLAN OF ARRANGEMENT | A-1 |
| Schedule B Arrangement Resolution | Schedule B Arrangement Resolution | B-1 |
| Schedule C Form of Company Voting Agreement | Schedule C Form of Company Voting Agreement | C-1 |
| Schedule D Form of Purchaser Voting Agreement | Schedule D Form of Purchaser Voting Agreement | D-1 |
| Schedule E Horizon Support Agreement | Schedule E Horizon Support Agreement | E-1 |
| Schedule F Company Representations and Warranties | Schedule F Company Representations and Warranties | F-1 |
| Schedule G Purchaser Representations and Warranties | Schedule G Purchaser Representations and Warranties | G-1 |

---

**ARRANGEMENT AGREEMENT**

THIS **ARRANGEMENT AGREEMENT** dated July 6, 2025,

BETWEEN:

**ROYAL GOLD, INC.**, a corporation existing under the laws of the State of Delaware (the "**Purchaser**"),

- and -

**INTERNATIONAL ROYALTY CORPORATION**, a corporation existing under the laws of Canada ("**AcquireCo**"),

- and -

**SANDSTORM GOLD LTD.**, a corporation existing under the laws of the Province of British Columbia (the "**Company**").

**RECITALS**:

A. The Purchaser desires to cause AcquireCo to acquire all of the issued and outstanding Company Shares by way of a plan of arrangement
under the provisions of the *Business Corporations Act* (British Columbia), as provided for in this Agreement.

B. The Company Special Committee, after receiving financial and legal advice and the Company Special Committee Fairness Opinions, has
unanimously determined that the Arrangement and the entering into of this Agreement are in the best interests of the Company and has unanimously
recommended to the Company Board that the Company Board (a) approve this Agreement and the Arrangement, and (b) recommend to
Company Shareholders that they vote in favour of the Arrangement.

C. The Company Board, after receiving financial and legal advice and the Company Fairness Opinion and upon the unanimous recommendation
of the Company Special Committee, has (subject to a director having a "disclosable interest" within the meaning of the BCBCA
and abstaining from voting) unanimously (a) determined that the Arrangement and the entering into of this Agreement are in the best
interests of the Company, (b) approved the entering into of this Agreement and the Arrangement, and (c) resolved to recommend
to Company Shareholders that they vote in favour of the Arrangement Resolution.

D. The Purchaser Board, after evaluating the Arrangement, in consultation with the Purchaser's management and legal and financial
advisors, has unanimously (a) determined that the Arrangement and entering into of this Agreement are in the best interests of the
Purchaser and Purchaser Stockholders, and (b) resolved to recommend to Purchaser Stockholders that they vote in favour of the issuance
of the Consideration Shares as contemplated by, and subject to the terms and conditions set forth in, this Agreement (the "**Purchaser Stock Issuance** ").

E. The Parties intend that the issuance of the Consideration Shares be exempt from the registration requirements of the U.S. Securities
Act pursuant to Section 3(a)(10) thereof.

F. Concurrent with the execution of this Agreement, the Company has delivered to the Purchaser duly executed
copies of the Company Voting Agreements from each of Nolan Watson, David Awram, Erfan Kazemi, Tom Bruington and Ian Grundy and each Company
director on the Company Board; and the Purchaser has delivered to the Company duly executed copies of the Purchaser Voting Agreements
from each of William Heissenbuttel, Paul Libner, Martin Raffield, Randy Shefman and Jason Hynes and each Purchaser director on the Purchaser
Board.

G. Concurrent with the execution of this Agreement, the Horizon Arrangement Agreement has been entered into by the parties thereto and
the Company has duly executed and delivered to the Purchaser the Horizon Support Agreement pursuant to which, among other things, the
Company has agreed to vote the shares held by the Company in the authorized share structure of Horizon in favour of the Horizon Arrangement.

THIS AGREEMENT WITNESSES THAT in consideration of the covenants and agreements herein contained and other good and valuable consideration (the receipt and sufficiency of which are hereby acknowledged), the Parties hereto covenant and agree as follows:

**Article 1** **<br> INTERPRETATION**

**1.1** **Definitions** 

In this Agreement, unless the context otherwise requires:

"**AcquireCo**" has the meaning ascribed thereto on the first page of this Agreement;

"**Advance Ruling Certificate**" means an advance ruling certificate issued by the Commissioner pursuant to Section 102 of the Competition Act with respect to the transactions contemplated by this Agreement, such advance ruling certificate having not been modified or withdrawn prior to the Effective Time;

"**affiliate**" except where otherwise indicated, has the meaning ascribed thereto in NI 45-106;

"**Agreement**" means this arrangement agreement together with the Company Disclosure Letter and Purchaser Disclosure Letter;

"**Anti-Corruption Laws**" means any applicable Law prohibiting corruption or bribery in any jurisdiction in which the Purchaser or Company, respectively, conducts their business and to which they are subject, including without limitation, the *Corruption of Foreign Public Officials Act* (Canada), the *Criminal Code* (Canada), and the *Foreign Corrupt Practices Act of 1977* (United States);

"**Arrangement**" means the arrangement of the Company under Part 9, Division 5 of the BCBCA on the terms and subject to the conditions set out in the Plan of Arrangement, subject to any amendments or variations thereto made in accordance with the terms of this Agreement, the Plan of Arrangement, or made at the direction of the Court in the Final Order (with the prior written consent of AcquireCo, the Company and the Purchaser, each acting reasonably);

"**Arrangement Resolution**" means the special resolution of the Company Shareholders approving the Plan of Arrangement, which is to be considered and, if thought fit, passed at the Company Meeting, substantially in the form and content of Schedule B hereto;

"**Authorization**" means, with respect to any Person, any authorization, order, permit, approval, grant, agreement, licence, classification, restriction, registration, consent, order, right, notification, condition, franchise, privilege, certificate, judgment, writ, injunction, award, determination, direction, decision having the force of Law, of, from or required by any Governmental Entity having jurisdiction over such Person;

"**BCBCA**" means the *Business Corporations Act* (British Columbia);

"**business day**" means any day, other than a Saturday, a Sunday or a statutory or civic holiday in Denver, Colorado, Toronto, Ontario or Vancouver, British Columbia;

"**Canadian Competition Act Approval**" means, with respect to the transactions contemplated by this Agreement, (a) that the Commissioner shall have issued to the Purchaser an Advance Ruling Certificate, or (b) that (i) the waiting period under Section 123 of the Competition Act shall have expired or been terminated by the Commissioner, or the Commissioner shall have waived the requirement to submit a notification pursuant to Paragraph 113(c) of the Competition Act, and, unless waived in writing by the Purchaser, (ii) the Commissioner shall have issued to the Purchaser a No Action Letter;

"**Canadian Securities Authorities**" means the British Columbia Securities Commission and any other applicable securities commissions and securities regulatory authority of a province or territory of Canada;

"**Canadian Securities Laws**" means the Securities Act and any other applicable Canadian provincial or territorial securities Laws;

"**Company**" has the meaning ascribed thereto on the first page of this Agreement;

"**Company Acquisition Proposal**" means, other than the transactions contemplated by this Agreement, any offer, proposal or inquiry from any Person or group of Persons "acting jointly or in concert" (within the meaning of NI 62-104) (other than the Purchaser or any controlled affiliate of the Purchaser), whether written or oral, made after the date hereof, relating to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) any sale or disposition (or any joint venture (for the avoidance of doubt, including where the Company retains an interest in a joint
venture), lease, license, royalty agreement or other arrangement, in each such case having the same economic effect as a sale or disposition),
in a single transaction or series of related transactions, of (i) the assets of the Company and/or one or more of its Subsidiaries
that, individually or in the aggregate, (A) represent 20% or more of the consolidated assets of the Company and its Subsidiaries,
taken as a whole, or (B) contribute 20% or more of the consolidated revenue of the Company and its Subsidiaries, taken as a whole
(in each case, as applicable, determined based upon the most recent publicly available consolidated financial statements of the Company),
or (ii) 20% or more of any class of voting or equity securities (and/or securities convertible into, or exchangeable or exercisable
for such voting or equity securities) of the Company or (iii) 20% or more of any class of voting or equity securities (and/or securities
convertible into, or exchangeable or exercisable for such voting or equity securities) of one or more Subsidiaries of the Company whose
assets, individually or in the aggregate, constitute 20% or more of the consolidated assets of the Company and its Subsidiaries, taken
as a whole (in each case, determined based upon the most recent publicly available consolidated financial statements of the Company);
or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) any take-over bid, tender offer, exchange offer, treasury issuance or other transaction that, if consummated, would result in such
Person or group of Persons beneficially owning (i) 20% or more of any class of voting or equity securities (and/or securities convertible
into, or exchangeable or exercisable for such voting or equity securities) of the Company or (ii) 20% or more of any class of voting
or equity securities (and/or securities convertible into, or exchangeable or exercisable for such voting or equity securities) of one
or more Subsidiaries of the Company whose assets, individually or in the aggregate, constitute 20% or more of the consolidated assets
of the Company and its Subsidiaries, taken as a whole (determined based upon the most recent publicly available consolidated financial
statements of the Company); or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) a plan of arrangement, merger, amalgamation, consolidation, share exchange, share reclassification, business combination, reorganization,
recapitalization, liquidation, dissolution, winding up or other similar transaction involving the Company and/or any of its Subsidiaries
that, if consummated, would result in such Person or group of Persons beneficially owning (i) 20% or more of any class of voting
or equity securities (and/or securities convertible into, or exchangeable or exercisable for such voting or equity securities) of the
Company or (ii) 20% or more of any class of voting or equity securities (and/or securities convertible into, or exchangeable or exercisable
for such voting or equity securities) of one or more Subsidiaries of the Company whose assets, individually or in the aggregate, constitute
20% or more of the consolidated assets of the Company and its Subsidiaries, taken as a whole (determined based upon the most recent publicly
available consolidated financial statements of the Company); or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) any other similar transaction or series of transactions (for the avoidance of doubt including a combination of one or more transactions
described in clause (a), clause (b), and/or clause (c) which when considered individually would not constitute a Company Acquisition
Proposal), the consummation of which would reasonably be expected to impede, interfere with, prevent or delay the transactions contemplated
by this Agreement, the Arrangement or the Horizon Arrangement Agreement;

"**Company Benefit Plan**" means each employee benefit plan, policy, practice, agreement, arrangement, or undertaking (whether written or unwritten, insured or uninsured, registered or unregistered, funded or unfunded), including all health and welfare (including dental, vision, prescription drug, accidental death and dismemberment, critical illness, emergency travel, life insurance, short term disability, long term disability or other medical coverage), mortgage insurance, employee loan, employee assistance, supplemental unemployment benefit, post-employment benefit, post-retirement benefit, bonus, profit sharing, incentive, equity or equity-based compensation, deferred compensation, termination or severance, retention, change of control, pension, supplemental pension, retirement saving, and each other agreement, policy, program, arrangement, practice or undertaking, which are maintained by, contributed to, required to be contributed to, or binding upon the Company or any of its Subsidiaries or for which the Company or its Subsidiaries has any liability or contingent liability for the benefit of any current or former Company Employees excluding any Statutory Plan;

"**Company Board**" means the board of directors of the Company as the same is constituted from time to time;

"**Company Board Recommendation**" has the meaning ascribed thereto in Section 2.2(a)(i);

"**Company Change in Recommendation**" has the meaning ascribed thereto in Section 7.1(a)(iv);

"**Company Circular**" means the notice of the Company Meeting to be sent to the Company Shareholders and holders of Company Incentive Awards, and the accompanying management information circular in connection with the Company Meeting;

"**Company Credit Facility**" means the Fourth Amended and Restated Credit Agreement, dated as of July 12, 2022, among the Company, the lending institutions from time to time parties thereto, and the Bank of Nova Scotia as administrative agent;

"**Company Disclosure Letter**" means the disclosure letter dated the date of this Agreement in the form executed by the Company and delivered to and accepted by the Purchaser concurrently with the execution of this Agreement;

"**Company Employees**" means all individuals who are employed by the Company and its Subsidiaries, including unionized, non-unionized, part-time, full-time, active and inactive employees, and any officers who provide services to the Company as consultants;

"**Company Equity Incentive Plans**" means, collectively, the Company Option Plan, the Company RSR Plan and the Company PSR Plan;

"**Company Fairness Opinion**" means the opinion of the Company Financial Advisor to the effect that, as of the date of such opinion and subject to the assumptions, limitations and qualifications set out therein, the Consideration to be received by Company Shareholders pursuant to the Arrangement is fair, from a financial point of view, to the Company Shareholders;

"**Company Financial Advisor**" means BMO Capital Markets, as financial advisor to the Company;

"**Company Incentive Awards**" means, collectively, the Company Options, Company RSRs and Company PSRs;

"**Company Leased Real Property**" has the meaning ascribed thereto in Section (p)(i) of Schedule F;

"**Company Material Adverse Effect**" means any one or more changes, effects, events, occurrences or states of fact or circumstance, either individually or in the aggregate, that (x) prevents, materially delays or materially impairs, or would reasonably be expected to prevent, materially delay or materially impair, the ability of the Company or its Subsidiaries to consummate the transactions contemplated by this Agreement, or (y) is, or would reasonably be expected to be, material and adverse to the business, results of operations or condition (financial or otherwise) of the Company and its Subsidiaries, taken as a whole, except for any such change, effect, event, occurrence or state of facts or circumstance resulting or arising from or relating to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the announcement or execution of this Agreement or the implementation of the transactions contemplated hereby (including the impact
of any of the foregoing on the relationships, contractual or otherwise, of the Company with customers, suppliers, service providers and
employees) (for the avoidance of doubt, provided, that this clause (a) shall not apply with respect to any representation or warranty
the purpose of which is to address the consequences resulting from the execution and delivery of this Agreement or the consummation of
the transactions contemplated by this Agreement or the performance of obligations under this Agreement);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) any change in the market price or trading volume of any securities of the Company (it being understood that the changes, effects,
events, occurrences or states of fact or circumstance underlying such change in market price or trading volume that are not otherwise
excluded from the definition of a Company Material Adverse Effect may be taken into account in determining whether a Company Material
Adverse Effect has occurred);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) any change affecting the mining industry as a whole;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) any change (on a current or forward basis) in the price of metals or any changes in commodity prices or general market prices affecting
the mining industry generally;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) general political, economic, financial, currency exchange, inflation, interest rates, securities or commodity market conditions including
the imposition, adjustment or revocation of tariffs;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) any change or prospective change after the date hereof in IFRS, or changes or prospective changes in regulatory accounting requirements
applicable to the industries in which the Company conducts business;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) the commencement, continuation or escalation of any war, armed hostilities or acts of terrorism;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) the occurrence of any cyber-attack or data breach (other than, for the avoidance of doubt, a cyber-attack that is primarily directed
at (or a data breach that primarily involves) the Company or any of its Subsidiaries);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) any general outbreak of illness, pandemic (including COVID-19 or derivatives or variants thereof), epidemic, national health emergency,
forced quarantine, lockdown or similar event, or the worsening thereof;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) the failure of the Company to meet any internal or published projections, forecasts, guidance, budgets, or estimates of revenues,
earnings, cash flow or other financial performance or results of operations for any period (provided, however, that the changes, effects,
events, occurrences or states of fact or circumstance underlying such failure that are not otherwise excluded from the definition of a
Company Material Adverse Effect may be considered to determine whether such failure constitutes a Company Material Adverse Effect);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) any natural disaster (including any hurricane, flood, tornado, earthquake, forest fire, weather-related event or man-made natural
disaster); or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) any adoption, implementation, promulgation, repeal, modification, amendment, reinterpretation, change or proposal of any applicable
Law of and by any Governmental Entity (including with respect to Taxes),

provided, however, that if with respect to clauses (c), (d), (e), (f), (g), (h), (i), (k) and (l) any such change, effect, event, occurrence or state of facts or circumstance has a disproportionate effect on the Company and its Subsidiaries, taken as a whole, compared to other entities that own and manage mining royalty and streaming interests, the disproportionate change, effect, event, occurrence or state of facts or circumstance may be taken into account in determining whether a Company Material Adverse Effect has occurred, and references in this Agreement to dollar amounts are not intended to be and shall not be deemed to be illustrative or interpretive for the purposes of determining whether a "Company Material Adverse Effect" has occurred;

"**Company Material Contract**" means any Contract:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) that, if terminated or modified or if it ceased to be in effect, would reasonably be expected to have a Company Material Adverse Effect;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) under which the Company or any of its Subsidiaries has directly or indirectly guaranteed any liabilities or obligations of a third
party (other than endorsements for collection in the ordinary course or guarantees of Material Indebtedness for Borrowed Money) in excess
of $20 million in the aggregate;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) relating to indebtedness for borrowed money of the Company or any of its Subsidiaries or any guarantee by the Company or any of its
Subsidiaries of any other Person's indebtedness for borrowed money, with an outstanding principal amount in excess of $20 million
in the aggregate ()"**Material Indebtedness for Borrowed Money** ");

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) the shareholders agreement among the shareholders of Compañía Minera Caserones;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) other than de minimis limitations or restrictions, that limits or restricts (i) the Company or any of its Subsidiaries, or following
completion of the transactions contemplated hereby, the Purchaser or any of its Subsidiaries, from engaging in any type of activity or
business, (ii) the manner in which, or the localities in which, all or any portion of the business of the Company or its Subsidiaries
or, following consummation of the transactions contemplated hereby, all or any portion of the business of the Purchaser or its Subsidiaries,
may be conducted, or (iii) the ability of the Company or its Subsidiaries or, following completion of the transactions contemplated
hereby, the ability of the Purchaser or its Subsidiaries, to solicit customers or employees, other than such terms and conditions as are
customary under Company Royalty and Stream Agreements and non-disclosure or similar obligations entered into between exploration or mining
companies and companies that are in the business of owning and managing mining royalty and stream interests;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) that contains any right on the part of any third party to acquire assets or other property rights from the Company or any of its Subsidiaries
that are material to the Company and its Subsidiaries, taken as a whole;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) that contains any rights on the part of the Company or any of its Subsidiaries to acquire any royalty or streaming interests from
any third party that, if acquired, would be material to the Company and its Subsidiaries, taken as a whole;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) that is a registration rights agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) that is an agreement between the Company and any related party of the Company (excluding employment, consulting or indemnification
agreements with officers or directors of the Company or its Subsidiaries) that is material to the Company and its Subsidiaries, taken
as a whole;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) that is any of the Company Royalty and Stream Agreements listed in Schedule (r) of the Company Disclosure Letter (the "**Principal Company Royalty and Stream Agreements** "); or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) that is material to the Company and its Subsidiaries, taken as a whole; and, for greater certainty, includes the Company Material
Contracts listed in Schedule (dd) of the Company Disclosure Letter;

"**Company Meeting**" means the special meeting of Company Shareholders, including any adjournment or postponement thereof, to be called and held in accordance with the Interim Order to consider the Arrangement Resolution and for any other purpose as may be set out in the Company Circular and agreed to in writing by the Purchaser, acting reasonably;

"**Company Option Plan**" means the amended and restated stock option plan of the Company effective May 10, 2013;

"**Company Options**" means the outstanding options to purchase Company Shares granted under the Company Option Plan;

"**Company Owned Real Property**" has the meaning ascribed thereto in Section (p)(i) of Schedule F;

"**Company Permitted Consolidation**" means a consolidation of Company Shares that takes place immediately after the payment of a share dividend on the Company Shares to consolidate the outstanding Company Shares into the number of Company Shares outstanding immediately before the payment of the relevant share dividend in Company Shares;

"**Company Permitted Dividends**" means, in respect of the Company Shares, regular quarterly dividends declared from time to time by the Company Board in the ordinary course, not exceeding C$0.02 per Company Share per quarter, with a record date occurring on or after the date of this Agreement and prior to the Effective Date;

"**Company Permitted Liens**" means, as of any particular time and in respect of the Company and any of its Subsidiaries, each of the following Liens:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Liens for Taxes, assessments or governmental charges or levies which are not delinquent or that are being contested in good faith
by appropriate proceedings, and that have been adequately reserved on the Company's or its Subsidiary's financial statements
in accordance with IFRS;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the Lien of any judgment or award rendered or the Lien of any claim filed which is being contested in good faith by appropriate proceedings
and that have been adequately reserved on the Company's or its Subsidiary's financial statements in accordance with IFRS;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) the right reserved to or vested in any Governmental Entity by any statutory provision or by the terms of any lease, license, franchise,
grant or Authorization of the Company or any Subsidiary, and the right reserved to or vested in any Governmental Entity to terminate any
such lease, license, franchise, grant or Authorization, or to require annual or other payments as a condition of their continuance;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) easements, rights-of-way, encroachments, restrictions, covenants, conditions and other similar matters that, individually or in the
aggregate, do not materially and adversely impact the Company's and its Subsidiaries' current or contemplated use, occupancy,
utility or value of the applicable real property;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) the Lien resulting from the deposit of cash or securities (i) in connection with Contracts, tenders or expropriation proceedings,
or (ii) to secure workers' compensation, surety or appeal bonds, costs of litigation when required by Law and public and statutory
obligations, or (iii) in connection with the discharge of Liens or claims incidental to construction and mechanics', warehouseman's,
carriers' and other similar liens;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) Liens to secure Permitted Indebtedness consisting of Capital Leases and Purchase Money Indebtedness referred to in paragraph (b) thereof
(each as defined in the Company Credit Facility);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) landlords' Liens arising in the ordinary course of business;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) Liens securing indebtedness pursuant to the Company Credit Facility;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the extension, renewal or refinancing of any Company Permitted Lien, provided that the amount so secured does not exceed the original
amount secured immediately prior to such extension, renewal or refinancing and the Lien is not extended to any additional property;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) escrow restrictions imposed on the shares of Versamet Royalties Corporation held by the Company pursuant to the policies and procedures
of the TSX Venture Exchange;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) any other Liens that are, as of the date of this Agreement, registered against the Company, any of its Subsidiaries or any of their
respective assets in a public personal property registry or similar registry system; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) as disclosed in Schedule (p) of the Company Disclosure Letter;

"**Company Permitted Share Dividends**" mean dividends paid by the Company in the form of a share dividend, payable in Company Shares and where such dividend is accompanied by a Company Permitted Consolidation;

"**Company Indemnity or Payment Agreement**" means any Contract (a) to which the Company or any of its Subsidiaries are party that provides for rights of indemnification to any director, officer or employee by the Company or any of its Subsidiaries or (b) that provides for any change of control payments (or other payment that would be triggered by the transactions contemplated herein) to any director, officer, Company Employee or former Company Employee or Company contractor or former Company contractor or agent of the Company or any of its Subsidiaries or to any other Person;

"**Company Property**" has the meaning ascribed thereto in Section (p)(i) of Schedule F;

"**Company Proposed Agreement**" has the meaning ascribed thereto in Section 7.4(a);

"**Company PSR Plan**" means the performance share plan of the Company effective December 12, 2024;

"**Company PSRs**" means the outstanding performance share rights granted under the Company PSR Plan;

"**Company Public Documents**" means all forms, reports, schedules, statements and other documents filed by the Company on SEDAR+ or with the U.S. SEC, in each case since December 31, 2024;

"**Company Royalty and Stream Agreements**" means the definitive agreements pursuant to which the Company holds the Company Royalty and Stream Interests and any ancillary documentation relating to the Company Royalty and Stream Interests or agreements relating to any security interests granted thereunder;

"**Company Royalty and Stream Interests**" means (a) the royalty, streaming, net profit, production payment or other similar interests of the Company in production from any mineral property or mining project, at any stage, including greenfield, exploration, advanced exploration, evaluation, development, operation, care and maintenance and reclamation and (b) any other agreements in support of the same, including by way of guaranty or security;

"**Company RSR Plan**" means the restricted share plan of the Company effective April 4, 2011;

"**Company RSRs**" means the outstanding restricted share rights granted under the Company RSR Plan;

"**Company Shareholder Approval**" has the meaning ascribed thereto in Section 2.3(e);

"**Company Shareholders**" means the registered and/or beneficial holders of Company Shares, as the context requires;

"**Company Shares**" means the common shares in the capital of the Company;

"**Company Special Committee**" means the transaction committee of the Company Board;

"**Company Special Committee Fairness Opinions**" means, collectively, the opinions of each of the Company Special Committee Financial Advisors to the effect that, as of the date of such opinion and subject to the assumptions, limitations and qualifications set out therein, the Consideration to be received by Company Shareholders pursuant to the Arrangement is fair, from a financial point of view, to the Company Shareholders;

"**Company Special Committee Financial Advisors**" National Bank Financial Inc. and CIBC World Markets Inc., as financial advisors to the Company Special Committee;

"**Company Standstill Agreement**" means a Contract entered by the Company and/or any of its Subsidiaries that currently, or after the Effective Time, other than a confidentiality and standstill agreement permitted by Section 7.3, restricts the ability of the Company or any of its Subsidiaries to offer to purchase the assets or equity securities of another Person;

"**Company Superior Proposal**" means a *bona fide* unsolicited written Company Acquisition Proposal (with references to 20% in such definition being deemed to be replaced with references to 100%) in respect of the Company and its Subsidiaries that did not result from a breach of Section 7.1:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) that, in the opinion of the Company Board, acting in good faith, is reasonably capable of being completed, taking into account all
legal, financial, regulatory and other aspects of the Company Acquisition Proposal and the Person or group of Persons making the Company
Acquisition Proposal;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) that is not subject to any financing condition and in respect of which adequate arrangements have been made to complete any required
financing to consummate the Company Acquisition Proposal to the satisfaction of the Company Board, acting in good faith (after consultation
with the Company's legal and financial advisors);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) that is not subject to a due diligence and/or access condition (but, for greater certainty, may include a customary access covenant);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) that complies with applicable Securities Laws in all material respects;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) in the case of a Company Acquisition Proposal that relates to the acquisition of the outstanding Company Shares, that is made available
to all Company Shareholders on the same terms and conditions; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) in respect of which the Company Board (after consultation with the Company's legal and financial advisors) determines in good
faith, and after taking into account all the terms and conditions of the Company Acquisition Proposal, including all legal, financial,
regulatory and other aspects of the Company Acquisition Proposal, would, if consummated in accordance with its terms (but not assuming
away any risk of non-completion), result in a transaction that is more favourable, from a financial point of view, to the Company Shareholders,
than the Arrangement (including any amendments to the terms and conditions of this Agreement and the Plan of Arrangement proposed by the
Purchaser pursuant to Section 7.4(b));

"**Company Superior Proposal Notice**" has the meaning ascribed thereto in Section 7.4(a)(ii);

"**Company Termination Payment**" means $130 million;

"**Company Termination Payment Event**" has the meaning ascribed thereto in Section 9.4(b);

"**Company Underlying Mineral Properties**" means the mineral properties and/or other assets underlying the Principal Company Royalty and Stream Interests;

"**Company Voting Agreements**" means the voting agreements between the Purchaser and certain Company Shareholders substantially in the form of agreement set forth in Schedule C;

"**Commissioner**" means the Commissioner of Competition appointed under subsection 7(1) of the Competition Act or any Person duly authorized to perform duties on behalf of the Commissioner of Competition;

"**Competition Act**" means the *Competition Act* (Canada);

"**Confidentiality Agreement**" means the mutual confidentiality agreement between the Purchaser and the Company dated March 25, 2025;

"**Consideration**" has the meaning set forth under the Plan of Arrangement;

"**Consideration Shares**" means the Purchaser Shares to be issued to Company Shareholders pursuant to Section 2.3(c) of the Plan of Arrangement;

"**Contract**" means any legally binding contract, agreement, license, franchise, lease, arrangement, commitment, understanding, joint venture arrangement, partnership arrangement or other right or obligation and any amendment thereto to which a Party or any of its Subsidiaries is a party or by which it or any of its Subsidiaries is bound or affected or to which any of their respective properties or assets is subject;

"**Corporate Records**" shall mean, in respect of the Company and each of its Subsidiaries, the original or electronic corporate books, duly signed by such Persons if and as required under applicable Law and under its constating documents, including (as applicable) the shareholders' meeting minutes, share register, the capital variations book, and the directors' meeting minutes;

"**Court**" means the Supreme Court of British Columbia;

"**Depositary**" means Computershare Investor Services Inc., or such other Person as the Parties may jointly appoint (each acting reasonably) to act as depositary in respect of the Arrangement;

"**DGCL**" means the Delaware General Corporation Law;

"**Dissent Rights**" means the rights of dissent exercisable by the Company Shareholders in respect of the Arrangement described in the Plan of Arrangement;

"**Effective Date**" means the date on which the Arrangement becomes effective in accordance with Section 2.11(a);

"**Effective Time**" means the time on the Effective Date that the Arrangement becomes effective, as set out in the Plan of Arrangement;

"**Exchange Ratio**" has the meaning ascribed thereto in the Plan of Arrangement;

"**Final Order**" means the final order of the Court contemplated by Section 2.7, in a form and substance acceptable to the Company and the Purchaser, each acting reasonably, after a hearing upon the procedural and substantive fairness of the terms and conditions of the Arrangement, approving the Arrangement, as such order may be amended, supplemented, modified or varied by the Court (with the consent of both the Company and the Purchaser, each acting reasonably) at any time prior to the Effective Date or, if appealed, then, unless such appeal is withdrawn or denied, as affirmed or as amended (provided that any such amendment is acceptable to both the Company and the Purchaser, each acting reasonably) on appeal;

"**GAAP**" means the generally accepted accounting principles in the United States, including standards and interpretations issued or adopted by the Financial Accounting Standards Board;

"**Governmental Entity**" means: (a) any international, federal, provincial, territorial, state, regional, municipal, local or other government, governmental or public department, central bank, court, tribunal, arbitral body, international arbitration institution, commission, board, ministry bureau, agency or entity, domestic or foreign, including the Canadian Securities Authorities and the U.S. SEC; (b) any stock exchange, including the TSX, the NYSE and Nasdaq; (c) any subdivision, agent, commission, board or authority of any of the foregoing; or (d) any quasi-governmental or private body or self-regulatory organization exercising any regulatory, expropriation or taxing authority under or for the account of any of the foregoing;

"**Horizon**" means Horizon Copper Corp., a corporation existing under the laws of the Province of British Columbia;

"**Horizon Arrangement**" means the proposed transaction between the Purchaser and Horizon pursuant to which (among other things) the Purchaser (or an affiliate thereof) will acquire all of the issued and outstanding shares of Horizon pursuant to a plan of arrangement under the BCBCA;

"**Horizon Arrangement Agreement**" means the arrangement agreement dated the date of this Agreement between the Purchaser and Horizon;

"**Horizon Meeting**" means the special meeting of Horizon securityholders, including any adjournment or postponement thereof, to be called and held to consider and approve the Horizon Arrangement;

"**Horizon Support Agreement**" means the voting and support agreement between the Purchaser and the Company substantially in the form of agreement set forth in Schedule E;

"**ICA Approval**" means that: (a) the responsible Minister shall have sent a written notice pursuant to Subsection 21(1) of the Investment Canada Act to the Purchaser stating that the Minister is satisfied that the transactions contemplated by this Agreement are likely to be of net benefit to Canada, or alternatively, the time period provided for such notice under Subsection 21(1) of the Investment Canada Act shall have expired such that the Minister shall be deemed, pursuant to Subsection 21(2) of the Investment Canada Act, to be satisfied that the transactions contemplated by this Agreement are of net benefit to Canada; and (b) more than 45 days shall have elapsed from the time that the Director of Investments under the Investment Canada Act has certified the application for review filed with the Minister in connection with the transactions contemplated by this Agreement as complete and the Minister has not sent to the Purchaser a notice under Subsection 25.2(1) of the Investment Canada Act and the Minister shall not have issued an order under Subsection 25.3(1) of the Investment Canada Act in relation to the transactions contemplated by this Agreement or, if such a notice has been sent or such an order has been made, the Purchaser has subsequently received in relation to the transactions contemplated by this Agreement: (i) the notice referred to under Paragraphs 25.2(2)(a) or (b) of the Investment Canada Act, (ii) the notice referred to under Paragraph 25.3(3)(a) of the Investment Canada Act, or (iii) a copy of an order under Paragraph 25.4(1)(b) of the Investment Canada Act authorizing the transactions contemplated by this Agreement provided that such order is on terms and conditions that are consistent with the Purchaser's obligations under Section 5.10 of this Agreement;

"**IFRS**" means International Financial Reporting Standards, as issued by the International Accounting Standards Board and included in the CPA Canada Handbook (Part 1) published by the Chartered Professional Accountants of Canada;

"**Intellectual Property**" means anything that is or may be protected by any intellectual property rights in any jurisdiction such as, but not limited to works (including software), performances, trade secrets, inventions (whether patentable or not), improvements to such inventions, industrial designs, trade-marks, trade names, business names, corporate names, domain names, website names and world wide web addresses, whether or not they may also be protected, at any given time, as a trade secret or confidential information, including proprietary and non-public business information, know-how, methods, processes, designs, technology, technical data, schematics, models, simulations and documentation relating to any of the foregoing;

"**Interim Order**" means the interim order of the Court to be issued following the application therefor submitted to the Court after being informed of the intention of the Parties to rely upon the exemption from the registration requirements of the U.S. Securities Act provided by Section 3(a)(10) thereof with respect to the Consideration Shares to be issued pursuant to the Arrangement as contemplated by Section 2.3, in a form and substance acceptable to the Company and the Purchaser, each acting reasonably, providing for, among other things, the calling and holding of the Company Meeting, as the same may be amended, supplemented, modified or varied by the Court with the consent of the Company and the Purchaser, each acting reasonably;

"**Investment Canada Act**" means the *Investment Canada Act* (Canada);

"**Key Regulatory Approvals**" means, collectively, the Canadian Competition Act Approval, the ICA Approval and the SA Competition Act Approval;

"**Law**" or "**Laws**" means all laws (including common law), by-laws, statutes, rules, regulations, principles of law and equity, orders, rulings, ordinances, judgements, injunctions, determinations, awards, decrees or other requirements, whether domestic or foreign, that are binding upon or applicable to such Person or its business, and the terms and conditions of any Authorization of or from any Governmental Entity, and, for greater certainty, includes Securities Laws and applicable common law, and the term "**applicable**" with respect to such Laws and in a context that refers to a Party, means such Laws as are applicable to such Party and/or its Subsidiaries or their business, undertaking, property or securities and emanate from a Person having jurisdiction over the Party and/or its Subsidiaries or its or their business, undertaking, property or securities;

"**Leases**" has the meaning ascribed thereto in Section (p)(ii) of Schedule F;

"**Liens**" means any hypothecs, mortgages, pledges, assignments, liens, charges, security interests, encumbrances and adverse rights or claims or other third party interests or encumbrances of any kind, whether contingent or absolute, and any agreement, option, lease, sublease, restriction, easement, right-of-way, right or privilege (whether by Law, contract or otherwise) capable of becoming any of the foregoing;

"**Matching Period**" has the meaning ascribed thereto in Section 7.4(a)(iii);

"**material fact**" means a material fact relating to the Company or the Purchaser, as applicable, for purposes of applicable Securities Laws;

"**Material Indebtedness for Borrowed Money**" has the meaning ascribed thereto in the definition of "Company Material Contract" above;

"**MI 61-101**" means Multilateral Instrument 61-101 – *Protection of Minority Security Holders in Special Transactions* of the Canadian Securities Administrators;

"**Minister**" means the person defined as the "Minister" under section 3 of the Investment Canada Act;

"**Modern Slavery Laws**" means all Laws regarding the provision of slavery, servitude and forced or child labour and about human trafficking including the *Fighting Against Forced Labour and Child Labour in Supply Chains Act* (Canada), the *Customs Tariff Act* (Canada), the *Customs Act* (Canada);

"**Nasdaq**" means the Nasdaq Global Select Market;

"**NI 45-106**" means National Instrument 45-106 – *Prospectus Exemptions* of the Canadian Securities Administrators;

"**NI 51-102**" means National Instrument 51-102 – *Continuous Disclosure Obligations* of the Canadian Securities Administrators;

"**NI 52-109**" means National Instrument 52-109 – *Certification of Disclosure in Issuers' Annual and Interim Filings* of the Canadian Securities Administrators;

"**NI 54-101**" means National Instrument 54-101 – *Communication with Beneficial Owners of Securities of a Reporting Issuer* of the Canadian Securities Administrators;

"**NI 62-104**" means National Instrument 62-104 – *Take-Over Bids and Issuer Bids* of the Canadian Securities Administrators;

"**No Action Letter**" means written confirmation from the Commissioner that he does not, at that time, intend to make an application under Section 92 of the Competition Act in respect of the transactions contemplated by this Agreement, such written confirmation having not been modified or withdrawn prior to the Effective Time;

"**Operator**" means an owner or operator of any Company Underlying Mineral Property or Purchaser Underlying Mineral Property, as applicable;

"**ordinary course**" means, with respect to an action taken by a Person, that such action is consistent with the past practice of such Person and is taken in the ordinary course of the normal day-to-day business and operations of such Person;

"**Other Company Assets**" means any assets of the Company that are not Company Royalty and Stream Interests;

"**Other Company Material Contracts**" has the meaning ascribed thereto in Schedule F hereto;

"**Other Purchaser Material Contracts**" has the meaning ascribed thereto in Schedule G hereto;

"**Outside Date**" means January 6, 2026 or such later date as may be agreed to in writing by the Parties; provided, however, that if the Effective Date has not occurred by January 6, 2026 as a result of the failure to satisfy the conditions set forth in Section 6.1(d) and no Key Regulatory Approval has been denied by a non-appealable decision of a Governmental Entity, then any Party may elect by notice in writing delivered to the other Party by no later than 5:00 p.m. (Vancouver time) on a date that is on or prior to such date or, in the case of subsequent extensions, the date that is on or prior to the Outside Date, as previously extended, to extend the Outside Date from time to time by a specified period of not less than 30 days from the then-current Outside Date (including as previously extended), provided further that, notwithstanding the foregoing, (a) a Party shall not be permitted to extend the Outside Date if the failure to satisfy the condition set forth in Section 6.1(d) is primarily the result of the failure by such Party to perform any of its covenants or agreements or breach by such Party of any of its representations and warranties in any material respect under this Agreement, and (b) the aggregate extension period from the Outside Date for the Parties, when combined, shall not exceed 90 days from January 6, 2026;

"**Parties**" means, together, the Purchaser, AcquireCo and the Company, and "**Party**" means any one of them, as the context requires;

"**Person**" includes an individual, partnership, association, body corporate, trust, trustee, executor, administrator, legal representative, government (including any Governmental Entity) or any other entity, whether or not having legal status;

"**Personal Information**" means all information or data in any form, including paper, electronic and other forms, concerning any identified or identifiable individual, as provided under the applicable Privacy Laws;

"**Plan of Arrangement**" means the plan of arrangement of the Company, substantially in the form of Schedule A hereto, and any amendments or variations thereto made in accordance with the Plan of Arrangement or upon the direction of the Court in the Final Order with the consent of the Company, AcquireCo and the Purchaser, each acting reasonably;

"**Pre-Acquisition Reorganization**" has the meaning ascribed thereto in Section 5.12;

"**Principal Company Royalty and Stream Agreements**" has the meaning ascribed thereto in the definition of "Company Material Contract" above;

"**Principal Company Royalty and Stream Interest**" means a Company Royalty and Stream Interest relating to a Principal Company Royalty and Stream Agreement;

"**Principal Purchaser Royalty and Stream Agreements**" has the meaning ascribed thereto in the definition of "Purchaser Material Contract" below;

"**Principal Purchaser Royalty and Stream Interest**" means the royalty, streaming, net profit, production payment or other similar interests relating to a Principal Purchaser Royalty and Stream Agreement;

"**Privacy Laws**" include applicable Laws that govern the collection, use, disclosure, retention, disposition and other processing of Personal Information, including the *Personal Information Protection and Electronic Documents Act* and applicable provincial privacy legislation;

"**Purchaser**" has the meaning ascribed thereto on the first page of this Agreement;

"**Purchaser Acquisition Proposal**" means, other than the transactions contemplated by this Agreement, any offer, proposal or inquiry from any Person or group of Persons "acting jointly or in concert" (within the meaning of NI 62-104) (other than the Company or any controlled affiliate of the Company), whether written or oral, made after the date hereof, relating to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) any sale or disposition (or any joint venture (for the avoidance of doubt, including where the Purchaser retains an interest in a
joint venture), lease, license, royalty agreement or other arrangement, in each such case having the same economic effect as a sale or
disposition), in a single transaction or series of related transactions, of (i) the assets of the Purchaser and/or one or more of
its Subsidiaries that, individually or in the aggregate, (A) represent 20% or more of the consolidated assets of the Purchaser and
its Subsidiaries, taken as a whole, or (B) contribute 20% or more of the consolidated revenue of the Purchaser and its Subsidiaries,
taken as a whole (in each case, as applicable, determined based upon the most recent publicly available consolidated financial statements
of the Purchaser), or (ii) 20% or more of any class of voting or equity securities (and/or securities convertible into, or exchangeable
or exercisable for such voting or equity securities) of the Purchaser or (iii) 20% or more of any class of voting or equity securities
(and/or securities convertible into, or exchangeable or exercisable for such voting or equity securities) of one or more Subsidiaries
of the Purchaser whose assets, individually or in the aggregate, constitute 20% or more of the consolidated assets of the Purchaser and
its Subsidiaries, taken as a whole (in each case, determined based upon the most recent publicly available consolidated financial statements
of the Purchaser); or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) any take-over bid, tender offer, exchange offer, treasury issuance or other transaction that, if consummated, would result in such
Person or group of Persons beneficially owning (i) 20% or more of any class of voting or equity securities (and/or securities convertible
into, or exchangeable or exercisable for such voting or equity securities) of the Purchaser or (ii) 20% or more of any class of voting
or equity securities (and/or securities convertible into, or exchangeable or exercisable for such voting or equity securities) of one
or more Subsidiaries of the Purchaser whose assets, individually or in the aggregate, constitute 20% or more of the consolidated assets
of the Purchaser and its Subsidiaries, taken as a whole (determined based upon the most recent publicly available consolidated financial
statements of the Purchaser); or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) a plan of arrangement, merger, amalgamation, consolidation, share exchange, share reclassification, business combination, reorganization,
recapitalization, liquidation, dissolution, winding up or other similar transaction involving the Purchaser and/or any of its Subsidiaries
that, if consummated, would result in such Person or group of Persons beneficially owning (i) 20% or more of any class of voting
or equity securities (and/or securities convertible into, or exchangeable or exercisable for such voting or equity securities) of the
Purchaser or (ii) 20% or more of any class of voting or equity securities (and/or securities convertible into, or exchangeable or
exercisable for such voting or equity securities) of one or more Subsidiaries of the Purchaser whose assets, individually or in the aggregate,
constitute 20% or more of the consolidated assets of the Purchaser and its Subsidiaries, taken as a whole (determined based upon the most
recent publicly available consolidated financial statements of the Purchaser); or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) any other similar transaction or series of transactions (for the avoidance of doubt including a combination of one or more transactions
described in clause (a), clause (b), and/or clause (c) which when considered individually would not constitute a Purchaser Acquisition
Proposal), the consummation of which would reasonably be expected to impede, interfere with, prevent or delay the transactions contemplated
by this Agreement, the Arrangement or the Horizon Arrangement Agreement;

"**Purchaser Board**" means the board of directors of the Purchaser, as the same is constituted from time to time;

"**Purchaser Board Recommendation**" has the meaning ascribed thereto in Section 2.2(b)(ii);

"**Purchaser Change in Recommendation**" has the meaning ascribed thereto in Section 8.1(a)(iv);

"**Purchaser Credit Facility**" means the Revolving Facility Credit Agreement, dated as of June 2, 2017, among the Purchaser, certain Subsidiaries of the Purchaser, the lenders from time to time party thereto, and the Bank of Nova Scotia as administrative agent;

"**Purchaser Disclosure Letter**" means the disclosure letter dated the date of this Agreement in the form executed by the Purchaser and delivered to and accepted by the Company concurrently with the execution of this Agreement;

"**Purchaser Incentive Awards**" means, collectively, the stock options, stock appreciation rights, restricted stock units, and performance stock units granted pursuant to the Purchaser Incentive Plan;

"**Purchaser Incentive Plan**" means the 2025 incentive plan of the Purchaser approved by the Purchaser Stockholders and effective on May 22, 2025;

"**Purchaser Material Adverse Effect**" means any one or more changes, effects, events, occurrences or states of fact or circumstance, either individually or in the aggregate, that (x) prevents, materially delays or materially impairs, or would reasonably be expected to prevent, materially delay or materially impair, the ability of the Purchaser or its Subsidiaries to consummate the transactions contemplated by this Agreement, or (y) is, or would reasonably be expected to be, material and adverse to the business, results of operations or condition (financial or otherwise) of the Purchaser and its Subsidiaries, taken as a whole, except for any such change, effect, event, occurrence or state of facts or circumstance resulting or arising from or relating to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the announcement or execution of this Agreement or the implementation of the transactions contemplated hereby (including the impact
of any of the foregoing on the relationships, contractual or otherwise, of the Purchaser with customers, suppliers, service providers
and employees) (for the avoidance of doubt, provided, that this clause (a) shall not apply with respect to any representation or
warranty the purpose of which is to address the consequences resulting from the execution and delivery of this Agreement or the consummation
of the transactions contemplated by this Agreement or the performance of obligations under this Agreement);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) any change in the market price or trading volume of any securities of the Purchaser (it being understood that the changes, effects,
events, occurrences or states of fact or circumstance underlying such change in market price or trading volume that are not otherwise
excluded from the definition of a Purchaser Material Adverse Effect may be taken into account in determining whether a Purchaser Material
Adverse Effect has occurred);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) any change affecting the mining industry as a whole;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) any change (on a current or forward basis) in the price of metals or any changes in commodity prices or general market prices affecting
the mining industry generally;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) general political, economic, financial, currency exchange, inflation, interest rates, securities or commodity market conditions including
the imposition, adjustment or revocation of tariffs;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) any change or prospective change after the date hereof in GAAP or changes or prospective changes in regulatory accounting requirements
applicable to the industries in which the Purchaser conducts business;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) the commencement, continuation or escalation of any war, armed hostilities or acts of terrorism;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) the occurrence of any cyber-attack or data breach (other than, for the avoidance of doubt, a cyber-attack that is primarily directed
at (or a data breach that primarily involves) the Purchaser or any of its Subsidiaries);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) any general outbreak of illness, pandemic (including COVID-19 or derivatives or variants thereof), epidemic, national health emergency,
forced quarantine, lockdown or similar event, or the worsening thereof;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) the failure of the Purchaser to meet any internal or published projections, forecasts, guidance, budgets, or estimates of revenues,
earnings, cash flow or other financial performance or results of operations for any period (provided, however, that the changes, effects,
events, occurrences or states of fact or circumstance underlying such failure that are not otherwise excluded from the definition of a
Purchaser Material Adverse Effect may be considered to determine whether such failure constitutes a Purchaser Material Adverse Effect);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) any natural disaster (including any hurricane, flood, tornado, earthquake, forest fire, weather-related event or man-made natural
disaster), or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) any adoption, implementation, promulgation, repeal, modification, amendment, reinterpretation, change or proposal of any applicable
Law of and by any Governmental Entity (including with respect to Taxes),

provided, however, that if with respect to clauses (c), (d), (e), (f), (g), (h), (i), (k) and (l) any such change, effect, event, occurrence or state of facts or circumstance has a disproportionate effect on the Purchaser and its Subsidiaries, taken as a whole, compared to other entities that own and manage mining royalty and streaming interests, the disproportionate change, effect, event, occurrence or state of facts or circumstance may be taken into account in determining whether a Purchaser Material Adverse Effect has occurred, and references in this Agreement to dollar amounts are not intended to be and shall not be deemed to be illustrative or interpretive for the purposes of determining whether a "Purchaser Material Adverse Effect" has occurred;

"**Purchaser Material Contract**" means any Contract:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) that, if terminated or modified or if it ceased to be in effect, would reasonably be expected to have a Purchaser Material Adverse
Effect;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) under which the Purchaser or any of its Subsidiaries has directly or indirectly guaranteed any liabilities or obligations of a third
party (other than endorsements for collection in the ordinary course or guarantees in connection with any Purchaser Material Indebtedness
for Borrowed Money) in excess of $50 million in the aggregate;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) relating to indebtedness for borrowed money of the Purchaser or any of its Subsidiaries or any guarantee by the Purchaser or any of
its Subsidiaries of any other Person's indebtedness for borrowed money, with an outstanding principal amount in excess of $50 million
in the aggregate, including the Purchaser Credit Facility and any replacements thereof ()"**Purchaser Material Indebtedness for Borrowed Money** ");

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) that materially limits or restricts (i) the Purchaser or any of its Subsidiaries, or following completion of the transactions
contemplated hereby, the Purchaser or any of its Subsidiaries, from engaging in any type of activity or business, (ii) the manner
in which, or the localities in which, all or any portion of the business of the Purchaser or its Subsidiaries may be conducted, or (iii) the
ability of the Purchaser or its Subsidiaries to solicit customers or employees, other than such terms and conditions as are customary
under Purchaser Royalty and Stream Agreements and non-disclosure or similar obligations entered into between exploration or mining companies
and companies that are in the business of owning and managing mining royalty and stream interests;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) that contains any right on the part of any third party to acquire assets or other property rights from the Purchaser or any of its
Subsidiaries that are material to the Purchaser and its Subsidiaries, taken as a whole;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) that contains any rights on the part of the Purchaser or any of its Subsidiaries to acquire any royalty or streaming interests from
any third party that, if acquired, would be material to the Purchaser and its Subsidiaries, taken as a whole;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) that is an agreement between the Purchaser and any related party of the Purchaser (excluding employment, consulting or indemnification
agreements with officers or directors of the Purchaser or its Subsidiaries) that is material to the Purchaser and its Subsidiaries, taken
as a whole;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) that is any of the Purchaser Royalty and Stream Agreements listed in Schedule (n) of the Purchaser Disclosure Letter (the "**Principal Purchaser Royalty and Stream Agreements** "); or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) that is material to the Purchaser and its Subsidiaries, taken as a whole; and, for greater certainty, includes the Purchaser Material
Contracts listed in Schedule (u) of the Purchaser Disclosure Letter;

"**Purchaser Meeting**" means the meeting of the Purchaser Stockholders, including any adjournment or postponement thereof, to be called and held in accordance with applicable Law to consider the Purchaser Stock Issuance and for any other purpose as may be set out in the Purchaser Proxy Statement;

"**Purchaser Permitted Dividends**" means, in respect of the Purchaser Shares, regular quarterly dividends declared from time to time by the Purchaser Board in the ordinary course consistent with past practice (subject to, for the avoidance of doubt, periodic increases to the declared dividend in such amounts as are consistent with past practice), with a record date occurring on or after the date of this Agreement and prior to the Effective Date;

"**Purchaser Permitted Liens**" means, as of any particular time and in respect of the Purchaser and any of its Subsidiaries, each of the following Liens:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Liens for Taxes, assessments or governmental charges or levies which are not delinquent or that are being contested in good faith
by appropriate proceedings, and that have been adequately reserved on the Purchaser's or its Subsidiary's financial statements
in accordance with GAAP;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the Lien of any judgment or award rendered or the Lien of any claim filed which is being contested in good faith by appropriate proceedings
and that have been adequately reserved on the Purchaser's or its Subsidiary's financial statements in accordance with GAAP;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) the right reserved to or vested in any Governmental Entity by any statutory provision or by the terms of any lease, license, franchise,
grant or Authorization of the Purchaser or any Subsidiary, and the right reserved to or vested in any Governmental Entity to terminate
any such lease, license, franchise, grant or Authorization, or to require annual or other payments as a condition of their continuance;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) easements, rights-of-way, encroachments, restrictions, covenants, conditions and other similar matters that, individually or in the
aggregate, do not materially and adversely impact the Purchaser's and its Subsidiaries' current or contemplated use, occupancy,
utility or value of the applicable real property;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) the Lien resulting from the deposit of cash or securities (i) in connection with Contracts, tenders or expropriation proceedings,
or (ii) to secure workers' compensation, surety or appeal bonds, costs of litigation when required by Law and public and statutory
obligations, or (iii) in connection with the discharge of Liens or claims incidental to construction and mechanics', warehouseman's,
carriers' and other similar liens;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) landlords' Liens arising in the ordinary course of business;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) Liens securing indebtedness pursuant to the Purchaser Credit Facility;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) the extension, renewal or refinancing of any Purchaser Permitted Lien, provided that the amount so secured does not exceed the original
amount secured immediately prior to such extension, renewal or refinancing and the Lien is not extended to any additional property;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) any escrow restrictions pursuant to applicable stock exchange rules and policies; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) any other Liens, that are, as of the date of this Agreement, registered against the Purchaser, any of its Subsidiaries or any of their
respective assets in a public personal property registry or similar registry system;

"**Purchaser Proposed Agreement**" has the meaning ascribed thereto in Section 8.4(a);

"**Purchaser Proxy Statement**" means the proxy statement on Schedule 14A to be distributed to the Purchaser Stockholders in connection with the Purchaser Meeting;

"**Purchaser Public Documents**" means all forms, reports, schedules, statements and other documents filed by the Purchaser with the U.S. SEC or on SEDAR+, in each case since December 31, 2024;

"**Purchaser Royalty and Stream Agreements**" means the definitive agreements pursuant to which the Purchaser holds the Purchaser Royalty and Stream Interests;

"**Purchaser Royalty and Stream Interests**" means (a) the royalty, streaming, net profit, production payment or other similar interests of the Purchaser in production from any mineral property or mining project, at any stage, including greenfield, exploration, advanced exploration, evaluation, development, operation, care and maintenance and reclamation and (b) any other agreements in support of the same, including by way of guaranty or security;

"**Purchaser Shares**" means the common stock, par value U.S.$0.01 per share, in the capital of the Purchaser;

"**Purchaser Stock Issuance**" has the meaning ascribed thereto in the recitals to this Agreement;

"**Purchaser Stockholder Approval**" means the approval of the Purchaser Stock Issuance by the affirmative vote of at least a majority of the votes cast in person or represented by proxy at the Purchaser Meeting;

"**Purchaser Stockholders**" means the registered and/or beneficial holders of the Purchaser Shares, as the context requires;

"**Purchaser Superior Proposal**" means a *bona fide* unsolicited written Purchaser Acquisition Proposal (with references to 20% in such definition being deemed to be replaced with references to 50%) in respect of the Purchaser and its Subsidiaries and that did not result from a breach of Section 8.1:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) that, in the opinion of the Purchaser Board, acting in good faith, is reasonably capable of being completed, taking into account all
legal, financial, regulatory and other aspects of the Purchaser Acquisition Proposal and the Person or group of Persons making the Purchaser
Acquisition Proposal;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) that is not subject to any financing condition and in respect of which adequate arrangements have been made to complete any required
financing to consummate the Purchaser Acquisition Proposal to the satisfaction of the Purchaser Board, acting in good faith (after consultation
with the Purchaser's legal and financial advisors);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) that is not subject to a due diligence and/or access condition (but, for greater certainty, may include a customary access covenant);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) that complies with applicable Securities Laws in all material respects;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) in the case of a Purchaser Acquisition Proposal that relates to the acquisition of the outstanding Purchaser Shares, that is made
available to all Purchaser Stockholders on the same terms and conditions; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) in respect of which the Purchaser Board (after consultation with the Purchaser's legal and financial advisors) determines in
good faith, and after taking into account all the terms and conditions of the Purchaser Acquisition Proposal, including all legal, financial,
regulatory and other aspects of the Purchaser Acquisition Proposal, would, if consummated in accordance with its terms (but not assuming
away any risk of non-completion), result in a transaction that is more favourable, from a financial point of view, to the Purchaser Stockholders,
than the Arrangement, taking into account, among other things, the expected benefits to the Purchaser arising from the Arrangement;

"**Purchaser Superior Proposal Notice**" has the meaning ascribed thereto in Section 8.4(a)(ii);

"**Purchaser Termination Payment**" means $200 million;

"**Purchaser Termination Payment Event**" has the meaning ascribed thereto in Section 9.4(d);

"**Purchaser Underlying Mineral Properties**" means the mineral properties and/or other assets underlying the Principal Purchaser Royalty and Stream Interests;

"**Purchaser Voting Agreements**" means the voting agreements between the Company and certain Purchaser Stockholders substantially in the form of agreement set forth in Schedule D;

"**Regulatory Approvals**" means those sanctions, rulings, consents, orders, exemptions, Authorizations and other approvals (including the lapse, without objections, of a prescribed period of time under a statute or regulation that states that a transaction may be implemented if a prescribed period of time lapses following the giving of notice without an objection being made) of any Governmental Entity required in relation to the transactions contemplated hereby, including the SEC Clearance and the Key Regulatory Approvals;

"**Remaining Company Royalty and Stream Agreement**" means any Company Royalty and Stream Agreement that is not a Principal Company Royalty and Stream Agreement;

"**Remaining Company Royalty and Stream Interest**" means any Company Royalty and Stream Interest that is not a Principal Company Royalty and Stream Interest;

"**Remaining Purchaser Royalty and Stream Agreement**" means any Purchaser Royalty and Stream Agreement that is not a Principal Purchaser Royalty and Stream Agreement;

"**Remaining Purchaser Royalty and Stream Interest**" means any Purchaser Royalty and Stream Interest that is not a Principal Purchaser Royalty and Stream Interest;

"**Representatives**" means, with respect to a Party, such Party's directors, officers, employees, counsel, financial advisors, accountants, agents, consultants and other authorized representatives and advisors;

"**Restricted Party**" means a person that is (a) listed on, or subject to sanctions as a result of being owned, held or controlled, directly or indirectly, by one or more persons listed on, or acting on behalf of a person listed on, any Sanctions List, (b) resident in, operating in, or organized under the laws of, or subject to sanctions as a result of being owned or (directly or indirectly) controlled by, or acting on behalf of, a person resident in, operating in, or organized under the laws of, Russia, Crimea, the so- called Donetsk People's Republic and the so-called Luhansk People's Republic of Ukraine, the Kherson and the Zaporizhzhia oblasts of Ukraine, Cuba, Iran, North Korea, or Syria or (c) otherwise a target of Sanctions and for the purpose of Canadian Sanctions also includes any entity deemed to be controlled by such person or persons described above, including the circumstances in which (i) any such person or persons, individually or in the aggregate hold, directly or indirectly, 50% or more of the shares or ownership interests in the entity or 50% or more of the voting rights in the entity or are able, directly or indirectly, to change the composition or powers of the entity's board of directors, or (ii) it is reasonable to conclude, having regard to all the circumstances, any such person or persons, individually or in the aggregate, are able, directly or indirectly and through any means, to direct the entity's activities;

"**SA Competition Act**" means the Competition Act, No. 89 of 1998 (as amended), applicable to all activity within or having an effect within South Africa;

"**SA Competition Act Approval**" means, with respect to the transactions contemplated by this Agreement, (a) that the SA Competition Commission shall have issued its written approval on a conditional or unconditional basis, or (b) deemed approval under Section 14(2) of the SA Competition Act, the review period applicable to intermediate mergers under Section 14(1) of the SA Competition Act having expired without the SA Competition Commission extending the review period under Section 14(1)(a) of the SA Competition Act, or an extended review period having expired without the SA Competition Commission issuing a decision under Section 14(1)(b) of the SA Competition Act;

"**SA Competition Commission**" means the Competition Commission of South Africa, established under the SA Competition Act;

"**Sanctions**" means the economic or financial sanctions laws, regulations, anti-terrorism measures, trade embargoes or restrictive measures administered, enacted or enforced by: (a) the United States government; (b) the United Nations; (c) the European Union; (d) the Canadian government; (e) the United Kingdom; or (f) the respective governmental institutions and agencies of any of the foregoing, including, without limitation, the Office of Foreign Assets Control of the U.S. Department of Treasury, the United States Department of State, and Her Majesty's Treasury, Global Affairs Canada, Public Safety Canada and the Royal Canadian Mounted Police or any other relevant sanctions authority (together the "**Sanctions Authorities**");

"**Sanctions List**" means any lists of sanctioned persons maintained by the United Nations Security Council, or by the governments of Canada, the United States, the United Kingdom and the European Union, including but not limited to Global Affairs Canada, Public Safety Canada and the Office of Foreign Assets Control of the Department of the Treasury;

"**SEC Clearance**" means the earliest of: (a) confirmation from the U.S. SEC that it does not intend to review the Purchaser Proxy Statement; (b) if the Purchaser has not otherwise been informed by the U.S. SEC that the U.S. SEC intends to review the Purchaser Proxy Statement, the 11th calendar day immediately following the date of filing of the preliminary Purchaser Proxy Statement with the U.S. SEC; and (c) if the Purchaser receives comments from the U.S. SEC with respect to the Purchaser Proxy Statement, upon confirmation from the U.S. SEC that it has no further comments on the Purchaser Proxy Statement;

"**Section 338(g) Election**" has the meaning ascribed thereto in Section 2.15;

"**Securities Act**" means the *Securities Act* (British Columbia);

"**Securities Authorities**" means, collectively, the Canadian Securities Authorities and the U.S. SEC.

"**Securities Laws**" means, collectively, Canadian Securities Laws and U.S. Securities Laws;

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

"**Statutory Plan**" means each plan or program established by federal, provincial or state legislation and administered by a Governmental Entity, including the Canada Pension Plan, the Quebec Pension Plan, the Quebec Parental Insurance Plan, Employment Insurance, and any health, drug, or workers' compensation insurance program;

"**Strategic Review Assets**" has the meaning ascribed thereto in the Company Disclosure Letter;

"**Strategic Review Party**" has the meaning ascribed thereto in the Company Disclosure Letter;

"**Sub-Leases**" has the meaning ascribed thereto in Section (p)(iii) of Schedule F;

"**Subsidiary**" has the meaning ascribed thereto in NI 45-106;

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

"**Tax Returns**" includes all returns, reports, declarations, elections, notices, filings, forms, statements and other documents (whether in tangible, electronic or other form) and including any amendments, schedules, attachments, supplements, appendices and exhibits thereto and any claims for refunds and information returns (including estimated tax returns and reports, withholding tax returns and reports, and information returns and reports), made, prepared, filed or required to be made, prepared or filed by Law in respect of Taxes;

"**Tax Sharing Agreement**" means any agreement or arrangement binding the Company or any of its Subsidiaries that provides for the allocation, apportionment, sharing, indemnification or assignment of any Tax liability or benefit, or the transfer or assignment of income, revenues, receipts, or gains for the purpose of determining any Person's Tax liability (other than customary Tax sharing or indemnification provisions contained in a commercial agreement entered into in the ordinary course, the primary subject matter of which does not relate to Taxes);

"**Taxes**" includes: (a) any taxes, duties, fees, premiums, assessments, imposts, levies, expansion fees and other charges of any kind whatsoever imposed by any Governmental Entity and including, but not limited to, those levied on, or measured by, or referred to as, income, gross receipts, earnings, profits, mining, mineral, windfall, environmental, royalty, capital, capital stock, transfer, land transfer, disability, ad valorem, sales, net worth, goods and services, harmonized sales, use, value-added, excise, stamp, recording, withholding, business, franchising, property, premium, development, occupation, occupancy, employer health, alternative or add-on minimum, payroll, employment, health, social services, education and social security taxes, all surtaxes, all customs duties and import and export taxes, countervail and anti-dumping, all license, franchise and registration fees and all employment insurance, health insurance and Canada Pension Plan and other pension plan premiums or contributions imposed by any Governmental Entity; (b) all interest, penalties, fines, additions to tax or other additional amounts imposed by any Governmental Entity on or in respect of amounts of the type described in clause (a) above or this clause (b); (c) any liability for the payment of any amounts of the type described in clauses (a) or (b) for or to or in respect of any other Person, including as a result of being a member of an affiliated, consolidated, combined or unitary group for any period or by virtue of any statute (including under sections 159 and 160 of the Tax Act); and (d) any liability for the payment of any amounts of the type described in clauses (a) or (b) as a result of any express or implied obligation to indemnify any other Person or as a result of being a transferee or successor in interest to any party;

"**Third Party Beneficiaries**" has the meaning ascribed thereto in Section 10.11;

"**Trade Laws**" means the *Export and Import Permits Act* (Canada), *the Defence Production Act* (Canada), *the Nuclear Safety and Control Act* (Canada), *the Customs Act* (Canada), *the Customs Tariff* (Canada), *the Foreign Extraterritorial Measures Act* (Canada), *the Special Import Measures Act* (Canada), any orders issued under the foregoing, and any similar Canadian laws relating to the export, re-export, import, possession, examination or transfer of goods, services or technology, anti-boycott or blocking measures, forced or child labour or modern slavery measures, anti-dumping, countervail or safeguard measures, or any similar applicable Laws of the United States;

"**Transaction Personal Information**" has the meaning ascribed thereto in Section 10.1;

"**Treasury Regulations**" means the U.S. Department of the Treasury regulations promulgated under the U.S. Tax Code;

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

"**U.S. Exchange Act**" means the United States *Securities Exchange Act of 1934*;

"**USRPI**" has the meaning ascribed thereto in Section 2.15;

"**U.S. SEC**" has the meaning ascribed thereto in Section 2.3;

"**U.S. Securities Act**" means the United States *Securities Act of 1933*;

"**U.S. Securities Laws**" means the U.S. Exchange Act, the U.S. Securities Act and all other applicable U.S. federal securities Laws;

"**U.S. Tax Code**" means the United States *Internal Revenue Code of 1986*; and

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

**1.2** **Interpretation Not Affected by Headings** 

The division of this Agreement into Articles and Sections, and the insertion of headings are for convenience of reference only and shall not affect in any way the meaning or interpretation of this Agreement. Unless the contrary intention appears, references in this Agreement to an Article, Section or Schedule by number or letter or both refer to the Article, Section or Schedule, respectively, bearing that designation in this Agreement.

**1.3** **Number and Gender** 

In this Agreement, unless the contrary intention appears, words importing the singular include the plural and vice versa, and words importing gender include all genders.

**1.4** **Calculation of Time** 

Unless otherwise specified, time periods within or following which any payment is to be made or act is to be done shall be calculated by excluding the day on which the period commences and including the day on which the period ends. Where the last day of any such time period is not a business day, such time period shall be extended to the next business day following the day on which it would otherwise end.

**1.5** **Date for Any Action** 

If the date on which any action is required to be taken hereunder by a Party is not a business day, such action shall be required to be taken on the next succeeding day which is a business day.

**1.6** **Currency** 

Unless otherwise stated, all references in this Agreement to sums of money are expressed in lawful money of the United States and "$" refers to U.S. dollars.

**1.7** **No Strict Construction** 

The language used in this Agreement is the language chosen by the Parties to express their mutual intent, and no rule of strict construction shall be applied against any Party.

**1.8** **Statutory, Contractual and Other References** 

A reference to a statute includes all rules, regulations and policies made pursuant thereto and, unless otherwise specified, the provisions of any statute, rule, regulation or policy that amends, supplements or supersedes such statute, rule, regulation or policy. A reference to an agreement, plan, order, disclosure document or filing made pursuant to applicable Law refers to such agreement, such plan, such disclosure document or such filing, as the case may be, including all schedules, exhibits, appendices and other annexes appended thereto by whatever name and any documents or information incorporated by reference (unless otherwise specified in such agreement, plan, disclosure document or filing), as amended from time to time and in whatever form such amendment is duly and validly made, including by amendment and restatement, by notice, by side letter, by supplement or otherwise.

**1.9** **Time References** 

In this Agreement, unless otherwise specified, any references to time are to local time, Vancouver, British Columbia.

**1.10** **Inclusion** 

In this Agreement, "including" means including without limitation, and "include" and "includes" have a corresponding meaning.

**1.11** **Accounting Matters** 

Unless otherwise stated, all accounting terms used in this Agreement (a) with respect to the Company shall have the meanings attributable thereto under IFRS and all determinations of an accounting nature required to be made shall be made in a manner consistent with IFRS consistently applied, and (b) with respect to the Purchaser shall have the meanings attributable thereto under GAAP and all determinations of an accounting nature required to be made shall be made in a manner consistent with GAAP consistently applied.

**1.12** **Knowledge** 

In this Agreement, references to: (a) "the knowledge of the Company" mean matters within the actual knowledge, after due enquiry, of the Company's (i) President and Chief Executive Officer, (ii) Chief Financial Officer, (iii) Executive Vice President, Corporate Development, and (iv) Senior Executive Vice President; and (b) "the knowledge of the Purchaser" mean, (x) in the case of Sections (o), (r), (s), (t), (v), (x)(iv) and (y) of Schedule G, matters within the actual knowledge, without any obligation to make enquiry and (y) in the case of all other Sections of this Agreement, the actual knowledge, after due enquiry, of the Purchaser's (i) President and Chief Executive Officer, (ii) Senior Vice President and Chief Financial Officer, (iii) Senior Vice President and General Counsel, (iv) Senior Vice President, Strategy and Business Development, and (v) Vice President, Corporate Secretary and Chief Compliance Officer.

**1.13** **Company Disclosure Letter** 

The Company Disclosure Letter itself and all information contained in it is confidential information and may not be disclosed unless (a) it is required to be disclosed pursuant to Law unless such Law permits the Parties to refrain from disclosing the information for confidentiality or other purposes, or (b) a Party, acting reasonably and in good faith, needs to disclose it in order to enforce or exercise its rights under this Agreement.

**1.14** **Purchaser Disclosure Letter** 

The Purchaser Disclosure Letter itself and all information contained in it is confidential information and may not be disclosed unless (a) it is required to be disclosed pursuant to Law unless such Law permits the Parties to refrain from disclosing the information for confidentiality or other purposes, or (b) a Party, acting reasonably and in good faith, needs to disclose it in order to enforce or exercise its rights under this Agreement.

**1.15** **Schedules** 

The following Schedules are annexed to this Agreement and are incorporated by reference into this Agreement and form a part hereof:

Schedule A - Plan of Arrangement

Schedule B - Arrangement Resolution

Schedule C - Form of Company Voting Agreement

Schedule D - Form of Purchaser Voting Agreement

Schedule E - Horizon Support Agreement

Schedule F - Company Representations and Warranties

Schedule G - Purchaser Representations and Warranties

**Article 2** **<br> THE ARRANGEMENT**

**2.1** **Arrangement** 

The Parties agree that the Arrangement will be implemented in accordance with and subject to the terms and conditions contained in this Agreement and the Plan of Arrangement.

**2.2** **Approvals** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Company represents and warrants to the Purchaser that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the Company Special Committee has received the Company Special Committee Fairness Opinions from the Company Special Committee Financial
Advisors orally which shall be subsequently confirmed in writing;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the Company Board has received the Company Fairness Opinion from the Company Financial Advisor orally which shall be subsequently
confirmed in writing;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) the Company Special Committee, after receiving financial and legal advice and the Company Special Committee Fairness Opinions, has
unanimously (A) determined that the Arrangement and the entering into of this Agreement are in the best interests of the Company,
and (B) recommended to the Company Board that the Company Board (1) approve this Agreement and the Arrangement, and (2) recommend
that the Company Shareholders vote in favour of the Arrangement Resolution; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) the Company Board, after receiving financial and legal advice and the Company Fairness Opinion and the recommendation of the Company
Special Committee, has (subject to a director having a "disclosable interest" within the meaning of the BCBCA and abstaining
from voting) unanimously (A) determined that the Arrangement and the entering into of this Agreement are in the best interests of
the Company, (B) approved this Agreement and the Arrangement, and (C) resolved to recommend that the Company Shareholders vote
in favour of the Arrangement Resolution (the "**Company Board Recommendation** ").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Purchaser represents and warrants to the Company that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the Purchaser Board has received the separate oral opinions to be subsequently confirmed in writing from each of Scotiabank and Raymond
James, each to the effect that, as of the date of such opinion and based on and subject to the various assumptions made, procedures followed,
matters considered and qualifications and limitations on the review undertaken set forth therein, the Exchange Ratio provided for pursuant
to this Agreement is fair, from a financial point of view, to the Purchaser; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the Purchaser Board, after evaluating the Arrangement in consultation with the Purchaser's management and legal and financial
advisors, has unanimously: (A) determined that the Arrangement and the entering into of this Agreement are in the best interests
of the Purchaser and the Purchaser Stockholders; and (B) resolved to recommend that the Purchaser Stockholders vote to approve the
Purchaser Stock Issuance (the "**Purchaser Board Recommendation** ").

**2.3** **Interim Order** 

As promptly as reasonably practicable following the execution of this Agreement, the Company shall apply to the Court in a manner acceptable to the Purchaser, acting reasonably, pursuant to Part 9, Division 5 of the BCBCA, to schedule the Interim Order hearing with the Court for a date on or about the 15<sup>th</sup> calendar day immediately following the date of filing of the Purchaser Proxy Statement with the U.S. Securities and Exchange Commission ("**U.S. SEC**"); provided that the Company shall reschedule such hearing if the SEC Clearance is not obtained (or not obtainable) by the third business day prior to the date of the Interim Order hearing; provided further that in the event such hearing is rescheduled, the Company shall use commercially reasonable efforts to reschedule such hearing to occur as soon as reasonably practicable following the receipt of SEC Clearance, in each case subject to the availability of the Court and subject to and in accordance with the requirements of NI 54-101 with respect to the Company Meeting. Notwithstanding the foregoing, the Company shall not be required to schedule the Interim Order hearing for a date prior to the 30<sup>th</sup> day following the date of this Agreement. The Company shall prepare, file and diligently pursue an application for the Interim Order, which shall provide, among other things:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) for the class(es) of Persons to whom notice is to be provided in respect of the Arrangement and the Company Meeting and for the manner
in which such notice is to be provided;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) for confirmation of the record date for the purposes of determining the Company Shareholders entitled to notice of and to vote at
the Company Meeting in accordance with the Interim Order;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) that the record date for Company Shareholders entitled to notice of and to vote at the Company Meeting will not change as a result
of any adjournment(s) or postponement(s) of the Company Meeting;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) that the Company Meeting may be held as a virtual or hybrid meeting, and that Company Shareholders that participate in the Company
Meeting through virtual means, if applicable, will be deemed to be present at the Company Meeting;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) that the requisite approval (collectively, the "**Company Shareholder Approval**") for the Arrangement Resolution shall
be at least:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) 66<sup>⅔</sup>% of the votes cast on the Arrangement Resolution by the Company Shareholders present in person or by proxy at
the Company Meeting and voting as a single class; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) a majority of the votes cast on the Arrangement Resolution by the Company Shareholders present in person or represented by proxy at
the Company Meeting, voting as a single class, excluding, for this purpose, the votes cast by those Persons whose votes are required to
be excluded by MI 61-101;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) that, in all other respects, the terms, conditions and restrictions of the Company's constating documents, including quorum
requirements and other matters, shall apply in respect of the Company Meeting unless otherwise ordered by the Court;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) for the grant of Dissent Rights to the Company Shareholders who are registered Company Shareholders as of the record date for the
Company Meeting, as contemplated in the Plan of Arrangement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) for the notice requirements with respect to the presentation of the application to the Court for the Final Order;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) that the Company Meeting may be adjourned or postponed from time to time by the Company Board subject to the terms of this Agreement
or as otherwise agreed in writing between the Parties without the need for additional approval of the Court;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) that the Parties intend to rely on the exemption provided by Section 3(a)(10) of the U.S. Securities Act from the registration
requirements of the U.S. Securities Act for the issuance of Consideration Shares pursuant to the Plan of Arrangement, subject to and conditioned
upon the Court's approval of the Arrangement and determination following a hearing at which each Person entitled to receive Consideration
Shares pursuant to the Plan of Arrangement has the right to appear and be heard in accordance with the procedures set out in the Interim
Order that the Arrangement is substantively and procedurally fair and reasonable to each such Person; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) for such other matters as the Purchaser or the Company may reasonably require, subject to obtaining the prior consent of the other
Party, such consent not to be unreasonably withheld or delayed.

**2.4** **Company Meeting** 

Subject to the terms of this Agreement, as soon as reasonably practicable following receipt of the SEC Clearance, the Company shall:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) duly call, give notice of, convene and conduct the Company Meeting (including by virtual means) in accordance with the Interim Order,
the Company's constating documents and applicable Laws as promptly as reasonably practicable, using commercially reasonable efforts
to convene and conduct the Company Meeting as soon as practicable, and in any event, within 45 days of the receipt of the SEC Clearance
(and, in that regard, the Company shall abridge, as necessary, any time period that may be abridged under NI 54-101); provided that the
Company shall cooperate with the Purchaser and use commercially reasonable efforts to set the record dates for, schedule and convene the
Company Meeting (including any adjournment or postponement thereof in accordance with this Agreement) and the Purchaser Meeting on the
same dates with the Company Meeting occurring at the same time as the Purchaser Meeting and the Horizon Meeting;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) in consultation with the Purchaser, fix and publish a record date for the purposes of determining the Company Shareholders entitled
to receive notice of and to vote at the Company Meeting;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) not adjourn, postpone or cancel (or propose or permit the adjournment, postponement or cancellation of) the Company Meeting except
(i) as required by applicable Laws, (ii) as required for quorum purposes (in which case the meeting shall be adjourned or postponed
and not cancelled), (iii) as permitted by Section 7.4(b), (iv) as permitted by Section 9.3(b) or (v) with
the Purchaser's prior written consent; provided, that Company shall be permitted to postpone or adjourn the Company Meeting pursuant
to clause (ii) on no more than two occasions in the aggregate and no such adjournment or postponement shall delay the Company Meeting
by more than 10 days from the prior-scheduled date or to a date that is on or after the fifth business day preceding the Outside Date;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) promptly advise the Purchaser as the Purchaser may reasonably request, and at least on a daily basis on each of the last 10 business
days prior to the date of the Company Meeting as to the aggregate tally of the proxies received by the Company in respect of the Arrangement
Resolution;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) promptly (and in no event later than two business days after receipt of notice) advise the Purchaser of any written communication
from any Company Shareholder in opposition to the Arrangement or the Horizon Arrangement (except for non-substantive communications from
any Company Shareholder that purports to hold less than 0.1% of Company Shares (provided that communications from such Company Shareholder
are not substantive in the aggregate)), any written notice of dissent or purported exercise by any Company Shareholder of Dissent Rights
received by the Company in relation to the Arrangement, any withdrawal of Dissent Rights received by the Company and any written communications
sent by or on behalf of the Company to any Company Shareholder exercising or purporting to exercise Dissent Rights in relation to the
Arrangement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) unless the Company Board has made a Company Change in Recommendation in accordance with Section 7.4(a), solicit proxies in favour
of the Arrangement Resolution and against any resolution submitted by any Company Shareholder (unless otherwise consented to by the Purchaser)
and, in connection therewith, if reasonably requested by the Purchaser, use the services of one or more proxy solicitation services (at
the expense of the Company);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) provide the Purchaser with copies of or access to information regarding the Company Meeting generated by any proxy solicitation services
engaged by the Company, as requested from time to time by the Purchaser;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) not change the record date for the Company Shareholders entitled to notice of or to vote at the Company Meeting in connection with
any adjournment or postponement of the Company Meeting unless required by Law (it being understood that a change will not be required
where such date has been provided for in the Interim Order);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) not make any compromise, payment or settlement offer, or agree to any compromise, payment or settlement with respect to, or otherwise
negotiate any exercise of any Dissent Rights without the prior written consent of the Purchaser (not to be unreasonably withheld, conditioned
or delayed); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) give notice to the Purchaser of the Company Meeting and allow its Representatives and legal counsel to attend the Company Meeting
(including by virtual means).

**2.5** **Purchaser Meeting** 

Subject to the terms of this Agreement, as soon as reasonably practicable following receipt of the SEC Clearance, the Purchaser shall:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) duly call, give notice of, convene and conduct the Purchaser Meeting (including by virtual means) in accordance with the Purchaser's
constating documents and applicable Laws as promptly as reasonably practicable, using commercially reasonable efforts to convene and conduct
the Purchaser Meeting as soon as practicable, and in any event, within 45 days of the receipt of the SEC Clearance; provided that the
Purchaser shall cooperate with the Company and use commercially reasonable efforts to schedule and convene the Company Meeting and the
Purchaser Meeting (including any adjournment or postponement thereof in accordance with this Agreement) on the same dates with the Company
Meeting occurring at the same time as the Purchaser Meeting and the Horizon Meeting;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) in consultation with the Company, fix and publish a record date for the purposes of determining the Purchaser Stockholders entitled
to receive notice of and to vote at the Purchaser Meeting;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) not adjourn, postpone or cancel (or propose or permit the adjournment, postponement or cancellation of) the Purchaser Meeting except
(i) as required by applicable Laws, (ii) as required for quorum purposes (in which case the meeting shall be adjourned or postponed
and not cancelled), (iii) as permitted by Section 9.3(b) or (iv) with the Company's prior written consent; provided,
that Purchaser shall be permitted to postpone or adjourn the Purchaser Meeting pursuant to clause (ii) on no more than two occasions
in the aggregate, and no such adjournment or postponement shall delay the Purchaser Meeting by more than 10 days from the prior-scheduled
date or to a date that is on or after the fifth business day preceding the Outside Date;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) promptly advise the Company as the Company may reasonably request, and at least on a daily basis on each of the last 10 business days
prior to the date of the Purchaser Meeting, as to the aggregate tally of the proxies received by the Purchaser in respect of the Purchaser
Stock Issuance;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) promptly (and in no event later than two business days after receipt of notice) advise the Company of any written communication from
any Purchaser Stockholder in opposition to the Arrangement, the Purchaser Stock Issuance or the Horizon Arrangement (except for non-substantive
communications from any Purchaser Stockholder that purports to hold less than 0.1% of Purchaser Shares (provided that communications from
such Purchaser Stockholder are not substantive in the aggregate));

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) unless the Purchaser Board has made a Purchaser Change in Recommendation in accordance with Section 8.4(b), solicit proxies in
favour of the Purchaser Stock Issuance and against any resolution submitted by any Purchaser Stockholder (unless otherwise consented to
by the Company) and, in connection therewith, if reasonably requested by the Company, use the services of one or more proxy solicitation
services (at the expense of the Purchaser);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) provide the Company with copies of or access to information regarding the Purchaser Meeting generated by any proxy solicitation services
engaged by the Purchaser, as requested from time to time by the Company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) not change the record date for the Purchaser Stockholders entitled to vote at the Purchaser Meeting in connection with any adjournment
or postponement of the Purchaser Meeting unless required by Law;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) give notice to the Company of the Purchaser Meeting and allow its Representatives and legal counsel to attend the Purchaser Meeting
(including by virtual means); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) propose that the only matters to be acted on by Purchaser Stockholders at the Purchaser Meeting are (i) the approval of the Purchaser
Stock Issuance and (ii) if the Purchaser has not received proxies representing a sufficient number of Purchaser Shares to obtain
the Purchaser Stockholder Approval, the adjournment of the Purchaser Meeting to solicit additional proxies.

**2.6** **Preparation of Company Circular and the Purchaser Proxy Statement** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Promptly following the entry into this Agreement, the Company shall prepare, together with any other documents required by the BCBCA,
Securities Laws and all other applicable Laws, and shall use its commercially reasonable efforts to cause to be filed with the TSX, the
NYSE and the Securities Authorities as promptly as practicable after obtaining the Interim Order (with the making of such filing subject
to the Purchaser furnishing the information required under Section 2.6(e) and the Purchaser not otherwise failing to perform
any of its covenants or agreements or breaching any of its representations and warranties in any material respect under this Agreement),
the Company Circular relating to matters to be submitted to the Company Shareholders at the Company Meeting. Subject to Section 2.6(e),
the Company shall use commercially reasonable efforts to cause the Company Circular to comply as to form and substance in all material
respects with Securities Laws and any other requirements of applicable Law, and to respond as promptly as practicable to any comments
of the TSX, the NYSE, Securities Authorities and their respective staff. The Company will advise the Purchaser promptly after it receives
any request by the TSX, the NYSE or Securities Authorities to amend the Company Circular or receives any comments thereon and responses
thereto or any request by the TSX, the NYSE or Securities Authorities for additional information, and shall provide the Purchaser with
copies of all substantive correspondence that is provided by or on behalf of it, on one hand, and by any of the TSX, the NYSE or Securities
Authorities, on the other hand. The Company shall use its commercially reasonable efforts to resolve any comments from the TSX, the NYSE
and Securities Authorities with respect to the Company Circular as promptly as reasonably practicable after receipt thereof. The Company
agrees to permit the Purchaser (to the extent applicable) and its counsel, to participate in all substantive meetings and conferences
with the TSX, the NYSE or Securities Authorities with respect to the foregoing matters. Notwithstanding the foregoing, prior to filing
or mailing the Company Circular (or any amendment or supplement thereto) or responding to any substantive comments of the TSX, the NYSE
or Securities Authorities with respect thereto, the Company will (i) provide the Purchaser with a reasonable opportunity to review
and comment on such document or response (including the proposed final version of such document or response), (ii) consider in good
faith for inclusion in such document or response all comments reasonably and promptly proposed by the Purchaser and (iii) not file
or mail such document or respond to the TSX, the NYSE or Securities Authorities prior to receiving the written approval of the Purchaser,
which approval shall not be unreasonably withheld, conditioned or delayed.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Promptly following the entry into this Agreement, the Purchaser shall prepare, together with any other documents required by U.S.
Securities Laws and all other applicable Laws, and shall use its commercially reasonable efforts to cause to be filed with the U.S. SEC
as promptly as practicable following the execution of this Agreement (with the making of such filing subject to the Company furnishing
the information required under Section 2.6(f) and the Company not otherwise failing to perform any of its covenants or agreements
or breaching any of its representations and warranties in any material respect under this Agreement), the Purchaser Proxy Statement relating
to matters to be submitted to the Purchaser Stockholders at the Purchaser Meeting. Subject to Section 2.6(f), the Purchaser shall
use commercially reasonable efforts to cause the Purchaser Proxy Statement to comply as to form and substance in all material respects
with the rules and regulations promulgated by the U.S. SEC and the requirements of applicable Law, and to respond as promptly as
practicable to any comments of the U.S. SEC or its staff. The Purchaser will advise the Company promptly after it receives any request
by the U.S. SEC for amendment of the Purchaser Proxy Statement or receives any comments thereon and responses thereto or any request by
the U.S. SEC for additional information, and the Purchaser shall provide the Company with copies of all substantive correspondence that
is provided by or on behalf of it, on one hand, and by the U.S. SEC on the other hand. The Purchaser shall use its commercially reasonable
efforts to resolve any comments from the U.S. SEC with respect to the Purchaser Proxy Statement as promptly as reasonably practicable
after receipt thereof. The Purchaser agrees to permit the Company (to the extent practicable) and its counsel, to participate in all substantive
meetings and conferences with the U.S. SEC with respect to the foregoing matters. Notwithstanding the foregoing, prior to filing or mailing
the Purchaser Proxy Statement (or any amendment or supplement thereto) or responding in writing to any substantive comments of the U.S.
SEC with respect thereto, the Purchaser will (A) provide the Company with a reasonable opportunity to review and comment on such
document or response (including the proposed final version of such document or response), (B) consider in good faith for inclusion
in such document or response all comments reasonably and promptly proposed by the Company, and (C) not file or mail such document
or respond to the U.S. SEC prior to receiving the written approval of the Company, which approval shall not be unreasonably withheld,
conditioned or delayed.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Company Circular shall: (i) include copies of the Company Fairness Opinion and Company Special Committee Fairness Opinions;
(ii) state that (A) the Company Special Committee has received the Company Special Committee Fairness Opinions, and (B) the
Company Board has received the Company Fairness Opinion and the recommendation of the Company Special Committee, and, subject to the terms
of this Agreement, has unanimously determined, after receiving legal and financial advice, that the Arrangement and entry into this Agreement
are in the best interests of the Company; (iii), subject to the terms of this Agreement, contain the unanimous recommendation of the Company
Board (subject to any abstentions due to a director having a "disclosable interest" within the meaning of the BCBCA) to Company
Shareholders that they vote in favour of the Arrangement Resolution; and (iv) include statements that each of the directors and senior
officers of the Company has signed a Company Voting Agreement, pursuant to which, and subject to the terms thereof, they have agreed to,
among other things, vote their Company Shares in favour of the Arrangement Resolution.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The Purchaser Proxy Statement shall: (i) state that the Purchaser Board has evaluated the Arrangement in consultation with Purchaser's
management and legal and financial advisors, and has unanimously determined that the Arrangement and entry into this Agreement are in
the best interests of the Purchaser; (ii) subject to the terms of this Agreement, contain the unanimous recommendation of the Purchaser
Board to Purchaser Stockholders that they vote in favour of the Purchaser Stock Issuance; (iii) include a copy of the separate opinions
of Scotiabank and Raymond James to the Purchaser Board; and (iv) include statements that each of the directors and senior officers
of the Purchaser has signed a Purchaser Voting Agreement, pursuant to which, and subject to the terms thereof, they have agreed to, among
other things, vote their Purchaser Shares in favour of the Purchaser Stock Issuance **.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) The Purchaser will promptly furnish to the Company such data and information relating to it, its Subsidiaries, the Consideration Shares
and the holders of its capital stock, as is required by applicable Laws and as the Company may reasonably request for the purpose of including
such data and information in the Company Circular and any amendments or supplements thereto, including any information required for the
preparation by the Purchaser of any pro forma financial statements and other information relating to the Purchaser following completion
of the Arrangement. The Purchaser shall ensure that such information does not include any misrepresentation concerning the Purchaser,
its Subsidiaries, the Consideration Shares and the holders of its capital stock, and will indemnify the Company for all claims, losses,
costs and expenses incurred by the Company in respect of any such misrepresentation contained in any information regarding the Purchaser,
its Subsidiaries, the Consideration Shares and the holders of its capital stock included in the Company Circular that was provided by
the Purchaser expressly for inclusion in the Company Circular pursuant to this Section 2.6(e). The Purchaser shall use commercially
reasonable efforts to obtain any necessary consents from any of its auditors or other advisors to the use of any financial, technical
or other expert information required to be included in the Company Circular relating to it or its Subsidiaries and to the identification
in the Company Circular of each such advisor.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) The Company will promptly furnish to the Purchaser such data and information relating to it, its Subsidiaries and the Company Shareholders,
as is required by applicable Laws and as the Purchaser may reasonably request for the purpose of including such data and information in
the Purchaser Proxy Statement and any amendments or supplements thereto, including any information required for the preparation by the
Purchaser of any pro forma financial statements. The Company shall ensure that such information does not include any misrepresentation
concerning the Company, its Subsidiaries and the Company Shareholders, and will indemnify the Purchaser for all claims, losses, costs
and expenses incurred by the Purchaser in respect of any such misrepresentation contained in any information regarding the Company, its
Subsidiaries and the Company Shareholders included in the Purchaser Proxy Statement that was provided by the Company expressly for inclusion
in the Purchaser Proxy Statement pursuant to this Section 2.6(f). The Company shall use commercially reasonable efforts to obtain
any necessary consents from any of its auditors or other advisors to the use of any financial, technical or other expert information required
to be included in the Purchaser Proxy Statement relating to it or its Subsidiaries and to the identification in the Purchaser Proxy Statement
of each such advisor.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) The Purchaser and the Company shall each use commercially reasonable efforts to coordinate with each other to prepare common disclosure
that will be included in both the Company Circular and the Purchaser Proxy Statement, and shall, to the extent reasonably practicable,
provide that such disclosure is generally consistent as between the Company Circular and the Purchaser Proxy Statement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) The Purchaser and the Company shall make all necessary filings with respect to the Arrangement under the U.S. Securities Act and the
U.S. Exchange Act and applicable blue sky laws and the rules and regulations thereunder. Each Party will advise the other, promptly
after it receives notice thereof, of the issuance of any stop order, or the suspension of the qualification of the Consideration Shares
issuable in connection with the Arrangement for offering or sale in any jurisdiction. Each of the Company and the Purchaser will use best
efforts to have any such stop order or suspension lifted, reversed or otherwise terminated.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) If at any time prior to the Effective Time, any information relating to the Purchaser or the Company, or any of their respective affiliates,
officers or directors, should be discovered by the Company or the Purchaser that should be set forth in an amendment or supplement to
either of the Company Circular or the Purchaser Proxy Statement, so that such documents would not include any misstatement of a material
fact or omit to state any material fact necessary to make the statements therein, in light of the circumstances under which they were
made, not misleading, the Party which discovers such information shall promptly notify the other Party and an appropriate amendment or
supplement describing such information shall be promptly filed with the U.S. SEC, the Canadian Securities Authorities or any other Governmental
Entity as required, as applicable, and, to the extent required by applicable Law, disseminated to the Company Shareholders or the Purchaser
Stockholders, as applicable.

**2.7** **Final Order** 

If (a) the Interim Order is obtained, (b) the Company Shareholder Approval is obtained at the Company Meeting as provided for in the Interim Order and (c) the Purchaser Stockholder Approval is obtained at the Purchaser Meeting, the Company shall (x) diligently pursue and take all steps necessary to submit the Arrangement before the Court as soon as reasonably practicable and (y) diligently pursue an application for the Final Order pursuant to section 291 of the BCBCA as soon as reasonably practicable but, in any event, within four business days after the Company Shareholder Approval and the Purchaser Stockholder Approval is obtained.

**2.8** **Court Proceedings** 

Subject to the terms of this Agreement, the Company will diligently pursue all Court proceedings relating to obtaining the Interim Order and Final Order, and the Purchaser will cooperate with, assist and consent to the Company in seeking the Interim Order and the Final Order, including by providing the Company on a timely basis any information reasonably requested or required to be supplied by the Purchaser in connection therewith. The Company will provide the Purchaser and its legal counsel with a reasonable opportunity to review and comment upon drafts of all material to be filed with the Court in connection with the Arrangement, including by providing on a timely basis a description of any information to be supplied by the Purchaser for inclusion in such material, prior to the service and filing of such material, and will give reasonable consideration to all such comments. Subject to applicable Law, the Company will not file any material with the Court in connection with the Arrangement or serve any such material, and will not agree to modify or amend materials so filed or served, except as contemplated by this Section 2.8 or with the Purchaser's prior written consent, such consent not to be unreasonably withheld, conditioned or delayed; provided that nothing herein shall require the Purchaser to agree or consent to any increase in Consideration or other modification or amendment to such filed or served materials that expands or increases the Purchaser's obligations set forth in any such filed or served materials or under this Agreement or the Arrangement. The Company shall also provide to the Purchaser's outside counsel on a timely basis copies of any notice of appearance or other Court documents served on the Company in respect of the application for the Interim Order or the Final Order or any appeal therefrom and of any notice, whether written or oral, received by the Company indicating any intention to oppose the granting of the Interim Order or the Final Order or to appeal the Interim Order or the Final Order. The Company will ensure that all materials filed with the Court in connection with the Arrangement are consistent in all material respects with the terms of this Agreement and the Plan of Arrangement. In addition, the Company will not object to the Purchaser's legal counsel making such submissions on the hearing of the motion for the Interim Order and the application for the Final Order as such counsel considers appropriate, provided that the Company is advised as soon as is practicable prior to the hearing of the nature of any submissions to the hearing and such submissions are consistent with this Agreement and the Plan of Arrangement. The Company will also oppose any proposal from any party that the Final Order contain any provision inconsistent with this Agreement, and, if at any time after the issuance of the Final Order and prior to the Effective Date, the Company is required by the terms of the Final Order or by Law to return to Court with respect to the Final Order, it shall do so after notice to, and in consultation and cooperation with, the Purchaser.

**2.9** **U.S. Securities Law Matters** 

The Parties agree that the Arrangement will be carried out with the intention that, and will use their commercially reasonable efforts to ensure that, all Consideration Shares issued pursuant to the Arrangement will be issued by the Purchaser in reliance on the exemption from the registration requirements of the U.S. Securities Act provided by Section 3(a)(10) thereunder and pursuant to exemptions from applicable state securities laws. In order to ensure the availability of the exemption under Section 3(a)(10) of the U.S. Securities Act and to facilitate the Purchaser's compliance with other U.S. Securities Laws, the Parties agree that the Arrangement will be carried out on the following basis:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the Court will be asked to approve the procedural and substantive fairness of the Arrangement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) pursuant to Section 2.4, the Court will be advised of the intention of the Parties to rely upon the exemption from the registration
requirements of the U.S. Securities Act provided by Section 3(a)(10) thereof with respect to the issuance of the Consideration
Shares prior to the hearing required to approve the procedural and substantive fairness of the Arrangement to the Company Shareholders
to whom the Consideration Shares will be issued;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) the Court will be advised prior to the hearing to approve the Interim Order that its approval of the Arrangement will be relied upon
as a determination that the Court has satisfied itself as to the procedural and substantive fairness of the Arrangement to all Company
Shareholders who are entitled to receive Consideration Shares pursuant to the Arrangement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) the Company will ensure that each Person entitled to receive the Consideration Shares pursuant to the Arrangement will be given adequate
notice, in a timely manner, advising them of their right to attend the hearing of the Court to give approval of the Arrangement and providing
them with sufficient information necessary for them to exercise that right;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) each Person entitled to receive the Consideration Shares will be advised that the Consideration Shares issued pursuant to the Arrangement
have not been and will not be registered under the U.S. Securities Act and will be issued by the Purchaser in reliance on the exemption
from the registration requirements of the U.S. Securities Act provided by Section 3(a)(10) thereof, and that certain restrictions
on resale under U.S. Securities Laws may be applicable with respect to such securities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) each Person entitled to receive the Purchaser Shares upon exercise of Company Options will be advised that pursuant to the Arrangement
such Purchaser Shares will not be issued by the Purchaser in reliance on the exemption from the registration requirements of the U.S.
Securities Act provided by Section 3(a)(10) thereof as such exemption does not exempt the issuance of securities upon the delivery
of the Purchaser Shares covered by such Company Options and, as such, the underlying Purchaser Shares issuable in respect of the Company
Options cannot be issued in the U.S. or to a person in the U.S. in reliance upon the exemption from registration provided by Section 3(a)(10) of
the U.S. Securities Act and the Company Options may only be exercised pursuant to an effective registration statement or a then-available
exemption from the registration requirements of the U.S. Securities Act and applicable state securities laws, if any;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) the Interim Order will specify that each Person entitled to receive Consideration Shares pursuant to the Plan of Arrangement will
have the right to appear before the Court at the hearing of the Court to give approval to the Arrangement so long as they enter an appearance
within a reasonable time;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) the Court will hold a hearing approving the fairness of the Arrangement before issuing the Final Order; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the Final Order will expressly state that the Arrangement serves as the basis of a claim to the exemption under Section 3(a)(10) of
the U.S. Securities Act from the registration requirements otherwise imposed by the U.S. Securities Act regarding the issuance and exchange
of securities pursuant to the Plan of Arrangement and is approved by the Court as being substantively and procedurally fair to the Company
Shareholders.

**2.10** **Treatment of Company Incentive Awards** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Subject to all other terms and conditions of this Agreement and the Plan of Arrangement, pursuant to the Arrangement:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the Company RSRs, Company PSRs and Company Options shall be treated in accordance with, and subject to
the provisions of, the Plan of Arrangement; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) all amounts payable in respect of the Company RSRs and Company PSRs pursuant to the Plan of Arrangement
shall be paid to the applicable recipient in accordance with, and subject to the provisions of, the Plan of Arrangement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Prior to the Effective Time, the Purchaser Board (or an authorized committee thereof) and the Company Board (or an authorized committee
thereof), as applicable, shall take any actions and adopt any resolutions as are required to effectuate the treatment of the Company Incentive
Awards pursuant to the terms of this Section 2.10 and the Plan of Arrangement.

**2.11** **Effective Date** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Arrangement shall become effective on the date that is three business days following the date on which all the conditions set
forth in Section 6.1, Section 6.2 and Section 6.3 have been satisfied or waived in accordance with the terms of this Agreement
and the Plan of Arrangement (excluding conditions that, by their terms, cannot be satisfied until the Effective Date, but subject to the
satisfaction or, where permitted, waiver of those conditions as of the Effective Date) unless another date or time is agreed to in writing
by the Parties. From and after the Effective Time, the Plan of Arrangement will have all of the effects provided by applicable Law, including
the BCBCA.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The closing of the Arrangement will take place remotely by electronic exchange of documents and signatures (or their electronic counterparts)
at 8:00 a.m. (Toronto time) on the Effective Date, or at such other time and place as may be agreed to by the Parties.

**2.12** **Payment of Consideration** 

The Purchaser will, following receipt by the Company of the Final Order and at least one business day prior to the Effective Date determined in accordance with Section 2.11, deposit in escrow, or cause to be deposited in escrow, with the Depositary (the terms and conditions of such escrow to be satisfactory to the Parties, acting reasonably) sufficient Purchaser Shares to satisfy the Consideration payable pursuant to the Arrangement. All payment of any kind in settlement or satisfaction of the rights of any Company Shareholder exercising Dissent Rights will be made by, and from the funds set aside prior to the Effective Time by, AcquireCo.

**2.13** **Announcement and Shareholder Communications** 

The Purchaser and the Company shall each publicly announce the transactions contemplated hereby promptly following the execution of this Agreement by the Parties, the text and timing of the announcements of each Party to be approved by the other Party in advance, acting reasonably. The Purchaser and the Company shall co-operate in the preparation of presentations, if any, to the Company Shareholders or the Purchaser Stockholders regarding the transactions contemplated by this Agreement, and neither the Purchaser nor the Company (except as permitted by Article 7) shall (a) issue any press release or otherwise make public announcements with respect to this Agreement or the Plan of Arrangement without the prior written consent of the other applicable Party (which consent shall not be unreasonably withheld or delayed) or (b) make any filing with any Governmental Entity with respect thereto without prior consultation with the other applicable Party; provided, however, that each Party shall be permitted to make any disclosure or filing required under applicable Law and the applicable Party making such disclosure shall use its commercially reasonable efforts to give prior oral or written notice to the other applicable Party and reasonable opportunity to review or comment on the disclosure or filing, and if such prior notice is not reasonably practicable, to give such notice immediately following the making of such disclosure or filing. Reasonable consideration shall be given to any comments made by the receiving Party and its counsel pursuant to this Section 2.13. Notwithstanding the foregoing, the provisions of this Section 2.13 related to the approval or contents of filings with Governmental Entities will not apply with respect to filings in connection with (a) the Regulatory Approvals, (b) the Company Circular, (c) the Purchaser Proxy Statement, (d) the Interim Order, (e) the Final Order, (f) any Company Change in Recommendation or action taken pursuant thereto or (g) any dispute regarding this Agreement or the transactions contemplated hereby, which are governed by other sections of this Agreement. Nor shall the provisions of this Section 2.13 prevent any Party from making internal announcements to employees and having discussions with shareholders, financial analysts and other stakeholders, in each case so long as such announcements and discussions are limited to and consistent in all material respects with the most recent press releases, public disclosures or public statements made by such Party.

**2.14** **Withholding Taxes** 

The Purchaser, AcquireCo, the Company, the Depositary, their respective Subsidiaries and any other Person on their behalf, shall be entitled to deduct and withhold from any amounts payable to any Person pursuant to the Arrangement and under this Agreement, including Company Shareholders exercising Dissent Rights and from all dividends, interest, and other amounts payable or distributable to any former Company Shareholder or former holders of Company Incentive Awards, such amounts as the Purchaser, AcquireCo, the Company, the Depositary and their respective Subsidiaries, or any Person on behalf of any of the foregoing, is or may be required or permitted to deduct or withhold with respect to such payment under the Tax Act, the U.S. Tax Code, or any provision of local, state, federal, provincial or foreign Law. The Purchaser, AcquireCo, the Company, the Depositary, their respective Subsidiaries and any other Person on their behalf, shall exercise commercially reasonable efforts to reduce or eliminate any deduction or withholding with respect to payments made pursuant to the Arrangement and under this Agreement and shall be entitled to request from any recipient of any payment hereunder any necessary tax forms or any other proof of exemption from withholding or any similar information. To the extent that amounts are so deducted or withheld, such deducted or withheld amounts shall be treated for all purposes hereof as having been paid to the Person to whom such amounts would otherwise have been paid, provided that such deducted or withheld amounts are actually remitted to the appropriate authority or Person in accordance with applicable Law. In any case where the amount so required or permitted to be deducted or withheld from any payment to a holder exceeds the cash portion of the consideration otherwise payable, the Purchaser, AcquireCo, the Company, the Depositary, their respective Subsidiaries, and any Person on behalf of the foregoing, as the case may be, is authorized to sell or otherwise dispose of (or otherwise require the recipient of such payment to irrevocably direct the sale through a broker and irrevocably direct the broker to pay the proceeds of such sale of) such portion of the consideration as is necessary in order to fully fund such deduction or withholding requirement, and the payor shall use commercially reasonable efforts to notify the recipient of such payment of such withholding and sale and such Person shall remit any unapplied balance of the net proceeds of such sale to the holder.

**2.15** **Section 338(g) Election** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Purchaser shall have the sole and exclusive right, in its discretion, to make an election under Section 338(g) of the
U.S. Tax Code, and any corresponding elections under state, local or non-U.S. law (collectively, a "**Section 338(g) Election** "),
with respect to the transfer of Company Shares to AcquireCo and any of the Company's subsidiaries that qualify as target affiliates
within the meaning of Treasury Regulation Section 1.338-2(c), in the manner set forth in the Plan of Arrangement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) To the extent that any of the assets or subsidiaries of the Company constitute a United States real property interest ()"**USRPI** ")
under Section 897(c) of the U.S. Tax Code, the Company agrees to use good faith efforts to cooperate with Purchaser to minimize
or eliminate withholding under Section 1445 of the U.S. Tax Code, where possible. Specifically, where applicable, the Company, with
the assistance of the Purchaser, shall exercise commercially reasonable efforts to cooperate with the Purchaser in the preparation and
filing, at the Purchaser's expense, of a properly completed IRS Form 8288-B (Application for Withholding Certificate for Dispositions
by Foreign Persons of U.S. Real Property Interests), together with all supporting documentation required by the Internal Revenue Service
prior to the Effective Date. The Company shall provide the Purchaser with a reasonable opportunity to review and comment on the draft
Form 8288-B and any supporting materials prior to submission and shall incorporate reasonable comments from the Purchaser.

**2.16** **List of Securityholders** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) At the reasonable request of the Purchaser from time to time, the Company shall provide the Purchaser with a list (in both written
and electronic form) of the registered Company Shareholders, together with their addresses and respective holdings of Company Shares,
a list of the names and addresses and holdings of all Persons having rights issued by the Company to acquire Company Shares (including
holders of Company Options, Company RSRs and Company PSRs), and a list of non-objecting beneficial owners of Company Shares, together
with their addresses and respective holdings of Company Shares (provided such list may only be used in the manner permitted by NI 54 - 101).
The Company shall from time to time furnish, and shall require that its registrar and transfer agent furnish, the Purchaser with such
additional information, including updated or additional lists of the Company Shareholders, the holdings of such Company Shareholders,
holders of Company Options, Company RSRs, Company PSRs and other assistance as the Purchaser may reasonably request.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) At the reasonable request of the Company from time to time, the Purchaser shall provide the Company with a list (in both written and
electronic form) of the registered Purchaser Stockholders, together with their addresses and respective holdings of Purchaser Shares,
and a list of the names and addresses and holdings of all Persons having rights issued by the Purchaser to acquire Purchaser Shares. The
Purchaser shall from time to time furnish, and shall require that its registrar and transfer agent furnish, the Company with such additional
information, including updated or additional lists of the Purchaser Stockholders, the holdings of such Purchaser Stockholders and other
assistance as the Company may reasonably request.

**2.17** **Adjustment to Consideration Regarding Distributions** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Notwithstanding anything to the contrary contained in this Agreement, if, between the date of this Agreement and the Effective Time,
the Purchaser pays any dividend or other distribution on the Purchaser Shares (or declares a dividend or distribution with a record date
prior to the Effective Date), other than Purchaser Permitted Dividends, then the Consideration to be paid per Company Share and any other
dependent items shall be adjusted to achieve for the Company Shareholders the economic effect contemplated by this Agreement and the Arrangement
prior to the occurrence of such dividend or other distribution and the Consideration so adjusted shall, from and after the date of such
event, be the Consideration to be paid per Company Share or other dependent item, subject to any other further adjustment as may be permitted
or required by this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Notwithstanding anything to the contrary contained in this Agreement, if, between the date of this Agreement and the Effective Time,
the Company pays any dividend or other distribution on the Company Shares (or declares a dividend or distribution with a record date prior
to the Effective Date), other than Company Permitted Dividends, then the Consideration to be paid per Company Share and any other dependent
items shall be adjusted to achieve for the Company Shareholders the economic effect contemplated by this Agreement and the Arrangement
prior to the occurrence of such dividend or other distribution and the Consideration so adjusted shall, from and after the date of such
event, be the Consideration to be paid per Company Share or other dependent item, subject to any other further adjustment as may be permitted
or required by this Agreement.

**2.18** **Appraisal Rights** 

In accordance with the DGCL, no appraisal rights shall be available to Purchaser Stockholders with respect to the Arrangement.

**Article 3** **<br> REPRESENTATIONS AND WARRANTIES OF THE COMPANY**

**3.1** **Representations and Warranties** 

Except as disclosed in (a) the forms, documents and reports filed or furnished by the Company on SEDAR+ and EDGAR since January 1, 2022 (including all exhibits, supplements and schedules thereto and information incorporated by reference therein) and publicly available prior to the date hereof (but excluding any disclosures set forth in any "risk factors" section, any disclosures in any "forward looking statements" or similar section, and any other disclosures included therein in each case to the extent they are predictive or forward looking in nature), or (b) the Company Disclosure Letter (which disclosures shall apply against any representations and warranties to which it is reasonably apparent they should relate), the Company hereby represents and warrants to the Purchaser as set forth in Schedule F, and acknowledges that the Purchaser is relying upon such representations and warranties in connection with its entry into this Agreement.

**3.2** **Survival of Representations and Warranties** 

The representations and warranties of the Company contained in this Agreement shall not survive the completion of the Arrangement and shall expire and be terminated on the earlier of the Effective Time and the date on which this Agreement is terminated in accordance with its terms.

**Article 4** **<br> REPRESENTATIONS AND WARRANTIES OF THE Purchaser**

**4.1** **Representations and Warranties** 

Except as disclosed in (a) the forms, documents and reports filed or furnished by the Purchaser on EDGAR and SEDAR+ since January 1, 2022 (including all exhibits, supplements and schedules thereto and information incorporated by reference therein) and publicly available prior to the date hereof (but excluding any disclosures set forth in any "risk factors" section, any disclosures in any "forward looking statements" or similar section, and any other disclosures included therein in each case to the extent they are predictive or forward looking in nature), or (b) the Purchaser Disclosure Letter (which disclosures shall apply against any representations and warranties to which it is reasonably apparent they should relate), the Purchaser and AcquireCo jointly and severally hereby represent and warrant to the Company as set forth in Schedule G, and acknowledge that the Company is relying upon such representations and warranties in connection with its entry into this Agreement.

**4.2** **Survival of Representations and Warranties** 

The representations and warranties of the Purchaser contained in this Agreement shall not survive the completion of the Arrangement and shall expire and be terminated on the earlier of the Effective Time and the date on which this Agreement is terminated in accordance with its terms.

**Article 5** **<br> COVENANTS**

**5.1** **Covenants of the Company Relating to the Conduct of Business** 

The Company covenants and agrees that, during the period from the date of this Agreement until the earlier of the Effective Time and the termination of this Agreement in accordance with its terms, except (i) as required by Law; (ii) with the prior written consent of the Purchaser (not to be unreasonably withheld, conditioned or delayed); (iii) as set out in the Company Disclosure Letter (which disclosures shall apply against any covenants to which it is reasonably apparent they should relate); or (iv) as otherwise expressly contemplated or permitted by this Agreement or the Plan of Arrangement:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the Company shall, and shall cause each of its Subsidiaries to, conduct its and their respective businesses in, not take any action
except in, and maintain and preserve its and their respective assets, contractual rights (including under Company Royalty and Stream Agreements),
facilities, books and records in, the ordinary course and shall use commercially reasonable efforts to maintain and preserve in all material
respects its and their present business organization, operations, assets, contractual rights (including under Company Royalty and Stream
Agreements), properties and goodwill, to keep available the services of its officers and employees as a group and to maintain satisfactory
relationships consistent with past practice with joint venture partners, suppliers, distributors, counterparties under Company Royalty
and Stream Agreements, employees and Governmental Entities having business relationships with them;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the Company shall, subject to compliance with applicable Laws, cooperate with and keep the Purchaser reasonably informed regarding
the Company's business and operations, including through meetings with the Purchaser, and shall provide such other access to its
officers, employees, agents, properties, books and records as the Purchaser may reasonably request, including by providing the Purchaser
with a reasonable opportunity to access and discuss material information or other technical information with respect to the Company Royalty
and Stream Interests and the Company Underlying Mineral Properties, and by facilitating business integration planning; provided, however,
that the Company shall not be required to provide the Purchaser with any information that would (i) violate any obligations of the
Company or any of the Company's Subsidiaries with respect to confidentiality to any third party, or otherwise breach, contravene
or violate any Contract to which the Company or any Subsidiary of the Company is a party; or (ii) breach, contravene or violate any
applicable Law;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) without limiting the generality of Section 5.1(a):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the Company shall not, and shall not permit any of its Subsidiaries to, directly or indirectly, sell, lease, dispose of, licence,
permit a Lien (other than a Company Permitted Lien) to be created on or agree to sell, dispose of, licence, permit a Lien (other than
a Company Permitted Lien) to be created on or otherwise transfer (other than through the creation of a Company Permitted Lien) any Principal
Company Royalty and Stream Interest or in any interest in a Principal Company Royalty and Stream Interest;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) except as disclosed in Schedule 5.1(c)(ii) of the Company Disclosure Letter, the Company shall not, and shall not permit any
of its Subsidiaries to, directly or indirectly, sell, lease, dispose of, licence, permit a Lien (other than a Company Permitted Lien)
to be created on or agree to sell, dispose of, licence, permit a Lien (other than a Company Permitted Lien) to be created on or otherwise
transfer (other than through the creation of Company Permitted Lien) any Remaining Company Royalty and Stream Interest or in any interest
in a Remaining Company Royalty and Stream Interest;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) the Company shall comply (and cause its Subsidiaries to comply) with its respective material obligations under the Principal Company
Royalty and Stream Agreements;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) the Company shall comply (and cause its Subsidiaries to comply) with its respective obligations under the Remaining Company Royalty
and Stream Agreements, except for such non-compliances as would not individually or in the aggregate materially and adversely impact the
Company and its Subsidiaries;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) except as disclosed in Schedule 5.1(c)(v) of the Company Disclosure Letter, the Company shall not, and shall not permit any of
its Subsidiaries to, directly or indirectly, alter, amend or otherwise modify or supplement, or waive any material provision of a Principal
Company Royalty and Stream Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) except as disclosed in Schedule 5.1(c)(vi) of the Company Disclosure Letter, the Company shall not, and shall not permit any
of its Subsidiaries to, directly or indirectly, alter, amend or otherwise modify or supplement, or waive any provision of a Remaining
Company Royalty and Stream Agreement, except for such alterations, amendments, modifications, supplements or waivers as would not individually
or in the aggregate materially and adversely impact the Company and its Subsidiaries;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) except as disclosed in Schedule 5.1(c)(vii) of the Company Disclosure Letter, the Company shall not, and shall not permit any
of its Subsidiaries to, directly or indirectly to take or omit to take any action, or cause or permit any of its Subsidiaries to take
or omit to take any action, which would cause any loss or diminishment of any of its contractual rights under any Company Royalty and
Stream Agreement, except as would not individually or in the aggregate materially and adversely impact the Company and its Subsidiaries;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) without limiting the generality of Section 5.1(a), the Company shall not, and shall not permit any of its Subsidiaries to, directly
or indirectly:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) other than as required by the terms of any Company Equity Incentive Plan or written employment agreement, issue, sell, grant, award,
pledge, dispose of, or permit a Lien (other than a Company Permitted Lien) to be created, or agree to issue, sell, grant, award, pledge,
dispose of, or permit a Lien (other than a Company Permitted Lien) to be created, on any Company Shares, or other equity or voting interests
or any options, stock appreciation rights, warrants, calls, conversion or exchange privileges or rights of any kind to acquire (whether
on exchange, exercise, conversion or otherwise) any Company Shares or other equity or voting interests or other securities or any shares
of its Subsidiaries (including, for greater certainty, Company Incentive Awards), other than pursuant to the exercise or settlement of
any Company Incentiv e Awards that are outstanding as of the date hereof and that are disclosed in
Schedule (g)(ii) of the Company Disclosure Letter ;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) amend or propose to amend the notice of articles, articles or other constating documents of the Company and its Subsidiaries or the
terms of any securities of the Company or any of its Subsidiaries;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) declare, accrue, set aside or pay any dividend or make any other distribution to Company Shareholders (whether in cash, securities
or property or any combination thereof) in respect of any Company Shares or the securities of any of its Subsidiaries, other than Company
Permitted Dividends or Company Permitted Share Dividends;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) other than in connection with any Pre-Acquisition Reorganization or as disclosed in Schedule 5.1(d)(iv) of the Company Disclosure
Letter, split, consolidate or reclassify any outstanding Company Shares or the securities of any of its Subsidiaries or undertake any
other capital reorganization other than a Company Permitted Consolidation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) redeem, purchase or offer to purchase any Company Shares or other securities of the Company or any shares or other securities of its
Subsidiaries, other than (i) in connection with any Pre-Acquisition Reorganization or as disclosed in Schedule 5.1(d)(v) of
the Company Disclosure Letter, (ii) pursuant to any share redemption or repurchase program of the Company that is disclosed in Section 5.1(d)(v) of
the Company Disclosure Letter, and (iii) pursuant to the settlement of any Company Incentive Awards that are outstanding as of the
date hereof and that are disclosed in Schedule (g)(ii) of the Company Disclosure Letter ,
in each case in accordance with their terms and except as may be required in connection with a Pre-Acquisition Reorganization;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) except in connection with a Pre-Acquisition Reorganization or as disclosed in Schedule 5.1(d)(vi) of the Company
Disclosure Letter , reorganize, amalgamate or merge the Company or any of its Subsidiaries with any other Person;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) except as disclosed in Schedule 5.1(d)(vii) of the Company Disclosure Letter or in connection with a Pre-Acquisition Reorganization,
reduce the stated capital of the shares of the Company or of any of its Subsidiaries;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii) other than as disclosed in Schedule 5.1(d)(viii) of the Company Disclosure Letter, sell, lease, dispose of, licence, permit a
Lien (other than a Company Permitted Lien) to be created on or agree to sell, dispose of, licence, permit a Lien (other than a Company
Permitted Lien) to be created on or otherwise transfer (other than through the creation of a Company Permitted Lien) any Other Company
Assets or in any interest in any Other Company Assets;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ix) other than as disclosed in Schedule 5.1(d)(ix) of the Company Disclosure Letter, acquire (by merger, consolidation, acquisition
of stock or assets or otherwise) or agree to acquire, directly or indirectly, in one transaction or in a series of related transactions,
any Person, or make any investment or agree to make any investment (by purchase of shares or securities, contributions of capital (other
than to wholly-owned Subsidiaries), property transfer, purchase of any property or assets or otherwise), directly or indirectly, in one
transaction or in a series of related transactions, in any Person, other than acquisitions of assets, equipment and supplies in the ordinary
course with a value that does not exceed $20 million (in the aggregate), excluding capital expenditures permitted by Section 5.1(d)(xxii);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(x) incur, create, assume or otherwise become liable for any indebtedness for borrowed money or any other material liability or obligation
or issue any debt securities, or guarantee or otherwise become responsible for, the obligations of any other Person or make any loans
or advances to any Person that is not a Subsidiary of the Company in excess of $20 million (in the aggregate), except (A) in connection
with ordinary course working capital needs (including, without limitation, the indebtedness incurred or to be incurred under the Company
Credit Facility), or (B) as may be disclosed in Section 5.1(d)(x) of the Company Disclosure Letter;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xi) adopt a plan of liquidation or resolutions providing for the winding-up, liquidation or dissolution of the Company or any of its Subsidiaries;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xii) other than as disclosed in Schedule 5.1(d)(xii) of the Company Disclosure Letter, pay, discharge, settle, satisfy, compromise,
waive, assign or release any material claims, liabilities or obligations prior to the same becoming due, other than (A) the payment,
discharge or satisfaction of liabilities reflected or reserved against in the Company's financial statements or incurred in the
ordinary course, (B) for an aggregate amount of no greater than $5 million, or (C) payment of any fees related to the Arrangement
and that are disclosed in Schedule 5.1(d)(xii) of the Company Disclosure Letter;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xiii) waive, release, grant, transfer, exercise, modify or amend in any material respect, other than in the ordinary course, any material
Authorization, lease, concession, contract or other document (excluding any Company Royalty and Stream Agreements, which are governed
under Section 5.1(c));

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xiv) take any action or fail to take any action which action or failure to act would result in the material loss, expiration or surrender
of, or the loss of any material benefit under, or reasonably be expected to cause any Governmental Entities to institute proceedings for
the suspension, revocation or limitation of rights under, any material Authorizations necessary to conduct its businesses as now conducted
or planned to be conducted;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xv) other than (A) as disclosed in Schedule 5.1(d)(xv) of the Company Disclosure Letter,
(B) as required by the terms of the Company Equity Incentive Plans in the ordinary course, (C) in accordance with this
Agreement or the Plan of Arrangement, or (D) as is necessary to comply with applicable Laws or the current terms of any Contracts
or Company Benefit Plans: (1) grant to any Company Employee an increase in compensation in any form, or grant any general salary
increase (other than base salary increases for Company Employees in the ordinary course); (2) make any loan to any Company Employee
(other than expense reimbursements in the ordinary course); (3) take any action with respect to the grant of any severance, retention,
change of control or bonus (or other payment that would be triggered by the transactions contemplated herein) to, or enter into any employment
agreement, deferred compensation or other similar agreement (or amend any such existing agreement) with, any Company Employee, former
Company Employee, director, officer, contractor, former contractor or agent of the Company or any of its Subsidiaries, or to any other
Person; (4) increase any benefits payable under any existing severance or termination pay policies or employment agreements, or adopt
or materially amend or make any contribution to any Company Benefit Plan or other bonus, profit sharing, option, pension, retirement,
deferred compensation, insurance, incentive compensation, compensation or other similar plan, agreement, trust, fund or arrangement for
the benefit of directors or Company Employees or former directors or former Company Employees; (5) adopt, enter into, establish,
modify, amend or terminate any Company Benefit Plan or any benefit plan, program, policy, practice, program, agreement, arrangement, or
undertaking that would be a Company Benefit Plan if in effect as of the date of hereof; (6) increase bonus levels or other benefits
payable to any director or executive officer; (7) provide for accelerated vesting, removal of restrictions or an exercise of any
stock-based or stock-related awards (including stock options); (8) establish, adopt or amend (except as required by applicable Law)
any collective bargaining agreement or similar agreement; (9) hire or engage, or amend the terms of employment or engagement of,
any Company Employee or independent contractor with total annual salaries or fees for services (as applicable) exceeding $250,000 (other
than to replace any existing Company Employee or dependent or independent contractor performing a similar function on substantially similar
annual salaries or fees for services, as applicable); or (10) terminate the employment or engagement of any Company Employees (vice
president or above), directors or other material service providers (other than for cause);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xvi) save and except in connection with the termination of the Company Credit Facility pursuant to Section 5.9(a), enter into or terminate
any interest rate, currency, equity or commodity swaps, hedges, derivatives, forward sales contracts or other financial instruments or
like transaction other than in the ordinary course;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xvii) materially change the business carried on by the Company and its Subsidiaries, as a whole;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xviii) amend its accounting policies or adopt new accounting policies, except as required by concurrent changes in IFRS;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xix) knowingly take any action or knowingly permit any inaction or knowingly enter into any transaction (other than the implementation
and fulfillment of a Pre-Acquisition Reorganization and actions taken in the ordinary course) that would have the effect of preventing
the Purchaser or a Subsidiary of the Purchaser from obtaining a tax cost "bump", otherwise available, pursuant to paragraphs
88(1)(c) and (d) of the Tax Act in respect of the non-depreciable capital property owned by the Company or a Subsidiary of the
Company for the purposes of the Tax Act upon an amalgamation with the Company or such Subsidiary or a winding-up of the Company or such
Subsidiary into the Purchaser or a Subsidiary of the Purchaser (or successor by amalgamation to the Purchaser or a Subsidiary of the Purchaser);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xx) enter into any Contract or series of Contracts resulting in a new Contract or series of related new Contracts having a term in excess
of 12 months and that would not be terminable by the Company or its Subsidiaries upon notice of 90 days or less from the date of the relevant
Contract, or that would impose financial obligations on the Company or any of its Subsidiaries in excess of $20 million (in the aggregate)
or would otherwise be a Company Material Contract, except as disclosed in Schedule 5.1(d)(xx) of the Company Disclosure Letter;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xxi) (A) alter, amend or otherwise modify or supplement, or waive any Company Material Contract with Horizon (save for non-material
amendments), except as disclosed in Schedule 5.1(d)(xxi) of the Company Disclosure Letter; (B) with respect to any Company Material
Contract: (x) to which Horizon is not party; and (y) which is not a Principal Company Royalty and Stream Agreement, alter, amend,
or otherwise modify or supplement or waive any material provision or condition of, any such Company Material Contract (other than the
Company Credit Facility pursuant to Section 5.9); (C) enter into any new Company Standstill Agreement; or (D) alter, amend
or otherwise modify or supplement, or waive, any Company Indemnity or Payment Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xxii) incur any capital expenditures or enter into any agreement obligating the Company or its Subsidiaries to provide for future capital
expenditures involving payments in excess of $5 million (in the aggregate), other than expenditures pursuant to existing commitments and
as disclosed in Schedule 5.1(d)(xxii) of the Company Disclosure Letter;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xxiii) cause or permit any Subsidiary of the Company to take any action which would render, or which would reasonably be expected to render,
any representation or warranty made by the Company in this Agreement untrue or inaccurate in any material respect (disregarding for this
purpose all materiality or Company Material Adverse Effect qualifications contained therein); or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xxiv) commence, as plaintiff, any legal proceeding before a Governmental Entity that would reasonably be expected to prevent or delay the
consummation of the transactions contemplated hereby;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xxv) except as set out in Schedule 5.1(d)(xxv) of the Company Disclosure Letter, alter, amend or otherwise modify or supplement, or
waive any material provision of the Strategic Review Assets, which for clarity shall include any settlement, waiver, amendment, restructuring,
or deferment of the maturity date of amounts payable thereunder; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xxvi) take any action or fail to take any action which action or failure to act would result in the Company and any of its Subsidiaries
to, whether individually or jointly with any associates, affiliates, or other persons, hold more than 19.99% of the total outstanding
common shares in the capital of the Strategic Review Party on a non-diluted basis;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) terminate, let lapse or amend or modify any insurance policy maintained by the Company and its Subsidiaries; and except as contemplated
by Section 5.15, the Company shall use its commercially reasonable efforts to cause its and its Subsidiaries' current insurance
(or re-insurance) policies not to be cancelled or terminated or any of the coverage thereunder to lapse, unless simultaneously with such
termination, cancellation or lapse, replacement policies underwritten by insurance and re-insurance companies of nationally recognized
standing providing coverage equal to or greater than the coverage under the cancelled, terminated or lapsed policies for substantially
similar premiums are in full force and effect, provided that, subject to Section 5.15, neither the Company nor any of its Subsidiaries
shall obtain or renew any insurance (or re-insurance) policy for a term exceeding 12 months;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) the Company and each of its Subsidiaries shall:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) duly and timely file all Tax Returns required to be filed by it on or after the date hereof and all such Tax Returns will be true,
complete and correct in all material respects;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) timely deduct, withhold, collect, remit and pay all Taxes which are required to be deducted, withheld, collected, remitted or paid
by it to the extent due and payable;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) not make, change or rescind any material election, information return or designation relating to Taxes, except as may be required
by applicable Laws;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) not make a request for a Tax ruling, voluntarily disclose any potential or actual Tax issue to any taxing authority, or enter into
or amend any agreement with any taxing authorities, or consent to any extension or waiver of any limitation period with respect to Taxes;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) not settle or compromise any claim, action, suit, litigation, proceeding, arbitration, investigation, audit or controversy relating
to Taxes affecting the Company or any of its Subsidiaries (other than the payment, discharge or satisfaction of liabilities reflected
in or reserved against in the audited consolidated financial statements of the Company for the year ended December 31, 2024);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) not surrender any right to claim any abatement, reduction, deduction, exemption, credit or refund in respect of Taxes;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) not enter into any Tax Sharing Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii) terminate all Tax Sharing Agreements without further liability to Purchaser, the Company, or its Subsidiaries following the Effective
Time;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ix) not amend any Tax Return or change any of its methods or periods of reporting income, deductions or accounting for income Tax purposes
from those employed in the preparation of its income Tax Return for the tax year ended December 31, 2024, except as may be required
by applicable Laws; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(x) keep the Purchaser reasonably informed of any events, discussions, correspondence or other action with respect to any Tax audit, investigation
or assessment (other than ordinary course communications which could not reasonably be expected to be material to the Company and its
subsidiaries); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) the Company shall not authorize, agree or otherwise commit to do any of the matters otherwise prohibited by this Section 5.1.

**5.2** **Covenants of the Company Relating to the Arrangement** 

The Company covenants and agrees that, during the period from the date of this Agreement until the earlier of the Effective Time and the termination of this Agreement in accordance with its terms, it shall, and shall cause its Subsidiaries to perform all obligations required to be performed by the Company or any of its Subsidiaries under this Agreement, co-operate with the Purchaser in connection therewith, and do all such other acts and things as may be reasonably necessary or desirable in order to consummate and make effective the transactions contemplated in this Agreement and the Company shall, and shall cause its Subsidiaries to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) other than in respect of the Regulatory Approvals, which shall be governed by Section 5.10, use its commercially reasonable efforts
to effect all necessary registrations, filings and submissions of information required by Governmental Entities from it or its Subsidiaries
relating to the Arrangement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) use its commercially reasonable efforts to obtain all third party consents, approvals and notices required to complete the transactions
contemplated by this Agreement under any of the Company Material Contracts (other than the Company Credit Facility);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) upon reasonable consultation with the Purchaser, use commercially reasonable efforts to defend all lawsuits or other legal, regulatory
or other proceedings against the Company challenging or affecting this Agreement or the consummation of the transactions contemplated
hereby;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) other than in respect of the Regulatory Approvals, which shall be governed by Section 5.10, use commercially reasonable efforts
to satisfy all conditions precedent in Section 6.1 and Section 6.2 of this Agreement and take all steps set forth in the Interim
Order and the Final Order applicable to it and comply promptly with all requirements imposed by Law on it or its Subsidiaries with respect
to this Agreement or the Arrangement to the extent the same is within its control;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) use its commercially reasonable efforts to carry out all actions necessary to ensure the availability of the exemption from registration
under Section 3(a)(10) of the U.S. Securities Act and applicable U.S. state securities laws for the issuance of the Consideration
Shares pursuant to the Plan of Arrangement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) cooperate with, and provide commercially reasonable assistance to, Purchaser in the preparation of an election by the Company pursuant
to subparagraph (c)(i) of the definition of "public corporation" contained in subsection 89(1) of the Tax Act such
that the Company ceases to be a "public corporation" for the purposes of the Tax Act;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) not take any action, or refrain from taking any commercially reasonable action, or permit any action to be taken or not taken, which
is inconsistent with this Agreement or the Horizon Support Agreement or which would reasonably be expected to prevent, materially delay
or otherwise impede the consummation of the Arrangement or the transactions contemplated by this Agreement or the Horizon Support Agreement,
provided that for the avoidance of doubt nothing in this Section 5.2(g) shall require the Company to (w) change the time
for performance of any of the obligations or acts of the Purchaser or AcquireCo; (x) waive any inaccuracies or modify any representation
or warranty contained herein or in any document delivered pursuant hereto; (y) waive compliance with or modify any of the covenants
herein contained and waive or modify performance of any of the obligations of the Purchaser or AcquireCo; or (z) waive compliance
with or modify any conditions in Section 6.1 or Section 6.3;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) use its and their commercially reasonable efforts to procure, effective as of the Effective Time, resignations and mutual releases
in form and substance satisfactory to the Company and the Purchaser, acting reasonably, from the directors and officers of the Company
and its Subsidiaries (other than any directors and officers who will be continuing their employment or services with the Company or the
Purchaser after the Effective Time);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) promptly (and, in any event, within 24 hours) notify the Purchaser of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) any Company Material Adverse Effect or change, effect, event, occurrence or state of facts or circumstance that would reasonably be
expected to have, individually or in the aggregate, a Company Material Adverse Effect;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) any notice or other communication from any Person alleging that the consent (or waiver, permit, exemption, order, approval, agreement,
amendment or confirmation) of such Person (or another Person) is required in connection with this Agreement or the Arrangement; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) any material proceedings commenced or, to the knowledge of the Company, threatened against, relating to or involving or otherwise
affecting the Company or any of its Subsidiaries in connection with this Agreement or the Arrangement. The Company shall give Purchaser
a reasonable opportunity to participate in the defense or settlement of any substantive shareholder litigation against the Company or
its directors or officers relating to the Arrangement, and no such settlement shall be agreed to without the prior written consent of
Purchaser, which consent shall not be unreasonably withheld, conditioned or delayed.

**5.3** **Covenants of the Company Relating to the Horizon Arrangement** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Company shall comply with its obligations under the Horizon Support Agreement in all material respects.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Company shall not: (i) take any action that would cause a breach by Horizon of Horizon's material obligations under
the Horizon Arrangement Agreement; (ii) fail to take any action (provided that such action is commercially reasonable) that would
cause a breach by Horizon of Horizon's material obligations under the Horizon Arrangement Agreement; and (iii) consent, assent
or approve to any breach by Horizon of Horizon's material obligations under the Horizon Arrangement Agreement.

**5.4** **Covenants of the Company Relating to TSX and NYSE Delisting** 

Prior to the Effective Date, the Company shall use commercially reasonable efforts to take, or cause to be taken, all actions, and do or cause to be done all things reasonably necessary, proper or advisable on its part under applicable Laws and rules and policies of the TSX and the NYSE to cause the delisting of the Company Shares from the TSX and the NYSE as promptly as practicable after the Effective Time.

**5.5** **Covenants of the Purchaser and AcquireCo Relating to the Conduct of Business** 

Each of the Purchaser and AcquireCo covenants and agrees that, during the period from the date of this Agreement until the earlier of the Effective Time and the termination of this Agreement in accordance with its terms, except (i) as required by Law; (ii) with the prior written consent of the Company (not to be unreasonably withheld, conditioned or delayed); (iii) as set out in the Purchaser Disclosure Letter (which disclosures shall apply against any covenants to which it is reasonably apparent they should relate); or (iv) as otherwise expressly contemplated or permitted by this Agreement or the Plan of Arrangement:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) it shall, and shall cause each of its Subsidiaries to, conduct its and their respective businesses in, not take any action except
in, and maintain and preserve its and their respective assets, contractual rights (including under Purchaser Royalty and Stream Agreements),
facilities, books and records in the ordinary course and shall use commercially reasonable efforts to, maintain and preserve in all material
respects its and their present business organization, operations, assets, contractual rights (including under Purchaser Royalty and Stream
Agreements), properties and goodwill, to keep available the services of its officers and employees as a group and to maintain satisfactory
relationships consistent with past practice with suppliers, distributors, counterparties under Purchaser Royalty and Stream Agreements,
employees and Governmental Entities having business relationships with them;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) without limiting the generality of Section 5.5(a):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the Purchaser shall not, and shall not permit any of its Subsidiaries to, directly or indirectly, sell, lease, dispose of, licence,
permit a Lien (other than a Purchaser Permitted Lien) to be created on or agree to sell, dispose of, licence, permit a Lien (other than
a Purchaser Permitted Lien) to be created on or otherwise transfer (other than through the creation of Purchaser Permitted Lien) any Principal
Purchaser Royalty and Stream Interest or in any interest in a Principal Purchaser Royalty and Stream Interest;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the Purchaser shall not, and shall not permit any of its Subsidiaries to, directly or indirectly other than as disclosed in Schedule
5.5(b)(ii) of the Purchaser Disclosure Letter, sell, lease, dispose of, licence, permit a Lien (other than a Purchaser Permitted
Lien) to be created on or agree to sell, dispose of, licence, permit a Lien (other than a Purchaser Permitted Lien) to be created on or
otherwise transfer (other than through the creation of Purchaser Permitted Lien) any Remaining Purchaser Royalty and Stream Interest or
in any interest in a Remaining Purchaser Royalty and Stream Interest;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) the Purchaser shall comply (and cause its Subsidiaries to comply) with their respective material obligations under the Principal Purchaser
Royalty and Stream Agreements;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) the Purchaser shall comply (and cause its Subsidiaries to comply) with their respective obligations under the Remaining Purchaser
Royalty and Stream Agreements, except for such non-compliances as would not individually or in the aggregate materially and adversely
impact the Purchaser and its Subsidiaries;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) the Purchaser shall not, and shall not permit any of its Subsidiaries to, directly or indirectly, alter, amend or otherwise modify
or supplement, or waive any material provision of a Principal Purchaser Royalty and Stream Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) the Purchaser shall not, and shall not permit any of its Subsidiaries to, directly or indirectly, alter, amend or otherwise modify
or supplement, or waive any provision of a Remaining Purchaser Royalty and Stream Agreement except for such alterations, amendments, modifications,
supplements or waivers as would not individually or in the aggregate materially and adversely impact the Purchaser and its Subsidiaries;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) the Purchaser shall not, and shall not permit any of its Subsidiaries to, directly or indirectly to take or omit to take any action,
or cause or permit any of its Subsidiaries to take or omit to take any action, which would cause any loss or diminishment of any of its
contractual rights under any Purchaser Royalty and Stream Agreement, except as would not individually or in the aggregate materially and
adversely impact the Purchaser and its Subsidiaries;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) without limiting the generality of Section 5.5(a), the Purchaser shall not, and shall not permit any of its Subsidiaries to,
directly or indirectly:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) issue, sell, grant, award, pledge, dispose of, or permit a Lien (other than a Purchaser Permitted Lien) to be created on, or agree
to issue, sell, grant, award, pledge, dispose of, or permit a Lien (other than a Purchaser Permitted Lien) to be created, any Purchaser
Shares, other than: (A) pursuant to the exercise or settlement of any Purchaser Incentive Awards that are outstanding as of the date
hereof in accordance with their terms or as required by the terms of the Purchaser Incentive Plan; (B) Purchaser Incentive Awards
that are issued in the ordinary course (including for the avoidance of doubt pursuant to the exercise or settlement of any such awards);
or (C) issuance of Purchaser Shares in connection with the acquisition of securities or assets of one or more third parties, provided
that the aggregate number of Purchaser Shares issued in respect of all such transactions, individually or in the aggregate, shall not
exceed 2% of the Purchaser Shares issued and outstanding at the date hereof;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) amend or propose to amend the articles, by laws or other constating documents of AcquireCo or the Purchaser or the terms of any securities
of AcquireCo or the Purchaser;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) split, consolidate or reclassify any Purchaser Shares or undertake any other capital reorganization, or declare, accrue, set aside
or pay any dividend or other distribution to Purchaser Stockholders (whether in cash, securities or property or any combination thereof)
in respect of any Purchaser Shares, other than Purchaser Permitted Dividends and the declaration and issuance of rights in connection
with a shareholder rights plan, stockholder rights agreement or similar "poison pill" adopted, renewed, amended or terminated
by the Purchaser in a manner that (A) does not prevent or materially delay consummation of the Arrangement and (B) "grandfathers"
Persons who are Company Shareholders at the time of such declaration and issuance, adoption, renewal, amendment or termination, if and
as necessary to ensure such Company Shareholders are not adversely impacted (in comparison to a Purchaser Stockholder) by such declaration
and issuance of rights, adoption, renewal, amendment or termination;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) reorganize, amalgamate or merge the Purchaser or any of its Subsidiaries with any other Person, other than any internal reorganizations
between the Purchaser and its Subsidiaries;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) reduce the stated capital of the Purchaser Shares;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) except as disclosed in Schedule 5.5(c)(vi) of the Purchaser Disclosure Letter, acquire (by merger, consolidation, acquisition
of stock or assets or otherwise) or agree to acquire, directly or indirectly, in one transaction or in a series of related transactions,
any Person, or make any investment or agree to make any investment (by purchase of shares or securities, contributions of capital (other
than to wholly-owned Subsidiaries), property transfer, purchase of any property or assets or otherwise), directly or indirectly, in one
transaction or in a series of related transactions, in any Person, other than acquisitions (A) in the ordinary course or (B) where
the value of such acquisitions, investments, contributions of capital, property transfers or purchases does not exceed $500 million;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) adopt a plan of liquidation or resolutions providing for the winding up, liquidation or dissolution of AcquireCo or the Purchaser;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii) materially change the business carried on by the Purchaser and its Subsidiaries, as a whole;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ix) waive, release, grant, transfer, exercise, modify or amend in any material respect, other than in the ordinary course, any material
Authorization, lease, concession, contract or other document (excluding any Purchaser Royalty and Stream Agreements, which are governed
under Section 5.5(b));

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(x) commence, as plaintiff, any legal proceeding before a Governmental Entity that could reasonably be expected
to prevent or delay the consummation of the transactions contemplated hereby;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xi) cause or permit any Subsidiary of the Purchaser to take any action which would render, or which reasonably may be expected to render,
any representation or warranty made by the Purchaser in this Agreement untrue or inaccurate in any material respect (disregarding for
this purpose all materiality or Purchaser Material Adverse Effect qualifications contained therein); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) the Purchaser shall not authorize, agree or otherwise commit to do any of the matters otherwise prohibited by this Section 5.5.

**5.6** **Covenants of the Purchaser and AcquireCo Relating to the Arrangement** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Each of AcquireCo and the Purchaser covenants and agrees that, during the period from the date of this Agreement until the earlier
of the Effective Time and the termination of this Agreement in accordance with its terms, it shall and shall cause its Subsidiaries to
perform all obligations required to be performed by AcquireCo, the Purchaser or any of their Subsidiaries under this Agreement, co-operate
with the Company in connection therewith, and do all such other acts and things as may be reasonably necessary or desirable in order to
consummate and make effective the transactions contemplated in this Agreement and each of AcquireCo and the Purchaser shall, and shall
cause its Subsidiaries to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) other than in respect of the Regulatory Approvals, which shall be governed by Section 5.10, use its commercially reasonable efforts
to effect all necessary registrations, filings and submissions of information required by Governmental Entities from it or its Subsidiaries
relating to the Arrangement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) use its commercially reasonable efforts to obtain all third party consents, approvals and notices required
to complete the transactions contemplated by this Agreement under any of the Purchaser Material Contracts;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) upon reasonable consultation with the Company, use commercially reasonable efforts to defend all lawsuits or other legal, regulatory
or other proceedings against AcquireCo or the Purchaser challenging or affecting this Agreement or the consummation of the transactions
contemplated hereby;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) other than in respect of the Regulatory Approvals, which shall be governed by Section 5.10, use commercially reasonable efforts
to satisfy all conditions precedent in Section 6.1 and Section 6.3 of this Agreement to the extent the same is within its control
and take all steps set forth in the Interim Order and the Final Order applicable to it and comply promptly with all requirements imposed
by Law on it or its Subsidiaries with respect to this Agreement or the Arrangement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) use its commercially reasonable efforts to carry out all actions necessary to ensure the availability of the exemption from registration
under Section 3(a)(10) of the U.S. Securities Act and applicable U.S. state securities laws for the issuance of the Consideration
Shares pursuant to the Plan of Arrangement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) not take any action, or refrain from taking any commercially reasonable action, or permit any action to be taken or not taken, which
is inconsistent with this Agreement or which would reasonably be expected to prevent, materially delay or otherwise impede the consummation
of the Arrangement or the transactions contemplated by this Agreement, provided that for the avoidance of doubt nothing in this Section 5.6(a)(vi) shall
require the Purchaser to (w) change the time for performance of any of the obligations or acts of the Company; (x) waive any
inaccuracies or modify any representation or warranty contained herein or in any document delivered pursuant hereto; (y) waive compliance
with or modify any of the covenants herein contained and waive or modify performance of any of the obligations of the Company; or (z) waive
compliance with or modify any conditions in Section 6.1 or Section 6.2; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) promptly (and, in any event, within 24 hours) notify the Company of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) any Purchaser Material Adverse Effect or change, effect, event, occurrence or state of facts or circumstance that would reasonably
be expected to have, individually or in the aggregate, a Purchaser Material Adverse Effect;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) any notice or other communication from any Person alleging that the consent (or waiver, permit, exemption, order, approval, agreement,
amendment or confirmation) of such Person (or another Person) is required in connection with this Agreement or the Arrangement; 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;(C) any material proceedings commenced or, to the knowledge of the Purchaser, threatened against, relating to or involving or otherwise
affecting the Purchaser or any of its Subsidiaries in connection with this Agreement or the Arrangement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) With respect to the Consideration Shares, the Purchaser shall:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) apply for and use its commercially reasonable efforts to obtain approval of the listing for trading on Nasdaq by the Effective Time
of the Purchaser Shares issuable pursuant to the Arrangement, subject to official notice of issuance;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) apply for and use its commercially reasonable efforts to obtain approval of the listing for trading on the Nasdaq by the Effective
Time of the Purchaser Shares issuable upon exercise of the Company Options, subject to official notice of issuance; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) to the extent the Purchaser deems necessary, on or as promptly as practicable following the Effective Date, file a registration statement
on Form S-8 with the U.S. SEC to register the issuance of Purchaser Shares upon exercise of the Company Options.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Company shall use commercially reasonable efforts to cooperate with the Purchaser in connection with the matters described under
Section 5.6(b), including by providing information reasonably requested by the Purchaser in connection therewith.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Each of AcquireCo and the Purchaser shall ensure that the Consideration Shares shall, at the Effective Time, either be registered
or qualified under all applicable U.S. state securities laws, or exempt from such registration and qualification requirements.

**5.7** **Covenants of the Purchaser Relating to the Horizon Arrangement** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Purchaser shall not, without the prior written consent of the Company, which shall not be unreasonably withheld or delayed, take
any action that would amend the Horizon Arrangement Agreement for any of the following purposes:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) so that the Outside Date (as such term is defined in the Horizon Arrangement Agreement) becomes a date that is later than January 6,
2026;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) so that the consideration payable to the securityholders of Horizon is decreased;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) so that the covenants of the Purchaser and AcquireCo in Section 5.4 of the Horizon Arrangement Agreement are amended to make
such covenants less burdensome on either of the Purchaser or AcquireCo;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) so that the conditions to closing are amended in any material respect; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) so that the termination rights of either party to the Horizon Arrangement Agreement are amended in any material respect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Purchaser shall, subject to compliance with applicable Laws, provide information reasonably requested by the Company regarding
the status of the Horizon Arrangement and the Horizon Arrangement's progress towards consummation, including by providing the Company
with a reasonable opportunity to discuss the same with the Purchaser, provided, however, that the Purchaser shall not be required to provide
the Company with any information that would violate any contractual obligation of the Purchaser or the Purchaser's Subsidiaries
or breach, contravene or violate any applicable Law.

**5.8** **Control and Supervision of the Company and the Purchaser** 

Nothing in this Agreement shall give one Party, directly or indirectly, the right to direct or control the other Party's business or operations prior to the Effective Date. Prior to the Effective Date, each Party shall exercise, consistent with the terms of this Agreement, complete control and supervision over its own business and operations. Nothing in this Agreement, including any of the restrictions set forth herein, shall be interpreted in such a way as to place any Party in violation of Law.

**5.9** **Termination of Company Credit Facility; Consents under Purchaser Credit Facility** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Company shall deliver to the Purchaser at least two business days prior to the Effective Date a payout statement in form reasonably
satisfactory to the Purchaser, setting forth, if applicable, the total amounts payable pursuant to the Company Credit Facility (if any)
to fully satisfy all principal, interest, fees, costs, and expenses owed to each holder of indebtedness under the Company Credit Facility
(including to fully cash collateralize all outstanding cash management obligations, letters of credit, bankers' acceptances and
hedging arrangements under the Company Credit Facility or with a lender under the Company Credit Facility or an affiliate of such lender,
which may be satisfied by the Company) as of the anticipated Effective Date (and any applicable per diem amounts), together with appropriate
wire instructions, together with a release and discharge from the administrative agent under the Company Credit Facility that upon payment
in full of all such amounts owed to the administrative agent, the lenders under the Company Credit Facility and affiliates of such lenders
(if any), (i) all indebtedness under such Company Credit Facility shall be discharged and satisfied in full (other than contingent
obligations not then due, obligations which survive the termination of the Company Credit Facility and obligations in respect of cash
management agreements, letters of credit, bankers' acceptances and hedging arrangements with respect to which arrangements will
be made to the satisfaction of the applicable cash management counterparties, issuing banks and hedge counterparties, respectively, and
the Purchaser and the Company), (ii) all loan documents entered into in connection with the Company Credit Facility shall be terminated
with respect to the Company and its Subsidiaries that are borrowers or guarantors thereof (or the assets of which secure such indebtedness,
if applicable) and (iii) all Liens on the Company and its Subsidiaries and their respective assets relating to the Company Credit
Facility (other than Liens securing obligations in respect of cash management obligations, letters of credit, bankers' acceptances
and hedging arrangements that may survive pursuant to the terms of such payoff letter) shall be released and terminated, together with
an undertaking to deliver any applicable documents necessary to evidence the release and termination of such Liens and any guarantees
by the Company and its Subsidiaries in respect of the Company Credit Facility.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Purchaser shall make adequate arrangements, and the Company shall cooperate with the Purchaser in making such arrangements, such
that all outstanding indebtedness under the Company Credit Facility, as described in Section 5.9(a), shall be repaid in full by the
Purchaser to the appropriate lenders so as to permit the full repayment and termination of the Company Credit Facility as contemplated
therein concurrent with the Effective Time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Purchaser shall use commercially reasonable efforts, at its sole cost and expense (notwithstanding any provision in this Agreement
to the contrary), to obtain concurrent with the Effective Time all necessary waivers, consents or amendments to the Purchaser Credit Facility
to give effect to the transactions contemplated by this Agreement and the Arrangement such that there shall be no default or event of
default (however denominated) under the Purchaser Credit Facility through the Effective Time, and the Purchaser shall provide copies of
such waivers, consents or amendments (to the extent required) to the Purchaser Credit Facility to the Company at least one business day
prior to the Effective Date.

**5.10** **Regulatory Approvals** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Each of the Purchaser and the Company will, and will cause their respective Subsidiaries to, use commercially reasonable efforts to
obtain the Regulatory Approvals as promptly as practicable and in any event so as to allow the Effective Time to occur before the Outside
Date. Without limiting the generality of the foregoing:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) unless mutually agreed to in writing otherwise between the Purchaser and the Company, with respect to the transactions contemplated
by this Agreement:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) the Purchaser shall, within 10 business days of the date of this Agreement, file with the Commissioner a request for an Advance Ruling
Certificate or, in the alternative, a No Action Letter;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) if the Canadian Competition Act Approval is not obtained within 16 calendar days following the aforementioned filing by the Purchaser,
any time thereafter either the Purchaser or the Company may notify the other in writing of its intention to file a complete pre-merger
notification form pursuant to Section 114 of the Competition Act, in which case the Purchaser and the Company shall each file its
respective pre-merger notification form within 10 business days after having received such written 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;(C) the Purchaser shall, within 10 business days of the date of this Agreement, file with the Director of Investments under the Investment
Canada Act an application for review pursuant to Subsection 17(1) of the Investment Canada Act and, in connection with such filing,
request feedback from the responsible Governmental Entity as soon as practicable thereafter, and the Purchaser shall submit its proposed
written undertakings within 5 business days of receipt of such initial feedback from the responsible Governmental Entity on its application
for review; 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;(D) the Purchaser and the Company shall, within 15 business days of the date of the Agreement, file with the SA Competition Commission
a joint merger notification, prepared in accordance with the requirements under the SA Competition Act; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the Purchaser and the Company will, and will cause their respective Subsidiaries to, use commercially reasonable efforts to promptly
furnish to any applicable Governmental Entity all additional information, documents or other materials that may be requested by any such
Governmental Entity in connection with the Regulatory Approvals.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Purchaser and the Company will, and will cause their respective Subsidiaries to, coordinate and cooperate in exchanging information
and supplying assistance that is reasonably requested in connection with this Section 5.10, including (i) providing each other
with advance copies of and a reasonable opportunity to comment on all notices, filings, requests, submissions and other documents or information
to be supplied to or filed with any Governmental Entity in connection with the Regulatory Approvals and considering in good faith any
suggestions made by the other Party with respect to such notices, filings, requests, submissions and other documents or information; (ii) promptly
providing each other with final copies of all notices, filings, requests, submissions and other documents or information supplied to or
filed with any Governmental Entity and all notices, correspondence or other documents or information received from any Governmental Entity
in connection with the Regulatory Approvals; (iii) keeping the other Party and their respective counsel fully apprised of all written
(including email) and oral communications and all meetings with any Governmental Entity in connection with the Regulatory Approvals, and,
unless participation by a party is prohibited by applicable Law or by such Governmental Entity, neither party will engage in any such
communications or meetings with a Governmental Entity without first giving the other Party or its external counsel a full and reasonable
opportunity to participate; and (iv) providing the other Party, at a Party's reasonable request, with any information that
is in the first Party's possession, or under its direction or control, that may be required or useful in connection with the matters
in this Section 5.10.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) To the extent that any information or documentation to be provided by one Party to the other Party pursuant to this Section 5.10
is, in the reasonable view of the disclosing party, competitively sensitive, the disclosing party may supply such information or documentation
on an "external counsel only basis" (or otherwise on a restricted basis at the disclosing party's sole discretion) and
such receiving party will not request or otherwise receive such information from any Persons to whom the disclosed information or documentation
has been provided, while the disclosing party shall provide a redacted version of any such materials to the receiving party.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The Parties, acting reasonably and diligently, will mutually determine and direct the efforts and strategy to obtain the Regulatory
Approvals, provided, however, that, in the event of a disagreement between the Purchaser and Company regarding the strategy to obtain
the Regulatory Approvals, the Purchaser shall make available its Chief Executive Officer to discuss the strategy with the Chief Executive
Officer (or any other Person nominated by the Chief Executive Officer) of the Company and the Purchaser's Chief Executive Officer
shall give good faith consideration to the Company's views before making a final decision, acting reasonably and in accordance with
the Purchaser's obligations in Section 5.10(e), on the strategy to take to obtain the Regulatory Approvals.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) For greater certainty, and notwithstanding anything to the contrary in this Agreement, in connection with obtaining the Key Regulatory
Approvals, except in respect of the Purchaser's obligation to offer and agree to undertakings necessary to obtain approval by the
responsible Minister under Part IV of the Investment Canada Act, provided that such undertakings would not, in the aggregate, be
reasonably expected to have a material adverse effect on the business or the results of operations of the Company and its Subsidiaries,
taken as a whole, the Purchaser will not be required to offer, negotiate, effect or agree to: (A) the sale, divestiture, licensing
or other disposition of all or any part of the businesses or assets of the Purchaser, the Company or any affiliate thereof; (B) the
termination of any existing contractual rights, relationships and obligations or entry into, or amendment, of any licensing arrangements;
(C) the taking of any action that, after consummation of the transactions contemplated by this Agreement, would limit the freedom
of action of, or impose any other requirement on the Purchaser, the Company or any affiliate thereof with respect to the operation of
one or more of the businesses or the assets of the Purchaser, the Company or any affiliate thereof; and (D) complete the transactions
contemplated by this Agreement into a hold separate arrangement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) The Purchaser and the Company shall (and shall cause their respective Subsidiaries to, as applicable) file, as promptly as practicable
but in any event within 30 business days after the date of this Agreement or such other date as the Purchaser and the Company may reasonably
agree, any other filings or notifications under any other applicable federal, provincial, state or foreign Law required to obtain any
other Regulatory Approvals and which is not otherwise explicitly addressed in this Section 5.10.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) The Purchaser and the Company each will pay half of any filing fees (including any Taxes thereon) in respect of any filing made to
any Governmental Entity in respect of any Regulatory Approvals.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) AcquireCo, the Purchaser and the Company shall not (and shall cause their respective Subsidiaries not to) enter into any transaction,
investment, agreement, arrangement or joint venture or take any other action or fail or refrain from taking any commercially reasonable
action, the effect of which would reasonably be expected to make obtaining the Regulatory Approvals materially more difficult or challenging,
or reasonably be expected to materially delay the obtaining of the Regulatory Approvals.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) AcquireCo, the Purchaser and the Company shall use (and shall cause their respective Subsidiaries to use) their respective commercially
reasonable efforts to defend any judicial or administrative action or similar proceeding instituted (or threatened to be instituted) or
pending by or before any Governmental Entity under any Law and to have any such action or proceeding withdrawn or discontinued and any
stay, restraining order, injunction or similar order entered by any Governmental Entity vacated, lifted, reversed, or overturned.

**5.11** **Employment Matters** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Prior to the Effective Time, the Company shall use commercially reasonable efforts to cause, and cause its Subsidiaries to cause,
directors and officers of the Company and its Subsidiaries (other than any directors or officers who will be continuing their employment
or services with the Company or the Purchaser after the Effective Time) to enter into mutual releases with the Company and its Subsidiaries
of all claims against the other, in form and substance satisfactory to the Company and the Purchaser, acting reasonably, excluding any
claims arising from (i) any rights to indemnity that the director or officer (including, for the avoidance of doubt, vice presidents
and above) may have under applicable Law, including the BCBCA or the articles of the Company, or any agreement with the Company, (ii) any
rights to contribution or indemnification that the director may have with respect to coverage under any applicable director's and
officer's insurance policy of the Company and (iii) any amounts payable pursuant to the Arrangement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) As of and from the Effective Time, the Purchaser shall cause the Company, its Subsidiaries and any successor to the Company to honour
and fully comply with the terms of all of the severance, change of control, termination or other payment obligations of the Company or
its Subsidiaries under the existing employment, consulting, change of control and severance agreements of the Company or its Subsidiaries which are disclosed in the Company Disclosure Letter .

**5.12** **Pre-Acquisition Reorganization** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Subject to Section 5.12(b), the Company shall use commercially reasonable efforts to effect such reorganization of its business,
operations, Subsidiaries and assets or such other transactions (each, a "**Pre-Acquisition Reorganization**") as the Purchaser
may reasonably request prior to the Effective Date, reasonably cooperate with the Purchaser in structuring, planning and implementing
any such Pre-Acquisition Reorganization, and the Plan of Arrangement, if required, shall be modified accordingly in a manner acceptable
to the Company, acting reasonably; provided, however, that the Pre-Acquisition Reorganization:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) will not prejudice the Company or the Company Shareholders;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) would not impede or materially delay the consummation of the Arrangement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) does not require the approval of any of the Company Shareholders (other than the approval of the Arrangement
Resolution);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) is effected as close as reasonably practicable prior to the Effective Time, and, in any event, after all
Regulatory Approvals have been obtained;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) shall not be effected until after the Purchaser has waived or confirmed that all of the conditions stipulated in the Purchaser's
favour under Section 6.1 and Section 6.2 have been satisfied, and has confirmed in writing that the Purchaser is prepared to
promptly and without condition proceed to effect the Arrangement

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) does not require any filings with, notifications to or approvals of any Governmental Entity or third party which may not be made,
effected or obtained prior to the Effective Date;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) can be unwound in the event the Arrangement is not consummated without adversely affecting, or being prejudicial to, the Company,
its Subsidiaries or the Company Shareholders;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii) does not result in a change of control, default or acceleration of any of the Company's existing credit facilities, except as
otherwise triggered by the Arrangement and the transactions contemplated herein;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ix) does not unreasonably interfere with the Company's operations prior to the Effective Time;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(x) does not result in any breach by the Company or any of its Subsidiaries of any Company Material Contract or Authorization material
to the Company or any breach by the Company of the Company's constating documents or by any of its Subsidiaries of their respective
organizational documents or Law; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xi) does not require the Company or its Subsidiaries to take any action that could reasonably be expected to result in any Taxes being
imposed on, or any adverse Tax or other consequences to, any Company Shareholder or holder of Company Incentive Awards incrementally greater
than the Taxes or other consequences to such party in connection with the consummation of the Arrangement in the absence of any Pre-Acquisition
Reorganization.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Subject to the terms of this Agreement, the Company shall use its commercially reasonable efforts to obtain any consents required
to effect each Pre-Acquisition Reorganization. The Purchaser shall provide written notice to the Company of any proposed Pre-Acquisition
Reorganization (which notice will include full particulars of all material steps and transactions with respect to such Pre-Acquisition
Reorganization) at least 15 business days prior to the Effective Date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) If this Agreement is terminated (other than by the Purchaser pursuant to Section 9.2(a)(iii)(A)), the Purchaser shall:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) forthwith reimburse the Company for all reasonable and documented out-of-pocket costs, fees and expenses incurred by the Company and
its Subsidiaries in connection with any proposed Pre-Acquisition Reorganization, including all amounts relating to the considering, effecting,
voiding, reversing or unwinding of a Pre-Acquisition Reorganization; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) indemnify and hold harmless the Company, its Subsidiaries and their respective officers, directors, employees, agents, advisors and
Representatives from and against any and all liabilities, losses, damages, claims, penalties, interests, awards, judgements and Taxes
suffered or incurred by any of them in connection with or as a result of any Pre-Acquisition Reorganization, including to reverse, terminate,
modify or unwind any Pre-Acquisition Reorganization.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The Purchaser acknowledges and agrees that the planning for and implementation of any Pre-Acquisition Reorganization shall not be
considered a breach of any covenant under this Agreement and shall not be considered in determining whether a representation or warranty
of the Company hereunder has been breached. The Purchaser and the Company shall work cooperatively and use commercially reasonable efforts
to prepare prior to the Effective Time all documentation necessary and do such other acts and things as are necessary to give effect to
such Pre-Acquisition Reorganization. For the avoidance of doubt, the Company shall not be liable for the failure of the Purchaser to benefit
from any anticipated Tax efficiency as a result of a Pre-Acquisition Reorganization.

**5.13** **Filings** 

The Parties will cooperate reasonably and in good faith to determine whether the transactions set out in this Agreement and any related transactions are required to be reported to any applicable taxing authority pursuant to section 237.3 or 237.4 of the Tax Act (or any provisions of similar effect) and, if so, the Parties shall cooperate to make such reporting in a comprehensive and timely manner, in the form required by such Law. The Parties may request reasonable representations and warranties from each other to the extent necessary to establish any factual matters relevant to the determination of whether reporting is required and the content of such reporting.

**5.14** **Access to Information; Confidentiality** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) From the date hereof until the earlier of the Effective Time and the termination of this Agreement pursuant to its terms, subject
to compliance with applicable Law and the terms of any existing Contracts, the Company shall, and shall cause its Subsidiaries and its
and their respective Representatives to, afford to the Purchaser and to its Representatives such access as the Purchaser may reasonably
require at all reasonable times, to the Company's officers, employees, agents, properties, books, records and Contracts (including
Tax Returns and Tax work papers), and shall furnish the Purchaser with all data and information as the Purchaser may reasonably request,
provided that the Company shall not be required to afford such access or furnish such information to the extent that the Company believes,
in its reasonable good faith judgment, that doing so would (i) result in the loss of attorney-client, work product or other privilege,
(ii) result in the disclosure of any trade secrets of third parties or violate any obligations of the Company or any of the Company's
Subsidiaries with respect to confidentiality to any third party, or otherwise breach, contravene or violate any such effective Contract
to which the Company or any Subsidiary of the Company is a party, or (iii) breach, contravene or violate any applicable Law. Without
limiting the foregoing, during such period, the Company shall, and shall cause its Subsidiaries and its and their respective Representatives
to, afford the Purchaser and its Representatives such access to the Company Employees, the assets and property of the Company and its
Subsidiaries and the data, information and records (including data, information and records relating to Company Employees and such monthly
reports with respect to the operations of the Company and its Subsidiaries as the Purchaser may reasonably request) as is reasonably necessary
in order for the Purchaser to observe the Company's operations, to facilitate the closing of the Arrangement and the transition
of the business of the Company and its Subsidiaries to the Purchaser; provided that any such access shall be during normal business hours
upon reasonable advance notice to the Company, under the supervision of the Company's personnel and in such a manner as not to interfere
with the conduct of the Company's business or any other businesses of the Company. All such access shall be at the sole risk of
the Purchaser and its Representatives.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Purchaser and the Company acknowledge and agree that information furnished pursuant to this Section 5.14 shall be subject
to the terms and conditions of the Confidentiality Agreement.

**5.15** **Insurance and Indemnification** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) All rights to indemnification existing in favour of the present and former directors and officers of the Company (each such present
or former director or officer of the Company being herein referred to as an "**Indemnified Party**" and such persons collectively
being referred to as the "**Indemnified Parties** "), as provided for in agreements to which the Company or any of its Subsidiaries
is a party and that are in effect as of the date hereof (as set forth in Schedule 5.15(a) to the Company Disclosure Letter) and as
of the Effective Time, will survive and continue in full force and effect and without modification provided that copies of all Company
Indemnity or Payment Agreements have been provided to the Purchaser prior to the date hereof, and the Company and any successor to the
Company shall continue to honour such rights of indemnification and indemnify the Indemnified Parties pursuant thereto, with respect to
actions or omissions of the Indemnified Parties occurring prior to the Effective Time, for six years following the Effective Date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Prior to the Effective Time, notwithstanding any other provision hereof, the Company shall purchase customary prepaid non-cancellable
 "tail" directors' and officers' liability insurance providing protection no less favourable in the aggregate to
the protection provided by the policies maintained by the Company and its Subsidiaries which are in effect immediately prior to the Effective
Date and providing coverage no less favourable in the aggregate to the protection provided by the policies maintained by the Company and
its Subsidiaries which are in effect immediately prior to the Effective Date for a period of six years from the Effective Date with respect
to claims arising from or related to facts or events which occur prior to the Effective Date, and the Purchaser will, or will cause the
Company and its Subsidiaries to, maintain such tail policies in effect without any reduction in scope or coverage for six years from the
Effective Date, provided that the total cost of such "tail" directors' and officers' liability insurance shall
not exceed 400% of the current annual aggregate premium for directors' and officers' liability insurance currently maintained
by the Company and its Subsidiaries. As of and from the Effective Time, the Purchaser shall, or shall cause the Company and its Subsidiaries
to maintain such tail policies in effect without any reduction in scope or coverage for six years from the Effective Date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) If the Company or the Purchaser or any of their respective successors or assigns shall (i) amalgamate, consolidate with or merge
or wind-up into any other Person and shall not be the continuing or surviving corporation or entity; or (ii) transfer all or substantially
all of its properties and assets to any Person, then, and in each such case, proper provisions shall be made so that the successors and
assigns and transferees of the Company or the Purchaser, as the case may be, shall assume all of the obligations of the Company or the
Purchaser, as applicable, set forth in this Section 5.15.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The provisions of this Section 5.15 are intended for the benefit of, and shall be enforceable by, each insured or indemnified
Person, his or her heirs and his or her legal representatives and, for such purpose, the Company hereby confirms that it is acting as
agent on their behalf. Furthermore, this Section 5.15 shall survive the termination of this Agreement as a result of the occurrence
of the Effective Date for a period of six years.

**Article 6** **<br> CONDITIONS**

**6.1** **Mutual Conditions Precedent** 

The obligations of the Parties to complete the Arrangement are subject to the fulfillment of each of the following conditions precedent on or before the Effective Time, each of which may only be waived, in whole or in part, with the mutual consent of the Parties:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the Arrangement Resolution shall have been approved and adopted by the Company Shareholders at the Company Meeting in accordance with
the Interim Order;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the Interim Order and the Final Order shall each have been obtained on terms consistent with this Agreement, and shall not have been
set aside or modified in a manner unacceptable to either the Company or the Purchaser, each acting reasonably, on appeal or otherwise;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) the Purchaser Stockholder Approval shall have been obtained in accordance with Nasdaq rules and applicable Law at the Purchaser
Meeting;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) all of the Key Regulatory Approvals shall have been obtained and shall remain in full force and effect;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) there shall be no Law in effect that makes the consummation of the Arrangement illegal or otherwise prohibits or enjoins the Company
or the Purchaser from consummating the Arrangement (including, for the avoidance of doubt, any Law prohibiting the issuance of the Consideration
Shares without an exemption from the registration requirements of the U.S. Securities Act pursuant to section 3(a)(10));

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) the distribution of the Consideration Shares shall be exempt from the prospectus and registration requirements of applicable Canadian
Securities Laws either by virtue of exemptive relief from the securities regulatory authorities of each of the provinces and territories
of Canada or by virtue of applicable exemptions under Canadian Securities Laws and shall not be subject to resale restrictions under applicable
Canadian Securities Laws;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) the Purchaser Shares to be issued pursuant to or in connection with the Arrangement, including the Purchaser Shares to be issued upon
exercise of the Company Options, shall have been approved for listing on Nasdaq (subject only to official notice of issuance); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) this Agreement shall not have been terminated in accordance with its terms.

**6.2** **Additional Conditions Precedent to the Obligations of the Purchaser** 

The obligations of AcquireCo and the Purchaser to complete the Arrangement are subject to the fulfillment of each of the following conditions precedent on or before the Effective Time (each of which is for the exclusive benefit of AcquireCo and the Purchaser and may be waived by the AcquireCo and the Purchaser, in whole or in part, at any time):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) all covenants of the Company under this Agreement to be performed on or before the Effective Time shall have been duly performed by
the Company in all material respects and AcquireCo and the Purchaser shall have received a certificate of the Company addressed to AcquireCo
and the Purchaser and dated the Effective Date, signed on behalf of the Company by a senior executive officer of the Company (on the Company's
behalf and without personal liability), confirming the same as of the Effective Date;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) (i) the representations and warranties of the Company set forth in this Agreement (other than as contemplated in clauses (ii) and
(iii)) shall be true and correct in all respects, without regard to any materiality or Company Material Adverse Effect qualifications
contained in them, as of the date of this Agreement and as of the Effective Time as though made on and as of such date or time (except
for representations and warranties made as of a specified date, the accuracy of which shall be determined as of that specified date),
except where the failure or failures of all such representations and warranties to be so true and correct in all respects, individually
or in the aggregate, would not reasonably be expected to have a Company Material Adverse Effect; (ii) the representations and warranties
of the Company set forth in Sections (a), (b), (c)(i)(A)(1) and (v)(v) of Schedule F shall be true and correct in all respects
as of the date of this Agreement and as of the Effective Time as though made on and as of such date or time (except for representations
and warranties made as of a specified date, the accuracy of which shall be determined as of that specified date), and (iii) the representations
and warranties of the Company set forth in Sections (d)(i), (h) and (hh) of Schedule F shall be true and correct in all respects
(except for de minimis inaccuracies and as a result of transactions, changes, conditions, events or circumstances permitted hereunder)
as of the date of this Agreement and as of the Effective Time as though made on and as of such date or time (except for representations
and warranties made as of a specified date, the accuracy of which shall be determined as of that specified date), and AcquireCo and the
Purchaser shall have received a certificate of the Company addressed to AcquireCo and the Purchaser and dated the Effective Date, signed
on behalf of the Company by a senior executive officer of the Company (on the Company's behalf and without personal liability),
confirming the same;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) the Horizon Arrangement Agreement shall have been entered into and shall remain in full force and effect (unless Horizon has terminated
the Horizon Arrangement Agreement pursuant to Section 8.2(a)(iv)(A) thereof);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) the Company shall have complied with its obligations under the Horizon Support Agreement in all material respects;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) provided that the Horizon Arrangement Agreement has not been terminated by Horizon pursuant to Section 8.2(a)(iv)(A) thereof,
the conditions precedent to the obligations of the Purchaser set forth in Section 6.1 and Section 6.2 of the Horizon Arrangement
Agreement (other than Section 6.2(c) and Section 6.2(d) of the Horizon Arrangement Agreement) shall have been satisfied
or waived by the Purchaser and AcquireCo as of the Effective Time, provided that the failure of any of the foregoing conditions set forth
in the Horizon Arrangement Agreement to be satisfied or waived is not due to the Purchaser having breached any of its representations,
warranties, covenants or obligations under this Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) any notice set out in Schedule 6.2(f) of the Company Disclosure Letter, to the extent required by the terms of the Company Royalty
and Stream Agreements to be delivered prior to the Effective Time, shall have been delivered, in accordance with the terms thereof in
form and substance satisfactory to the Purchaser, acting reasonably;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) provided that the Purchaser has complied with its obligations hereunder in all material respects, including, without limitation, under
Section 5.10, there shall not be pending or threatened any order or proceeding by any Governmental Entity or any other person that
is reasonably likely to result in any:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) prohibition or restriction on the acquisition by the Purchaser of any Company Shares or the completion of the Arrangement or any Person
obtaining from any of the Parties any material damages directly in connection with the Arrangement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) prohibition or material limit on the ownership by the Purchaser of the Company or any material portion of its businesses; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) imposition of limitations on the ability of the Purchaser to complete the Arrangement or acquire or hold, or exercise full rights
of ownership of, any Company Shares, including the right to vote such Company Shares;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) between the date hereof and the Effective Time, there shall not have occurred a Company Material Adverse Effect that is continuing
as of the Effective Time; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Dissent Rights shall not have been exercised (or, if exercised, not withdrawn) with respect to more than 5% of the issued and outstanding
Company Shares.

**6.3** **Additional Conditions Precedent to the Obligations of the Company** 

The obligation of the Company to complete the Arrangement is subject to the fulfillment of each of the following conditions precedent on or before the Effective Time (each of which is for the exclusive benefit of the Company and may be waived by the Company, in whole or in part, at any time):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) all covenants of the Purchaser and AcquireCo under this Agreement to be performed on or before the Effective Time shall have been
duly performed by the Purchaser and AcquireCo, as applicable, in all material respects and the Company shall have received (i) a
certificate of the Purchaser, addressed to the Company and dated the Effective Date, signed on behalf of the Purchaser by a senior executive
officer (on the Purchaser's behalf and without personal liability), confirming the same with respect to the Purchaser as of the
Effective Date; and (ii) a certificate of AcquireCo, addressed to the Company and dated the Effective Date, signed on behalf of AcquireCo
by a senior executive officer (on AcquireCo's behalf and without personal liability), confirming the same with respect to AcquireCo
as of the Effective Date;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) (i) the representations and warranties of the Purchaser and AcquireCo set forth in this Agreement (other than as contemplated
in clauses (ii) and (iii)) shall be true and correct in all respects, without regard to any materiality or Purchaser Material Adverse
Effect qualifications contained in them, as of the date of this Agreement and as of the Effective Time as though made on and as of such
date or time (except for representations and warranties made as of a specified date, the accuracy of which shall be determined as of that
specified date), except where the failure or failures of all such representations and warranties to be so true and correct in all respects,
individually or in the aggregate, would not reasonably be expected to have a Purchaser Material Adverse Effect; (ii) the representations
and warranties of the Purchaser set forth in Sections (a), (b), (c)(i)(A)(1) and (q)(v) of Schedule G shall be true and
correct in all respects as of the date of this Agreement and as of the Effective Time as though made on and as of such date or time (except
for representations and warranties made as of a specified date, the accuracy of which shall be determined as of that specified date),
and (iii) the representations and warranties of AcquireCo and the Purchaser set forth in Sections (d)(i), (g) and (w) of
Schedule G shall be true and correct in all respects (except for de minimis inaccuracies and as a result of transactions, changes,
conditions, events or circumstances permitted hereunder) as of the date of this Agreement and as of the Effective Time as though made
on and as of such date or time (except for representations and warranties made as of a specified date, the accuracy of which shall be
determined as of that specified date), and the Company shall have received (i) a certificate of the Purchaser addressed to the Company
and dated the Effective Date, signed on behalf of the Purchaser by a senior executive officer of the Purchaser (on the Purchaser's
behalf and without personal liability), confirming the same with respect to the Purchaser and (ii) a certificate of AcquireCo addressed
to the Company and dated the Effective Date, signed on behalf of AcquireCo by a senior executive officer of AcquireCo (on the AcquireCo's
behalf and without personal liability), confirming the same with respect to AcquireCo;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) the notifications, waivers, amendments, consents, permits, approvals, releases, licences or authorizations under or pursuant to the
Purchaser Material Contracts as set out in Schedule 6.3(c) of the Purchaser Disclosure Letter will have been obtained on terms which
are satisfactory to the Company, acting reasonably;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) the Purchaser shall have complied with its obligations under Section 2.12, and the Depositary shall have confirmed to the Company
its receipt of such Purchaser Shares; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) between the date hereof and the Effective Time, there shall not have occurred a Purchaser Material Adverse Effect that is continuing
as of the Effective Time.

**6.4** **Satisfaction of Conditions** 

The conditions precedent set out in Section 6.1, Section 6.2 and Section 6.3 will be conclusively deemed to have been satisfied at the Effective Time. For greater certainty, and notwithstanding the terms of any escrow arrangement entered into among AcquireCo, the Purchaser and the Depositary, all Purchaser Shares held in escrow by the Depositary pursuant to Section 2.12 shall be released from escrow at the Effective Time without any further act or formality required on the part of any Person.

**Article 7** **<br> ADDITIONAL AGREEMENTS OF THE COMPANY REGARDING<br> Company ACQUISITION PROPOSALS**

**7.1** **Non-Solicitation by the Company** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Except as expressly provided in this Article 7, until the earlier of the Effective Time or the date, if any, on which this Agreement
is terminated pursuant to Section 9.2, the Company shall not, and shall cause its Subsidiaries not to, and neither shall authorize
any of their respective Representatives to and each shall direct their respective Representatives not to, on behalf of the Company and
any Subsidiary, as applicable:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) solicit, initiate, knowingly encourage or otherwise knowingly facilitate (including by way of furnishing or providing copies of, access
to, or disclosure of, any confidential information, properties, facilities, books or records of the Company or any of its Subsidiaries)
any inquiry, proposal or offer that constitutes or would reasonably be expected to constitute or lead to a Company Acquisition Proposal;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) engage or participate in any discussions or negotiations with any Person (other than the Purchaser or its affiliates) in respect of
any inquiry, proposal or offer that constitutes or would reasonably be expected to constitute or lead to a Company Acquisition Proposal,
provided that the Company may (A) advise any Person of the restrictions of this Agreement, (B) clarify the terms of any inquiry,
proposal or offer in order to determine if it may reasonably be expected to result in a Company Superior Proposal, and (C) advise
any Person making a Company Acquisition Proposal that the Company Board has determined that such Company Acquisition Proposal does not
constitute, or is not reasonably expected to result in, a Company Superior Proposal;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) approve or authorize, or cause or permit the Company or any Company Subsidiary to enter into, any merger agreement, acquisition agreement,
reorganization agreement, letter of intent, memorandum of understanding, agreement in principle, option agreement, joint venture agreement,
partnership agreement or similar agreement or document relating to, or any other agreement or commitment providing for, any Company Acquisition
Proposal (other than an acceptable confidentiality agreement entered into in accordance with Section 7.3(d)); or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) (A) adopt, approve, publicly endorse or publicly recommend or publicly propose to adopt, approve, endorse or recommend, any Company
Acquisition Proposal, (B) withdraw, change, amend, modify or qualify, or otherwise publicly propose to withdraw, change, amend, modify
or qualify, in a manner adverse to the Purchaser, the Company Board Recommendation (except as a result of the occurrence of a Purchaser
Material Adverse Effect), (C) if a Company Acquisition Proposal has been publicly disclosed, fail to (I) publicly recommend
against any such Company Acquisition Proposal within five business days after the Purchaser's written request that the Company or
the Company Board do so (or subsequently withdraw, change, amend, modify or qualify (or publicly propose to do so), in a manner adverse
to the Purchaser, such rejection of such Company Acquisition Proposal) and (II) reaffirm the Company Board Recommendation within
such five business day period (or, with respect to any Company Acquisition Proposal or any material amendment, revision or change to the
terms of any such previously publicly disclosed Company Acquisition Proposal that is publicly disclosed within the last five days immediately
prior to the then-scheduled Company Meeting, fail to take the actions referred to in this clause (C), with references to the applicable
five business day period being replaced with three business days), (D) fail to include the Company Board Recommendation in the Company
Circular, (E) make any public announcement or take any other action inconsistent with, or that could reasonably be likely to be regarded
as detracting from, the approval, recommendation or declaration of advisability of the Company Board of the transactions contemplated
hereby, (F) permit the Company to accept or enter into any Contract requiring the Company to abandon, terminate or fail to consummate
the Arrangement or providing for the payment of any break, termination or other fees or expenses to any Person proposing a Company Acquisition
Proposal in the event that the Company completes the transactions contemplated hereby or any other transaction with the Purchaser or any
of its affiliates or (G) commit or agree to do any of the foregoing (each a "**Company Change in Recommendation** ").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Company shall, and shall cause its Subsidiaries and each shall direct their respective Representatives to, immediately cease and
cause to be terminated any existing solicitation, encouragement, discussion or negotiation with any Person (other than the Purchaser or
its affiliates) with respect to any inquiry, proposal or offer that constitutes or would reasonably be expected to constitute or lead
to a Company Acquisition Proposal and, in connection therewith, the Company will discontinue access to any of its and its Subsidiaries'
confidential information (and not establish or allow access to any of its confidential information, or any data room, virtual or otherwise,
in each case, except as permitted by this Agreement) and shall as promptly as reasonably practicable request, and use commercially reasonable
efforts to exercise all rights it has (or cause its Subsidiaries to exercise rights that they have) to require the return or destruction
of all confidential information regarding the Company and its Subsidiaries provided in the preceding 12-month period in connection therewith
(to the extent such information has not already been returned or destroyed and shall use its commercially reasonable efforts to confirm
that such requests are complied with in accordance with the terms of such rights) and shall, on request of the Purchaser, provide written
confirmation that it has done so. The Company shall not, and shall not authorize or permit any of its Subsidiaries to, directly or indirectly,
amend, modify or release any third party from any confidentiality, non-solicitation or standstill agreement (or standstill provisions
contained in any such agreement) to which such third party is a party (it being understood that the automatic termination or release of
any standstill provisions contained in any such agreements as a result of the entering into or announcement of this Agreement shall not
be a violation of this Section 7.1(b), or terminate, modify, amend or waive the terms thereof).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) For the avoidance of doubt, any act or omission of the Company Board (including any committee thereof), the Company, any Subsidiary
of the Company or any of its or their respective affiliates, directors, officers, employees, legal counsel, accountants, or financial
or other advisors, that would constitute a violation of the restrictions set forth in this Section 7.1 if carried out or failed to
be carried out, as the case may be, by the Company Board (including any committee thereof), shall constitute a breach of this Section 7.1
by the Company.

**7.2** **Notification of Company Acquisition Proposals** 

If the Company or any of its Subsidiaries or any of their respective Representatives receives (x) any inquiry, proposal or offer that constitutes or would reasonably be expected to constitute or lead to a Company Acquisition Proposal or (y) any request for non-public information relating to the Company or any of its Subsidiaries or access to the properties, books or records of the Company or any Subsidiary in connection with any inquiry, proposal or offer that constitutes or would reasonably be expected to constitute or lead to a Company Acquisition Proposal, then the Company shall promptly notify the Purchaser orally and then as soon as reasonably practicable thereafter (and, in any event, within 24 hours) in writing of such Company Acquisition Proposal, inquiry, proposal, offer or request and shall indicate the identity of the Person or group of Persons making such proposal, inquiry or contact and all material terms and conditions thereof and shall provide a copy of any such Company Acquisition Proposal, inquiry, proposal, offer or request and unredacted copies of all material written communications (and a summary of all substantive discussions) related thereto. The Company shall keep the Purchaser promptly (and in any event within 24 hours) informed of the status, including any change to the material terms, of any such Company Acquisition Proposal, inquiry, proposal, offer or request. The Company agrees that it will not, directly or indirectly, enter into any agreement with any Person which directly or indirectly prohibits the Company from providing any information to the Purchaser in accordance with, or otherwise complying with, this Article 7.

**7.3** **Responding to Company Acquisition Proposals** 

Notwithstanding Section 7.1, if, prior to the approval of the Arrangement Resolution by the Company Shareholders, the Company receives a *bona fide* written Company Acquisition Proposal, the Company may (x) engage in or participate in discussions or negotiations with the Person or group of Persons making such Company Acquisition Proposal, (y) provide such Person or group of Persons non-public information relating to the Company or any of its Subsidiaries or access to the properties, books or records of the Company or any Subsidiary, and (z) share any information relating to the Company Acquisition Proposal with Horizon and participate in and facilitate discussions between Horizon and such Person or group of Persons with respect to an acquisition proposal with respect to Horizon, if and only if:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) such Company Acquisition Proposal did not result from a breach of Section 7.1 by the Company in any material respect;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the Company Board first determines, in good faith after consultation with the Company's legal and financial advisors, that such
Company Acquisition Proposal constitutes or would reasonably be expected to constitute or lead to a Company Superior Proposal and has
provided the Purchaser with written notice of such determination;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) the Company Board first determines, in good faith after consultation with the Company's legal advisors, that the failure to
participate in such discussions or negotiations or to disclose such non-public information to such third party would be inconsistent with
the fiduciary duties of the Company Board directors under applicable Law; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) prior to providing any such information, copies, access or disclosures, (i) the Company enters into a confidentiality agreement
with such Person, or confirms it has previously entered into such an agreement which remains in effect, in either case on terms not materially
less stringent than the Confidentiality Agreement, (ii) the Company provides the Purchaser with a true, complete and final executed
copy of such confidentiality agreement, and (iii) any such copies, access or disclosure provided to such Person shall have already
been or shall concurrently be provided to the Purchaser.

**7.4** **Superior Proposals and Right to Match** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Notwithstanding any other provision of this Agreement, if, prior to the approval of the Arrangement Resolution by the Company Shareholders,
the Company receives a written Company Acquisition Proposal that the Company Board (after consultation from the Company's legal
and financial advisors) determines in good faith constitutes a Company Superior Proposal, the Company Board may make a Company Change
in Recommendation and/or enter into a definitive agreement (a "**Company Proposed Agreement**") with respect to such Company
Superior Proposal if and only if:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) such Company Acquisition Proposal did not result from a breach of Section 7.1 by the Company in any material respect;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) prior to making a Company Change in Recommendation and/or entering into a Company Proposed Agreement, the Company has provided the
Purchaser with a notice in writing (a "**Company Superior Proposal Notice** "), which notice shall contain (A) a statement
as to the intention of the Company Board to determine such Company Acquisition Proposal constitutes a Company Superior Proposal, (B) the
value in financial terms that the Company Board has determined should be ascribed to any non-cash consideration offered (other than securities
consideration for which a "liquid market" exists, within the meaning of MI 61-101, at the time of the delivery of such notice)
under such Company Superior Proposal, (C) a copy of any Company Proposed Agreement relating to such Company Superior Proposal, and
(D) copies of any material financing documents provided to the Company in connection therewith (with customary redactions);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) at least five business days (the "**Matching Period**") shall have elapsed from the date that the Purchaser received
the Company Superior Proposal Notice;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) during the Matching Period, the Purchaser shall have had the opportunity (but not the obligation) to propose amendments to the terms
of the Arrangement in accordance with Section 7.4(b);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) after the Matching Period, the Company Board (after consultation with the Company's legal and financial advisors) has determined
in good faith that such Company Acquisition Proposal continues to constitute a Company Superior Proposal compared to any proposed amendments
to the terms of the Arrangement by the Purchaser and has (A) provided the Purchaser with material details of the basis on which such
determination was made and (B) determined in good faith that failure to take such action would be inconsistent with the fiduciary
duties of the Company Board under applicable Law; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) prior to or concurrently with entering into such Company Proposed Agreement, the Company shall have terminated this Agreement pursuant
to Section 9.2(a)(iv)(C) and shall have paid to the Purchaser the Company Termination Payment pursuant to Section 9.4(c)(ii).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Company acknowledges and agrees that, during the Matching Period, (i) the Purchaser shall have the opportunity, but not the
obligation, to propose to amend the terms of the Arrangement, (ii) the Company shall negotiate in good faith with the Purchaser to
enable the Purchaser to make such amendments to the terms of the Arrangement as would enable the Purchaser to proceed with the Arrangement
and any related transactions on such amended terms, and (iii) the Company Board shall review any proposal by the Purchaser to amend
the terms of the Arrangement in order to determine in good faith whether such proposal would result in the Company Acquisition Proposal
previously constituting a Company Superior Proposal ceasing to constitute a Company Superior Proposal compared to the proposed amendments
to the terms of the Arrangement. If the Company Board determines that the Company Acquisition Proposal would cease to constitute a Company
Superior Proposal as compared to the proposed amendments to the terms of the Arrangement, the Company and the Purchaser will promptly
amend this Agreement and the Plan of Arrangement to reflect such proposed amendments. If the Company Meeting is scheduled to occur during
a Matching Period, the Company may, and upon the written request of the Purchaser the Company shall, adjourn or postpone the Company Meeting
to (x) a date specified by the Purchaser in writing that is not later than six business days after the date on which the Company
Meeting was originally scheduled to be held or (y), if the Purchaser does not specify such date, to the sixth business day after the date
on which the Company Meeting was originally scheduled to be held.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Company Board shall promptly reaffirm the Company Board Recommendation by press release after: (i) any Company Acquisition
Proposal which the Company Board determines not to constitute a Company Superior Proposal is publicly announced; or (ii) the Company
Board determines that a proposed amendment to the terms of the Arrangement pursuant to Section 7.4(b) would result in any Company
Acquisition Proposal which has been publicly announced no longer constituting a Company Superior Proposal. The Purchaser and its counsel
shall be given a reasonable opportunity to review and comment on the form and content of any such press release, recognizing that whether
or not such comments are appropriate will be determined by the Company, acting reasonably.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Nothing contained in this Agreement shall prohibit the Company Board from responding through a directors' circular or otherwise
as required by applicable Securities Laws to a Company Acquisition Proposal that it determines is not a Company Superior Proposal if:
(i) in the good faith judgment of the Company Board, after consultation with outside legal counsel, failure to make such disclosure
would be inconsistent with the fiduciary duties of the Company Board under applicable Law, (ii) the Company provides each of the
Purchaser and its legal counsel with a reasonable opportunity to review and comment on the form and content of any such disclosure, including
but not limited to the directors' circular or otherwise, and (iii) the Company considers all proposed amendments to such disclosure
as requested by the Purchaser and its legal counsel, acting reasonably. Nothing in this Agreement shall prevent the Company Board from
(x) calling and holding a meeting of Company Shareholders duly requisitioned by Company Shareholders in accordance with the BCBCA,
or (y) calling and holding a meeting of Company Shareholders ordered to be held by a court of competent jurisdiction in accordance
with Law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Each successive amendment or modification of any Company Acquisition Proposal that results in an increase in, or modification of,
the consideration (or value of such consideration) to be received by the Company Shareholders or other material terms or conditions thereof,
shall constitute a new Company Acquisition Proposal for the purposes of this Section 7.4.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) The Company shall not become a party to any Contract with any Person subsequent to the date hereof that limits or prohibits the Company
from (i) providing or making available to the Purchaser and its affiliates and Representatives any information provided or made available
to such person or its officers, directors, employees, consultants, advisors, agents or other representatives (including solicitors, accountants,
investment bankers and financial advisors) pursuant to any confidentiality agreement described in this Section 7.4 or (ii) providing
the Purchaser and its affiliates and Representatives with any other information required to be given to it by the Company under this Section 7.4.

**Article 8** **<br> ADDITIONAL AGREEMENTS OF THE Purchaser REGARDING PURCHASER ACQUISITION pROPOSALS**

**8.1** **Non-Solicitation by the Purchaser** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Except as expressly provided in this Article 8, until the earlier of the Effective Time or the date, if any, on which this Agreement
is terminated pursuant to Section 9.2, the Purchaser shall not, and shall cause its Subsidiaries not to, and neither shall authorize
any of their respective Representatives to and each shall direct their respective Representatives not to, on behalf of the Purchaser and
any Subsidiary, as applicable:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) solicit, initiate, knowingly encourage or otherwise knowingly facilitate (including by way of furnishing or providing copies of, access
to, or disclosure of, any confidential information, properties, facilities, books or records of the Purchaser or any of its Subsidiaries)
any inquiry, proposal or offer that constitutes or would reasonably be expected to constitute or lead to a Purchaser Acquisition Proposal;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) engage or participate in any discussions or negotiations with any Person (other than the Company or its affiliates) in respect of
any inquiry, proposal or offer that constitutes or would reasonably be expected to constitute or lead to a Purchaser Acquisition Proposal,
provided that the Purchaser may (A) advise any Person of the restrictions of this Agreement, (B) clarify the terms of any inquiry,
proposal or offer in order to determine if it may reasonably be expected to result in a Purchaser Superior Proposal, and (C) advise
any Person making a Purchaser Acquisition Proposal that the Purchaser Board has determined that such Purchaser Acquisition Proposal does
not constitute, or is not reasonably expected to result in, a Purchaser Superior Proposal;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) approve or authorize, or cause or permit the Purchaser or any Purchaser Subsidiary to enter into, any merger agreement, acquisition
agreement, reorganization agreement, letter of intent, memorandum of understanding, agreement in principle, option agreement, joint venture
agreement, partnership agreement or similar agreement or document relating to, or any other agreement or commitment providing for, any
Purchaser Acquisition Proposal (other than an acceptable confidentiality agreement entered into in accordance with Section 8.3(d));
or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) (A) adopt, approve, publicly endorse or publicly recommend or publicly propose to adopt, approve, endorse or recommend, any Purchaser
Acquisition Proposal, (B) withdraw, change, amend, modify or qualify, or otherwise publicly propose to withdraw, change, amend, modify
or qualify, in a manner adverse to the Company, the Purchaser Board Recommendation (except as a result of the occurrence of a Company
Material Adverse Effect), (C) if a Purchaser Acquisition Proposal has been publicly disclosed, fail to (I) publicly recommend
against any such Purchaser Acquisition Proposal within five business days after the Company's written request that the Purchaser
or the Purchaser Board do so (or subsequently withdraw, change, amend, modify or qualify (or publicly propose to do so), in a manner adverse
to the Company, such rejection of such Purchaser Acquisition Proposal) and (II) reaffirm the Purchaser Board Recommendation within
such five business day period (or, with respect to any Purchaser Acquisition Proposal or any material amendment, revision or change to
the terms of any such previously publicly disclosed Purchaser Acquisition Proposal that is publicly disclosed within the last five days
immediately prior to the then-scheduled Purchaser Meeting, fail to take the actions referred to in this clause (C), with references to
the applicable five business day period being replaced with three business days), (D) fail to include the Purchaser Board Recommendation
in the Purchaser Proxy Statement, (E) make any public announcement or take any other action inconsistent with, or that could reasonably
be likely to be regarded as detracting from, the approval, recommendation or declaration of advisability of the Purchaser Board of the
transactions contemplated hereby, (F) permit the Purchaser to accept or enter into any Contract requiring the Purchaser to abandon,
terminate or fail to consummate the Arrangement or providing for the payment of any break, termination or other fees or expenses to any
Person proposing a Purchaser Acquisition Proposal in the event that the Purchaser completes the transactions contemplated hereby or any
other transaction with the Company or any of its affiliates or (G) commit or agree to do any of the foregoing (each a "**Purchaser Change in Recommendation** ").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Purchaser shall, and shall cause its Subsidiaries and each shall direct their respective Representatives to, immediately cease
and cause to be terminated any existing solicitation, encouragement, discussion or negotiation with any Person (other than the Company
or its affiliates) with respect to any inquiry, proposal or offer that constitutes or would reasonably be expected to constitute or lead
to a Purchaser Acquisition Proposal and, in connection therewith, the Purchaser will discontinue access to any of its and its Subsidiaries'
confidential information (and not establish or allow access to any of its confidential information, or any data room, virtual or otherwise,
in each case, except as permitted by this Agreement) and shall as promptly as reasonably practicable request, and use commercially reasonable
efforts to exercise all rights it has (or cause its Subsidiaries to exercise rights that they have) to require the return or destruction
of all confidential information regarding the Purchaser and its Subsidiaries provided in the preceding 12-month period in connection therewith
(to the extent such information has not already been returned or destroyed and shall use its commercially reasonable efforts to confirm
that such requests are complied with in accordance with the terms of such rights) and shall, on request of the Company, provide written
confirmation that it has done so. The Purchaser shall not, and shall not authorize or permit any of its Subsidiaries to, directly or indirectly,
amend, modify or release any third party from any confidentiality, non-solicitation or standstill agreement (or standstill provisions
contained in any such agreement) to which such third party is a party (it being understood that the automatic termination or release of
any standstill provisions contained in any such agreements as a result of the entering into or announcement of this Agreement shall not
be a violation of this Section 8.1(b), or terminate, modify, amend or waive the terms thereof).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) For the avoidance of doubt, any act or omission of the Purchaser Board (including any committee thereof), the Purchaser, any Subsidiary
of the Purchaser or any of its or their respective affiliates, directors, officers, employees, legal counsel, accountants, or financial
or other advisors, that would constitute a violation of the restrictions set forth in this Section 8.1 if carried out or failed to
be carried out, as the case may be, by the Purchaser Board (including any committee thereof), shall constitute a breach of this Section 8.1
by the Purchaser.

**8.2** **Notification of Purchaser Acquisition Proposals** 

If the Purchaser or any of its Subsidiaries or any of their respective Representatives receives (x) any inquiry, proposal or offer that constitutes or would reasonably be expected to constitute or lead to a Purchaser Acquisition Proposal or (y) any request for non-public information relating to the Purchaser or any of its Subsidiaries or access to the properties, books or records of the Purchaser or any Subsidiary in connection with any inquiry, proposal or offer that constitutes or would reasonably be expected to constitute or lead to a Purchaser Acquisition Proposal, then the Purchaser shall promptly notify the Company orally and then as soon as reasonably practicable thereafter (and, in any event, within 24 hours) in writing of such Purchaser Acquisition Proposal, inquiry, proposal, offer or request and shall indicate the identity of the Person or group of Persons making such proposal, inquiry or contact and all material terms and conditions thereof and shall provide a copy of any such Purchaser Acquisition Proposal, inquiry, proposal, offer or request and unredacted copies of all material written communications (and a summary of all substantive discussions) related thereto. The Purchaser shall keep the Company promptly (and in any event within 24 hours) informed of the status, including any change to the material terms, of any such Purchaser Acquisition Proposal, inquiry, proposal, offer or request. The Purchaser agrees that it will not, directly or indirectly, enter into any agreement with any Person which directly or indirectly prohibits the Purchaser from providing any information to the Company in accordance with, or otherwise complying with, this Article 8.

**8.3** **Responding to Purchaser Acquisition Proposals** 

Notwithstanding Section 8.1, if, prior to the approval of the Purchaser Stock Issuance by the Purchaser Stockholders, the Purchaser receives a *bona fide* written Purchaser Acquisition Proposal, the Purchaser may (x) engage in or participate in discussions or negotiations with the Person or group of Persons making such Purchaser Acquisition Proposal, and (y) provide such Person or group of Persons non-public information relating to the Purchaser or any of its Subsidiaries or access to the properties, books or records of the Purchaser or any Subsidiary, if and only if:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) such Purchaser Acquisition Proposal did not result from a breach of Section 8.1 by the Purchaser in any material respect;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the Purchaser Board first determines, in good faith after consultation with the Purchaser's legal and financial advisors, that
such Purchaser Acquisition Proposal constitutes or would reasonably be expected to constitute or lead to a Purchaser Superior Proposal
and has provided the Company with written notice of such determination;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) the Purchaser Board first determines, in good faith after consultation with the Purchaser's legal advisors, that the failure
to participate in such discussions or negotiations or to disclose such non-public information to such third party would be inconsistent
with the fiduciary duties of the Purchaser Board directors under applicable Law; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) prior to providing any such information, copies, access or disclosures, (i) the Purchaser enters into a confidentiality agreement
with such Person, or confirms it has previously entered into such an agreement which remains in effect, in either case on terms not materially
less stringent than the Confidentiality Agreement, (ii) the Purchaser provides the Company with a true, complete and final executed
copy of such confidentiality agreement, and (iii) any such copies, access or disclosure provided to such Person shall have already
been or shall concurrently be provided to the Company.

**8.4** **Purchaser Superior Proposal** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Notwithstanding any other provision of this Agreement, if, prior to the approval of the Purchaser Stock Issuance by the Purchaser
Stockholders, the Purchaser receives a written Purchaser Acquisition Proposal that the Purchaser Board (after consultation with the Purchaser's
legal and financial advisors) determines in good faith constitutes a Purchaser Superior Proposal, the Purchaser Board may make a Purchaser
Change in Recommendation and/or enter into a definitive agreement (a "**Purchaser Proposed Agreement**") with respect to
such Purchaser Superior Proposal if and only if:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) such Purchaser Acquisition Proposal did not result from a breach of Section 8.1 by the Purchaser in any material respect;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) at least three business days prior to making a Purchaser Change in Recommendation and/or entering into a Purchaser Proposed Agreement,
the Purchaser has provided the Company with a notice in writing (a "**Purchaser Superior Proposal Notice** "), which notice
shall contain (A) a statement as to the intention of the Purchaser Board to determine such Purchaser Acquisition Proposal constitutes
a Purchaser Superior Proposal, (B) the value in financial terms that the Purchaser Board has determined should be ascribed to any
non-cash consideration offered (other than securities consideration for which a "liquid market" exists, within the meaning
of MI 61-101, at the time of the delivery of such notice) under such Purchaser Superior Proposal, (C) a copy of any Purchaser Proposed
Agreement relating to such Purchaser Superior Proposal, and (D) copies of any material financing documents provided to the Purchaser
in connection therewith (with customary redactions); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) prior to or concurrently with entering into such Purchaser Proposed Agreement, the Purchaser shall have terminated this Agreement
pursuant to Section 9.2(a)(iii)(E) and shall have paid to the Company the Purchaser Termination Payment pursuant to Section 9.4(e)(ii).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Purchaser Board shall promptly reaffirm the Purchaser Board Recommendation by press release after any Purchaser Acquisition Proposal
which the Purchaser Board determines not to constitute a Purchaser Superior Proposal is publicly announced. The Company and its counsel
shall be given a reasonable opportunity to review and comment on the form and content of any such press release, recognizing that whether
or not such comments are appropriate will be determined by the Purchaser, acting reasonably.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Nothing contained in this Agreement shall prohibit the Purchaser Board from responding through a directors' circular or otherwise
as required by applicable Securities Laws to a Purchaser Acquisition Proposal that it determines is not a Purchaser Superior Proposal
if: (i) in the good faith judgment of the Purchaser Board, after consultation with outside legal counsel, failure to make such disclosure
would be inconsistent with the fiduciary duties of the Purchaser Board under applicable Law, (ii) the Purchaser provides each of
the Company and its legal counsel with a reasonable opportunity to review and comment on the form and content of any such disclosure,
including but not limited to the directors' circular or otherwise, and (iii) the Purchaser considers all proposed amendments
to such disclosure as requested by the Company and its legal counsel, acting reasonably. Nothing in this Agreement shall prevent the Purchaser
Board from (x) calling and holding a meeting of Purchaser Stockholders duly requisitioned by Purchaser Stockholders in accordance
with the DGCL, or (y) calling and holding a meeting of Purchaser Stockholders ordered to be held by a court of competent jurisdiction
in accordance with Law

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The Purchaser shall not become a party to any Contract with any Person subsequent to the date hereof that limits or prohibits the
Purchaser from (i) providing or making available to the Company and its affiliates and Representatives any information provided or
made available to such Person or its officers, directors, employees, consultants, advisors, agents or other representatives (including
solicitors, accountants, investment bankers and financial advisors) pursuant to any confidentiality agreement described in this Section 8.4
or (ii) providing the Company and its affiliates and Representatives with any other information required to be given to it by the
Purchaser under this Section 8.4.

**Article 9** **<br> TERM, TERMINATION, AMENDMENT AND WAIVER**

**9.1** **Term** 

This Agreement shall be effective from the date hereof until the earlier of the Effective Time and the termination of this Agreement in accordance with its terms.

**9.2** **Termination** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) This Agreement may be terminated at any time prior to the Effective Time:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) by mutual written agreement of the Company, the Purchaser and AcquireCo;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) by either the Company or the Purchaser, 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;(A) the Effective Time shall not have occurred on or before the Outside Date; provided further that the right to terminate this Agreement
under this Section 9.2(a)(ii)(A) shall not be available to any Party whose failure to perform any of its covenants or agreements
or breach of any of its representations and warranties under this Agreement has been the cause of, or resulted in, the failure of the
Effective Time to occur by the Outside Date; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) after the date hereof, there shall have been enacted, made or enforced any applicable Law (or any applicable Law shall have been amended)
that makes consummation of the Arrangement illegal or otherwise prohibits or enjoins the Company or the Purchaser from consummating the
Arrangement and such applicable Law, prohibition or enjoinment shall have become final and non-appealable; 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;(C) the Company Shareholder Approval shall not have been obtained at the Company Meeting (or any adjournment(s) or postponement(s) thereof)
in accordance with the Interim Order, except that the right to terminate this Agreement under this Section 9.2(a)(ii)(C) shall
not be available to any Party whose failure to perform any of its covenants or agreements or breach of any of its representations and
warranties in any material respect under this Agreement has been the cause of, or resulted in, the failure to receive the Company Shareholder
Approval; 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;(D) the Purchaser Stockholder Approval shall not have been obtained at the Purchaser Meeting (or any adjournment(s) or postponement(s) thereof)
in accordance with applicable Law, except that the right to terminate this Agreement under this Section 9.2(a)(ii)(D) shall
not be available to any Party whose failure to perform any of its covenants or agreements or breach of any of its representations and
warranties in any material respect under this Agreement has been the cause of, or resulted in, the failure to receive the Purchaser Stockholder
Approval; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) by the Purchaser, 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;(A) subject to compliance with Section 9.3, (x) a breach of any representation or warranty, or (y) failure to perform any
covenant or agreement on the part of the Company set forth in this Agreement (other than Section 7.1), in each case, shall have occurred
that would cause the conditions set forth in Sections 6.1 or 6.2 not to be satisfied, and such breach or failure is incapable of being
cured prior to the Outside Date; provided that the Purchaser is not then in breach of this Agreement so as to cause any condition in Sections
6.1 or 6.3 not to be satisfied; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) (1) there is a Company Change in Recommendation or (2) the Company shall have breached Section 7.1 in any material
respect; 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;(C) the Horizon Arrangement Agreement is terminated in accordance with its terms, provided that the right to terminate this Agreement
pursuant to this Section 9.2(a)(iii)(C) shall not be available to the Purchaser if the Horizon Arrangement Agreement has been
terminated by Horizon pursuant to Section 8.2(a)(iv)(A) of the Horizon Arrangement Agreement; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(D) the Company shall have failed to comply with its obligations under the Horizon Support Agreement in any material respect; 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;(E) prior to the approval of the Purchaser Stock Issuance, the Purchaser wishes to enter into a Purchaser Proposed Agreement with respect
to a Purchaser Superior Proposal (other than a confidentiality agreement permitted by Section 8.3, provided that the Purchaser is
then in compliance with Article 8 in all material respects and that, prior to or concurrently with such termination, the Purchaser
pays the Purchaser Termination Payment pursuant to Section 9.4(e)(ii); or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) by the Company, 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;(A) subject to compliance with Section 9.3, (x) a breach of any representation or warranty, or (y) failure to perform any
covenant or agreement on the part of the Purchaser set forth in this Agreement (other than Section 8.1), in each case, shall have
occurred that would cause the conditions set forth in Sections 6.1 or 6.3 not to be satisfied, and such breach or failure is incapable
of being cured prior to the Outside Date; provided that the Company is not then in breach of this Agreement so as to cause any condition
in Sections 6.1 or 6.2 not to be satisfied; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) (1) there is a Purchaser Change in Recommendation or (2) the Purchaser shall have breached Section 8.1 in any material
respect; 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;(C) prior to the approval of the Arrangement Resolution, the Company wishes to enter into a Company Proposed Agreement with respect to
a Company Superior Proposal (other than a confidentiality agreement permitted by Section 7.3); provided that the Company is then
in compliance with Article 7 in all material respects and that, prior to or concurrently with such termination, the Company pays
the Company Termination Payment pursuant to Section 9.4(c)(ii).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Party desiring to terminate this Agreement pursuant to this Section 9.2 (other than pursuant to Section 9.2(a)(i)) shall
give notice of such termination to the other Parties, specifying in reasonable detail the basis for such Party's exercise of its
termination right.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) If this Agreement is terminated pursuant to Section 9.1 (as a result of the Effective Time occurring) or Section 9.2, this
Agreement shall become void and be of no further force or effect without liability of any Party (or any shareholder, director, officer,
employee, agent, consultant or representative of such Party) to any other Party hereto, except that: (i) in the event of termination
under Section 9.1 as a result of the Effective Time occurring, the provisions of this Section 9.2(c) and Sections 2.14,
2.15, 5.11, 5.12, 5.14, 5.15, 10.1, 10.2, 10.3 and 10.11 and all related definitions set forth in Section 1.1 shall survive for a
period of six years thereafter; and (ii) in the event of termination under Section 9.2, the provisions of this Section 9.2(c) and
Sections 5.12, 5.14, 9.4, 10.1, 10.2, 10.3, 10.4, 10.5, 10.6 and 10.7 and all related definitions set forth in Section 1.1 and the
provisions of the Confidentiality Agreement shall survive indefinitely; provided that, subject to Section 9.4(g), no Party shall
be relieved or released from any liabilities or damages arising out of fraud or wilful breach by it of any provision of this Agreement.

**9.3** **Notice and Cure** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Each Party shall give prompt notice to the others of the occurrence, or failure to occur, at any time from the date hereof until the
earlier to occur of the termination of this Agreement in accordance with its terms and the Effective Time, of any event or state of facts
which occurrence or failure would, or would be likely to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) cause any of the representations or warranties of such Party contained herein to be untrue or inaccurate in any material respect from
the date hereof to the Effective Time; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) result in the failure to comply with or satisfy any agreement, covenant or condition to be complied with or satisfied by such Party
hereunder prior to the Effective Time,

provided, however, that the delivery of any notice pursuant to this Section 9.3 shall not limit or otherwise affect the representations, warranties, covenants and agreements of the Parties (or remedies available hereunder to the Party receiving that notice) or the conditions to the obligations of the Parties under this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) No Party may elect to terminate this Agreement pursuant to the conditions set forth herein or any termination right arising therefrom
under Section 9.2(a)(iii)(A) or Section 9.2(a)(iv)(A), as applicable, and no payments are payable as a result of such termination
pursuant to Section 9.4 unless, prior to the Effective Date, the Party seeking to terminate this Agreement has delivered a written
notice to the other Parties indicating its intention to terminate this Agreement specifying in reasonable detail all breaches of covenants,
representations and warranties or other matters which the Party delivering such notice is asserting as the basis for termination. After
delivering such notice, provided that a Party is proceeding diligently to cure such matter and such matter is capable of being cured,
no Party may terminate this Agreement until the earlier of the Outside Date and the expiration of a period of 15 business days from the
date of such notice. If such notice is delivered prior to the date of the Company Meeting or the Purchaser Meeting, as the case may be,
the Company (in the case of the Company Meeting) or the Purchaser (in the case of the Purchaser Meeting) may postpone or adjourn such
meeting to the earlier of a date that is five business days prior to the Outside Date and the date that is 15 business days following
the delivery of such notice.

**9.4** **Termination Payments** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Except as otherwise provided herein, all fees, costs and expenses incurred in connection with this Agreement and the Plan of Arrangement
shall be paid by the Party incurring such fees, costs or expenses, whether or not the Arrangement is consummated.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) For the purposes of this Agreement, "**Company Termination Payment Event**" means the termination of this Agreement:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) by the Purchaser pursuant to Section 9.2(a)(iii)(B) or Section 9.2(a)(iii)(D);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) by the Company pursuant to Section 9.2(a)(iv)(C);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) by either the Company or the Purchaser pursuant to Section 9.2(a)(ii)(C), following a Company Change in Recommendation (but not
including a termination by either the Company or the Purchaser pursuant to Section 9.2(a)(ii)(C) in circumstances where the
Company Change in Recommendation resulted from an occurrence of a Purchaser Material Adverse Effect); or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) by either the Purchaser or the Company pursuant to Section 9.2(a)(ii)(C) or by the Purchaser pursuant to Section 9.2(a)(iii)(A),
in each case, 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;(A) prior to such termination, a *bona fide* Company Acquisition Proposal shall have been made and publicly announced by any Person
making the Company Acquisition Proposal (other than the Purchaser or its affiliates) after the date of this Agreement and prior to the
Company 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;(B) such Company Acquisition Proposal has not expired or been withdrawn at least five business days prior to the Company Meeting; 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;(C) either

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) the Company or one or more of its Subsidiaries enters into a definitive agreement in respect of any Company Acquisition Proposal other
than a confidentiality agreement permitted by Section 7.3 (whether or not such Company Acquisition Proposal is the same Company Acquisition
Proposal referred to in clause (A) above) within 12 months following the date of such termination and such Company Acquisition Proposal
is subsequently consummated (whether or not within such 12-month period), or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) any Company Acquisition Proposal (whether or not such Company Acquisition Proposal is the same Company Acquisition Proposal referred
to in clauses (A) and (C)(1) above) is consummated within 12 months following the date of such termination,

(and, for purposes of this Section 9.4(b)(iv), the term "**Company Acquisition Proposal**" shall have the meaning ascribed to such term in Section 1.1, except that any reference to "20%" therein shall be deemed to be a reference to "50%");

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) If a Company Termination Payment Event occurs, the Company shall pay the Company Termination Payment to the Purchaser, or as the Purchaser
may direct, as liquidated damages in consideration for the disposition of the Purchaser's rights under this Agreement, by wire transfer
of immediately available funds, as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) if the Company Termination Payment is payable pursuant to Section 9.4(b)(i), the Company Termination Payment shall be payable
within two business days following such termination;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) if the Company Termination Payment is payable pursuant to Section 9.4(b)(ii), the Company Termination Payment shall be payable
prior to or concurrently with such termination;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) if the Company Termination Payment is payable pursuant to Section 9.4(b)(iii), the Company Termination Payment shall be payable
within two business days following such termination; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) if the Company Termination Payment is payable pursuant to Section 9.4(b)(iv), the Company Termination Payment shall be payable
concurrently with the consummation of the Company Acquisition Proposal referred to therein.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) For purposes of this Agreement, "**Purchaser Termination Payment Event**" means the termination of this Agreement:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) by the Company pursuant to Section 9.2(a)(iv)(B);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) by the Purchaser pursuant to Section 9.2(a)(iii)(E);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) by the Company or the Purchaser pursuant to Section 9.2(a)(ii)(D) following a Purchaser Change in Recommendation (but not
including a termination by either the Purchaser or the Company pursuant to Section 9.2(a)(ii)(D) in circumstances where the
Purchaser Change in Recommendation resulted from the occurrence of a Company Material Adverse Effect); or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) by either the Purchaser or the Company pursuant to Section 9.2(a)(ii)(D) or by the Company pursuant to Section 9.2(a)(iv)(A),
in each case, 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;(A) prior to such termination, a *bona fide* Purchaser Acquisition Proposal shall have been made and publicly announced by any Person
making the Purchaser Acquisition Proposal (other than the Company, Horizon or their respective affiliates) after the date of this Agreement
and prior to the Purchaser 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;(B) such Purchaser Acquisition Proposal has not expired or been withdrawn at least five business days prior to the Purchaser Meeting;
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;(C) either

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) the Purchaser or one or more of its Subsidiaries enters into a definitive agreement in respect of any Purchaser Acquisition Proposal
other than a confidentiality agreement permitted by Section 8.1 (whether or not such Purchaser Acquisition Proposal is the same Purchaser
Acquisition Proposal referred to in clause (A) above) within 12 months following the date of such termination and such Purchaser
Acquisition Proposal is subsequently consummated (whether or not within such 12-month period), or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) a Purchaser Acquisition Proposal (whether or not such Purchaser Acquisition Proposal is the same Purchaser Acquisition Proposal referred
to in clauses (A) and (C)(1) above) is consummated within 12 months following the date of such termination,

(and, for purposes of this Section 9.4(d)(iv), the term "**Purchaser Acquisition Proposal**" shall have the meaning ascribed to such term in Section 1.1, except that any reference to "20%" therein shall be deemed to be a reference to "50%").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) If a Purchaser Termination Payment Event occurs, the Purchaser shall pay the Purchaser Termination Payment to the Company, or as the
Company may direct, as liquidated damages in consideration for the disposition of the Company's rights under this Agreement, by
wire transfer of immediately available funds, as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) if the Purchaser Termination Payment is payable pursuant to Section 9.4(d)(i), the Purchaser Termination
Payment shall be payable within two business days following such termination;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) if the Purchaser Termination Payment is payable pursuant to Section 9.4(d)(ii), the Purchaser Termination
Payment shall be payable prior to or concurrently with such termination;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) if the Purchaser Termination Payment is payable pursuant to Section 9.4(d)(iii), the Purchaser Termination
Payment shall be payable within two business days following such termination; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) if the Purchaser Termination Payment is payable pursuant to Section 9.4(d)(iv), the Purchaser Termination
Payment shall be payable concurrently with the consummation of the Purchaser Acquisition Proposal referred to therein.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) In the event that either the Purchaser or the Company terminates this Agreement pursuant to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Section 9.2(a)(ii)(C), and no Company Change in Recommendation has occurred, provided that the Purchaser Meeting has been held
and the Purchaser Stockholder Approval has been obtained at the Purchaser Meeting, the Company shall reimburse the Purchaser in respect
of the reasonable and documented expenses of the Purchaser's third party Representatives incurred in respect of the Arrangement
and this Agreement up to a maximum amount of $5,000,000; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Section 9.2(a)(ii)(D), and no Purchaser Change in Recommendation has occurred, provided that the Company Meeting has been held
and the Company Shareholder Approval has been obtained at the Company Meeting, the Purchaser shall reimburse the Company in respect of
the reasonable and documented expenses of the Company's third party Representatives incurred in respect of the Arrangement and this
Agreement up to a maximum amount of $5,000,000,

and in each case such reimbursement shall be made by wire transfer in immediately available funds within three business days following such termination to an account specified by the Purchaser or the Company, as applicable. Each of the Company and the Purchaser hereby acknowledges that in the event that an expense reimbursement becomes payable pursuant to this Section 9.4(f) and is paid by the Company or the Purchaser, as applicable, as required by this Section 9.4(f), in the event that a Company Termination Payment or a Purchaser Termination Payment shall subsequently become due and payable under this Agreement, the amount of any expense reimbursement previously paid pursuant to this Section 9.4(f) shall be credited toward the obligation of the Company to pay the Company Termination Payment (in the case of an expense reimbursement previously paid by the Company) or the obligation of the Purchaser to pay the Purchaser Termination Payment (in the case of an expense reimbursement previously paid by the Purchaser).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) Each Party acknowledges that the agreements contained in this Section 9.4 are an integral part of the transactions contemplated
in this Agreement and that, without those agreements, the Parties would not enter into this Agreement. Each Party also acknowledges that
all of the payment amounts set out in this Section 9.4 are payments in consideration for the disposition of rights of the Party entitled
to receive such payments, and that the amounts set out in this Section 9.4 are payments of liquidated damages which are a genuine
pre-estimate of the damages, which the Party entitled to such damages will suffer or incur as a result of the event giving rise to such
payment and the resultant termination of this Agreement and are not penalties. Each Party irrevocably waives any right it may have to
raise as a defence that any such liquidated damages are excessive or punitive. For greater certainty, each Party agrees that,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) upon any termination of this Agreement under circumstances where the Purchaser is entitled to the Company Termination Payment and
the Company Termination Payment is paid in full, such payment shall be the sole and exclusive remedy of the Purchaser in respect of the
event giving rise to such payment and the Purchaser shall be precluded from any other remedy against the Company at Law or in equity or
otherwise (including damages, injunctive relief or specific performance) and shall not seek to obtain any recovery, judgment, or damages
of any kind, including consequential, indirect, or punitive damages, against the Company or any of its Subsidiaries or any of their respective
directors, officers, employees, partners, managers, members, shareholders or affiliates or their respective Representatives in connection
with this Agreement or the transactions contemplated hereby, and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) upon any termination of this Agreement under circumstances where the Company is entitled to the Purchaser Termination Payment and
the Purchaser Termination Payment is paid in full, such payment shall be the sole and exclusive remedy of the Company in respect of the
event giving rise to such payment and the Company shall be precluded from any other remedy against the Purchaser at Law or in equity or
otherwise (including damages, injunctive relief or specific performance) and shall not seek to obtain any recovery, judgment, or damages
of any kind, including consequential, indirect, or punitive damages, against the Purchaser or any of its Subsidiaries or any of their
respective directors, officers, employees, partners, managers, members, shareholders or affiliates or their respective Representatives
in connection with this Agreement or the transactions contemplated hereby;

provided, however, that the foregoing limitations shall not apply in the event of fraud or a wilful breach by the Company or the Purchaser of their respective obligations under this Agreement (or for the avoidance of doubt, the Horizon Support Agreement), as applicable. For clarity, nothing contained in this Section 9.4(g) shall preclude the Company or the Purchaser from seeking injunctive relief against the other party in accordance with Section 10.4 to restrain the breach or threatened breach of the covenants or agreements set forth in this Agreement or the Confidentiality Agreement (or for the avoidance of doubt, the Horizon Support Agreement) or otherwise to obtain specific performance of any of such acts, covenants or agreements, without the necessity of posting a bond or security in connection therewith.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) For the avoidance of doubt, in no event shall the Company be obligated to pay the Company Termination Payment on more than one occasion
and in no event shall the Purchaser be obligated to pay the Purchaser Termination Payment on more than one occasion.

**9.5** **Amendment** 

Subject to the provisions of the Interim Order and Final Order, the Plan of Arrangement and applicable Laws, this Agreement and the Plan of Arrangement may, at any time and from time to time before or after the holding of the Company Meeting but not later than the Effective Time, be amended by mutual written agreement of the Parties, without further notice to or authorization on the part of the Company Shareholders, and any such amendment may without limitation:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) change the time for performance of any of the obligations or acts of the Parties;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) waive any inaccuracies or modify any representation or warranty contained herein or in any document delivered pursuant hereto;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) waive compliance with or modify any of the covenants herein contained and waive or modify performance of any of the obligations of
the Parties; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) waive compliance with or modify any mutual conditions precedent herein contained.

**9.6** **Waiver** 

No waiver of any of the provisions of this Agreement will constitute a waiver of any other provision (whether or not similar). No waiver will be binding unless executed in writing by the Party or Parties to be bound by the waiver. A Party's failure or delay in exercising any right or remedy under this Agreement will not operate as a waiver of such right or remedy. A single or partial exercise of any right or remedy will not preclude a Party from any other or further exercise of that right or the exercise of any other right or remedy.

**Article 10** **<br> GENERAL PROVISIONS**

**10.1** **Privacy** 

Each Party shall comply with applicable Privacy Laws in the course of collecting, using and disclosing Personal Information in connection with the transactions contemplated by this Agreement (the "**Transaction Personal Information**"). Prior to the Effective Date, the Purchaser shall not use or disclose Transaction Personal Information for any purposes other than those related to determining if it shall proceed with the transactions contemplated by this Agreement, the performance of this Agreement, or the consummation of the transactions contemplated by this Agreement. If the Purchaser completes the transactions contemplated by this Agreement, the Purchaser shall not, following the Effective Date, without the consent of the individuals to whom such Transaction Personal Information relates or as permitted or required by applicable Law, use or disclose Transaction Personal Information for purposes other than those for which such Transaction Personal Information was collected by the Company or for which subsequent consent was obtained by the Company prior to the Effective Date. The Parties shall protect and safeguard the Transaction Personal Information against unauthorized collection, use or disclosure. The Parties shall cause their advisors to observe the terms of this Section 10.1 and to protect and safeguard Transaction Personal Information in their possession. If this Agreement shall be terminated, each Party shall promptly deliver to the other Parties all Transaction Personal Information of the other Parties in their possession or in the possession of any of their advisors, including all copies, reproductions, summaries or extracts thereof, except, unless prohibited by applicable Law, for electronic backup copies made automatically in accordance with the usual backup procedures of the applicable Party. The Purchaser covenants and agrees, in respect of any Transaction Personal Information to deliver a notice to each individual, where required by applicable Laws, to whom any of such Transaction Personal Information pertains, within 30 days following the Effective Date, indicating that the transactions contemplated by this Agreement have been completed, that such individual's personal information has been disclosed under the business or commercial transaction provisions of applicable Privacy Laws and that the Purchaser now holds Transaction Personal Information concerning such individual because of the Arrangement.

**10.2** **Notices** 

All notices and other communications given or made pursuant to this Agreement shall be in writing and shall be deemed to have been duly given and received on the day it is delivered, provided that it is delivered on a business day prior to 5:00 p.m. local time in the place of delivery or receipt. However, if notice is delivered after 5:00 p.m. local time or if such day is not a business day then the notice shall be deemed to have been given and received on the next business day. Notice shall be sufficiently given if delivered (either in Person, by courier service or other personal method of delivery), or if transmitted by email to the Parties at the following addresses (or at such other addresses as shall be specified by any Party by notice to the other given in accordance with these provisions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) if to the Purchaser:

Royal Gold, Inc.<br> 1144 15th Street, Suite 2500<br> Denver, Colorado

Attention: William Heissenbuttel, President & Chief Executive Officer<br> Email: *[Redacted]*

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

McCarthy Tétrault LLP<br> Suite 2400, 745 Thurlow Street<br> Vancouver, British Columbia V6E 0C5

Attention: Roger Taplin; Adam Taylor<br> Email: rtaplin@mccarthy.ca; ataylor@mccarthy.ca

Skadden, Arps, Slate, Meagher & Flom LLP<br> One Manhattan West<br> New York, NY 10001

Attention: Ryan Dzierniejko; Blair Thetford<br> Email: ryan.dzierniejko@skadden.com; blair.thetford@skadden.com

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) if to AcquireCo:

International Royalty Corporation<br> c/o Royal Gold, Inc.<br> 1144 15th Street, Suite 2500<br> Denver, Colorado

Attention: William Heissenbuttel, President<br> Email: *[Redacted]*

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

McCarthy Tétrault LLP<br> Suite 2400, 745 Thurlow Street<br> Vancouver, British Columbia V6E 0C5

Attention: Roger Taplin; Adam Taylor<br> Email: rtaplin@mccarthy.ca; ataylor@mccarthy.ca

Skadden, Arps, Slate, Meagher & Flom LLP<br> One Manhattan West<br> New York, NY 10001

Attention: Ryan Dzierniejko; Blair Thetford<br> Email: ryan.dzierniejko@skadden.com; blair.thetford@skadden.com

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) if to the Company:

Sandstorm Gold Ltd.<br> Suite 1400, 400 Burrard Street<br> Vancouver, BC V6C 3A6

Attention: Nolan Watson, President & Chief Executive Officer<br> Email: *[Redacted]*

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

Cassels Brock & Blackwell LLP<br> Suite 2200, RBC Place<br> 885 West Georgia Street<br> Vancouver, BC V6C 3E8

Attention: Jen Hansen; Jennifer Traub<br> Email: jhansen@cassels.com; jtraub@cassels.com

Crowell & Moring LLP<br> 455 N. Cityfront Plaza Drive, Suite 3600<br> Chicago, IL 60611

Attention: John Koenigsknecht; David Stone<br> Email: jkoenigsknecht@crowell.com; dstone@crowell.com

**10.3** **Governing Law; Waiver of Jury Trial** 

This Agreement shall be governed, including as to validity, interpretation and effect, by the laws of the Province of British Columbia and the federal laws of Canada applicable therein. Each of the Parties hereby irrevocably attorns to the exclusive jurisdiction of the courts of the Province of British Columbia in respect of all matters arising under and in relation to this Agreement and the Arrangement. EACH PARTY TO THIS AGREEMENT HEREBY WAIVES ANY RIGHT TO TRIAL BY JURY IN ANY ACTION PROCEEDING OR COUNTERCLAIM (WHETHER BASED ON CONTRACT, TORT OR OTHERWISE) ARISING OUT OF OR RELATING TO THIS AGREEMENT OR TRANSACTIONS CONTEMPLATED HEREBY OR THE ACTIONS OF THE PARTIES IN THE NEGOTIATION, ADMINISTRATION, PERFORMANCE AND ENFORCEMENT OF THIS AGREEMENT.

**10.4** **Injunctive Relief** 

Prior to the termination of this Agreement in accordance with Section 9.2 and subject to Section 9.4(g), the Parties agree that irreparable harm would occur for which money damages would not be an adequate remedy at Law in the event that any of the provisions of this Agreement were not performed in accordance with their specific terms or were otherwise breached. Accordingly, the Parties acknowledge and agree that, in order to prevent breaches or threatened breaches of this Agreement and to enforce specifically the terms and provisions hereof (including the obligations of the Purchaser pursuant to Section 2.12), the non-breaching Party will be entitled, without the requirement of posting a bond or other security, to equitable relief, including injunctive relief and specific performance, and the Parties shall not object to the granting of injunctive or other equitable relief on the basis that there exists an adequate remedy at Law. Prior to the termination of this Agreement in accordance with Section 9.2 and subject to Section 9.4(g), such remedies will not be the exclusive remedies for any breach of this Agreement but will be in addition to all other remedies available at Law or equity to each of the Parties. The Parties acknowledge and agree that the right of specific enforcement is an integral part of the transactions contemplated by this Agreement and without that right, neither the Company nor the Purchaser would have entered into this Agreement.

**10.5** **Time of Essence** 

Time shall be of the essence in this Agreement.

**10.6** **Entire Agreement, Binding Effect** 

This Agreement (including the exhibits and schedules hereto, the Company Disclosure Letter and the Purchaser Disclosure Letter) and the Confidentiality Agreement constitute the entire agreement, and supersede all other prior agreements and understandings, both written and oral, between the Parties, or any of them, with respect to the subject matter hereof and thereof and, except as expressly provided herein, this Agreement is not intended to and shall not confer upon any Person other than the Parties any rights or remedies hereunder.

**10.7** **No Liability** 

No director or officer of AcquireCo or the Purchaser shall have any personal liability whatsoever to the Company under this Agreement, or any other document delivered in connection with the transactions contemplated hereby on behalf of AcquireCo or the Purchaser. No director or officer of the Company shall have any personal liability whatsoever to AcquireCo or the Purchaser under this Agreement, or any other document delivered in connection with the transactions contemplated hereby on behalf of the Company.

**10.8** **Further Assurances** 

Each Party shall use commercially reasonable efforts to do all such things and provide reasonable assurances as may be required to consummate the Arrangement, and each Party shall provide such further documents or instruments as reasonably required by any other Party as necessary or desirable to effect the purpose of this Agreement and carry out its provisions, whether before or after the Effective Time.

**10.9** **Assignment and Enurement** 

The Purchaser may assign all or any part of its rights under this Agreement to, and its obligations under this Agreement may be assumed by, its wholly-owned Subsidiary, provided that if such assignment and/or assumption takes place, the Purchaser shall continue to be liable jointly and severally with such Subsidiary for all of its obligations hereunder and such Subsidiary shall remain at all times up to and including the Effective Date a wholly-owned Subsidiary of the Purchaser; and provided that such assignment and/or assumption does not result in any material Taxes being imposed on, or any adverse material Tax or other consequences in respect of Tax to any Company Shareholder, holder of Company Incentive Awards or the Company with respect to payments made under this Agreement. This Agreement shall not be otherwise assignable by any Party without the prior written consent of the other Party hereto. This Agreement shall be binding on and shall enure to the benefit of the Parties and their respective successors and permitted assigns.

**10.10** **Severability** 

If any term or other provision of this Agreement is invalid, illegal or incapable of being enforced by any rule or Law or public policy, all other conditions and provisions of this Agreement shall nevertheless remain in full force and effect so long as the economic or legal substance of the transactions contemplated hereby is not affected in any manner materially adverse to any Party. Upon such determination that any term or other provision is invalid, illegal or incapable of being enforced, the Parties shall negotiate in good faith to modify this Agreement so as to effect the original intent of the Parties as closely as possible in an acceptable manner to the end that the transactions contemplated hereby are fulfilled to the fullest extent possible.

**10.11** **No Third Party Beneficiaries** 

The provisions of Section 5.11 and Section 5.15 are: (a) intended for the benefit of all present and former directors and officers of the Company and its Subsidiaries, as and to the extent applicable in accordance with their terms, and shall be enforceable by each of such Persons and his or her heirs, executors, administrators and other legal representatives (collectively, the "**Third Party Beneficiaries**") and the Company shall hold the rights and benefits of Section 5.11 and Section 5.15 in trust for and on behalf of the Third Party Beneficiaries and the Company hereby accepts such trust and agrees to hold the benefit of and enforce performance of such covenants on behalf of the Third Party Beneficiaries; and (b) in addition to, and not in substitution for, any other rights that the Third Party Beneficiaries may have by contract or otherwise. Except for the rights of Third Party Beneficiaries under Section 5.11 and Section 5.15, which rights are hereby acknowledged and agreed by the Parties, this Agreement is not intended to confer any rights or remedies upon any Person other than the Parties.

**10.12** **Counterparts, Execution** 

This Agreement may be executed in one or more counterparts, each of which shall be deemed to be an original but all of which together shall constitute one and the same instrument. The Parties shall be entitled to rely upon delivery of an executed facsimile or similar executed electronic copy of this Agreement, and such facsimile or similar executed electronic copy shall be legally effective to create a valid and binding agreement between the Parties.

[*Remainder of page intentionally left blank.*]

IN WITNESS WHEREOF the Parties have executed this Agreement as of the date first written above.

---

| | | |
|:---|:---|:---|
| **ROYAL Gold, INc.** | **ROYAL Gold, INc.** | **ROYAL Gold, INc.** |
| By: | /s/ William Heissenbuttel | /s/ William Heissenbuttel |
|  | Name: | William Heissenbuttel |
|  | Title: | President & Chief Executive Officer |

---

---

| | | |
|:---|:---|:---|
| **INTERNATIONAL ROYALTY CORPORATION** | **INTERNATIONAL ROYALTY CORPORATION** | **INTERNATIONAL ROYALTY CORPORATION** |
| By: | /s/ William Heissenbuttel | /s/ William Heissenbuttel |
|  | Name: | William Heissenbuttel |
|  | Title: | President |

---

*Signature page to Arrangement Agreement*

---

| | | |
|:---|:---|:---|
| **sandstorm Gold ltd.** | **sandstorm Gold ltd.** | **sandstorm Gold ltd.** |
| By: | /s/ David Awram | /s/ David Awram |
|  | Name: | David Awram |
|  | Title: | Senior Executive Vice-President and Director |

---

*Signature page to Arrangement Agreement*

**Schedule A** **<br> PLAN OF ARRANGEMENT**

See attached.

- A-2 -

**PLAN OF ARRANGEMENT<br> UNDER SECTION 288 OF THE<br> BUSINESS CORPORATIONS ACT (BRITISH COLUMBIA)**

**Article 1** **<br> DEFINITIONS AND INTERPRETATION**

**1.1** **Definitions** 

In this Plan of Arrangement, unless the context otherwise requires:

"**Arrangement**" means the arrangement of the Company under Part 9, Division 5 of the BCBCA on the terms and subject to the conditions set out in this Plan of Arrangement, subject to any amendments or variations thereto made in accordance with the terms of the Arrangement Agreement, this Plan of Arrangement, or made at the direction of the Court in the Final Order (with the prior written consent of AcquireCo, the Company and the Purchaser, each acting reasonably);

"**Arrangement Agreement**" means the arrangement agreement dated July 6, 2025 among the Purchaser, AcquireCo and the Company to which this Plan of Arrangement is attached as Schedule A, together with the Company Disclosure Letter and the Purchaser Disclosure Letter;

"**Arrangement Resolution**" means the special resolution of the Company Shareholders approving the Plan of Arrangement, which is to be considered and, if thought fit, passed at the Company Meeting, substantially in the form and content of Schedule B to the Arrangement Agreement;

"**AcquireCo**" means International Royalty Corporation, a corporation incorporated under the laws of Canada;

"**Authorization**" means, with respect to any Person, any authorization, order, permit, approval, grant, agreement, licence, classification, restriction, registration, consent, order, right, notification, condition, franchise, privilege, certificate, judgment, writ, injunction, award, determination, direction or decision having the force of Law, of, from or required by any Governmental Entity having jurisdiction over such Person;

"**BCBCA**" means the *Business Corporations Act* (British Columbia);

"**business day**" means any day, other than a Saturday, a Sunday or a statutory or civic holiday in Denver, Colorado, Toronto, Ontario or Vancouver, British Columbia;

"**Company**" means Sandstorm Gold Ltd., a corporation existing under the laws of the Province of British Columbia;

"**Company Equity Incentive Plans**" means, collectively, the Company Option Plan, the Company RSR Plan and the Company PSR Plan;

"**Company Incentive Awards**" means, collectively, the Company Options, Company RSRs and Company PSRs;

- A-3 -

"**Company Meeting**" means the special meeting of Company Shareholders, including any adjournment or postponement thereof, to be called and held in accordance with the Interim Order to consider the Arrangement Resolution and for any other purpose as may be set out in the Company Circular and agreed to in writing by the Purchaser, acting reasonably;

"**Company Option Plan**" means the amended and restated stock option plan of the Company effective May 10, 2013;

"**Company Options**" means the outstanding options to purchase Company Shares granted under the Company Option Plan;

"**Company PSR Plan**" means the performance share plan of the Company effective December 12, 2024;

"**Company PSRs**" means the outstanding performance share rights granted under the Company PSR Plan;

"**Company RSR Plan**" means the restricted share plan of the Company effective April 4, 2011;

"**Company RSRs**" means the outstanding restricted share rights granted under the Company RSR Plan;

"**Company Shareholders**" means the registered and/or beneficial holders of Company Shares, as the context requires;

"**Company Shares**" means the common shares in the capital of the Company;

"**Consideration**" means the consideration in the form of Purchaser Shares equal to the Exchange Ratio for each Company Share to be issued to Company Shareholders pursuant to Section 2.3(c) of this Plan of Arrangement;

"**Consideration Shares**" means the Purchaser Shares to be issued to Company Shareholders pursuant to Section 2.3(c) hereof;

"**Court**" means the Supreme Court of British Columbia;

"**Depositary**" means Computershare Investor Services Inc., or such other Person as the Parties may appoint (acting reasonably) to act as depositary in respect of the Arrangement;

"**Dissent Rights**" has the meaning ascribed thereto in Section 4.1(a);

"**Dissent Shares**" means the Company Shares held by a Dissenting Shareholder in respect of which the Dissenting Shareholder has validly exercised Dissent Rights;

"**Dissenting Shareholder**" means a registered Company Shareholder who has properly and validly dissented in respect of the Arrangement Resolution in strict compliance with the Dissent Rights, who has not withdrawn or been deemed to have withdrawn such exercise of Dissent Rights and who is ultimately determined to be entitled to be paid the fair value of its Company Shares, but only in respect of the Dissent Shares;

"**DRS Advice**" has the meaning specified in Section 3.1;

- A-4 -

"**Effective Date**" means the date upon which the Arrangement becomes effective in accordance with Section 2.11(a) of the Arrangement Agreement;

"**Effective Time**" means 12:01 a.m. (Toronto time) on the Effective Date or such other time as the Purchaser and the Company agree to in writing before the Effective Date;

"**Exchange Ratio**" means 0.0625;

"**Final Order**" means the final order of the Court made pursuant to Section 291 of the BCBCA, in a form and substance acceptable to the Company and the Purchaser, each acting reasonably, after a hearing upon the procedural and substantive fairness of the terms and conditions of the Arrangement, approving the Arrangement, including as such order may be amended, supplemented, modified or varied by the Court (with the consent of both the Company and the Purchaser, each acting reasonably) at any time prior to the Effective Date or, if appealed, then, unless such appeal is withdrawn or denied, as affirmed or as amended (provided that any such amendment is acceptable to both the Company and the Purchaser, each acting reasonably) on appeal;

"**Governmental Entity**" means: (a) any international, federal, provincial, territorial, state, regional, municipal, local or other government, governmental or public department, central bank, court, tribunal, arbitral body, international arbitration institution, commission, board, ministry bureau, agency or entity, domestic or foreign, including the Canadian Securities Authorities and the U.S. SEC; (b) any stock exchange, including the TSX, the NYSE and Nasdaq; (c) any subdivision, agent, commission, board or authority of any of the foregoing; or (d) any quasi-governmental or private body or self-regulatory organization exercising any regulatory, expropriation or taxing authority under or for the account of any of the foregoing;

"**Interim Order**" means the interim order of the Court to be issued following the application therefor submitted to the Court after being informed of the intention of the Parties to rely upon the exemption from the registration requirements of the U.S. Securities Act provided by Section 3(a)(10) thereof with respect to the Consideration Shares to be issued pursuant to the Arrangement as contemplated by Section 2.3 of the Arrangement Agreement, in a form and substance acceptable to the Company and the Purchaser, each acting reasonably, providing for, among other things, the calling and holding of the Company Meeting, as the same may be amended, supplemented, modified or varied by the Court with the consent of the Company and the Purchaser, each acting reasonably;

"**IRS**" means the U.S. Internal Revenue Service;

"**Law**" or "**Laws**" means all laws (including common law), by-laws, statutes, rules, regulations, principles of law and equity, orders, rulings, ordinances, judgements, injunctions, determinations, awards, decrees or other requirements, whether domestic or foreign, that are binding upon or applicable to such Person or its business, and the terms and conditions of any Authorization of or from any Governmental Entity, and, for greater certainty, includes Securities Laws and applicable common law, and the term "**applicable**" with respect to such Laws and in a context that refers to a Party, means such Laws as are applicable to such Party and/or its Subsidiaries or their business, undertaking, property or securities and emanate from a Person having jurisdiction over the Party and/or its Subsidiaries or its or their business, undertaking, property or securities;

- A-5 -

"**Letter of Transmittal**" means the letter of transmittal to be delivered to registered Company Shareholders for use in connection with the Arrangement;

"**Liens**" means any hypothecs, mortgages, pledges, assignments, liens, charges, security interests, encumbrances and adverse rights or claims or other third party interests or encumbrances of any kind, whether contingent or absolute, and any agreement, option, lease, sublease, restriction, easement, right-of-way, right or privilege (whether by Law, contract or otherwise) capable of becoming any of the foregoing;

"**Nasdaq**" means the Nasdaq Global Select Market;

"**Notice of Dissent**" means a written notice provided by a Company Shareholder that is a registered holder of Company Shares to the Company setting forth such Company Shareholder's objection to the Arrangement Resolution and exercise of Dissent Rights;

"**NYSE**" means the New York Stock Exchange;

"**Parties**" means, together, the Purchaser, AcquireCo and the Company, and "**Party**" means any one of them, as the context requires;

"**Payout Percentage**" means 200%;

"**Person**" includes an individual, partnership, association, body corporate, trustee, executor, administrator, legal representative, government (including any Governmental Entity) or any other entity, whether or not having legal status;

"**Plan of Arrangement**" means this plan of arrangement and any amendments or variations hereto made in accordance with this plan of arrangement or upon the direction of the Court in the Final Order with the consent of the Company, AcquireCo and the Purchaser, each acting reasonably;

"**Purchaser**" means Royal Gold, Inc., a corporation existing under the laws of the State of Delaware;

"**Purchaser Shares**" means the common stock, par value U.S.$0.01 per share, in the capital of the Purchaser;

"**Registrar**" means the Registrar of Companies for the Province of British Columbia duly appointed under Section 400 of the BCBCA;

"**Section 338(g) Election**" has the meaning set out in Section 3.10;

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

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

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

- A-6 -

**1.2** **Interpretation Not Affected by Headings** 

The division of this Plan of Arrangement into Articles and Sections and the insertion of headings are for convenience of reference only and shall not affect in any way the meaning or interpretation of this Plan of Arrangement. Unless the contrary intention appears, references in this Plan of Arrangement to an Article, Section or Step by number or letter or both refer to the Article, Section or Step, respectively, bearing that designation in this Plan of Arrangement.

**1.3** **Number and Gender** 

In this Plan of Arrangement, unless the contrary intention appears, words importing the singular include the plural and vice versa, and words importing gender include all genders.

**1.4** **Calculation of Time** 

Unless otherwise specified, time periods within or following which any payment is to be made or act is to be done shall be calculated by excluding the day on which the period commences and including the day on which the period ends. Where the last day of any such time period is not a business day, such time period shall be extended to the next business day following the day on which it would otherwise end.

**1.5** **Date for Any Action** 

If the date on which any action is required to be taken hereunder by a Party is not a business day, such action shall be required to be taken on the next succeeding day which is a business day.

**1.6** **Currency** 

Unless otherwise stated, all references in this Plan of Arrangement to sums of money are expressed in lawful money of the United States and "$" refers to U.S. dollars.

**1.7** **No Strict Construction** 

The language used in this Plan of Arrangement is the language chosen by the Parties to express their mutual intent, and no rule of strict construction shall be applied against any Party.

**1.8** **Statutory, Contractual and Other References** 

A reference to a statute includes all rules, regulations and policies made pursuant thereto and, unless otherwise specified, the provisions of any statute, rule, regulation or policy that amends, supplements or supersedes such statute, rule, regulation or policy. A reference to an agreement, plan, order, disclosure document or filing made pursuant to applicable Law refers to such agreement, such plan, such disclosure document or such filing, as the case may be, including all schedules, exhibits, appendices and other annexes appended thereto by whatever name and any documents or information incorporated by reference (unless otherwise specified in such agreement, plan, disclosure document or filing), as amended from time to time and in whatever form such amendment is duly and validly made, including by amendment and restatement, by notice, by side letter, by supplement or otherwise.

- A-7 -

**1.9** **Inclusion** 

In this Plan of Arrangement, "including" means including without limitation, and "include" and "includes" have a corresponding meaning.

**1.10** **Governing Law** 

This Plan of Arrangement shall be governed, including as to validity, interpretation and effect, by the laws of the Province of British Columbia and the laws of Canada applicable therein.

**1.11** **Time** 

Time is of the essence in the performance of the Parties' respective obligations hereunder.

**1.12** **Time References** 

In this Plan of Arrangement, unless otherwise specified, any references to time are to local time, Vancouver, British Columbia.

**1.13** **Other Definitions** 

Capitalized terms that are used herein but not defined shall have the meanings ascribed thereto in the Arrangement Agreement.

**Article 2** **<br> THE ARRANGEMENT**

**2.1** **Arrangement Agreement** 

This Plan of Arrangement is made pursuant to, and is subject to the provisions of, the Arrangement Agreement, except in respect of the sequence of the steps comprising the Arrangement, which shall occur in the order set out in this Plan of Arrangement.

**2.2** **Effectiveness** 

This Plan of Arrangement will become effective at the Effective Time (except as otherwise provided herein) and will be binding from and after the Effective Time on the Purchaser, the Company, AcquireCo, the Depositary, the Company Shareholders, including the Dissenting Shareholders, and the holders of Company Incentive Awards, in each case, without any further authorization, act or formality on the part of any Person, except as expressly provided herein.

**2.3** **The Arrangement** 

The following steps shall occur and shall be deemed to occur, commencing at the Effective Time, sequentially in the following order, with each such step after the first occurring five minutes after the preceding step (except where otherwise indicated), and without any further authorization, act or formality on the part of any Person:

- A-8 -

**<u>Treatment of Company RSRs</u>**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) each Company RSR outstanding immediately prior to the Effective Time, whether vested or unvested, notwithstanding the terms of the
Company RSR Plan, shall and shall be deemed to be immediately and unconditionally vested to the fullest extent, and shall be settled by
the Company at the Effective Time in exchange for Company Shares (provided that no share certificates shall be issued with respect to
such Company Shares), less any applicable withholdings pursuant to Section 3.7 and such Company Shares shall be transferred to AcquireCo
pursuant to Section 2.3(c) at the time and for the Consideration provided therein, and:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the holders of such Company RSRs shall cease to be holders thereof and to have any rights as holders of such Company RSRs, other than
the right to receive the consideration to which they are entitled under this Section 2.3(a);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) such holders' names shall be, and shall be deemed to be, removed from the register of the Company RSRs maintained by or on behalf
of the Company; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) all agreements relating to the Company RSRs shall be terminated and shall be of no further force and effect.

**<u>Dissenting Shareholders</u>**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Each Dissent Share shall be and shall be deemed to be transferred and assigned by the holder thereof without any further act or formality
on its part, free and clear of all Liens, to AcquireCo in accordance with, and for the consideration contemplated in, Section 4.1,
and:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) such Dissenting Shareholder shall cease to be, and shall be deemed to cease to be, the registered holder of each such Dissent Share
and the name of such registered holder shall be, and shall be deemed to be, removed from the central securities register of the Company
in respect of each such Dissent Share, and at such time each Dissenting Shareholder will have only the rights set out in Section 4.1;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) such Dissenting Shareholder shall be deemed to have executed and delivered all consents, releases, assignments and waivers, statutory
or otherwise, required to transfer and assign each such Dissent Share; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) AcquireCo shall be the holder of all of the outstanding Dissent Shares, free and clear of all Liens, and the central securities register
of the Company shall be revised accordingly.

- A-9 -

**<u>Transfer of Company Shares to AcquireCo</u>**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Each Company Share (other than Company Shares held by the Purchaser or an affiliate of the Purchaser) shall be and shall be deemed
to be transferred and assigned by the holder thereof without any further act or formality on its part, free and clear of all Liens, to
AcquireCo in exchange for the Consideration that will be delivered by AcquireCo for each such Company Share so transferred, in each case
subject to Section 3.4 and Section 3.7. In respect of the Company Shares so transferred:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the holder thereof shall cease to be, and shall be deemed to cease to be, the registered or beneficial holder of each such Company
Share and the name of such registered holder shall be removed from the central securities register of Company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the holder thereof shall be deemed to have executed and delivered all consents, releases, assignments and waivers, statutory or otherwise,
required to transfer and assign each such Company Share; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) AcquireCo shall be the holder of all of the outstanding Company Shares (other than the Company Shares held by the Purchaser or an
affiliate of the Purchaser), free and clear of all Liens, and the central securities register of the Company shall be revised accordingly.

**<u>Treatment of Company Options and Company PSRs</u>**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Notwithstanding Section 4.4 of the Company Option Plan, each Company Option (whether vested or unvested) outstanding immediately
prior to the Effective Time held by a holder shall fully vest, and such Company Option shall remain outstanding in accordance with the
terms of the Company Option Plan, and following the Effective Time, upon exercise of such Company Option, such Company Option shall entitle
the holder to receive, pursuant to the terms of the Company Option and in accordance with the terms of the Company Option Plan, such number
of Purchaser Shares equal to: (A) the number of Company Shares that were issuable upon exercise of such Company Option immediately
prior to the Effective Time, multiplied by (B) the Exchange Ratio, rounded down to the nearest whole number of Purchaser Shares,
at an exercise price equal to the quotient determined by dividing: (X) the exercise price per Company Share at which such Company
Option was exercisable immediately prior to the Effective Time, by (Y) the Exchange Ratio, rounded up to the nearest whole cent.
For greater certainty, notwithstanding Section 4.4 of the Company Option Plan, except as otherwise set out herein, the original grant
agreement evidencing a Company Option, all terms and conditions of such Company Option, including the expiry date, and the conditions
to and manner of exercising such Company Option existing prior to the Effective Time, shall remain the same and such Company Option shall
continue to be the same Company Option after the Effective Time.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Notwithstanding any vesting or exercise or other provisions to which a Company PSR might otherwise be subject (whether by contract,
the conditions of grant, applicable Law or the terms of the Company PSR Plan), each Company PSR that is outstanding immediately prior
to the Effective Time shall fully vest, and shall be deemed to fully vest, and shall be, and shall be deemed to be, transferred by the
holder thereof to the Company in exchange for a cash payment from the Company equal to the Fair Market Value (as defined in the Company
PSR Plan) of one Company Share on the last trading day prior to the Effective Date multiplied by the Payout Percentage, less any applicable
withholdings pursuant to Section 3.7, and each such Company PSR shall be immediately cancelled and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the holders of such Company PSRs shall cease to be holders thereof and to have any rights as holders of such Company PSRs, other than
the right to receive the consideration to which they are entitled under this Section 2.3,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) such holders' names shall be, and shall be deemed to be, removed from the register of the Company PSRs maintained by or on behalf
of the Company, and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) all agreements relating to the Company PSRs shall be terminated and shall be of no further force and effect.

The exchanges and cancellations provided for in this Section 2.3 will be deemed to occur at or following the Effective Time as provided for in this Section 2.3, notwithstanding that certain procedures related thereto are not completed until after the Effective Date.

**Article 3** **<br> DELIVERY OF CONSIDERATION**

**3.1** **Deposit and Payment of Consideration** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Following receipt of the Final Order and no later than the business day prior to the Effective Date, the Purchaser shall deposit in
escrow, or cause to be deposited in escrow, with the Depositary, sufficient Purchaser Shares to satisfy the Consideration payable to the
Company Shareholders in accordance with Section 2.3, which shall be held by the Depositary in escrow as agent and nominee for such
former Company Shareholders for distribution to such former Company Shareholders in accordance with the provisions of this Article 3.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Upon surrender to the Depositary for cancellation of a certificate or a direct registration statement advice (a "**DRS Advice** ")
which immediately prior to the Effective Time represented one or more Company Shares that were transferred under the Arrangement, together
with a duly completed and executed Letter of Transmittal and such other documents and instruments as the Depositary or the Purchaser may
reasonably require, the holder of the Company Shares represented by such surrendered certificate or DRS Advice shall be entitled to receive
in exchange therefor, and the Depositary shall deliver to such holder (in each case less any amounts withheld pursuant to Section 3.7
(if any)), the applicable Consideration that such holder has the right to receive, and the certificate or DRS Advice so surrendered shall
forthwith be cancelled.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) In the event of a transfer of ownership of Company Shares which was not registered in the transfer records of the Company, the Consideration
that such holder has the right to receive, subject to Section 2.3, shall be delivered to the transferee if the certificate or DRS
Advice which immediately prior to the Effective Time represented Company Shares that were exchanged for the Consideration under the Arrangement
is presented to the Depositary, accompanied by all documents reasonably required to evidence and effect such transfer.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) After the Effective Time and until surrendered for cancellation as contemplated by Section 3.1(b), each certificate or DRS Advice
that immediately prior to the Effective Time represented one or more Company Shares, other than the Dissent Shares, shall be deemed at
all times to represent only the right to receive in exchange therefor the Consideration that the holder of such certificate or DRS Advice
is entitled to receive in accordance with Section 2.3, less any amounts withheld pursuant to Section 3.7 (if any).

**3.2** **Distributions with Respect to Unsurrendered Certificates** 

No dividends or other distributions declared or made after the Effective Time with respect to Consideration Shares with a record date after the Effective Time shall be paid to the holder of any unsurrendered certificate which immediately prior to the Effective Time represented outstanding Company Shares that were exchanged for Consideration Shares pursuant to Sections 2.3(c) until the holder of such certificate shall surrender such certificate in accordance with Section 3.1. Subject to applicable Law, at the time of such surrender of any such certificate (or, in the case of clause (b) below, at the appropriate payment date), there shall be paid to the holder of the certificates representing Company Shares that were exchanged for Consideration Shares pursuant to Section 2.3(c), without interest, (a) the amount of dividends or other distributions with a record date after the Effective Time theretofore paid with respect to the Consideration Shares to which such holder is entitled pursuant hereto, and (b) to the extent not paid under clause (a), on the appropriate payment date, the amount of dividends or other distributions with a record date after the Effective Time but prior to surrender and the payment date subsequent to surrender payable with respect to such Consideration Shares.

**3.3** **Deemed Fully Paid and Non-Assessable Shares** 

All Consideration Shares issued pursuant to this Plan of Arrangement shall be deemed to be validly issued and outstanding as fully paid and non-assessable shares.

**3.4** **No Fractional Shares** 

No fractional Consideration Shares shall be issued upon the exchange of Company Shares pursuant to Sections 2.3(c) and 3.1. Where the aggregate number of Consideration Shares to be issued to a Company Shareholder pursuant to Sections 2.3(c) and 3.1 as consideration under the Arrangement would result in a fractional Consideration Share being issuable, such fractional Consideration Share shall be rounded up to the nearest whole Consideration Share in the event that a Company Shareholder is entitled to a fractional share representing 0.5 or more of a Consideration Share and shall be rounded down to the nearest whole Consideration Share in the event that a Company Shareholder is entitled to a fractional share representing less than 0.5 of a Consideration Share.

**3.5** **Lost Certificates** 

In the event that any certificate which, immediately prior to the Effective Time, represented one or more outstanding Company Shares, which were exchanged in accordance with Section 2.3(c) shall have been lost, stolen or destroyed, upon the making of an affidavit of that fact by the holder claiming such certificate to be lost, stolen or destroyed, the Depositary shall deliver in exchange for such lost, stolen or destroyed certificate, the aggregate Consideration which such holder is entitled to receive in accordance with this Plan of Arrangement. When authorizing such delivery of the aggregate Consideration which such holder is entitled to receive in exchange for such lost, stolen or destroyed certificate, the holder to whom the Consideration is to be delivered shall, as a condition precedent to the delivery of such Consideration, give a bond satisfactory to AcquireCo, the Purchaser and the Depositary in such amount as AcquireCo, the Purchaser and the Depositary may direct (each acting reasonably), or otherwise indemnify AcquireCo, the Purchaser and the Depositary and/or any of their respective representatives or agents in a manner satisfactory to AcquireCo, the Purchaser and the Depositary (each acting reasonably), against any claim that may be made against AcquireCo, the Purchaser or the Depositary and/or any of their respective representatives or agents with respect to the certificate alleged to have been lost, stolen or destroyed.

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**3.6** **Extinction of Rights** 

Any certificate or DRS Advice which immediately prior to the Effective Time represented outstanding Company Shares that were exchanged pursuant to Section 2.3(c) that is not deposited with all other instruments required by Section 3.1 on or prior to the sixth anniversary of the Effective Date shall cease to represent a claim or interest of any kind or nature as a securityholder of the Company, AcquireCo or the Purchaser. On such date, the Consideration Shares to which the former holder of the certificate or DRS Advice referred to in the preceding sentence was ultimately entitled shall be deemed to have been surrendered for no consideration to the Purchaser or AcquireCo, as applicable. None of the Purchaser, AcquireCo, the Company or the Depositary shall be liable to any Person in respect of any Consideration Shares (or dividends, distributions and interest in respect thereof) delivered to a public official pursuant to any applicable abandoned property, escheat or similar law.

**3.7** **Withholding Taxes** 

The Purchaser, AcquireCo, the Company, the Depositary, their respective Subsidiaries and any other Person on their behalf, shall be entitled to deduct and withhold from any amounts payable to any Person pursuant to the Arrangement or under this Plan of Arrangement (including any amounts payable pursuant to Section 2.3, Article 3 and Article 4 of this Plan of Arrangement), and from all dividends, interest, and other amounts payable or distributable to any former Company Shareholder or former holders of Company Incentive Awards, such amounts as the Purchaser, AcquireCo, the Company, the Depositary and their respective Subsidiaries or any Person on behalf of any of the foregoing, is or may be required or permitted to deduct or withhold with respect to such payment under the Tax Act, the U.S. Tax Code, or any provision of local, state, federal, provincial or foreign Law. The Purchaser, AcquireCo, the Company, the Depositary, their respective Subsidiaries and any other Person on their behalf, shall exercise commercially reasonable efforts to reduce or eliminate any deduction or withholding with respect to payments made pursuant to the Arrangement and under this Agreement and shall be entitled to request from any recipient of any payment hereunder any necessary tax forms or any other proof of exemption from withholding or any similar information. To the extent that amounts are so deducted or withheld, such deducted or withheld amounts shall be treated for all purposes hereof as having been paid to the Person to whom such amounts would otherwise have been paid, provided that such deducted or withheld amounts are actually remitted to the appropriate authority or Person in accordance with applicable Law. In any case where the amount so required or permitted to be deducted or withheld from any payment to a holder exceeds the cash portion of the amount otherwise payable, the Purchaser, the Company, AcquireCo, the Depositary, their respective Subsidiaries and any Person on behalf of the foregoing, as the case may be, is authorized to sell or otherwise dispose of (or otherwise require the recipient of such payment to irrevocably direct the sale through a broker and irrevocably direct the broker to pay the proceeds of such sale of) such portion of the Consideration or other amounts payable or distributable pursuant to Section 2.3, Article 3 or Article 4 of this Plan of Arrangement as is necessary in order to fully fund such deduction or withholding requirement, and the payor shall use commercially reasonable efforts to notify the recipient of such payment of such withholding and sale, and such Person shall remit any unapplied balance of the net proceeds of such sale to the holder.

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**3.8** **Transfer Free and Clear** 

For greater certainty, any transfer or exchange of securities pursuant to this Plan of Arrangement shall be free and clear of any Liens or other claims of third parties of any kind.

**3.9** **Interest** 

Under no circumstances shall interest accrue or be paid by the Company, AcquireCo, the Purchaser, the Depositary or any other Person to any Company Shareholder or other Persons depositing certificates or DRS Advices pursuant to this Plan of Arrangement in respect of the Company Shares immediately existing prior to the Effective Time.

**3.10** **Income Tax Elections** 

The Purchaser shall have the sole and exclusive right, in its discretion, to make an election under Section 338(g) of the U.S. Tax Code, and any corresponding elections under state, local or non-U.S. law (collectively, a "**Section 338(g) Election**"), with respect to the transfer of Company Shares to AcquireCo and any of the Company's subsidiaries that qualify as target affiliates within the meaning of Treasury Regulation Section 1.338-2(c). Any Taxes arising as a result of the Purchaser's Section 338(g) Election shall be borne exclusively by the Purchaser. The Purchaser shall deliver to each Company Shareholder (other than holders of Dissent Shares and Company Shares held by Purchaser or an affiliate of Purchaser) a copy of IRS Form 8883 (or successor form) and any other relevant forms or filings relating to the Section 338(g) Election within a reasonable time after filing and any additional forms or documentation reasonably requested by any Company Shareholder.

**Article 4** **<br> RIGHTS OF DISSENT**

**4.1** **Dissent Rights** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Pursuant to the Interim Order, Company Shareholders who are registered holders of Company Shares as of the record date of the Company
Meeting may exercise rights to dissent in connection with the Arrangement under Division 2 of Part 8 of the BCBCA, as modified by
this Article 4, the Interim Order and the Final Order ()"**Dissent Rights** "), with respect to all (but not less than
all) of the Company Shares held by such Company Shareholder, provided that the Notice of Dissent contemplated by Section 242 of the
BCBCA, as may be modified by the Interim Order, must be received by the Company by 4:00 p.m. on the date that is at least two business
days prior to the date of the Company Meeting, or any date to which the Company Meeting may be postponed or adjourned, and provided further
that holders who duly exercise such Dissent Rights and who:

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) are ultimately entitled to be paid the fair value of their Dissent Shares: (A) will be entitled to be paid the fair value of
such Dissent Shares by AcquireCo, which fair value, notwithstanding anything to the contrary contained in the BCBCA, shall be the fair
value of such Dissent Shares determined as of the close of business on the day immediately before the approval of the Arrangement Resolution;
(B) shall be deemed not to have participated in the transactions in Article 2 (other than Section 2.3(b), if applicable);
(C) shall be deemed to have transferred and assigned such Dissent Shares, free and clear of any Liens, to AcquireCo in accordance
with Section 2.3(b); and (D) will not be entitled to any other payment or consideration, including any payment that would be
payable under the Arrangement had such holders not exercised their Dissent Rights in respect of such Company Shares; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) are ultimately not entitled, for any reason, to be paid fair value for their Company Shares, shall be deemed to have participated
in the Arrangement, as of the Effective Time, on the same basis as a non-dissenting registered holder of Company Shares, and shall be
entitled to receive only the Consideration pursuant to Section 2.3(c) that such holder would have received pursuant to the Arrangement
if such holder had not exercised Dissent Rights.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) In no circumstances shall the Purchaser, AcquireCo, the Company or any other Person be required to recognize a Person exercising Dissent
Rights unless such Person is the registered holder of those Company Shares in respect of which such rights are sought to be exercised
as of the record date of the Company Meeting and as of the deadline for exercising such Dissent Rights.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) In no case shall the Purchaser, AcquireCo, the Company or any other Person be required to recognize holders of Company Shares who
exercise Dissent Rights as holders of Company Shares after the time that is immediately prior to the Effective Time, and the names of
the Dissenting Shareholders shall be deleted from the central securities register as holders of the Company at the time at which the step
in Section 2.3(b) occurs.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) For greater certainty, in addition to any other restrictions in the Interim Order and under Section 238 of the BCBCA, none of
the following shall be entitled to exercise Dissent Rights: (i) a holder of any Company Incentive Awards in respect of such holder's
Company Incentive Awards; (ii) Company Shareholders who vote or have instructed a proxyholder to vote such Company Shares in favour
of the Arrangement Resolution; and (iii) any other Person who is not a registered Company Shareholder as of the record date for the
Company Meeting.

**Article 5** **<br> GENERAL**

**5.1** **Paramountcy** 

From and after the Effective Time (a) this Plan of Arrangement shall take precedence and priority over any and all rights related to the Company Shares and the Company Incentive Awards issued prior to the Effective Time, and (b) the rights and obligations of the holders of Company Shares, the holders of Company Incentive Awards, the Parties, the Depositary and any trustee or transfer agent therefor in relation thereto, and any other Person having any right, title or interest in or to Company Shares and Company Incentive Awards, shall be solely as provided for in this Plan of Arrangement.

- A-15 -

**5.2** **Amendment** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Purchaser and the Company reserve the right to amend, modify or supplement this Plan of Arrangement at any time and from time
to time, provided that each such amendment, modification or supplement must be (i) agreed to in writing by AcquireCo, the Company
and the Purchaser, (ii) filed with the Court and, if made following the Company Meeting, approved by the Court, and (iii) communicated
to Company Shareholders and the holders of Company Incentive Awards if and as required by the Court.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Subject to the provisions of the Interim Order, any amendment, modification or supplement to this Plan of Arrangement may be proposed
by the Purchaser and the Company at any time prior to the Company Meeting (provided, however, that the Company and the Purchaser shall
have consented thereto in writing), with or without any other prior notice or communication, and, if so proposed and accepted by the Persons
voting at the Company Meeting (other than as may be required under the Interim Order), shall become part of this Plan of Arrangement for
all purposes.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Any amendment, modification or supplement to this Plan of Arrangement that is approved or directed by the Court following the Company
Meeting shall be effective only if: (i) it is consented to in writing by each of AcquireCo, the Purchaser and the Company (each acting
reasonably); and (ii) if required by the Court, it is consented to by the Company Shareholders voting in the manner directed by the
Court.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Any amendment, modification or supplement to this Plan of Arrangement may be made by the Company and the Purchaser without the approval
of or communication to the Court or the Company Shareholders, provided that it concerns a matter which, in the reasonable opinion of the
Company and the Purchaser, is of an administrative or ministerial nature required to better give effect to the implementation of this
Plan of Arrangement and is not adverse to the financial or economic interests of any of the Company Shareholders or holders of Company
Incentive Awards.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) This Plan of Arrangement may be withdrawn prior to the Effective Time in accordance with the terms of the Arrangement Agreement.

**5.3** **Further Assurances** 

Notwithstanding that the transactions and events set out in this Plan of Arrangement shall occur and be deemed to have occurred in the order set out herein, without any further act or formality, each of the Parties shall make, do and execute, or cause to be made, done and executed, all such further acts, deeds, agreements, transfers, assurances, instruments or documents as may reasonably be required by any of them in order to implement this Plan of Arrangement and to further document or evidence any of the transactions or events set out herein.

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**Article 6** **<br> U.S. SECURITIES LAW EXEMPTION**

**6.1** **U.S. Securities Law Exemption** 

Notwithstanding any provision herein to the contrary, the Company, AcquireCo and the Purchaser each agree that this Plan of Arrangement will be carried out with the intention that all Consideration Shares issued pursuant to this Plan of Arrangement, whether in the United States, Canada or any other country, be issued or granted, as the case may be, and exchanged, in reliance on the exemption from the registration requirements of the U.S. Securities Act provided by Section 3(a)(10) thereof and applicable state securities Laws, and pursuant to the terms, conditions and procedures set forth in the Arrangement Agreement. To the extent necessary, to provide for the issuance of freely tradeable shares, the Purchaser shall, on or as promptly as practicable following the Effective Date, file one or more registration statements on Form S-8 with the U.S. SEC to register the issuance of Purchaser Shares upon exercise of Company Options from time to time after the Effective Time. The Purchaser has also agreed to apply and use commercially reasonable efforts to obtain approval for listing on Nasdaq by the Effective Time of the Consideration Shares and the Purchaser Shares issuable upon exercise of any Company Options.

**Schedule B**

**Arrangement Resolution**

**BE IT RESOLVED AS A SPECIAL RESOLUTION THAT:**

(a) the arrangement (the "**Arrangement**") under Part 9, Division 5 of the *Business Corporations Act* (British Columbia) (the "**BCBCA** "), involving Royal Gold, Inc. (the "**Purchaser** "), International Royalty Corporation ()"**AcquireCo** "), Sandstorm Gold Ltd. (the "**Company**") and shareholders of the Company (the "**Shareholders** "), all as more particularly described and set forth in the management information circular (the "**Circular**") of the Company dated [●], 2025 accompanying the notice of the meeting (as the Arrangement may be, or may have been, modified, supplemented or amended in accordance with its terms), is hereby authorized, approved and adopted;

(b) the plan of arrangement, as it may be or has been amended (the "**Plan of Arrangement** "), involving the Purchaser, AcquireCo, the Company and the Shareholders and implementing the Arrangement, the full text of which is set out in Appendix [●] to the Circular (as the Plan of Arrangement may be, or may have been, modified, supplemented or amended in accordance with its terms), is hereby authorized, approved and adopted;

(c) the arrangement agreement among the Purchaser, AcquireCo and the Company dated as of July 6, 2025
as the same may be, or may have been, amended, supplemented or otherwise modified from time to time in accordance with its terms (the
 "**Arrangement Agreement**") and all the transactions contemplated therein, the actions of the directors of the Company
in approving the Arrangement and the actions of the officers of the Company in executing and delivering the Arrangement Agreement and
any modifications, supplements or amendments thereto in accordance with its terms are hereby confirmed, ratified and approved in all respects;

(d) the Company is hereby authorized to apply for a final order from the Supreme Court of British Columbia
(the "**Court**") to approve the Arrangement in accordance with and subject to the terms set forth in the Arrangement Agreement
and the Plan of Arrangement (as they may be, or may have been, modified, supplemented or amended from time to time in accordance with
their terms);

(e) notwithstanding that this resolution has been passed (and the Plan of Arrangement adopted) by the Shareholders
or that the Arrangement has been approved by the Court, the directors of the Company are hereby authorized and empowered, at their discretion,
without further notice to, or approval of, the shareholders of the Company:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) to modify, supplement or amend the Arrangement Agreement or the Plan of Arrangement to the extent permitted
by the Arrangement Agreement or the Plan of Arrangement; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) subject to the terms of the Arrangement Agreement, not to proceed with the Arrangement;

- B-2 -

(f) any one or more directors or officers of the Company is hereby authorized, for and on behalf and in the
name of the Company, to execute and deliver, whether under corporate seal of the Company or otherwise, all such agreements, forms, waivers,
notices, certificate, confirmations and other documents and instruments and to do or cause to be done all such other acts and things as
in the opinion of such director or officer may be necessary, desirable or useful for the purpose of giving effect to these resolutions,
the Arrangement Agreement and the completion of the Plan of Arrangement in accordance with the terms of the Arrangement Agreement, including:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) all actions required to be taken by or on behalf of the Company, and all necessary filings and obtaining
the necessary approvals, consents and acceptances of appropriate regulatory authorities; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the signing of the certificates, consents and other documents or declarations required under the Arrangement
Agreement or otherwise to be entered into by the Company;

such determination to be conclusively evidenced by the execution and delivery of such document, agreement or instrument or the doing of any such act or thing.

**Schedule C** **<br> FORM OF COMPANY VOTING AGREEMENT**

July 6, 2025

**To:** **Royal Gold, Inc. (the "Purchaser")**

Dear Sirs/Madams:

**Re:** **Support and Voting Agreement**

The undersigned understands that Sandstorm Gold Ltd. (the "**Company**") and the Purchaser intend to enter into an arrangement agreement on the date hereof (the "**Arrangement Agreement**"), which will provide for, among other things, the acquisition by the Purchaser of all of the issued and outstanding common shares in the capital of the Company pursuant to a plan of arrangement under the provisions of the *Business Corporations Act* (British Columbia).

The undersigned understands that the Company must obtain Company Shareholder Approval for the Arrangement Resolution pursuant to the Arrangement. The undersigned acknowledges that the Purchaser would not enter into the Arrangement Agreement but for the execution and delivery of this letter agreement by the undersigned.

Capitalized terms used in this letter agreement and not otherwise defined herein shall have the respective meanings given to them in the Arrangement Agreement.

In this letter agreement words importing the singular shall include the plural and vice versa and words importing any gender include all genders. Whenever the words "include", "includes" or "including" are used in this letter agreement, they will be deemed to be followed by the words "without limitation", whether or not they are in fact followed by those words or words of like import. The inclusion of headings in this letter agreement is for convenience of reference only and shall not affect the construction or interpretation hereof.

The undersigned is the beneficial owner of, or exercises control or direction over the securities of the Company set forth in Schedule A, together with any other securities of the Company directly or indirectly acquired by or issued to the undersigned during the term of this letter agreement, are collectively referred to herein as the "**Subject Securities**".

This letter agreement sets out the terms and conditions of the agreement of the undersigned, among other things, to vote or cause to be voted any Company Shares and any other Subject Securities entitled to be voted at the Company Meeting and that are held by the undersigned, or over which the undersigned has control or direction, in favour of the Arrangement and any other matter that would reasonably be expected to facilitate the Arrangement and to abide by the restrictions and covenants set forth herein.

- C-2 -

**1.** **Support And Voting Covenants .** Subject to Section 3 hereof, from the date
of this letter agreement until Termination, the undersigned agrees, in his or her capacity as a securityholder of the Company:(a) at
any meeting of shareholders of the Company to be held to consider the Arrangement (including the Company Meeting) or any of the other
transactions contemplated by the Arrangement Agreement, or any adjournment or postponement thereof or in any other circumstances upon
which a vote, consent or other approval (including by written consent in lieu of a meeting) with respect to the Arrangement or any of
the transactions contemplated by the Arrangement Agreement is sought, to attend (in person or by proxy) and be counted as present for
purposes of establishing quorum and to vote or to cause to be voted (and not withdraw any proxies or change his or her vote in respect
thereof) the Subject Securities entitled to be voted (i) in favour of the approval, consent, ratification and adoption of the Arrangement
Resolution and any other matter necessary for the consummation of the Arrangement, and (ii) against any resolution, action, proposal,
transaction or agreement, that would reasonably be expected to adversely affect or reduce the likelihood of the successful completion
of the Arrangement, or delay, frustrate or interfere with the completion of the Arrangement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) without limiting the generality of the obligations in Section 1(a) hereof, no later than 10 days prior to a meeting where
the undersigned is required to vote or cause to be voted the Subject Securities in accordance with Section 1(a) hereof, to deliver
or to cause to be delivered to the Company or its transfer agent in accordance with the instructions to be set out in the management information
circular of the Company in connection with such meeting, duly executed proxies or voting instruction forms, as applicable, in respect
of all of the Subject Securities required to be voted or caused to be voted at such meeting (x) instructing the holder thereof to
vote (i) in favour of the Arrangement Resolution and any other matter necessary for the consummation of the Arrangement, and (ii) against
any matter that would reasonably be expected to adversely affect or reduce the likelihood of the successful completion of the Arrangement,
or delay, frustrate or interfere with the completion of the Arrangement, and (y) naming those individuals as may be designated by
the Company in the management information circular in connection with the meeting of shareholders of the Company at which the Arrangement
Resolution will be voted on;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) without the prior written consent of the Purchaser, not to join in the requisitioning of any meeting of shareholders of the Company
for the purposes of considering any resolution which would reasonably be expected to adversely affect or reduce the likelihood of the
successful completion of the Arrangement, or delay, frustrate or interfere with the completion of the Arrangement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) to revoke any and all authorities pursuant to any proxy, power of attorney, attorney-in-fact, voting trust, vote pooling, voting instruction
form, other voting document or other agreement with respect to the right to vote, call meetings of shareholders or give consents or approvals
of any kind with respect to the Subject Securities, in any case, that may conflict or be inconsistent with the matters set forth in this
letter agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) not to (i) grant or agree to grant any proxy, power of attorney or other right to vote the Subject Securities, except for proxies
or voting instructions to vote, or cause to be voted, securities in accordance with this letter agreement, or (ii) enter into any
agreement or undertaking (including any voting agreement or voting trust with respect to the Subject Securities) that is inconsistent
with, or would interfere with, or prohibit or prevent the undersigned from satisfying, his or her obligations pursuant to this letter
agreement;

- C-3 -

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) not to exercise any rights to dissent or rights of appraisal provided under any Laws or otherwise in connection with the Arrangement
and not to exercise any shareholder rights or remedies available at common law or pursuant to securities or corporate Laws which would
reasonably be regarded as likely to delay or prevent the Arrangement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) not to make any statements or take any action against the Arrangement or any aspect thereof and to not bring, or threaten to bring,
any suit or proceeding for the purpose of, or which has the effect of, directly or indirectly, frustrating, stopping, preventing, impeding,
delaying or varying the Arrangement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) not to, directly or indirectly, sell, transfer, gift, assign, grant a participation interest in, option, pledge, hypothecate,
grant a security or voting interest in or otherwise convey or encumber (each, a "**Transfer** "), or enter into any agreement,
option or other arrangement (including any profit sharing arrangement, forward sale or other monetization arrangement) with respect to
the Transfer of any of his or her Subject Securities to any Person without the prior written consent of the Purchaser, other than:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) as contemplated by the Arrangement Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) a Transfer by the undersigned of no more than 5% of his or her Subject Securities (to the extent such Subject Securities are otherwise
Transferable according to their terms) following the holding of the vote relating to the Arrangement Resolution at the Company Meeting
and only to one or more charitable entities or institutions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) with respect to any Subject Securities that are Company Options, and any Subject Securities that are Company RSRs or Company PSRs
that vest prior to the Termination, a Transfer by the undersigned of such number of the underlying Company Shares issued upon exercise
or settlement, as applicable, of such Subject Securities as is necessary in order to satisfy (A) if applicable, payment of the exercise
price of such Subject Securities, and (B) taxes or tax withholding obligations applicable to the exercise or settlement of such Subject
Securities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) with respect to any Subject Securities that are Company Options which expire on or prior to the Termination, a Transfer by the undersigned
of the underlying Company Shares issued upon exercise of such Company Options;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) not to tender or cause to be tendered any Subject Securities to any Company Acquisition Proposal or other take-over bid or similar
transaction involving the Company or the Company Shares that is reasonably likely to in any manner delay, hinder, prevent, frustrate,
interfere with or challenge the Arrangement or any transaction contemplated by the Arrangement Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) notify the Purchaser promptly if any of the undersigned's representations and warranties contained in this letter agreement
becomes untrue or incorrect in any material respect; and

- C-4 -

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) not do indirectly that which it may not do directly in respect of the restrictions on his or her rights with respect to the Subject
Securities pursuant to this Agreement.

**2.** **Purchaser Covenants .** From the date of this letter agreement until Termination,
the Purchaser agrees:(a) it shall comply with its obligations under the Arrangement Agreement; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) it shall take all steps required of it to consummate the Arrangement and cause the Consideration to be made available to pay for the
Subject Securities, in each case in accordance with and subject to the terms and conditions of the Arrangement Agreement and the Plan
of Arrangement.

**3.** **Directors and Officers.** Notwithstanding any other provision of this letter agreement to the contrary, the Purchaser acknowledges
and agrees that the undersigned is executing this letter agreement and is bound hereunder solely in the undersigned's capacity as
a securityholder of the Company and not in the undersigned's capacity as a director, officer or employee of the Company or any of
its Subsidiaries. Notwithstanding any provision of this letter agreement to the contrary, nothing in this letter agreement shall (or shall
require the undersigned or any of his or her representatives to attempt to) limit or restrict any actions or omissions of a director or
officer of the Company or any of its Subsidiaries, including, without limitation, in the exercise of his or her fiduciary duties as a
director or officer of the Company and any of its Subsidiaries or prevent or be construed as creating any obligation on the part of any
director or officer of the Company or any of its Subsidiaries from taking any action in his or her capacity as such director or officer,
and the Purchaser acknowledges and agrees that actions taken in good faith by the undersigned to discharge his or her fiduciary duties
as a director or officer of the Company and any of its Subsidiaries shall not be a violation of this letter agreement.

Notwithstanding any provisions of this letter agreement to the contrary, the undersigned will be entitled to exercise his or her rights to acquire Company Shares (if any) issuable upon the exercise or settlement of the Company Options, Company RSRs and/or Company PSRs held by the undersigned upon the vesting thereof, as applicable, in compliance with the respective terms of such securities (which such Company Shares will be subject to the terms of this Agreement).

**4.** **Termination.** This Agreement will terminate upon the earliest to occur of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the mutual written agreement of the Purchaser and the undersigned to terminate this letter agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the Effective Time;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) delivery by written notice of the undersigned to the Purchaser if without the written consent of the undersigned:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the Outside Date is changed to a date that is later than January 6, 2026;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the conditions to closing of the Arrangement Agreement are amended in a manner that is materially adverse
to the undersigned; or

- C-5 -

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) there is any decrease or change in form of the Consideration.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) provided that the Purchaser has not breached this letter agreement and is not then in default of the Purchaser's obligations
under this letter agreement, written notice by the Purchaser to the undersigned if: (i) any of the representations and warranties
of the undersigned in this letter agreement shall not be true and correct in all material respects; or (ii) the undersigned shall
not have complied with the covenants to the Purchaser contained in this letter agreement in all material respects;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) provided that the undersigned has not breached this letter agreement and is not then in default of the undersigned's obligations
under this letter agreement, written notice by the undersigned to the Purchaser if (i) any of the representations and warranties
of the Purchaser in this letter agreement shall not be true and correct in all material respects; or (ii) the Purchaser shall not
have complied with its covenants to the undersigned contained in this letter agreement in all material respects;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) the Outside Date;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) a Company Change in Recommendation; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) the termination of the Arrangement Agreement in accordance with its terms.

(the "**Termination**"). This letter agreement shall automatically terminate and be of no further force or effect following Termination. No party shall have liability to any other party except in respect of a breach of this Agreement which occurred prior to such Termination.

**5.** **Representations and Warranties of the Undersigned.** The undersigned
hereby represents and warrants that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) neither the execution and delivery by the undersigned of this letter agreement nor the performance of the undersigned's obligations
hereunder will result in a breach of (i) any agreement or instrument to which the undersigned is a party or (ii) any Law or
any judgment, decree, order or award of any Governmental Entity, except in each case as would not reasonably be expected to materially
impair the ability of the undersigned to perform the undersigned's obligations hereunder;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) it is the sole beneficial or sole registered and beneficial owner of the Subject Securities, with good and marketable title thereto
free of any encumbrances and demands of any nature or kind whatsoever, and, other than pursuant to the covenants set out in this letter
agreement, the undersigned has the sole right to vote (in the case of the Subject Securities entitled to be voted) and dispose of (in
the case of transferable Subject Securities) all of the Subject Securities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) except for the Arrangement Agreement and this letter agreement, no Person has any agreement or option, or any legal or contractual
right or privilege capable of becoming an agreement or option for the purchase, acquisition or transfer from the undersigned or the applicable
holder any of the Subject Securities or any interest therein or right thereto;

- C-6 -

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) the only securities of the Company beneficially owned or controlled, directly or indirectly, by the undersigned on the date hereof
are the Subject Securities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) except as provided for in this letter agreement, none of the Subject Securities is subject to any power of attorney, proxy, voting
trust, vote pooling or other agreement with respect to the voting or right to vote, call meetings of any of the shareholders of the Company
or give consents or approvals of any kind; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) there is no private or governmental action, suit, proceeding, claim, arbitration or investigation pending before any Governmental
Entity, or, to the knowledge of the undersigned, threatened against the undersigned or any of his or her property that, individually or
in the aggregate, would reasonably be expected to prevent or delay the undersigned's ability to perform his or her obligations hereunder.
There is no order of any Governmental Entity against the undersigned that would reasonably be expected to prevent or delay the undersigned's
ability to perform his or her obligations hereunder.

**6.** **Acknowledgement of Reliance by the Purchaser.** The undersigned
acknowledges that the Purchaser is relying on the representations and warranties of the undersigned set forth in this letter agreement
in connection with the Purchaser's execution and delivery of this letter agreement, the Arrangement Agreement and the Horizon Arrangement
Agreement.

**7.** **Representations and Warranties of the Purchaser.** The Purchaser
hereby represents and warrants that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) neither the execution and delivery by the Purchaser of this letter agreement nor the performance of the Purchaser's obligations
hereunder will result in a breach of (i) any agreement or instrument to which the Purchaser is a party or (ii) any Law or any
judgment, decree, order or award of any Governmental Entity, except in each case as would not reasonably be expected to materially impair
the ability of the Purchaser to perform the Purchaser's obligations hereunder; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) there is no private or governmental action, suit, proceeding, claim, arbitration or investigation pending before any Governmental
Entity, or, to the knowledge of the Purchaser, threatened against the undersigned or any of its property that, individually or in the
aggregate, would reasonably be expected to prevent or delay the Purchaser's ability to perform its obligations hereunder. There
is no order of any Governmental Entity against the undersigned that would reasonably be expected to prevent or delay the Purchaser's
ability to perform its obligations hereunder.

**8.** **Acknowledgement of Reliance by the Undersigned.** The Purchaser acknowledges that the undersigned is relying on the representations and warranties of the Purchaser set forth
in this letter agreement in connection with the undersigned's execution and delivery of this letter agreement.

**9.** **Public Announcement; Filings.** The undersigned agrees that the
details of this letter agreement may be described in any press release, proxy statement or information circular or other communication
prepared by the Company or the Purchaser in connection with the Arrangement or the Horizon Arrangement and in any material change report
prepared by the Company or the Purchaser in connection with the execution and delivery of this letter agreement and the undersigned further
agrees to this letter agreement being made publicly available, including by filing on EDGAR and SEDAR+ and by any filings required under
Securities Laws (including disclosure of the undersigned's identity and the nature of his or her commitments, arrangements and understandings
under this letter agreement and any other information required by Law), in accordance with Securities Laws.

- C-7 -

**10.** **Governing Law.** This letter agreement shall be governed, including
as to validity, interpretation and effect, by the Laws of the Province of British Columbia and the Laws of Canada applicable therein and
each of the parties hereto hereby irrevocably attorn to the non-exclusive jurisdiction of the courts of the Province of British Columbia
in respect of all matters arising under and in relation to this letter agreement.

**11.** **Binding Effect; Assignment.** This letter agreement shall be
binding upon the undersigned and the Purchaser and upon their respective successors and permitted assigns (as applicable), provided that
neither the undersigned nor the Purchaser may assign, delegate or otherwise transfer any of his, her or its respective rights, interests
or obligations under this letter agreement without the prior written consent of the other.

**12.** **Performance.** The undersigned acknowledges and agrees that the
Purchaser would be damaged irreparably in the event any of the provisions of this letter agreement are not strictly performed in accordance
with their specific terms or otherwise are breached or violated. Accordingly, the undersigned agrees that, without posting bond or other
undertaking, the Purchaser will be entitled to seek an injunction or injunctions to prevent breaches or violations of the provisions of
this letter agreement and to seek to enforce by specific performance this letter agreement and the terms and provisions hereof. Such remedies
shall not be exclusive remedies for the breach or threatened breach of this Agreement but shall be in addition to all other remedies at
law or in equity.

**13.** **Counterparts.** This letter agreement may be executed in any
number of counterparts (including counterparts by electronic mail) and all such counterparts taken together shall be deemed to constitute
one and the same instrument. The parties shall be entitled to rely upon delivery of an executed electronic copy of this letter agreement,
and such executed electronic copy shall be legally effective to create a valid and binding agreement between the parties.

If the foregoing is in accordance with the Purchaser's understanding and is agreed by the Purchaser, please signify the Purchaser's acceptance by executing the enclosed copies of this letter agreement where indicated below by an authorized signatory of the Purchaser and return the same to the undersigned, upon which this letter agreement as so accepted shall constitute an agreement among the Purchaser and the undersigned.

*[remainder of this page intentionally left blank]*

- C-8 -

Yours truly,

Per:   <br> Name: <br> Title:

Accepted and agreed as of the date first written above.

---

| | |
|:---|:---|
| **ROYAL GOLD, INC.** | **ROYAL GOLD, INC.** |
| Per: | |
|  | Name: |
|  | Title: |

---

- C-9 -

**SCHEDULE A**

**Company Securities in Respect of Which<br> Beneficial Ownership, Control or Direction is Held**

---

| |
|:---|
| **<u>Securityholder Name</u>** |
| **Company Shares (#)** |
| **Company Options (#)** |
| **Company RSRs (#)** |
| **Company PSRs (#)** |

---

**Schedule D** **<br> FORM OF PURCHASER VOTING AGREEMENT**

July 6, 2025

**To:** **Sandstorm Gold Ltd. (the "Company")**

Dear Sirs/Madams:

**Re:** **Support and Voting Agreement**

The undersigned understands that Royal Gold, Inc. (the "**Purchaser**") and the Company intend to enter into an arrangement agreement on the date hereof (the "**Arrangement Agreement**"), which will provide for, among other things, the acquisition by the Purchaser of all of the issued and outstanding common shares in the capital of the Company pursuant to a plan of arrangement under the provisions of the *Business Corporations Act* (British Columbia).

The undersigned understands that the Purchaser must obtain Purchaser Stockholder Approval for the Purchaser Stock Issuance pursuant to the Arrangement. The undersigned acknowledges that the Company would not enter into the Arrangement Agreement but for the execution and delivery of this letter agreement by the undersigned.

Capitalized terms used in this letter agreement and not otherwise defined herein shall have the respective meanings given to them in the Arrangement Agreement.

In this letter agreement words importing the singular shall include the plural and vice versa and words importing any gender include all genders. Whenever the words "include", "includes" or "including" are used in this letter agreement, they will be deemed to be followed by the words "without limitation", whether or not they are in fact followed by those words or words of like import. The inclusion of headings in this letter agreement is for convenience of reference only and shall not affect the construction or interpretation hereof.

The undersigned is the beneficial owner of, or exercises control or direction over the securities of the Purchaser set forth in Schedule A, together with any other securities of the Purchaser directly or indirectly acquired by or issued to the undersigned during the term of this letter agreement, are collectively referred to herein as the "**Subject Securities**".

This letter agreement sets out the terms and conditions of the agreement of the undersigned, among other things, to vote or cause to be voted any Purchaser Shares and any other Subject Securities entitled to be voted at the Purchaser Meeting and that are held by the undersigned, or over which the undersigned has control or direction, in favour of the Arrangement and any other matter that would reasonably be expected to facilitate the Arrangement and to abide by the restrictions and covenants set forth herein.

- D-2 -

**1.** **Support and Voting Covenants .** Subject to Section 3 hereof, from the date
of this letter agreement until Termination, the undersigned agrees, in his or her capacity as a securityholder of the Purchaser:(a) at
any meeting of stockholder of the Purchaser to be held to consider the Arrangement (including the Purchaser Meeting) or any of the other
transactions contemplated by the Arrangement Agreement, or any adjournment or postponement thereof or in any other circumstances upon
which a vote, consent or other approval (including by written consent in lieu of a meeting) with respect to the Arrangement or any of
the transactions contemplated by the Arrangement Agreement is sought, to attend (in person or by proxy) and be counted as present for
purposes of establishing quorum and to vote or to cause to be voted (and not withdraw any proxies or change his or her vote in respect
thereof) the Subject Securities entitled to be voted (i) in favour of the approval, consent, ratification and adoption of the Purchaser
Stock Issuance and any other matter necessary for the consummation of the Arrangement, and (ii) against any resolution, action, proposal,
transaction or agreement, that would reasonably be expected to adversely affect or reduce the likelihood of the successful completion
of the Arrangement, or delay, frustrate or interfere with the completion of the Arrangement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) without limiting the generality of the obligations in Section 1(a) hereof, no later than 10 days prior to a meeting where
the undersigned is required to vote or cause to be voted the Subject Securities in accordance with Section 1(a) hereof, to deliver
or to cause to be delivered to the Purchaser or its transfer agent in accordance with the instructions to be set out in the management
information circular of the Purchaser in connection with such meeting, duly executed proxies or voting instruction forms, as applicable,
in respect of all of the Subject Securities required to be voted or caused to be voted at such meeting (x) instructing the holder
thereof to vote (i) in favour of the Purchaser Stock Issuance and any other matter necessary for the consummation of the Arrangement,
and (ii) against any matter that would reasonably be expected to adversely affect or reduce the likelihood of the successful completion
of the Arrangement, or delay, frustrate or interfere with the completion of the Arrangement, and (y) naming those individuals as
may be designated by the Purchaser in the proxy statement in connection with the meeting of shareholders of the Purchaser at which the
Purchaser Stock Issuance will be voted on;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) without the prior written consent of the Company, not to join in the requisitioning of any meeting of shareholders of the Purchaser
for the purposes of considering any resolution which would reasonably be expected to adversely affect or reduce the likelihood of the
successful completion of the Arrangement, or delay, frustrate or interfere with the completion of the Arrangement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) to revoke any and all authorities pursuant to any proxy, power of attorney, attorney-in-fact, voting trust, vote pooling, voting instruction
form, other voting document or other agreement with respect to the right to vote, call meetings of shareholders or give consents or approvals
of any kind with respect to the Subject Securities, in any case, that may conflict or be inconsistent with the matters set forth in this
letter agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) not to (i) grant or agree to grant any proxy, power of attorney or other right to vote the Subject Securities, except for proxies
or voting instructions to vote, or cause to be voted, securities in accordance with this letter agreement, or (ii) enter into any
agreement or undertaking (including any voting agreement or voting trust with respect to the Subject Securities) that is inconsistent
with, or would interfere with, or prohibit or prevent the undersigned from satisfying, his or her obligations pursuant to this letter
agreement;

- D-3 -

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) not to exercise any rights of appraisal provided under any Laws or otherwise in connection with the Arrangement and not to exercise
any shareholder rights or remedies available at common law or pursuant to securities or corporate Laws which would reasonably be regarded
as likely to delay or prevent the Arrangement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) not to make any statements or take any action against the Arrangement or any aspect thereof and to not bring, or threaten to bring,
any suit or proceeding for the purpose of, or which has the effect of, directly or indirectly, frustrating, stopping, preventing, impeding,
delaying or varying the Arrangement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) not to, directly or indirectly, sell, transfer, gift, assign, grant a participation interest in, option, pledge, hypothecate,
grant a security or voting interest in or otherwise convey or encumber (each, a "**Transfer** "), or enter into any agreement,
option or other arrangement (including any profit sharing arrangement, forward sale or other monetization arrangement) with respect to
the Transfer of any of his or her Subject Securities to any Person without the prior written consent of the Company, other than:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) as contemplated by the Arrangement Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) [with respect to the sale of no more than 1,500 Purchaser Shares]<sup>1</sup>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) a Transfer by the undersigned of no more than 5% of his or her Subject Securities (to the extent such Subject Securities are otherwise
Transferable according to their terms) following the holding of the vote relating to the Purchaser Stock Issuance at the Purchaser Meeting
and only to one or more charitable entities or institutions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) with respect to any Subject Securities that are stock options or stock appreciation rights, and any Subject Securities that are restricted
stock units or performance shares that vest prior to the Termination, a Transfer by the undersigned of such number of the underlying Purchaser
Shares issued upon exercise or settlement, as applicable, of such Subject Securities as is necessary in order to satisfy (A) if applicable,
payment of the exercise price of such Subject Securities, and (B) taxes or tax withholding obligations applicable to the exercise
or settlement of such Subject Securities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) with respect to any Subject Securities that are stock options or stock appreciation rights which expire on or prior to the Termination,
a Transfer by the undersigned of the underlying Purchaser Shares issued upon exercise of such Purchaser Options;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) not to tender or cause to be tendered any Subject Securities to any Purchaser Acquisition Proposal or other take-over bid or similar
transaction involving the Purchaser or the Purchaser Shares that is reasonably likely to in any manner delay, hinder, prevent, frustrate,
interfere with or challenge the Arrangement or any transaction contemplated by the Arrangement Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) notify the Company promptly if any of the undersigned's representations and warranties contained
in this letter agreement becomes untrue or incorrect in any material respect; and

<sup>1</sup> Applicable in the case of one support and voting agreement.

- D-4 -

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) not do indirectly that which it may not do directly in respect of the restrictions on his or her rights
with respect to the Subject Securities pursuant to this Agreement.

**2.** **Company Covenants .** From the date of this letter agreement until Termination,
the Company agrees:(a) it shall comply with its obligations under the Arrangement Agreement; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) it shall take all steps required of it to consummate the Arrangement in accordance with and subject to
the terms and conditions of the Arrangement Agreement and the Plan of Arrangement.

**3.** **Directors and Officers.** Notwithstanding any other provision
of this letter agreement to the contrary, the Company acknowledges and agrees that the undersigned is executing this letter agreement
and is bound hereunder solely in the undersigned's capacity as a securityholder of the Purchaser and not in the undersigned's
capacity as a director, officer or employee of the Purchaser or any of its Subsidiaries. Notwithstanding any provision of this letter
agreement to the contrary, nothing in this letter agreement shall (or shall require the undersigned or any of his or her representatives
to attempt to) limit or restrict any actions or omissions of a director or officer of the Purchaser or any of its Subsidiaries, including,
without limitation, in the exercise of his or her fiduciary duties as a director or officer of the Purchaser and any of its Subsidiaries
or prevent or be construed as creating any obligation on the part of any director or officer of the Purchaser or any of its Subsidiaries
from taking any action in his or her capacity as such director or officer, and the Company acknowledges and agrees that actions taken
in good faith by the undersigned to discharge his or her fiduciary duties as a director or officer of the Purchaser and any of its Subsidiaries
shall not be a violation of this letter agreement.

Notwithstanding any provisions of this letter agreement to the contrary, the undersigned will be entitled to exercise his or her rights to acquire Purchaser Shares (if any) issuable upon the exercise or settlement of the Purchaser Incentive Awards held by the undersigned upon the vesting thereof, as applicable, in compliance with the respective terms of such securities (which such Purchaser Shares will be subject to the terms of this Agreement).

**4.** **Termination.** This Agreement will terminate upon the earliest
to occur of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the mutual written agreement of the Company and the undersigned to terminate this letter agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the Effective Time;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) delivery by written notice of the undersigned to the Company if without the written consent of the undersigned:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the Outside Date is changed to a date that is later than January 6, 2026; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the conditions to closing of the Arrangement Agreement are amended in a manner that is materially adverse
to the undersigned;

- D-5 -

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) provided that the Company has not breached this letter agreement and is not then in default of the Company's obligations under
this letter agreement, written notice by the Company to the undersigned if: (i) any of the representations and warranties of the
undersigned in this letter agreement shall not be true and correct in all material respects; or (ii) the undersigned shall not have
complied with the covenants to the Company contained in this letter agreement in all material respects;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) provided that the undersigned has not breached this letter agreement and is not then in default of the undersigned's obligations
under this letter agreement, written notice by the undersigned to the Company if (i) any of the representations and warranties of
the Company in this letter agreement shall not be true and correct in all material respects; or (ii) the Company shall not have complied
with its covenants to the undersigned contained in this letter agreement in all material respects;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) the Outside Date;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) a Purchaser Change in Recommendation; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) the termination of the Arrangement Agreement in accordance with its terms

(the "**Termination**"). This letter agreement shall automatically terminate and be of no further force or effect following Termination. No party shall have liability to any other party except in respect of a breach of this Agreement which occurred prior to such Termination.

**5.** **Representations and Warranties of the Undersigned.** The undersigned hereby represents and warrants that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) neither the execution and delivery by the undersigned of this letter agreement nor the performance of
the undersigned's obligations hereunder will result in a breach of (i) any agreement or instrument to which the undersigned
is a party or (ii) any Law or any judgment, decree, order or award of any Governmental Entity, except in each case as would not reasonably
be expected to materially impair the ability of the undersigned to perform the undersigned's obligations hereunder;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) it is the sole beneficial or sole registered and beneficial owner of the Subject Securities, with good
and marketable title thereto free of any encumbrances and demands of any nature or kind whatsoever, and, other than pursuant to the covenants
set out in this letter agreement, the undersigned has the sole right to vote (in the case of the Subject Securities entitled to be voted)
and dispose of (in the case of transferable Subject Securities) all of the Subject Securities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) except for this letter agreement, no Person has any agreement or option, or any legal or contractual right
or privilege capable of becoming an agreement or option for the purchase, acquisition or transfer from the undersigned or the applicable
holder any of the Subject Securities or any interest therein or right thereto;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) the only securities of the Purchaser beneficially owned or controlled, directly or indirectly, by the
undersigned on the date hereof are the Subject Securities;

- D-6 -

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) except as provided for in this letter agreement, none of the Subject Securities is subject to any power
of attorney, proxy, voting trust, vote pooling or other agreement with respect to the voting or right to vote, call meetings of any of
the shareholders of the Purchaser or give consents or approvals of any kind; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) there is no private or governmental action, suit, proceeding, claim, arbitration or investigation pending before any Governmental
Entity, or, to the knowledge of the undersigned, threatened against the undersigned or any of his or her property that, individually or
in the aggregate, would reasonably be expected to prevent or delay the undersigned's ability to perform his or her obligations hereunder.
There is no order of any Governmental Entity against the undersigned that would reasonably be expected to prevent or delay the undersigned's
ability to perform his or her obligations hereunder.

**6.** **Acknowledgement of Reliance by the Company.** The undersigned acknowledges that the Company is relying on the representations
and warranties of the undersigned set forth in this letter agreement in connection with the Company's execution and delivery of
this letter agreement and the Arrangement Agreement. **7. Representations and Warranties of the Company.** The Company hereby represents
and warrants that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) neither the execution and delivery by the Company of this letter agreement nor the performance of the Company's obligations
hereunder will result in a breach of (i) any agreement or instrument to which the Company is a party or (ii) any Law or any
judgment, decree, order or award of any Governmental Entity, except in each case as would not reasonably be expected to materially impair
the ability of the Company to perform the Company's obligations hereunder; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) there is no private or governmental action, suit, proceeding, claim, arbitration or investigation pending before any Governmental
Entity, or, to the knowledge of the Company, threatened against the undersigned or any of its property that, individually or in the aggregate,
would reasonably be expected to prevent or delay the Company's ability to perform its obligations hereunder. There is no order of
any Governmental Entity against the undersigned that would reasonably be expected to prevent or delay the Company's ability to perform
its obligations hereunder.

**8.** **Acknowledgement of Reliance by the Undersigned.** The Company
acknowledges that the undersigned is relying on the representations and warranties of the Company set forth in this letter agreement in
connection with the undersigned's execution and delivery of this letter agreement.

**9.** **Public Announcement; Filings.** The undersigned agrees that the
details of this letter agreement may be described in any press release, proxy statement or information circular or other communication
prepared by the Purchaser or the Company in connection with the Arrangement or the Horizon Arrangement and in any material change report
prepared by the Purchaser or the Company in connection with the execution and delivery of this letter agreement and the undersigned further
agrees to this letter agreement being made publicly available, including by filing on EDGAR and SEDAR+ and by any filings required under
Securities Laws (including disclosure of the undersigned's identity and the nature of his or her commitments, arrangements and understandings
under this letter agreement and any other information required by Law), in accordance with Securities Laws.

- D-7 -

**10.** **Governing Law.** This letter agreement shall be governed, including
as to validity, interpretation and effect, by the Laws of the Province of British Columbia and the Laws of Canada applicable therein and
each of the parties hereto hereby irrevocably attorn to the non-exclusive jurisdiction of the courts of the Province of British Columbia
in respect of all matters arising under and in relation to this letter agreement.

**11.** **Binding Effect; Assignment.** This letter agreement shall be binding upon the undersigned and the Company and upon their respective
successors and permitted assigns (as applicable), provided that neither the undersigned nor the Company may assign, delegate or otherwise
transfer any of his, her or its respective rights, interests or obligations under this letter agreement without the prior written consent
of the other.

**12.** **Performance.** The undersigned acknowledges and agrees that the
Company would be damaged irreparably in the event any of the provisions of this letter agreement are not strictly performed in accordance
with their specific terms or otherwise are breached or violated. Accordingly, the undersigned agrees that, without posting bond or other
undertaking, the Company will be entitled to seek an injunction or injunctions to prevent breaches or violations of the provisions of
this letter agreement and to seek to enforce by specific performance this letter agreement and the terms and provisions hereof. Such remedies
shall not be exclusive remedies for the breach or threatened breach of this Agreement but shall be in addition to all other remedies at
law or in equity.

**13.** **Counterparts.** This letter agreement may be executed in any
number of counterparts (including counterparts by electronic mail) and all such counterparts taken together shall be deemed to constitute
one and the same instrument. The parties shall be entitled to rely upon delivery of an executed electronic copy of this letter agreement,
and such executed electronic copy shall be legally effective to create a valid and binding agreement between the parties.

If the foregoing is in accordance with the Company's understanding and is agreed by the Company, please signify the Company's acceptance by executing the enclosed copies of this letter agreement where indicated below by an authorized signatory of the Company and return the same to the undersigned, upon which this letter agreement as so accepted shall constitute an agreement among the Company and the undersigned.

*[remainder of this page intentionally left blank]*

- D-8 -

Yours truly,

---

| | |
|:---|:---|
| Per: | |
|  | Name: |
|  | Title: |

---

Accepted and agreed as of the date first written above.

---

| | |
|:---|:---|
| **SANDSTORM GOLD LTD.** | **SANDSTORM GOLD LTD.** |
| Per: | |
|  | Name: |
|  | Title: |

---

- D-9 -

**SCHEDULE A**

**Purchaser Securities in Respect of Which<br> Beneficial Ownership, Control or Direction is Held**

---

| |
|:---|
| **<u>Securityholder Name</u>** |
| **Purchaser Shares (#)** |
| **Purchaser stock options (#)** |
| **Purchaser stock appreciation rights (#)** |
| **Purchaser restricted stock units (#)** |
| **Purchaser performance shares (#)** |

---

**Schedule E** **<br> HORIZON SUPPORT AGREEMENT**

July 6, 2025

---

| | |
|:---|:---|
| **To:** | **Royal Gold, Inc. (the "Purchaser")** |

---

Dear Sirs/Madams:

---

| | |
|:---|:---|
| **Re:** | **Support and Voting Agreement** |

---

The undersigned understands that Horizon Copper Corp. (the "**Company**") and the Purchaser intend to enter into an arrangement agreement on the date hereof (the "**Horizon Arrangement Agreement**"), which will provide for, among other things, the acquisition by the Purchaser of all of the issued and outstanding common shares in the capital of the Company pursuant to a plan of arrangement under the provisions of the *Business Corporations Act* (British Columbia). Concurrent with the entry of the Horizon Arrangement Agreement, the Purchaser and the undersigned intend to enter into an arrangement agreement (the "**Sandstorm Arrangement Agreement**") that will provide for, among other things, the acquisition by the Purchaser of all of the issued and outstanding common shares in the capital of the undersigned pursuant to a plan of arrangement under the provisions of the *Business Corporations Act* (British Columbia).

The undersigned understands that the Company must obtain shareholder approval for the Arrangement Resolution pursuant to the Arrangement. The undersigned acknowledges that the Purchaser would not enter into the Horizon Arrangement Agreement but for the execution and delivery of this letter agreement by the undersigned.

Capitalized terms used in this letter agreement and not otherwise defined herein shall have the respective meanings given to them in the Horizon Arrangement Agreement.

In this letter agreement words importing the singular shall include the plural and vice versa and words importing any gender include all genders. Whenever the words "include", "includes" or "including" are used in this letter agreement, they will be deemed to be followed by the words "without limitation", whether or not they are in fact followed by those words or words of like import. The inclusion of headings in this letter agreement is for convenience of reference only and shall not affect the construction or interpretation hereof.

The undersigned is the beneficial owner of, or exercises control or direction over the securities of the Company set forth in Schedule A, together with any other securities of the Company directly or indirectly acquired by or issued to the undersigned during the term of this letter agreement, are collectively referred to herein as the "**Subject Securities**".

This letter agreement sets out the terms and conditions of the agreement of the undersigned, among other things, to vote or cause to be voted any Company Shares and any other Subject Securities entitled to be voted at the Company Meeting and that are held by the undersigned, or over which the undersigned has control or direction, in favour of the Arrangement and any other matter that would reasonably be expected to facilitate the Arrangement and to abide by the restrictions and covenants set forth herein.

- E-2 -

**1.** **Support and Voting Covenants.** From the date of this letter agreement until Termination, the undersigned agrees, in its capacity
as a securityholder of the Company:(a) at any meeting of Company Shareholders to be held to consider the Arrangement (including the
Company Meeting) or any of the other transactions contemplated by the Horizon Arrangement Agreement, or any adjournment or postponement
thereof or in any other circumstances upon which a vote, consent or other approval (including by written consent in lieu of a meeting)
with respect to the Arrangement or any of the transactions contemplated by the Horizon Arrangement Agreement is sought, to attend (in
person or by proxy) and be counted as present for purposes of establishing quorum and to vote or to cause to be voted (and not withdraw
any proxies or change its vote in respect thereof) the Subject Securities entitled to be voted (i) in favour of the approval, consent,
ratification and adoption of the Arrangement Resolution and any other matter necessary for the consummation of the Arrangement, and (ii) against
any resolution, action, proposal, transaction or agreement, that would reasonably be expected to adversely affect or reduce the likelihood
of the successful completion of the Arrangement, or delay, frustrate or interfere with the completion of the Arrangement (for the avoidance
of doubt including any Company Acquisition Proposal, Company Superior Proposal or any action that would result in a Company Material Adverse
Effect);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) without limiting the generality of the obligations in Section 1(a) hereof, no later than 10 days prior to a meeting where
the undersigned is required to vote or cause to be voted the Subject Securities in accordance with Section 1(a) hereof, to deliver
or to cause to be delivered to the Company or its transfer agent in accordance with the instructions to be set out in the management information
circular of the Company in connection with such meeting, duly executed proxies or voting instruction forms, as applicable, in respect
of all of the Subject Securities required to be voted or caused to be voted at such meeting (x) instructing the holder thereof to
vote (i) in favour of the Arrangement Resolution and any other matter necessary for the consummation of the Arrangement, and (ii) against
any matter that would reasonably be expected to adversely affect or reduce the likelihood of the successful completion of the Arrangement,
or delay, frustrate or interfere with the completion of the Arrangement, and (y) naming those individuals as may be designated by
the Company in the management information circular in connection with the meeting of shareholders of the Company at which the Arrangement
Resolution will be voted on;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) without the prior written consent of the Purchaser, not to join in the requisitioning of any meeting of shareholders of the Company
for the purposes of considering any resolution;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) to revoke any and all authorities pursuant to any proxy, power of attorney, attorney-in-fact, voting trust, vote pooling, voting instruction
form, other voting document or other agreement with respect to the right to vote, call meetings of shareholders or give consents or approvals
of any kind with respect to the Subject Securities, in any case, that may conflict or be inconsistent with the matters set forth in this
letter agreement;

- E-3 -

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) not to (i) grant or agree to grant any proxy, power of attorney or other right to vote the Subject Securities, except for proxies
or voting instructions to vote, or cause to be voted, securities in accordance with this letter agreement, or (ii) enter into any
agreement or undertaking (including any voting agreement or voting trust with respect to the Subject Securities) that is inconsistent
with, or would interfere with, or prohibit or prevent the undersigned from satisfying, its obligations pursuant to this letter agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) provided that the Purchaser is not in material breach of this Agreement or the Horizon Arrangement Agreement, not to exercise any
rights to dissent or rights of appraisal provided under any Laws or otherwise in connection with the Arrangement and not to exercise any
shareholder rights or remedies available at common law or pursuant to securities or corporate Laws which would reasonably be regarded
as likely to delay or prevent the Arrangement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) not to make any statements or take any action against the Arrangement or any aspect thereof and to not bring, or threaten to bring,
any suit or proceeding for the purpose of, or which has the effect of, directly or indirectly, frustrating, stopping, preventing, impeding,
delaying or varying the Arrangement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) not to, directly or indirectly (i) sell, transfer, gift, assign, grant a participation interest in, option, pledge, hypothecate,
grant a security or voting interest in or otherwise convey or encumber (each, a "**Transfer** "), or enter into any agreement,
option or other arrangement (including any profit sharing arrangement, forward sale or other monetization arrangement) with respect to
the Transfer of any of its Subject Securities to any Person without the prior written consent of the Purchaser, other than as contemplated
by the Horizon Arrangement Agreement or the Sandstorm Arrangement Agreement; or (ii) agree to take any actions described in the foregoing
clause (i);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) not to tender or cause to be tendered any Subject Securities to any Company Acquisition Proposal, Company Superior Proposal or other
take-over bid or similar transaction involving the Company or its Shares that is reasonably likely to in any manner delay, hinder, prevent,
frustrate, interfere with or challenge the Arrangement or any transaction contemplated by the Horizon Arrangement Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) not directly or through any officer, director, employee, authorized representative or authorized agent:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) solicit proxies or become a participant in a solicitation in opposition to or competition with the Purchaser's proposed purchase
of the Company Shares as contemplated by the Arrangement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) assist any Person in taking or planning any action that would compete with, restrain or otherwise serve to interfere with or inhibit
the Purchaser's proposed purchase of the Company Shares as contemplated by the Arrangement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) act jointly or in concert with others with respect to the Company Shares for the purpose of opposing or competing with the Purchaser's
proposed purchase of Company Shares as contemplated by the Arrangement;

- E-4 -

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) solicit, initiate, knowingly encourage or otherwise facilitate (including by way of furnishing or providing copies of, access to,
or disclosure of, any confidential information of Horizon or any of its Subsidiaries or entering into any form of agreement, arrangement
or understanding) any inquiry, proposal or offer that constitutes or may reasonably be expected to constitute or lead to, a Company Acquisition
Proposal;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) participate in any discussions or negotiations with any Person (other than the Purchaser) regarding any inquiry, proposal or offer
that constitutes or would reasonably be expected to constitute or lead to a Company Acquisition Proposal;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) accept or enter into, or publicly propose to accept or enter into, any letter of intent, agreement, arrangement or understanding regarding
any Company Acquisition Proposal; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) knowingly encourage or otherwise knowingly facilitate any effort or attempt by any other Person to do or seek to do any of the foregoing;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) notify the Purchaser promptly if any of the undersigned's representations and warranties contained
in this letter agreement becomes untrue or incorrect in any material respect;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) notify the Purchaser promptly if the undersigned receives or otherwise becomes aware of any inquiry, proposal or offer that constitutes,
or would reasonably be expected to constitute or lead to a Company Acquisition Proposal, or any request for copies of, access to, or disclosure
of, confidential information relating to Horizon or any of its Subsidiaries, including material terms and conditions of, and the identity
of the Person making, the Company Acquisition Proposal, inquiry, proposal, offer or request, and shall provide the Purchaser with copies
of all material documents, material correspondence and other materials received from or on behalf of such Person; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m) not do indirectly that which it may not do directly in respect of the restrictions on its rights with
respect to the Subject Securities pursuant to this Agreement.

**2.** **Purchaser Covenants .** From the date of this letter agreement until Termination,
the Purchaser agrees:(a) it shall comply with its obligations under the Horizon Arrangement Agreement; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) it shall take all steps required of it to consummate the Arrangement and cause the Consideration to be made available to pay for the
Company Shares, in each case in accordance with and subject to the terms and conditions of the Horizon Arrangement Agreement and the Plan
of Arrangement.

**3.** **Acknowledgement.** Notwithstanding any provision of this letter
agreement to the contrary, the Purchaser acknowledges and agrees that the undersigned is executing this letter agreement and is bound
hereunder solely in the undersigned's capacity as a securityholder of the Company.

- E-5 -

**4.** **Termination.** This Agreement will terminate upon the earliest
to occur of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the mutual written agreement of the Purchaser and the undersigned to terminate this letter agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the Effective Time;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) delivery by written notice of the undersigned to the Purchaser if without the written consent of the undersigned:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the Outside Date is changed to a date that is later than January 6, 2026;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) conditions to closing are amended in any material respect;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) the covenants of the Purchaser and AcquireCo in Section 5.4 of the Horizon Arrangement Agreement
are amended to make such covenants less burdensome on either of the Purchaser or AcquireCo;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) the termination rights of either party to the Horizon Arrangement Agreement are amended in any material
respect; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) there is any decrease or change in form of the Consideration.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) provided that the Purchaser has not breached this letter agreement and is not then in default of the Purchaser's obligations
under this letter agreement, written notice by the Purchaser to the undersigned if: (i) any of the representations and warranties
of the undersigned in this letter agreement shall not be true and correct in all material respects; or (ii) the undersigned shall
not have complied with the covenants to the Purchaser contained in this letter agreement in all material respects;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) provided that the undersigned has not breached this letter agreement and is not then in default of the undersigned's obligations
under this letter agreement, written notice by the undersigned to the Purchaser if (i) any of the representations and warranties
of the Purchaser in this letter agreement shall not be true and correct in all material respects; or (ii) the Purchaser shall not
have complied with its covenants to the undersigned contained in this letter agreement in all material respects;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) the Outside Date; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) the termination of the Sandstorm Arrangement Agreement in accordance with its terms

(the "**Termination**").

- E-6 -

**5.** **Representations and Warranties of the Undersigned.** The undersigned
hereby represents and warrants that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) neither the execution and delivery by the undersigned of this letter agreement nor the performance of the undersigned's obligations
hereunder will result in a breach of (i) any agreement or instrument to which the undersigned is a party or (ii) any Law or
any judgment, decree, order or award of any Governmental Entity, except in each case as would not reasonably be expected to materially
impair the ability of the undersigned to perform the undersigned's obligations hereunder;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) it is the sole beneficial or sole registered and beneficial owner of the Subject Securities, with good and marketable title thereto
free of any encumbrances and demands of any nature or kind whatsoever, and the undersigned has the sole right to vote (in the case of
the Subject Securities entitled to be voted) and dispose of (in the case of transferable Subject Securities) all of the Subject Securities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) except for the Horizon Arrangement Agreement and this letter agreement, no Person has any agreement or option, or any legal or contractual
right or privilege capable of becoming an agreement or option for the purchase, acquisition or transfer from the undersigned or the applicable
holder any of the Subject Securities or any interest therein or right thereto;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) the only securities of the Company beneficially owned or controlled, directly or indirectly, by the undersigned on the date hereof
are the Subject Securities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) except as provided for in this letter agreement, none of the Subject Securities is subject to any power of attorney, proxy, voting
trust, vote pooling or other agreement with respect to the voting or right to vote, call meetings of any of the shareholders of the Company
or give consents or approvals of any kind; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) there is no private or governmental action, suit, proceeding, claim, arbitration or investigation pending before any Governmental
Entity, or, to the knowledge of the undersigned, threatened against the undersigned or any of its property that, individually or in the
aggregate, would reasonably be expected to prevent or delay the undersigned's ability to perform its obligations hereunder. There
is no order of any Governmental Entity against the undersigned that would reasonably be expected to prevent or delay the undersigned's
ability to perform its obligations hereunder.

**6.** **Acknowledgement of Reliance by the Purchaser.** The undersigned
acknowledges that the Purchaser is relying on the representations and warranties of the undersigned set forth in this letter agreement
in connection with the Purchaser's execution and delivery of this letter agreement, the Horizon Arrangement Agreement and the Sandstorm
Arrangement Agreement.

- E-7 -

**7.** **Representations and Warranties of the Purchaser.** The Purchaser hereby represents and warrants that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) neither the execution and delivery by the Purchaser of this letter agreement nor the performance of the Purchaser's obligations
hereunder will result in a breach of (i) any agreement or instrument to which the Purchaser is a party or (ii) any Law or any
judgment, decree, order or award of any Governmental Entity, except in each case as would not reasonably be expected to materially impair
the ability of the Purchaser to perform the Purchaser's obligations hereunder; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) there is no private or governmental action, suit, proceeding, claim, arbitration or investigation pending before any Governmental
Entity, or, to the knowledge of the Purchaser, threatened against the undersigned or any of its property that, individually or in the
aggregate, would reasonably be expected to prevent or delay the Purchaser's ability to perform its obligations hereunder. There
is no order of any Governmental Entity against the undersigned that would reasonably be expected to prevent or delay the Purchaser's
ability to perform its obligations hereunder.

**8.** **Acknowledgement of Reliance by the Undersigned.** The Purchaser
acknowledges that the undersigned is relying on the representations and warranties of the Purchaser set forth in this letter agreement
in connection with the Purchaser's execution and delivery of this letter agreement.

**9.** **Public Announcement; Filings.** The undersigned agrees that the
details of this letter agreement may be described in any press release, proxy statement or information circular or other communication
prepared by the Company or the Purchaser in connection with the Arrangement or the Sandstorm Arrangement and in any material change report
prepared by the Company or the Purchaser in connection with the execution and delivery of this letter agreement and the undersigned further
agrees to this letter agreement being made publicly available, including by filing on EDGAR and SEDAR+ and by any filings required under
Securities Laws (including disclosure of the undersigned's identity and the nature of its commitments, arrangements and understandings
under this letter agreement and any other information required by Law), in accordance with Securities Laws.

**10.** **Termination.** This letter agreement shall automatically terminate
and be of no further force or effect following Termination. No party shall have liability to any other party except in respect of a breach
of this Agreement which occurred prior to such Termination.

**11.** **Governing Law.** This letter agreement shall be governed, including
as to validity, interpretation and effect, by the Laws of the Province of British Columbia and the Laws of Canada applicable therein and
each of the parties hereto hereby irrevocably attorn to the non-exclusive jurisdiction of the courts of the Province of British Columbia
in respect of all matters arising under and in relation to this letter agreement.

- E-8 -

**12.** **Binding Effect; Assignment.** This letter agreement shall be
binding upon the undersigned and the Purchaser and upon their respective successors and permitted assigns (as applicable), provided that
neither the undersigned nor the Purchaser may assign, delegate or otherwise transfer any of its respective rights, interests or obligations
under this letter agreement without the prior written consent of the other.

**13.** **Performance.** The undersigned acknowledges and agrees that the
Purchaser would be damaged irreparably in the event any of the provisions of this letter agreement are not strictly performed in accordance
with their specific terms or otherwise are breached or violated. Accordingly, the undersigned agrees that, without posting bond or other
undertaking, the Purchaser will be entitled to seek an injunction or injunctions to prevent breaches or violations of the provisions of
this letter agreement and to seek to enforce by specific performance this letter agreement and the terms and provisions hereof. Such remedies
shall not be exclusive remedies for the breach or threatened breach of this Agreement but shall be in addition to all other remedies at
law or in equity.

**14.** **Counterparts.** This letter agreement may be executed in any
number of counterparts (including counterparts by electronic mail) and all such counterparts taken together shall be deemed to constitute
one and the same instrument. The parties shall be entitled to rely upon delivery of an executed electronic copy of this letter agreement,
and such executed electronic copy shall be legally effective to create a valid and binding agreement between the parties.

If the foregoing is in accordance with the Purchaser's understanding and is agreed by the Purchaser, please signify the Purchaser's acceptance by executing the enclosed copies of this letter agreement where indicated below by an authorized signatory of the Purchaser and return the same to the undersigned, upon which this letter agreement as so accepted shall constitute an agreement among the Purchaser and the undersigned.

*[remainder of this page intentionally left blank]*

- E-9 -

Yours truly,

---

| | |
|:---|:---|
| **SANDSTORM GOLD LTD.** | **SANDSTORM GOLD LTD.** |
| Per: | |
|  | Name: |
|  | Title: |

---

Accepted and agreed as of the date first written above.

---

| | |
|:---|:---|
| **ROYAL GOLD, INC.** | **ROYAL GOLD, INC.** |
| Per: | |
|  | Name: |
|  | Title: |

---

- E-10 -

**SCHEDULE A**

**Company Securities in Respect of Which<br> Beneficial Ownership, Control or Direction is Held**

---

| |
|:---|
| **<u>Securityholder Name</u>** |
| **Company Shares (#)** |
| **Company Warrants (#)** |
| **Convertible Debentures (#)** |

---

**Schedule F** **<br> Company Representations and Warranties**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Organization and Qualification</u>. The Company and each of its Subsidiaries is duly incorporated or an entity duly created and
validly existing under all applicable Laws of its jurisdiction of incorporation, continuance or creation, and has the requisite power
and authority to own its assets and conduct its business as now owned and conducted, except as disclosed in Schedule (a) of the Company
Disclosure Letter. The Company and each of its Subsidiaries is duly qualified to carry on business and has authority to own, lease and
operate properties, assets and carry on business as presently conducted, and is in good standing in each jurisdiction where such qualification
is applicable and in which the character of its properties or the nature of its activities makes such qualification necessary, except
where the failure to be so qualified would not, individually or in the aggregate, have a Company Material Adverse Effect. True and complete
copies of the constating documents of the Company and each of its Subsidiaries have been delivered or made available to the Purchaser,
and no action has been taken to amend or supersede such documents.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Authority Relative to this Agreement</u>. The Company has the requisite corporate power and authority to enter into this Agreement
and to perform its obligations hereunder. The execution and delivery of this Agreement by the Company and the performance by the Company
of its obligations under this Agreement have been duly authorized by the Company Board and no other corporate proceedings on the part
of the Company are necessary to authorize this Agreement or the consummation of the Arrangement, other than the Interim Order, the Final
Order, approval of the Company Circular by the Company Board and the Company Shareholder Approval. This Agreement has been duly executed
and delivered by the Company and constitutes a valid and binding obligation of the Company, enforceable by AcquireCo and the Purchaser
against the Company in accordance with its terms, except as the enforcement thereof may be limited by bankruptcy, insolvency, reorganization
or other Laws of general application relating to or affecting creditors' rights generally, and subject to the qualification that
equitable remedies, including specific performance, may be granted only in the discretion of a court of competent jurisdiction.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>No Conflict; Required Filings and Consent.</u> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Except as disclosed in Schedule (c)(i) of the Company Disclosure Letter, the execution and delivery by the Company of this Agreement
and the performance by it of its obligations hereunder and the completion of the Arrangement and the other transactions contemplated hereby
do not and will not (or would not with the giving of notice, the lapse of time or both, or the happening of any other event or condition):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) violate, conflict with or result in a breach of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) the constating documents of the Company or those of any of its Subsidiaries;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) any Principal Company Royalty and Stream Agreement;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) any Company Material Contract (other than a Principal Company Royalty and Stream Agreement) or any material Authorization to which
the Company or any of its Subsidiaries is a party or by which the Company or any of its Subsidiaries is bound, except as would not, individually
or in the aggregate, materially and adversely affect the Company and its Subsidiaries; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) any Law to which the Company or its Subsidiaries is subject or by which the Company or its Subsidiaries is bound, subject to receipt
of the Regulatory Approvals and except as would not, individually or in the aggregate, have a Company Material Adverse Effect;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) give rise to any right of termination, allow any Person to exercise any rights, or cause or permit the termination, cancellation,
acceleration or other change of any right or obligation or the loss of any benefit to which the Company or any of its Subsidiaries is
entitled, under any Contract or Authorization to which the Company or any of its Subsidiaries is a party, except as would not, individually
or in the aggregate, have a Company Material Adverse Effect; 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;(C) give rise to any pre-emptive rights, including rights of first refusal or rights of first offer, or trigger any change in control
provisions or any restriction or limitation under any Contract or Authorization, or result in the imposition of any Lien (other than a
Company Permitted Lien) upon any of the Company's assets or the assets of any of its Subsidiaries, except as would not, individually
or in the aggregate, have a Company Material Adverse Effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Other than the Regulatory Approvals, the rules and policies of the TSX and the NYSE, as applicable, the Interim Order and the
Final Order, no Authorization of, or other action by or in respect of, or filing, recording, registering or publication with, or notification
to, any Governmental Entity is necessary on the part of the Company or any of its Subsidiaries in order for the Company to proceed with
the execution and delivery of this Agreement and the consummation of the Arrangement and the other transactions contemplated by this Agreement,
except as would not, individually or in the aggregate, have a Company Material Adverse Effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) <u>Subsidiaries; Ownership of Common Shares of Horizon</u> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) The Company does not have any Subsidiaries other than those listed in Schedule (d)(i) of the Company Disclosure Letter. Other
than for the Regulatory Approvals, none of the Company's Subsidiaries is currently prohibited, directly or indirectly, from paying
any dividends to the Company, from making any other distribution on such Subsidiary's shares, or from repaying to the Company any
loans or advances made thereto.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) The following information with respect to each of the Company's Subsidiaries is accurately set out in Schedule (d)(ii) of
the Company Disclosure Letter: (A) its name; (B) the Company's percentage equity ownership of it and if applicable, any
other shareholder's ownership of it; (C) capital stock; (D) its board of directors and any other officer; (E) its
valid powers of attorney; and (F) its jurisdiction of incorporation, organization or formation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) Except as disclosed in Schedule (d)(ii) of the Company Disclosure Letter, the Company beneficially owns, directly or indirectly,
all of the issued and outstanding securities of each of its Subsidiaries and there are no outstanding options, rights, entitlements, understandings
or commitments (contingent or otherwise) to acquire any issued or unissued securities or other ownership interests in any of the Company's
Subsidiaries.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) All of the issued and outstanding shares or other equity securities in the capital of each of the Company's Subsidiaries are:
(A) validly issued, fully-paid and, where the concept exists, non-assessable (and no such shares or other equity interests have been
issued in violation of any pre-emptive or similar rights) and all such shares or other equity interests are owned free and clear of all
Liens (other than Company Permitted Liens); and (B) free of any other restrictions including any restriction on the right to vote,
sell or otherwise dispose of shares or other equity interests.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) The Company legally and beneficially owns 29,274,086 common shares in the capital of Horizon and warrants entitling the Company to
acquire 734,375 Horizon common shares, and all such common shares and warrants are owned free and clear of any Liens (other than Company
Permitted Liens) and such securities are duly authorized, validly issued, fully paid and non-assessable. Other than as contemplated in
the Horizon Support Agreement and the Horizon Arrangement Agreement and, other than Company Permitted Liens, there are no outstanding
options, rights, entitlements, understandings or commitments (contingent or otherwise) providing to any third party the right to acquire
any of the Horizon common shares and warrants owned by the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) Other than (A) as set forth in Schedule (d)(vi) of the Company Disclosure Letter and (B) with respect to Horizon as
set forth in paragraph (d)(v) above, the Company does not legally or beneficially own any material equity interests in any companies.
Other than as disclosed in Schedule (d)(vi) of the Company Disclosure Letter, such equity interests are owned free and clear of any
Liens (other than Company Permitted Liens) and there are no outstanding options, rights, entitlements, understandings or commitments (contingent
or otherwise) providing to any third party the right to acquire any of such equity interests.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) Neither the Company nor any of its Subsidiaries owns any Purchaser Shares or any other securities in the
capital of the Purchaser.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) <u>Strategic Review Assets</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Except as disclosed in Schedule (e) of the Company Disclosure Letter, neither the Company nor any of its Subsidiaries have offered
or agreed to amend or otherwise modify or supplement, or waive any material provision of, Strategic Review Assets, including, for certainty,
any offer or agreement to settle, waive, amend, restructure, or defer the maturity date of amounts payable under the Strategic Review
Assets.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Neither the Company nor any of its Subsidiaries have taken any action or omitted to take any action which action or omission would
reasonably be expected to result in the Company or any of its Subsidiaries, whether individually or jointly with any associates, affiliates,
or other persons, holding more than 19.99% of the total outstanding common shares in the capital of the Strategic Review Party on a non-diluted
basis.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) <u>Compliance with Laws and Constating Documents</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) To the knowledge of the Company, the Company and each of its Subsidiaries is and, since January 1, 2024, has been, in compliance,
in all material respects, with all applicable Laws in each jurisdiction in which it conducts business and, to the knowledge of the Company,
neither the Company nor any of its Subsidiaries is under investigation with respect to any material violation of applicable Laws from
any Governmental Entity, or has received any notice that any material violation of any Law is being or may be alleged from any Governmental
Entity.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) As of the date hereof, none of the Company or its Subsidiaries is in conflict with, or in default (including cross defaults) under
or in violation of its articles or by-laws or equivalent organizational documents, except as would not, individually or in the aggregate,
have a Company Material Adverse Effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) <u>Company Authorizations</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) To the knowledge of the Company, the Company and its Subsidiaries have obtained, and are in compliance in all material respects with,
all Authorizations required by Law that are necessary to conduct their business as now being conducted, and such Authorizations are in
full force and effect in accordance with their terms. True copies of all such material Authorizations have been made available to the
Purchaser.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) The Company and its Subsidiaries have fully complied with and are in compliance with all such Authorizations, except, in each case,
for such non-compliance which, individually or in the aggregate, would not have a Company Material Adverse Effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) No action, investigation or proceeding is pending or, to the knowledge of the Company, threatened against the Company or any of its
Subsidiaries in respect of or regarding any such Authorization that would reasonably be expected to result in a suspension, loss or revocation
of any such Authorization, except in each case, for revocations, non-renewals or amendments which would not, individually or in the aggregate,
have a Company Material Adverse Effect. Schedule (g) of the Company Disclosure Letter lists the Authorizations that are material
to the operations of the Company and its Subsidiaries, taken as a whole.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) <u>Capitalization and Listing</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) The authorized share capital of the Company consists of an unlimited number of Company Shares without par value and an unlimited number
of preferred shares without par value. As at the close of business on the business day immediately preceding the date of this Agreement,
there were: (A) 293,157,955 Company Shares validly issued and outstanding as fully-paid and non-assessable shares of the Company;
(B) 14,042,750 outstanding Company Options providing for the issuance of up to 14,042,750 Company Shares upon the exercise thereof;
(C) 2,418,817 outstanding Company RSRs providing for the issuance of up to 2,418,817 Company Shares upon the settlement thereof;
and (D) 614,500 outstanding Company PSRs providing for the issuance of 1,229,000 Company Shares upon the settlement thereof (assuming
a maximum 200% multiplier). Except for the Company Options, Company RSRs and Company PSRs referred to in this Section (h) and
as set forth in Schedule (h)(i) of the Company Disclosure Letter, (1) there are no other options, warrants, conversion privileges,
calls or other rights, shareholder rights plans, agreements, arrangements, commitments, or obligations of the Company or any of its Subsidiaries
requiring any of them to issue or sell any shares or other securities of the Company or of any of its Subsidiaries, or any securities
or obligations convertible into, exchangeable or exercisable for, or otherwise carrying or evidencing the right or obligation to acquire,
any securities of the Company (including Company Shares) or any Subsidiary of the Company, and (2) no Person is entitled to any pre-emptive
or other similar right granted by the Company or any of its Subsidiaries. All Company Shares issuable upon the exercise of outstanding
Company Options, Company RSRs, and Company PSRs will, when issued in accordance with the terms of their respective plans, as the case
may be, be duly authorized, validly issued, fully-paid and non-assessable, and are not and will not be subject to, or issued in violation
of, any pre-emptive rights.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Schedule (h)(ii) of the Company Disclosure Letter sets forth, as of the date hereof, (A) the names and holdings of each
Person who holds outstanding Company Options, Company RSRs and Company PSRs, and (B) the exercise price of each Company Option.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) There are no outstanding contractual obligations of the Company or any of its Subsidiaries to repurchase, redeem or otherwise acquire
any Company Shares or any shares of any of its Subsidiaries, or qualify securities for public distribution in Canada or elsewhere, or
with respect to the voting or disposition of any securities of the Company or any of its Subsidiaries. No Subsidiary of the Company owns
any Company Shares.

- F-6 -

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) All outstanding securities of the Company have been issued in material compliance with all applicable Laws and any pre-emptive or
similar rights applicable to them.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) There are no outstanding bonds, debentures or other evidences of indebtedness of the Company or any of its Subsidiaries, or any other
agreements, arrangements, instruments or commitments of any kind giving any Person, directly or indirectly, the right to vote (or that
are convertible or exercisable for securities having the right to vote) with the holders of the Company Shares on any matters, except
Company Options, Company RSRs and Company PSRs.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) <u>Shareholder and Similar Agreements</u>. Neither the Company nor any of its Subsidiaries is party to any shareholder, pooling, voting
trust or other similar agreement relating to the ownership or voting of any issued and outstanding Company Shares or the shares of any
of the Company's Subsidiaries, other than any Company Material Contract.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) <u>Reporting Issuer Status</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) The Company is a reporting issuer not on the list of reporting issuers in default (or the equivalent) under applicable Securities
Laws in each of the provinces and territories of Canada, and is in material compliance with all Securities Laws applicable therein.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) The Company has not taken any action to cease to be a reporting issuer in any province or territory of Canada, nor has the Company
received notification from the British Columbia Securities Commission, as principal regulator, or any other applicable securities commissions
or securities regulatory authority of a province or territory of Canada seeking to revoke the Company's reporting issuer status.
No delisting of, suspension of trading in, or cease trade order with respect to, any securities of the Company and, to the knowledge of
the Company, no inquiry or investigation (formal or informal) of any Canadian Securities Authority has occurred, is in effect or ongoing
or, to the knowledge of the Company, has been threatened in writing with respect to the foregoing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) <u>Reports</u>. Since January 1, 2024, the Company has filed with all applicable Governmental Entities the Company Public Documents
that the Company is required to file in accordance with applicable Securities Laws. The Company Public Documents as of their respective
dates (and the dates of any amendments thereto): (i) did not contain any untrue statement of a material fact or omit to state a material
fact required to be stated therein or necessary to make the statements therein, in the light of the circumstances under which they were
made, not misleading, and (ii) complied in all material respects with the requirements of applicable Securities Laws. Any amendments
to the Company Public Documents required to be made have been filed on a timely basis with the applicable Governmental Entity. The Company
has not filed any confidential material change report with any Governmental Entity which at the date hereof remains confidential and does
not have any unresolved comments from the staff of the U.S. SEC.

- F-7 -

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) <u>Stock Exchange Matters</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) The Company Shares are listed on the TSX and the NYSE and are not listed on any market other than the TSX and the NYSE.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) The Company is in compliance in all material respects with the applicable listing and corporate governance rules and regulations
of the TSX and the NYSE. The Company has not taken any action which would be reasonably expected to result in the delisting or suspension
of the Company Shares on or from the TSX or the NYSE.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m) <u>Financial Statements</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) The audited consolidated financial statements for the Company and its Subsidiaries as at and for the fiscal years ended December 31,
2024 and 2023, including the notes thereto, the reports by the Company's auditors thereon and related management's discussion
and analysis, have been, and all financial statements of the Company which are publicly disseminated by the Company in respect of any
subsequent periods prior to the Effective Date will be, (A) prepared in accordance with IFRS applied on a basis consistent with prior
periods and all applicable Laws, and (B) present fairly, in all material respects, the assets, liabilities (whether accrued, absolute,
contingent or otherwise), consolidated financial position of the Company and its Subsidiaries as of the respective dates thereof and for
the periods indicated therein, and its results of operations and cash flows for the respective periods covered thereby (except as may
be indicated expressly in the notes thereto). There have been no material changes to the Company's accounting policies since December 31,
2024. &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) The Company has: (A) designed such disclosure controls and procedures, or caused them to be designed under the supervision of
its President and Chief Executive Officer and Chief Financial Officer, to provide reasonable assurance that material information relating
to the Company and its Subsidiaries is made known to the President and Chief Executive Officer and Chief Financial Officer of the Company
by others, particularly during the periods in which annual or interim filings are being prepared; and (B) designed such internal
controls over financial reporting, or caused them to be designed under such President and Chief Executive Officer's and Chief Financial
Officer's supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial
statements for external purposes in accordance with IFRS.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) The Company has established "disclosure controls and procedures" and "internal control over financial reporting"
(each as defined in NI 52-109) to the extent required by NI 52-109 and Securities Laws, and, as of the date hereof, the Company does not
have knowledge, and has not been advised by its auditors, of any "material weakness" (as defined in NI 52-109), in each case,
except as disclosed in the Company Public Documents.

- F-8 -

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) Since January 1, 2024, neither the Company nor any of its Subsidiaries nor, to the Company's knowledge, any Representative
of the Company or any of its Subsidiaries has received or otherwise obtained knowledge of any complaint, allegation or claim, whether
written or oral, regarding the accounting or auditing practices or internal auditing controls of the Company or any of its Subsidiaries,
including any complaint, allegation, assertion, or claim that the Company or any of its Subsidiaries has engaged in questionable accounting
or auditing practices, which has not been resolved to the satisfaction of the audit committee of the Company Board.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n) <u>Auditors</u>. There is not now, and there has never been, any reportable event (as defined in NI 51-102) with respect to the present
or any former auditor of the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(o) <u>No Undisclosed Liabilities</u>. The Company and its Subsidiaries, on a consolidated basis, have no material outstanding liabilities
or obligations of any nature, whether or not accrued, contingent, unasserted or absolute, except for: (i) liabilities and obligations
that are specifically presented on the audited balance sheet of the Company as of December 31, 2024 or disclosed in the notes thereto;
(ii) liabilities and obligations that are disclosed in the Company Public Documents; (iii) liabilities and obligations incurred
in the ordinary course; or (iv) liabilities and obligations incurred in connection with the Arrangement and this Agreement (including
transaction related expenses).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(p) <u>Real Property</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Schedule (p) of the Company Disclosure Letter discloses, as of the date of this Agreement: (A) all material real property
owned by the Company and its Subsidiaries excluding interests in Company Royalty and Stream Interests ()"**Company Owned Real Property** ");
and (B) all material real property leased, subleased, licensed and/or otherwise used or occupied (whether as tenant, subtenant, licensee
or pursuant to any other occupancy arrangement) by the Company or its Subsidiaries, in each case, in connection with the operation of
the business of the Company and its Subsidiaries as it is now being conducted ()"**Company Leased Real Property**" and together
with the Company Owned Real Property, the "**Company Property** ").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Schedule (p) of the Company Disclosure Letter also identifies each lease, sublease, license or other agreement under which the
Company or its Subsidiaries lease, sublease, license or otherwise use or occupy the Company Leased Real Property (including all amendments,
modifications, supplements, renewals and extensions thereto and guarantees thereof, the "**Leases** ").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) Schedule (p) of the Company Disclosure Letter also identifies each sublease, license or other Contract or agreement under which
the Company or its Subsidiaries sublease, license or otherwise permit a third party to use or occupy the Company Leased Real Property
(including all amendments, modifications, supplements, renewals and extensions thereto and guarantees thereof, the "**Sub-Leases** ").

- F-9 -

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) The Company or its Subsidiaries holds good and valid leasehold interests in the Company Leased Real Property pursuant to the Leases,
which leasehold interests are free and clear of all Liens (other than Company Permitted Liens), except as would not individually or in
the aggregate materially and adversely impact the Company and its Subsidiaries. Neither the Company nor its Subsidiaries has received
any written notice regarding a material violation, breach or default under any of the Leases or Sub-Leases that has not since been cured.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(q) <u>Operational Matters</u>. Except as would not, individually or in the aggregate, be reasonably expected to result in a Company Material
Adverse Effect, all costs, expenses, and liabilities payable on or prior to the date hereof under the terms of any Contracts to which
the Company or any of its Subsidiaries is a party, have been properly and timely paid, except for such expenses that are being currently
paid prior to delinquency in the ordinary course.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(r) <u>Principal Company Royalty and Stream Interests</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Schedule (r) of the Company Disclosure Letter lists all Principal Company Royalty and Stream Interests.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Other than as set out in Schedule (r) of the Company Disclosure Letter, each of the Company and its Subsidiaries is the sole
legal and beneficial owner of, and has valid, undisturbed and sufficient right, title and interest in, free and clear of any defect or
Lien (other than Company Permitted Liens): (A) each of the Principal Company Royalty and Stream Interests; and (B) all Authorizations,
licenses, and all other rights relating in any manner whatsoever to, or necessary for, the acquisition or holding of the Principal Company
Royalty and Stream Interests, or necessary to perform the operation of its business as presently owned and conducted in all material respects;
and is entitled to the benefits of, all of its material properties and assets of any nature whatsoever and to all benefits derived therefrom
including all its material properties and assets reflected in the balance sheet forming part of the Company Public Documents, except as
indicated in the notes thereto, together with all additions thereto, and other than Company Permitted Liens, such material properties
and assets are not subject to any Lien or defect in title of any kind except as is specifically identified in the balance sheets forming
part of the Company's financial statements and in the notes thereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) True and complete copies of the Principal Company Royalty and Stream Agreements and any material ancillary documentation (including
applicable guarantees and security documents) and all amendments entered into in connection with any thereof have been made available
to the Purchaser.

- F-10 -

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) The Company and each of its Subsidiaries has duly and timely satisfied all
of the material obligations required to be satisfied, performed and observed by it under each of the Principal Company Royalty
and Stream Agreements prior to the date of this Agreement, and is in compliance with all ongoing material terms, conditions and covenants
contained therein, and there exists no default or event of default or event, occurrence, condition or act which, with the giving of notice,
the lapse of time or the happening of any other event or condition, would become a default or event of default by the Company or any of
its Subsidiaries under any Principal Company Royalty and Stream Agreements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) Except as set out in Schedule (r) of the Company Disclosure Letter,
each Principal Company Royalty and Stream Agreement and each of the Principal Company Royalty and Stream Interests is in good standing
in all material respects, enforceable and in full force and effect, except: (x) as the enforcement thereof may be limited by bankruptcy,
insolvency, reorganization or other Laws of general application relating to or affecting creditors' rights generally, and subject
to the qualification that equitable remedies, including specific performance, may be granted only in the discretion of a court of competent
jurisdiction.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) To the knowledge of the Company, (A) no other party to any Principal
Company Royalty and Stream Agreement is in breach, violation or default of the material terms, conditions or covenants of any such Principal
Company Royalty and Stream Agreement and (B) except as set out in Schedule (r) of the Company Disclosure Letter, there exists
no condition which with the passage of time or the giving of notice or both would result, or would reasonably be expected to result, in
such a breach, violation or default by any such other party.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) Other than pursuant to Company Permitted Liens or as would not, individually
or in the aggregate, materially and adversely impact the Company and its Subsidiaries: (A) the Company and its Subsidiaries
have the exclusive right to own and receive all benefits associated with the Principal Company Royalty and Stream Interests; (B) no
person or entity of any nature whatsoever other than the Company or its Subsidiaries has any interest in the Principal Company Royalty
and Stream Interests, or in the production, payments, benefits or profits therefrom, or any right to acquire or otherwise obtain any such
interest; (C) except as disclosed in Schedule (r) of the Company Disclosure Letter, there are no back-in rights, earn-in rights,
rights of first refusal, off-take rights or obligations, third party royalty rights, third party streaming rights, or other rights of
any nature whatsoever in relation to the Principal Company Royalty and Stream Interests, and to the knowledge of the Company, no such
rights are asserted by any person or entity; (D) there is no Contract, option or any other right or obligation binding upon, or which
at any time in the future may become binding upon the Company or any of its Subsidiaries requiring it to sell, transfer, assign, pledge,
charge, mortgage or in any other way dispose of, encumber or create any Lien over any of the Principal Company Royalty and Stream Interests;
and (E) neither the Company nor any of its Subsidiaries has received any written notice from any Governmental Entity or any other
Person of any revocation or intention to revoke, materially diminish, materially adversely modify or challenge its interest in the Principal
Company Royalty and Stream Interests.

- F-11 -

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii) Except as disclosed in Schedule (r) of the Company Disclosure
Letter or as would not individually or in the aggregate materially and adversely impact the Company and its Subsidiaries **,** to the
knowledge of the Company, there are no adverse claims, demands, actions, suits or proceedings that have been commenced or are pending
or that are threatened, relating to the Principal Company Royalty and Stream Interests or the Principal Company Royalty and Stream Agreements,
in each case which would reasonably be expected to affect the Company's or its Subsidiaries' right, title or interest in such
Principal Company Royalty and Stream Agreements or the ability of the Company or its Subsidiaries to receive the benefits associated with
such Principal Company Royalty and Stream Agreements, including the title to or ownership by the Company or its Subsidiaries of the foregoing,
or which would reasonably be expected to involve the possibility of (A) any judgement or liability affecting the Principal Company
Royalty and Stream Interests or (B) any judicial liens or attachments over any payments under, or monies received under, any of the
Principal Company Royalty and Stream Agreements (other than Company Permitted Liens).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ix) Except as disclosed in Schedule (r) of the Company Disclosure Letter,
the Company has not been notified in writing by any Person of any fact relating to any of its Principal Company Royalty and Stream
Interests, the Principal Company Royalty and Stream Agreements or the Company Underlying Mineral Properties, in each case which would
reasonably be expected to, individually or in the aggregate, materially and adversely affect: (A) the Company and its Subsidiaries
and/or (B) individually, any Principal Company Royalty and Stream Interest.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(x) To the extent requested by the Purchaser and permitted to be disclosed by the Company, the Company has provided the Purchaser with
access to full and complete copies of all material third party exploration, development and production information and data including
all material scientific and technical information (including all material drill, sample and assay results and all maps) and all technical
reports, feasibility studies and other similar reports and studies prepared by third parties concerning the Company Underlying Mineral
Properties.

- F-12 -

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xi) Except as would not, individually or in the aggregate, materially and adversely impact the Company and its Subsidiaries, or as disclosed
in Schedule (r) of the Company Disclosure Letter, neither the execution and delivery of this Agreement nor the completion and performance
of the Arrangement and the other transactions contemplated by this Agreement will:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) give any Person the right to terminate, cancel or amend any contractual or other right of the Company or any of its Subsidiaries,
including with respect to the Principal Company Royalty and Stream Interests;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) result in the creation of any Lien on the Principal Company Royalty and Stream Interests;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(C) result in a breach, contravention or default, or require the consent of any Person under any provision of the Principal Company Royalty
and Stream Agreements; 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;(D) give rise to any rights of first refusal, rights of first offer or acquisition rights, or trigger any change of control provisions,
or any notices, consents, restrictions or limitations under any Principal Company Royalty and Stream Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xii) No Person has any agreement or option or any right or privilege capable of becoming an agreement or option for the purchase from the
Company or its Subsidiaries of any of the Principal Company Royalty and Stream Interests. Neither the Company nor any of its Subsidiaries
is obligated under any prepayment contract or other prepayment arrangement to deliver mineral products at some future time without then
receiving full payment therefor.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(s) <u>Remaining Company Royalty and Stream Interests</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Schedule (s) of the Company Disclosure Letter lists all Remaining Company Royalty and Stream Interests.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Except as would not individually or in the aggregate materially and adversely
impact the Company and its Subsidiaries, or as set out in Schedule (s) of the Company Disclosure Letter, to the knowledge of the
Company, each of the Company and its Subsidiaries is the sole legal and beneficial owner of, and has valid, undisturbed and sufficient
right, title and interest in, free and clear of any defect or Lien (other than Company Permitted Liens): (A) each of the Remaining
Company Royalty and Stream Interests; and (B) all Authorizations, licenses, and all other rights relating in any manner whatsoever
to, or necessary for, the acquisition or holding of the Remaining Company Royalty and Stream Interests; and is entitled to the benefits
of all of its Remaining Company Royalty and Stream Interests reflected in the balance sheet forming part of the Company Public Documents,
except as indicated in the notes thereto, together with all additions thereto, and other than Company Permitted Liens, such properties
and assets are not subject to any Lien or defect in title of any kind except as is specifically identified in the balance sheets forming
part of the Company's financial statements and in the notes thereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) True and complete copies of the Remaining Company Royalty and Stream Agreements and any material ancillary documentation (including
applicable guarantees and security documents) and all amendments entered into in connection therewith have been made available to the
Purchaser, except any Remaining Company Royalty and Stream Agreements which would not be individually or in the aggregate material to
the Company and its Subsidiaries, but including the "Enumerated Remaining Company Royalty and Stream Agreements" set out in
Schedule (s) of the Company Disclosure Letter,

- F-13 -

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) Except as would not individually or in the aggregate materially and adversely impact the Company and its Subsidiaries, to the knowledge
of the Company, the Company and each of its Subsidiaries has duly and timely satisfied all of the material obligations required to be
satisfied, performed and observed by it under each of the Remaining Company Royalty and Stream Agreements, and is in compliance with all
material terms, conditions and covenants contained therein, and there exists no default or event of default or event, occurrence, condition
or act which, with the giving of notice, the lapse of time or the happening of any other event or condition, would become a default or
event of default by the Company or any of its Subsidiaries under any Remaining Company Royalty and Stream Agreements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) Except as would not individually or in the aggregate materially and adversely impact the Company and its Subsidiaries, or as set out
in Schedule (s) of the Company Disclosure Letter, to the knowledge of the Company, each Remaining Company Royalty and Stream Agreement
and each of the Remaining Company Royalty and Stream Interests is in good standing in all respects, enforceable and in full force and
effect, except as the enforcement thereof may be limited by bankruptcy, insolvency, reorganization or other Laws of general application
relating to or affecting creditors' rights generally, and subject to the qualification that equitable remedies, including specific
performance, may be granted only in the discretion of a court of competent jurisdiction.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) Except as would not individually or in the aggregate materially and adversely impact the Company and its Subsidiaries, or as set out
in Schedule (s) of the Company Disclosure Letter, to the knowledge of the Company, (A) no other party to any Remaining Company
Royalty and Stream Agreement is in breach, violation or default of the terms, conditions or covenants of any such Remaining Company Royalty
and Stream Agreement and (B) there exists no condition which with the passage of time or the giving of notice or both would result,
or would reasonably be expected to result, in such a breach, violation or default of the terms, conditions or covenants of any such Remaining
Company Royalty and Stream Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) Except as would not individually or in the aggregate materially and adversely impact the Company and its Subsidiaries, or as disclosed
in Schedule (s) of the Company Disclosure Letter, and other than pursuant to Company Permitted Liens, to the knowledge of the Company;
(A) there is no Contract, option or any other right or obligation binding upon, or which at any time in the future may become binding
upon the Company or any of its Subsidiaries requiring it to sell, transfer, assign, pledge, charge, mortgage or in any other way dispose
of, encumber or create any Lien over any of the Remaining Company Royalty and Stream Interests; and (B) neither the Company nor any
of its Subsidiaries has received any written notice from any Governmental Entity or any other Person of any revocation or intention to
revoke, materially diminish, materially adversely modify or challenge its interest in the Remaining Company Royalty and Stream Interests.

- F-14 -

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii) Except as would not individually or in the aggregate materially and adversely impact the Company and its Subsidiaries, or as disclosed
in Schedule (s) of the Company Disclosure Letter, to the knowledge of the Company, there are no adverse claims, demands, actions,
suits or proceedings that have been commenced or are pending or that are threatened, relating to the Remaining Company Royalty and Stream
Interests or the Remaining Company Royalty and Stream Agreements, in each case which would reasonably be expected to affect the Company's
or its Subsidiaries' right, title or interest in such Remaining Company Royalty and Stream Agreements or the ability of the Company
or its Subsidiaries to receive the benefits associated with such Remaining Company Royalty and Stream Agreements, including the title
to or ownership by the Company or its Subsidiaries of the foregoing, or which would reasonably be expected to involve the possibility
of (A) any judgement or liability affecting the interests of the Company or its Subsidiaries in the Remaining Company Royalty and
Stream Interests or (B) any judicial liens or attachments over any payments under, or monies received under, any of the Remaining
Company Royalty and Stream Agreements (other than Company Permitted Liens).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ix) Except as set out in Schedule (s) of the Company Disclosure Letter,
the Company has not been notified in writing by any Person of any fact relating to any of its Remaining Company Royalty and Stream Interests
or the Remaining Company Royalty and Stream Agreements, which would in the aggregate reasonably be expected to materially and adversely
impact the Company and its Subsidiaries.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(x) Except as would not individually or in the aggregate materially and adversely impact the Company and its Subsidiaries or as disclosed
in Schedule (s) of the Company Disclosure Letter, to the knowledge of the Company, neither the execution and delivery of this Agreement
nor the completion and performance of the Arrangement and the other transactions contemplated by this Agreement will:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) give any Person the right to terminate, cancel or amend any contractual or other right of the Company or any of its Subsidiaries,
including with respect to the Remaining Company Royalty and Stream Interests;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) result in the creation of any Lien on the Remaining Company Royalty and Stream Interests;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(C) result in a breach, contravention or default, or require the consent of any Person under any provision of the Remaining Company Royalty
and Stream Agreements; or

- F-15 -

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(D) give rise to any rights of first refusal, rights of first offer or acquisition rights, or trigger any change of control provisions,
or any notices, consents, restrictions or limitations under any Remaining Company Royalty and Stream Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xi) Except as would not individually or in the aggregate materially and adversely impact the Company and its Subsidiaries, to the knowledge
of the Company, no Person has any agreement or option or any right or privilege capable of becoming an agreement or option for the purchase
from the Company or its Subsidiaries of any of the Remaining Company Royalty and Stream Interests.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(t) <u>Scientific and Technical Information</u>. The Company Public Documents are in material compliance with the applicable provisions
of Securities Laws. The Company has duly filed with the applicable regulatory authorities all reports required by Securities Laws, and
all such reports complied in all material respects with the requirements of Securities Laws at the time of filing thereof. The scientific
and technical information set forth in the Company Public Documents relating to mineral resources and mineral reserves required to be
disclosed therein pursuant to Securities Laws has been prepared by the Company and/or the applicable Operators and their respective consultants,
as applicable, in accordance with methods generally applied in the mining industry and materially conforms to the requirements of Securities
Laws.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(u) <u>Employment Matters</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Schedule (u)(i) of the Company Disclosure Letter sets forth a complete list of each management level (executive vice president
and above) Company Employee as at the date hereof, together with each such Company Employee's (A) position or function, (B) work
location, (C) date of hire, (D) annual base salary or hourly rate of pay, (E) any incentive or bonus arrangement, (F) bonuses
paid for the most recently completed year; (G) accrued vacation time, (H) status as active or inactive (and where inactive,
the reason for such leave and expected date of return, if known), and (I) Company Benefit Plan participation. The Company has provided
a complete list of each Company Employee and material independent contractors as at the date hereof setting forth, for each Company Employee
or independent contractor, the (J) position or function, (K) work location, (L) date of hire, (M) annual base salary
or hourly rate of pay, (N) any incentive or bonus arrangement, (O) bonus paid for the two most recently completed years, (P) accrued
vacation time, (Q) type of contract (*i.e.,* for a definite or indefinite term) and (I) status as active or inactive (and
where inactive, the reason for such leave and expected date of return, if known).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Except as disclosed in Schedule (u)(ii) of the Company Disclosure Letter, the Company and each of its Subsidiaries have made
available to the Purchaser the form(s) of the Contracts executed by each management level (executive vice president and above) Company
Employee and the Contracts of all management level (executive vice president and above) Company Employees are substantially in the form(s) of
the Contracts made available to the Purchaser. Except as disclosed in Schedule (u)(ii) of the Company Disclosure Letter, no Company
Employee has any agreement as to length of notice or severance payment required to terminate his or her employment in excess of the statutory
minimum notice of termination (or payment in lieu of notice), and severance payment (if applicable) required pursuant to applicable employment
standards legislation (other than such as results by Law for any employee without an agreement as to notice of termination or severance).

- F-16 -

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) Other than as disclosed in Schedule (u)(iii) of the Company Disclosure Letter or as provided for or permitted by this Agreement
or the Plan of Arrangement, neither the Company nor any of its Subsidiaries has entered into any agreement providing for employment, severance,
retention, bonus, golden parachute, change of control, or termination payments or entitlements to any current or former Company Employee
in connection with the termination of their position or their employment with the Company or any of its Subsidiaries, in connection with
the consummation of the Arrangement, or as a result of a change in control of the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) As at the date hereof, neither the Company nor any of its Subsidiaries (A) is a party to any collective bargaining agreement,
or (B) is subject to any application for certification or, to the knowledge of the Company, threatened or apparent union-organizing
campaigns for employees not covered under a collective bargaining agreement. To the knowledge of the Company, no labour strike, lock-out,
slowdown, picketing, hand-billing, boycott, work stoppage, grievance, complaint or application is pending or threatened against or directly
affecting the Company or any of its Subsidiaries, and there have not been any such activities, disputes or proceedings in the last year.
As at the date hereof, there are no employee associations, affiliated bargaining agent, voluntary recognized or certified unions or council
of trade unions authorized to represent any of the employees of the Company or any of its Subsidiaries including by way of certification,
interim certification, voluntary recognition, designation or successor rights.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) To the knowledge of the Company, all amounts due or accrued for all salary, wages, bonuses, commissions, vacation pay, overtime, sick
days and benefits under the Company Benefit Plans have either been paid or are accurately reflected in the books and records of the Company
and its Subsidiaries. All liabilities in respect of the Company Employees have or shall have been paid or accrued to the Effective Date,
including premium contributions, remittances and assessments for employment insurance, employer health tax, Canada Pension Plan, income
tax, workers' compensation and any other employment-related legislation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) To the knowledge of the Company, the Company and its Subsidiaries are in material compliance with all terms and conditions of employment
(including the terms of any applicable collective bargaining agreement) and applicable Laws relating to employment or termination of employment,
including pay equity, employees' profit sharing, assignment of employees and personnel provision services, wages, hours of work,
overtime, vacation, human rights, employer health tax, workers compensation and occupational health and safety.

- F-17 -

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) To the knowledge of the Company, there are no material employment-related claims, complaints, investigations or orders under applicable
Laws respecting employment now pending or, to the knowledge of the Company, threatened against the Company or any of its Subsidiaries
by or before any Governmental Entity.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii) Each and every Company Employee has all the necessary permits under applicable Laws to lawfully work in the country of their employment,
including any working visa that may be required. Each of the Company and its Subsidiaries has the necessary permits to employ each and
every Company Employee in terms of applicable Laws, including any migratory permit to hire foreign employees, as applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ix) To the knowledge of the Company, each of the Company and its Subsidiaries has properly characterized retained individuals as either
employees or independent contractors for the purposes of Taxes and other applicable Laws, including employment, labour and workers compensation
Laws and none of them has received any notice from any Governmental Entity disputing such classification.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(x) The individual employment agreements entered into by the Company and its Subsidiaries with the Company Employees comply with and have
complied, in all material respects, with all applicable Laws.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xi) Other than as disclosed in Schedule (u)(xi) of the Company Disclosure Letter or
as provided for or permitted by this Agreement or the Plan of Arrangement, other than in the ordinary course (including annual cost-of-living
salary increases), (A) since December 31, 2024, the Company and its Subsidiaries have not granted or promised any Company Employee
any extraordinary or special increases in compensation or benefits, or any payment of any bonus, deferred compensation, golden parachute,
change of control or similar arrangement, and (B) no Company Employee is entitled to any increase in compensation or bonus or other
increase in benefits after, or as a result of, the transactions contemplated by this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xii) No Company Employee has given written notice to the Company and/or its Subsidiaries of an intention to terminate employment and, to
the knowledge of the Company, no such Company Employee intends to terminate employment. To the knowledge of the Company, the terminations
of all past Company Employees have been implemented in material compliance with applicable Laws and to the knowledge of the Company, the
departure, either by resignation or termination, of all past Company Employees have been duly documented pursuant to applicable Laws.

- F-18 -

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xiii) True and complete copies of all Company Indemnity or Payment Agreements have been provided to the Purchaser prior to the date hereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) <u>Absence of Certain Changes or Events</u>. Except as disclosed in the Company Public Documents, since December 31, 2024:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the Company and its Subsidiaries have conducted their respective businesses in the ordinary course in all material respects and have
not taken any steps to take any actions which, if taken after the date hereof, would require the Purchaser's consent pursuant to
Section 5.1 of this Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) there has not been any damage, destruction or other casualty loss with respect to any asset owned, leased or otherwise used by the
Company or any of its Subsidiaries that is material to the Company and its Subsidiaries, taken as a whole, whether or not covered by insurance
(other than in the ordinary course or regular wear and tear);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) there has not been any acquisition or disposition (including any reconveyance) by the Company or any of its Subsidiaries of any property
or asset that would be material to the Company and its Subsidiaries, taken as a whole, other than the Arrangement or as expressly permitted
by this Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) there has not been any material write down by the Company of the value of any of the assets, including
the Principal Company Royalty and Stream Interests, of the Company and its Subsidiaries, taken as a whole; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) through to the date of this Agreement, there has not been any change, effect, event, occurrence or state of facts or circumstance
that has had, or would reasonably be expected to have, individually or in the aggregate, a Company Material Adverse Effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(w) <u>Litigation</u>. Except as disclosed in Schedule (w) of the Company Disclosure Letter, there are no claims, actions, suits,
demands, arbitrations, charges, indictments, orders, hearings or other civil, criminal, administrative or investigative proceedings, or
other investigations or examinations pending or, to the knowledge of the Company, threatened against the Company or any of its Subsidiaries,
the business of the Company or any of its Subsidiaries, or affecting any of their properties or assets, before or by any Governmental
Entity which, if adversely determined, would have, or would reasonably be expected to have, a Company Material Adverse Effect or would
significantly impede the ability of the Company to consummate the Arrangement. To the knowledge of the Company, there are no events or
circumstances which would reasonably be expected to give rise to or serve as a basis for the commencement of any such claim, action, suit,
demand, arbitration, charge, indictment, order, hearing or other civil, criminal, administrative or investigative proceeding, or other
investigation or examination. There are no outstanding orders, judgments, injunctions, or decrees against the Company or its Subsidiaries
that materially and adversely impact the business, property or assets of the Company and its Subsidiaries. Each of the Company and its
Subsidiaries does not intend to initiate any suits, actions, claims or arbitrations.

- F-19 -

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(x) <u>Intellectual Property</u>. Schedule (x) of the Company Disclosure Letter sets forth a complete list of all material registered
and unregistered Intellectual Property of the Company and its Subsidiaries. The Company and its Subsidiaries have sufficient rights to
use or otherwise exploit the Intellectual Property necessary to carry on the business now operated by them and (i) there is no action,
suit, proceeding or claim pending or, to the knowledge of the Company, threatened by others challenging the rights of the Company and
its subsidiaries in or to any Intellectual Property which is used for the conduct of the business of the Company and its Subsidiaries
as currently carried on, and as set out in the Company Public Documents, and (ii) to the knowledge of the Company, the conduct of
the business as currently carried on as set forth in the Company Public Documents, including the use of Intellectual Property, does not
infringe upon the Intellectual Property of any Person in any material respect. To the knowledge of the Company, no Person is currently
infringing upon, misappropriating or otherwise violating any of the Intellectual Property owned by the Company or its Subsidiaries in
any material respect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(y) <u>Taxes</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Each of the Company and its Subsidiaries has duly and timely filed all material Tax Returns required to be filed by it prior to the
date hereof and all such Tax Returns are true, complete and correct in all material respects.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Except as disclosed in Schedule (y)(ii) of the Company Disclosure Letter, no Tax Return of the Company or any of its Subsidiaries
is under audit by any Governmental Entity, and no written or oral notice of such an audit has been received by the Company. The Company
is not a party to, or otherwise subject to, a proceeding in which Taxes are being contested.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) Each of the Company and its Subsidiaries has paid on a timely basis all material Taxes which are due and payable by it on or before
the date hereof (including instalments) and has provided accruals in accordance with IFRS in the most recently published consolidated
financial statements of the Company for any Taxes of the Company and its Subsidiaries for the period covered by such financial statements
that have not been paid whether or not shown as being due on any Tax Returns. Since such publication date, no material liability in respect
of Taxes not reflected in such statements or otherwise provided for has been assessed, proposed to be assessed, incurred or accrued, other
than in the ordinary course.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) Except as disclosed in Schedule (y)(iv) of the Company Disclosure Letter, to the knowledge of the Company, no material deficiencies,
litigation, audits, claims, proposed adjustments or matters in controversy exist or have been asserted with respect to Taxes of the Company
or any of its Subsidiaries, and neither the Company, nor any of its Subsidiaries, is a party to any action or proceeding for assessment
or collection of Taxes and no such event has been asserted or, to the knowledge of the Company, threatened against the Company or any
of its Subsidiaries, or any of their respective assets.

- F-20 -

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) No claim has been made by any Governmental Entity in a jurisdiction where the Company or any of its Subsidiaries does not file Tax
Returns that the Company, or any of its Subsidiaries, is or may be subject to Tax by that jurisdiction or is or may be required to file
a tax return in that jurisdiction and none of the Company nor any of its Subsidiaries carries on business in a jurisdiction in which it
does not file a Tax Return in respect of income.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) There are no Liens with respect to Taxes upon any of the assets of the Company or any of its Subsidiaries (other than Company Permitted
Liens).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) Each of the Company and its Subsidiaries has withheld, deducted or collected all material amounts required to be withheld, deducted
or collected by it on account of Taxes and has duly and timely remitted all such amounts to the appropriate Governmental Entity as required
by Law. Each of the Company and its Subsidiaries has complied with all related information reporting, withholding and record retention
requirements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii) There are no outstanding agreements, arrangements, elections, waivers or objections extending or waiving the statutory period of limitations
applicable to any material claim for, or the period for the collection or assessment or reassessment of Taxes due from the Company or
any of its Subsidiaries, for any taxable period and no request for any such waiver or extension is currently pending.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ix) The Company and each of its Subsidiaries has made available to the Purchaser true, correct and complete copies of all material Tax
Returns, notices of assessment or reassessment of the Company and any of its Subsidiaries, all correspondence with any Governmental Entity
relating to Taxes, examination reports and statements of deficiencies for taxable periods, or transactions consummated, for which the
applicable statutory periods of limitations have not expired.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(x) None of the Company or any of its Subsidiaries has, at any time, directly or indirectly transferred any property or supplied any services
to, or acquired any property or services from, a Person with whom the Company or Subsidiary, as the case may be, was not dealing at arm's
length (within the meaning of the Tax Act) for consideration other than consideration equal to the fair market value of such property
or services at the time of transfer, supply or acquisition, as the case may be, nor has the Company or any of its Subsidiaries been deemed
to have done so for purposes of the Tax Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xi) To the knowledge of the Company, the Company and its Subsidiaries have complied in all material respects with the transfer pricing
(including any contemporaneous documentation) provisions of each applicable Law, including for greater certainty, under section 247 of
the Tax Act (and the corresponding provisions of any applicable provincial Law).

- F-21 -

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xii) There are no circumstances existing which could result in the material application of Sections 15, 17, 78, 80 to 80.04 or 224 of the
Tax Act, or any equivalent provision under provincial Law, to the Company or any of its Subsidiaries. Except as in accordance with past
practices, the Company and its Subsidiaries have not claimed nor will they claim any reserve under any provision of the Tax Act or any
equivalent provincial provision, if, as a result, any material amount could be included in the income of the Company or its Subsidiaries
for any period ending after the Effective Date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xiii) None of the Company nor any of its Subsidiaries has any liability for Taxes of any other Person including, for greater certainty,
under Sections 159 or 160 of the Tax Act (or any similar provisions of federal, state, local or foreign law).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xiv) The total fair market value of all of the shares that are owned directly or indirectly by the Company and that are shares of "foreign
affiliates", as defined in the Tax Act, of the Company does not exceed 75% of the total fair market value of all properties owned
by the Company for purposes of section 212.3 of the Tax Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xv) The Company Shares are not "taxable Canadian property" within the meaning of the Tax Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xvi) For the purposes of the Tax Act, any applicable Tax treaty and any other relevant Tax purposes (A) the Company is resident in,
and is not a non-resident of, Canada, and is a "taxable Canadian Corporation" and (B) each of its Subsidiaries is resident
in the jurisdiction in which it was formed, and is not resident in any other country and if resident in Canada and is a corporation, is
a "taxable Canadian corporation".

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xvii) Neither the Company nor any Subsidiary of the Company is, or has been, a member of any affiliated, consolidated, combined or unitary
Tax group, other than a group the common parent of which is the Company or any Subsidiary of the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xviii) Neither the Company nor any of its Subsidiaries is a party to, or is bound by or has any obligation under any material Tax Sharing
Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xix) The Company and each of its Subsidiaries has retained all material tax, accounting and Corporate Records required by applicable Law
to support any tax or accounting position, filing or claim made by them with respect to Taxes for taxable periods for which the applicable
statutory periods of limitations have not expired.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xx) The Company and each of its Subsidiaries has not incurred any material liability for Taxes arising from transactions outside the ordinary
course.

- F-22 -

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xxi) The Company and each of its Subsidiaries does not have an application pending with any Governmental Entity requesting permission for
any change in accounting method that relates to its business.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xxii) Each of the Company Options, as at the date hereof, was granted in accordance with and satisfies each of the provisions required by
paragraph 110(1)(d) of the Tax Act and neither the Company nor any employer of the holder of a Company Option was a "specified
person" as described by Subsection 110(0.1) of the Tax Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(z) <u>Books and Records</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) The Corporate Records have been maintained in accordance with all applicable Laws in all material respects, and the minute books of
the Company and except as set out in Schedule (z) of the Company Disclosure Letter, each of its Subsidiaries as made available to
the Purchaser are complete and accurate in all material respects, except for minutes relating to the Arrangement or this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) The financial books and records and accounts of the Company and each of its Subsidiaries: (A) have been maintained, in all material
respects, in accordance with IFRS; (B) are stated in reasonable detail and accurately and fairly reflect, in all material respects,
the transactions and dispositions of assets of the Company and its Subsidiaries; and (C) accurately and fairly reflect, in all material
respects, the basis for the Company's consolidated financial statements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(aa) <u>Insurance</u>. As at the date hereof, the Company and its Subsidiaries have in place the insurance policies disclosed in Schedule
(aa) of the Company Disclosure Letter specifying the insurer, amount and nature of coverage, and the date through which coverage will
continue by virtue of premiums already paid. All insurance maintained by the Company or any of its Subsidiaries is in full force and effect
and in good standing, and neither the Company nor its Subsidiaries are in default, whether as to payment of premium or otherwise. To the
knowledge of the Company, neither the Company nor any of its Subsidiaries has failed to give notice to an insurer under any policy of
an occurrence or claim on a timely basis, or received notice or otherwise become aware of any intent of an insurer to rescind any insurance
policy, deny any property loss sustained and claimed by the Company or its Subsidiaries or deny coverage for any third party liability
claim made against any insured (including the Company, its Subsidiaries and the Company Employees) or deny coverage relating to any claim
made against a director or officer of the Company or one of its Subsidiaries or not to renew any policy of insurance on its expiry. To
the knowledge of the Company, no notice of an occurrence or notice of circumstances has been given to any insurer by the either the Company
or any of its Subsidiaries regarding an occurrence or circumstances that could rise to a potential claim against an insured under any
insurance policy. The limits of coverage for the Company's current insurance policies have not been eroded by any insurer's
indemnity paid for sustained property loss or indemnity paid for any third party claim made against an insured or defence costs incurred.

- F-23 -

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(bb) <u>Benefit Plans</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Schedule (bb)(i) of the Company Disclosure Letter contains a true and complete list of all material Company Benefit Plans. Current
and complete copies of all the Company Benefit Plans as amended as of the date hereof, or if unwritten a summary of material terms, have
been delivered or made available to the Purchaser together with (A) any annuity contract, trust agreement, insurance policy, or other
funding agreement; and (B) any employee booklet, policy or plan summary. No fact, condition or circumstance exists that would materially
affect the information contained in the documents required to be provided to the Purchaser pursuant to this Section (bb)(i).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) No material Company Benefit Plan:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) is subject to federal or provincial pension standards legislation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) is a "retirement compensation arrangement", a "deferred profit sharing plan", or a "salary deferral
arrangement", as each such term is defined in the *Tax 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;(C) provides for health and welfare benefits which are not fully-insured;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(D) provides for retiree or post-termination benefits to Company Employees or former Company Employees or beneficiaries or dependents
thereof (other than as required by applicable Laws); 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;(E) except as disclosed in Schedule (bb)(ii) of the Company Disclosure Letter, provides benefits to dependent or independent contractors.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) Each Company Benefit Plan is, and has been, established, registered (if required), amended, funded, operated, communicated, administered
and invested, in all material respects, in compliance with its terms and all Laws; all employer and employee payments, contributions and
premiums required to be remitted, paid to or in respect of each Company Benefit Plan, as of the date hereof, have been paid or remitted
in a timely fashion in accordance with its terms and all Laws; and all obligations in respect of each Company Benefit Plan have been properly
accrued and reflected in the Company's financial statements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) To the knowledge of the Company, there are no investigations by a Governmental Entity or material claims (other than routine claims
for payment of benefits) pending involving any Company Benefit Plan, and to the knowledge of the Company there exists no state of facts
which would reasonably be expected to give rise to such investigations or material claims (other than routine claims for payment of benefits).

- F-24 -

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) There has been no amendment to, or announcement by the Company or any of its Subsidiaries relating to, or change in employee participation
or coverage under, any Company Benefit Plan and no Company Benefit Plan contains provisions permitting retroactive increase or payments
on termination which, in each case, would materially increase the expense of maintaining such plan above the level of the expense incurred
therefor for the most recent fiscal year.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) Except as disclosed in Schedule (bb)(vi) of the Company Disclosure Letter, neither the execution of this Agreement by the Company
nor the consummation of the Arrangement pursuant to the Plan of Arrangement (whether alone or in conjunction with any subsequent events)
would result in (A) any Company Employees receiving termination or severance pay or any increase in termination or severance pay
upon any termination of employment after the date hereof, (B) acceleration of the time of payment or vesting or result in any payment
or funding (through a grantor trust or otherwise) of compensation or benefits under, increase the amount payable or result in any other
material obligation pursuant to any of the Company Benefit Plans, or (C) limiting or restricting the right of the Company or, after
the consummation of the Arrangement, the Purchaser to merge, amend or terminate any of the Company Benefit Plans, other than those limits
or restrictions pursuant to applicable Laws.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) There is no entity other than the Company or its Subsidiaries participating in any Company Benefit Plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii) All data necessary to administer each Company Benefit Plan is in the possession of the Company or its Subsidiaries or its agents and
is in a form which is sufficient for the proper administration of the Company Benefit Plan in accordance with its terms and, to the knowledge
of the Company, such data is complete and correct in all material respects.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(cc) <u>Non-Arm's Length Transactions</u>. Other than employment, indemnification or compensation agreements entered into in the
ordinary course, there are no current Contracts or other transactions currently in place (including relating to indebtedness by or to
the Company or its Subsidiaries) between the Company or its Subsidiaries, on the one hand, and any (i) officer or director of the
Company or any of its Subsidiaries, (ii) any holder of record or, to the knowledge of the Company, beneficial owner, of 10% or more
of the voting securities of the Company, or (iii) to the knowledge of the Company, any affiliate or associate of any officer, director
or beneficial owner, on the other hand.

- F-25 -

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(dd) <u>Company Material Contracts</u>. Schedule (dd) of the Company Disclosure Letter lists all of the Company Material Contracts other
than the Principal Company Royalty and Stream Agreements (the "**Other Company Material Contracts** "). In relation to such
Other Company Material Contracts:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) All such Other Company Material Contracts are legal, valid and binding, and in full force and effect and are enforceable by the Company
(or a Subsidiary of the Company, as the case may be) in accordance with their terms (subject to bankruptcy, insolvency and other applicable
Laws affecting the enforcement of creditors' rights generally and subject to the qualification that equitable remedies may be granted
only in the discretion of a court of competent jurisdiction). The Company and each of its Subsidiaries has complied in all material respects
with all the terms of such Other Company Material Contracts to which it is a party. Except as disclosed in Schedule (dd) of the Company
Disclosure Letter, neither the Company nor any of its Subsidiaries is in breach of, or default under, any such Other Company Material
Contract to which it is a party or bound, nor does the Company have knowledge of any condition that with the passage of time or the giving
of notice or both would result in such a breach or default, except in each case where any such breaches or defaults that would not, individually
or in the aggregate, reasonably be expected to materially and adversely affect the Company and its Subsidiaries.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) As of the date hereof, neither the Company nor any of its Subsidiaries knows of, or has received written notice of, any breach or
default under (nor, to the knowledge of the Company, does there exist any condition which with the passage of time or the giving of notice
or both would result in such a breach or default under) any such Other Company Material Contract by any other party thereto except where
any such violation or default does not and would not, individually or in the aggregate, reasonably be expected to materially and adversely
affect the Company and its Subsidiaries.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) To the knowledge of the Company, prior to the date hereof the Company has made available to the Purchaser true and complete copies
of all of such Other Company Material Contracts.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) Neither the Company nor any of its Subsidiaries has received written notice that any party to such Other Company Material Contract
intends to cancel, terminate, materially modify or not renew such Other Company Material Contract.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ee) <u>Standstill Agreements</u>. Neither the Company nor any of its Subsidiaries has waived any standstill agreements or provisions in
respect of the securities of the Company or any of its Subsidiaries to which the Company or any of its Subsidiaries is a Party, except
to permit submissions of expressions of interest prior to the date of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ff) <u>Whistleblower Reporting</u>. Other than as disclosed in Schedule (ff) of the Company Disclosure Letter, no employee of the Company
or any of its Subsidiaries, nor any legal counsel representing the Company or any of its Subsidiaries, has, to the knowledge of the Company,
reported to any Person any evidence of a material violation of any Securities Laws, breach of fiduciary duty or similar material violation
by the Company or any of its Subsidiaries or their respective officers, directors, employees, agents or independent contractors to the
Company's management, or audit committee (or other committee designated for such purpose) of the Company Board.

- F-26 -

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(gg) <u>Restrictions on Business Activities</u>. There is no agreement, judgement, injunction, order or decree binding upon the Company
or any of its Subsidiaries that has or would reasonably be expected to have the effect of prohibiting or restricting any acquisition of
property by the Company or any such Subsidiary or the conduct of business by the Company or any such Subsidiary as currently conducted
(including following the transaction contemplated by this Agreement), other than the Company Credit Facility and such agreements, judgements,
injunctions, orders or decrees which would not, individually or in the aggregate, reasonably be expected to have a Company Material Adverse
Effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(hh) <u>Brokers</u>. Other than the engagement of the Company Financial Advisors and the Company Special Committee Financial Advisors,
none of the Company, any of its Subsidiaries, or any of their respective officers, directors or employees has employed any broker or finder
or incurred any liability for any brokerage fees, commissions or finder's fees on behalf of the Company or any of its Subsidiaries
in connection with the transactions contemplated by this Agreement. A true and complete copy of the engagement letter between the Company
and each Company Financial Advisor has been made available to the Purchaser.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) <u>Corrupt Practices Legislation</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) None of the Company, its Subsidiaries and affiliates, nor, to the Company's knowledge, any of their officers, directors, employees
or agents has, directly or indirectly, offered, promised, agreed, paid, authorized, given or taken any act in furtherance of any such
offer, promise, agreement, payment or authorization on behalf of the Company or its Subsidiaries, anything of value, directly or indirectly,
to any official of a Governmental Entity, any political party or official thereof or any candidate for political office, for the purpose
of any 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;(A) influencing any action or decision of such person in such person's official capacity, including a decision to fail to perform
such person's official function in order to obtain or retain an advantage in the course of business;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) inducing such person to use such person's influence with any Governmental Entity to affect or influence any act or decision
of such Governmental Entity to assist the Company or one of its Subsidiaries in obtaining or retaining business for, with, or directing
business to, any Person or otherwise to obtain or retain an advantage in the course of business; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(C) to assist the Company or one of its Subsidiaries in obtaining or retaining business for, with, or directing business to, any Person.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) None of the Company and its Subsidiaries, nor, to the knowledge of the Company, any of their respective directors, officers, employees
or agents has, directly or indirectly, taken any action that is or would be otherwise inconsistent with or prohibited by or would cause
the Company or one of its Subsidiaries to be in violation of the substantive prohibitions or requirements of the Anti-Corruption Laws.
Neither the Company, nor its Subsidiaries, nor, to the knowledge of the Company, any of their respective directors, officers, employees
or agents has violated any Anti-Corruption Laws and, to the knowledge of the Company, no condition or circumstances exist that would form
the basis of any such allegations.

- F-27 -

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) All contracts and arrangements between the Company or one of its Subsidiaries and any other Person are in compliance with Anti-Corruption
Laws. Since January 1, 2024, the Company and its Subsidiaries have maintained policies and procedures applicable to each of them
respectively and their respective directors, officers, employees, and agents in place in respect thereof designed to promote compliance
with Anti-Corruption Laws.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) None of the Company or its Subsidiaries. nor to the knowledge of the Company, any of their directors, officers, employees or agents
has (A) conducted or initiated any review, audit or internal investigation that concluded that the Company or one of its Subsidiaries
or any of their respective directors, officers, employees, or agents has materially violated any Anti-Corruption Laws, or (B) made
a voluntary, directed or involuntary disclosure to any Governmental Entity responsible for enforcing Anti-Corruption Laws, in each case
with respect to any alleged act or omission arising under or relating to material non-compliance with any such Anti-Corruption Laws, or
received any notice, request or citation from any Person alleging material non-compliance with any such Anti-Corruption Laws.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) The Company and its Subsidiaries have maintained systems of internal controls designed to promote compliance by the foregoing and
their respective directors, officers, employees, and agents, with Anti-Corruption Laws.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) Neither the Company, nor any of its Subsidiaries, nor any of their respective directors or officers, has received written notice of
or is aware of any claim, action, suit, proceeding or investigation against it by any Governmental Entity with respect to compliance with
Anti-Corruption Laws.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(jj) <u>Sanctions</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Neither the Company, nor any of its Subsidiaries, nor any of their respective directors, officers, employees, nor, to the knowledge
of the Company, agents: (A) is a Restricted Party; or (B) has received written notice of or is aware of any claim, action, suit,
proceeding or investigation against the Company or any of its Subsidiaries with respect to compliance with applicable Sanctions by any
Sanctions Authority.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) To the knowledge of the Company, the Company, its Subsidiaries and, when acting within the scope of their employment, their respective
directors, officers and employees are in compliance with all applicable Sanctions.

- F-28 -

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) Except as disclosed in Schedule (jj) of the Company Disclosure Letter, the Company represents and covenants that neither the Company
nor any of its Subsidiaries has knowingly engaged in, is now knowingly engaged in, or will knowingly engage in, any dealings or transactions
with any Restricted Party or in property that is owned, held or controlled by or on behalf of any Restricted Party, in violation of Sanctions.
The Company represents and covenants that neither the Company nor any of its Subsidiaries has knowingly engaged in, is now knowingly engaged
in, or will knowingly engage in, any dealings or transactions in Russia, Crimea, the so-called Donetsk People's Republic and the
so-called Luhansk People's Republic of Ukraine, the Kherson and the Zaporizhzhia oblasts of Ukraine, Cuba, Iran, North Korea,
and Syria, in violation of Sanctions. The representations, warranties and covenants given in this Section (ii) shall not apply
in respect of the Company or its Subsidiaries insofar as compliance with any such covenant, representation or warranty would result in
a contravention of an order issued under the Foreign Extraterritorial Measures Act (Canada).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) No Principal Company Royalty and Stream Interest is the subject of any Sanctions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(kk) <u>Modern Slavery</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) The Company and its Subsidiaries are in compliance with the requirements of applicable Modern Slavery Laws.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Neither the Company, nor any of its Subsidiaries, nor any of their respective directors, officers or employees nor, to the knowledge
of the Company, any agents or Persons acting on any of their behalf has received written notice of or is aware of any claim, action, suit,
proceeding or investigation against it by any Governmental Entity with respect to applicable Modern Slavery Laws.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) The Company and its Subsidiaries have policies and procedures in place reasonably designed to ensure compliance with applicable Modern
Slavery Laws, and is in compliance with such policies.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ll) <u>Trade Laws</u>. Neither the Company, nor any of its Subsidiaries, nor any of their respective directors, officers or employees,
has received written notice of or is aware of any claim, action, suit, proceeding or investigation against the Company or any of its subsidiaries
respectively by any Governmental Entity with respect to compliance with applicable Trade Laws.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(mm) <u>Bankruptcy</u>. Neither the Company nor any of its Subsidiaries has commenced or contemplated any proceeding, or filed or contemplated
the filing of any petition, in any court relating to the bankruptcy, reorganization, insolvency, dissolution, liquidation or relief from
debtors of the Company or any of its Subsidiaries. There is no legal basis for the bankruptcy, insolvency, dissolution or liquidation
of the Company or any of its Subsidiaries.

- F-29 -

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(nn) <u>Privacy and Security</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) The Company and its Subsidiaries (A) are in material compliance with applicable Privacy Laws, and (B) have implemented and
maintained measures designed to provide reasonable assurance that each of the Company and its Subsidiaries: (I) comply with applicable
Privacy Laws; and (II) will not collect, acquire, fail to secure, share, disclose, use, or otherwise process Personal Information
in a manner inconsistent with applicable Privacy Laws, any notice to or consent from the provider of Personal Information, any Contract
to which the each of the Company and its Subsidiaries is a party that is applicable to such Personal Information, or any privacy policy
or privacy statement from time to time published or otherwise made available by the Company and its Subsidiaries to the Persons to whom
the Personal Information relates.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) With respect to all Personal Information collected by the Company and its Subsidiaries, each of the Company and its Subsidiaries at
all times has taken steps required and reasonably necessary to protect such Personal Information against loss and against unauthorized
access, use, modification, disclosure or other misuse, including implementing and monitoring compliance with reasonable measures with
respect to technological, organizational and physical security of such Personal Information. Each of the Company and its Subsidiaries
has commercially reasonable safeguards in place designed to protect Personal Information in its possession or control from loss, unauthorized
access, use or disclosure, including by its officers, employees, independent contractors and consultants. To the knowledge of the Company,
there has been no unauthorized access to, use or disclosure of, or other misuse of any Personal Information in the custody or control
of the Company or its Subsidiaries.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(oo) <u>MI 61 -101.</u> Except as set forth in Schedule (oo) of the Company Disclosure Letter, to the knowledge of the Company, no (i) related
party of the Company (within the meaning of MI 61-101) is entitled to receive a "collateral benefit" (within the meaning of
such instrument) as a consequence of the completion of the Arrangement and the completion of the other transactions contemplated by this
Agreement, and (ii) Company Shares are required by MI 61-101 to be excluded from voting on the Arrangement Resolution.

**Schedule G** **<br> Purchaser Representations and Warranties**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Organization and Qualification</u>. The Purchaser and each of its Subsidiaries is duly incorporated or an entity duly created and
validly existing under all applicable Laws of its jurisdiction of incorporation, continuance or creation and has the requisite power and
authority to own its assets and conduct its business as now owned and conducted. The Purchaser and each of its Subsidiaries is duly qualified
to carry on business and has authority to own, lease and operate properties, assets and carry on business as presently conducted, and
is in good standing in each jurisdiction where such qualification is applicable and in which the character of its properties or the nature
of its activities makes such qualification necessary, except where the failure to be so qualified would not, individually or in the aggregate,
have a Purchaser Material Adverse Effect. True and complete copies of the constating documents of each of AcquireCo and the Purchaser
have been delivered or made available to the Company, and no action has been taken to amend or supersede such documents.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Authority Relative to this Agreement</u>. Each of the Purchaser and AcquireCo has the requisite corporate power and authority to
enter into this Agreement and to perform its obligations hereunder. The execution and delivery of this Agreement by the Purchaser and
AcquireCo and the performance by the Purchaser and AcquireCo of their obligations under this Agreement have been duly authorized by the
Purchaser Board and the board of directors of AcquireCo and no other corporate proceedings on the part of the Purchaser or AcquireCo,
or vote of any holders of any class of securities of the Purchaser are necessary to authorize this Agreement or consummate the Arrangement
or other transactions contemplated hereby, other than the Purchaser Stockholder Approval. This Agreement has been duly executed and delivered
by the Purchaser and AcquireCo and constitutes a valid and binding obligation of the Purchaser and AcquireCo, enforceable by the Company
against the Purchaser and AcquireCo in accordance with its terms, except as the enforcement thereof may be limited by bankruptcy, insolvency,
reorganization or other Laws of general application relating to or affecting creditors' rights generally, and subject to the qualification
that equitable remedies, including specific performance, may be granted only in the discretion of a court of competent jurisdiction.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>No Conflict; Required Filings and Consent</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) The execution and delivery by each of the Purchaser and AcquireCo of this Agreement and the performance by it of its obligations hereunder
and the completion of the Arrangement and the other transactions contemplated hereby do not and will not (or would not with the giving
of notice, the lapse of time or both, or the happening of any other event or condition):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) violate, conflict with or result in a breach of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) the constating documents of the Purchaser or those of any of its Subsidiaries;

- G-2 -

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) any Principal Purchaser Royalty and Stream Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) any Purchaser Material Contract (other than a Principal Purchaser Royalty and Stream Agreement) or any material Authorization to which
the Purchaser or any of its Subsidiaries is a party or by which the Purchaser or any of its Subsidiaries is bound, except as would not,
individually or in the aggregate, materially and adversely affect the Purchaser and its Subsidiaries; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) any Law to which the Purchaser or its Subsidiaries is subject or by which the Purchaser or its Subsidiaries is bound, subject to receipt
of the Regulatory Approvals, and except as would not, individually or in the aggregate, have a Purchaser Material Adverse Effect;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) give rise to any right of termination, allow any Person to exercise any rights, or cause or permit the termination, cancellation,
acceleration or other change of any right or obligation or the loss of any benefit to which the Purchaser or any of its Subsidiaries is
entitled, under any Contract or Authorization to which the Purchaser or any of its Subsidiaries is a party, except as would not, individually
or in the aggregate, have a Purchaser Material Adverse Effect; 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;(C) give rise to any pre-emptive rights, including rights of first refusal or rights of first offer, or trigger any change in control
provisions or any restriction or limitation under any Contract or Authorization, or result in the imposition of any Lien (other than a
Purchaser Permitted Lien) upon any of the Purchaser's assets or the assets of any of its Subsidiaries, except as would not, individually
or in the aggregate, have a Purchaser Material Adverse Effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Other than the Regulatory Approvals, the rules and policies of Nasdaq, the Interim Order and the Final Order, no Authorization
of, or other action by or in respect of, or filing, recording, registering or publication with, or notification to, any Governmental Entity
is necessary on the part of the Purchaser or any of its Subsidiaries in order for the Purchaser to proceed with the execution and delivery
of this Agreement and the consummation of the Arrangement and the other transactions contemplated by this Agreement, except as would not,
individually or in the aggregate, have a Purchaser Material Adverse Effect.

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) As of the date of this Agreement, the Purchaser owns, directly or indirectly, all of the outstanding equity interests in AcquireCo.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) The Purchaser does not have any Subsidiaries other than those listed in Schedule (d)(ii) of the Purchaser Disclosure Letter.
Other than for the Regulatory Approvals, none of the Purchaser's Subsidiaries is currently prohibited, directly or indirectly, from
paying any dividends to the Purchaser, from making any other distribution on such Subsidiary's shares, or from repaying to the Purchaser
any loans or advances made thereto.

- G-3 -

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) The following information with respect to each of the Purchaser's Subsidiaries is accurately set out in the Purchaser's
annual report (Form 10-K) for the year ended December 31, 2024: (A) its name; (B) the Purchaser's percentage
equity ownership of it and if applicable, any other shareholder's ownership of it; and (C) its jurisdiction of incorporation,
organization or formation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) The Purchaser beneficially owns, directly or indirectly, all of the issued and outstanding securities of each of its Subsidiaries
and there are no outstanding options, rights, entitlements, understandings or commitments (contingent or otherwise) to acquire any issued
or unissued securities or other ownership interests in any of the Purchaser's Subsidiaries.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) All of the issued and outstanding stock or other equity securities in the capital of each of the Purchaser's Subsidiaries are:
(A) validly issued, fully-paid and, where the concept exists, non-assessable (and no such shares or other equity interests have been
issued in violation of any pre-emptive or similar rights) and all such shares or other equity interests are owned free and clear of all
Liens (other than Purchaser Permitted Liens); and (B) free of any other restrictions including any restriction on the right to vote,
sell or otherwise dispose of shares or other equity interests.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) Other than as set forth in Schedule (d)(vi) of the Purchaser Disclosure Letter, the Purchaser does not legally or beneficially
own any material equity interests in any companies. Such equity interests are owned free and clear of any Liens (other than Purchaser
Permitted Liens) and there are no outstanding options, rights, entitlements, understandings or commitments (contingent or otherwise) providing
to any third party the right to acquire any of such equity interests.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) Neither the Purchaser nor any of its Subsidiaries owns any Company Shares or any other securities in the capital of the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) <u>Compliance with Laws and Constating Documents</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) To the knowledge of the Purchaser, the Purchaser and each of its Subsidiaries is and, since January 1, 2024, has been, in compliance,
in all material respects, with all applicable Laws in each jurisdiction in which it conducts business and, to the knowledge of the Purchaser,
neither the Purchaser nor any of its Subsidiaries is under investigation with respect to any material violation of applicable Laws from
any Governmental Entity, or has received any notice that any material violation of any Law is being or may be alleged from any Governmental
Entity.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) As of the date hereof, none of the Purchaser or its Subsidiaries is in conflict with, or in default (including cross defaults) under
or in violation of its articles or by-laws or equivalent organizational documents, except as would not, individually or in the aggregate,
have a Purchaser Material Adverse Effect.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) <u>Purchaser Authorizations</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) To the knowledge of the Purchaser, the Purchaser and its Subsidiaries have obtained, and are in compliance in all material respects
with, all Authorizations required by Law that are necessary to conduct their business as now being conducted, and such Authorizations
are in full force and effect in accordance with their terms. True copies of all such material Authorizations have been made available
to the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) The Purchaser and its Subsidiaries have fully complied with and are in compliance with all such Authorizations, except, in each case,
for such non-compliance which, individually or in the aggregate, would not have a Purchaser Material Adverse Effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) No action, investigation or proceeding is pending or, to the knowledge of the Purchaser, threatened against the Purchaser or any of
its Subsidiaries in respect of or regarding any such Authorization that would reasonably be expected to result in a suspension, loss or
revocation of any such Authorization, except in each case, for revocations, non-renewals or amendments which would not, individually or
in the aggregate, have a Purchaser Material Adverse Effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) <u>Capitalization and Listing</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) The authorized capital stock of the Purchaser consists of (i) 200,000,000 Purchaser Shares and (ii) 10,000,000 shares of
preferred stock, each share having a par value of $0.01. As at the close of business on the business day immediately preceding the date
of this Agreement, there were: (A) 65,831,053 Purchaser Shares validly issued and outstanding as fully-paid and non-assessable shares
of the Purchaser; (B) 30,862 restricted stock units providing for the issuance of up to 30,862 Purchaser Shares upon the settlement
thereof; (C) 122,316 outstanding performance shares providing for the issuance of up to 244,631 Purchaser Shares upon the settlement
thereof; (D) 2,232 outstanding options to acquire Purchaser Shares providing for the issuance of up to 2,232 Purchaser Shares upon
the exercise thereof; and (E) 88,475 outstanding stock appreciation rights, providing for the issuance of up to 88,475 Purchaser
Shares upon the exercise thereof. Except for the securities referred to in this Section, (1) there are no other options, warrants,
conversion privileges, calls or other rights, shareholder rights plans, agreements, arrangements, commitments, or obligations of the Purchaser
or any of its Subsidiaries requiring any of them to issue or sell any shares or other securities of the Purchaser or of any of its Subsidiaries,
or any securities or obligations convertible into, exchangeable or exercisable for, or otherwise carrying or evidencing the right or obligation
to acquire any securities of the Purchaser (including Purchaser Shares) or any Subsidiary of the Purchaser, and (2) no Person
is entitled to any pre-emptive or other similar right granted by the Purchaser or any of its Subsidiaries. All Purchaser Shares issuable
upon the exercise or settlement of the outstanding Purchaser Incentive Awards will, when issued in accordance with the terms of the Purchaser
Incentive Plan, be duly authorized, validly issued, fully paid and non-assessable, and are not and will not be subject to, or issued in
violation of, any pre-emptive rights.

- G-5 -

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) There are no outstanding contractual obligations of the Purchaser or any of its Subsidiaries to repurchase, redeem or otherwise acquire
any Purchaser Shares or any shares of any of its Subsidiaries, or qualify securities for public distribution in Canada or elsewhere, or
with respect to the voting or disposition of any securities of the Purchaser or any of its Subsidiaries. No Subsidiary of the Purchaser
owns any Purchaser Shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) All outstanding securities of the Purchaser have been issued in material compliance with all applicable Laws and any pre-emptive or
similar rights applicable to them.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) There are no outstanding bonds, debentures or other evidences of indebtedness of the Purchaser or any of its Subsidiaries, or any
other agreements, arrangements, instruments or commitments of any kind giving any Person, directly or indirectly, the right to vote (or
that are convertible or exercisable for securities having the right to vote) with the holders of the Purchaser Shares on any matters,
except for the securities of the Purchaser referred to in Section (g)(i).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) All Consideration Shares will be issued in compliance with all applicable Securities Laws and, when issued in accordance with the
terms of the Arrangement, be duly authorized, validly issued, fully-paid and non-assessable Purchaser Shares, free and clear of all Liens

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) <u>Shareholder and Similar Agreements</u>. Neither the Purchaser nor any of its Subsidiaries is party to any shareholder, pooling,
voting trust or other similar agreement relating to the ownership or voting of any issued and outstanding Purchaser Shares or the shares
of any of the Purchaser's Subsidiaries.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) <u>Reporting Issuer Status</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) The Purchaser is a reporting issuer not on the list of reporting issuers in default (or the equivalent) under applicable Securities
Laws in each of the provinces of Canada and is in material compliance with all Securities Laws applicable therein.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) The Purchaser has not taken any action to cease to be a reporting issuer in any province of Canada nor has the Purchaser received
notification from the Ontario Securities Commission, as principal regulator, or any other applicable securities commissions or securities
regulatory authority of a province of Canada seeking to revoke the Purchaser's reporting issuer status. No delisting of, suspension
of trading in, or cease trade order with respect to, any securities of the Purchaser and, to the knowledge of the Purchaser, no inquiry
or investigation (formal or informal) of any Canadian Securities Authority has occurred, is in effect or ongoing or, to the knowledge
of the Purchaser, has been threatened in writing with respect to the foregoing.

- G-6 -

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) <u>Reports</u>. Since January 1, 2024, the Purchaser has filed with all applicable Governmental Entities the Purchaser Public
Documents that the Purchaser is required to file in accordance with applicable Securities Laws. The Purchaser Public Documents as of their
respective dates (and the dates of any amendments thereto): (i) did not contain any untrue statement of a material fact or omit to
state a material fact required to be stated therein or necessary to make the statements therein, in the light of the circumstances under
which they were made, not misleading, and (ii) complied in all material respects with the requirements of applicable Securities Laws.
Any amendments to the Purchaser Public Documents required to be made have been filed on a timely basis with the applicable Governmental
Entity. The Purchaser has not filed any confidential material change report with any Governmental Entity which at the date hereof remains
confidential and does not have any unresolved comments from the staff of the U.S. SEC.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) <u>Stock Exchange Matters</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) The Purchaser Shares are listed on Nasdaq and are not listed on any market other than Nasdaq.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) The Purchaser is in compliance in all material respects with the applicable listing and corporate governance rules and regulations
of Nasdaq. The Purchaser has not taken any action which would be reasonably expected to result in the delisting or suspension of the Purchaser
Shares on or from Nasdaq.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) <u>Financial Statements</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) The audited consolidated financial statements for the Purchaser and its Subsidiaries as at and for the fiscal years ended December 31,
2024 and 2023, including the notes thereto, the reports by the Purchaser's auditors thereon and related management's discussion
and analysis, have been, and all financial statements of the Purchaser which are publicly disseminated by the Purchaser in respect of
any subsequent periods prior to the Effective Date will be, (A) prepared in accordance with GAAP applied on a basis consistent with
prior periods and all applicable Laws, and (B) present fairly, in all material respects, the assets, liabilities (whether accrued,
absolute, contingent or otherwise), consolidated financial position of the Purchaser and its Subsidiaries as of the respective dates thereof
and for the periods indicated therein, and its results of operations and cash flows for the respective periods covered thereby (except
as may be indicated expressly in the notes thereto). There have been no material changes to the Purchaser's accounting policies,
except as described in the Purchaser Public Documents, since December 31, 2024.

- G-7 -

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) The Purchaser has established and maintains a system of internal control over financial reporting and disclosure controls and procedures
(as such terms are defined in Rules 13a-15(e) and 15d-15(e) under the U.S. Exchange Act); such disclosure controls and
procedures are designed to ensure that material information relating to the Purchaser, including its consolidated Subsidiaries, required
to be disclosed by the Purchaser in the reports that it files or submits under applicable U.S. Securities Laws is accumulated and communicated
to the Purchaser's principal executive officer and its principal financial officer to allow timely decisions regarding required
disclosure. The Purchaser has disclosed, based on the most recent evaluation of its principal executive officer and principal financial
officer prior to the date of this Agreement, to Purchaser's auditors and the audit committee of the Purchaser Board any significant
deficiency or material weakness in the design or operation of internal controls of financial reporting (as defined in applicable U.S.
Securities Laws) utilized by the Purchaser or its Subsidiaries, and, since January 1, 2024, there has not been any fraud, known to
the Purchaser, whether or not material, that involves management or other employees who have a significant role in the Purchaser's
internal controls. The principal executive officer and the principal financial officer of the Purchaser have made all certifications required
by the Sarbanes-Oxley Act, the U.S. Exchange Act and any related rules and regulations promulgated by the U.S. SEC with respect to
the Purchaser Public Documents, and the statements contained in such certifications were complete and correct in all material respects
as of the dates they were made.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m) <u>No Undisclosed Liabilities</u>. The Purchaser and its Subsidiaries, on a consolidated basis, have no material outstanding liabilities
or obligations of any nature, whether or not accrued, contingent, unasserted or absolute, except for: (i) liabilities and obligations
that are specifically presented on the audited balance sheet of the Purchaser as of December 31, 2024 or disclosed in the notes thereto;
(ii) liabilities and obligations that are disclosed in the Purchaser Public Documents; (iii) liabilities and obligations incurred
in the ordinary course; or (iv) liabilities and obligations incurred in connection with the Arrangement and this Agreement (including
transaction related expenses).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n) <u>Principal Purchaser Royalty and Stream Interests</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Schedule (n) of the Purchaser Disclosure Letter lists all Principal Purchaser Royalty and Stream Interests.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Other than as set out in Schedule (n) of the Purchaser Disclosure Letter, (i) the Purchaser or one of its Subsidiaries is
the sole legal and beneficial owner of, and has valid, undisturbed and sufficient right, title and interest in, free and clear of any
defect or Lien (other than Purchaser Permitted Liens): (A) each of the Principal Purchaser Royalty and Stream Interests; and (B) all
Authorizations, licenses, and all other rights relating in any manner whatsoever to, or necessary for, the acquisition or holding of such
Principal Purchaser Royalty and Stream Interests, or necessary to perform the operation of its business as presently owned and conducted
in all material respects; (ii) each of the Purchaser and its Subsidiaries is entitled to the benefits of, all of its material properties
and assets of any nature whatsoever and to all benefits derived therefrom including all its material properties and assets reflected in
the balance sheet forming part of the Purchaser Public Documents, except as indicated in the notes thereto, together with all additions
thereto; and (iii) other than Purchaser Permitted Liens, such material properties and assets are not subject to any Lien or defect
in title of any kind except as is specifically identified in the balance sheets forming part of the Purchaser's financial statements
and in the notes thereto.

- G-8 -

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) True and complete copies of the Principal Purchaser Royalty and Stream Agreements and all amendments entered into in connection with
any thereof have been made available to the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) The Purchaser and each of its Subsidiaries has duly and timely satisfied all of the material obligations required to be satisfied,
performed and observed by it under each of the Principal Purchaser Royalty and Stream Agreements prior to the date of this Agreement,
and is in compliance with all ongoing material terms, conditions and covenants contained therein, and there exists no default or event
of default or event, occurrence, condition or act which, with the giving of notice, the lapse of time or the happening of any other event
or condition, would become a default or event of default by the Purchaser or any of its Subsidiaries under any Principal Purchaser Royalty
and Stream Agreements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) Except as set out in Schedule (n) of the Purchaser Disclosure
Letter, each Principal Purchaser Royalty and Stream Agreement and each of the Principal Purchaser Royalty and Stream Interests is in good
standing in all material respects, enforceable and in full force and effect, except: (x) as the enforcement thereof may be limited
by bankruptcy, insolvency, reorganization or other Laws of general application relating to or affecting creditors' rights generally,
and subject to the qualification that equitable remedies, including specific performance, may be granted only in the discretion of a court
of competent jurisdiction.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) To the knowledge of the Purchaser, (A) no other party to any Principal
Purchaser Royalty and Stream Agreement is in breach, violation or default of the material terms, conditions or covenants of any such Principal
Purchaser Royalty and Stream Agreement and (B) except as set out in Schedule (n) of the Purchaser Disclosure Letter,
there exists no condition which with the passage of time or the giving of notice or both would result, or would reasonably be expected
to result, in such a breach, violation or default by any such other party.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) Other than pursuant to Purchaser Permitted Liens, or as would not, individually
or in the aggregate, materially and adversely impact the Purchaser and its Subsidiaries: (A) the Purchaser and its Subsidiaries
have the exclusive right to own and receive all benefits associated with the Principal Purchaser Royalty and Stream Interests; (B) no
person or entity of any nature whatsoever other than the Purchaser or its Subsidiaries has any interest in the Principal Purchaser Royalty
and Stream Interests, or in the production, payments, benefits or profits therefrom, or any right to acquire or otherwise obtain any such
interest; (C) except as disclosed in Schedule (n) of the Purchaser Disclosure Letter, there are no back-in rights, earn-in rights,
rights of first refusal, off-take rights or obligations, third party royalty rights, third party streaming rights, or other rights of
any nature whatsoever in relation to the Principal Purchaser Royalty and Stream Interests, and to the knowledge of the Purchaser, no such
rights are asserted by any person or entity; (D) there is no Contract, option or any other right or obligation binding upon, or which
at any time in the future may become binding upon the Purchaser or any of its Subsidiaries requiring it to sell, transfer, assign, pledge,
charge, mortgage or in any other way dispose of, encumber or create any Lien over any of the Principal Purchaser Royalty and Stream Interests;
and (E) neither the Purchaser nor any of its Subsidiaries has received any written notice from any Governmental Entity or any other
Person of any revocation or intention to revoke, materially diminish, materially adversely modify or challenge its interest in any Principal
Purchaser Royalty and Stream Interest.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii) Except as disclosed in Schedule (n) of the Purchaser Disclosure
Letter or as would not individually or in the aggregate materially and adversely impact the Purchaser and its Subsidiaries, to the knowledge
of the Purchaser, there are no adverse claims, demands, actions, suits or proceedings that have been commenced or are pending or that
are threatened, relating to the Principal Purchaser Royalty and Stream Interests or the Principal Purchaser Royalty and Stream Agreements,
in each case which would reasonably be expected to affect the Purchaser's or its Subsidiaries' right, title or interest in
such Principal Purchaser Royalty and Stream Agreements or the ability of the Purchaser or its Subsidiaries to receive the benefits associated
with such Principal Purchaser Royalty and Stream Agreements, including the title to or ownership by the Purchaser or its Subsidiaries
of the foregoing, or which would reasonably be expected to involve the possibility of (A) any judgement or liability affecting the
interests of Purchaser or its Subsidiaries in the Principal Purchaser Royalty and Stream Interests or (B) any judicial liens or attachments
over any payments under, or monies received by the Purchaser or any Subsidiary under, any of the Principal Purchaser Royalty and Stream
Agreements (other than Purchaser Permitted Liens).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ix) The Purchaser has not been notified in writing by any Person of any fact
relating to any of its Principal Purchaser Royalty and Stream Interests, the Principal Purchaser Royalty and Stream Agreements
or the Purchaser Underlying Mineral Properties, in each case which would reasonably be expected to, individually or in the aggregate,
materially and adversely affect: (A) the Purchaser and its Subsidiaries and/or (B) individually, any Principal Purchaser Royalty
and Stream Interest.

- G-10 -

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(x) Except as would not, individually or in the aggregate, materially and adversely impact the Purchaser and its Subsidiaries, neither
the execution and delivery of this Agreement nor the completion and performance of the Arrangement and the other transactions contemplated
by this Agreement will:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) give any Person the right to terminate, cancel or amend any contractual or other right of the Purchaser or any of its Subsidiaries,
including with respect to the Principal Purchaser Royalty and Stream Interests;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) result in the creation of any Lien on the Principal Purchaser Royalty and Stream Interests;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(C) result in a breach, contravention or default, or require the consent of any Person under any provision of the Principal Purchaser
Royalty and Stream Agreements; 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;(D) give rise to any rights of first refusal, rights of first offer or acquisition rights, or trigger any change of control provisions,
or any notices, consents, restrictions or limitations under any Principal Purchaser Royalty and Stream Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xi) No Person has any agreement or option or any right or privilege capable of becoming an agreement or option for the purchase from the
Purchaser or its Subsidiaries of any of the Principal Purchaser Royalty and Stream Interests. Neither the Purchaser nor any of its Subsidiaries
is obligated under any prepayment contract or other prepayment arrangement to deliver mineral products at some future time without then
receiving full payment therefor.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(o) <u>Remaining Purchaser Royalty and Stream Interests</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Schedule (o) of the Purchaser Disclosure Letter lists all Remaining Purchaser Royalty and Stream Interests.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Except as would not individually or in the aggregate materially and adversely impact the Purchaser and its Subsidiaries or as set
out in Schedule (o) of the Purchaser Disclosure Letter, to the knowledge of the Purchaser, each of the Purchaser and its Subsidiaries
is the sole legal and beneficial owner of, and has valid, undisturbed and sufficient right, title and interest in, free and clear of any
defect or Lien (other than Purchaser Permitted Liens): (A) each of the Remaining Purchaser Royalty and Stream Interests; and (B) all
Authorizations, licenses, and all other rights relating in any manner whatsoever to, or necessary for, the acquisition or holding of the
Remaining Purchaser Royalty and Stream Interests; and is entitled to the benefits of all of its Remaining Purchaser Royalty and Stream
Interests reflected in the balance sheet forming part of the Purchaser Public Documents, except as indicated in the notes thereto, together
with all additions thereto, and other than Purchaser Permitted Liens, such properties and assets are not subject to any Lien or defect
in title of any kind except as is specifically identified in the balance sheets forming part of the Purchaser's financial statements
and in the notes thereto.

- G-11 -

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) Except as would not individually or in the aggregate materially and adversely impact the Purchaser and its Subsidiaries, to the knowledge
of the Purchaser, the Purchaser and each of its Subsidiaries has duly and timely satisfied all of the material obligations required to
be satisfied, performed and observed by it under each of the Remaining Purchaser Royalty and Stream Agreements, and is in compliance with
all material terms, conditions and covenants contained therein, and there exists no default or event of default or event, occurrence,
condition or act which, with the giving of notice, the lapse of time or the happening of any other event or condition, would become a
default or event of default by the Purchaser or any of its Subsidiaries under any Remaining Purchaser Royalty and Stream Agreements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) Except as would not individually or in the aggregate materially and adversely impact the Purchaser and its Subsidiaries or as set
out in Schedule (o) of the Purchaser Disclosure Letter, to the knowledge of the Purchaser, each Remaining Purchaser Royalty and Stream
Agreement and each of the Remaining Purchaser Royalty and Stream Interests is in good standing in all respects, enforceable and in full
force and effect, except as the enforcement thereof may be limited by bankruptcy, insolvency, reorganization or other Laws of general
application relating to or affecting creditors' rights generally, and subject to the qualification that equitable remedies, including
specific performance, may be granted only in the discretion of a court of competent jurisdiction.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) Except as would not individually or in the aggregate materially and adversely impact the Purchaser and its Subsidiaries or as set
out in Schedule (o) of the Purchaser Disclosure Letter, to the knowledge of the Purchaser, (A) no other party to any Remaining
Purchaser Royalty and Stream Agreement is in breach, violation or default of the terms, conditions or covenants of any such Remaining
Purchaser Royalty and Stream Agreement and (B) there exists no condition which with the passage of time or the giving of notice or
both would result, or would reasonably be expected to result, in such a breach, violation or default of the terms, conditions or covenants
of any such Remaining Purchaser Royalty and Stream Agreement.

- G-12 -

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) Except as would not individually or in the aggregate materially and adversely impact the Purchaser and its Subsidiaries and other
than pursuant to Purchaser Permitted Liens, to the knowledge of the Purchaser, (A) the Purchaser and its Subsidiaries have the exclusive
right to own and receive all benefits associated with the Remaining Purchaser Royalty and Stream Interests; (B) no person or entity
of any nature whatsoever other than the Purchaser or its Subsidiaries has any interest in the Remaining Purchaser Royalty and Stream Interests,
or in the production, payments, benefits or profits therefrom, or any right to acquire or otherwise obtain any such interest; (C) except
as disclosed in Schedule (o) of the Purchaser Disclosure Letter, there are no back-in rights, earn-in rights, rights of first refusal,
off-take rights or obligations, third party royalty rights, third party streaming rights, or other rights of any nature whatsoever in
respect of any Remaining Purchaser Royalty and Stream Interest, which would materially adversely affect the Purchaser's or its Subsidiaries'
interests in the Remaining Purchaser Royalty and Stream Interests, and to the knowledge of the Purchaser, no such rights are threatened;
(D) there is no Contract, option or any other right or obligation binding upon, or which at any time in the future may become binding
upon the Purchaser or any of its Subsidiaries requiring it to sell, transfer, assign, pledge, charge, mortgage or in any other way dispose
of, encumber or create any Lien over any of the Remaining Purchaser Royalty and Stream Interests; and (E) neither the Purchaser nor
any of its Subsidiaries has received any written notice from any Governmental Entity or any other Person of any revocation or intention
to revoke, materially diminish, materially adversely modify or challenge its interest in the Remaining Purchaser Royalty and Stream Interests.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) Except as would not individually or in the aggregate materially and adversely impact the Purchaser and its Subsidiaries or as disclosed
in Schedule (o) of the Purchaser Disclosure Letter, to the knowledge of the Purchaser, there are no adverse claims, demands, actions,
suits or proceedings that have been commenced or are pending or that are threatened, relating to the Remaining Purchaser Royalty and Stream
Interests or the Remaining Purchaser Royalty and Stream Agreements, in each case which would reasonably be expected to affect the Purchaser's
or its Subsidiaries' right, title or interest in such Remaining Purchaser Royalty and Stream Agreements or the ability of the Purchaser
or its Subsidiaries to receive the benefits associated with such Remaining Purchaser Royalty and Stream Agreements, including the title
to or ownership by the Purchaser or its Subsidiaries of the foregoing, or which would reasonably be expected to involve the possibility
of (A) any judgement or liability affecting the Remaining Purchaser Royalty and Stream Interests or (B) any judicial liens or
attachments over any payments under, or monies received under, any of the Remaining Purchaser Royalty and Stream Agreements (other than
Purchaser Permitted Liens).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii) The Purchaser has not been notified in writing by any Person of any fact
relating to any of its Remaining Purchaser Royalty and Stream Interests or the Remaining Purchaser Royalty and Stream Agreements,
which would in the aggregate reasonably be expected to materially and adversely impact the Purchaser and its Subsidiaries.

- G-13 -

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ix) Except as would not individually or in the aggregate materially and adversely impact the Purchaser and its Subsidiaries or as disclosed
in Schedule (o) of the Purchaser Disclosure Letter, to the knowledge of the Purchaser, neither the execution and delivery of this
Agreement nor the completion and performance of the Arrangement and the other transactions contemplated by this Agreement will:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) give any Person the right to terminate, cancel or amend any contractual or other right of the Purchaser or any of its Subsidiaries,
including with respect to the Remaining Purchaser Royalty and Stream Interests;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) result in the creation of any Lien on the Remaining Purchaser Royalty and Stream Interests;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(C) result in a breach, contravention or default, or require the consent of any Person under any provision of the Remaining Purchaser
Royalty and Stream Agreements; 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;(D) give rise to any rights of first refusal, rights of first offer or acquisition rights, or trigger any change of control provisions,
or any notices, consents, restrictions or limitations under any Remaining Purchaser Royalty and Stream Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(x) Except as would not individually or in the aggregate materially and adversely impact the Purchaser and its Subsidiaries, to the knowledge
of the Purchaser, no Person has any agreement or option or any right or privilege capable of becoming an agreement or option for the purchase
from the Purchaser or its Subsidiaries of any of the Remaining Purchaser Royalty and Stream Interests.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(p) <u>Scientific and Technical Information</u>. The Purchaser Public Documents are in material compliance with the applicable provisions
of Securities Laws. The Purchaser has duly filed with the applicable regulatory authorities all reports required by Securities Laws, and
all such reports complied in all material respects with the requirements of Securities Laws at the time of filing thereof. The scientific
and technical information set forth in the Purchaser Public Documents relating to mineral resources and mineral reserves required to be
disclosed therein pursuant to Securities Laws has been prepared by the Purchaser and/or the applicable Operators and their respective
consultants, as applicable, in accordance with methods generally applied in the mining industry and materially conforms to the requirements
of Securities Laws.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(q) <u>Absence of Certain Changes or Events</u>. Except as disclosed in the Purchaser Public Documents, since December 31, 2024:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the Purchaser and its Subsidiaries have conducted their respective businesses in the ordinary course in all material respects and
have not taken any steps to take any actions which, if taken after the date hereof, would require the Company's consent pursuant
to Section 5.5 of this Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) there has not been any damage, destruction or other casualty loss with respect to any asset owned, leased or otherwise used by the
Purchaser or any of its Subsidiaries that is material to the Purchaser and its Subsidiaries, taken as a whole, whether or not covered
by insurance (other than in the ordinary course or regular wear and tear);

- G-14 -

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) there has not been any acquisition or disposition (including any reconveyance) by the Purchaser or any of its Subsidiaries of any
property or asset that would be material to the Purchaser and its Subsidiaries, taken as a whole, other than the Arrangement or as expressly
permitted by this Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) there has not been any material write down by the Purchaser of the value of any of the material assets, including the Principal Purchaser
Royalty and Stream Interests, of the Purchaser and its Subsidiaries, taken as a whole; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) through to the date of this Agreement, there has not been any change, effect, event, occurrence or state of facts or circumstance
that has had, or would reasonably be expected to have, individually or in the aggregate, a Purchaser Material Adverse Effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(r) <u>Litigation</u>. There are no claims, actions, suits, demands, arbitrations, charges, indictments, orders, hearings or other civil,
criminal, administrative or investigative proceedings, or other investigations or examinations pending or, to the knowledge of the Purchaser,
threatened against the Purchaser or any of its Subsidiaries, the business of the Purchaser or any of its Subsidiaries, or affecting any
of their properties or assets, before or by any Governmental Entity which, if adversely determined, would have, or would reasonably be
expected to have, a Purchaser Material Adverse Effect or would significantly impede the ability of the Purchaser to consummate the Arrangement.
To the knowledge of the Purchaser, there are no events or circumstances which would reasonably be expected to give rise to or serve as
a basis for the commencement of any such claim, action, suit, demand, arbitration, charge, indictment, order, hearing or other civil,
criminal, administrative or investigative proceeding, or other investigation or examination. There are no outstanding orders, judgments,
injunctions, or decrees against the Purchaser or its Subsidiaries that materially and adversely impact the business, property or assets
of the Purchaser and its Subsidiaries. Each of the Purchaser and its Subsidiaries does not intend to initiate any suits, actions, claims
or arbitrations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(s) <u>Taxes</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Each of the Purchaser and its Subsidiaries has duly and timely filed all material Tax Returns required to be filed by it prior to
the date hereof and all such Tax Returns are true, complete and correct in all material respects.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) No Tax Return of the Purchaser or any of its Subsidiaries is under audit by any Governmental Entity, and no written notice of such
an audit has been received by the Purchaser. Except as disclosed in Schedule (s) of the Purchaser Disclosure Letter, the Purchaser
is not a party to, or otherwise subject to, a proceeding in which Taxes are being contested.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) Each of the Purchaser and its Subsidiaries has paid on a timely basis all material Taxes which are due and payable by it on or before
the date hereof (including instalments) and has provided accruals in accordance with GAAP in the most recently published consolidated
financial statements of the Purchaser for any Taxes of the Purchaser and its Subsidiaries for the period covered by such financial statements
that have not been paid whether or not shown as being due on any Tax Returns. Since such publication date, no material liability in respect
of Taxes not reflected in such statements or otherwise provided for has been assessed, proposed to be assessed, incurred or accrued, other
than in the ordinary course.

- G-15 -

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) To the knowledge of the Purchaser, no material deficiencies, litigation, audits, claims, proposed adjustments or matters in controversy
exist or have been asserted with respect to Taxes of the Purchaser or any of its Subsidiaries, and neither the Purchaser, nor any of its
Subsidiaries, is a party to any action or proceeding for assessment or collection of Taxes and no such event has been asserted or, to
the knowledge of the Purchaser, threatened against the Purchaser or any of its Subsidiaries, or any of their respective assets.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) No claim has been made by any Governmental Entity in a jurisdiction where the Purchaser or any of its Subsidiaries does not file Tax
Returns that the Purchaser, or any of its Subsidiaries, is or may be subject to Tax by that jurisdiction or is or may be required to file
a tax return in that jurisdiction and none of the Purchaser nor any of its Subsidiaries carries on business in a jurisdiction in which
it does not file a Tax Return in respect of income.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) There are no Liens with respect to Taxes upon any of the assets of the Purchaser or any of its Subsidiaries (other than Purchaser
Permitted Liens).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) Each of the Purchaser and its Subsidiaries has withheld, deducted or collected all material amounts required to be withheld, deducted
or collected by it on account of Taxes and has duly and timely remitted all such amounts to the appropriate Governmental Entity as required
by Law. Each of the Purchaser and its Subsidiaries has complied with all related information reporting, withholding and record retention
requirements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii) There are no outstanding agreements, arrangements, elections, waivers or objections extending or waiving the statutory period of limitations
applicable to any material claim for, or the period for the collection or assessment or reassessment of Taxes due from the Purchaser or
any of its Subsidiaries, for any taxable period and no request for any such waiver or extension is currently pending.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ix) The Purchaser and each of its Subsidiaries has made available to the Company true, correct and complete copies of all material Tax
Returns, notices of assessment or reassessment of the Purchaser and any of its Subsidiaries, all correspondence with any Governmental
Entity relating to Taxes, examination reports and statements of deficiencies for taxable periods, or transactions consummated, for which
the applicable statutory periods of limitations have not expired.

- G-16 -

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(x) To the knowledge of the Purchaser, the Purchaser and its Subsidiaries have complied in all material respects with the transfer pricing
(including any contemporaneous documentation) provisions of each applicable Law, including for greater certainty, under Section 482
of the U.S. Tax Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xi) The Purchaser has been properly organized and classified as a U.S. corporation for U.S. federal income tax purposes since its formation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xii) Neither the Purchaser nor any Subsidiary of the Purchaser has engaged in a "reportable transaction" within the meaning
of Treasury Regulations Section 1.6011-4(b).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xiii) Neither the Purchaser nor any Subsidiary of the Purchaser is a party to any "closing agreement" as described in Section 7121
of the U.S. Tax Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xiv) None of the Purchaser nor any of its Subsidiaries has any liability for Taxes of any other Person including, for greater certainty,
under Treasury Regulations Section 1.1502-6.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(t) <u>Non-Arm's Length Transactions</u>. Other than employment,
indemnification or compensation agreements entered into in the ordinary course, there are no current Contracts or other transactions currently
in place (including relating to indebtedness by or to the Purchaser or its Subsidiaries) between the Purchaser or its Subsidiaries, on
the one hand, and any (i) officer or director of the Purchaser or any of its Subsidiaries, (ii) any holder of record or, to
the knowledge of the Purchaser, beneficial owner, of 10% or more of the voting securities of the Purchaser, or (iii) to the knowledge
of the Purchaser, any affiliate or associate of any officer, director or beneficial owner, on the other hand.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(u) <u>Purchaser Material Contracts</u>. Schedule (u) of the Purchaser Disclosure Letter lists all of the Purchaser Material Contracts
("Other Purchaser Material Contracts") other than the Principal Purchaser Royalty and Stream Agreements. In relation to such
Other Purchaser Material Contracts:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) All such Other Purchaser Material Contracts are legal, valid and binding, and in full force and effect and are enforceable by the
Purchaser (or a Subsidiary of the Purchaser, as the case may be) in accordance with their terms (subject to bankruptcy, insolvency and
other applicable Laws affecting the enforcement of creditors' rights generally and subject to the qualification that equitable remedies
may be granted only in the discretion of a court of competent jurisdiction). The Purchaser and each of its Subsidiaries has complied in
all material respects with all the terms of such Other Purchaser Material Contracts to which it is a party. Except as disclosed in Schedule
(u) of the Purchaser Disclosure Letter, neither the Purchaser nor any of its Subsidiaries is in breach of, or default under, any
such Other Purchaser Material Contract to which it is a party or bound, nor does the Purchaser have knowledge of any condition that with
the passage of time or the giving of notice or both would result in such a breach or default, except in each case where any such breaches
or defaults that would not, individually or in the aggregate, reasonably be expected to materially and adversely affect the Purchaser
and its Subsidiaries.

- G-17 -

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) As of the date hereof, neither the Purchaser nor any of its Subsidiaries knows of, or has received written notice of, any breach or
default under (nor, to the knowledge of the Purchaser, does there exist any condition which with the passage of time or the giving of
notice or both would result in such a breach or default under) any such Other Purchaser Material Contract by any other party thereto except
where any such violation or default would not, individually or in the aggregate, reasonably be expected to materially and adversely affect
the Purchaser and its Subsidiaries.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) To the knowledge of the Purchaser, the Purchaser has made available to the Company true and complete copies of all of such Other Purchaser
Material Contracts.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) Neither the Purchaser nor any of its Subsidiaries has received written notice that any party to such Other Purchaser Material Contract
intends to cancel, terminate, materially modify or not renew such Purchaser Material Contract.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) <u>Whistleblower Reporting</u>. No employee of the Purchaser or any of its Subsidiaries, nor any legal counsel representing the Purchaser
or any of its Subsidiaries, has, to the knowledge of the Purchaser, reported to any Person any evidence of a material violation of any
Securities Laws, breach of fiduciary duty or similar material violation by the Purchaser or any of its Subsidiaries or their respective
officers, directors, employees, agents or independent contractors to the Purchaser's management, or audit committee (or other committee
designated for such purpose) of the Purchaser Board.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(w) <u>Brokers</u>. Except as set out in Schedule (w) of the Purchaser Disclosure Letter, none of the Purchaser, any of its Subsidiaries,
or any of their respective officers, directors or employees has employed any broker or finder or incurred any liability for any brokerage
fees, commissions or finder's fees on behalf of the Purchaser or any of its Subsidiaries in connection with the transactions contemplated
by this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(x) <u>Corrupt Practices Legislation</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) None of the Purchaser, its Subsidiaries and affiliates, nor, to the Purchaser's knowledge, any of their officers, directors,
employees or agents has, directly or indirectly, offered, promised, agreed, paid, authorized, given or taken any act in furtherance of
any such offer, promise, agreement, payment or authorization on behalf of the Purchaser or its Subsidiaries, anything of value, directly
or indirectly, to any official of a Governmental Entity, any political party or official thereof or any candidate for political office,
for the purpose of any 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;(A) influencing any action or decision of such person in such person's official capacity, including a decision to fail to perform
such person's official function in order to obtain or retain an advantage in the course of business;

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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;(B) inducing such person to use such person's influence with any Governmental Entity to affect or influence any act or decision
of such Governmental Entity to assist the Purchaser or one of its Subsidiaries in obtaining or retaining business for, with, or directing
business to, any Person or otherwise to obtain or retain an advantage in the course of business; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(C) to assist the Purchaser or one of its Subsidiaries in obtaining or retaining business for, with, or directing business to, any Person.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) None of the Purchaser and its Subsidiaries, nor, to the knowledge of the Purchaser, any of their respective directors, officers, employees
or agents has, directly or indirectly, taken any action that is or would be otherwise inconsistent with or prohibited by or would cause
the Purchaser or one of its Subsidiaries to be in violation of the substantive prohibitions or requirements of Anti-Corruption Laws. Neither
the Purchaser, nor its Subsidiaries, nor to the knowledge of the Purchaser, any of their respective officers, directors, employees or
agents has violated any Anti-Corruption Laws and, to the knowledge of the Purchaser, no condition or circumstances exist that would form
the basis of any such allegations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) All contracts and arrangements between the Purchaser or one of its Subsidiaries and any other Person are in compliance with Anti-Corruption
Laws. Since January 1, 2024, the Purchaser and its Subsidiaries have maintained policies and procedures applicable to it and their
respective directors, officers, employees, and agents in place in respect thereof designed to promote compliance with Anti-Corruption
Laws.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) None of the Purchaser or its Subsidiaries nor any of its directors, officers, employees, nor to their knowledge of the Purchaser,
any agents has (A) conducted or initiated any review, audit or internal investigation that concluded that the Purchaser or one of
its Subsidiaries or any of their respective directors, officers, employees, or agents has materially violated any Anti-Corruption Laws,
or (B) made a voluntary, directed or involuntary disclosure to any Governmental Entity responsible for enforcing Anti-Corruption
Laws, in each case with respect to any alleged act or omission arising under or relating to material non-compliance with any such Anti-Corruption
Laws, or received any notice, request or citation from any Person alleging material non-compliance with any such Anti-Corruption Laws.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) The Purchaser and its Subsidiaries have maintained systems of internal controls designed to promote compliance by the foregoing and
their respective directors, officers, employees, and agents, with Anti-Corruption Laws.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) Neither the Purchaser, nor any of its Subsidiaries, nor any of their respective directors or officers, has received written notice
of or is aware of any claim, action, suit, proceeding or investigation against it by any Governmental Entity with respect to compliance
with Anti-Corruption Laws.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(y) <u>Sanctions</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Neither the Purchaser, nor any of its Subsidiaries, nor any of their respective directors, officers, or employees or, to the knowledge
of the Purchaser, agents : (A) is a Restricted Party; or (B) has received written notice of or is aware of any claim, action,
suit, proceeding or investigation against the Purchaser or any of its Subsidiaries with respect to compliance with applicable Sanctions
by any Sanctions Authority.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) To the knowledge of the Purchaser, the Purchaser , its Subsidiaries
and, when acting within the scope of their employment, their respective directors, officers and employees are in compliance with all applicable
Sanctions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) The Purchaser represents and covenants that neither the Purchaser nor any of its Subsidiaries has knowingly engaged in, is now knowingly
engaged in, or will knowingly engage in, any dealings or transactions with any Restricted Party or in property that is owned, held or
controlled by any Restricted Party, in violation of Sanctions. The Purchaser represents and covenants that neither the Purchaser nor any
of its Subsidiaries has knowingly engaged in, is now knowingly engaged in, or will knowingly engage in, any dealings or transactions in
Russia, Crimea, the so-called Donetsk People's Republic and the so-called Luhansk People's Republic of Ukraine, the Kherson
and the Zaporizhzhia oblasts of Ukraine, Cuba, Iran, North Korea, and Syria, in violation of Sanctions. The representations, warranties
and covenants given in this Section (iii) shall not apply in respect of the Purchaser or its Subsidiaries insofar as compliance
with any such covenant, representation or warranty would result in a contravention of an order issued under the *Foreign Extraterritorial Measures Act* (Canada).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) No Principal Purchaser Royalty and Stream Interest is the subject of any Sanctions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(z) <u>Trade Laws</u>. Neither the Purchaser, nor any of its Subsidiaries, nor any of their respective directors, officers or employees,
has received written notice of or is aware of any claim, action, suit, proceeding or investigation against the Purchaser or any of its
Subsidiaries respectively by any governmental agency, authority or body with respect to compliance with applicable Trade Laws.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(aa) <u>Antitakeover Statutes</u>. The Purchaser Board has taken all actions necessary to reasonably ensure that the restrictions applicable
to business combinations contained in Section 203 of the DGCL are not, and will not be, applicable to the execution, delivery or
performance of this Agreement or the consummation of the transactions contemplated hereby, including the Arrangement. Except for Section 203
of the DGCL, no "fair price," "moratorium," "control share acquisition," "business combination"
or other similar anti-takeover statutes or regulations enacted under the DGCL or other Law applies or purports to apply to this Agreement
or any of the transactions contemplated by this Agreement.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(bb) <u>Bankruptcy</u>. Neither the Purchaser nor any of its Subsidiaries has commenced or contemplated any proceeding, or filed or contemplated
the filing of any petition, in any court relating to the bankruptcy, reorganization, insolvency, dissolution, liquidation or relief from
debtors of the Purchaser or any of its Subsidiaries. There is no legal basis for the bankruptcy, insolvency, dissolution or liquidation
of the Purchaser or any of its Subsidiaries.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(cc) <u>Investment Canada Act</u>. The Purchaser is a
 "trade agreement investor" and is not a "state-owned enterprise", in each case within the meaning of the Investment
Canada Act.