# EDGAR Filing Document

**Accession Number:** 0001263011
**File Stem:** 0001493152-23-001836
**Filing Date:** 2023-1
**Character Count:** 544670
**Document Hash:** b0c711eb87262b4c8a9076562df7790c
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001493152-23-001836.hdr.sgml**: 20230119

**ACCESSION NUMBER**: 0001493152-23-001836

**CONFORMED SUBMISSION TYPE**: 6-K

**PUBLIC DOCUMENT COUNT**: 6

**CONFORMED PERIOD OF REPORT**: 20230119

**FILED AS OF DATE**: 20230119

**DATE AS OF CHANGE**: 20230119

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** EXCELLON RESOURCES INC
- **CENTRAL INDEX KEY:** 0001263011
- **STANDARD INDUSTRIAL CLASSIFICATION:** GOLD & SILVER ORES [1040]
- **IRS NUMBER:** 000000000
- **STATE OF INCORPORATION:** A6
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 6-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-39491
- **FILM NUMBER:** 23536271

**BUSINESS ADDRESS:**
- **STREET 1:** 10 KING STREET EAST
- **STREET 2:** SUITE 200
- **CITY:** TORONTO
- **STATE:** A6
- **ZIP:** M5C 1C3
- **BUSINESS PHONE:** (416) 364-1130

**MAIL ADDRESS:**
- **STREET 1:** 10 KING STREET EAST
- **STREET 2:** SUITE 200
- **CITY:** TORONTO
- **STATE:** A6
- **ZIP:** M5C 1C3

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|:---|:---|
| OMB APPROVAL | OMB APPROVAL |
| OMB Number : | 3235-0116 |
| Expires: | November 30, 2023 |
| Estimated average burden | Estimated average burden |
| hours per response. ................. 8.7 | hours per response. ................. 8.7 |

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**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**Washington, D.C. 20549**

**Form 6-K**

**REPORT OF FOREIGN PRIVATE ISSUER PURSUANT TO RULE 13a-16 OR 15d-16 UNDER THE SECURITIES EXCHANGE ACT OF 1934**

For the month of <u>January</u> , 2023.

Commission File Number <u>001-39491</u>

**EXCELLON RESOURCES INC.**

(Translation of registrant's name into English)

10 KING STREET EAST, SUITE 200 TORONTO, ONTARIO, CANADA M5C 1C3

(Address of principal executive office)

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

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1): ____

**Note**: Regulation S-T Rule 101(b)(1) only permits the submission in paper of a Form 6-K if submitted solely to provide an attached annual report to security holders.

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7): <u>____</u>

**Note**: Regulation S-T Rule 101(b)(7) only permits the submission in paper of a Form 6-K if submitted to furnish a report or other document that the registrant foreign private issuer must furnish and make public under the laws of the jurisdiction in which the registrant is incorporated, domiciled or legally organized (the registrant's "home country"), or under the rules of the home country exchange on which the registrant's securities are traded, as long as the report or other document is not a press release, is not required to be and has not been distributed to the registrant's security holders, and, if discussing a material event, has already been the subject of a Form 6-K submission or other Commission filing on EDGAR.

**EXHIBITS**

---

| | |
|:---|:---|
| 99.1 | [Excellon – Material Change Report – La Negra Acquisition](ex99-1.htm) |
| 99.2 | [Excellon – Acquisition Agreement – La Negra](ex99-2.htm) |
| 99.2.a | [Excellon - Schedule 3.1 – Acquisition Agreement - La Negra](ex99-2a.htm) |
| 99.2.b | [Excellon - Schedule 3.2 – Acquisition Agreement - La Negra](ex99-2b.htm) |
| 99.3 | [Excellon – Transfer Agreement](ex99-3.htm) |

---

 

**SIGNATURES**

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.

---

| | | |
|:---|:---|:---|
|  | EXCELLON RESOURCES INC. | EXCELLON RESOURCES INC. |
|  | (Registrant) | (Registrant) |
| Date: January 18, 2023 | By: | */s/ Shawn Howarth* |
|  |  | President and Chief Executive Officer |

---

## Exhibit 99.1

**Exhibit 99.1**

**FORM 51-102F3**

**MATERIAL CHANGE REPORT**

**1.** **Name and Address of Company** 

Excellon Resources Inc. ("**Excellon**" or the "**Company**")

10 King Street East, Suite 200

Toronto, ON M5C 1C3

**2.** **Date of Material Change** 

January 8, 2023.

**3.** **News Release** 

A news release with respect to the material change referred to in this material change report was disseminated by Excellon on January 9, 2023 through Cision Newswire and was subsequently filed under the Company's issuer profile on the System for Electronic Document Analysis and Retrieval (SEDAR) at <u>www.sedar.com</u>.

**4.** **Summary of Material Change** 

On January 8, 2023, the Company entered into a definitive acquisition agreement (the "**Agreement**") to indirectly acquire the permitted, past-producing La Negra Mine ("**La Negra**") located in Querétaro State, Mexico from Dalu S.à r.l. (the "**Seller**"), an entity owned by an investment fund managed by Orion Resource Partners ("**Orion**") for aggregate consideration of US$50 million (the "**Aggregate Consideration**"). The Aggregate Consideration consists of upfront payments totalling US$20 million, payable in common shares of the Company ("**Excellon Shares**"), and a further US$30 million of deferred, contingent consideration payable in Excellon Shares or in cash at the Company's option, following the restart of commercial production at La Negra (the "**Acquisition**").

Concurrent with the execution of the Agreement, the Company entered into a binding term sheet with holders representing approximately 66 2/3% of the principal amount of outstanding convertible debentures (the "**Debentures**") providing for, among other things: i) the conversion of 25% of the Debentures into Excellon Shares at a conversion price of C$0.48 per Excellon Share; and ii) extending the maturity of remaining principal outstanding of the Debentures upon closing the Acquisition (the "**Debenture Restructuring Term Sheet**") and repricing their conversion price to C$0.535 per Excellon Share.

In connection with the Acquisition, the Company intends to complete a subscription receipt financing by way of a private placement for proceeds of at least US$10 million (the "**Closing Private Placement**").

**5.** **Full Description of Material Change** 

On January 8, 2023, the Company entered into the Agreement to indirectly acquire La Negra for the Aggregate Consideration. 60% of the Aggregate Consideration is payable to the Seller in respect of the acquisition of the outstanding shares of Minera La Negra, S.A de C.V. ("**MLN**") owned by the Seller, the Mexican company that holds title to La Negra, and 40% of the Aggregate Consideration is payable to Grupo Desarrollador Migo, S.A.P.I. de C.V. ("**M Grupo**") in satisfaction of the termination of an existing joint venture arrangement regarding MLN (the "**La Negra JV Termination**").

Upon closing of the Acquisition, Excellon will issue the Seller and M Grupo an aggregate of 56,191,666 Excellon Shares at a price of C$0.48 per Excellon Share (33,715,000 Excellon Shares to be issued to the Seller and 22,476,666 to be issued to a subsidiary of M Grupo), for a deemed value of US$20 million (the "**Closing Date Consideration Shares**").

In addition, Excellon has agreed that it will pay aggregate deferred, consideration of US$30 million through two payments (the "**Deferred Consideration Payments**") to the Seller and M Grupo: i) within three days after the declaration of commercial production at La Negra, Excellon will pay an aggregate of US$15 million to the Seller and M Grupo; and ii) twelve months after the declaration of commercial production at La Negra, Excellon will make a further aggregate payment of US$15 million to the Seller and M Grupo.

The Agreement provides that commercial production at La Negra will be achieved upon the restart of La Negra and the associated plant and the production of saleable concentrate for three consecutive months at 75% of the nameplate capacity of the plant. Excellon may, at its sole election, satisfy either or both Deferred Consideration Payments by issuing Excellon Shares at a price equal to the 20-day volume-weighted average trading price for the Excellon Shares on the Toronto Stock Exchange (the "**TSX**") ending on the day prior to the issuance of such Excellon Shares, or in cash.

As a result of the Acquisition, it is expected that Orion and M Grupo will become significant shareholders of Excellon. Upon completion of the issuance of the Closing Date Consideration Shares, it is expected that the Seller and M Grupo will hold approximately 26% and 17%, respectively, of the then issued and outstanding Excellon Shares, depending on the aggregate number of Excellon Shares issued pursuant to the Company's anticipated Closing Private Placement. In recognition of their significant anticipated holdings of Excellon Shares, the Company has agreed to enter into an investor rights agreement with Orion and M Grupo upon closing of the Acquisition. The investor rights agreement will, among other things, provide each of Orion and M Grupo with the right to nominate one qualifying individual to the board of directors of the Company, customary registration rights, participation rights and the right to participate in a technical committee regarding La Negra. The investor rights agreement will also require that Orion and M Grupo vote in accordance with management proposals to Excellon shareholders that are approved by the Company's independent directors, other than in respect of matters requiring supermajority approval, for a period of 18 months following closing of the Acquisition. The Closing Date Consideration Shares will be subject to the following restrictions on resale pursuant to the investor rights agreement: (i) 25% will be restricted for a period of twelve months from closing of the Acquisition, (ii) an additional 25% will be restricted for a period of fifteen months from closing of the Acquisition, and (iii) 50% will be restricted for a period of eighteen months from closing of the Acquisition.

Concurrent with the execution of the Agreement, the Company entered into the Debenture Restructuring Term Sheet.

In addition, prior to closing of the Acquisition, Excellon intends to complete the Closing Private Placement. The Closing Private Placement is expected to be an offering of subscription receipts, with proceeds being placed into escrow pending closing of the Acquisition. Proceeds from the Closing Private Placement would be expected to be released from escrow upon closing of the Acquisition. Proceeds of the Closing Private Placement will be used to fund development activities for the planned restart of mining operations at La Negra and for general corporate purposes.

Completion of the Acquisition is subject to approval of the TSX. As the Excellon Shares to be issued in connection with the Acquisition will exceed 25% of the issued and outstanding Excellon Shares and as the Acquisition will result in Orion holding sufficient shares to materially affect control of Excellon (within the meaning of applicable requirements of the TSX), approval by at least 50.1% of Excellon shareholders is required under the TSX listing rules. Excellon expects to convene a special meeting of Excellon shareholders to consider and approve the issuance of Excellon Shares in connection with the Acquisition and related matters by April 15, 2023. Completion of the Acquisition is expected to occur on or before April 30, 2023. Additional information regarding the Acquisition will be provided in the Company's management information circular in connection with the special meeting.

The Agreement and the transactions contemplated therein are subject to customary conditions for transactions of similar size including receipt of Excellon shareholder approval, conditional listing approval of the TSX, the La Negra JV Termination, completion of the Debenture restructuring and delisting of Excellon Shares from the NYSE American and deregistration with the U.S. Securities and Exchange Commission which the Company has previously announced by separate news release.

The Board of Directors of Excellon considered and unanimously approved the entering into the Agreement and the completion of the transactions contemplated by the Agreement. Prior to the entering into of the Agreement, Cormark Securities Inc. provided an independent fairness opinion to the Board of Directors of Excellon stating that, as of the date of such opinion, and based upon and subject to the assumptions, limitations and qualifications stated in such opinion, the consideration to be paid under the Acquisition is fair, from a financial point of view, to Excellon.

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

Not applicable.

**7.** **Omitted Information** 

Not applicable.

**8.** **Executive Officer** 

For further information, please contact:

Nicholas J. Hayduk, Chief Legal Officer & VP, Corporate Affairs

Excellon Resources Inc.

Phone: (416) 364-1130 <br> Email: info@excellonresources.com

**9.** **Date of Report** 

January 18, 2023.

Cautionary statement on forward-looking information

*All statements, other than statements of historical fact, contained or incorporated by reference in this material change report constitute "forward-looking statements" and "forward looking information" (collectively, "**forward-looking statements**") within the meaning of applicable Canadian and United States securities legislation. Generally, these forward-looking statements can be identified by the use of forward-looking terminology such as "anticipated", "assumption", "committing", "demonstrate", "developing", "estimate", "expected", "exploration", "factors", "favourable", "feasibility", "focus", "forecast", "forward", "future", "may", "could", "believes", "need", "plan", "potential", "project", "promising", "subject to", "trend", "upon", "upside", and "will", or variations of such words, and similar such words, expressions or statements that certain actions, events or results can, may, could, should, will (or not) be achieved, occur, provide or result in the future. In some cases, forward-looking information may be stated in the present tense, such as in respect of current matters that may be continuing, or that may have a future impact or effect. Forward-looking statements include, without limitation, statements regarding the Acquisition and the details and merits thereof; the restructuring of the Debentures (including terms, implications and required approvals thereof); the Closing Private Placement (including timing thereof, the closing and use of proceeds thereof), and the anticipated timing of completion of the Acquisition (including TSX and shareholder approval and timing). Although the Company believes that such statements are reasonable, it can give no assurance that such expectations will prove to be correct, and any forward-looking statements by the Company are not guarantees of future actions, results or performance.*

 

 

*Forward-looking statements are based on assumptions, estimates, expectations and opinions, which are considered reasonable and represent best judgment based on available facts, as of the date such statements are made. If such assumptions, estimates, expectations and opinions prove to be incorrect, actual and future results may be materially different than expressed or implied in the forward-looking statements. Forward-looking statements are inherently subject to known and unknown risks, uncertainties, contingencies and other factors which may cause the actual results or performance of the Company to be materially different from any future results or performance expressed or implied by the forward-looking statements. Such risks, uncertainties, contingencies and other factors include, among others, the "Risk Factors" in the Company's annual information form dated March 31, 2022 ("**2022 AIF**"), and the risks, uncertainties, contingencies and other factors identified in this material change report, the Management's Discussion & Analysis of Financial Results for the three and nine months ended September 30, 2022 (together with the accompanying financial statements for the same period, the "**Q3 2022 Financial Disclosure**"), the Company's Management's Discussion and Analysis, and accompanying financial statements, for the year ended December 31, 2021 and prior quarters ended in 2022 (collectively, the "**FYE 2021 and Prior 2022 Financial Disclosure**"), the news release referenced in this material change report and the Company's other applicable public disclosure. The foregoing list of risks, uncertainties, contingencies and other factors is not exhaustive; readers should consult the more complete discussion of the Company's business, financial condition and prospects that is provided in the 2022 AIF and the other aforementioned documents. The forward-looking statements referenced or contained in this material change report are expressly qualified by these Cautionary Statements as well as the Cautionary Statements in the Q3 2022 Financial Disclosure, the FYE 2021 and Prior 2022 Financial Disclosure, the 2022 AIF, the news release referenced in this material change report and the Company's other applicable public disclosure. Forward-looking statements contained herein are made as of the date of this material change report (or as otherwise expressly specified) and the Company disclaims any obligation to update any forward-looking statements, whether as a result of new information, future events or results or otherwise, except as required by applicable laws.*

## Exhibit 99.2

**Exhibit 99.2**

**ACQUISITION AGREEMENT**

**Among**

**DALU S.À R.L.**

**and**

**EXCELLON RESOURCES INC.**

 ****

**Dated as of January 8, 2023**

**TABLE OF CONTENTS**

---

| | | |
|:---|:---|:---|
| | | **Page** |
| **Article 1 CERTAIN DEFINITIONS** | **Article 1 CERTAIN DEFINITIONS** | **2** |
| 1.1 | Definitions. | 16 |
| 1.2 | Interpretation. |  |
| **Article 2 PURCHASE AND SALE** | **Article 2 PURCHASE AND SALE** | **17** |
| 2.1 | Purchase and Sale & JV Arrangement Termination. | 17 |
| 2.2<br>| Purchase Price. | 17 |
| **Article 3 REPRESENTATIONS AND WARRANTIES** | **Article 3 REPRESENTATIONS AND WARRANTIES** | **18** |
| 3.1 | Representations and Warranties of the Seller | 18 |
| 3.2<br>| Representations and Warranties of the Buyer | 19 |
| **Article 4 COVENANTS** | **Article 4 COVENANTS** | **19** |
| 4.1 | Mutual Covenants. | 19 |
| 4.2 | Covenants of the Buyer. | 25 |
| 4.3<br>| Covenants of the Seller. | 29 |
| **Article 5 CONDITIONS PRECEDENT** | **Article 5 CONDITIONS PRECEDENT** | **33** |
| 5.1 | Mutual Conditions. | 33 |
| 5.2 | Conditions to the Buyer's Obligations. | 33 |
| 5.3<br>| Conditions to the Seller's Obligations. | 34 |
| **Article 6 CLOSING** | **Article 6 CLOSING** | **36** |
| 6.1 | Closing; Time and Place. | 36 |
| 6.2 | Seller's Closing Deliveries. | 36 |
| 6.3 | Buyer's Closing Deliveries. | 38 |
| **Article 7 POST-CLOSING COVENANTS** | **Article 7 POST-CLOSING COVENANTS** | **39** |
| 7.1 | Notice of Commencement of Production | 39 |
| **Article 8 survival and indemnification** | **Article 8 survival and indemnification** | **39** |
| 8.1 | Survival of Representations, Warranties and Covenants | 39 |
| 8.2 | Indemnification by the Seller | 40 |
| 8.3 | Indemnification by the Buyer | 40 |
| 8.4 | Limitation of Liability | 40 |
| 8.5 | Notice of Claim | 42 |
| 8.6 | Time Limits for Notice of Claim | 43 |
| 8.7 | Direct Claims | 44 |
| 8.8 | Third Party Claims | 44 |
| 8.9 | Adjustments | 45 |
| 8.10 | Exclusivity | 46 |

---

i

**TABLE OF CONTENTS**

(continued)

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| | | |
|:---|:---|:---|
|  |  | **Page** |
| **Article 9 TERMINATION** | **Article 9 TERMINATION** | **47** |
| 9.1 | Termination Events. | 47 |
| 9.2 | Effect of Termination. | 48 |
| **Article 10 MISCELLANEOUS PROVISIONS** | **Article 10 MISCELLANEOUS PROVISIONS** | **48** |
| 10.1 | Expenses. | 48 |
| 10.2 | Notices. | 49 |
| 10.3 | Entire Agreement. | 50 |
| 10.4 | Amendments and Waivers. | 50 |
| 10.5 | Conflict between Documents. | 50 |
| 10.6 | Binding Effect; Benefits. | 50 |
| 10.7 | Assignment. | 50 |
| 10.8 | Counterparts; Electronic Signature. | 51 |
| 10.9 | Further Assurances. | 51 |
| 10.10 | Governing Law, Disputes and Arbitration. | 51 |
| 10.11 | Severability. | 51 |
| 10.12 | Third Parties; Joint Ventures. | 52 |
| 10.13 | Non-Recourse. | 52 |
| 10.14 | Construction. | 52 |

---

**Schedules:**

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| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;Schedule A | Form of Investor Rights Agreement |
| &nbsp;&nbsp;&nbsp;Schedule B | Intentionally Deleted |
| &nbsp;&nbsp;&nbsp;Schedule C | Form of Title Opinion |
| &nbsp;&nbsp;&nbsp;Schedule D | Company Material Property |
| &nbsp;&nbsp;&nbsp;Schedule E | Company Payables Framework |
| &nbsp;&nbsp;&nbsp;Schedule F | Guarantee |
| &nbsp;&nbsp;&nbsp;Schedule 3.1 | Seller's Representations and Warranties |
| &nbsp;&nbsp;&nbsp;Schedule 3.2 | Buyer's Representations and Warranties |

---

ii

**ACQUISITION AGREEMENT**

**THIS AGREEMENT** (this "**Agreement**") is made and entered into as of January 8, 2023

**AMONG**

**DALU S.À R.L.**, a private limited liability company (*société à responsabilité limitée*) incorporated and existing under the laws of the Grand Duchy of Luxembourg, having its registered office at [Redacted – Personal Information] and registered with the Register of Commerce and Companies (*Registre de Commerce et des Sociétés*) under number B199807 (the "**Seller**");

**AND**

**EXCELLON RESOURCES INC.**, a corporation existing under the laws of Ontario (the "**Buyer**").

**RECITALS**

A. The
 Seller owns 1,177,011,366 common shares (collectively with any common shares acquired by
 the Seller after the date of this Agreement, the "**Purchased Shares**") in
 the capital of Minera La Negra, S.A de C.V., a company existing under the laws of the Mexico
 (the "**Company** ").

B. The
 Company is indebted to the Seller pursuant to the Intercompany Indebtedness (as defined below)
 in the amount of US$16,409,056.

C. The
 Seller and the Buyer desire to enter into a transaction in which, among other things, the
 Seller shall sell and the Buyer shall purchase, all of the Seller's right, title and
 interest in the Purchased Shares all on the terms and conditions stated in this Agreement.

D. Concurrently
 with the sale of the Purchased Shares as contemplated hereunder, in accordance with the provisions
 of the Transfer Agreement (as defined below), the M Grupo JV Arrangements (as defined below)
 will be terminated in exchange for consideration payable by the Buyer as provided for in
 the Transfer Agreement.

E. Certain
 shareholders and the directors and senior officers of the Buyer have entered into voting
 support agreements in respect of the Transaction on the date hereof.

**AGREEMENTS**

In consideration of the mutual covenants in this Agreement, the Seller and the Buyer agree as follows:

**Article 1<br> CERTAIN DEFINITIONS**

**1.1** **Definitions.** 

As used in this Agreement and in the schedules hereto, the following terms, whether in singular or plural forms, shall have the following meanings:

"**Additional Private Placement**" means a private placement of Buyer Shares for aggregate gross proceeds of up to C$4 million.

"**Affiliate**" means, with respect to any Person, any other Person controlling, controlled by or under common control with such Person, with "control" for such purpose meaning the possession, directly or indirectly, of the power to direct or cause the direction of the management and policies of a Person, whether through the ownership of voting securities or voting interests, by contract or otherwise.

"**Aggregate Purchase Price**" means, collectively, (i) the Purchase Price and (ii) the M Grupo Purchase Price.

"**AML Legislation**" means the *Proceeds of Crime (Money Laundering) and Terrorist Financing Act* (Canada), the USA Patriot Act, the Mexican *Ley Federal para la Prevención e Identificación de Operaciones con Recursos de Procedencia Ilícita* and other applicable anti-money laundering, anti-terrorist financing, government sanction and "know your client" Applicable Laws, whether within Canada, the United States, Mexico or, to the extent applicable to any Party or its subsidiaries, elsewhere, including any regulations, guidelines or orders thereunder.

"**Anti-Corruption Laws**" means the *Corruption of Foreign Public Officials Act* (Canada), the *United Kingdom Bribery Act 2010* and the *United States Foreign Corrupt Practices Act of 1977,* the Mexican *Ley General del Sistema Nacional Anticorrupción, the Mexican Ley General de Responsabilidades Administrativas* and the Mexican Federal Criminal Code and all other laws, rules, and regulations of any jurisdiction applicable to any Party or its subsidiaries from time to time concerning or relating to bribery or corruption.

"**Applicable Laws**" means all laws, by-laws, statutes, rules, regulations, principles of law and equity (including common law), treaties, Orders, ordinances, certificates, directives, legally enforceable guidelines, standards and policies, and other similar requirements, whether domestic or foreign, and the terms and conditions of any permit, in each case, of any Governmental Authority.

"**Business Day**" means any day other than Saturday, Sunday or a day on which banking institutions in New York City, Toronto or Mexico City are required or authorized to be closed.

"**Buyer**" has the meaning given in the recitals to this Agreement.

"**Buyer Disclosure Letter**" means the Buyer disclosure letter dated the date hereof executed by the Buyer and delivered to the Seller in connection with the execution of this Agreement.

"**Buyer Financial Statements**" means: the consolidated audited financial statements of the Buyer for the years ended December 31, 2021, 2020 and 2019 and the unaudited interim consolidated financial statements of the Buyer for the three and nine months ended September 30, 2022, together with the notes thereto.

"**Buyer Fundamental Representations**" means the representations and warranties of the Buyer in Sections 1, 2 and 3 of Schedule 3.2.

"**Buyer Group**" means the Buyer and the Buyer Subsidiaries.

"**Buyer Material Adverse Effect**" means any change, effect, event, occurrence or condition that, individually or together with any other changes, effects, events, occurrences or conditions, is or would reasonably be expected to (a) be material and adverse to the Buyer, or (b) materially impede the completion of the Transactions, except that none of the following shall (i) constitute a "Buyer Material Adverse Effect", (ii) be considered in determining whether there has been a "Buyer Material Adverse Effect", or (iii) be considered in determining whether there has been a breach of a representation, warranty, covenant or agreement that is qualified by the term "Buyer Material Adverse Effect": (A) any change, effect, event, occurrence or condition generally affecting the mining industry; (B) any change, effect, event, occurrence or condition in or relating to general political, economic or financial or market conditions generally (including the state of the securities, credit, banking, capital or commodity markets in general including any reduction in market indices), including in Canada, the United States or Mexico; (C) any adoption, implementation, change or proposed change in or relating to, IFRS or regulatory accounting requirements; (D) any adoption, implementation, change or proposed change in Applicable Laws or any change or proposed change in interpretation, application or non-application thereof by any Governmental Authority; (E) any change in the price of commodity prices; (F) any change relating to the rate at which any currency can be exchanged for any other currency; or (G) any action (or the effects of any action) taken (or omitted to be taken) upon the request or instruction of, or with the consent of, the Seller or actions that are taken (or omitted to be taken), consistent with the terms hereof that are necessary to consummate the Transactions and the Private Placement Financing; *provided, however,* that such change, effect, event, occurrence or condition referred to in clauses (A) to (F) above does not have a disproportionate effect on the Buyer compared to other companies of similar size operating in the mining industry.

"**Buyer Material Contract**" means (i) any such contract, agreement, obligation, commitment or borrowing or series of contracts, agreements, obligations, commitments or borrowings which has a value, or relates to an obligation or debt or requires payment for goods or services by any party, equal, individually or in the aggregate, to or in excess of US$500,000; (ii) any contract which, if terminated or modified or if it ceased to be in effect, would result in a Buyer Material Adverse Effect; (iii) any contract that relates to the acquisition or disposition of any material business (whether by merger, sale of stock, sale of assets or otherwise); (iv) any contract that materially limits or restricts a member of the Buyer Group from engaging in any line of business, in any geographic area or with any other Person, or from engaging in any merger, consolidation or other business combination; (v) any contract that provides for the assumption of any material liability of any member of the Buyer Group; (vi) any contract that is an interest rate, currency, equity or commodity swap, hedge, derivative, forward sales contract or similar financial instrument that is material to the Buyer Group taken as a whole; (vii) any contract that evidences ownership of the Buyer Material Property, including the Buyer Mining Rights; (viii) any material Permit or a material surface right in respect of the Buyer Material Property, including the Buyer Surface Agreements; (ix) any contract that is a material agreement with a Governmental Authority or an agreement with an Indigenous Group in respect of the Buyer Material Property; or (x) any contract that relates to a relationship between the Buyer Group and any union in respect of the Buyer Material Property.

"**Buyer Material Property**" means, as of the date of this Agreement, the property and mine known as the Platosa mine located in Durango Province, Mexico, as described in more detail in the Buyer Technical Report.

"**Buyer Meeting**" means the special meeting of the Buyer Shareholders to approve, among other things, the Buyer Shareholders' Resolutions.

"**Buyer Mining Rights**" means all of the mining rights, including any mining claim, mining concession, application for mining concession, mining lease, option agreement and mining right, agreements and/or authorizations, including the Buyer Surface Agreements, and all water rights required for the operation of the Buyer Material Property.

"**Buyer Shareholders**" means holders of the Buyer Shares.

"**Buyer Shareholders' Resolutions**" means the resolutions of the Buyer Shareholders that are to be passed at the Buyer Meeting approving the Transactions.

"**Buyer Sales Tax**" means all sales, use, services, harmonized sales, gross receipts, retail sales or similar taxes (including GST/HST and/or provincial sales tax) imposed by any Governmental Authority on the Buyer.

"**Buyer Shares**" means the common shares in the capital of Buyer, as constituted from time to time.

"**Buyer Subsidiaries**" means Excellon Holdings Inc.; Excellon Idaho Gold Inc.; Excellon New Mining Projects, S.A. de C.V.; Excellon Resources (Bahamas) Ltd.; Excellon Resources Investments (Barbados) Inc.; Excellon Servicios, S.A. de C.V.; Lateegra Gold Corp.; Minera Excellon Mexico, S.A. de C.V.; Otis Gold Corp.; Prestadora De Servicios Miguel Auza, S.A. de C.V.; San Pedro Resources S.A. de C.V.; Saxony Silver Corp.; Saxony Silver Exploration – SSE GmbH; Servicios Minerosd San Pedro, S.A. de C.V.; and Silver Eagle Mines Inc.

"**Buyer Surface Agreements**" means the agreements and/or authorizations required to access and use the surface where the Buyer Material Property is located, including leases and temporary occupation rights.

"**Buyer Technical Report**" means the technical report entitled "Technical Report for the Platosa Polymetallic (Silver, Lead and Zinc) Mine, Mexico" prepared by SRK Consulting (Canada) Inc. and dated June 17, 2021.

"**Buyer Warrants**" means the warrants issued as part of the Debenture offering pursuant to a Warrant Indenture between the Buyer and TSX Trust Company dated July 30, 2020, with an exercise price of C$5.75 and expiry date of July 30, 2023, as more particularly described in the Public Disclosure Documents.

"**Circular**" means the management information circular of the Buyer to be sent to the Buyer Shareholders in connection with the Buyer Meeting and to be prepared in accordance with Applicable Laws and the requirements of the TSX.

"**Claims**" means any and all debts, costs, expenses, liabilities, obligations, losses and damages, penalties, proceedings, actions, suits, assessments, reassessments or claims of whatsoever nature or kind including regulatory or administrative (whether or not under common law, on the basis of contract, negligence, strict or absolute liability or liability in tort, or arising out of requirements of Applicable Laws), imposed on, incurred by, suffered by, or asserted against any Person or any property, absolute or contingent, and, except as otherwise expressly provided herein, includes all reasonable out-of-pocket costs, disbursements and expenses paid or incurred by such Person in defending any action.

"**Closing**" has the meaning given in Section 6.1.

"**Closing Date**" means the day which is five Business Days after the day on which the conditions set forth in Sections 5.1, 5.2 and 5.3 have been satisfied or waived (other than conditions that, by their terms, are to be satisfied at the Closing), or at such other date as the Buyer and the Seller may mutually agree in writing.

"**Closing Date Consideration Shares**" has the meaning given thereto in Section 2.2(a)(i).

"**Closing Date Subscription Price**" means the lower of (A) C$0.48 or (B) if, any Debentures are converted into Buyer Shares on or prior to Closing, the conversion price of such Buyer Shares.

"**Commencement of Production**" the first date after the restart of the mine on which (i) the associated plant on the Company Material Property has been completed and the production of saleable concentrate over a 90-day period was on average over that 90-day period 75% of daily nameplate capacity (as specified in the Transaction Technical Report); or (ii) the production of an equivalent amount of saleable concentrate was otherwise produced from minerals from the mine on the Company Material Property over a 90-day period that was equivalent to 75% of the daily nameplate capacity on average over that 90-day period (as specified in the Transaction Technical Report).

"**Company**" has the meaning given thereto in the recitals.

"**Company Closing Payables**" means the Company Payables set forth in Section 1 of Schedule E that are to be paid in full prior to the Closing Date.

"**Company Existing Insurance Policies**" means all material insurance policies of the Company or with respect to which the Company is a named insured or otherwise the beneficiary of coverage.

"**Company Financial Statements**" means: (i) the annual audited combined financial statements relating to the Company for the fiscal years ended December 31, 2021, 2020 and 2019, prepared in accordance with IFRS (as adopted by the IASB) and audited using International Accounting Standards; and (ii) interim unaudited financial statements for the three and nine month periods ended September 30, 2022 prepared in accordance with IFRS.

"**Company Material Contract**" means (i) any such contract, agreement, obligation, commitment or borrowing or series of contracts, agreements, obligations, commitments or borrowings which has a value, or relates to an obligation or debt or requires payment for goods or services by any party, equal, individually or in the aggregate, to or in excess of [Redacted – Commercially Sensitive Information]; (ii) any contract which, if terminated or modified or if it ceased to be in effect, would result in a Seller Material Adverse Effect; (iii) any contract that relates to the acquisition or disposition of any material business (whether by merger, sale of stock, sale of assets or otherwise); (iv) any contract that materially limits or restricts the Company from engaging in any line of business, in any geographic area or with any other Person, or from engaging in any merger, consolidation or other business combination; (v) any contract that provides for the assumption of any material liability of the Company; (vi) any contract that is an interest rate, currency, equity or commodity swap, hedge, derivative, forward sales contract or similar financial instrument that is material to the Company; (vii) any contract that evidences ownership of the Company Material Property; (viii) any material Permit or a material surface right in respect of the Company Material Property, including the Company Surface Agreements; (ix) any contract that is a material agreement with a Governmental Authority or an agreement with an Indigenous Group; or (x) the collective bargaining agreement with the Sindicato Nacional de Trabajadores Mineros, Metalúrgicos, Siderúrgicos y Similares, dated February 14, 2022.

"**Company Material Mining Rights**" means all of the mining rights, including any mining claim, mining concession, application for mining concession, mining lease, option agreement, mining right agreements and/or authorizations, including the Company Surface Agreements, and all water rights required for the operation of the Company Material Property (which Company Material Mining Rights are described in Schedule D).

"**Company Material Property**" means the mining property and project known as Minera La Negra located in Maconi, Cadereyta, Querétaro, Mexico and as more particularly described with the Company Material Mining Rights in Schedule D.

"**Company Payables**" means as of the relevant time, any and all accounts payable of the Company whether due or accruing due, or recorded or unrecorded on the Company Financial Statements, calculated in accordance with IFRS, including the Company Closing Payables, the Company Settlement Payables and the Company Residual Payables.

"**Company Payables Framework**" means the terms in respect of the payment or settlement of the Company Payables as set forth on Schedule E.

"**Company Personal Property**" has the meaning given to it in Schedule 3.1.

"**Company Real Property**" has the meaning given to it in Schedule 3.1.

"**Company Residual Payables**" means all Company Payables that are not set forth in Section 1 or Section 2 of Schedule E.

"**Company Settlement Payables**" means the Company Payables set forth in Section 2 of Schedule E that are to be paid, settled or otherwise resolved prior to the Closing Date in accordance with the Company Payable Framework.

"**Company Surface Agreements**" means the usufruct agreement with the Maconi Agrarian Community of Caderetya de Montes, Querétaro executed on July 18, 2006, and extended for 15 years on July 17, 2021.

"**Company Technical Report**" means the draft technical report entitled "Technical Report – Preliminary Economic Assessment, La Negra Mine, Minera La Negra S.A. de C.V." with an effective date of March 31, 2022 and date of issue of June 29, 2022.

"**Confidentiality Agreement**" means the nondisclosure agreement dated July 7, 2022 among Orion Resource Partners (USA) LP and the Buyer.

"**Consent**" means a consent, approval, order, authorization, filing, notice or declaration.

"**Consideration Shares**" means the Closing Date Consideration Shares and the Deferred Consideration Shares, if any.

"**Contract**" means any contract, mortgage, deed of trust, bond, indenture, lease, license, note, franchise, certificate, option, warrant, right, or other instrument, document, obligation, or agreement, and any other obligation, right, or agreement, whether written or oral.

"**Data Room**" means the Office365 virtual data room established by Orion Resource Partners (USA) LP on behalf of the Seller and the contents thereof as of three (3) Business Days prior to the date hereof.

"**Debentures**" means the debentures, notes or other evidence of indebtedness of the Buyer issued and certified, or deemed to be issued and certified, under the Amended and Restated Indenture dated September 19, 2022 between the Buyer and TSX Trust Company in its capacity as both Trustee and Collateral Agent thereunder and the security interests relating thereto.

"**Deferred Consideration Shares**" has the meaning given in Section 2.2(a)(iii).

"**Direct Claim**" has the meaning given in Section 8.6(a).

"**Dispute**" has the meaning given in Section 10.10(b).

"**EDGAR**" means the Electronic Data Gathering, Analysis and Retrieval system maintained by the SEC.

"**Encumbrance**" means any security interest, lien (statutory or otherwise), mortgage, hypothec, charge, indenture, pledge, claim, option, conditional sale agreement, instalment sale agreement, trust, or other encumbrance.

"**Environmental Laws**" means all Applicable Laws relating to the protection of the environment and includes those relating to pollution, protection of the environment, the protection of public health and safety, Hazardous Substances, or the reclamation, rehabilitation, closure or other restoration of mining properties.

"**Filing Due-Date**" has the meaning given in Section 4.1(b).

"**First Deferred Payment**" has the meaning given in Section 2.2(a)(ii).

"**First Deferred Consideration Shares**" has the meaning given in Section 2.2(a)(ii).

"**First Party**" has the meaning given in Section 9.1(f).

"**Governmental Authority**" means the federal government of the United States of America, Canada, Mexico or any other country or sovereign entity, any state, province, commonwealth, territory, or possession thereof, and any political subdivision or quasi-governmental authority of any of the same, including courts, tribunals, arbitrators, departments, commissions, boards, bureaus, agencies, counties, municipalities, provinces, parishes, securities regulatory authority or stock exchange, and other instrumentalities or private body exercising any regulatory, expropriation or taxing authority under or for the account of any of the foregoing, in each case, having jurisdiction in the relevant circumstances.

"**Guarantee**" means the guarantee from Orion Mine Finance (Master) Fund I LP in favour of the Buyer to be delivered at Closing in the form attached as Schedule F.

"**Hazardous Substances**" means any pollutants, contaminants, chemicals, deleterious substances, dangerous goods, hazardous or industrial toxic wastes or substances, tailings, radioactive materials, explosives, petroleum and petroleum products and polychlorinated biphenyls.

"**IFRS**" means International Financial Reporting Standards as issued by the International Accounting Standards Board.

"**Indemnification Claim**" has the meaning given in Section 8.5.

"**Indemnified Party**" has the meaning given in Section 8.5.

"**Indemnifying Party**" has the meaning given in Section 8.5.

"**Indigenous Claims**" means any and all Claims (whether or not proven) by any Person to or in respect of: (i) rights, title or interests of any Indigenous Group by virtue of its status as an Indigenous Group; (ii) rights, title or interests of any self-proclaimed individual as part of an Indigenous Group; (iii) treaty rights; (iv) rights, title or interests of any Indigenous Group registered with the Mexican's National Agrarian Registry (*Registro Agrario Nacional*); (v) rights, title or interests of any Indigenous Group registered with the applicable local authority in accordance with local Applicable Law; or (vi) specific or comprehensive Claims being considered by the National Commission for the Development of Indigenous People (*Comisión Nacional para el Desarollo de los Pueblos Indígenas*) of the United Mexican States.

"**Indigenous Group**" means any indigenous, first nation, native or aboriginal group, tribal council, band council, or other indigenous organization in Mexico in terms of the ILO Convention 169 and Article Second of the Political Constitution of the Mexican United States, including any ejido or community duly recognized as an indigenous group.

"**Initial Purchase Price**" has the meaning given in Section 2.2(a)(i).

"**Investor Rights Agreement**" means the investor rights agreement to be entered into on the Closing Date among the Seller, the Buyer and a wholly-owned subsidiary of M Grupo, which agreement will be substantially in the form attached as Schedule A.

"**Intercompany Indebtedness**" means the intercompany indebtedness advanced by the Seller (through Mahalo S.a r.l.) to the Company that is non-interest bearing and as of the date hereof represents indebtedness of US$16,409,056.

"**Knowledge**" means (a) in the case of the Buyer, after reasonable enquiry, the actual knowledge of Shawn Howarth, Daniel Hall, Paul Keller and Nicholas Hayduk, and (b) in the case of each Seller, after reasonable enquiry, the actual knowledge of Jon Lamb, Victor Flores, Geoff Elson, Sergio Piñarte, Luis Mier and Pablo Reynoso.

"**Lapsed Concessions**" has the meaning given in Section 6.2(i).

"**Litigation**" means any action, suit, arbitration, claim, administrative, regulatory or similar proceeding (whether civil, quasi criminal, criminal, administrative or regulatory) or other dispute settlement procedure, investigation or inquiry by or before any Governmental Authority or similar body, or any similar matter or proceeding.

"**Loss**" or "**Losses**" means all claims, demands, proceedings, fines, losses, damages, liabilities, deficiencies, costs and expenses (including all reasonable legal and other professional fees and disbursements, interest, penalties, judgments and amounts paid in settlement) arising directly or indirectly as a consequence of the matter giving rise to such Loss or Losses; provided that "Loss" and "Losses" shall not include loss of future profit, special, or punitive damages.

"**Mexican Governmental Royalties**" means mining Taxes payable in accordance with Article 263, 268 and 270 of the Mexican Federal Duties Law (*Ley Federal de Derechos*), which provides that: (i) a special mining duty (*derecho especial sobre mineria*) is payable on an annual basis equal to 7.5% of the sales income generated by minerals extracted from a mining concession minus the authorized deductions; and (ii) a extraordinary mining duty (*derecho extraordinario sobre mineria*) is payable on an annual basis equal to 0.5% of the sales income of gold, silver or platinum minerals.

"**Mexican Mining Duties**" means mining Taxes payable in accordance to the Mexican Mining Laws with Article 263 of the Mexican Federal Duties Law (*Ley Federal de Derechos*) which provides a mining duty (*derecho sobre mineria*) payable on a semi-annual basis calculated based on the size of the relevant mining concession and its seniority.

"**Mexico**" means the United Mexican States.

"**Minimum Loss Amount**" means [Redacted – Commercially Sensitive Information].

"**M Grupo**" means Grupo Desarrollador Migo, S.A.P.I. de C.V.

"**M Grupo Indemnity**" has the meaning given in Section 8.2(d).

"**M Grupo JV Arrangements**" means the Joint Venture Agreement between M Grupo and the Seller dated as of August 6, 2020, the Letter of Intent dated January 26, 2022 between M Grupo and Orion Resource Partners, on behalf of the Seller with respect to the division of proceeds from a potential future sale of the Company and the letter agreement dated the date hereof between M Grupo, Orion Resource Partners and the Seller, regarding the same.

"**M Grupo Purchase Price**" means, collectively, the (i) US$8 million payable to M Grupo pursuant to the Transfer Agreement through the issuance of Buyer Shares on the Closing Date, and (ii) the amount of any deferred consideration paid to M Grupo by the Buyer pursuant to the Transfer Agreement, in the case of (i) and (ii), collectively, up to the amount of US$20 million.

"**NI 43-101**" means National Instrument 43-101 – *Standards of Disclosure for Mineral Projects* adopted by the Canadian Securities Administrators.

"**Non-Party Affiliates**" has the meaning given in Section 10.13.

"**Notice of Claim**" has the meaning given in Section 8.5.

"**NYSE American**" means the NYSE American stock exchange.

"**Operations**" means, as of the date of this Agreement, all activities of whatever kind or nature conducted in connection with exploration, development and operation in respect of (i) in the case of the Company, the Company Material Property, and (ii) in the case of the Buyer, the Buyer Material Property.

"**Order**" means any writ, judgment, injunction, decree, decision, ruling, determination, award or similar order of any Governmental Authority (whether preliminary or final).

"**Ordinary Course**", when used in relation to the taking of any action by any Person, means that the action is consistent with the past practices of such Person, or its business, and is taken in the ordinary course of normal day-to-day operations of such Person, or its business and, (x) in respect of the Seller, constitutes care and maintenance activities at the Company Material Property and (y) in respect of the Buyer, constitutes care and maintenance activities at the Buyer Material Property (including the wind-down of Operations, including the Miguel Auza mill, to care and maintenance as previously disclosed in Public Disclosure Documents).

"**Outside Date**" means April 30, 2023.

"**Party**" means a party to this Agreement.

"**Permit**" means any registration, license, permit, variance, concession, consent, certificate, approval, authorization, permission, order, notice or other similar right obtained by, or required to be obtain by the applicable Party from a Governmental Authority.

"**Permitted Encumbrance**" means: (i) any inchoate statutory right, lien or interest for Taxes, assessments, or charges or levies of a Governmental Authority not due at the Closing Date; (ii) Encumbrances for Taxes not yet due and payable provided an amount for such Taxes has been accrued in the Ordinary Course and in accordance with IFRS; (iii) statutory Encumbrances in favour of municipalities or public utilities; (iv) permits, servitudes, easements or other similar real property rights, as well as encroachments and other minor imperfections of title which do not impair, detract from the value of or impair the use of the property in any material respect, including limiting the ability to access the applicable property or conduct any Operations thereon; (v) the Underlying Royalty, the Platosa NSR and any state royalties or royalties payable to a Governmental Authority including the Mexican Governmental Royalties and the Mexican Mining Duties payable by the Company in respect of the Company Material Property, provided that such amounts are not due and payable as of the date hereof or which have been fully accrued in the Company Financial Statements in accordance with IFRS; (vi) restrictions on the transfer of the securities arising under applicable Law or the constating documents of the applicable Person; (vii) any reservations or exceptions contained in or implied by statute in the original dispositions from a Governmental Authority and grants made by a Governmental Authority of any kind or interest reserved therein; or (viii) any matters specified in the Buyer Disclosure Letter or Seller Disclosure Letter, as the case may be.

"**Person**" means any natural person, Governmental Authority, corporation, general or limited partnership, joint venture, limited liability company, trust, association, non-governmental organization or unincorporated entity of any kind.

"**Personal Property**" means material buildings, plants, structures, furniture, fixtures, machinery, equipment, vehicles, inventory and other items of tangible personal property and other assets used in the Operations and required to conduct the Operations as currently conducted.

"**Platosa NSR**" means the net smelter return royalty on the Buyer Material Property included as part of a debenture private placement by the Company completed on or about November 27, 2015.

"**Post-Closing Date Period Taxes**" means:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) with
 respect to Taxes imposed, or that will be imposed, upon the Company, as applicable, with
 respect to taxation years or other periods commencing at or after the time of Closing, all
 such Taxes; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) with
 respect to Taxes imposed, or that will be imposed, upon the Company with respect to any Straddle
 Period, the portion of any such Taxes that is allocable to the portion of the Straddle Period
 commencing at the time of Closing.

"**Pre-Closing Date Period**" means any period ending before the time of Closing.

"**Pre-Closing Date Period Taxes**" means:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) with
 respect to Taxes imposed, or that will be imposed, upon the Company with respect to taxation
 years or other periods ending before the time of Closing (regardless of whether a Tax Return
 is required to be filed before the time of Closing), all such Taxes; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) with
 respect to Taxes imposed, or that will be imposed, upon the Company with respect to any Straddle
 Period, the portion of any such Taxes that is allocable to the portion of the Straddle Period
 ending immediately prior to the time of Closing.

"**Private Placement Financing**" means the private placement of subscription receipts or other equity instruments of the Buyer in the aggregate amount of not less than US$10 million.

"**PRM**" means the Public Registry of Mining (Mexico).

"**Proceeding**" means any Litigation, assessment, hearing, arbitration, judgment, award, decree, order, injunction and prosecution, or other similar proceeding.

"**Public Disclosure Documents**" means collectively all of the documents which are or have been publicly filed by or on behalf of the Buyer since January 1, 2020 pursuant to the requirements of applicable Securities Laws and available on the Buyer's SEDAR or EDGAR profile.

"**Purchase Price**" has the meaning given in Section 2.2.

"**Purchased Shares**" has the meaning given in the recitals to this Agreement.

"**Release**", when used as a verb, includes release, spill, leak, emit, deposit, discharge, pump, pour, inject or dispose of into the environment or any other similar act, however defined in applicable Environmental Laws, and the term "**Release**" when used as a noun has a correlative meaning.

"**Sanctioned Entity**" means (i) a country or a government of a country; (ii) an agency of the government of a country; (iii) an organization directly or indirectly controlled by a country or its government; or (iv) a Person resident in or determined to be resident in a country, in each case, that is subject to a country Sanctions program administered and enforced by OFAC or by any Governmental Authority.

"**Sanctioned Person**" means (i) any Person listed in any sanctions-related list of designated Persons maintained by any Governmental Authority; or (ii) a Person named on the list of Specially Designated Nationals maintained by OFAC.

"**Sanctions**" means economic or financial sanctions or trade embargoes imposed, administered or enforced from time to time by OFAC or any Governmental Authority.

"**SAT**" means the Mexican Tax Administration Service.

"**Second Deferred Consideration Shares**" has them meaning given in Section 2.2(a)(iii).

"**Second Deferred Payment**" has the meaning given in Section 2.2(a)(iii).

"**SEDAR**" means the System for Electronic Data Analysis and Retrieval maintained by the Securities Authorities;

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

"**Securities Authorities**" means the securities regulatory authorities in the provinces and territories of Canada, as the context requires;

"**Securities Laws**" means all applicable securities laws, the respective regulations made thereunder, together with applicable published fee schedules, prescribed forms, policy statements, multilateral and national instruments, orders, blanket rulings, notices and other regulatory instruments of the Security Authorities and the SEC and including the rules and published policies of the TSX and the NYSE American.

"**Seller**" has the meaning given in the recitals to this Agreement.

"**Seller's Closing Deliveries**" has the meaning given in Section 6.2.

"**Seller Covered Taxes**" means, in respect of the Seller, all Pre-Closing Date Period Taxes of the Company, as applicable, but excluding (a) any Buyer Sales Taxes and (b) such amounts that arise or are imposed as a result of the Buyer or its Affiliates (i) making any Tax election, (ii) changing any method of tax accounting, (iii) entering into any closing agreement relating to Taxes, (iv) amending, or taking any position on, any Tax Returns relating to any Pre-Closing Date Period or Straddle Period, or (v) agreeing to an extension of a statute of limitations, unless such action is required by Applicable Laws or is consented to in writing by the Seller (such consent not be unreasonably withheld, delayed or conditioned).

"**Seller Disclosure Letter**" means the disclosure letter dated the date hereof and executed by Seller and delivered to the Buyer in connection with the execution of this Agreement.

"**Seller Fundamental Representation**" means the Seller's representations and warranties in Section 1, 2, 3, 4 and 27 of Schedule 3.1.

"**Seller Material Adverse Effect**" means any change, effect, event, occurrence or condition that, individually or together with any other changes, effects, events, occurrences or condition, is or would reasonably be expected to (a) be material and adverse to the Company or (b) materially impede the completion of the Transactions, except that none of the following shall (i) constitute a "Seller Material Adverse Effect", (ii) be considered in determining whether there has been a "Seller Material Adverse Effect", or (iii) be considered in determining whether there has been a breach of a representation, warranty, covenant or agreement that is qualified by the term "Seller Material Adverse Effect": (A) any change, effect, event, occurrence or condition generally affecting the mining industry; (B) any change, effect, event, occurrence or condition in or relating to general political, economic or financial or market conditions generally (including the state of the securities, credit, banking, capital or commodity markets in general including inflation and any reduction in market indices), including in Canada, the United States or Mexico; (C) any adoption, implementation, change or proposed change in or relating to, IFRS or regulatory accounting requirements; (D) any adoption, implementation, change or proposed change in Applicable Laws or any change or proposed change in interpretation, application or non-application thereof by any Governmental Authority; (E) any change in the price of commodity; (F) any change relating to the rate at which any currency can be exchanged for any other currency or borrowed; or (G) any action (or the effects of any action) taken (or omitted to be taken) upon the request or instruction of, or with the consent of, the Buyer or actions that are taken (or omitted to be taken), consistent with the terms hereof that are necessary to consummate the Transaction and the Private Placement Financing; *provided, however,* that such change, effect, event, occurrence or conditions referred to in clauses (A) to (F) above does not have a disproportionate effect on the Company, compared to other companies of similar size operating in the mining industry.

"**Straddle Period**" means any taxation year or other period beginning before the time of Closing and ending at or after the time of Closing.

"**Straddle Period Tax Returns**" has the meaning given in Section 4.1(b).

"**Tax**" or "**Taxes**" means any taxes, duties, fees, premiums, assessments, imposts, levies and other charges of any kind whatsoever and wheresoever imposed by any Governmental Authority, including all interest, penalties, fines, additions to tax or other additional amounts imposed by any Governmental Authority in respect thereof, and including those levied on, or measured by, or referred to as, income, gross receipts, profits, capital, transfer, land transfer, sales, goods and services, harmonized sales, use, local, value-added, excise, stamp, withholding, business, franchising, property, development, occupancy, employer health, 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 agreements, franchise and registration fees and all employment insurance, health insurance and Governmental Authority pension plan premiums or contributions.

"**Tax Returns**" shall mean any and all returns, reports, declarations, statements, information, estimates, rebates or credits, elections, designations, schedules, filings or other documents (including any related or supporting information) relating to Taxes filed or required to be filed by any Governmental Authority or pursuant to any Applicable Law relating to Taxes or in fact filed with any Governmental Authority, including all information returns, Claims for refund, amended returns, declarations of estimated Taxes, and requests for extensions of time to file any of the preceding items and all amendments, attachments or supplement thereto, whether in tangible or electronic form.

"**Third Party**" has the meaning given in Section 8.8(c).

"**Third Party Claim**" has the meaning given in Section 8.5(a).

"**Threshold Amount**" means, collectively, the amount equal to (i) 20% of the Purchase Price actually paid by the Buyer to the Seller plus (ii) 20% of the M Grupo Purchase Price actually paid to M Grupo under the Transfer Agreement (including, for certainty, amounts paid to Affiliates of the Seller or M Grupo) at the applicable time, provided that, for certainty, the Threshold Amount shall reflect the deferred consideration payable pursuant to Sections 2.2(a)(ii) and 2.2(a)(iii) and under the Transfer Agreement as and when such amounts are paid.

"**Transaction**" means the transactions contemplated by this Agreement and the other Transaction Documents.

"**Transaction Closing Deliveries**" has the meaning given in Section 6.1.

"**Transaction Documents**" means this Agreement, the Investor Rights Agreement, the Transfer Agreement and each of the other documents, certificates, instruments and agreements delivered or executed pursuant to this Agreement.

"**Transaction Technical Report**" means the technical report in respect of the Company Material Property.

"**Transfer Agreement**" means the definitive agreement evidencing the termination of the M Grupo JV Arrangements among Orion Resource Partners, the Seller, the Buyer, the Company and M Grupo, dated the date hereof.

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

"**Underlying Royalty**" means the royalty payable by the Company to Industrias Peñoles, S.A.B. de C.V. or its Affiliates under the purchase agreement dated May 18, 2006 and further amended on February 8, 2007 and May 7, 2019.

"**US$**" shall mean United States dollars.

"**USA Patriot Act**" means the Uniting and Strengthening America by Providing Appropriate Tools Required to Intercept and Obstruct Terrorism Act of 2001 (Title III of Pub. L. No. 107-56 (signed into law October 26, 2001)), as amended or modified from time to time.

"**VAT Receivable**" means any amounts owing to the Company in respect of value-added Taxes that relate to a period prior to the Closing Date or that otherwise became payable prior to the Closing Date.

**1.2** **Interpretation.** 

Unless otherwise expressly provided, the following rules of interpretation shall apply:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The
 table of contents and headings set forth in this Agreement are for convenience of reference
 purposes only and shall not affect or be deemed to affect in any way the meaning or interpretation
 of this Agreement or any term or provision hereof;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Unless
 otherwise indicated, all references herein to sections, articles or schedules, shall be deemed
 to refer to Sections, Articles or Schedules of or to this Agreement, as applicable;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The
 use in this Agreement of any gender includes each other gender;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Any
 reference to the singular in this Agreement shall also include the plural, and vice versa,
 as the context may require;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) References
 to any Applicable Law shall be construed as a reference to the same as in effect on the date
 of this Agreement, unless the context otherwise requires;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) Any
 reference to a number of days shall refer to calendar days unless Business Days are specified;
 and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) The
 words "include", "includes" and "including" mean "include",
 "includes" and "including", in each case, "without limitation".

**Article 2<br> PURCHASE AND SALE**

**2.1** **Purchase and Sale & JV Arrangement Termination.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Subject
 to the terms and conditions of this Agreement, at Closing the Seller shall sell and convey
 to the Buyer, and the Buyer shall purchase from the Seller, the Purchased Shares free and
 clear of all Encumbrances.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Concurrently
 with the sale of the Purchased Shares as contemplated hereunder, in accordance with the provisions
 of the Transfer Agreement, M Grupo will acknowledge and agree that the M Grupo JV Arrangements
 have been terminated in exchange for consideration payable by the Buyer as provided for in
 the Transfer Agreement.

**2.2** **Purchase Price.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The
 aggregate purchase price for the Purchased Shares shall be equal to US$30 million (the "**Purchase Price** "), which shall be satisfied as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) at
 Closing, by the issuance by the Buyer to, or as directed by, the Seller of a number of Buyer
 Shares (the "**Closing Date Consideration Shares**") equal to the quotient
 resulting from dividing (i) C$16,183,200 (the "**Initial Purchase Price** ");
 by (ii) the Closing Date Subscription Price; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) subject
 to Section 2.2(b), on the date which is three (3) Business Days following the Commencement
 of Production, as an adjustment to the Initial Purchase Price, by the payment of US$9 million
 in cash (the "**First Deferred Payment** "), provided that if the Buyer Shares
 are listed on the TSX at such time the Buyer may elect, subject to the prior approval of
 the TSX, to satisfy the First Deferred Payment by the issuance of a number of Buyer Shares
 equal to US$9 million (converted into CAD on the date immediately prior to such issuance)
 divided by the volume weighted average price of the Buyer Shares on the TSX for the 20 trading
 days preceding the date of issuance of such shares (the "**First Deferred Consideration Shares** "); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) subject
 to Section 2.2(b), on the date which is 12 months following the Commencement of Production,
 as an adjustment to the Initial Purchase Price, by the payment of US$9 million in cash (the
 "**Second Deferred Payment** "), provided that if the Buyer Shares are listed
 on the TSX at such time the Buyer may elect, subject to the prior approval of the TSX, to
 satisfy the Second Deferred Payment by the issuance of a number of Buyer Shares equal to
 US$9 million (converted into CAD on the date immediately prior to such issuance) divided
 by the volume weighted average price of the Buyer Shares on the TSX for the 20 trading days
 preceding the date of issuance of such shares (the "**Second Deferred Consideration Shares**" and together with the First Deferred Consideration Shares, the "**Deferred Consideration Shares** ").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) In
 the event that after the Closing Date (i) the Buyer intends that more than 50% of the Purchased
 Shares be transferred, directly or indirectly, to a third-party by the Buyer (other than
 in the case of a direct or indirect acquisition of more than 50% of the Buyer Shares by a
 third-party while the Buyer Shares are listed on the TSX); or (ii) the Buyer intends to cause
 or permit the transfer or disposition, directly or indirectly, of all or substantially all
 of the assets comprising the Company Material Property or the related mine, plant or equipment,
 in one transaction or a series of transactions, in the case of (i) or (ii), it shall be a
 condition precedent of such transaction(s) that the obligation to make the First Deferred
 Payment and Second Deferred Payment, and the related obligations to make the deferred payments
 under the Transfer Agreement, is transferred and assigned to the buyer of the Purchased Shares
 or assets, as applicable, on terms satisfactory to the Seller, acting reasonably. If the
 First Deferred Payment and Second Deferred Payment, and the related obligations to make the
 deferred payments under the Transfer Agreement, are transferred in accordance with the foregoing
 sentence, the First Deferred Payment and Second Deferred Payment, and the related obligations
 to make the deferred payments under the Transfer Agreement, shall be payable only in cash,
 and not shares, and this shall be specified in the agreement documenting the assignment and
 transfer of such payments.

**Article 3<br> REPRESENTATIONS AND WARRANTIES**

**3.1** **Representations and Warranties of the Seller** 

Subject to and save as disclosed in the Seller Disclosure Letter, the Seller, acknowledging that the Buyer is entering into this Agreement in reliance thereon, hereby make the representations and warranties set forth in Schedule 3.1 to the Buyer.

**3.2** **Representations and Warranties of the Buyer** 

Subject to and save as disclosed in the Buyer Disclosure Letter, the Buyer, acknowledging that the Seller is entering into this Agreement in reliance thereon, hereby makes the representations and warranties set forth in Schedule 3.2 to the Seller.

**Article 4<br> COVENANTS**

**4.1** **Mutual Covenants.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Confidentiality; Access to Information, Public Disclosure</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) For
 a period of 24 months following the date of this Agreement, the Seller shall keep confidential
 all information disclosed by or on behalf of the Buyer relating to the Buyer and/or any of
 its Affiliates, except information which:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) was
 known to the Seller prior to July 7, 2022;

&nbsp;&nbsp;&nbsp;&nbsp;&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
 part of the public domain;

&nbsp;&nbsp;&nbsp;&nbsp;&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) becomes
 part of the public domain other than as a result of a breach of these provisions by the Seller;

&nbsp;&nbsp;&nbsp;&nbsp;&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
 Seller is required to disclose pursuant to Applicable Laws or stock exchange rules or by
 a Governmental Authority, provided that, if legally permitted and practicable to do so, the
 Seller has given prompt notice to the Buyer prior to any such disclosure in order to permit
 the Buyer or its Affiliates the opportunity to seek a protective order or otherwise restrict
 such disclosure and, in any event, the Seller or its Affiliates, as applicable, shall only
 ever disclose that portion of such information as is legally required;

&nbsp;&nbsp;&nbsp;&nbsp;&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) the
 Seller is required to disclose to enforce any of its rights under this Agreement or to assert
 any defenses in connection therewith, provided that the Seller or its Affiliates, as applicable,
 shall only ever disclose that portion of such information as is so required; 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;(F) is
 released from the provisions of this Agreement by the written authorization of Buyer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) (x)
 For a period of 24 months following the date of this Agreement, the Buyer shall keep confidential
 all information disclosed by or on behalf of the Seller relating to the Seller and/or any
 of its Affiliates (other than the Company and its Subsidiaries), and (y) for the period commencing
 on the date of this Agreement and ending on the Closing Date, the Buyer shall keep confidential
 all information disclosed by or on behalf of the Seller relating to the Company or the Company
 Material Property, except, in each case, information which:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) was
 known to the Buyer prior to July 7, 2022;

&nbsp;&nbsp;&nbsp;&nbsp;&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
 part of the public domain;

&nbsp;&nbsp;&nbsp;&nbsp;&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) becomes
 part of the public domain other than as a result of a breach of these provisions by the Buyer;

&nbsp;&nbsp;&nbsp;&nbsp;&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
 Buyer is required to disclose pursuant to applicable Laws or stock exchange rules or by a
 Governmental Authority, provided that, if legally permitted and practicable to do so, the
 Buyer has given prompt notice to the Seller prior to any such disclosure in order to permit
 the Seller or its Affiliates the opportunity to seek a protective order or otherwise restrict
 such disclosure and, in any event, the Buyer or its Affiliates, as applicable, shall only
 ever disclose that portion of such information as is legally required;

&nbsp;&nbsp;&nbsp;&nbsp;&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) the
 Buyer is required to disclose to enforce any of its rights under this Agreement or to assert
 any defenses in connection therewith, provided that the Buyer or its Affiliates, as applicable,
 shall only ever disclose that portion of such information as is so required; 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;(F) is
 released from the provisions of this Agreement by the written authorization of Seller.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) The
 Parties agree that the Confidentiality Agreement will be terminated effective on the date
 of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) Each
 Party will afford to the other Party until the earlier of the Closing Date or the termination
 of this Agreement in accordance with its terms, continuing reasonable access to each Party's
 books and records and such other data and information as the other Party may reasonably request,
 as well as to its management personnel and advisors, subject however to such access not interfering
 with the ordinary conduct of the businesses of such Party. The Seller shall cooperate and
 assist, to the extent reasonably requested by the Buyer, with the Buyer's investigation
 of the property, assets, undertaking and financial condition of the Company and the Company
 Material Property.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) Subject
 to Applicable Laws, the Parties shall jointly coordinate one or more news releases regarding
 the announcement of the transactions contemplated by this Agreement. None of the Parties
 shall issue any news release or make any public disclosure relating to the subject matter
 of this Agreement without providing the other Parties a reasonable period to review and comment
 on the same, subject to Applicable Law, provided that no such further review shall be required
 if disclosure proposed to be made is substantially the same as the disclosure previously
 reviewed. The provisions of this Section 4.1 shall survive and continue to bind the Parties
 notwithstanding that any Party ceases to be a party to this Agreement or this Agreement is
 terminated for any reason whatsoever.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Tax Matters</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) The
 Seller shall prepare and file, or cause to be prepared and filed, with the appropriate Governmental
 Authorities all Tax Returns relating to the Company for periods ending prior to the Closing
 Date, such Tax Returns to be prepared on a basis that is consistent in all material respects
 with the basis on which Company have prepared and filed such Tax Returns in the past unless
 otherwise required by Applicable Laws, and shall pay all Seller Covered Taxes due with respect
 to such Tax Returns.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) The
 Buyer shall prepare and file, or cause to be prepared and filed, with the appropriate Governmental
 Authorities all Tax Returns relating to the Company for periods ending on or following the
 Closing Date and shall pay all Post-Closing Date Period Taxes due with respect to such Tax
 Returns. With respect to any such Tax Returns relating to a Straddle Period ()"**Straddle Period Tax Returns** "), the Buyer shall deliver to the Seller not less than 45 days
 before the date on which such Straddle Period Tax Returns are required by Applicable Laws
 to be filed (subject to any applicable extension) with the relevant Governmental Authority
 (the "**Filing Due-Date** "), a draft copy of such Straddle Period Tax Returns
 proposed to be filed, together with a calculation of the applicable Pre-Closing Date Period
 Taxes. All such Straddle Period Tax Returns shall be prepared on a basis that is consistent
 in all material respects with the basis on which the Company has prepared and filed such
 Tax Returns in the past, unless otherwise required by Applicable Laws. The Seller shall have
 the right to notify the Buyer in writing, not less than 15 days prior to the applicable Filing
 Due-Date for a Straddle Period Tax Return, of any proposed changes to such Straddle Period
 Tax Return or with respect to the proposed calculation of the applicable Pre-Closing Date
 Period Taxes, whereupon the Buyer shall consider in good faith and incorporate any such reasonable
 changes proposed by the Seller on the advice of its tax advisors. To the extent the Buyer
 does not agree with any changes proposed by the Seller, the Buyer and the Seller shall act
 in good faith to resolve any disagreements with respect to the Straddle Period Tax Return
 at issue. Not later than two (2) Business Days prior to the due date for the payment of Taxes
 with respect to any such Straddle Period Tax Return, the Seller shall remit to the Buyer
 the amount of Seller Covered Taxes reflected on any such Tax Return for which the Seller
 is responsible.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) After
 the Closing Date, the Buyer, on the one hand, and the Seller, on the other hand, agree to
 furnish or cause to be furnished to each other, upon request, as promptly as practicable,
 such information and assistance (including access to books, records, work papers and Tax
 Returns for taxation years or other periods, or portions thereof, that end on or before the
 Closing Date) solely relating to the Company as is reasonably necessary for the preparation
 of any Tax Return, any Tax audit and the prosecution or defense of any Claim, suit or proceeding
 relating to any proposed Tax adjustment. Any information obtained under this Section 4.1(b)
 shall be kept confidential in accordance with Section 4.1(a), except as otherwise reasonably
 may be necessary in connection with the filing of any Tax Return, any Claim for a Tax refund,
 or any Tax audit, dispute or proceeding.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) The
 Buyer shall, as soon as reasonably practicable, notify the Seller in writing of any proposed
 or actual audit, examination, investigation, action or proceeding by any Governmental Authority
 which, in whole or in part, relates to or may relate to any Seller Covered Taxes (a "**Tax Controversy**") and deliver to the Seller a copy of any assessment, reassessment
 or other notice in writing by a Governmental Authority relating, in whole or in part, to
 any Seller Covered Taxes, provided, however, that a failure by the Buyer to do so shall not
 relieve the Seller of their obligation with respect to Seller Covered Taxes as set out above
 except to the extent that the Seller have been materially prejudiced as a result of such
 failure.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) The
 Seller shall have the exclusive right and authority to contest and control any Tax Controversy
 relating to any Seller Covered Taxes; provided that the Buyer shall have the right to attend
 at its own expense in any meeting with a Governmental Authority or in any proceeding relating
 to any such matter.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) The
 Parties acknowledge that within one month of the Closing Date, the Company will be required
 to submit a notification to the Mexican Governmental Authorities regarding completion of
 the Transaction. As soon as reasonably practicable following the Closing Date, and in any
 event within 15 days of the Closing Date, the Seller will provide to the Buyer and the Company
 all information required under Applicable Laws to permit the Company to make such filing,
 including the following information: (i) the Seller's tax identification number, (ii)
 a residency certificate of the Seller, (iii) the date of payment and amount of Mexican Taxes
 payable by the Seller in connection with the Transaction ()"**Seller Taxes** "),
 and (iv) the aggregate amount of Seller Taxes paid by the Seller, including evidence of payment
 thereof. Likewise, the Seller will provide to the Buyer and the Company a copy of a Tax opinion
 from a chartered professional accountant in respect of the calculation of Seller Taxes payable
 in connection with the Transaction, which shall be provided once it has been filed with the
 Mexican Governmental Authorities in accordance with applicable tax laws (i.e. within the
 following 30 Business Days after the tax return of the Seller Taxes has been submitted).
 Subject to receipt of all required information from the Seller, the Company shall make the
 foregoing filing on the timelines required by Applicable Law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) After
 the Closing Date, the Seller shall furnish or cause to be furnished to the Company, upon
 request, as promptly as practicable, such information and assistance as may be required by
 the Company in order to respond to inquiries of the Mexican Governmental Authorities regarding
 Seller Taxes and shall reasonably cooperate with the Company and the Buyer in the resolution
 of any audits, disputes or proceedings relating to Seller Taxes.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii) The
 Seller shall indemnify and save harmless the Company and the Buyer from and against any and
 all Losses suffered or incurred by the Company and the Buyer as a result of or arising directly
 or indirectly out of or in connection with the Seller Taxes, including the reasonable costs
 and expenses of the Company and the Buyer in respect of any matters contemplated by Sections
 4.1(b)(vi) and 4.1(b)(vii), provided that, other than in respect of the aggregate of Seller
 Taxes payable and disputes arising therefrom (which, for certainty, shall not be subject
 to this proviso), indemnification for all other Losses shall be subject to the requirement
 that the Buyer and the Company (having received on a timely basis all required information
 from the Seller) reasonably comply on a timely basis with the applicable filings to be made
 by the Company to the Mexican Governmental Authorities regarding completion of the Transaction.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Directors and Officers Indemnification</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) The
 Seller may, at its cost, purchase for the period from the Closing Date until seven years
 after the Closing Date, a tail directors' and officers' liability insurance policy
 providing Side A and Side B coverage for the present and former directors and officers of
 the Company, with respect to any Claims arising from facts or events that occurred on or
 prior to the Closing (including in connection with this Agreement or the Transactions) on
 market terms for similarly situated companies.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) From
 and after the Closing Date, the Buyer shall cause the Company (or any successor(s)) to, until
 the sixth anniversary of the Closing Date or for so long thereafter as any claim for indemnification
 asserted on or prior to such date has not been finally adjudicated, indemnify the current
 and former directors and officers of the Company to the fullest extent to which the Company
 is permitted to indemnify such officers and directors under Applicable Law and the constitution
 of the Company, respectively, with respect to any Claims arising from facts or events that
 occurred following the Closing that are not derived from fraud, wilful misconduct or gross
 negligence of the directors and officers of the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) The
 provisions of this Section 4.1(c) shall survive the consummation of the Transactions and
 are intended to be for the benefit of, and will be enforceable by, each individual referred
 to in this Section 4.1(c), his or her heirs and successors and his or her executors or other
 legal representatives (collectively, the "**Directors and Officers**") and
 are in addition to, and not in substitution for, any other rights to indemnification or contribution
 that any Director or Officer may have by Contract or otherwise. The Buyer agrees to cause
 the Company, and to cause any of their successors or assigns (as applicable) to cause the
 Company to pay from time to time as necessary all expenses, including reasonable attorneys'
 fees, that may be incurred by the Directors and Officers in enforcing the indemnity and other
 obligations provided for in this Section 4.1(c).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) If
 the Company, or any of their 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 entity,
 or (ii) transfer all or substantially all of its assets to any Person, then, and in each
 such case, the Buyer shall cause proper provisions to be made so that the successors and
 assigns of the Company, as applicable, shall assume its obligations set forth in this Section
 4.1(c).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) It
 is the intention of the Buyer to constitute the Seller (or their permitted assignees) as
 a trustee for and agent of the applicable Directors and Officers of the covenants of the
 Buyer contained in this Section 4.1(c) and the Seller agrees to accept such trust and agency
 and to hold and enforce such covenants on behalf of each such Person. The Buyer agrees that
 the Seller (or its assignees) may enforce the covenants of the Buyer contained in this Section
 4.1(c) for and on behalf of the applicable Directors and Officers and, in such event, the
 Buyer will not in any Proceeding to enforce the covenants in this Section 4.1(c) by or on
 behalf of such Directors and Officers assert any defence thereto based on the absence of
 authority or consideration or privity of contract and irrevocably waives the benefit of any
 such defence.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) <u>Cooperation</u>.
 No Party shall take any action, or permit any of its Affiliates to take any action, which
 materially diminishes or could reasonably be expected to diminish the ability of a Party
 to consummate, or materially delays any Party's ability to consummate, the Transactions;
 provided, however, that nothing in this Agreement shall be deemed to require any Party to
 waive any of the closing conditions set forth in Article 5. Except as prohibited by Applicable
 Laws, each Party shall promptly notify the other Parties of the occurrence of any of the
 following or any matter or event that has resulted, or is reasonably likely to result, in
 any of the following: (i) any notice or other communication from any Person alleging that
 the consent of such Person is required in connection with this Agreement, the other Transaction
 Documents or the Transactions; or (ii) any Proceeding commenced or, to the Knowledge of a
 Party, threatened against, relating to or involving or otherwise affecting, such Party or
 any of its Affiliates that relate to the consummation of the Transactions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) <u>Covenants of the Parties to Satisfy Closing Conditions</u>. Each Party shall perform all obligations
 required to be performed by it under this Agreement, co-operate with the other Parties in
 connection therewith, and do all such other acts and things as may be necessary or desirable
 in order to consummate and make effective, as soon as practicable, the Transactions and,
 without limiting the generality of the foregoing, each Party shall use commercially reasonable
 efforts to expeditiously satisfy (or cause to be satisfied) the conditions precedent to the
 other Parties' obligations under this Agreement as set forth in Article 5 and to take,
 or cause to be taken, all other commercially reasonable action and to do, or cause to be
 done, all other things necessary, proper or appropriate under all Applicable Laws to complete
 the Transactions prior to the Closing Date, and shall not take or agree to take any action
 that would reasonably be expected to delay or prevent the consummation of the Transactions.

**4.2** **Covenants of the Buyer.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Except
 as contemplated or permitted by this Agreement, from the date hereof until the earlier of
 the Closing Date and the termination of this Agreement, the Buyer shall, and shall cause
 each Buyer Subsidiary to, conduct its business in the Ordinary Course. The Buyer covenants
 and agrees with the Seller that each of the Buyer and the Buyer Subsidiary will not, from
 the date hereof and ending on the earlier of the Closing Date and the termination of this
 Agreement, except (i) with the prior written consent of the Seller, or (ii) as set forth
 in the Buyer Disclosure Letter:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) declare,
 pay or set aside any dividends or provide for any distribution of its properties or assets,
 or make any payment by way of return of capital or otherwise, to the Buyer Shareholders;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) split,
 combine or reclassify any outstanding shares in the capital of the Buyer;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) redeem,
 purchase or offer to purchase any of its shares or other securities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) other
 than pursuant to this Agreement, amalgamate, merge or consolidate with any other Person;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) incur
 any capital expenditures or any obligations or liabilities in respect thereof, except in
 the Ordinary Course, except that is necessary with respect to the preservation of the Buyer
 Material Property or its other material assets;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) make
 any loans, advances or capital contributions to, or investments in, any other Person;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) create,
 incur, assume, suffer to exist or otherwise be liable with respect to any indebtedness for
 borrowed money or guarantees thereof;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii) other
 than pursuant to this Agreement, the Transfer Agreement, the Private Placement Financing,
 the Additional Private Placement, a restructuring of its Debentures and as otherwise reasonably
 required by the Buyer in the Ordinary Course, issue or commit to issue any shares of its
 capital stock, or rights, warrants or options to purchase such shares, or any securities
 convertible into such shares, warrants or options;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ix) alter
 or amend in any way its constating documents as the same exist at the date of this Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(x) sell,
 transfer, dispose of, lease, encumber, relinquish, abandon, grant any option to purchase
 or right of first offer/refusal over the Buyer, the Buyer Subsidiary or any of their material
 assets;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xi) enter
 into any employment or consulting agreement with any director, officer or employee who has
 a policy-making function involving any Governmental Authority, or hire or promote any such
 Person;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xii) settle,
 offer or propose to settle, compromise, assign or release any material Proceeding brought
 against it in excess of US$500,000;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xiii) enter
 into any Contract creating a joint venture or partnership with respect to the Buyer Material
 Property or effecting a business combination or other similar arrangement with another Person;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xiv) perform
 any act or enter into any transaction or negotiation which would reasonably be expected to
 materially adversely interfere or be materially inconsistent with the consummation of the
 Transactions or the Private Placement Financing; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xv) agree
 or commit to do any of the foregoing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The
 Buyer covenants and agrees with the Seller that the Buyer will:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) call
 and issue notice of the Buyer Meeting to facilitate the holding of the Buyer Meeting no later
 than the date specified in Section 4.2(b)(vi) below, in accordance with its constating documents
 and Applicable Law, for the purpose of approving the Buyer Shareholders' Resolutions
 and solicit proxies to be voted at the Buyer Meeting in favour of the approval of the Buyer
 Shareholders' Resolutions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) prepare
 the Circular, in accordance with Applicable Law, including with all relevant information
 concerning the Transaction, a restructuring of the Debentures and the Private Placement Financing
 and it and its business, property, operations and financial statements and covenants that
 such information (other than any information provided by the Seller pursuant to Section 4.3(b))
 will not contain a misrepresentation (as defined by Securities Laws), and such information
 (other than any information provided by the Seller pursuant to Section 4.3(b) will constitute
 full, true and plain disclosure of all material facts relating to the particular matters
 to be acted upon by the Buyer Shareholders at the Buyer Meeting and included in the Circular
 and not omit to state a material fact required to be stated therein in order to make any
 information contained therein not misleading in light of the circumstances in which it is
 disclosed. The mailing and delivery of the Circular to the Buyer Shareholders will be deemed
 to be a representation and warranty by the Buyer to the Seller that the information in the
 Circular and the Circular does not contain a misrepresentation (as defined by Securities
 Laws), and such information constitutes full, true and plain disclosure of all material facts
 relating to the particular matters to be acted upon by the Buyer Shareholders at the Buyer
 Meeting and included in the Circular, other than any information provided by the Seller pursuant
 to Section 4.3(b), and does not omit to state a material fact required to be stated therein
 in order to make any information contained therein not misleading in light of the circumstances
 in which it is disclosed;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) provide
 the Seller and its legal counsel with a reasonable opportunity to review and comment on drafts
 of the Circular and other documents related thereto and reasonable consideration shall be
 given to any comments made by the Seller and its legal counsel, provided that all information
 relating to the Seller included in the Circular shall be in form and content satisfactory
 to the Seller, acting reasonably;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) promptly
 notify the Seller if, at any time before the Closing, the Circular contains an untrue statement
 of a material fact or omits to state a material fact required to be stated therein or necessary
 to make the statements contained therein not misleading in light of the circumstances in
 which they are made, or that otherwise requires an amendment or supplement to the Circular;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) co-operate
 with the Seller in the preparation of any amendment or supplement as required or as appropriate
 pursuant to Section 4.1(c)(iv) and, if required by the TSX or Applicable Laws, file any amendment
 or supplement to the Circular with the Securities Authorities and the TSX, as applicable,
 and as otherwise required by Applicable Law;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) subject
 to the receipt of all information required from the Seller pursuant to Section 4.3 and to
 the approval of the TSX of the draft Circular, mail to the Buyer Shareholders the Circular
 and such other materials required in connection with the Buyer Meeting in accordance with
 its articles and by-laws and Applicable Laws as soon as reasonably practicable to facilitate
 the holding of the Buyer Meeting as soon as reasonably practicable and in any event, by April
 15, 2023 and obtain the Buyer Shareholders' Resolutions by such date;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) provide
 notice to the Seller of the Buyer Meeting and allow representatives of the Seller to attend
 such meeting;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii) provide
 to the Seller, upon reasonable request, information as to the results of proxies received
 in respect of voting at the Buyer Meeting;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ix) conduct
 the Buyer Meeting in accordance with the by-laws of the Buyer and any instrument governing
 such meeting, as applicable, and as otherwise required by Applicable Laws;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(x) make
 all necessary filings and applications under Applicable Laws required on the part of the
 Buyer in connection with the matters to be approved at the Buyer Meeting, and take all reasonable
 action necessary to be in compliance with such Applicable Laws;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xi) furnish
 promptly to the Seller a copy of each notice, report, schedule or other document delivered,
 filed or received by it in connection with: (i) the Transaction and the Private Placement
 Financing; (ii) any filings under Applicable Laws; and (iii) any dealings with Governmental
 Authorities in connection with the Transactions and the Private Placement Financing;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xii) use
 commercially reasonable efforts to conduct its affairs so that (i) all of its representations
 and warranties contained herein shall be true and correct in all material respects on and
 as of the Closing Date as if made on the Closing Date (except to the extent that such representations
 and warranties require modification to give effect to the Transactions), and (ii) there is
 no occurrence of a Buyer Material Adverse Effect;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xiii) use
 reasonable best efforts to complete the Private Placement Financing prior to or concurrently
 with the Closing;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xiv) notify
 the Seller promptly upon becoming aware that any of the representations and warranties of
 the Buyer contained herein are no longer true and correct in any material respect or that
 a Buyer Material Adverse Effect has occurred; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xv) as
 soon as reasonably practicable, and in any event prior to the Closing Date, delist the Buyer
 Shares from the NYSE American and file to deregister the Buyer Shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Before
 entering into any agreements or understandings to raise funds greater than US$10 million
 of gross proceeds in the Private Placement Financing, the Buyer shall consult with the Seller
 in good faith about the subscription price for such amounts being raised over US$10 million.
 Without the prior consent of the Seller, the Buyer will not raise such excess funds over
 US$10 million in the Private Placement Financing at a subscription price lower than the Closing
 Date Subscription Price.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Prior
 to raising any funds under the Additional Private Placement, the Buyer shall consult with
 the Seller in good faith about the subscription price for the amounts to be raised in the
 Additional Private Placement. Without the prior consent of the Seller or as otherwise agreed
 between the Buyer and the Seller, the Buyer will not raise funds in the Additional Private
 Placement at a subscription price lower than the Closing Date Subscription Price.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Nothing
 contained in this Section 4.2 shall prohibit the board of directors of the Buyer from making
 disclosure to Buyer Shareholders as required by Applicable Law, including complying with
 Section 2.17 of Multilateral Instrument 62-104 – *Takeover Bids and Issuer Bids* of the Securities Authorities and similar provisions under applicable Securities Laws relating
 to the provision of a directors' circular.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) From
 and after the date of this Agreement until 36 months following the Closing Date, the Buyer
 shall act in accordance with its obligations under the Company Payables Framework and (i)
 shall reasonably cooperate and assist, at the request and expense of the Seller, in the collection
 of Closing Date Company Receivables and the settlement or other resolution of Company Payables
 and (ii) shall cause the Company not to pay, settle or otherwise resolve any Company Payables
 or amend any of the terms or contracts relating to the Company Payables.

**4.3** **Covenants of the Seller.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Except
 as contemplated or permitted by this Agreement, from the date hereof until the earlier of
 the Closing Date and the termination of this Agreement, the Seller shall cause the Company
 to conduct its business in the Ordinary Course in compliance with Applicable Laws, including
 using commercially reasonable efforts to (x) maintain and preserve intact the current organization
 and business of the Company, including Operations, in all material respects, and (y) preserve
 the rights, goodwill and relationships of counterparties of Company Material Contracts, in
 each case, taking into account the status of the Company Material Property as an asset on
 care and maintenance, the status of the Company Material Contracts (and any defaults thereunder
 described in the Seller Disclosure Letter and any activities taken in furtherance of compromising
 amounts payable thereunder) on the date hereof and the other matters disclosed in the Seller
 Disclosure Letter. The Seller covenants and agrees with the Buyer that each of the Seller
 and the Company will not, from the date hereof and ending on the earlier of the Closing Date
 and the termination of this Agreement, except with the prior written consent of the Buyer,
 or (ii) as set forth in the Seller Disclosure Letter:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) declare,
 pay or set aside any dividends or provide for any distribution of its properties or assets,
 or make any return of capital or otherwise to its shareholders, other than with respect to
 Closing Date Company Receivables (as defined in Schedule E);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) split,
 combine or reclassify any of the outstanding shares in the capital of the Company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) redeem,
 purchase or offer to purchase any of the shares in the capital of the Company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) other
 than pursuant to this Agreement, amalgamate, merge or consolidate with any other Person;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) incur
 any capital expenditures or any obligations or liabilities in respect thereof, except in
 the Ordinary Course or that is necessary with respect to the preservation of the Company
 Material Property and other material circumstances;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) make
 any loans, advances or capital contributions to, or investments in, any other Person;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) create,
 incur, assume, suffer to exist or otherwise be liable with respect to any indebtedness for
 borrowed money or guarantees thereof, except as it relates to working capital requirements
 of the Company in the Ordinary Course;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii) create
 or permit to exist any new Encumbrance (other than Permitted Encumbrances) upon any assets
 of the Company, whether tangible or intangible;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ix) other
 than in connection with the capitalization of the Intercompany Indebtedness, issue or commit
 to issue any shares of its capital stock, or rights, warrants or options to purchase such
 shares, or any securities convertible into such shares, warrants or options;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(x) alter
 or amend in any way its constating documents as the same exist at the date of this Agreement,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xi) sell,
 transfer, dispose of, lease, encumber, relinquish, abandon, grant any option to purchase
 or right of first offer/refusal over the Company or any of its material assets;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xii) reduce,
 divide, unify, or make any administrative correction to, the surface area comprised by the
 Company Material Mining Rights;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xiii) enter
 into any employment or consulting agreement with any director, officer or employee who has
 a policy-making function involving any Governmental Authority, or hire or promote any such
 Person;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xiv) make
 or change any material Tax election, change any annual Tax accounting period, adopt or change
 any method of Tax accounting, enter into any closing agreement with respect to a material
 amount of Taxes or settle any material Tax claim, audit or assessment;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xv) settle,
 offer or propose to settle, compromise, assign or release any material Proceeding brought
 against it or any other Company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xvi) enter
 into any Contract creating a joint venture or partnership or effecting a business combination
 or other similar arrangement with another Person;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xvii) enter
 into any other Company Material Contract or materially amend, modify or terminate any Company
 Material Contract or cancel, waive or assign any material rights thereunder except for such
 Company Material Contracts that are required to be extended or to be amended to correct minor
 deficiencies in order for such Company Material Contracts to have full legal effects;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xviii) perform
 any act or enter into any transaction or negotiation which might materially adversely interfere
 or be materially inconsistent with the consummation of the Transactions or the Private Placement
 Financing, provided that, in respect of the Private Placement Financing, this Section 4.3(a)(xviii)
 shall not be construed to limit Orion Resource Partners (USA) LP, its Affiliates or managed
 funds in engaging in their normal course of business and any such activities in their normal
 course, insofar as they are conducted in good faith and not intentionally prejudicial to
 the Private Placement Financing; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xix) agree
 or commit to do any of the foregoing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Except
 as contemplated or permitted by this Agreement, from the date hereof until the earlier of
 the Closing Date and the termination of this Agreement, the Seller shall, in the Ordinary
 Course cause the Company to maintain the Company Material Property in good standing in all
 material respects in accordance with Applicable Laws, Company Surface Agreements, Permits
 and other relevant Company Material Contracts, including commercially reasonable and prudent
 care, maintenance and security of infrastructure at the Company Material Property in all
 material respects.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The
 Seller shall promptly furnish to the Buyer such information relating to the Seller and the
 Company as may reasonably be requested by the Buyer for inclusion in the Circular, including
 the Company Financial Statements and a description of the Company, its business, the Company
 Material Property and such other information as may be required to be included in the Circular
 in accordance with Applicable Law, which information shall be complete, true and accurate
 in all material respects and not misleading and there will be no other facts known to the
 Seller at the time of the filing of the Circular the omission of which would make any information
 provided by the Seller to the Buyer for inclusion in the Circular relating to the Seller,
 the Company or the assets of the Company misleading. The provision of such information for
 inclusion in the Circular by the Seller to the Buyer will be deemed to be a representation
 and warranty by the Seller to the Buyer that the information is complete, true and accurate
 in all material respects and not misleading and there are no other facts known to the Seller
 at the time of the filing of the Circular the omission of which would make such information
 provided by the Seller to the Buyer relating to the Seller, the Company or the assets of
 the Company, as applicable, misleading.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The
 Seller will, upon receiving reasonable notice from the Buyer, permit the Buyer and its authorized
 representatives to have reasonable access to the Company Material Property at the sole risk
 and expense of the Buyer and during normal business hours to perform such further inspections
 of and concerning the Company Material Property as the Buyer may deem appropriate, acting
 reasonably.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) The
 Seller shall cause the authors of the Transaction Technical Report to deliver the Transaction
 Technical Report, together with the customary certifications and consents required by NI
 43-101, to the Buyer in connection with the filing of the Transaction Technical Report concurrently
 with the earlier to occur of: (i) the date of filing of the Circular; and (ii) the date that
 is not later than 45 days of the Buyer's press release disclosing the Transaction.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) The
 Seller shall cause the Company to: (i) on or before Closing, submit with the applicable Governmental
 Authority (being the Mexican Army Ministry (*Secretaría de la Defensa Nacional*))
 the request for the requisite approval, authorization or other applicable affirmation with
 respect to the change of shareholders of the Company derived from the transactions contemplated
 hereunder with respect to the general permit 3121-QRO granted on November 9, 2021 for the
 use of certain explosives by the Company; and (ii) use commercially reasonable efforts to
 obtain such requisite approval, authorization or other applicable affirmation as soon as
 practicable after filing; provided, however, that if it has not been obtained prior to Closing
 or if the general permit is cancelled or revoked prior to or after Closing as a result of
 such filing, the Seller shall have no liability except to cooperate with Buyer in causing
 the Company to continue pursuing such requisite approval, authorization or other applicable
 affirmation or a new general permit.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) From
 and after the date of this Agreement, the Seller shall pay, settle or otherwise resolve the
 Company Payables in accordance with, and shall provide to the Buyer the deliverables contemplated
 by, the Company Payables Framework.

**Article 5<br> CONDITIONS PRECEDENT**

**5.1** **Mutual Conditions.** 

The obligations of the Parties to consummate the Transactions shall be subject to the following conditions, which may be waived by the mutual consent of the Parties in whole or in part:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The
 approval of the Buyer Shareholders' Resolutions in accordance with Applicable Laws;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The
 TSX shall have approved the Transactions; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The
 Consideration Shares and any Buyer Shares to be issued under the Transfer Agreement shall
 have been conditionally approved for listing by the TSX.

**5.2** **Conditions to the Buyer's Obligations.** 

The obligations of the Buyer to consummate the Transactions shall be subject to the following conditions for the exclusive benefit of the Buyer, which may be waived by the Buyer in whole or in part:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The
 Seller shall have performed and complied in all material respects with all covenants and
 obligations of this Agreement to be complied with and performed by the Seller at or before
 Closing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) All
 Seller Fundamental Representations shall be true and correct in all respects and all other
 representations and warranties of the Seller in this Agreement shall be true and correct
 in all material respects (or, if qualified by materiality, in all respects) as of the date
 of Closing, with the same force and effect as if made on and as of that date, except:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) to
 the extent that such representations and warranties refer to an earlier date, in which case
 such representations and warranties shall have been true and correct in all material respects
 or, if qualified by materiality, in all respects as of such earlier date; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) for
 changes expressly contemplated and permitted by this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) There
 shall be no Order or Applicable Law in effect that prohibits the consummation of the Transactions,
 provided that each Party shall have taken all actions required by Section 4.1(e) to prevent
 the occurrence or entry of such Order or Applicable Law and to remove or appeal such Order
 or Applicable Law as promptly as possible.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) No
 Seller Material Adverse Effect shall have occurred since the date of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) The
 Investor Rights Agreement shall have been entered into or shall be entered into concurrently
 with the Closing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) The
 Intercompany Indebtedness shall have been capitalized in accordance with the steps specified
 in the Seller Disclosure Letter.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) The
 M Grupo JV Arrangements shall have been terminated in accordance with the Transfer Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) The
 Company Closing Payables shall have been paid in full in accordance with the Company Payables
 Framework and the Seller shall have provided evidence of same, in form and substance satisfactory
 to the Buyer, acting reasonably.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) The
 Company shall have entered into definitive documentation in respect of the Company Settlement
 Payables, in form and substance satisfactory to the Buyer, acting reasonably, in accordance
 with the Company Payables Framework.

The foregoing conditions are for the exclusive benefit of the Buyer and any such condition may be waived in whole or in part by the Buyer at or prior to the Closing by delivering to the Seller a written waiver to that effect executed by the Buyer. Delivery of any such waiver shall be without prejudice to any rights and remedies at law and in equity the Buyer may have, including any claims the Buyer may have for breach of covenant, representation or warranty by the Seller, and also without prejudice to the rights of termination of the Buyer in the event of non-performance of any other conditions in whole or in part.

**5.3** **Conditions to the Seller's Obligations.** 

The obligations of the Seller to consummate the Transactions shall be subject to the following conditions, for the exclusive benefit of the Seller, which may be waived by the Seller in whole or in part:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The
 Buyer shall have performed and complied in all material respects with all covenants and obligations
 in this Agreement to be complied with and performed by the Buyer at or before Closing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) All
 representations and warranties of the Buyer in this Agreement shall be true and correct in
 all material respects (or, if qualified by materiality, in all respects) as of the date of
 Closing with the same force and effect as if such representations and warranties had been
 made on and as of that date, except:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) to
 the extent that such representations and warranties refer to an earlier date, in which case
 such representations and warranties shall have been true and correct in all material respects
 (or, if qualified by materiality, in all respects) as of such earlier date; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) for
 changes expressly contemplated and permitted by this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) No
 Buyer Material Adverse Effect shall have occurred since the date of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) There
 shall be no Order or Applicable Law in effect that prohibits the consummation of the Transactions,
 provided that each Party shall have taken all actions required by Section 4.1(e) to prevent
 the occurrence or entry of such Order or Applicable Law and to remove or appeal such Order
 or Applicable Law as promptly as possible.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) The
 Investor Rights Agreement shall have been entered into or shall be entered into concurrently
 with the Closing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) Subject
 to compliance with all of the requirements of the Investor Rights Agreement, the nominees
 of the Seller for appointment to the Buyer's board of directors as contemplated in
 the Investor Rights Agreement shall have been appointed effective as of the Closing Date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) The
 Debentures shall have been restructured on terms and conditions set out in the letter of
 intent included in the Buyer Disclosure Letter, such restructuring satisfactory to the Seller,
 acting reasonably.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) The
 Buyer Shares shall have been delisted from the NYSE American.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) The
 M Grupo JV Arrangements shall have been terminated in accordance with the Transfer Agreement
 and the Buyer Shares issuable to M Grupo on the Closing Date pursuant to the terms of the
 Transfer Agreement shall be issued concurrently with the issuance to the Seller of the Closing
 Date Consideration Shares.

The foregoing conditions are for the exclusive benefit of the Seller and any such condition may be waived in whole or in part by the Seller at or prior to the Closing by delivering to the Buyer a written waiver to that effect executed by the Seller. Delivery of any such waiver shall be without prejudice to any rights and remedies at Applicable Law and in equity the Seller may have, including any claims the Seller may have for breach of covenant, representation or warranty by the Buyer, and also without prejudice to the rights of termination of the Seller in the event of non-performance of any other conditions in whole or in part.

**Article 6<br> CLOSING**

**6.1** **Closing; Time and Place.** 

Other than as specifically contemplated in this Agreement, the consummation and closing of the Transactions ("**Closing**") shall take place at the offices of Torys LLP or such other location as the Buyer and the Seller agree upon, on the Closing Date. Prior to Closing, Seller will deliver the Seller's Closing Deliveries and Buyer will deliver the Buyer's Closing Deliveries into escrow (collectively, the "**Transaction Closing Deliveries**") at the offices of Torys LLP or by exchange of documents via electronic mail. Subject to the satisfaction or waiver of the conditions precedent in Article 5 and delivery of the Transaction Closing Deliveries, the Parties shall release the Transaction Closing Deliveries from escrow and Closing will be completed upon such release.

**6.2** **Seller's Closing Deliveries.** 

At Closing, the Seller shall deliver or cause to be delivered to the Buyer the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) **Share Certificates**. A physical share certificate representing the Purchased Shares duly endorsed
 for transfer in favour of the Buyer or its nominee, as the case may be, executed and delivered
 by the Seller.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) **Certificates of Good Standing**. (i) an excerpt and a negative certificate with respect to the Seller
 issued by the Luxembourg Register of Commerce and Companies (*Registre de Commerce et des Sociétés*) the Business Day prior to the Closing Date; (ii) an electronic
 mercantile folio in respect of the Company issued by the relevant Mexican Public Registry
 of Commerce as close as reasonably practicable to the Closing Date; and (iii) a Tax ID Code
 (CIF) (constancia de situación fiscal) issued by SAT with respect to the Company,
 issued the Business Day prior to the Closing Date.

 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) **Bring-down Certificate**. A certificate, dated as of the date of Closing, executed by one executive
 officer or the equivalent of the Seller, certifying that the conditions stated in Sections
 5.2(a), 5.2(b) and 5.2(d) have been satisfied.

 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) **Officer's Certificate**. A certificate dated as of the date of Closing, executed by one of the Seller's
 executive officers (or equivalent), certifying (i) the constating documents and by-laws of
 each of the Company and the Seller; (ii) the incumbency of certain signing officers (or equivalent)
 of the Seller; and (iii) the corporate resolutions of the Seller approving the execution
 and delivery of, and performance of the Seller's obligations under, this Agreement.

 

 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) **Resignations and Releases**. Resignations of the officers and directors of the Company and executed
 mutual releases from each such individual, in the form to be agreed by the Seller and the
 Buyer, acting reasonably, such resignations and releases to be effective as at the Closing
 Date, and duly executed terminations of all powers of attorney grated to such directors and
 officers to be effective as at the Closing Date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) **Resolutions** *.* Copies of the notarized shareholders' meeting resolutions of the Company, effective
 as of the Closing Date, approving: (A) the resignations, effective as of the Closing Date
 as contemplated by Section 6.2(e) and conditioned upon the consummation of Closing, of the
 resigning director and officers (whose names shall be notified in writing by the Buyer no
 later than 5 (five) Business Days prior to the Closing Date) hereto releasing each of them
 from any and all liability in which they might have incurred in connection with the lawful
 performance of their respective duties; (B) the revocation, effective as of the Closing Date,
 of the powers of attorney conferred in favor of all attorneys-in-fact (other than those identified
 in writing by the Buyer no later than 5 (five) Business Days prior to the Closing Date),
 releasing each and every one of such attorneys-in-fact from any and all liability in which
 they might have incurred in connection with the lawful performance of their respective duties;
 (C) the appointment of the new members of the board of directors, secretary and examiner
 (*comisario*) of the Company nominated by the Buyer, as applicable, whose names shall
 be notified in writing by the Buyer no later than 5 (five) Business Days prior to the Closing
 Date; and (D) the appointment of the attorneys-in-fact of the Company whose names shall be
 notified in writing by the Buyer no later than 5 (five) Business Days prior to the Closing
 Date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) **Share Registry**. Copy of the entries made in the stock registry book of the Company reflecting
 the transfer of the Purchased Shares, for the benefit of Buyer, and the Buyer's nominee,
 certified by the secretary of the Company as identical to the relevant entry recorded in
 the respective registry book.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) **Title Opinion**. An updated title opinion in respect of the Company Material Property dated and
 effective as of the Closing Date, in the form attached as Schedule C.

 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) **Concessions Restoration.** With respect to the concessions denominated Aurcana I Fracción 1,
 title 240734, and Aurcana II, title 240737 (together, the "**Lapsed Concessions** "),
 (i) the Company will have made the payments (i.e., surcharges) corresponding to any prior
 late payments of the Mining Duties for the first half of 2020 and the payment of Mining Duties
 in respect of the second half of 2022; and (ii) the Seller will provide the Buyer copies
 of (A) the Company's record of payments showing that the late payments of the Mining
 Duties for the first half of 2020 and the payment of Mining Duties for the second half of
 2022 were made (*comprobante de pago*) by the Company and (B) the brief filed with the
 competent mining authorities confirming that the Mining Duty payments and complementary payments
 were made for the years 2019 through 2022 (including specifying the allocation of such payments
 to the applicable concessions and time period).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) **Company Payables.** (i) evidence that the Company Closing Payables have been paid in full in accordance
 with Section 5.2(h); and (ii) definitive documentation evidencing the settlement of the Company
 Settlement Payables prepared and duly executed in accordance with the Company Payable Framework
 in accordance with Section 5.2(i).

 ****

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) **Guarantee.** The Guarantee duly executed by Orion Mine Finance (Master) Fund I LP.

 ****

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) **Other**.
 Such other documents and instruments as shall be necessary to effect the intent of this Agreement
 and consummate the Transactions.

 

(together, the "**Seller's Closing Deliveries**").

 

6.3 Buyer's
 Closing Deliveries.

At Closing, the Buyer shall deliver or cause to be delivered to the Seller or such of the Seller's Affiliates as the Seller shall direct the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) **Certificate of Good Standing**. A certificate of good standing (or equivalent) with respect to the
 Buyer issued the Business Day prior to the Closing Date.

 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) **Conditional Approval**. Evidence satisfactory to the Seller of the conditional approval (which shall
 be subject only to customary conditions) by the TSX for the listing of the Consideration
 Shares and any Buyer Shares to be issued under the Transfer Agreement.

 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) **Delisting**.
 Evidence satisfactory to the Seller of the delisting of the Buyer Shares from the NYSE American.

 ****

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) **Officer's Certificate**. A certificate dated as of the date of Closing, executed by one of its executive
 officers, certifying (i) the constating documents and by-laws of the Buyer; (ii) the incumbency
 of signing officers of the Buyer; (iii) the corporate resolutions of the Buyer approving
 the execution and delivery of, and performance of the Buyer's obligations under, this
 Agreement; and (iv) the Buyer Shareholders' Resolutions approved in accordance with
 Applicable Laws.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) **Bring-down Certificate**. A certificate dated as of the date of Closing, executed by one of its executive
 officers, certifying that the conditions stated in Sections 5.3(a), 5.3(b) and 5.3(c) have
 been satisfied.

 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) **Transfer Agent**. A certificate from the Buyer's transfer agent certifying (i) its appointment
 as transfer agent and registrar of the Buyer Shares and (ii) the issued and outstanding Buyer
 Shares as at the close of business on the Business Day prior to the Closing Date.

 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) **Delivery of Shares**. (i) electronic deposit of the Consideration Shares registered in the name
 of one or more of the Seller or an Affiliate of the Seller as directed by the Seller (such
 instructions to be provided by the Seller to the Buyer in writing not less than ten days
 prior to the Closing Date); and (ii) issuance of the Buyer Shares to be issued on the Closing
 Date in accordance with the provisions of the Transfer Agreement registered in the name of
 one or more of M Grupo or an Affiliate of M Grupo as directed by M Grupo.

 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) **Other**.
 Such other documents and instruments as shall be necessary to effect the intent of this Agreement
 and consummate the Transactions.

 

(together, the "**Buyer's Closing Deliveries**").

 

**Article 7<br> POST-CLOSING COVENANTS**

**7.1** **Notice of Commencement of Production** 

As soon as reasonably practicable and in any event not less than 30 days prior to the anticipated date of Commencement of Production, the Buyer shall give the Seller written notice of the anticipated date of Commencement of Production. The Buyer shall provide the Seller with written notice of Commencement of Production on the date of Commencement of Production.

**Article 8<br> survival and indemnification**

**8.1** **Survival of Representations, Warranties and Covenants** 

Subject to Section 8.6, all representations, warranties and covenants contained in this Agreement and in all other agreements, documents and certificates delivered pursuant to or contemplated by this Agreement (other than the conditions of Closing set out in Article 6) shall survive the Closing and shall not merge.

**8.2** **Indemnification by the Seller** 

Subject to the limitations set out elsewhere in this Article 8, the Seller shall indemnify and save harmless the Buyer from and against all Losses suffered or incurred by the Buyer as a result of or arising directly or indirectly out of or in connection with:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) any
 inaccuracy or breach by the Seller of any Seller Fundamental Representation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) any
 inaccuracy or breach by the Seller of any representation or warranty of the Seller contained
 in this Agreement (other than an inaccuracy or breach of a Seller Fundamental Representation);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) any
 liability for Pre-Closing Date Period Taxes (including, in the case of any Pre-Closing Straddle
 Period);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) any
 liability owing to M Grupo that arises out of or relates to the M Grupo JV Arrangements (the
 "**M Grupo Indemnity** "); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) any
 breach or non-performance by the Seller or the Company of any covenant of the Seller contained
 in this Agreement.

**8.3** **Indemnification by the Buyer** 

Subject to the limitations set out elsewhere in this Article, the Buyer shall indemnify and save harmless the Seller from and against all Losses suffered or incurred by the Seller as a result of or arising directly or indirectly out of or in connection with:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) any
 inaccuracy or breach by the Buyer of any Buyer Fundamental Representation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) any
 inaccuracy or breach by the Buyer of any representation or warranty of the Buyer contained
 in this Agreement (other than an inaccuracy or breach of a Buyer Fundamental Representation);
 and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) any
 breach or non-performance by the Buyer of any covenant of the Buyer contained in this Agreement.

**8.4** **Limitation of Liability** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The
 Buyer shall not be entitled to require payment in respect of any Loss pursuant to the indemnities
 contained in Section 8.2 and the Seller shall not be liable for any indemnity payment thereunder
 unless either alone or together with the amount finally agreed or adjudicated to be payable
 in respect of Losses for which the Buyer would otherwise be entitled to require payment under
 such indemnities, such Loss exceeds the Minimum Loss Amount, provided that this limitation
 shall not apply to (i) any Pre-Closing Date Period Taxes; or (ii) the M Grupo Indemnity.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The
 Buyer shall only be entitled to require and receive payment on the indemnities contained
 in Section 8.2 or Section 4.1(b)(viii):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) on
 the portion of Losses in respect of representations and warranties of the Seller (other than
 the Seller Fundamental Representations) that exceeds the Minimum Loss Amount and as against
 the Seller only up to the Threshold Amount;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) on
 the portion of Losses in respect of Seller Fundamental Representations that exceeds the Minimum
 Loss Amount and as against the Seller only up to the Aggregate Purchase Price actually paid
 (including, for certainty, any portion of the Aggregate Purchase Price paid pursuant to Section
 2.2(a)(ii) or Section 2.2(a)(iii) and including, for certainty, amounts paid to Affiliates
 of the Seller pursuant to this Agreement and to M Grupo in accordance with the Transfer Agreement);
 and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) on
 the portion of Losses in respect of, collectively, any Pre-Closing Date Period Taxes and
 the indemnity in Section 4.1(b)(viii) as against the Seller only up to the Aggregate Purchase
 Price actually paid (including, for certainty, any portion of the Aggregate Purchase Price
 paid pursuant to Section 2.2(a)(ii) or Section 2.2(a)(iii) and including, for certainty,
 amounts paid to Affiliates of the Seller pursuant to this Agreement and to M Grupo in accordance
 with the Transfer Agreement).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The
 Seller shall not be entitled to require payment in respect of any Loss pursuant to the indemnities
 contained in Section 8.3 (other than in respect of a failure to pay a portion of the Aggregate
 Purchase Price) and the Buyer shall not be liable for any indemnity payment thereunder unless
 either alone or together with the amount finally agreed or adjudicated to be payable in respect
 of Losses for which the Buyer would otherwise be entitled to require payment under such indemnities,
 such Loss exceeds the Minimum Loss Amount. Once the Minimum Loss Amount has been exceeded,
 the Seller shall only be entitled to require payment on the indemnities contained in Section
 8.3 (other than in respect of a failure to pay a portion of the Aggregate Purchase Price)
 on the portion of Losses that exceeds the Minimum Loss Amount and only up to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the
 Threshold Amount with respect to the representations and warranties other than the Buyer
 Fundamental Representations; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the
 Aggregate Purchase Price actually paid (including, for certainty, any portion of the Purchase
 Price paid pursuant to Section 2.2(a)(ii) or Section 2.2(a)(iii)) with respect to the Buyer
 Fundamental Representations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Notwithstanding
 any other provision in this Article 8, for the avoidance of doubt, in no event shall: (i)
 the aggregate liability of the Buyer in respect of all breaches of this Agreement and indemnities
 under this Agreement (including, for greater certainty, Section 8.3) exceed the Aggregate
 Purchase Price actually paid; or (ii) the aggregate liability of the Seller in respect of
 all breaches of this Agreement and all indemnities under this Agreement (including, for greater
 certainty, Section 8.2, but excluding the M Grupo Indemnity in respect of which there shall
 be no limitation on the aggregate liability of the Seller) exceed the Aggregate Purchase
 Price actually paid, provided that, for certainty, for this purpose the Aggregate Purchase
 Price shall reflect the deferred consideration payable pursuant to Sections 2.2(a)(ii) and
 2.2(a)(iii) and under the Transfer Agreement as and when such amounts are paid.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) For
 the purposes of Sections 8.3(a) and 8.3(b):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Losses
 arising out of separate sets of facts, matters or circumstances will not be treated as an
 individual Loss, even if each set of facts, matters or circumstances may be a breach of the
 same representation and warranty; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Losses
 of the same or similar nature arising out of the same or similar facts, matters and circumstances
 will be treated as a single, individual Loss.

**8.5** **Notice of Claim** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) A
 Party that may be entitled to make a claim for indemnification (a "**Indemnification Claim**") under this Agreement (the "**Indemnified Party**") shall
 give written notification to the other Party (the "**Indemnifying Party** ")
 of such Indemnification Claim (a "**Notice of Claim**") promptly upon becoming
 aware of the Indemnification Claim, but in no event later than the relevant date, if any,
 specified in Section 8.6. The Notice of Claim shall specify whether the Indemnification Claim
 arises as a result of a Claim by a Person against the Indemnified Party (a "**Third Party Claim**") or whether the Claim does not so arise (a "**Direct Claim** "),
 and shall also specify with reasonable particularity, to the extent that the information
 is available, the factual basis for the Indemnification Claim and the amount of the Indemnification
 Claim.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) If
 an Indemnified Party fails to provide the Indemnifying Party with a Notice of Claim promptly
 as required by Section 8.5(a), the Indemnifying Party shall be relieved of the obligation
 to pay damages to the extent it can show that it was prejudiced in its defence of the Indemnification
 Claim or in proceeding against a third party who would have been liable to it by the fact
 of the delay, but the failure to provide such Notice of Claim promptly shall not otherwise
 release the Indemnifying Party from its obligations under this Article.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) If
 the date by which a Notice of Claim must be given as set out in Section 8.6 in respect of
 a breach of representation and warranty has passed without any Notice of Claim having been
 given to the Indemnifying Party, then the related Indemnification Claim shall be forever
 extinguished, notwithstanding that by the date specified in Section 8.6 the Indemnified Party
 did not know, and in the exercise of reasonable care could not have known, of the existence
 of the Indemnification Claim.

**8.6** **Time Limits for Notice of Claim** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Seller
 shall not be required to indemnify or save harmless the Buyer pursuant to Section 8.2 unless
 the Buyer shall have provided to the Seller a Notice of Claim within the following time limits:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) with
 respect to an Indemnification Claim for any breach of any of the representations and warranties
 of the Seller contained in this Agreement involving fraud on the part of the Seller, at any
 time after Closing until the ultimate limitation period;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) with
 respect to the Seller Fundamental Representations and the M Grupo Indemnity, not later than
 five (5) years after the Closing Date;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) with
 respect to the representations and warranties set out in Item 22 (Taxes) of Schedule 3.1,
 Section 4.1(b)(viii) and Section 8.2(c), not later than the day that is 60 days after the
 expiration of the period, if any, during which an assessment, reassessment or other form
 of recognized written demand assessing liability for Tax, interest or penalties under applicable
 legislation in respect of any taxation year to which such representations and warranties
 relate may be issued to the Company under such legislation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) with
 respect to all other representations and warranties of the Seller contained in this Agreement
 (other than the Seller Fundamental Representations), not later than eighteen (18) months
 after the Closing Date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The
 Buyer shall not be required to indemnify or save harmless the Seller pursuant to Section
 8.3 unless the Seller shall have provided to the Buyer a Notice of Claim within the following
 time limits:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) with
 respect to an Indemnification Claim for any breach of any of the representations and warranties
 of the Buyer contained in this Agreement involving fraud on the part of the Buyer, at any
 time after Closing until the ultimate limitation period;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) with
 respect to the Buyer Fundamental Representations, not later than five (5) years after the
 Closing Date; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) with
 respect to all other representations and warranties of the Buyer contained in this Agreement
 (excluding the Buyer Fundamental Representations), not later than eighteen (18) months after
 the Closing Date.

**8.7** **Direct Claims** 

With respect to any Direct Claim, following receipt of notice from the Indemnified Party of the Indemnification Claim, the Indemnifying Party shall have forty-five (45) days to make such investigation of the Indemnification Claim as is considered necessary or desirable. For the purpose of such investigation, the Indemnified Party shall make available to the Indemnifying Party the information relied upon by the Indemnified Party to substantiate the Indemnification Claim, together with all such other information as the Indemnifying Party may reasonably request. If both Parties agree at or prior to the expiration of such forty-five (45) day period (or any mutually agreed upon extension thereof) to the validity and amount of such Indemnification Claim, the Indemnifying Party shall immediately pay to the Indemnified Party the full agreed-upon amount of the Indemnification Claim, failing which the matter shall be determined by a court of competent jurisdiction.

**8.8** **Third Party Claims** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The
 Indemnifying Party shall have the right, by notice to the Indemnified Party given not later
 than 10 days after receipt of notice of a Third Party Claim, at its expense, to participate
 in or assume control of the negotiation, settlement or defence of any Third Party Claim and
 if the Indemnifying Party assumes control, it shall reimburse the Indemnified Party for all
 of the Indemnified Party's out-of-pocket expenses prior to the time the Indemnifying
 Party assumed control. If the Indemnifying Party elects to assume such control, the Indemnified
 Party shall have the right to participate in the negotiation, settlement or defence of such
 Third Party Claim and to retain counsel to act on its behalf, provided that the fees and
 disbursements of such counsel shall be paid by the Indemnified Party unless the named parties
 to any action or proceeding include both the Indemnifying Party and the Indemnified Party
 and representation of both the Indemnifying Party and the Indemnified Party by the same counsel
 would be inappropriate due to a legal conflict or actual or potential differing interests
 between them (such as the availability of different defences). The Indemnifying Party shall
 not settle any Claim without the prior written consent of the Indemnified Party, such consent
 not to be unreasonably withheld, unless the proposed settlement involves only the payment
 of money damages to be paid solely by or on behalf of the Indemnifying Party, makes no admission
 or acknowledgment of liability or culpability with respect to the Indemnified Party and does
 not impose an injunction or other form of relief upon the Indemnified Party.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) If
 the Indemnifying Party, having elected to assume such control, thereafter fails to defend
 the Third Party Claim within a reasonable time, the Indemnified Party shall be entitled to
 assume such control.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) If
 any Third Party Claim is of a nature such that the Indemnified Party is required by applicable
 Law to incur losses or make a payment to any person (a "**Third Party** ")
 with respect to the Third Party Claim before the completion of settlement negotiations or
 related legal proceedings, the Indemnified Party may incur such Losses or make such payment
 and the Indemnifying Party shall, forthwith after demand by the Indemnified Party, reimburse
 the Indemnified Party for such payment. If the amount of any liability of the Indemnified
 Party under such Third Party Claim, as finally determined, is less than the amount that was
 paid by the Indemnifying Party to the Indemnified Party, the Indemnified Party shall, forthwith
 after the receipt of the difference from the Third Party, pay the amount of such difference,
 together with any interest thereon paid by the Third Party to the Indemnified Party, to the
 Indemnifying Party. In addition, the Indemnifying Party shall post all security required
 by any Governmental Authority having jurisdiction, including for purposes of enabling the
 Indemnifying Party to contest any Third Party Claim.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The
 Indemnified Party and the Indemnifying Party shall co-operate fully with each other with
 respect to Third Party Claims and shall keep each other fully advised with respect thereto
 (including supplying copies of all relevant documentation promptly as it becomes available).
 The obligation of the Indemnifying Party to indemnify the Indemnified Party in respect of
 a Claim shall terminate if the Indemnified Party settles such Claim without the consent of
 the Indemnifying Party.

**8.9** **Adjustments** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The
 amount of any Loss for which indemnification is provided in this Article 8 will be adjusted
 to take into account any tax benefit or other benefit actually realized by the Indemnified
 Party by reason of the Loss for which indemnification is so provided.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) In
 determining the amount of any Losses under this Article 8, such Losses will be increased
 to take into account any Tax actually incurred by the Indemnified Party as a result of the
 matter giving rise to such Losses.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Where
 an Indemnified Party is, or would be likely to be, entitled to recover or be compensated
 or indemnified by another Person, whether by way of contract, indemnity or otherwise (including
 under a policy of insurance), any amount in respect of an Indemnification Claim made by the
 Indemnified Party, the Indemnified Party shall promptly notify the Indemnifying Party of
 such right or entitlement, take all reasonable steps to seek recovery of that amount and
 keep the Indemnifying Party at all times fully and promptly notified of the status of such
 recovery. The amount of the Indemnification Claim by the Indemnified Party shall be reduced
 by any amount actually recovered by the Indemnified Party (net of all reasonable out of pocket
 costs and expenses incurred in doing so and any Tax paid or payable on the amount recovered).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) If,
 after an Indemnifying Party has made a payment in respect of an Indemnification Claim, an
 Indemnified Party recovers from or is paid by another Person any amount in respect of the
 Loss that gave rise to the Indemnification Claim, the Indemnified Party shall promptly, and
 in any event within ten (10) Business Days, pay to the Indemnifying Party, the lesser of:
 (i) the amount of the Loss that was recovered or paid; and (ii) the amount paid by the Indemnifying
 Party to the Indemnified Party in respect of the Indemnification Claim, in either case net
 of all reasonable out of pocket costs and expenses incurred in obtaining the recovery or
 payment and any Tax paid or payable as a result of receiving such recovery or payment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Any
 indemnity payment made under this Article, including pursuant to Section 8.9(d), shall be
 treated by the Seller on the one hand, and the Buyer on the other hand, as an adjustment
 to the Purchase Price.

**8.10** **Exclusivity** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) From
 and after Closing, except as set forth in Section 8.10(b), no Party may make any Claim in
 respect of this Agreement or any agreement, certificate or other document delivered pursuant
 hereto, or in respect of any breach or termination thereof, against any other Party except
 by making a Indemnification Claim pursuant to and in accordance with this Article. If any
 Losses are suffered or incurred by one Party as contemplated by Section 8.2 or 8.3, and there
 has been a refusal by the other Party to make payment or otherwise provide satisfaction in
 respect of such Losses, then a Proceeding is the appropriate means to seek a remedy for such
 refusal. This Article 8 shall remain in full force and effect in all circumstances and shall
 not be terminated by any breach (fundamental, negligent or otherwise) by any Party of its
 representations, warranties or covenants under this Agreement or under any Closing document
 or by any termination or rescission of this Agreement by any Party.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Notwithstanding
 Section 8.10(a), the Parties acknowledge that the failure to comply with a covenant or obligation
 contained in this Agreement may give rise to irreparable injury to a Party inadequately compensable
 in damages. Accordingly, a Party may seek to enforce the performance of this Agreement by
 injunction or specific performance upon application to a court of competent jurisdiction
 without proof of actual damage (and without the requirement of posting a bond or other security).

**Article 9<br> TERMINATION**

**9.1** **Termination Events.** 

This Agreement may be terminated and the Transactions may be abandoned:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) at
 any time, by the mutual written agreement of the Buyer and the Seller;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) by
 the Buyer upon written notice to the Seller, if any of the conditions in Section 5.2 shall
 not have been satisfied on or before the Outside Date, for any reason other than a material
 breach or default by the Buyer of its covenants, agreements, or other obligations hereunder,
 or any of its representations herein not being true and accurate in all material respects
 when made or when otherwise required by this Agreement to be true and accurate in all material
 respects;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) by
 the Seller upon written notice to the Buyer, if any of the conditions in Section 5.3 shall
 not have been satisfied on or before the Outside Date, for any reason other than a material
 breach or default by the Seller of their covenants, agreements, or other obligations hereunder,
 or any of their representations herein not being true and accurate in all material respects
 when made or when otherwise required by this Agreement to be true and accurate in all material
 respects;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) by
 the Seller, if prior to the Closing Date a representation or warranty of the Buyer contained
 in this Agreement shall be inaccurate or shall have become inaccurate as of a date subsequent
 to the date of this Agreement (as if made on such subsequent date), or a material failure
 to perform any covenant or agreement on the part of the Buyer set forth in this Agreement
 shall have occurred (provided such inaccuracy or failure to perform has not been cured within
 10 Business Days of receipt of written notice to Buyer from the Seller with respect to such
 inaccuracy or failure to perform), in each case that would cause one or more conditions set
 forth in Section 5.3 not to be satisfied; provided that the Seller is not then in breach
 of this Agreement so as to cause any of the conditions set forth in Section 5.2 not to be
 satisfied;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) by
 the Buyer, if prior to the Closing Date a representation or warranty of the Seller contained
 in this Agreement shall be inaccurate or shall have become inaccurate as of a date subsequent
 to the date of this Agreement (as if made on such subsequent date), or a material failure
 to perform any covenant or agreement on the part of the Seller set forth in this Agreement
 shall have occurred (provided such inaccuracy or failure to perform has not been cured within
 10 Business Days of receipt of written notice to Seller from the Buyer with respect to such
 inaccuracy or failure to perform), in each case that would cause one or more conditions set
 forth in Section 5.2 not to be satisfied; provided that the Seller is not then in breach
 of this Agreement so as to cause any of the conditions set forth in Section 5.3 not to be
 satisfied; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) by
 either the Seller or the Buyer (the "**First Party**" for the purposes of
 this Section 9.1(f)), by written notice to the other Party, if any permanent Order having
 the effect of permanently restraining, enjoining or prohibiting the Transactions shall have
 become final and non-appealable, *provided* that the First Party has complied with all
 of its obligations hereunder in all material respects.

**9.2** **Effect of Termination.** 

If this Agreement shall be terminated pursuant to Section 9.1, all obligations of the parties hereunder shall terminate, except for the obligations in Section 4.1(a), this Section 9.2 and Article 10. Any termination under Section 9.1 shall be without prejudice to any right or remedy of any Party with respect to a breach of this Agreement by any other Party.

**Article 10<br> MISCELLANEOUS PROVISIONS**

**10.1** **Expenses.** 

Except as otherwise set out in this Agreement, each of the Parties shall bear its own costs and expenses arising from the Transactions, including the negotiation and implementation of the Transaction Documents.

**10.2** **Notices.** 

All notices, requests, demands, applications, services of process, and other communications which are required to be or may be given under this Agreement shall be in writing and shall be deemed to have been duly given if sent by electronic mail or delivered by courier or mailed, certified first class mail, postage prepaid, return receipt requested, to the parties hereto at the following addresses:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) To
 the Seller:

Orion Resource Partners (USA) LP

7 Bryant Park

1045 Avenue of the Americas, Floor 25

New York, NY 10018

Attention: General Counsel <br> Email: [Redacted – Personal Information]

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

Dalu S.à r.l.

[Redacted – Personal Information]

Attention: Board of Directors <br> Email: [Redacted – Personal Information]

And to:

Torys LLP

79 Wellington Street West, Suite 3000

Toronto, Ontario

M5K 1N2

Attention: Michael Pickersgill <br> Email: [Redacted – Personal Information]

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) To
 the Buyer:

Excellon Resources Inc.

10 King Street E., Suite 200

Toronto, Ontario

M5C 1C3

Attention: Chief Legal Officer <br> Email: [Redacted – Personal Information]

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

Osler, Hoskin & Harcourt LLP

1 First Canadian Place, Suite 6200

Toronto, Ontario

M5X 1B8

Attention: James R. Brown <br> Email: [Redacted – Personal Information]

or to such other address as any Party shall have furnished to the other by notice given in accordance with this Section. Such notice shall be effective, (i) if delivered in person or by courier, upon actual receipt by the intended recipient, (ii) if sent by electronic mail, upon receipt, or (iii) if mailed, upon the date of first attempted delivery.

**10.3** **Entire Agreement.** 

This Agreement, including the Schedules hereto and the other Transaction Documents, sets forth the entire agreement and understanding between the parties with respect to the subject matter hereof and supersedes any and all prior discussions, negotiations, letters of intent or agreements in principle between them.

**10.4** **Amendments and Waivers.** 

No amendment to this Agreement may be made unless agreed to by the Parties in writing. The Parties may, by an instrument in writing signed on behalf of the Parties, waive compliance by any other Party with any term or provision of this Agreement that such other Party was or is obligated to comply with or perform. No failure or delay by any Party in exercising any right, power or privilege hereunder shall operate as a waiver thereof nor shall any single or partial exercise thereof preclude any other or further exercise thereof or the exercise of any other right, power or privilege. No waiver of any of the provisions of this Agreement shall be deemed, or shall constitute, a waiver of any other provision of this Agreement, whether or not similar, nor shall such waiver constitute a continuing waiver unless otherwise expressly provided.

**10.5** **Conflict between Documents.** 

Unless otherwise specifically stated, the provision of this Agreement shall govern and prevail in the event of any inconsistency or conflict between the terms hereof and of any assignment agreements or other document or instrument executed or delivered by any Party in connection with the Transactions.

**10.6** **Binding Effect; Benefits.** 

This Agreement shall enure to the benefit of and will be binding upon the Parties hereto and their respective successors and permitted assigns.

**10.7** **Assignment.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Subject
 to Sections 10.7(b) and 10.7(c), neither the Buyer nor the Seller shall sell, pledge, assign
 or otherwise transfer their rights or obligations under this Agreement without the prior
 written consent of the other Parties and any attempt to do so shall be void.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The
 Buyer may assign all of its rights and obligations under this Agreement to a wholly-owned
 subsidiary of the Buyer without the prior consent of the Seller, provided that (i) such wholly-owned
 subsidiary first agrees in writing to be bound by the Buyer's applicable obligations
 under this Agreement and the Transfer Agreement; and (ii) the Buyer shall not be released
 from any obligations under this Agreement or the Transfer Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The
 Seller may assign all or a portion of its rights and obligations under this Agreement to
 Orion Mine Finance (Master) Fund I LP or any other Person owned by Orion Mine Finance (Master)
 Fund I LP without the prior consent of the Buyer, provided that (i) such transferee first
 agrees in writing to be bound by the Seller's applicable obligations under this Agreement
 and the Investor Rights Agreement; (ii) the Guarantee is confirmed in writing by Orion Mine
 Finance (Master) Fund I LP to be effective in respect of the transferee's obligations
 so assigned; and (iii) the Consideration Shares held by the Seller and, as applicable, the
 Seller's entitlement to the First Deferred Payment and the Second Deferred Payment
 (including payments by way of cash) (or, in the case of a partial transfer, the appropriate
 pro rata portion of such Consideration Shares or any such entitlement to the First Deferred
 Payment and the Second Deferred Payment) are transferred to such transferee concurrently
 with such assignment.

**10.8** **Counterparts; Electronic Signature.** 

This Agreement may be executed by electronic mail in any number of counterparts, each of which, when executed, shall be deemed to be an original and all of which together will be deemed to be one and the same instrument.

**10.9** **Further Assurances.** 

Each of the Buyer and the Seller shall do all such things and provide all such reasonable assurances as may be required to consummate the Transactions, and each such Party shall provide such further documents or instruments required by any other Party as may be reasonably necessary or desirable to effect the purpose of this Agreement and carry out its provisions.

**10.10** **Governing Law, Disputes and Arbitration.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) This
 Agreement shall be governed by and construed in accordance with the laws of the Province
 of Ontario and the federal laws of Canada applicable therein.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) In
 the event of any dispute, claim, question or disagreement (each a "**Dispute** ")
 arising out of or relating to this Agreement, the Parties shall use all reasonable endeavours
 to settle such Dispute. To this effect, the Parties shall consult and negotiate with each
 other and, recognizing their mutual interests, attempt to reach a satisfactory solution.
 If they do not reach settlement within a period of 30 days, then, upon notice by any Party
 to the others, any unresolved Dispute arising out of or relating to this Agreement shall
 be settled by arbitration administered by the International Centre for Dispute Resolution
 Canada in accordance with its Canadian Arbitration Rules. The number of arbitrators shall
 be one. The place of arbitration shall be Toronto, Ontario. The language of the arbitration
 shall be English. The costs of the arbitration including legal fees, independent advisor
 fees and disbursements shall be fixed by the arbitrator and allocated between the parties
 in its award on the merits of the dispute or in a separate award after receiving further
 submissions from the Parties. The Parties irrevocably and unconditionally waive any objection
 to the venue of any Dispute or proceeding administered by International Centre for Dispute
 Resolution Canada and irrevocably waive and agree not to plead or claim in that forum that
 such Dispute has been brought in an inconvenient forum.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The
 Seller irrevocably appoints Torys LLP (at the address set forth in Section 10.2) as their
 authorized attorney and agent to accept and acknowledge, for and on behalf of each of them,
 service of any and all process in the Province of Ontario, Canada in any suit, Dispute or
 proceeding arising out of or relating to this Agreement. The Seller agrees that service of
 process upon such attorney and agent by delivering a copy thereof, in care of such attorney
 and agent, at the above address, shall be conclusively deemed to have come to the notice
 of the Seller at the time of such delivery and shall constitute in every respect valid and
 effective personal service upon the Seller at the time of such delivery, and that failure
 by such attorney and agent to give notice of such service to the Seller shall not affect
 the validity or effect of such service or any judgment or order based thereon or arising
 therefrom. The Seller irrevocably authorizes and directs such attorney and agent to accept
 service on its behalf and agrees to appear in such suit, Dispute or proceeding. The Seller
 further agrees to take all action as may be necessary to confirm and continue in full force
 and effect the appointment of such attorney and agent so that the Seller shall have an attorney
 and agent for service of process in the Province of Ontario, Canada.

**10.11** **Severability.** 

Wherever possible, each provision of this Agreement shall be interpreted in such a manner as to be effective and valid under Applicable Law. If any portion of this Agreement is declared invalid for any reason in any jurisdiction, such declaration shall have no effect upon the remaining portions of this Agreement which shall continue in full force and effect as if this Agreement had been executed with the invalid portions thereof deleted; provided, however, if such severability will negate in any material respect the monetary terms of this Agreement, then the Parties shall negotiate in good faith to amend the invalid terms in a manner so that such terms shall not be invalid and will not modify in any material respect the monetary terms of this Agreement unless otherwise agreed to by the parties. Furthermore, the entirety of this Agreement shall continue in full force and effect in all other jurisdictions.

**10.12** **Third Parties; Joint Ventures.** 

This Agreement constitutes an agreement solely among the Parties, and, except as otherwise provided herein, is not intended to and will not confer any rights, remedies, obligations, or liabilities, legal or equitable, including any right of employment, on any Person (including but not limited to any employee or former employee of the Seller) other than the Parties and their respective successors, or assigns, or otherwise constitute any Person a third party beneficiary under or by reason of this Agreement. Nothing in this Agreement, expressed or implied, is intended to or shall constitute the Parties hereto partners or participants in a joint venture.

**10.13** **Non-Recourse.** 

All Claims or causes of action (whether in contract or in tort, in law or in equity) that may be based upon, arise out of or relate to this Agreement, or the negotiation, execution or performance of this Agreement (including any representation or warranty made in or in connection with this Agreement or as an inducement to enter into this Agreement), may be made only against the entities that are expressly identified as Parties hereto. No Person who is not a named Party to this Agreement, including any past, present or future director, officer, employee, incorporator, member, partner, equity holder, Affiliate, agent, attorney or representative of any named party to this Agreement ("Non-Party Affiliates"), shall have any liability (whether in contract or in tort, in law or in equity, or based upon any theory that seeks to impose liability of an entity party against its owners or Affiliates) for any obligations or liabilities arising under, in connection with or related to this Agreement or for any claim based on, in respect of, or by reason of this Agreement or its negotiation or execution; and each Party waives and releases all such liabilities, claims and obligations against any such Non-Party Affiliates.

**10.14** **Construction.** 

This Agreement has been negotiated by the Buyer and the Seller and their respective legal counsel, and legal or equitable principles that might require the construction of this Agreement or any provision of this Agreement against the Party drafting this Agreement shall not apply in any interpretation of this Agreement.

*[Execution Pages Follow]*

 

The Buyer and the Seller have executed this Agreement as of the date first written above.

---

| | |
|:---|:---|
| **DALU S.À R.L.** | **DALU S.À R.L.** |
| By: | *"Yuliya Bay"* |
| Name: | Yuliya Bay |
| Title: | Class B Manager |

---

---

| | |
|:---|:---|
| **DALU S.À R.L.** | **DALU S.À R.L.** |
| By: | *"Jon Lamb"* |
| Name: | Jon Lamb |
| Title: | Class A Manager |

---

---

| | |
|:---|:---|
| **EXCELLON RESOURCES INC.** | **EXCELLON RESOURCES INC.** |
| By: | *"Shawn Howarth"* |
| Name: | Shawn Howarth |
| Title: | President & Chief Executive Officer |

---

**Schedule A**

**Form of Investor Rights Agreement**

**EXCELLON RESOURCES INC.**

**AND**

**DALU S.À R.L.**

**AND**

**[M GRUPO SUBSIDIARY]**

**INVESTOR RIGHTS AGREEMENT**

**DATED AS OF** ■**, 2023**

**TABLE OF CONTENTS**

---

| | | |
|:---|:---|:---|
| Article 1 INTERPRETATION | Article 1 INTERPRETATION | 1 |
| 1.1 | Definitions | 1 |
| 1.2 | Rules of Construction | 7 |
| 1.3 | Governing Law, Disputes and Arbitration. | 8 |
| 1.4 | Severability | 9 |
| 1.5 | Time of Essence | 9 |
| 1.6 | Entire Agreement | 9 |
| 1.7 | Several Obligations | 9 |
| Article 2 BOARD REPRESENTATION | Article 2 BOARD REPRESENTATION | 9 |
| 2.1 | Investor Nominees | 9 |
| 2.2 | Exercise of Board Nomination Rights | 9 |
| 2.3 | Investor Nominees | 12 |
| 2.4 | Support for other Investor Nominees | 12 |
| 2.5 | Nomination Rights Regarding Committees of the Board | 12 |
| Article 3 Management | Article 3 Management | 12 |
| 3.1 | Proxy Recommendations | 12 |
| Article 4 MLN ADVISORY TECHNICAL COMMITTEE | Article 4 MLN ADVISORY TECHNICAL COMMITTEE | 13 |
| 4.1 | Establishment of MLN Technical Committee | 13 |
| 4.2 | Members | 13 |
| 4.3 | Responsibilities | 13 |
| 4.4 | Meetings | 14 |
| Article 5 COVENANTS | Article 5 COVENANTS | 14 |
| 5.1 | Restrictions on Disposition during the Restricted Period | 14 |
| 5.2 | Permitted Dispositions during the Restricted Period | 15 |
| 5.3 | Standstill | 16 |
| 5.4 | Confidentiality | 17 |
| 5.5 | Securities Law Matters | 19 |
| 5.6 | Ownership of Orion | 19 |

---

---

| | | |
|:---|:---|:---|
| Article 6 REGISTRATION RIGHTS | Article 6 REGISTRATION RIGHTS | 19 |
| 6.1 | Demand Registration | 19 |
| 6.2 | Piggy-Back Registration Rights | 23 |
| 6.3 | Registration in the United States | 24 |
| 6.4 | Withdrawal of Registrable Securities | 25 |
| 6.5 | Expenses | 25 |
| 6.6 | Indemnification | 26 |
| 6.7 | Agreement Regarding Compliance with Securities Laws | 28 |
| 6.8 | Granting of Demand Registration Rights and Piggy-Back Registration Rights to Third-Parties | 29 |
| Article 7 | Article 7 | 29 |
| Representations and Warranties | Representations and Warranties | 29 |
| 7.1 | Representations and Warranties of M Grupo | 29 |
| Article 8 MISCELLANEOUS | Article 8 MISCELLANEOUS | 32 |
| 8.1 | Termination | 32 |
| 8.2 | Notices | 32 |
| 8.3 | Consent to Public Disclosure | 34 |
| 8.4 | Execution in Counterpart | 34 |
| 8.5 | Amendment and Waiver | 34 |
| 8.6 | Assignment | 34 |
| 8.7 | Successors and Substitute Securities | 35 |
| Schedule A REGISTRATION PROCEDURES | Schedule A REGISTRATION PROCEDURES | 1 |
| Schedule B DISPUTE RESOLUTION | Schedule B DISPUTE RESOLUTION | 1 |

---

**INVESTOR RIGHTS AGREEMENT**

**THIS AGREEMENT** dated as of the ■ day of ■, 2023,

**BETWEEN:**

**EXCELLON RESOURCES INC.**, a company existing under the laws of Ontario (the "**Corporation**"),

- and -

**DALU S.À R.L.**, a private limited liability company (société à responsabilité limitée) incorporated and existing under the laws of the Grand Duchy of Luxembourg, having its registered office at [Redacted – Personal Information] and registered with the Register of Commerce and Companies (Registre de Commerce et des Sociétés) under number B199807 ("**Orion**")

- and -

**[M GRUPO SUBSIDIARY]**, a ■ existing under the laws of ■ ("**M Grupo**")

**WHEREAS:**

A. As
 a condition of the Acquisition Agreement (as defined below), the Corporation has agreed to
 grant certain rights to the Investors (as defined below) which are set out herein, and the
 Investors have agreed to certain obligations to the Corporation as set out herein and upon
 the terms and subject to the conditions set out herein.

**NOW THEREFORE** this Agreement witnesses that in consideration of the respective covenants and agreements of the parties herein contained and for other good and valuable consideration (the receipt, sufficiency and adequacy of which is hereby acknowledged), the parties hereto agree as follows:

**Article 1<br> INTERPRETATION**

**1.1** **Definitions** 

For the purposes of this Agreement, unless the context otherwise requires, the following terms shall have the respective meanings set out below and grammatical variations of such terms shall have corresponding meanings:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) "**Acquisition Agreement**" means the Acquisition Agreement, dated January **[8]**, 2023, entered
 into between the Corporation and Orion;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) "**affiliate** "
 has the meaning given to that term in National Instrument 45-106 — *Prospectus Exemptions* of the Canadian Securities Administrators in effect on the date hereof, subject to the
 term "issuer" in such instrument being ascribed the same meaning as the term
 "person" in such instrument;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) "**Agreement** "
 means this agreement, including any amendments or restatements thereof;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) "**AML Legislation**" means the *Proceeds of Crime (Money Laundering) and Terrorist Financing Act* (Canada), the USA Patriot Act, the Mexican *Ley Federal para la Prevención e Identificación de Operaciones con Recursos de Procedencia Ilícita* and
 other applicable anti-money laundering, anti-terrorist financing, government sanction and
 "know your client" Applicable Laws, whether within Canada, the United States,
 Mexico or, to the extent applicable to any Party or its subsidiaries, elsewhere, including
 any regulations, guidelines or orders thereunder;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) "**Anti-Corruption Laws**" means the *Corruption of Foreign Public Officials Act* (Canada), the *United Kingdom Bribery Act 2010* and the *United States Foreign Corrupt Practices Act of 1977*, the Mexican *Ley General del Sistema Nacional Anticorrupción*,
 the Mexican *Ley General de Responsabilidades Administrativas* and the Mexican Federal
 Criminal Code and all other laws, rules, and regulations of any jurisdiction applicable to
 any Party or its subsidiaries from time to time concerning or relating to bribery or corruption;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) "**Applicable Laws**" means all laws, by-laws, statutes, rules, regulations, principles of law
 and equity (including common law), treaties, orders, ordinances, certificates, directives,
 legally enforceable guidelines, standards and policies, and other similar requirements, whether
 domestic or foreign, and the terms and conditions of any permit, in each case, of any Governmental
 Authority;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) "**Arbitration Rules**" means the International Arbitration Rules of the ICDR;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) "**Board** "
 means the board of directors of the Corporation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) "**Business Day**" means any day except Saturday, Sunday or a statutory or civic holiday in the
 City of Toronto, Ontario or any other day on which the Exchange or the principal chartered
 banks located in Toronto, Ontario are not open for business;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) "**Change of Control**" means (i) any acquisition transaction, amalgamation, arrangement, merger
 or other consolidation or combination involving the Corporation and another person, which
 results in such other person, including persons acting jointly or in concert with such other
 person, directly or indirectly (A) beneficially owning, or exercising control or direction
 over, voting securities of the Corporation carrying the right to cast more than fifty percent
 (50%) of the votes attaching to all voting securities of the Corporation, or (B) acquiring
 more than fifty percent (50%) of the assets and properties of the Corporation on a consolidated
 basis, (ii) a change in more than fifty percent (50%) of the members of the Board during
 any 12-month period which has not been consented to by a majority of the members of the incumbent
 Board, or (iii) any other event, transaction or series of events or transactions pursuant
 to which a person acquires possession, directly or indirectly, of the power to direct or
 cause the direction of the management and policies of the Corporation and/or its consolidated
 assets, whether by contract or otherwise, provided that, for certainty, a Change of Control
 will not occur as a result of the issuance of Common Shares contemplated by the Acquisition
 Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) "**Closing Date**" means the closing date of the transactions contemplated by the Acquisition
 Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) "**Common Shares**" means the common shares in the share capital of the Corporation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m) "**Confidential Information**" means any and all information about the Corporation or any of its
 affiliates which is furnished by it or any of its Representatives to any Investor or any
 of its affiliates, whenever furnished and regardless of the manner in which it is furnished
 (orally, in writing, electronically, etc.) and includes all information, including information
 regarding the business and affairs of the Corporation and its affiliates, their plans, strategies,
 operations, financial information (whether historical or forecasted), business methods, systems,
 practices, analyses, compilations, forecasts, studies, designs, processes, procedures, formulae,
 improvements, trade secrets and other documents and information; provided, however, that
 Confidential Information shall not include, and no obligation under Section 5.4 shall be
 imposed on, information that: (a) was known by or in the possession of the applicable Investor
 or any of its affiliates before disclosure by or on behalf of the Corporation; (b) is or
 becomes part of the public domain other than as a result of a breach of this Agreement by
 the applicable Investor, its affiliates or their Representatives and provided that specific
 aspects or details of Confidential Information shall not be deemed to be within the public
 domain or in the possession of the Investor or any of its affiliates merely because the Confidential
 Information is embraced by more general or limited information in the public domain; (c)
 is or becomes available to the applicable Investor or its affiliates on a non-confidential
 basis from a Third Party, provided that, to the applicable Investor's knowledge after
 reasonable inquiry, such Third Party is not and was not prohibited from disclosing such information;
 or (d) is independently developed by the applicable Investor or its affiliates without reference
 to or use of the Confidential Information;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n) "**Convertible Securities**" means any evidences of indebtedness, shares or other securities directly
 or indirectly convertible into or exercisable or exchangeable for Common Shares;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(o) "**Corporation** "
 has the meaning set out in the recitals to this Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(p) "**Demand Registration**" has the meaning set out in Section 6.1(a);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(q) "**Designated Party**" has the meaning set out in Section 8.6(c);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(r) "**Director** "
 means a member of the Board;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(s) "**Director Eligibility Criteria**" has the meaning set out in Section 2.2(b);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(t) "**Dispute** "
 has the meaning set out in Section 1.3(b);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(u) "**Encumbrance** "
 means any security interest, lien (statutory or otherwise), mortgage, hypothec, charge, indenture,
 pledge, claim, option, conditional sale agreement, instalment sale agreement, trust, or other
 encumbrance;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) "**Equity Securities**" means the Common Shares, the Convertible Securities or any other equity
 securities of the Corporation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(w) "**Exchange** "
 means the Toronto Stock Exchange, or such other nationally recognized stock exchange on which
 the Common Shares may be listed from time to time;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(x) "**Governmental Authority**" means the federal government of the United States of America, Canada,
 Mexico or any other country or sovereign entity, any state, province, commonwealth, territory,
 or possession thereof, and any political subdivision or quasi-governmental authority of any
 of the same, including courts, tribunals, arbitrators, departments, commissions, boards,
 bureaus, agencies, counties, municipalities, provinces, parishes, securities regulatory authority
 or stock exchange, and other instrumentalities or private body exercising any regulatory,
 expropriation or taxing authority under or for the account of any of the foregoing, in each
 case, having jurisdiction in the relevant circumstances;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(y) "**ICDR** "
 means the International Center for Dispute Resolution;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(z) "**Indemnified Party**" has the meaning set out in Section 6.6(c);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(aa) "**Indemnifying Party**" has the meaning set out in Section 6.6(c);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(bb) "**Independent Director**" means a Director who is not a member of management or an employee of
 the Corporation or any of their "associates" (as defined in the Securities Act)
 or an Investor Nominee;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(cc) "**Independent Expert**" means an investment bank or accountancy firm familiar with and having had
 recent and relevant experience in opining on the matters to be considered by shareholders,
 appointed by the Board in its sole discretion, and which is not acting in concert with nor
 is affiliated with any shareholder of the Corporation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(dd) "**Investor Nominee**" has the meaning set out in Section 2.1;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ee) "**Investor's Percentage**" means, with respect to an Investor (which, for greater certainty, includes
 all affiliates of such Investor who hold Equity Securities), the percentage equal to the
 fraction, the numerator of which is the Equity Securities, indirectly or directly, collectively
 owned, controlled or directed by such Investor and any of its affiliates and the denominator
 of which is the outstanding Equity Securities, the whole computed on a non-diluted basis;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ff) "**Investors** "
 means, subject to Section 8.1, each of (i) the Orion Group, and (ii) the M Grupo Group, and
 an "**Investor**" means, subject to Section 8.1, any one of them;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(gg) "**Jurisdictions** "
 has the meaning set out in Section 6.1(a);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(hh) "**La Negra Mine**" means the "Company Material Property" as defined in the
 Acquisition Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) "**MLN Technical Committee**" means the advisory technical committee in respect of the La
 Negra Mine to be established in accordance with this Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(jj) "**MLSA** "
 mean Minera La Negra S.A. de C.V., a company existing under the laws of the Mexico;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(kk) "**M Grupo**" has the meaning set out in the recitals to this Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ll) "**M Grupo Group**" means each of M Grupo, Grupo Desarrollador Migo, S.A.P.I. de C.V.,
 and any subsidiary of Grupo Desarrollador Migo, S.A.P.I. de C.V.;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(mm) "**M Grupo JV Arrangements**" means the Joint Venture Agreement between Grupo Desarrollador
 Migo, S.A.P.I. de C.V. and Orion dated as of August 6, 2020, the Letter of Intent dated January
 26, 2022 between Grupo Desarrollador Migo, S.A.P.I. de C.V. and Orion Resource Partners,
 on behalf of Orion with respect to the division of proceeds from a potential future sale
 of MLSA and the letter agreement dated the date hereof between Grupo Desarrollador Migo,
 S.A.P.I. de C.V., Orion Resource Partners and Orion, regarding the same;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(nn) "**M Grupo JV Arrangements Termination Agreement**" means the definitive agreement evidencing
 the termination of the M Grupo JV Arrangements among Orion Resource Partners, Orion, the
 Corporation, MLSA and Grupo Desarrollador Migo, S.A.P.I. de C.V., dated January **[8]**,
 2023;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(oo) "**NI 43-101**" means National Instrument 43-101 – *Standards of Disclosure for Mineral Projects* of the Canadian Securities Administrators;

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(qq) "**OBCA** "
 means the *Business Corporations Act* (Ontario), as it may be amended from time to time;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(rr) "**Offer** "
 has the meaning given to the phrase "offer to acquire" in NI 62-104;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ss) "**Orion** "
 has the meaning set out in the recitals to this Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(tt) "**Orion Group**" means each of Orion, Orion Mine Finance (Master) Fund I LP and any other
 person owned by Orion Mine Finance (Master) Fund I LP;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(uu) "**Payment Amount**" has the meaning set out in Section 6.1(b);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vv) "**person** "
 shall be broadly interpreted and includes any individual, corporation, partnership, joint
 venture, limited liability company, an unlimited liability company, association or other
 business entity and any trust, unincorporated organization or government or any agency or
 political subdivision thereof;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ww) "**Piggy-Back Investor**" has the meaning set out in Section 6.2(a);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xx) "**Piggy-Back Notice**" has the meaning set out in Section 6.2(a);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(yy) "**Piggy-Back Registration**" has the meaning set out in Section 6.2(a);

lii) "**Proceeding**" means any Litigation, assessment, hearing, arbitration, judgment, award, decree, order, injunction and prosecution, or other similar proceeding;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(aaa) "**Prospectus** "
 means a prospectus or preliminary prospectus, as those terms are defined in the Securities
 Act;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(bbb) "**Prospectus Requirements**" means the obligation to prepare a Prospectus and obtain a receipt
 in connection with a distribution of securities in accordance with the Securities Act, as
 well as the equivalent obligations prescribed by other Securities Laws;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ccc) "**Public Offering**" means any distribution of Equity Securities to the public under a Prospectus
 in accordance with applicable Securities Laws of the relevant province or territory in Canada;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ddd) "**Registrable Securities**" has the meaning set out in Section 6.1(a);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(eee) "**Representatives** "
 means a party's and its affiliates' directors, officers, employees, lawyers,
 independent accountants, financial advisors, consultants or other agents, bankers or technical
 advisors;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(fff) "**Requesting Investor**" has the meaning set out in Section 6.1(a);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ggg) "**Restricted Period**" means, in respect of each Investor, the period from the date of this Agreement
 until the earlier of (a) the date which is eighteen (18) months from the date hereof, and
 (b) the date on which such Investor's Percentage is less than ten percent (10%);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(hhh) "**Sanctioned Entity**" means (i) a country or a government of a country; (ii) an agency of the
 government of a country; (iii) an organization directly or indirectly controlled by a country
 or its government; or (iv) a person resident in or determined to be resident in a country,
 in each case, that is subject to a country Sanctions program administered and enforced by
 OFAC or by any Governmental Authority;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) "**Sanctioned Person**" means (i) any person listed in any sanctions-related list of designated
 persons maintained by any Governmental Authority; or (ii) a person named on the list of Specially
 Designated Nationals maintained by OFAC;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(jjj) "**Sanctions** "
 means economic or financial sanctions or trade embargoes imposed, administered or enforced
 from time to time by OFAC or any Governmental Authority;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(kkk) "**Securities Act**" means the *Securities Act* (Ontario), as it may be amended or supplemented
 from time to time;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(lll) "**Securities Laws**" means, collectively, the applicable securities laws of each of the provinces
 and territories of Canada and the respective regulations, instruments and rules made under
 those securities laws, together with all applicable published policy statements, notices,
 blanket orders and rulings of the securities commissions or regulatory authorities of Canada
 and of each of the provinces and territories of Canada and the applicable rules and requirements
 of any stock exchange;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(mmm) "**Securities Regulators**" has the meaning set out in Section 6.1(j);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(nnn) "**Selling Expenses**" has the meaning set out in Section 6.5(c);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ooo) "**Third Party**" means a person that is not a party, or an affiliate of that party, to this Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ppp) "**Underwritten Offering**" means the sale of securities of the Corporation by way of a Public Offering
 as a firm commitment underwriting or a best efforts agency offering; and

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

**1.2** **Rules of Construction** 

Except as may be otherwise specifically provided in this Agreement and unless the context otherwise requires, in this Agreement:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the
 terms "Agreement", "this Agreement", "the Agreement",
 "hereto", "hereof", "herein", "hereby", "hereunder"
 and similar expressions refer to this Agreement in its entirety and not to any particular
 provision hereof;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) references
 to an "Article" or "Section" followed by a number or letter refer
 to the specified Article or Section to this Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) the
 division of this Agreement into articles and sections and the insertion of headings are for
 convenience of reference only and shall not affect the construction or interpretation of
 this Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) words
 importing the singular number only shall include the plural and *vice versa* and words
 importing the use of any gender shall include all genders;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) the
 word "including" is deemed to mean "including without limitation";

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) the
 terms "**party**" and "**the parties**" refer to a party or
 the parties to this Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) any
 reference to this Agreement means this Agreement as amended, modified, replaced or supplemented
 from time to time;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) any
 reference to a statute, regulation or rule shall be construed to be a reference thereto as
 the same may from time to time be amended, re-enacted or replaced, and any reference to a
 statute shall include any regulations or rules made thereunder;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) any
 time period within which a payment is to be made or any other action is to be taken hereunder
 shall be calculated excluding the day on which the period commences and including the day
 on which the period ends; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) whenever
 any action is required to be taken or period of time is to expire on a day other than a Business
 Day, such action shall be taken or period shall expire on the next following Business Day.

**1.3** **Governing Law, Disputes and Arbitration.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) This
 Agreement shall be governed by and construed in accordance with the laws of the Province
 of Ontario and the federal laws of Canada applicable therein.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) In
 the event of any dispute, claim, question or disagreement (each, a "**Dispute** ")
 arising out of or relating to this Agreement, the parties shall use all commercially reasonable
 efforts to settle such Dispute. To this effect, the parties shall consult and negotiate with
 each other and, recognizing their mutual interests, attempt to reach a satisfactory solution.
 If they do not reach settlement within a period of fifteen (15) days, then, upon notice by
 any party to the other parties, any unresolved Dispute arising out of or relating to this
 Agreement shall be settled by arbitration in accordance with the arbitration procedures set
 forth in Schedule B. Notwithstanding the foregoing, the parties acknowledge that the failure
 to comply with a covenant or obligation contained in this Agreement may give rise to irreparable
 injury to a party inadequately compensable in damages. Accordingly, a party may seek to enforce
 the performance of this Agreement by injunction or specific performance upon application
 to a court of competent jurisdiction without proof of actual damage (and without the requirement
 of posting a bond or other security).

**1.4** **Severability** 

If any provision of this Agreement or the application of such provision to any person or circumstances shall be held invalid or unenforceable by a court of competent jurisdiction, such provision or application shall be unenforceable only to the extent of such invalidity or unenforceability, and the remainder of such provision and the application of such provision to persons or circumstances, other than the party as to which it is held invalid, and the remainder of this Agreement, shall not be affected.

**1.5** **Time of Essence** 

Time shall be of the essence of this Agreement.

**1.6** **Entire Agreement** 

This Agreement constitutes the entire agreement between the parties with respect to the subject matter hereof and thereof and supersede all prior agreements, written or oral, among the parties hereto with respect to the subject matter hereof.

**1.7** **Several Obligations** 

The obligations of the Investors under this Agreement are several and not joint.

**Article 2<br> BOARD REPRESENTATION**

**2.1** **Investor Nominees** 

For so long as an Investor's Percentage is at least ten percent (10%), such Investor shall be entitled to nominate one (1) Investor Nominee, to be proposed for election as a Director of the Corporation in any management proxy circular which pertains to the election of the Directors of the Corporation (each an "**Investor Nominee**" and together the "**Investor Nominees**"), any of whom may be a director, officer or employee of such Investor. If no Investor's Percentage is at least ten percent (10%), then no Investor shall be entitled to designate an Investor Nominee. For the avoidance of doubt, although an Investor may have the right to propose an Investor Nominee, the Investor shall not be required to propose such Investor Nominee.

**2.2** Exercise
 of Board Nomination Rights

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) For
 an Investor to exercise its Board nomination rights set forth in Section 2.1, such Investor
 shall send a written notice to the Corporation setting out (i) the name, age, business address
 and residential address of its Investor Nominee they wish to propose, (ii) the principal
 occupation or employment of such Investor Nominee, (iii) the class or series and number of
 shares in the share capital of the Corporation which are controlled or which are owned beneficially
 or of record by such Investor Nominee as of the record date for the meeting of shareholders
 (if such date shall then have been made publicly available) in respect of the election of
 such Investor Nominee(s) and as of the date of such notice, and (iv) any other information
 relating to the Investor Nominee that would be required to be disclosed in a management's
 proxy circular in connection with solicitations of proxies for election of directors pursuant
 to the OBCA, applicable Securities Laws and the rules of the Exchange.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Each
 Investor Nominee must consent in writing to serve as a Director of the Corporation and must
 complete a personal information form, if required, or such other documentation as may be
 required by the Exchange or pursuant to the OBCA and applicable Securities Laws. Each Investor
 Nominee shall at all times meet the qualification requirements to serve as a Director under
 (A) the rules and policies of the Exchange, (B) the OBCA, and (C) any other applicable laws,
 including Securities Laws (collectively, the "**Director Eligibility Criteria** "),
 provided however, that any Investor Nominee need not be qualified as "independent"
 within the meaning of National Instrument 52-110 – *Audit Committees* of the Canadian
 Securities Administrators.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The
 Corporation shall notify the Investors in writing as soon as reasonably practicable upon
 determining the date of any meeting of the shareholders at which Directors of the Corporation
 are to be elected and, if the Investor desires to propose its respective Investor Nominee,
 the Investor shall advise the Corporation of the name of its Investor Nominee that the Investor
 is entitled to propose pursuant to this Article 2 (as of the record date for the shareholders'
 meeting) within fifteen (15) Business Day after receiving such notice. If an Investor does
 not advise the Corporation of the Investor Nominee within such fifteen (15) Business Day
 period, then such Investor will be deemed to have designated such Investor's incumbent
 Investor Nominee for nomination for election at the relevant meeting of the shareholders
 (unless such Investor otherwise notifies the Corporation within such fifteen (15) Business
 Day period). If no such incumbent Investor Nominee is then in office, and the Investor has
 failed to advise the Corporation of the name of the Investor Nominee to be proposed for election
 to fill the vacancy or vacancies, such Investor shall be deemed to have renounced its right
 to propose such Investor Nominee until the next meeting of the shareholders at which Directors
 of the Corporation are to be elected.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) At
 each meeting of shareholders at which Directors of the Corporation are to be elected, the
 Corporation shall cause the Investor Nominee that an Investor is entitled to propose pursuant
 to this Article 2 (as of the record date for the shareholders' meeting) to be included
 in the slate of individuals proposed by the Corporation for election as Directors of the
 Corporation. The Corporation shall use commercially reasonable efforts to cause the election
 of the Investor Nominee(s), including recommending shareholders vote and soliciting proxies
 from shareholders in favour of the election of the Investor Nominee(s). Forthwith following
 any meeting of shareholders at which Investor Nominee(s) were proposed to serve as a Director
 but was not validly elected by the shareholders in accordance with the OBCA, the Corporation's
 majority voting policy (as may be in effect) or the rules of the Exchange, the Corporation
 shall take all commercially reasonable steps necessary to appoint a replacement Investor
 Nominee to the Board (nominated by the applicable Investor) who is not the same individual
 who was not elected at the meeting of shareholders, including pursuant to the power of the
 Board to appoint additional Directors between shareholders' meetings or to fill a vacancy
 on the Board.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) If
 an Investor Nominee ceases to hold office as a Director of the Corporation for any reason
 (including as a result of a resignation by such Investor Nominee tendered pursuant to the
 Corporation's by-laws), other than as a result of the Investor no longer being entitled
 to propose such Investor Nominee pursuant to Section 2.1, the Investor entitled to propose
 such Investor Nominee shall be entitled to propose an individual (so long as such individual
 satisfies the Director Eligibility Criteria) to replace them and the Corporation, subject
 to applicable Securities Laws and the rules of the Exchange, shall promptly take all steps
 as may be necessary to appoint such individual to the Board to replace the Investor Nominee
 who had ceased to hold office, including pursuant to the power of the Board to appoint additional
 Directors between shareholders' meetings or to fill a vacancy on the Board.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) The
 Corporation shall reimburse all reasonable expenses incurred by an Investor Nominee in the
 performance of their duties for or on behalf of the Corporation incurred as a result of such
 Investor Nominee attending Board and committee meetings, including travel and accommodation
 expenses, consistent with the same reimbursement policies that apply to the other independent
 Board members.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) For
 the first twelve (12) months following the date hereof, any Board member (including the Investor
 Nominees) who is a partner, principal or employee of the Corporation or an Investor will
 not be entitled to any compensation for his or her service as a Board member or member of
 any committee of the Board as approved by the Board from time to time. After such twelve
 (12) month period, any Board member (including the Investor Nominees) who is a partner, principal
 or employee of the Corporation or an Investor shall be eligible to receive compensation for
 his or her service as a Board member or member of any committee of the Board as approved
 by the Board from time to time. For greater certainty, the Investor Nominees shall be entitled
 to compensation at the same rates of compensation provided to the other Board members for
 his or her service as a Board member or member of any committee of the Board as approved
 by the Board from time to time, but may direct the Corporation to remit such compensation
 to the Investors.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) The
 Corporation covenants and agrees with the Investors that upon an Investor Nominee's
 election or appointment to the Board, the Corporation shall agree to indemnify such Investor
 Nominee on the same terms as those provided to the other Board members and the Corporation
 shall ensure that such Investor Nominee has the benefit of any director and officer insurance
 policy in effect for the Corporation, on the same terms as those available to the other members
 of the Board.

**2.3** **Investor Nominees** 

The initial Investor Nominee of the Orion Group will be Victor Flores and the initial Investor Nominee of M Grupo will be Pablo Reynoso.

**2.4** **Support for other Investor Nominees** 

For as long an Investor is entitled to propose an Investor Nominee for election as a Director of the Corporation, and provided that such Investor Nominee meets the Director Eligibility Criteria, the Investors hereby undertake to exercise all of the voting rights controlled by them and their affiliates in favour of the election of such Investor Nominee(s) as Director(s) of the Corporation.

**2.5** **Nomination Rights Regarding Committees of the Board** 

For so long as an Investor's Percentage is at least ten percent (10%), such Investor shall be entitled to designate by written notice to the Corporation, their Investor Nominee who had been duly elected as directors of the Corporation as members on each of the following standing committees of the Board: with respect to Orion, (i) the Corporate Responsibility and Technical Committee and (ii) the Special Opportunities Committee; and with respect to M Grupo, (i) the Audit Committee and (ii) the Nominating & Corporate Governance Committee, provided that, in each case, the applicable Investor Nominee (a) meets the Director Eligibility Criteria to serve as a member of each such committee (including, for certainty, that any director nominee to the Corporation's audit committee meets the financial literacy and other requirements set forth in National Instrument 52-110 – *Audit Committees*), and (b) has the skills appropriate to serve as a member of each such committee in accordance with the skills matrix that is in place and is applicable to each committee, as determined by the Board from time to time.

**Article 3<br> MANAGEMENT**

**3.1** Proxy
 Recommendations

For a period of eighteen (18) months following the Closing Date, the Investors agree that they shall vote in accordance with the recommendation of management of the Corporation on any resolution put to shareholders in respect of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the
 appointment or removal of any director of the Corporation, other than an Investor Nominee,
 and in the case of the appointment of a director of the Corporation the relevant person is
 a person who:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the
 Board in its reasonable opinion believes, has the requisite business acumen and relevant
 experience, and is otherwise suitable to be a director of the Corporation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) meets
 the Director Eligibility Criteria; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the
 approval of matters that (i) have been approved by all of the Independent Directors; and
 (ii) require only an "ordinary resolution" (or approval by a simple majority)
 to be passed by the shareholders (whether pursuant to the OBCA, rules of the Exchange or
 otherwise) and not a "special resolution" (or approval by a 2/3 majority or an
 approval by a majority of the minority shareholders) (whether pursuant to the OBCA, rules
 of the Exchange or otherwise) to be passed by the shareholders.

**Article 4<br> MLN ADVISORY TECHNICAL COMMITTEE**

**4.1** **Establishment of MLN Technical Committee** 

For so long as any Investor's Investor Percentage is not less than ten percent (10%), the Corporation shall cause MLSA to establish and maintain the MLN Technical Committee having the roles and responsibilities as set out in this Article 4.

**4.2** **Members** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The
 MLN Technical Committee shall be comprised of five (5) members. At least one member shall
 be a qualified person, within the meaning of NI 43-101.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) For
 so long as an Investor has an Investor Percentage of not less than ten percent (10%) that
 Investor shall be entitled to appoint one (1) member of the MLN Technical Committee. Each
 Investor nominee to the MLN Technical Committee shall have the requisite scientific and/or
 technical expertise to participate as a member of the MLN Technical Committee as determined
 by the MLN Technical Committee, acting reasonably. The initial nominee of the Orion Group
 to the MLN Technical Committee will be Geoff Elson and the initial nominee of the M Grupo
 Group to the MLN Technical Committee will be Nicolas Figueroa Tapia and both individuals
 shall be appointed to the MLN Technical Committee on the date hereof. For greater certainty,
 the Parties agree that both Geoff Elson and Nicolas Figueroa Tapia have the requisite scientific
 and technical expertise that is required under this Section 4.2(b).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The
 members of the MLN Technical Committee shall annually appoint one of the members to act as
 chair of the MLN Technical Committee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The
 MLN Technical Committee may invite such Representatives of the Corporation or any Investor,
 or any such other persons, as it considers appropriate from time to time, to attend its meetings
 and assist thereat.

**4.3** **Responsibilities** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The
 MLN Technical Committee shall be consulted on issues related to, and review, on a quarterly
 basis, the exploration, development and construction (including progress of the proposed
 restart) of the La Negra Mine, and provide information to the Corporation and the Investors
 with respect to technical and scientific matters related to the foregoing, including exploration
 and development plans (including program budgets and modifications thereto), drilling program
 targets, technical investigations and analysis (including metallurgy, hydrogeology, geotechnical
 and environmental), and development of, and compliance with, ESG and compliance standards.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The
 MLN Technical Committee shall not constitute a part of the board of directors of the Corporation,
 MLSA or any of their affiliates and will not have authority to control the management of
 the Corporation, MLSA or any of their affiliates, or be responsible for the decisions of
 management or the board of directors of MLSA or any of its affiliates. The MLN Technical
 Committee will be advisory only, with no authority to bind the Corporation, MLSA or any of
 their affiliates, or direct the business and affairs of the Corporation, MLSA or any of their
 affiliates.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The
 MLN Technical Committee shall establish such procedures and governance routines as it considers
 necessary or advisable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) All
 members of the MLN Technical Committee shall be bound by the confidentiality provisions set
 forth in Section 5.4 and acknowledge the requirements of Section 5.5.

**4.4** **Meetings** 

The MLN Technical Committee shall meet at least once per calendar quarter, unless otherwise agreed by all of the members of the MLN Technical Committee to meet on a more frequent basis. The Investors and their affiliates will not receive any remuneration in consideration for attendance at any MLN Technical Committee meeting, but will be reimbursed for any expenses in respect of attending such meetings in accordance with the reimbursement policies of the Corporation then in effect. Neither the Corporation, MLSA nor any of their affiliates shall be required to pay any compensation to the nominees of any Investor to the MLN Technical Committee.

**Article 5<br> COVENANTS**

**5.1** **Restrictions on Disposition during the Restricted Period** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Except
 as permitted under Section (b)(i) below, during the Restricted Period, the Orion Group will
 not be permitted to sell, transfer, pledge, assign, encumber or otherwise dispose, directly
 or indirectly, of all or any portion of the Common Shares or Convertible Securities beneficially
 owned by the Orion Group without the consent of the Corporation, provided that the Orion
 Group shall be allowed, without the prior written consent of the Corporation to sell, transfer,
 pledge, assign, encumber or otherwise dispose of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) up
 to ■ Common Shares, representing 25% of the Common Shares held by the Orion Group on the
 Closing Date, following the date that is twelve (12) months from the Closing Date; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) in
 addition to the Common Shares referenced in Section 5.1(a)(i), up to an additional ■ Common
 Shares, representing up to an additional 25% of the Common Shares held by the Orion Group
 on the Closing Date (representing, in aggregate, 50% of the Common Shares held by the Orion
 Group on the Closing Date), following the date that is fifteen (15) months from the Closing
 Date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Except
 as permitted under Section (i) below, during the Restricted Period, the M Grupo Group will
 not be permitted to sell, transfer, pledge, assign, encumber or otherwise dispose, directly
 or indirectly, of all or any portion of the Common Shares or Convertible Securities beneficially
 owned by the M Grupo Group without the consent of the Corporation, which consent shall not
 be unreasonably withheld or delayed, provided that the M Grupo Group shall be allowed, without
 the prior written consent of the Corporation to sell, transfer, pledge, assign, encumber
 or otherwise dispose of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) up
 to ■ Common Shares, representing 25% of the Common Shares held by the M Grupo Group on the
 Closing Date, following the date that is twelve (12) months from the Closing Date; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) in
 addition to the Common Shares referenced in Section 5.1(b)(i), up to an additional ■ Common
 Shares, representing up to an additional 25% of the Common Shares held by the M Grupo Group
 on the Closing Date (representing, in aggregate, 50% of the Common Shares held by the M Grupo
 Group on the Closing Date), following the date that is fifteen (15) months from the Closing
 Date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) For
 certainty, from and after the expiry of the Restricted Period, all Common Shares held by
 the Orion Group and the M Grupo Group may be sold, transferred, pledged, assigned, encumbered
 or otherwise disposed of.

**5.2** **Permitted Dispositions during the Restricted Period** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The
 restrictions set forth in Section 5.1 do not apply in the case of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) a
 disposition by Orion or M Grupo of Common Shares or Convertible Securities to a member of
 the Orion Group or the M Grupo Group, as applicable, provided that such transferee agrees
 in writing to be bound by Orion's or M Grupo's obligations, as applicable, under
 this Agreement and the Acquisition Agreement, in the case of Orion (in which case, subject
 to Section 8.6, the transferee will also be entitled to Orion's or M Grupo's
 rights, as applicable, under this Agreement);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) an
 Investor disposing of Common Shares or Convertible Securities pursuant to a take-over bid
 for which a circular has been delivered to the shareholders in accordance with applicable
 Securities Laws, a merger, amalgamation, plan of arrangement or other transaction resulting
 in the acquisition of all or a controlling portion of the Corporation's equity securities
 or all or substantially all of the Corporation's assets, which transaction has been
 approved by the Board; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) an
 Investor disposing of such number of Common Shares as may be necessary to generate gross
 proceeds in an amount equal to the amount required by such Investor to fund the payment of
 a Payment Amount where such Investor does not otherwise hold cash resources sufficient to
 fund such obligation.

**5.3** **Standstill** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The
 Investors shall not (and they shall cause their respective affiliates to not), in any manner,
 directly, indirectly or jointly or in concert with any other person, during the Restricted
 Period, without the prior consent of the Board, such consent being determined by a simple
 majority vote of the Board (excluding the vote of any Investor Nominee):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) (A)
 commence a take-over bid for any securities of the Corporation; (B) effect, seek, offer or
 propose any take-over bid, amalgamation, merger, arrangement, business combination, re-organization,
 restructuring or liquidation with respect to the Corporation or any of its subsidiaries or
 disposition of more than a majority of the assets of the Corporation, or (C) purchase any
 Common Shares or Convertible Securities, except in connection with the acquisition of a person
 that holds Common Shares or Convertible Securities by the Investor or an affiliate of the
 Investor, where the Common Shares of Convertible Securities held by such person do not comprise
 a material portion of the assets of such person;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) enter
 into or propose, offer or agree to enter into or engage in any negotiations with respect
 to any:

&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) acquisition,
 amalgamation, plan of arrangement, merger, tender offer or take-over bid, exchange offer
 or other business combination transaction relating to the Corporation or any of its affiliates
 or any part of their respective assets or businesses; 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) any
 restructuring, recapitalization, liquidation or similar transaction involving the Corporation
 or any of its affiliates or any part of their respective assets or businesses;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) engage
 in short sales of any of the Equity Securities held by the Investor;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) solicit
 proxies from shareholders or form, join or participate in a group to so solicit, other than
 any solicitation of proxies voting in favour of the nominees of management of the Corporation
 for election to the Board;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) present
 or request to present at any meeting of the securityholders of the Corporation or any of
 its affiliates or through action by written consent any proposal for consideration for action
 by securityholders, requisition a meeting of the securityholders of the Corporation or any
 of its affiliates, propose or request to propose any nominee for election to the Board or
 the board of directors of any of the Corporation's affiliates (other than pursuant
 to the nomination rights expressly set forth in this Agreement) or seek the removal of any
 member of the Board or the board of directors of any of the Corporation's affiliates;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) advise,
 assist or encourage any person (including forming a "group" with any such person)
 proposing any of the foregoing; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) make
 any public announcement or take any action in furtherance of the foregoing,

(each, a "**Hostile Action**").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The
 provisions of Section 5.3 shall cease to apply, and the Investors shall be permitted to take
 a Hostile Action, from and after: (i) the commencement or public announcement of a take-over
 bid, which if completed would result in the acquisition of more than 50% of the then outstanding
 voting securities of the Corporation by any person or group of persons; or (ii) the approval
 or entering into by the Corporation of, or the public announcement of the approval or entering
 into by the Corporation of, a transaction or definitive agreement providing for a transaction,
 which, if completed, would result in the acquisition by any person or group of persons of
 more than 50% of the then outstanding voting securities of the Corporation or more than a
 majority of the assets of the Corporation.

**5.4** **Confidentiality** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) No
 Investor shall use Confidential Information for any purpose other than:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) to
 monitor, oversee and make decisions with respect to its investment in the Corporation (including
 decisions to sell or otherwise transfer their Common Shares);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) to
 comply with its obligations under this Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) to
 exercise any of its rights under this Agreement; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) to
 collaborate with the Corporation,

(collectively, the "**Purpose**").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Each
 Investor shall hold the Confidential Information in confidence, and shall not disclose the
 Confidential Information to Third Parties without the prior written consent of the Corporation.
 Each Investor shall restrict disclosure of the Confidential Information to its and its affiliates'
 Representatives who have a need to know the Confidential Information for the Purpose, who
 are informed of the confidential nature of the Confidential Information and who agree to
 act in accordance with the provision of this Section 5.4.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Notwithstanding
 anything in this Section 5.4 to the contrary, no consent of the Corporation shall be required
 for an Investor to disclose Confidential Information if such disclosure is required by applicable
 law, including, for certainty, the rules of any stock exchange, provided that such Investor
 shall, if reasonably practicable, give prior written notice to the Corporation and a reasonable
 opportunity for the Corporation to review and comment on the requisite disclosure before
 it is made. Further, in the event an Investor is requested or required (including by interrogatories,
 subpoena, other judicial order, audit or any similar process) to disclose any Confidential
 Information, such Investor shall provide the Corporation with prompt written notice of such
 request (if reasonably practicable) so the Corporation may consider whether it wishes to
 seek an appropriate protective order. In the absence of a protective order, the Investor
 may only disclose such Confidential Information as is legally required, in the opinion of
 its legal counsel, to be disclosed and shall use commercially reasonable efforts to ensure
 the confidentiality of any such Confidential Information that is disclosed. In addition,
 no consent of the Corporation shall be required for an Investor to disclose Confidential
 Information (i) to the extent the Investor has been advised in writing by external legal
 counsel that such disclosure is legally required in connection with the exercise of any remedy
 hereunder, or (ii) to a potential transferee of such Investor of more than 5% of the issued
 and outstanding Common Shares, provided such transfer of Common Shares would be permitted
 hereunder and the potential transferee executes a confidentiality agreement that is in favour
 of the Corporation or that contains a third party beneficiary clause in favour of the Corporation
 in respect of such Confidential Information, which confidentiality agreement shall provide
 for a term of at least 18 months and include customary restrictions regarding the sharing
 and use of Confidential Information, including that Confidential Information may only be
 shared and used by the recipient for the sole purpose of such recipient's acquisition
 of Common Shares from the Investor.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Each
 Investor's obligations under this Section 5.4 shall survive for a period of one (1)
 year following the date of termination of this Agreement with respect to that Investor.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) The
 provision of any information pursuant to this Section 5.4 shall not be deemed a waiver of
 any privilege, including privileges arising under or related to the attorney-client privilege
 or any other applicable privileges.

**5.5** **Securities Law Matters** 

Each Investor acknowledges that Confidential Information may include material information concerning the Corporation that has not been publicly disclosed and that such Investor is aware that applicable securities laws prohibit any person who has material non-public information concerning the Corporation or a proposed transaction involving the Corporation from purchasing or selling securities of the Corporation or from communicating such information to any other person.

**5.6** **Ownership of Orion** 

For so long as Dalu S.À R.L. is a party to this Agreement, it shall ensure that at all times it remains controlled by Orion Mine Finance (Master) Fund I LP and shall not, without the prior written consent of the Corporation, not to be unreasonably withheld, permit or acquiesce to the transfer of its outstanding securities to any person that is not a member of the Orion Group or issue or agree to issue any securities to any person that is not a member of the Orion Group.

**Article 6<br> REGISTRATION RIGHTS**

**6.1** **Demand Registration** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Subject
 to Section 6.1(c), each Investor, following the applicable Restricted Period, and for as
 long as such Investor's Percentage is not less than ten percent (10%) and such Investor
 wishes to dispose of Common Shares representing at least the lower of (i) US$20,000,000 or
 (ii) five percent (5%) of the issued and outstanding Common Shares, shall have the right,
 at any time and from time to time, by written notice to the Corporation (a "**Request Notice** "), to require the Corporation to file one or more Prospectuses and take
 such other steps as may be reasonably necessary to facilitate a secondary Public Offering
 (a "**Demand Registration**") in all of the provinces and territories of Canada
 in which the Corporation is then a reporting issuer (the "**Jurisdictions** ")
 of all or any portion of such Common Shares held by such Investor(s) (each a "**Requesting Investor** "). The Corporation shall, subject to applicable Securities Laws, use its
 commercially reasonable efforts to file one or more Prospectuses under applicable Securities
 Laws in order to permit the Public Offering of all or any portion of the Common Shares then
 held by such Requesting Investor(s) (the "**Registrable Securities**") requested
 to be included in such Demand Registration. The parties shall cooperate in a timely manner
 in connection with such secondary offering and the procedures in Schedule A shall apply.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Notwithstanding
 Section 6.1(a), in the event of an indemnification claim under the Acquisition Agreement
 in respect of which the Investor(s) are responsible for payment to the Corporation (such
 payment obligation a "**Payment Amount** "), and such payment is required to
 be made prior to the end of the applicable Restricted Period, the Investor(s) have the right
 to deliver a Request Notice in respect of a Demand Registration prior to the end of the applicable
 Restricted Period, in respect of a number of Common Shares having a value of not more than
 the such Investor's Payment Amount after giving effect to applicable underwriter and
 market discounts.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The
 Corporation shall not be obliged to effect:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) more
 than two (2) Demand Registrations from an Investor in any twelve (12) month period;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) more
 than one (1) Demand Registration from an Investor in any 180-day period;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) any
 Demand Registration where a Request Notice is given by any Investor less than 90 days following
 the completion of a Demand Registration; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) a
 Demand Registration in the event the Board determines in good faith, that (A) either (1)
 the effect of the filing of a Prospectus could impede the ability of the Corporation to consummate
 a pending or proposed material transaction (including, without limitation, a financing, an
 acquisition, a restructuring or a merger) or proceed with or continue negotiations or discussions
 in relation thereto, (2) there exists, at the time, material non-public information relating
 to the Corporation the disclosure of which the Corporation believes would be adverse to the
 Corporation and the Corporation has a *bona fide* business reason for preserving such
 information as confidential, or (3) there has been a change in mineral resources, mineral
 reserves or the results of a preliminary economic assessment in respect of a project of the
 Corporation from the most recently filed technical report for such project that would require
 a new technical report to be filed pursuant to NI 43-101 and such new technical report could
 not be filed reasonably promptly enough to permit the Demand Registration to proceed (in
 the case of either (1), (2) or (3), a "**Valid Business Reason** "); and (B)
 it is, therefore, in the best interests of the Corporation to defer the filing of a Prospectus
 at such time; in which case the Corporation's obligations under this Section 6.1 shall
 be deferred for a period of not more than ninety (90) days from the date of receipt of the
 Request Notice, or such longer period of time if the Corporation is prohibited from issuing
 securities under applicable Securities Laws (including a black-out period). The Corporation
 will give written notice of (i) the Board's determination to postpone filing of the
 Prospectus and, subject to compliance by the Corporation with applicable Securities Laws,
 of the facts giving rise to the Valid Business Reason, and (ii) the time when the Valid Business
 Reason for such postponement or restriction under Securities Laws no longer exists, in each
 case, as soon as reasonably practicable after the occurrence thereof if such reason ceases
 to exist prior to the ninety (90) day period. The Corporation shall not qualify for public
 distribution any securities offered by the Corporation for its own account during the foregoing
 period of postponement or restriction.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Any
 Request Notice shall (i) specify the number of Registrable Securities which the Requesting
 Investor(s) intend to be offered and sold, (ii) the express intention of the Requesting Investor(s)
 to offer or cause the offering of such Registrable Securities, (iii) describe the nature
 or methods of the proposed Public Offering and the Jurisdictions in which such Public Offering
 shall be made (including whether such Public Offering shall be made by an Underwritten Offering),
 and (iv) contain an undertaking of the Requesting Investor(s) to provide all such information
 regarding its holdings and the proposed manner of distribution thereof as may be required
 in order to permit the Corporation to comply with all applicable Securities Laws.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) In
 the case of an Underwritten Offering initiated pursuant to this Section 6.1, the Requesting
 Investor(s) shall, in consultation with the Corporation, have the right to select the managing
 underwriter(s) or managing agent(s), as applicable, in connection with the offering of such
 Registrable Securities, provided, however, that such selection shall also be satisfactory
 to the Corporation, acting reasonably.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) The
 Corporation shall be entitled to retain counsel of its choice to assist it in fulfilling
 its obligations under this Section 6.1.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) (A)
 The Corporation shall have the right to include for sale, in any Demand Registration, any
 Equity Securities to be issued from treasury, (B) the Investor(s) who are not Requesting
 Investor(s) shall have the right to include, in such Demand Registration, any Registrable
 Securities held by them and their affiliates pursuant to the exercise of their Piggy-Back
 Registration rights in accordance with Section 6.2, and (C) any other shareholders of the
 Corporation who have been granted piggy-back registration rights from the Corporation shall
 have the right to include in any Demand Registration any Equity Securities held by them,
 and the Requesting Investor(s) shall use (or shall cause its managing underwriter or underwriters
 to use) reasonable commercial efforts to cause such Equity Securities to be included in such
 Demand Registration except as and to the extent that, in the reasonable belief of the managing
 underwriter(s) or managing agent(s) (as applicable), such inclusion would jeopardize the
 successful marketing of the Registrable Securities to be sold within a price range reasonably
 acceptable to the Requesting Investor, in which case the Corporation will limit the inclusion
 of such additional Equity Securities as set out below. If a limitation on the number of Equity
 Securities to be included in any such Public Offering is required as set forth above, such
 Demand Registration shall be comprised of Equity Securities as determined according to the
 following priority:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) first,
 amongst the Registrable Securities offered by the Requesting Investor(s) and, if applicable,
 the Piggy-Back Securities offered by the Piggy-Back Investor(s) pursuant to the exercise
 of such Piggy-Back Investor(s)' Piggy-Back Registration rights in accordance with Section
 6.2, reduced on a *pro rata* basis based on the total number of such Registrable Securities
 and Piggy-Back Securities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) second,
 the Equity Securities that the Corporation wishes to issue from treasury; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) third,
 if there are additional securities which may be sold within a reasonable price range after
 taking into account the inclusion of all the Equity Securities required under Sections 6.1(g)(i)
 and 6.1(g)(ii) above, the Equity Securities held by security holders of the Corporation who
 are not party to this Agreement and who have been granted piggy-back rights by the Corporation,
 reduced *pro rata*.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) Except
 as provided in Section 6.1 (g), the Corporation shall not sell, offer to sell, announce any
 intention to sell, grant any option for the sale of any Common Shares or Convertible Securities
 other than (a) in connection with or pursuant to any merger, business combination, exchange
 offer, take-over bid, arrangement, asset purchase transaction or other acquisition of assets
 or shares of a Third Party, (b) pursuant to an equity compensation plan of the Corporation
 that is in place on the date hereof or is implemented after the date hereof in the ordinary
 course of business of the Corporation; (c) in connection with an acquisition of assets by
 the Corporation or one of its affiliates; (d) upon conversion, exchange or exercise of a
 Convertible Security issued and outstanding as of the date of this Agreement; or (e) issued
 in accordance with the Acquisition Agreement, from the date of a Request Notice until such
 date that is not later than thirty (30) days from the closing of the sale of the Common Shares
 in accordance with a Demand Registration (unless all of the Requesting Investors withdraw
 their request for qualification of their Common Shares pursuant to such Demand Registration
 in accordance with Section 6.4).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) In
 the case of an Underwritten Offering initiated pursuant to this Section 6.1, the Investor(s)
 may participate in the negotiations of the terms of any underwriting agreement, agency agreement
 or similar agreement. The Investor(s)' participation in, and the Corporation's
 completion of, the Public Offering is conditional upon the Investor(s) and the Corporation
 agreeing that the terms of any underwriting agreement, agency agreement or similar agreement
 are satisfactory to them, acting reasonably.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) At
 any time after eighteen (18) months from the date hereof, upon request by the Orion Group,
 as soon as practicable, and in any event within forty-five (45) days of such request, the
 Corporation shall prepare and file a preliminary short form base shelf prospectus with the
 applicable Canadian securities regulators ()"**Securities Regulators**") in
 the Jurisdictions qualifying the Common Shares of the Investors for distribution in all of
 the Jurisdictions and thereafter use its commercially reasonable efforts to receive a final
 receipt or equivalent document in respect of such prospectus as soon as practicable. The
 Corporation shall cause the base shelf prospectus to contain a plan of distribution consistent
 with the terms of this Agreement and approved in advance by the Investors, acting reasonably.
 The Corporation shall thereafter maintain an effective base shelf prospectus until the Investors
 are no longer entitled to registration rights under this Section 6.1.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) If
 the Corporation otherwise opts to file a base shelf prospectus with the Securities Regulators
 at any time after the date hereof, such base shelf prospectus shall provide for secondary
 offerings of Common Shares of the Investors for distribution in the Jurisdictions.

**6.2** **Piggy-Back Registration Rights** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) If
 the Corporation is formally considering completing a Public Offering for its own account
 or if a security holder proposes to complete a Public Offering through a secondary offering
 by way of the exercise of registration rights granted to such shareholder by the Corporation
 (including with respect to the exercise of the Demand Registration rights by the Requesting
 Investor(s) pursuant to Section 6.1), the Corporation shall, at that time, promptly give
 the Investor(s) written notice of such proposed Public Offering (the "**Piggy-Back Notice** "), which notice shall include all material terms of the proposed distribution,
 including the proposed pricing, if available, and whether the distribution is to be effected
 as a "bought deal" (it being understood that the Corporation shall not be required
 to provide a Piggy-Back Notice to Investors who are Requesting Investor(s) with respect to
 such Public Offering). Upon the written request of the Investor(s) who are not Requesting
 Investors with respect to a Public Offering (each a "**Piggy-Back Investor** ")
 received by the Corporation within the five (5) Business Days following the delivery of the
 Piggy-Back Notice, and provided that at the time it receives the Piggy-Back Notice the Investor's
 Percentage of such Piggy-Back Investor is not less than ten percent (10%), the Corporation
 and any Requesting Investor shall use reasonable commercial efforts to cause, in conjunction
 with the proposed Public Offering, to be included in such Public Offering such number of
 Equity Securities (the "**Piggy-Back Securities**") that the Piggy-Back Investor(s)
 have requested to be included in such Public Offering pursuant to applicable Securities Laws,
 reduced, as required, in accordance with Sections 6.1(g) or 6.2(b) (as applicable) (the "**Piggy-Back Registration**") and the procedures in Schedule A will apply. Notwithstanding any
 provision hereof to the contrary, if the Public Offering is carried out as a "bought
 deal", or any other type of Public Offering which does not include a road show, and
 the Corporation has formally begun to consider a possible Public Offering fewer than five
 (5) Business Days before conducting such Public Offering, the five (5) Business Days period
 following receipt of the Piggy-Back Notice described in this Section 6.2(a) shall not apply
 and the Corporation shall give prospective Piggy-Back Investor(s) as much notice as possible
 under the circumstances, considering the promptness with which "bought deals"
 (or such other Public Offerings) are currently carried out according to Securities Laws and
 usual market practice, and the prospective Piggy-Back Investor(s) shall only have such amount
 of time (which, at a minimum, will be twenty-four (24) hours) to notify the Corporation whether
 or not it will participate in the "bought deal" or such other Public Offering,
 failing which the Corporation shall be free to conduct the "bought deal" or such
 other Public Offering without the prospective Piggy-Back Investor(s) participation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Notwithstanding
 Section 6.2(a), if, in connection with a Piggy-Back Registration, it is the reasonable belief
 of the managing underwriter(s) or managing agent(s) (as applicable), that the inclusion of
 the Piggy-Back Securities would jeopardize the successful marketing of the Equity Securities
 to be sold in the Public Offering upon which the Piggy-Back Registration is being made, to
 be sold within a reasonable price range to the Corporation, the Corporation, the Requesting
 Investor(s) or the shareholder making the Public Offering upon which the Piggy-Back Registration
 is being made (as applicable) shall be required to include in such Public Offering the part
 of the Equity Securities, according to the following priority:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) first,
 the Equity Securities being offered by the Corporation on its own account if the Corporation
 initiated the Public Offering;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) second,
 between the security holder(s) making the Public Offering upon which the Piggy-Back Registration
 is being made and any Piggy-Back Securities held by Piggy-Back Investors, reduced on a *pro rata* basis between such Equity Securities being offered by such security holder making
 the Public Offering and Piggy-Back Securities if Piggy-Back Securities are being offered;
 and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) third, *pro rata* amongst any other security holders who have been granted piggy-back rights
 by the Corporation.

**6.3** **Registration in the United States** 

If the Corporation proposes to file a registration statement for the distribution of Common Shares to the public in the United States (or otherwise proposes to cause the Common Shares to be listed on the New York Stock Exchange, the NYSE American or the National Association of Securities Dealers Automated Quotations (NASDAQ)), the parties shall, prior to such distribution taking place, supplement this Agreement so as to provide the Investors with registration rights enabling the distribution of Common Shares to the public in the United States that are substantially equivalent to the registration rights provided under this Agreement, including Demand Registration rights and Piggy-Back Registration rights upon terms and conditions substantially equivalent to the terms and conditions set forth in Sections 6.1 and 6.2 and pursuant to a re-sale shelf registration statement pursuant to Rule 415 under the U.S. Securities Act.

**6.4** **Withdrawal of Registrable Securities** 

Each Investor shall have the right to withdraw its request for inclusion of its Registrable Securities or Piggy-Back Securities, as applicable, in any Public Offering pursuant to Sections 6.1 and 6.2 by giving written notice to the Corporation of its request to withdraw; provided, however, that (a) such request must be made in writing prior to the execution of the binding "bought deal" letter, underwriting agreement or agency agreement with respect to such Public Offering, or with the consent of the underwriters or agents (as applicable) and without prejudice or losses suffered by the Corporation, and (b) such withdrawal shall be irrevocable and, after making such withdrawal, such Investor(s) shall no longer have any right to include its Registrable Securities or Piggy-Back Securities, as applicable, in the Public Offering pertaining to which such withdrawal was made. Provided that the Investor(s) withdraws all of its Registrable Securities from a Demand Registration or its Piggy-Back Securities from a Piggy-Back Registration in accordance with this Section 6.4 prior to the execution of a binding "bought deal" letter, underwriting agreement or agency agreement and prior to the filing of a preliminary Prospectus in connection therewith, such Investor(s) shall be deemed not to have initiated or participated in such Demand Registration or Piggy-Back Registration, as applicable, including, without limitation, for purposes of determining the number of Demand Registrations that the Corporation shall be obliged to effect pursuant to Section 6.1(c)(i). Notwithstanding the foregoing, if an Investor withdraws its request for inclusion of its Common Shares from a Demand Registration or Piggy-Back Registration, as applicable, at any time after having learned of a material adverse change in the condition, business or prospects of the Corporation, such Requesting Investor shall be deemed to not have participated in or requested such Demand Registration or Piggy-Back Registration, as applicable. Notwithstanding anything contained herein, if the Corporation defers the filing of a Prospectus pursuant to Section 6.1(c)(ii) and if an Investor, at any time prior to receiving written notice that the Valid Business Reason for such deferral no longer exists, advises the Corporation in writing that it has determined to withdraw its request for a Demand Registration, then such Demand Registration and the request therefor shall be deemed to be withdrawn and such request will be deemed not to have been made for purposes of determining whether the Investor exercised its right to a Demand Registration.

**6.5** **Expenses** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Subject
 to Section 6.5(b), in the case of a Demand Registration under Section 6.1 and in connection
 with the filing of a base shelf prospectus under Section 6.1(j), all expenses incidental
 to the Corporation's performance of or compliance with such Section 6.1, including
 (i) Securities Regulators and Exchange registration, listing and filing fees; (ii) printing,
 copying, messenger and delivery expenses; (iii) expenses incurred in connection with any
 road show and marketing activities; (iv) reasonable fees, expenses and disbursements of legal
 counsel to the Corporation in all relevant Jurisdictions; (v) reasonable fees, expenses and
 disbursements of the Corporation's auditors, including the expenses of any special
 audits or comfort letters; (vi) translation expenses (if applicable); and (vii) any other
 reasonable fees or expenses payable to an underwriter or sellers of securities, other than
 Selling Expenses (the "**Offering Expenses**") shall be borne by the Requesting
 Investor(s), unless the Corporation sells Equity Securities as part of the Demand Registration,
 in which case the Offering Expenses shall be borne by the Requesting Investor(s) and the
 Corporation *pro rata* in proportion to the gross proceeds received by each from the
 Public Offering. For greater certainty, in the event that a Demand Registration is not completed,
 the Requesting Investor(s) shall continue to be responsible for the applicable Offering Expenses.
 Notwithstanding the foregoing, if a Demand Registration is withdrawn by an Investor due to
 a material adverse change in the condition, business or prospects of the Corporation or if
 the Demand Registration is not completed primarily as a result of breach of this Agreement
 or a "bought deal" letter, underwriting agreement or agency agreement with respect
 to such Public Offering by the Corporation, all Offering Expenses in connection with such
 Demand Registration shall be borne by the Corporation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) In
 the case of a Piggy-Back Registration pursuant to Section 6.2 (including a Piggy-Back Registration
 exercised upon a Demand Registration under Section 6.1), the Offering Expenses shall be paid
 by the ultimate participants in such Public Offering in proportion to the gross proceeds
 received by each such person from the Public Offering, unless the ultimate participants agree
 otherwise. Notwithstanding the foregoing, the Corporation shall pay the Offering Expenses
 for a Piggy-Back Registration on a Public Offering pursuant to which any Equity Securities
 are sold for the Corporation's own account.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The
 Investor(s) will pay all underwriting discounts and commissions and any transfer taxes ()"**Selling Expenses**") attributable to the Equity Securities to be sold by such Investor(s),
 in proportion to the gross proceeds they receive from any Demand Registration or Piggy-Back
 Registration, as the case may be. The Corporation will pay all Selling Expenses attributable
 to the Equity Securities to be sold by the Corporation, and the Corporation will cause any
 other shareholder exercising demand registration rights or piggy-back registration rights
 granted by the Corporation to such shareholder to pay all Selling Expenses attributable to
 the Equity Securities to be sold by such shareholders, if any, each in proportion to the
 gross proceeds received by such person from any Demand Registration or Piggy-Back Registration,
 as the case may be.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The
 Corporation and the Investors shall, in any event, pay their internal expenses (including
 all salaries and expenses of its officers and employees performing legal or accounting duties).

**6.6** **Indemnification** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i) In
 connection with any Demand Registration and Piggy-Back Registration, the Corporation shall
 indemnify and hold harmless the Requesting Investor(s) and/or Piggy-Back Investor(s), as
 the case may be, their affiliates, and each of their respective directors, officers, employees,
 agents, advisors, and underwriters (in the case of a Demand Registration only) from and against
 any loss (excluding loss of profits), liability, claim, damage and expense whatsoever (including
 reasonable legal fees and expenses), including any amounts paid in settlement of any investigation,
 litigation, proceeding or claim, joint or solidary, incurred, arising out of or based upon
 any untrue statement or alleged untrue statement of a material fact contained in any Prospectus,
 or any amendment thereto, covering Registrable Securities and/or Piggy-Back Securities, including
 all documents incorporated therein by reference, or the omission or alleged omission therefrom
 of a material fact required to be stated therein or necessary to make the statements therein
 not misleading, in light of the circumstances under which they were made, provided that the
 Corporation shall not be liable under this Section 6.6(a) for any settlement of any action
 effected without its prior written consent, which consent shall not be unreasonably withheld
 or delayed, and provided further that the indemnity provided for in this Section 6.6(a) shall
 not apply to any loss, liability, claim, damage or expense to the extent arising out of or
 based upon (a) any untrue statement or omission or alleged untrue statement or omission made
 in reliance upon and in conformity with information furnished in writing to the Corporation
 by such Investor(s) for use in the Prospectus; or (b) any failure to comply with applicable
 Securities Laws by such Investor or underwriter. Any amounts remitted by the Corporation
 to an Indemnified Party pursuant to this Section 6.6(a) as a result of such losses shall
 be returned to the Corporation if it is finally determined by a court in a judgment not subject
 to appeal or final review that such Indemnified Party was not entitled to indemnification
 by the Corporation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) In
 connection with any Demand Registration or Piggy-Back Registration, the Requesting Investor(s)
 and/or Piggy-Back Investor(s), as the case may be, on a several basis and with respect to
 itself only, shall indemnify and hold harmless the Corporation and each of the Corporation's
 directors, officers, employees, agents, advisors, and underwriters (in the case of a Piggy-Back
 Registration) from and against any loss (excluding loss of profits), liability, claim, damage
 and expense whatsoever (including reasonable legal fees and expenses), including any amounts
 paid in settlement of any investigation, litigation, proceeding or claim, joint or solidary,
 as incurred, arising out of or based upon any untrue statement or alleged untrue statement
 of a material fact contained in any Prospectus (or any amendment thereto) covering Registrable
 Securities and/or Piggy-Back Securities, or the omission or alleged omission therefrom of
 a material fact required to be stated therein or necessary to make the statements therein
 not misleading, in the light of the circumstances under which they were made, as incurred,
 but only with respect to untrue statements or omissions, or alleged untrue statements or
 omissions, made in the Prospectus (or any amendment thereto) included in reliance upon and
 in conformity with information in respect of the Requesting Investor and/or Piggy-Back Investor,
 respectively, and which is furnished in writing to the Corporation by the Requesting Investor(s)
 and/or Piggy-Back Investor(s), for use in the Prospectus (or any amendment thereto); provided
 that such Investor(s) shall not be liable under this Section 6.6(b) for any settlement of
 any action effected without its written consent, which consent shall not be unreasonably
 withheld or delayed; provided further that the indemnity provided for in this Section 6.6(b)
 shall not apply to any loss, liability, claim, damage or expense to the extent arising out
 of or based upon an untrue statement or omission or alleged untrue statement or omission
 contained in any Prospectus if the Corporation failed to send or deliver a copy of the Prospectus
 to the person asserting such losses, liabilities, claims, damages or expenses on or prior
 to the delivery of written confirmation of any sale of securities covered thereby to such
 person in any case where such Prospectus (or any amendment or supplement thereto) corrected
 such untrue statement or omission. Any amounts remitted by the Requesting Investor(s) and/or
 Piggy-Back Investor(s) to an Indemnified Party pursuant to this Section 6.6(b) as a result
 of such losses shall be returned to such Investor(s), if it is finally determined by such
 a court in a judgment not subject to appeal or final review that such Indemnified Party was
 not entitled to indemnification by such Investor(s).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Each
 party entitled to indemnification under this Section 6.6 (the "**Indemnified Party** ")
 shall give notice to the party required to provide indemnification (the "**Indemnifying Party**") promptly after such Indemnified Party has actual knowledge of any claim
 as to which indemnity may be sought, but the omission to so notify the Indemnifying Party
 shall not relieve it from any liability which it may have to the Indemnified Party pursuant
 to the provisions of this Section 6.6 except to the extent of the actual damages caused or
 prejudice suffered by such delay in notification. At its own expense, the Indemnifying Party
 shall defend such action and retain counsel to be chosen by the Indemnifying Party and reasonably
 satisfactory to the Indemnified Party. The Indemnified Party shall have the right to retain
 its own counsel in any such case, but the legal fees and expenses of such counsel shall be
 at the expense of the Indemnified Party, unless (i) the employment of such counsel has been
 authorized in writing by the Indemnifying Party in connection with the defence of such action,
 (ii) the Indemnifying Party shall not have employed counsel to take charge of the defence
 of such action within a reasonable period of time, or (iii) the Indemnified Party shall have
 reasonably concluded, based on the advice of outside legal counsel, that representation of
 the Indemnified Party and the Indemnifying Party by the same counsel would be inappropriate
 due to the actual or potential differing interests between them (in which cases the Indemnifying
 Party shall not have the right to direct the defence of such action on behalf of the Indemnified
 Party); provided that the Indemnifying Party shall under no circumstances be required to
 pay the legal fees and expenses of more than one law firm in any jurisdiction acting as legal
 counsel with respect to each Investor's Indemnified Party group in accordance herewith.
 No Indemnifying Party, in the defence of any such claim or litigation, shall, except with
 the consent of each Indemnified Party, consent to the entry of any judgment or enter into
 any settlement which does not include as an unconditional term thereof the giving by the
 claimant or plaintiff to such Indemnified Party of a release from all liability in respect
 to such claim or litigation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) If
 a party which would have been an Indemnified Party pursuant to this Section 6.6 cannot take
 advantage of the indemnification contemplated therein with respect to any loss, obligation,
 claim, damage and cost referred to herein, each party hereto which would have been an Indemnifying
 Party hereunder shall, rather than indemnifying such Indemnified Party, contribute to the
 sum paid or payable by the Indemnified Party as a result of such loss, obligation, claim,
 damage and cost in a proportion which reflects the relative fault of each of the Indemnifying
 Party and the Indemnified Party with respect to the statement or omission which caused such
 loss, obligation, claim, damage and cost, and according to other relevant fairness considerations.
 The relative fault is established in particular according to whether the real or alleged
 statement about a material fact or the real or alleged omission of a material fact relates
 to information given by the Indemnifying Party or the Indemnified Party as well as according
 to the relative intention of the parties and the extent to which they were aware of such
 information, had access to it and had the opportunity to correct or prevent the statement
 or omission; provided, however, that, in any such case, no person guilty of fraud, wilful
 misconduct or misrepresentation within the meaning of applicable Securities Laws will be
 entitled to contribution from any person who was not guilty of fraud, wilful misconduct or
 misrepresentation. The amount paid or payable by a party under this Section 6.6 as a result
 of the losses, liabilities, claims, damages and expenses referred to above shall be deemed
 to include any legal or other fees or expenses reasonably incurred by such party in connection
 with any investigation or proceeding. The Corporation and the Investors agree that it would
 not be fair if the contribution contemplated by this Section 6.6(d) were established by proportionate
 attribution or another means of attribution which does not take into account the fairness
 considerations referred to above in this Section 6.6(d).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Notwithstanding
 any provision of this Agreement or another agreement, the Investors shall in no event be
 liable for the indemnification contemplated herein for an amount greater than the net proceeds
 which each of them, as the case may be, receives in connection with a given Public Offering
 of Registrable Securities or Piggy-Back Securities, as applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) The
 Corporation hereby acknowledges and agrees that, with regard to this Section 6.6, each Investor
 is contracting on its own behalf and as agent for the other Indemnified Parties referred
 to in this Section 6.6. In this regard, each Investor will act as trustee for such Indemnified
 Parties of the covenants of the Corporation under this Section 6.6 with respect to such Indemnified
 Parties and accepts these trusts and will hold and enforce those covenants on behalf of such
 Indemnified Parties.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) Each
 Investor hereby acknowledges and agrees that, with regard to this Section 6.6, the Corporation
 is contracting on its own behalf and as agent for the other Indemnified Parties referred
 to in this Section 6.6. In this regard, the Corporation will act as trustee for such Indemnified
 Parties of the covenants of the Investors under this Section 6.6 with respect to such Indemnified
 Parties and accepts these trusts and will hold and enforce those covenants on behalf of such
 Indemnified Parties.

**6.7** **Agreement Regarding Compliance with Securities Laws** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) If,
 in connection with a secondary offering as herein contemplated, in the reasonable opinion
 of counsel to the Corporation, it is necessary or appropriate in order to comply with any
 Securities Laws, the Corporation's obligations under this Article 7 shall be conditional
 upon the Investors and any underwriter(s) or agent(s) participating in such public sale or
 distribution, executing and delivering to the Corporation an appropriate agreement, in a
 form reasonably satisfactory to counsel to the Corporation, that such person will comply
 with all prospectus delivery requirements of all applicable Securities Laws and with stabilization,
 anti-manipulation and similar provisions of the applicable Securities Laws and will furnish
 to the Corporation information about sales made in such public sale or distribution.

**6.8** **Granting of Demand Registration Rights and Piggy-Back Registration Rights to Third-Parties** 

In the event that a person, other than the Investors, also receives registration rights from the Corporation, the Corporation shall ensure that such registration rights permit the exercise of the Investors' Demand and Piggy-Back Registration rights, as set forth herein.

**Article 7**

**REPRESENTATIONS AND WARRANTIES**

**7.1** **Representations and Warranties of M Grupo** 

M Grupo represents and warrants to the Corporation, as of the date hereof, as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) *Organization, Authority and Qualification of M Grupo.* 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) It
 is duly formed in accordance with the laws of its jurisdiction of formation, validly existing
 and in good standing under the laws of its jurisdiction of formation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) It
 has all necessary corporate power and authority to enter into this Agreement, to carry out
 its obligations hereunder and to consummate the transactions contemplated hereby.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) The
 acquisition of Common Shares, and the execution and delivery of this Agreement and the M
 Grupo JV Arrangement Termination Agreement by it, the performance of its obligations hereunder
 and the consummation by it of the transactions contemplated hereby and thereby, have been
 duly authorized by all requisite action on the part of it and no other action by it is necessary
 to authorize the transactions contemplated hereby or thereby or to consummate such transactions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) This
 Agreement and the M Grupo JV Arrangement Termination Agreement have been duly executed and
 delivered by it, and assuming due authorization, execution and delivery by the other parties
 thereto, this Agreement and the M Grupo JV Arrangement Termination Agreement constitute a
 legal, valid and binding obligations of it, enforceable against it in accordance with their
 respective terms except for bankruptcy and insolvency laws.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) *No Conflict*. The acquisition of Common Shares, and the execution, delivery and performance
 of this Agreement and the M Grupo JV Arrangement Termination Agreement by it as contemplated
 hereby do not and will not:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) violate,
 conflict with or result in the breach of the certificate of incorporation, bylaws or trust
 agreement (or similar organizational documents) of it;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) conflict
 with or violate, in any material respect, any law or governmental order applicable to it;
 or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) violate,
 conflict with, result in any breach of, constitute a default (or event which with the giving
 of notice or lapse of time, or both, would become a default) under, require any consent under,
 or give rise to others any rights of or result in, termination, modification, acceleration
 or cancellation of, any note, bond, mortgage or indenture, contract, agreement, lease, sublease,
 license, permit, franchise, loss of benefit under or creation of any Encumbrance, or other
 instrument or arrangement to which it is a party, except to the extent such violations, failures
 to file, obtain or notify or breaches, conflicts, defaults, or liens which would not materially
 and adversely affect the ability of it to carry out its obligations under, and to consummate
 the transactions contemplated by, this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) *Governmental Consents and Approvals*. The execution, delivery and performance by it of this Agreement
 and the M Grupo JV Arrangement Termination Agreement do not and will not require any material
 consent, approval, authorization or other order of, action by, tiling with, or notification
 to, any Governmental Authority, except where failure to obtain such consent, approval, authorization
 or action, or to make such filing or notification, would not prevent or materially delay
 the consummation by it of the transactions contemplated by this Agreement and the M Grupo
 JV Arrangement Termination Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) *Improper Payments*.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) It
 and each of its affiliates has at all times during the past five years been and is in compliance
 with all applicable Anti-Corruption Laws, and applicable Sanctions and export controls.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) It
 and each of its affiliates has at all times during the past five years been and is in compliance
 with and has not been charged or otherwise subject to Proceedings under AML Legislation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) It
 and each of its affiliates, their respective officers and directors and to the knowledge
 of M Grupo, their employees and agents have at all times in the past five years been and
 is in compliance with, and have not been charged under Anti-Corruption Laws and applicable
 Sanctions, and are not knowingly engaged in any activity that would reasonably be expected
 to result in the any of it or its affiliates being designated as a Sanctioned Person or Sanctioned
 Entity.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) *Compliance with Laws*. It and each of its affiliates is, and at all times has in the past five years
 been, in compliance in all material respects with Applicable Laws. It and each of its affiliates
 (i) is not currently and has not been in the last five years charged is not under investigation,
 whether pending, threatened or otherwise, or subject to Proceedings with respect to a violation
 of any Applicable Laws, and (ii) is not a party to or bound by any order, judgment, decree,
 injunction, rule or award of any court, arbitration panel or other Governmental Authority.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) *Independent Investigation*. It has conducted its own independent investigation, review and analysis
 of the Corporation's business, operations, assets, liabilities, results of operations,
 financial condition and prospects of the business of the Corporation as it has deemed appropriate,
 which investigation, review and analysis was done by the Investor and its affiliates and
 representatives. In entering into this Agreement, it acknowledges that it has relied solely
 upon the aforementioned investigation, review and analysis and not on any factual representations
 or opinions of the Corporation or its affiliates. It hereby further acknowledges that (a)
 none of the Corporation or any of its affiliates, or any of their respective officers, directors,
 employees, agents, representatives or equity owners, make or have made any representation
 or warranty, express or implied, at law or in equity, as to any matter whatsoever relating
 to the Common Shares, the Corporation or its business or any other matter relating to the
 transactions contemplated by this Agreement including as to (i) merchantability or fitness
 for any particular use or purpose, (ii) the operation of the business of the Corporation
 after the date hereof in any manner, or (iii) the probable success or profitability of the
 business of the Corporation after the date hereof, and (b) none of the Corporation, its affiliates
 or any of their respective officers, directors, employees, agents, representatives or equity
 owners will have or will be subject to any liability or indemnification obligation to it,
 its affiliates or their representatives deriving from its use of any information relating
 to the Common Shares, the Corporation or any other matter relating to the transactions contemplated
 by this Agreement, including any descriptive memoranda, summary business descriptions or
 any information, documents or material made available to it or its affiliates or representatives,
 whether orally or in writing, management presentations, functional "break-out"
 discussions, responses to questions submitted on behalf of it or in any other form in expectation
 of the transactions contemplated by this Agreement; provided that nothing contained herein
 will restrict the right of any Party to seek specific performance or other equitable remedies
 in connection with any breach of any of the covenants contained in this Agreement. Neither
 it nor any of its affiliates has received a prospectus or offering memorandum regarding the
 Corporation (and will not have statutory remedies in respect of any such disclosure documents).

**Article 8<br> MISCELLANEOUS**

**8.1** **Termination** 

This Agreement shall terminate and all rights and obligations hereunder shall cease immediately with respect to an Investor at such time as such Investor's Percentage is less than ten percent (10%). Upon termination of this Agreement with respect to an Investor, such Investor shall cease to have any further obligations or liabilities hereunder; provided, that such termination shall not (a) relieve any party from liability for any breach of this Agreement prior to such termination, (b) diminish, terminate, derogate or impair any rights of an Investor Nominee or the obligations of the Corporation in respect of such Investor Nominee described in Sections 2.2(f), 2.2(g) and 2.2(h), or (c) diminish, terminate, derogate or impair any rights of the Corporation or the obligations of each Investor described in Sections 5.4, 6.5 or 6.6.

**8.2** **Notices** 

All notices, requests, claims, demands or other communications hereunder shall be in writing and shall be deemed given when delivered personally or by pre-paid courier, upon receipt of a transmission confirmation if sent by email or other like electronic transmission (with confirmation) and on the next Business Day when sent by overnight courier to the parties at the following addresses (or at such other address for a party as shall be specified by like notice):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) To
 the Orion Group:

---

| | |
|:---|:---|
| Orion Resource Partners (USA) LP | Orion Resource Partners (USA) LP |
| 7 Bryant Park | 7 Bryant Park |
| 1045 Avenue of the Americas, Floor 25 | 1045 Avenue of the Americas, Floor 25 |
| New York, NY 10018 | New York, NY 10018 |
| Attention: | General Counsel |
| Email: | [Redacted – Personal Information] |
| With a copy (which shall not constitute notice) to: | With a copy (which shall not constitute notice) to: |
| Dalu S.à r.l. | Dalu S.à r.l. |
| [Redacted – Personal Information] | [Redacted – Personal Information] |
| Attention: | Board of Directors |
| Email: | [Redacted – Personal Information] |

---

---

| | |
|:---|:---|
| And to: | And to: |
| Torys LLP | Torys LLP |
| 79 Wellington Street West, Suite 3000 | 79 Wellington Street West, Suite 3000 |
| Toronto, Ontario | Toronto, Ontario |
| M5K 1N2 | M5K 1N2 |
| Attention: | Michael Pickersgill |
| Email: | [Redacted – Personal Information] |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) To
 the M Grupo Group:

---

| | |
|:---|:---|
| Grupo Desarrollador Migo SAPI de CV | Grupo Desarrollador Migo SAPI de CV |
| [Redacted – Personal Information] | [Redacted – Personal Information] |
| Attention: | Luis Mier |
| Email: | [Redacted – Personal Information] |
| With a copy (which shall not constitute notice) to: | With a copy (which shall not constitute notice) to: |
| Grupo Desarrollador Migo SAPI de CV | Grupo Desarrollador Migo SAPI de CV |
| [Redacted – Personal Information] | [Redacted – Personal Information] |
| Attention: | Pablo Reynoso |
| Email: | [Redacted – Personal Information] |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) To
 the Corporation:

---

| | |
|:---|:---|
| Excellon Resources Inc. | Excellon Resources Inc. |
| 10 King Street E., Suite 200 | 10 King Street E., Suite 200 |
| Toronto, Ontario | Toronto, Ontario |
| M5C 1C3 | M5C 1C3 |
| Attention: | Chief Legal Officer |
| Email: | [Redacted – Personal Information] |
| With a copy (which shall not constitute notice) to: | With a copy (which shall not constitute notice) to: |
| Osler, Hoskin & Harcourt LLP | Osler, Hoskin & Harcourt LLP |
| 1 First Canadian Place, Suite 6200 | 1 First Canadian Place, Suite 6200 |
| Toronto, Ontario | Toronto, Ontario |
| M5X 1B8 | M5X 1B8 |
| Attention: | James R. Brown |
| Email: | [Redacted – Personal Information] |

---

**8.3** **Consent to Public Disclosure** 

The Investors hereby acknowledge that the Corporation will file a copy of this Agreement on SEDAR. The Corporation shall not file a copy of this Agreement on SEDAR without reasonable prior consultation with the Orion Group and the Corporation and the Orion Group shall consult with each other with respect to any proposed redactions to this Agreement in compliance with Securities Laws before it is filed on SEDAR.

**8.4** **Execution in Counterpart** 

This Agreement may be executed in one or more counterparts (by manual or electronic signature), each of which shall be deemed to be an original but all of which together shall constitute one and the same instrument and receipt of an electronic version or PDF version of an executed signature page by a party shall constitute satisfactory evidence of execution of this Agreement by such party.

**8.5** **Amendment and Waiver** 

This Agreement or any provision hereof may not be amended except in writing signed by each of the parties hereto expressly so modifying such agreement or provision. The agreements set forth in this Agreement may be modified or waived only in writing by the party to whom such compliance is owed. It is further understood and agreed that no failure or delay by any party in exercising any right, power or privilege under this Agreement shall operate as a waiver thereof, nor shall any single or partial exercise thereof preclude any other or further exercise thereof or the exercise of any right, power or privilege under this Agreement.

**8.6** **Assignment** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Subject
 to Section 8.6(b), no party may assign this Agreement or any interests, rights or benefits
 therein or thereunder without the prior written consent of the other parties.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) In
 connection with an assignment of Common Shares by Orion to another member of the Orion Group
 or by M Grupo to another member of the M Grupo Group, Orion or M Grupo, as applicable, may
 assign this Agreement and the rights, privileges and obligations hereunder, in whole or in
 part, without the prior written consent of the other parties to another member of the Orion
 Group or another member of the M Grupo Group, as applicable, provided that such other member
 first agrees in writing to be bound by such Investor's applicable obligations under
 this Agreement (in which case the other member will also be entitled to such Investor's
 applicable rights under this Agreement, subject to below).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Notwithstanding
 the foregoing, in the case of a transfer of less than all of the Common Shares held by Orion
 or M Grupo to another member of the Orion Group or another member of the M Grupo Group, as
 applicable, and an assignment of rights of Orion or M Grupo to another member of the Orion
 Group or another member of the M Grupo Group, as applicable, under this Agreement, only one
 member of the Orion Group or the M Grupo Group, as applicable (the "**Designated Party** ")
 shall be entitled to exercise the rights set out in Article 2 and Article 4) and references
 to the "Investor" in respect of Orion or M Grupo and the other member of the
 Orion Group or the other member of the M Grupo Group, as applicable, shall be read to refer
 to the applicable Orion Group or M Grupo Group parties, as applicable, acting jointly with
 the members of the respective group, with all of the limitations under this Agreement applying
 to such members of the Orion Group on the one hand, and members of the M Grupo Group on the
 other hand, acting together. In connection with an assignment of any rights under this Agreement,
 the applicable Investor shall confirm in writing to the Corporation which member(s) of the
 Orion Group or the M Grupo Group, as applicable, will be a Designated Party.

**8.7** **Successors and Substitute Securities** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) In
 the event that any party proposes to enter into any acquisition, amalgamation, arrangement,
 merger or combination or any transaction pursuant to which another person or a successor
 to such party becomes bound by the provisions of this Agreement by agreement or by operation
 of law, the person resulting from such acquisition, amalgamation, arrangement, merger, combination
 or transaction shall enter into an agreement in form and substance satisfactory to the other
 party pursuant to which such person agrees to be bound by this Agreement as though it were
 a party hereto in the place of the party entering into the acquisition, amalgamation, arrangement,
 merger, combination or transaction.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The
 provisions of this Agreement shall apply, to the full extent set forth herein with respect
 to the Equity Securities held by the Investors, to any and all equity securities of any successor
 or assign of the Corporation (whether by merger, consolidation, sale of assets or otherwise)
 which may be issued in respect of, in exchange for, or in substitution of the Equity Securities
 held by the Investors, in each case as the amounts of such securities outstanding are appropriately
 adjusted for any equity dividends, splits, reverse splits, combinations, recapitalizations
 and the like occurring after the date of this Agreement.

*[Signature page follows]*

 

**IN WITNESS WHEREOF**, the parties hereto have executed and delivered this Agreement as of the date first written above.

---

| |
|:---|
| **DALU S.À R.L.** |
| By: |
| Name: |
| Title: |
| **[M GRUPO SUBSIDIARY]** |
| By: |
| Name: |
| Title: |

---

---

| |
|:---|
| **EXCELLON RESOURCES INC.** |
| By: |
| Name: |
| Title: |

---

**Schedule A<br> REGISTRATION PROCEDURES**

**1.** **Obligations of the Corporation** 

In connection with the Corporation's registration obligations with respect to any Demand Registration and Piggy-Back Registration pursuant to this Agreement, the Corporation shall use its commercially reasonable efforts to effect the qualification of the distribution of Registrable Securities or Piggy-Back Securities, as applicable, of the Investor(s) participating in such Demand Registration or Piggy-Back Registration and, for such purpose, the Corporation shall as expeditiously as reasonably practicable:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) but,
 subject to Section 7.1(c), in any event within forty-five (45) days after the Corporation's
 receipt of the Request Notice, prepare and file with the applicable Securities Regulators
 in the Jurisdictions a preliminary Prospectus and Prospectus relating to the applicable Demand
 Registration or Piggy-Back Registration including all exhibits and financial statements required
 by the Securities Regulators to be filed therewith, and use its commercially reasonable efforts
 to cause such preliminary Prospectus and Prospectus to be receipted; the Corporation shall
 furnish to each of the participating Investor(s) and the agents or underwriters, if any,
 and their respective counsel copies of such preliminary Prospectus and Prospectus and any
 amendments or supplements in the form filed with the Securities Regulators, simultaneously
 with the filing of such preliminary Prospectus and Prospectus, and any amendments or supplements
 thereto; the Corporation shall provide each of the participating Investor(s) and the agents
 or underwriters, if any, and their respective counsel with a reasonable opportunity to review
 and provide comments to the Corporation on the preliminary Prospectus and Prospectus and
 any amendments or supplements thereto and give reasonable consideration to such comments;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) prepare
 and file with the Securities Regulators such amendments to the preliminary Prospectus and
 Prospectus as may be necessary to complete the distribution of all such Registrable Securities
 or Piggy-Back Securities, as applicable, and as required under the Securities Act or under
 any applicable provisions of applicable Securities Laws;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) allow
 each of the participating Investor(s) and the agents or underwriters, if any, and their respective
 counsel and other representatives to (i) participate in the preparation of the preliminary
 Prospectus and Prospectus and any amendments or supplements thereto and give reasonable consideration
 to any comments provided thereon, and (ii) conduct reasonable due diligence on the Corporation
 in order to enable such persons to execute any certificate required to be executed by them
 under applicable Securities Laws, including providing a customary opportunity for Investors
 to discuss the business of the Corporation with its senior management and auditors, and,
 without limiting the generality of the foregoing, make available its senior management, and
 use its commercially reasonable efforts to make available its auditors and its legal counsel
 to answer any questions in one or more due diligence sessions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) notify
 each of the participating Investor(s) and the agents or underwriters, if any, and (if requested)
 confirm such advice in writing, as soon as practicable after notice thereof is received by
 the Corporation (i) when the preliminary Prospectus and Prospectus or any amendment thereto
 has been filed or been receipted, and to furnish each of the participating Investor(s) and
 the lead underwriters or agents (if any) with copies thereof; (ii) of any request by the
 Securities Regulators for amendments to the preliminary Prospectus, the Prospectus or for
 additional information, (iii) of the issuance by the Securities Regulators of any stop order
 or cease trade order relating to the Prospectus or any order preventing or suspending the
 use of any preliminary Prospectus or Prospectus or the initiation or threatening of any proceedings
 for such purposes; or (iv) of the receipt by the Corporation of any notification with respect
 to the suspension of the qualification of the Equity Securities for offering or sale in any
 jurisdiction or the initiation or threatening of any proceeding for such purpose;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) promptly
 notify each of the participating Investor(s) and the agents or underwriters, if any, at any
 time during the distribution period in respect of the Public Offering, if the Corporation
 becomes aware of the happening of any event as a result of which the preliminary Prospectus
 or the Prospectus (as then in effect) contains any untrue statement of a material fact or
 omits to state a material fact necessary to make the statements therein (in the case of the
 preliminary Prospectus or Prospectus in light of the circumstances under which they were
 made) when such preliminary Prospectus or the Prospectus was delivered not misleading, fails
 to constitute full, true and plain disclosure of all material facts when such Prospectus
 was delivered or if for any other reason it shall be necessary during such time period to
 amend or supplement the preliminary Prospectus or the Prospectus in order to comply with
 applicable Securities Laws and, in either case as promptly as practicable thereafter, prepare
 and file with the Securities Regulators, and furnish without charge to each of the participating
 Investor(s) and the agents or underwriters, a supplement or amendment to such preliminary
 Prospectus or Prospectus which shall correct such statement or omission or effect such compliance;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) use
 commercially reasonable efforts to obtain the withdrawal of any stop order, cease trade order
 or other order against the Corporation or suspending the use of any preliminary Prospectus
 or Prospectus or suspending any qualification of the Equity Securities covered by the Prospectus,
 or the initiation or the threatening of any proceedings for such purposes;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) furnish
 to each of the participating Investor(s) and the agents or underwriters, if any, and their
 respective counsel, and, subject to Section 6.5, without charge, one executed copy and as
 many conformed copies as they may reasonably request, of the Prospectus and any amendment
 thereto, including financial statements and schedules, all documents incorporated therein
 by reference;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) deliver
 to each of the participating Investor(s) and the agents or underwriters, if any, subject
 to Section 6.5, without charge, as many copies of the preliminary Prospectus and the Prospectus
 and any amendment or supplement thereto as such persons may reasonably request (it being
 understood that the Corporation consents to the use of the preliminary Prospectus and the
 Prospectus or any amendment thereto by each of the participating Investor(s) and the agents
 or underwriters, if any, in connection with the Public Offering and sale of the Registrable
 Securities or Piggy-Back Securities, as applicable, covered by the preliminary Prospectus
 and the Prospectus or any amendment or supplement thereto) and such other documents as each
 such participating Investor(s) may reasonably request in order to facilitate the offering
 of the Registrable Securities or Piggy-Back Securities, as applicable, by such person;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) on
 or prior to the date on which a receipt is issued for the Prospectus by the applicable Securities
 Regulators, use its commercially reasonable efforts to qualify the Registrable Securities
 or Piggy-Back Securities, as applicable, for offer and sale under the applicable Securities
 Laws of the Jurisdictions and cooperate with each of the participating Investor(s) and the
 agents or underwriters, if any, and their respective counsel in connection therewith, as
 any such person, underwriter or agent reasonably requests in writing provided that the Corporation
 shall not be required to qualify generally to do business in any jurisdiction where it is
 not then so qualified or to take any action which would subject it to general service of
 process in any such jurisdiction where it is not then so subject;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) in
 connection with any Underwritten Offering, enter into customary agreements, including an
 underwriting agreement or agency agreement on standard market terms and take all such other
 actions as the underwriters or agents reasonably request in order to expedite or facilitate
 the distribution of the Registrable Securities or Piggy-Back Securities, as applicable;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) use
 its commercially reasonable efforts to obtain a customary legal opinion addressed to each
 of the participating Investor(s) and the underwriters or agents, if any, as well as a customary
 long form comfort letter from the auditor or auditors of the Corporation for the financial
 statements included or incorporated by reference in a Prospectus;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) furnish
 to the participating Investor(s) and the underwriters or agents, if any, such corporate certificates
 as are customarily furnished in securities offerings, and, in each case, covering substantially
 the same matters as are customarily covered in such documents in the applicable Jurisdictions
 and such other matters as the participating Investor(s) may reasonably request;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m) participate
 in the marketing efforts which each of the participating Investor(s) or the underwriters
 or agent, if any, consider reasonably necessary, such as a road show, meetings with institutional
 investors and other similar events; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n) take
 any other steps and sign and deliver any other documents which may be reasonably necessary
 to give full effect to the rights of each of the participating Investors pursuant to this
 Agreement.

**2.** **Investors' Obligations** 

In connection with any Demand Registration or Piggy-Back Registration pursuant to this Agreement, each of the participating Investor(s) shall:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) furnish
 to the Corporation such information regarding the Registrable Securities or Piggy-Back Securities,
 as applicable, and such other information relating to each such participating Investor(s)
 and its ownership of Equity Securities as the Corporation may reasonably request in writing
 in order to comply with applicable Securities Laws in the Jurisdictions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) promptly
 review and comment on any draft documents provided to the participating Investor(s) under
 Section 1 above;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) notify
 the Corporation promptly upon the occurrence of any event as a result of which any of the
 aforesaid Prospectuses includes an untrue statement of a material fact or omits to state
 a material fact required to be stated therein or necessary to make the statements therein
 not misleading in light of the circumstances under which they are made; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) if
 Securities Laws so require, sign any certificate forming part of a preliminary Prospectus
 or Prospectus to be filed with the relevant Securities Regulators.

For certainty, unless required under Securities Laws, a Prospectus shall not contain any covenant, representation or warranty of or from the participating Investor(s).

**Schedule B<br> DISPUTE RESOLUTION**

&nbsp;&nbsp;&nbsp;&nbsp;a) Any
 Dispute not resolved pursuant to Section 1.3(b) shall be referred to the chief executive
 officer, general counsel or other individual of similar seniority and authority of each of
 the applicable parties for prompt resolution.

&nbsp;&nbsp;&nbsp;&nbsp;b) Any
 Dispute, controversy or claim which cannot be resolved by such individuals within fifteen
 (15) days after it has been so referred to them hereunder, including the determination of
 the scope or applicability of this Agreement to arbitrate, shall be determined by binding
 arbitration by a three member arbitral tribunal seated in Toronto, Ontario and administered
 by the ICDR in accordance with the Arbitration Rules, except as otherwise amended by this
 Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;c) Any
 party may refer a Dispute, controversy or claim to arbitration following the expiry of the
 period set out above. The party referring the matter to arbitration shall propose the name
 of the individual it wishes to appoint as one of the three arbitrators. Within twenty (20)
 days after receipt of such notice, the responding party shall give notice to the referring
 party advising of the individual it wishes to appoint as the second of the three arbitrators.
 The party-nominated arbitrators shall, within twenty (20) days of receipt of the responding
 party's notice, appoint a third arbitrator. If such two party-nominated arbitrators
 are unable to agree upon a third arbitrator within such 20-day period or the responding party
 fails to notify the referring party of the individual it wishes to appoint as the second
 arbitrator within the applicable 20-day period, then in either case such arbitrator or arbitrators
 shall be chosen the ICDR in accordance with the Arbitration Rules.

&nbsp;&nbsp;&nbsp;&nbsp;d) The
 place of arbitration shall be in Toronto, Ontario, and the language of arbitration shall
 be English.

&nbsp;&nbsp;&nbsp;&nbsp;e) The
 determination of such arbitrators shall be final and binding upon the parties and the costs
 of such arbitration shall be as determined by the arbitrators. Judgment on the award may
 be entered in any court having jurisdiction. This Schedule C shall not preclude the parties
 from seeking provisional remedies in aid of arbitration from a court of competent jurisdiction.
 The parties covenant and agree that they shall conduct all aspects of such arbitration having
 regard at all times to expediting the final resolution of such arbitration.

&nbsp;&nbsp;&nbsp;&nbsp;f) The
 arbitration, including any settlement discussions between the parties related to the subject
 matter of the arbitration shall be conducted on a private and confidential basis and any
 and all information exchanged and disclosed during the course of the arbitration shall be
 used only for the purposes of the arbitration and any appeal therefrom. No party shall communicate
 any information obtained or disclosed during the course of the arbitration to any Third Party
 except to those experts or consultants employed or retained by, or consulted about retention
 on behalf of, such party in connection with the arbitration and solely to the extent necessary
 for assisting in the arbitration, and only after such persons have agreed to be bound by
 these confidentiality conditions. In the event that disclosure of any information related
 to the arbitration is required to comply with applicable law or court order, the disclosing
 party shall promptly notify the other party of such disclosure, shall limit such disclosure
 limited to only that information so required to be disclosed and shall have availed itself
 of the full benefits of any laws, rules, regulations or contractual rights as to disclosure
 on a confidential basis to which it may be entitled.

&nbsp;&nbsp;&nbsp;&nbsp;g) The
 award of the arbitrators and any reasons for the decision of the arbitrators shall also be
 kept confidential except (i) as may reasonably be necessary to obtain enforcement thereof;
 (ii) for any party to comply with its disclosure obligations under applicable law; (iii)
 to permit the parties to exercise properly their rights under the Arbitration Rules; and
 (iv) to the extent that disclosure is required to allow the parties to consult with their
 professional advisors.

**Schedule B<br> Intentionally Deleted**

**Schedule C<br> Form of Title Opinion**

[Redacted – Commercially Sensitive Information]

**Schedule D<br> Company Material Property**

[Redacted – Commercially Sensitive Information]

**Schedule E**

**Company Payables Framework**

*Estimated Company Payables and Prepayments*

Not more than seven and no fewer than five Business Days prior to the Closing Date, the Seller shall prepare and deliver to the Buyer a summary of (i) the Company Payables anticipated to be outstanding as at the Closing Date, prepared in accordance with IFRS on a basis consistent with the Company Financial Statements and specifying, the anticipated Company Closing Payables, anticipated Company Settlement Payables and anticipated Company Residual Payables (in each case, by payee, including amounts anticipated to be outstanding and aging of payables); (ii) the receivables anticipated to be owing to the Company as at the Closing Date, prepared in accordance with IFRS on a basis consistent with the Company Financial Statements; and (iii) any payments made by the Company either prior to or after the date of this Agreement in respect of the Company Material Mining Rights or Company Existing Insurance Policies that relate to periods after the Closing Date ("**Company Prepayments**").

*Final Company Payables and Prepayments*

 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) As
 soon as reasonably practicable after, and in no event later than 10 Business Days after,
 the Closing Date, the Buyer shall prepare and deliver to the Seller a consolidated summary
 of (i) the Company Payables outstanding as at the Closing Date (the "**Closing Date Company Payables** "), prepared in accordance with IFRS on a basis consistent with
 the Company Financial Statements and specifying, the Company Closing Payables, Company Settlement
 Payables and Company Residual Payables outstanding as of the Closing Date (in each case,
 by payee, including amounts anticipated to be outstanding and aging of payables), (ii) the
 receivables owing to the Company as at the Closing Date (the "**Closing Date Company Receivables**") and (iii) the Company Prepayments applicable to periods following
 the Closing Date (the "**Closing Date Company Prepayments**" and together
 with the Closing Date Company Payables and the Closing Date Company Receivables, the "**Closing Date Company Payables, Receivables and Prepayments** "). The Parties shall cooperate
 fully in the preparation of the Closing Date Company Payables, Receivables and Prepayments.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) If
 the Buyer fails to timely deliver the Closing Date Company Payables, Receivables and Prepayments
 in accordance with the foregoing, the Seller shall be entitled to retain, at the expense
 of the Buyer, a nationally-recognized, independent firm of chartered accountants to provide
 an audit of the books and records of the Company (which books and records will be made available
 by the Buyer for such purpose), review the calculation of the Closing Date Company Payables,
 Receivables and Prepayments and make any necessary adjustments, consistent with the provisions
 of this Schedule E, to determine the Closing Date Company Payables, Receivables and Prepayments,
 and the determination of such items by such firm of chartered accountants shall be final,
 conclusive and binding on the Parties.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) If
 the Seller objects in good faith to any aspect of the Closing Date Company Payables, Receivables
 and Prepayments, the Seller shall give written notice of such objection to the Buyer (the
 "**Objection Notice**") within five Business Days after the delivery to the
 Seller of the Closing Date Company Payables, Receivables and Prepayments. The Objection Notice
 shall, for each such objection, set out the reasons for the Seller's objection as well
 as the amount in dispute and reasonable details of the calculation of such amount. If the
 Seller does not so notify the Buyer within such five Business Day period, the Seller will
 be deemed to have accepted and approved the Closing Date Company Payables, Receivables and
 Prepayments, which will be deemed final, conclusive and binding upon the Parties.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The
 Buyer shall give the Seller and its representatives reasonable access to the books and records
 used in the preparation of the Closing Date Company Payables, Receivables and Prepayments
 to enable the Seller to exercise its rights under this Schedule E. The Seller and the Buyer
 shall attempt to resolve all matters in dispute set out in the Objection Notice within 10
 days of receipt of the Objection Notice by the Buyer. Any items in dispute not resolved within
 such 10 day period shall be referred as soon as possible after the end of such period by
 the Seller and the Buyer to an independent auditing firm appointed by the Parties (the "**Independent Auditor** "). The Independent Auditor shall act as expert and not as arbitrator and
 shall be required to determine the items in dispute that have been referred to it as soon
 as reasonably practicable but in any event not later than 30 days after the date of referral
 of the dispute to it. In making its determination, the Independent Auditor will only consider
 the issues in dispute placed before it. The Seller and the Buyer shall provide or make available
 all documents and information as are reasonably required by the Independent Auditor to make
 its determination. The determination of the Independent Auditor shall be final and binding
 on the Parties and the Closing Date Company Payables, Receivables and Prepayments shall be
 (or not be) adjusted in accordance with such determination. The fees and expenses of the
 Independent Auditor in acting in accordance with this Schedule E shall be shared equally
 by the Buyer and the Seller, unless the Independent Auditor determines otherwise.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Within
 three Business Days after resolution, by agreement of the Parties, of the dispute that was
 the subject of the Objection Notice or, failing such resolution, within five days after the
 final determination of the Independent Auditor, the Seller shall take such actions as are
 necessary to cause any outstanding Company Closing Payables to be paid in full in accordance
 with Section 1 of this Schedule E and to pay in full, settle or otherwise fully and finally
 address any Company Settlement Payables as required in accordance with Section 2 of this
 Schedule E.

**Section 1 – Company Closing Payables**

[Redacted – Commercially Sensitive Information]

**Section 2 – Company Settlement Payables**

[Redacted – Commercially Sensitive Information]

**Section 3 – Company Residual Payables**

[Redacted – Commercially Sensitive Information]

**Company Receivables**

[Redacted – Commercially Sensitive Information]

**Schedule F**

**Guarantee**

[Redacted – Commercially Sensitive Information]

**Schedule 3.1<br> Seller's Representations and Warranties**

**Schedule 3.2**

<br> **Buyer's Representations and Warranties**

## Exhibit 99.2

**Exhibit 99.2.a**

**<u>SCHEDULE 3.1</u>**

**<u>REPRESENTATIONS AND WARRANTIES OF THE SELLER</u>**

Seller hereby represents and warrants to the Buyer as follows and acknowledges that the Buyer is relying on such representations and warranties in entering into the Agreement and completing the Transactions:

1. Existence of the Seller and the Company

Seller is a company validly existing and in good standing under the laws of Luxembourg. The Seller has the corporate power to: (i) own the shares of the Company and to carry on its business as currently conducted; and (ii) execute, deliver and perform its obligations under this Agreement. The Company is a company validly existing and in good standing under the laws of Mexico. The Company has the corporate power to carry on its business as currently conducted.

2. Execution, Delivery and Enforceability

The execution, delivery and performance of this Agreement has been duly authorized by all necessary corporate action on the part of the Seller and constitutes a legal, valid and binding obligation of the Seller enforceable by the Buyer in accordance with its terms, except insofar as enforceability may be limited by applicable bankruptcy, insolvency and other laws affecting the rights of creditors generally and except that equitable remedies may be granted only in the discretion of a court of competent jurisdiction.

3. No Conflict

The entering into of this Agreement and the performance by the Seller of its obligations hereunder including the sale of the Purchased Shares will not: (i) violate, conflict with, or result in a breach of any provision of, or constitute a default (or an event which, with notice or lapse of time, or both, would constitute a default) under any provision of the constating documents of the Seller or the Company; (ii) result in the creation of any Encumbrance other than a Permitted Encumbrance on any of the assets of the Seller or the Company; (iii) result in a violation in any material respect of any of the terms and provisions of Applicable Law; or (iv) violate, conflict with, or result in a breach of any provision of, or constitute a default (or an event which, with notice or lapse of time, or both, would constitute a default) under any Company Material Contract to which the Seller or the Company is a party or by which the Seller or the Company is bound, other than, in all cases, as would not result in a Seller Material Adverse Effect.

4. Ownership of Common Shares

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Seller is the registered and beneficial owner of the Purchased Shares free and clear of all Encumbrances.
To the Knowledge of the Seller, all outstanding common shares of the Company are, duly authorized, validly issued, fully subscribed and
paid. None of the Purchased Shares are subject to any voting trust, shareholder agreement or voting agreement, other than the M Grupo
JV Arrangements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The total issued and outstanding shares in the capital of the Company consists of 1,176,961,367 ordinary,
nominative shares, all of which are owned by the Seller except one share which, to the Knowledge of the Seller, is owned by [Redacted
– Personal Information]. Other than the M Grupo JV Arrangements, there are no existing options, warrants, calls, pre-emptive rights,
subscriptions or other rights, agreements, arrangements, commitments or other Encumbrances of any kind relating to the issued or unissued
securities of the Company. Except for this Agreement, neither the Seller nor the Company is obligated to become a party to any contract
to sell, transfer or otherwise dispose of any equity securities of the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Neither the Company nor the Seller are subject to any decision or order of any Governmental Authority
prohibiting or restricting the transfer of the Purchased Shares as contemplated by this Agreement.

5. Equity Interests or Other Outstanding Investment Obligations

The Company does not own, directly or indirectly, beneficially or of record, any equity securities of any third party. Except for the M Grupo JV Arrangements, the Company is not a party to any shareholders' agreements, voting trusts or other agreements or understandings relating to the voting, purchase, redemption or other acquisition of any equity securities of any third party. There are no outstanding obligations of the Company to make any investment in or provide funds to (whether in the form of a loan, capital contribution or otherwise) any third party. The Company does not have any outstanding bonds, debentures, notes, contributions for future capital increase (*aportaciones para futuros aumentos de capital*) or other obligations which provide the holders thereof the right to vote (or which are convertible into or exercisable for securities having the right to vote) with the shareholders of the Company. The Company does not have any outstanding agreement to acquire any debt obligations of any third party.

6. Consents

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The post-Closing notices to the Ministry of Economy (*Secretaría de Economía*), Foreign
Investments Registry (*Registro Nacional de Inversiones Extranjeras*), the Ministry of Defense (*Secretaría de la Defensa Nacional*) and the Tax Administration Service (*Servicio de Administración Tributaria*), no Consent of any Governmental
Authority is required to be obtained or made by the Seller or the Company which, if not obtained, would prevent the consummation of the
Transactions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) No Consent is required to be obtained under any Company Material Contract of the Company in connection
with the consummation of the Transactions.

7. No Other Agreements to Purchase; No Options

No Person other than the Buyer has any written or oral agreement or option or any right or privilege (whether by Applicable Law, pre-emptive or contractual) capable of becoming an agreement or option for the purchase or acquisition from the Seller of any of the Purchased Shares or capable of becoming an agreement or option for the purchase or acquisition of any securities of the Company.

8. Company Financial Statements

The Company Financial Statements have been prepared in accordance with IFRS applied on a basis consistent with prior periods, are correct and complete in all material respects and present fairly in all material respects the assets and liabilities (whether accrued, absolute, contingent or otherwise) and financial condition of the Company as at their respective dates and the results of operations and cash flows of the Company for the periods covered by the Company Financial Statements, true and complete copies of which have been made available to the Buyer in the Data Room.

9. No Undisclosed Liabilities

The Company does not have, and at Closing, the Company will not have, any liabilities required to be disclosed on financial statements in accordance with IFRS, except: (i) those liabilities reflected, disclosed or reserved against on the Company Financial Statements; (ii) liabilities disclosed in Schedule 9 of the Seller Disclosure Letter; and (iii) liabilities incurred by the Company since the date of the most recent Company Financial Statements in the Ordinary Course. Except for the Intercompany Indebtedness, the Company does not have any loans or other indebtedness outstanding which have been made to any shareholders, officers, directors or employees, past or present, or any Person not dealing at arm's length with them.

10. Indebtedness

Except for the Intercompany Indebtedness, the Company has not entered into any revolving credit or term loan agreement or other similar financing with any corporation, bank, financial institution, Governmental Authority or any other Person.

11. Absence of Changes

Since December 31, 2021, to the Knowledge of the Seller (i) there is no condition, circumstance, event or change which has had, or would reasonably be expected to have, a Seller Material Adverse Effect; and (ii) the Company has not, other than as disclosed in Schedule 11 of the Seller Disclosure Letter:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) suffered or realized an adverse change in any material respect in its financial condition or Operations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) declared, paid or made a dividend or other distribution of profits or assets (including any distribution
within the meaning of the Applicable Law of its jurisdiction of incorporation), or agreed to do so;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) incurred aggregate capital expenditures in excess of [Redacted – Commercially Sensitive Information],
or agreed to do so;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) created or permitted to exist any Encumbrance affecting any of its assets or property, other than Permitted
Encumbrances;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) released, deferred, discounted, subordinated, written off debts owed to the Company or had a credit issued
against them (in whole or in part) in excess of [Redacted – Commercially Sensitive Information] in the aggregate; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) borrowed from a third party, raised any money or taken any financial facilities or agreed to do so.

12. Mining Rights

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Company owns all of the Company Material Mining Rights set forth in Schedule D of the Agreement, true
and complete copies of which have been made available to the Buyer in the Data Room, and there are no material restrictions, except as
provided in the Permits, Company Surface Agreements or Company Material Contracts, or under Applicable Law, on the ability of the Company
to use, access, transfer or otherwise explore, exploit or develop the Company Material Mining Rights or conduct Operations (as currently
conducted).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) All of the Company Material Mining Rights have been recorded or issued in the name of the Company, subject
to minor omissions and errors that do not impact the existence or ownership of the Company Material Mining Rights and registration of
the mining concessions comprising the Company Material Property with the PRM. Except as disclosed in Schedule 12 of the Seller Disclosure
Letter, all of the Company Material Mining Rights are in force and in good standing, free and clear of all Encumbrances other than Permitted
Encumbrances, and all material rentals, fees, Mexican Mining Duties, duties, investments, filings of relevant reports, including the filing
of the work assessment reports and production reports as provided in Applicable Laws, expenditures and other payments, including the Mexican
Governmental Royalties, owed in respect thereof to Governmental Authorities have been paid and will have been paid at Closing and all
material filings in respect thereof have been and at Closing will have been made to Governmental Authorities. Except as disclosed in Schedule
12 of the Seller Disclosure Letter, the Company has not received any notification from any Governmental Authorities requesting payment
or compliance with any outstanding obligation, including the Mexican Mining Duties, Mexican Governmental Royalties, filing of the work
assessment reports or the Company Material Mining Rights, or notification that the Company Material Mining Rights will be or have been,
limited, cancelled, nullified, subject to review by Governmental Authorities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) To the Knowledge of the Seller, except as disclosed in Schedule 12 of the Seller Disclosure Letter, each
of the Company Material Mining Rights comprising the Company Material Property has, in all material respects, been maintained in compliance
with Applicable Law and none of the Company Material Mining Rights are subject to any pending or, to the Knowledge of the Seller, threatened,
challenge, contestation or other Proceedings. All required location notices, certificates and filings with respect to the Company Material
Mining Rights have been properly recorded and filed with appropriate Governmental Authorities, other than any that would not result in
a Seller Material Adverse Effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The Company has not requested the reduction or modification of the Company Material Property or modification
of the titles of the Company Material Mining Rights, nor has started any Proceeding whose determination may result in modification, change
or affect in any way the perimeter, surface or any other right comprising the Company Material Property.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Other than the royalties payable to Governmental Authorities and the Underlying Royalty, including the
Mexican Governmental Royalties and the Mexican Mining Duties, no Person other than the Company has any preferential right or interest
in the Company Material Mining Rights or the production or profits therefrom or any royalty or finder's fee, or other payment as
rent or royalty in relation to minerals, concentrates, precipitates and/or products produced from the Company Material Property or any
right to acquire any of the foregoing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) There are no back-in rights, earn-in rights, rights of first refusal or similar provisions or rights which
currently, or in the future, would reasonably be expected to affect the Company Material Mining Rights.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) Except as disclosed in Schedule 12 of the Seller Disclosure Letter, the Company Material Mining Rights
are not subject to any existing exploration, exploitation, option, promise to execute an agreement, joint venture, association, joint
investment, partnership, co-ownership or other agreement affecting in any manner the ownership, use, access, Operations, marketable title
or transferability in respect of the Company Material Mining Rights.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) The Company Material Mining Rights are not located within any nature restricted area or natural reserve,
as defined in the Environmental Laws, and the Company has not received any written notice from any Governmental Authority informing the
Company of the creation of such an area or reserve where the Company Material Mining Rights are located.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) No part of the Company Material Mining Rights has been taken, condemned or expropriated by any Governmental
Authority, nor has any written notice or Proceeding in respect thereof been given to or commenced against the Company in respect of any
of the Company Material Mining Rights, and, to the Knowledge of the Seller, no such Proceedings are threatened or pending, except as disclosed
in Schedule 12 of the Seller Disclosure Letter.

13. Permits

Except as disclosed in Schedule 13 of the Seller Disclosure Letter, the Company has duly obtained all material Permits (other than those issued under or in connection with Environmental Laws) necessary to develop and conduct its Operations (as currently conducted). The Seller has not received any notice of Proceedings relating to the revocation or modification of any such Permit which, if the subject of an unfavorable decision, ruling or finding, would materially adversely affect the conduct of its Operations (as currently conducted). Except as disclosed in Schedule 13 of the Seller Disclosure Letter, the Seller is not in material default or material breach of any such material Permit. None of the Permits of the Company will become terminable, or materially impaired, as a result of the Transactions contemplated hereby and other than as disclosed in Schedule 13 of the Seller Disclosure Letter, no Consents are required in connection with the Company's Permits or other of the Company Material Mining Rights as a result of the Transactions.

14. Real and Personal Property and Company Surface Agreement

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Schedule D sets forth a true and complete list of all real property (other than the Company Material Mining
Rights) owned by the Company (the "**Company Real Property** "). The Company is the owner of all right, title and interest
in the Company Real Property, free and clear of all Encumbrances except for Permitted Encumbrances, and all, fees, expenditures, Taxes
and other payments owed in respect thereof to Governmental Authority or any other Person have been paid or incurred and all material filings
required to be filed in respect thereof have been filed with all applicable Governmental Authorities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Company Real Property comprises all of the real property used or intended to be used in or otherwise
related to, and necessary for the conduct of, the Operations (as currently conducted) and such use of the Company Real Property does not
violate in any material respect any Applicable Law, Permit or Company Material Contract held by the Company or to which the Company is
a party or bound. Neither the Company nor, to the Knowledge of the Seller, any third party is a party to any Contract pursuant to any
which any third party has the right or option to purchase any Company Real Property or an interest therein.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Company holds a valid and enforceable usufruct interest in the property set forth in the Company Surface
Agreements free and clear of all Encumbrances except for Permitted Encumbrances in accordance with the terms set out in the Company Surface
Agreements. Pursuant to the Company Surface Agreements, the Company has all material surface access rights necessary to conduct its business
and operations foreseen in the Company Technical Report in respect of the Company Material Property. The Company Surface Agreement is
valid and in full force and effect, and neither the Company nor, to the Knowledge of the Seller, any other party thereto is in breach
of any material covenants, conditions or obligations contained therein and to the Knowledge of the Seller, no written demands exist from
any Person that may result in losing any material right under any Company Surface Agreement. The Company has the right under the Company
Surface Agreement to use and control all such real property, except where the failure to have such right would not reasonably be expected
to interfere with Operations in any material respect (as currently conducted) or otherwise materially interfere with the use of such real
property. The Company is in exclusive possession of the properties set forth in the Company Surface Agreements. Other than the Company
Surface Agreement, there are no Contracts between the Company or any of its Affiliates and the Maconi Agrarian Community of Caderetya
de Montes, Querétaro.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The Company holds valid and enforceable title to, or a valid leasehold or subleasehold interest in, all
Personal Property that is material to the Company and its Operations (as currently conducted), including all buildings, plants, structures,
furniture, fixtures, machinery, equipment, tools, vehicles, inventory, supplies, consumables, materials, improvements and other items
of tangible Personal Property (collectively "**Company Personal Property**") free and clear of all Encumbrances other than
Permitted Encumbrances.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) No part of the Company Personal Property has been taken, condemned or expropriated by any Governmental
Authority, nor has any written notice or Proceeding in respect thereof been given to or commenced against the Company in respect of any
of the Company Personal Property, and, to the Knowledge of the Seller, no such Proceedings are threatened or pending.

15. Agreements and Commitments

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) All of the Company Material Contracts are set forth on Schedule 15 to the Seller Disclosure Letter, true
and complete copies of which have been made available to the Buyer in the Data Room, and all such Company Material Contracts are legal,
valid, binding and enforceable in accordance with their respective terms against the Company. With respect to each Company Material Contract:
(i) the Company has performed in all material respects all of the obligations required to be performed by it under such Company Material
Contract; (ii) the Company is entitled to all benefits under any such Company Material Contract; (iii) the Company is not in material
default or to the Knowledge of the Seller, alleged to be in material default in respect of, any such Company Material Contract which would
detrimentally affect the entitlement of the Company to the benefits of such Company Material Contract and, to the Knowledge of the Seller,
no counterparty is in material default under any Company Material Contract; (iv) the Company has not entered into and is not bound under
any material oral Contract; (v) the Company is not participating in any discussions or negotiations regarding modification of or amendment
to any Company Material Contract or to enter into any new Company Material Contract; and (vi) to the Knowledge of the Seller, there are
no provisions under any Contract preventing the Transactions or which provisions accelerate compliance with a Company Material Contract
for the Transactions, except in all cases as disclosed in Schedule 15 of the Seller Disclosure Letter.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Schedule 15 of the Seller Disclosure Letter sets out a complete list of every outstanding power of attorney
granted by the Company and the names of all Persons who have been given the authority to act on behalf of any such power of attorney.
The Buyer has been provided with copies of all outstanding powers of attorney granted by the Company in the Data Room.

16. Environmental Matters

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Except as set forth below in this Section 16, no representations or warranties are being made by the Seller
with respect to matters arising under or relating to Environmental Laws.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Except as disclosed in Schedule 16 of the Seller Disclosure Letter, currently and during the past five
years, each of the Seller and the Company: (i) is and was in compliance in all material respects with all Environmental Laws applicable
to the Company Material Property, except to the extent of violations that have been fully and finally cured in accordance with the applicable
Environmental Laws and each requirement issued or ordered by the applicable Governmental Authority with respect to such violation of Environmental
Laws with no related outstanding fines, penalties or sanctions; (ii) has duly obtained all material Permits necessary to conduct Operations
(as currently conducted) in compliance in all material respects with all Environmental Laws applicable to the Company Material Property
and, to the Knowledge of the Seller, all such Permits are valid, in full force and effect and all terms and conditions set forth therein
have been duly and timely complied with in all material respects; (iii) has not received written notice that the Company is in material
default or material breach of any such material Permit, except for defaults or breaches that have been fully and finally cured in accordance
with the applicable Permit and each requirement issued or ordered by the applicable Governmental Authority with respect to such violation
of such Permit with no related outstanding fines, penalties or sanctions; and (iv) has not received within the last five years any written
order, notice or other communication from any Governmental Authority of any actual or threatened material non-compliance with any Environmental
Law applicable to the Company Material Property which would give rise to a material undischarged liability.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Except as disclosed in Schedule 16 of the Seller Disclosure Letter, there are no pending or, to the Knowledge
of the Seller, threatened material Proceedings relating to the Company under or in respect of any Environmental Law applicable to the
Company Material Property.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Except as disclosed in Schedule 16 of the Seller Disclosure Letter, to the Knowledge of the Seller, there
are no investigations or reviews out of the Ordinary Course being conducted by any Governmental Authority on the Company Material Property
or, to the Knowledge of the Seller, under Environmental Laws applicable to the Company Material Property. Except as disclosed in Schedule
16 of the Seller Disclosure Letter, to the Knowledge of the Seller, there is no current outstanding remedial or corrective action required
pursuant to Environmental Law to conduct of the Operations as currently conducted or to own, possess, control or manage the Company, including
the Company Material Property.

17. Books and Records

The financial books, records and accounts of the Company have been maintained in accordance with Mexican GAAP (which was converted to IFRS) and Applicable Law and fairly reflect the material transactions and dispositions of the assets and properties of the Company.

18. Insurance

Schedule 18 of the Seller Disclosure Letter sets out a list, as of the date hereof, of all material Company Existing Insurance Policies, true and complete copies of which have been made available to the Buyer in the Data Room. The Company: (i) is not in material default with respect to any of the provisions contained in any Company Existing Insurance Policy; or (ii) has not failed to give any notice or present any material claim under any insurance policy in a due and timely manner.

19. Compliance with Laws

Except as set out in Schedule 19 of the Seller Disclosure Letter, the Company is, and at all times has in the past five years been, in compliance in all material respects with Applicable Laws in connection with its conduct of Operations as currently conducted. The Company (i) is not currently and has not been in the last five years charged, and to the Knowledge of the Seller, is not under investigation, whether pending, threatened or otherwise, or subject to Proceedings with respect to a violation of any Applicable Laws, except to the extent of violations that have been fully and finally cured in accordance with the Applicable Laws and each requirement issued or ordered by the applicable Governmental Authority with respect to such violation of Applicable Laws with no related outstanding fines, penalties or sanctions, and (ii) is not a party to or bound by any order, judgment, decree, injunction, rule or award of any court, arbitration panel or other Governmental Authority.

20. NGO and Community Groups

Except as set out in Schedule 20 of the Seller Disclosure Letter, no material Proceeding between or otherwise involving the Company or any of its Affiliates and any non-governmental organization, community, community group or any other similar such Person, nor any Indigenous Claim, exists or, to the Knowledge of the Seller, is pending, threatened or otherwise imminent with respect to the Company Material Property or any Operations thereon, and, to the Knowledge of the Seller, the Company has not settled any such Proceeding within the last five years. The Seller has provided the Buyer with full and complete access in the Data Room to all material correspondence relating to any such Proceeding received by the Company, its Affiliates or their representatives with respect to the Company Material Property, including Operations and the Company Material Mining Rights, from any Person or Indigenous Group. To the Knowledge of the Seller, none of the areas covered by the Company Material Property (including the Company Material Mining Rights), or any constructions, remains or similar elements located thereon, have been declared as a protected cultural or archaeological site by any Governmental Authority and there have been no archeological or historical findings in the Company Material Property.

21. Litigation

There are no Proceedings pending or, to the Knowledge of the Seller, threatened against the Company before or by any Governmental Authority which would reasonably be expected to result in a Seller Material Adverse Effect or for which the Company could become liable for an amount in excess of [Redacted – Commercially Sensitive Information], except as disclosed in Schedule 21 of the Seller Disclosure Letter, and to the Knowledge of Seller, there is no valid basis for any Proceeding by or against the Company.

22. Taxes

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Company has duly filed on a timely basis with the appropriate Governmental Authority all Tax Returns
required to be filed by it and has submitted all required affidavits and complied with other accessory fiscal obligations and duties that
are required to be fulfilled by or with respect to it, including keeping books in compliance with all Applicable Laws. All such Tax Returns
were complete and accurate in all material respects. At Closing the Company will have paid all Taxes which are due and payable (including
all instalments and prepayments of Tax as required by Applicable Laws). At Closing, no jurisdiction or authority in or with which the
Company does not file a Tax Return will have alleged that it is required to file such a Tax Return.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) At Closing, there will be no agreements, waivers or other arrangements providing for an extension of time
for the Company to file any Tax Return or pay any Taxes or for any Governmental Authority to examine any Tax Return or levy any assessment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) At Closing, the Company will have, in all material respects, withheld from each payment made, or deemed
to have been made, to any Person all Taxes required to be withheld therefrom and will have paid the same to the proper Governmental Authorities
within the time required under any Applicable Laws.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) At Closing, the Company will have collected all Taxes required to be collected by it and remitted, in
all material respects, to the applicable Tax authority when required by Applicable Law to do so all such Taxes collected by it.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) At Closing there will be no material Proceedings pending or, to the Knowledge of the Seller, threatened
against the Company in respect of Taxes, nor will there be any material matters under discussion by the Company with any Governmental
Authority relating to Taxes.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) At Closing, except as disclosed in Schedule 22 of the Seller Disclosure Letter, no Encumbrances (other
than Permitted Encumbrances) for Taxes have been filed, and no Claims or assessments for Taxes have been asserted, by any Governmental
Authority with respect to the Company or any of its assets.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) The Company is not a party to or bound by any tax consolidation, tax sharing agreement, tax indemnity
obligation or similar agreement or arrangement with respect to Taxes.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) The Company is not a party to or subject to any ruling request, settlement agreement or similar agreement
with any Governmental Authority relating to Taxes for any periods for which the statute of limitations has not yet expired.

23. Employment Matters

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Seller has made available to the Buyer in the Data Room a true and complete list of all the employees
together with their respective remuneration, benefits, seniority and position and there are no other material terms of such employees'
compensation. All Contracts of employment, true and complete copies of which have been provided to the Buyer in the Data Room, are enforceable
in accordance with their terms.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Except as set out in Schedule 23 of the Seller Disclosure Letter, the Company is in compliance in all
material respects with: (i) all Applicable Laws relating to employment and employment practices, including terms and conditions of employment,
wages, overtime, vacations, hours of work, collective bargaining, collective agreements, benefits extensions, anti-union practices, occupational
safety and health, including the occupational health and safety management system, plans, studies and analysis required to ensure that
work is performed under safe conditions, training, supervision and control systems as required by Applicable Law, labour accidents and
diseases, severance payments, bonuses, whether under Applicable Law and/or their individual or collective employment agreements, all social
security obligations and debts arising in connection with social security contributions, pension fund contributions, mandatory health
care contributions, unemployment insurance contributions, welfare payments and insurance for work-related accidents and illnesses; (ii)
any other applicable labour and social security Laws; and (iii) all Applicable Laws relating to subcontracting. The Company does not have
any liability in respect of post-retirement medical, dental or life insurance benefits for employees (other than coverage mandated by
Applicable Law).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Except for M Grupo under the M Grupo JV Arrangements, neither the execution of this Agreement nor the
consummation of the Transactions contemplated hereby (either alone or together with any other event, including a termination of employment)
will result in any employee or consultant to the Company becoming entitled to, or any increase in, any material payment or benefit (including
severance pay) or accelerate the timing of payment or vesting of any material compensation or benefits, in either case under any employee
benefit plan of the Company in respect of the employees.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) There is no commitment or Contract binding upon the Company to increase wages or benefits, to modify the
terms and conditions of or terminate the employment of any employee, except when made in the Ordinary Course.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) To the Knowledge of the Seller, there are no outstanding assessments, penalties, fines, liens, charges,
surcharges, or other amounts due or owing pursuant to any Applicable Law regarding workplace safety legislation in respect of the Company
Material Property (including Operations, as currently conducted).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) As at the date of this Agreement, to the Knowledge of the Seller, there are no charges pending under the
Secretaría del Trabajo y Previsión Social legislation arising under Applicable Law in respect of the Operations. To the
Knowledge of the Seller, the Company has complied in all material respects with any orders issued under by the Secretaría del Trabajo
y Previsión Social in respect of the Operations and as of the date of this Agreement, there are no appeals of any orders by the
Company under the Secretaría del Trabajo y Previsión Social legislation outstanding.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) To the Knowledge of the Seller, all accruals for employment benefits, including unpaid vacation pay, premiums,
variable bonuses, incentives and contributions for Benefit Plans, accrued wages, salaries and commissions have been reflected in all material
respects in the books and records of the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) As at the date of this Agreement, there are no pending labour individual conflicts or claims filed against
the Company.

24. Collective Agreements

Except for the collective bargaining agreement with the Sindicato Nacional de Trabajadores Mineros, Metalúrgicos, Siderúrgicos y Similares, dated February 14, 2022, a true and complete copy of which has been made available to the Buyer in the Data Room, the Company does not currently have any commitments or Contracts with any labour union or employee association, or past employees, with respect to any collective agreement. The referred collective bargaining agreement contains all obligations of the Company to the union and its current and prior members, and, except as disclosed in Schedule 24 of the Seller Disclosure Letter, there are no outstanding obligations to current or past union members under any other collective agreement or other Contract. As of the date of this Agreement, the Company is not currently engaged in any labour negotiations nor is party to any application, complaint or other proceeding under any employment or labour statute, no strike, labour suit or proceeding or labour administrative proceeding is pending or, to the Knowledge of the Seller, threatened regarding employees. The Company is not in violation in any material respect of any provision under the referred collective bargaining agreement.

25. Benefit Plans

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Schedule 25 of the Seller Disclosure Letter contains a true and complete list of each Benefit Plan to
which the Company is a party or by which it is bound. None of the Benefit Plans are maintained or administered by a Person other than
the Seller or the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Company does not have any formal plan or commitment, whether legally binding or not, to create any
additional Benefit Plan or to modify or change any existing Benefit Plan that would affect any employee or former employee of or engaged
by the Company, except such modification or amendment as may be required to be made to secure the continued registration of any existing
Benefit Plan with each applicable Governmental Authority.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) All employer or employee payments, contributions or premiums required to be remitted or paid in respect
of each Benefit Plan or by Applicable Law have been made in accordance with Applicable Law and the terms of the Benefit Plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Each Benefit Plan has been maintained, funded and administered in accordance with its terms and complies
in all material respect with the applicable requirements applicable pursuant to Applicable Laws. Except for routine Claims for benefits,
there is no Proceeding pending or, to the Knowledge of the Seller, threatened against or arising out of a Benefit Plan.

26. Anti-Corruption and Unlawful Contributions

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Each of the Seller and the Company has at all times during the past five years been and is in compliance
with all applicable Anti-Corruption Laws, and applicable Sanctions and export controls.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Each of the Seller and the Company has at all times during the past five years been and is in compliance
with and has not been charged or otherwise subject to Proceedings under, AML Legislation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Each of the Seller and the Company, their respective officers and directors and, to the Knowledge of the
Seller, their employees, agents and partners, have at all times in the past five years been and are in compliance with, and have not been
charged under Anti-Corruption Laws and applicable Sanctions, and are not knowingly engaged in any activity that would reasonably be expected
to result in the any of the Seller or the Company being designated as a Sanctioned Person or Sanctioned Entity.

27. Finders' Fee

Except as disclosed in Schedule 27 of the Seller Disclosure Letter, there is no investment banker, broker, finder or other intermediary which has been retained by or is authorized to act on behalf of the Seller or the Company who might be entitled to any fee or commission in connection with the Transactions.

28. Transactions with Related Parties

Except for the Intercompany Indebtedness, the Company has not entered into any commercial transaction or agreement, commitment or understanding with any other related party that remains in force or effect. Any and all agreements or transactions with related parties of the Seller existing prior to the Closing Date, have been terminated and settled in full and there is no outstanding amount or obligation owed to or charged against the Company.

29. Full Disclosure

The Seller has made available to the Buyer, in the Data Room or otherwise, all information, including the financial, marketing, sales, geological, technical and operational information, relating to the Company and the Company Material Property, in the possession or control of the Seller and its Affiliates including the Company. To the Knowledge of the Seller, all such information which has been made available to the Buyer, in the Data Room or otherwise, is true, correct and complete in all material respects.

## Exhibit 99.2

**Exhibit 99.2 b**

**<u>SCHEDULE 3.2</u>**

**<u>REPRESENTATIONS AND WARRANTIES OF THE BUYER</u>**

The Buyer hereby represents and warrants to the Seller as follows and acknowledges that the Seller is relying on such representations and warranties in entering into the Agreement and completing the Transactions.

**1.** **Existence and Corporate Approvals** 

The Buyer is a corporation validly existing and in good standing under the laws of Ontario. The Buyer has the corporate power to: (i) carry on its respective business as currently conducted; and (ii) execute, deliver and perform its respective obligations under this Agreement, including without limitation, with respect to the Buyer, the issuance of the Consideration Shares. The Buyer owns, directly or indirectly, legally and beneficially, all of the issued and outstanding shares of each of the Buyer Subsidiaries, free and clear of any and all Encumbrances. No agreement is in force or effect which in any manner affects the voting or control of any of the securities of the Buyer or the Buyer Subsidiaries. The Buyer has no material subsidiaries or material Affiliates other than the Buyer Subsidiaries. At Closing, all necessary corporate action will have been taken by the Buyer to validly issue the Consideration Shares as fully paid and non-assessable shares in the capital of the Buyer.

**2.** **Execution, Delivery and Enforceability** 

The execution, delivery and performance of this Agreement has been duly authorized by all necessary corporate action on the part of the Buyer and constitutes a legal, valid and binding obligation of the Buyer, enforceable by the Seller in accordance with its terms, except insofar as enforceability may be limited by applicable bankruptcy, insolvency and other laws affecting the rights of creditors generally and except that equitable remedies may be granted only in the discretion of a court of competent jurisdiction.

**3.** **No Conflict** 

The entering into of this Agreement and the performance by the Buyer of its obligations hereunder, including without limitation, the issuance of the Consideration Shares will not: (i) violate, conflict with, or result in a breach of any provision of, or constitute a default (or an event which, with notice or lapse of time, or both, would constitute a default) under any provision of the Buyer's constating documents; (ii) result in the creation of any Encumbrance other than a Permitted Encumbrance on any of the assets of any members of the Buyer Group; (iii) result in a violation in any material respect of any of the terms and provisions of Applicable Law; or (iv) violate, conflict with, or result in a breach of any provision of, or constitute a default (or an event which, with notice or lapse of time, or both, would constitute a default) under any Contract to which the Buyer is a party or by which the Buyer is bound, other than, in all cases, as would not result in a Buyer Material Adverse Effect.

**4.** **Consents and Regulatory Approvals** 

Except as set out in Schedule 4 of the Buyer Disclosure Letter, no Consent of any Governmental Authority or any other third party is required to be obtained by the Buyer in connection with the consummation of the Transactions, including without limitation, the issuance of the Consideration Shares.

**5.** **The Buyer Securities** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The
 currently issued and outstanding Buyer Shares are listed and posted for trading on the TSX
 and the NYSE American and no order ceasing or suspending trading in any securities of the
 Buyer or prohibiting the trading of any of the Buyer's issued securities has been issued
 and no proceedings for such purpose are pending or, to the Knowledge of the Buyer, threatened.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The
 definitive form of certificate representing the Buyer Shares has been duly approved by the
 Buyer, complies with the provisions of the *Business Corporations Act (Ontario)*, and
 the TSX and the NYSE American requirements and does not conflict with the constating documents
 of the Buyer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) As
 at the Closing Date, no holder of outstanding securities of the Buyer will be entitled to
 any pre-emptive or any similar rights to subscribe for any of the Buyer Shares or other securities
 of the Buyer and other than as set forth in Schedule 5 of the Buyer Disclosure Letter no
 securities, rights, warrants or options to acquire, or instruments convertible into or exchangeable
 for, any Buyer Shares are outstanding.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The
 authorized capital of the Buyer consists of an unlimited number of the Buyer Shares without
 par value, of which, as of January 8, 2023, 38,053,776 Buyer Shares are issued and outstanding
 as fully paid and non-assessable shares.

**6.** **Equity Interests or Other Outstanding Investment Obligations** 

Except as set out in Schedule 6 of the Buyer Disclosure Letter, the Buyer Group does not own, directly or indirectly, beneficially or of record, any equity securities of any third party. None of the members of the Buyer Group is a party to any shareholders' agreements, voting trusts or other agreements or understandings relating to the voting, purchase, redemption or other acquisition of any equity securities of any third party. There are no outstanding obligations of the Buyer Group to make any investment in or provide funds to (whether in the form of a loan, capital contribution or otherwise) any third party. No third party is in default with respect to any obligation to repay a loan to the Buyer Group. Other than the Debentures and the Buyer Warrants, the Buyer Group does not have any outstanding bonds, debentures, notes or other obligations which provide the holders thereof the right to vote (or which are convertible into or exercisable for securities having the right to vote) with the shareholders of the Buyer Group. The Buyer Group does not have any outstanding agreement to acquire any debt obligations of any third party.

**7.** **Compliance with Laws** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) All
 of the members of the Buyer Group are, and at all times in the past five years have been,
 in compliance in all material respects with Applicable Law in connection with the conduct
 of Operations. Except as set out in Schedule 7 of the Buyer Disclosure Letter, none of the
 Buyer Group (i) is currently charged and has not been in the last five years charged, and
 to the Knowledge of the Buyer, is not under investigation, whether pending, threatened or
 otherwise, or subject to Proceedings with respect to a violation of any Applicable Laws,
 and (ii) is party to or bound by any order, judgment, decree, injunction, rule or award of
 any court, arbitration panel or other Governmental Authority.

(b) To
 the Buyer's Knowledge, there is not any legislation, or proposed legislation (published
 by a legislative body), which it anticipates will materially and adversely affect the business,
 affairs, operations, assets, liabilities (contingent or otherwise) or prospects of the Buyer
 Group taken as a whole.

(c) The
 Buyer is in compliance with NI 43-101 in all material respects and has filed all technical
 reports required thereby. As of the date of this Agreement, the Buyer Material Property is
 the only material property of the Buyer and the Buyer Subsidiaries for the purposes of NI
 43-101. The Buyer has made available to the authors thereof prior to the issuance of the
 Buyer Technical Report, for the purpose of preparing the Buyer Technical Report, as applicable,
 all information requested, and to the Knowledge of the Buyer, no such information contained
 any material misrepresentation as at the relevant time the relevant information was made
 available. Except as set out in Schedule 7 of the Buyer Disclosure Letter, the Buyer does
 not have any Knowledge of a Buyer Material Adverse Effect in any production, cost, price,
 reserves or other relevant information provided since the dates that such information was
 so provided. To the Knowledge of the Buyer, except as set out in Schedule 7 of the Buyer
 Disclosure Letter, since the date of preparation of the Buyer Technical Report, there has
 been no change that would disaffirm or adversely change any material aspect of the Buyer
 Technical Report in any respect and the Buyer Technical Report is current and complete.

**8.** **Buyer Financial Statements** 

The Buyer Financial Statements have been prepared in accordance with IFRS applied on a basis consistent with prior periods: (i) are correct and complete in all material respects and present fairly in all material respects the assets and liabilities (whether accrued, absolute, contingent or otherwise) and financial condition of the Buyer and the Buyer Subsidiaries on a consolidated basis as at their respective dates and the results of operations and cash flows of the Buyer and the Buyer Subsidiaries for the periods covered by the Buyer Financial Statements; and (ii) contain and reflect adequate provision or allowance for all reasonably anticipated material liabilities, expenses and losses of the Buyer and the Buyer Subsidiaries and there has been no change in the accounting policies or practices of the Buyer and the Buyer Subsidiaries since the date of the Buyer Financial Statements.

**9.** **No Dividends or Distributions** 

Except as disclosed in Schedule 9 of the Buyer Disclosure Letter, the Buyer has not declared or paid any dividends or declared or made any other payments or distributions on or in respect of any of the Buyer Shares and has not, directly or indirectly, redeemed, purchased or otherwise acquired any of its securities or agreed to do so or otherwise effected any return of capital with respect to such Buyer Shares.

**10.** **No Undisclosed Liabilities** 

Except as disclosed in the Public Disclosure Documents, the Buyer Group has not incurred, and at Closing, none of the members of the Buyer Group will have, any liabilities required to be disclosed on financial statements in accordance with IFRS, except: (i) those liabilities reflected or reserved against on the Buyer Financial Statements; (ii) liabilities incurred by the Buyer or the Buyer Subsidiaries since the date of the most recent Buyer Financial Statements in the Ordinary Course; and (iii) pursuant to the terms of any contract to which any of the Buyer or the Buyer Subsidiaries is a party (but only to the extent the nature and magnitude of such liabilities can be specifically ascertained by reference to the text of such contract and only to the extent not arising from a breach by any of the Buyer or the Buyer Subsidiaries). Except as set out in Schedule 10 of the Buyer Disclosure Letter, none of the Buyer or the Buyer Subsidiaries has any loans or other indebtedness outstanding which have been made to any shareholders, officers, directors or employees, past or present, or any Person not dealing at arm's length with them.

**11.** **Indebtedness** 

The Buyer Group has not entered into any revolving credit or term loan agreement or other similar financing with any corporation, bank, financial institution, Governmental Authority or any other Person.

**12.** **Absence of Changes** 

Except as set out in Schedule 12 of the Buyer Disclosure Letter or as disclosed in the Public Disclosure Documents, since December 31, 2021 the business of the Buyer and the Buyer Subsidiaries taken as a whole has been conducted only in the Ordinary Course consistent with past practice in all material respects and there has not been and will not have been any Buyer Material Adverse Effect.

**13.** **Buyer Mining Rights and Ancillary Rights** 

Except as otherwise disclosed in Schedule 13 of the Buyer Disclosure Letter:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) As
 of the date of this Agreement, the material property of the Buyer is the Buyer Material Property.
 The Buyer Group owns all of the Buyer Mining Rights. The Buyer Mining Rights comprise all
 the material mining rights owned by the Buyer and the Buyer Subsidiaries, including any material
 mining claim, mining concession, mining lease, option agreement and mining right.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) All
 of the Buyer Mining Rights have been recorded or issued in the name of the Buyer or a Buyer
 Subsidiary, as applicable and subject to minor omissions and errors that do not impact the
 existence or ownership of the Buyer Mining Rights and registration of the mining concessions
 comprising the Buyer Mining Rights with the PRM. Except as disclosed in Schedule 13 of the
 Buyer Disclosure Letter, all of the Buyer Mining Rights are in force and in good standing,
 free and clear of all Encumbrances other than Permitted Encumbrances, and all material rentals,
 fees, duties, investments, filings of relevant reports, including the filing of the work
 assessment reports and production reports as provided in Applicable Laws, expenditures and
 other payments, including the Mexican Governmental Royalties, owed in respect thereof to
 Governmental Authorities have been paid and will have been paid at Closing and all material
 filings in respect thereof have been and at Closing will have been made to Governmental Authorities.
 Except as disclosed in Schedule 13 of the Buyer Disclosure Letter, the Buyer Group has not
 received any notification from any Governmental Authorities requesting payment or compliance
 with any outstanding obligation, including the Mexican Governmental Royalties, filing of
 the work assessment reports or the Buyer Mining Rights, or notification that the Buyer Mining
 Rights will be or have been, limited, cancelled, nullified, subject to review by Governmental
 Authorities.

(c) To
 the Knowledge of the Buyer, except as disclosed in Schedule 13 of the Buyer Disclosure Letter,
 the Buyer Material Property has, in all material respects, been maintained in compliance
 with Applicable Law and none of the Buyer Mining Rights are subject to any pending or, to
 the Knowledge of the Buyer, threatened, challenge, contestation or other Proceedings. All
 required location notices, certificates and filings with respect to the Buyer Mining Rights
 have been properly recorded and filed with appropriate Governmental Authorities, other than
 any that would not result in a Buyer Material Adverse Effect.

(d) No
 member of the Buyer Group has requested the reduction or modification of the Buyer Material
 Property or modification of the titles of the Buyer Mining Rights, and has not started any
 Proceeding whose determination may result in modification, change or affect in any way the
 perimeter, surface or any other right comprising the Buyer Material Property.

(e) Except
 as disclosed in Schedule 13(e) of the Buyer Disclosure Letter, other than the royalties payable
 to Governmental Authorities, including the Mexican Governmental Royalties and the Platosa
 NSR, no Person other than the Buyer Group has any preferential right or interest in the Buyer
 Mining Rights or the production or profits therefrom or any royalty or finder's fee,
 or other payment as rent or royalty in relation to minerals, concentrates, precipitates and/or
 products produced from the Buyer Material Property or any right to acquire any of the foregoing.

(f) There
 are no back-in rights, earn-in rights, rights of first refusal or similar provisions or rights
 which currently, or in the future, would reasonably be expected to affect the Buyer Mining
 Rights.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) The
 Buyer Mining Rights are not subject to any existing exploration, exploitation, option, promise
 to execute an agreement, joint venture, association, joint investment, partnership, co-ownership
 or other agreement affecting in any manner the ownership, use, access, Operations, marketable
 title or transferability in respect of the Buyer Mining Rights.

(h) Except
 as disclosed in Schedule 13 of the Buyer Disclosure Letter, the Buyer Group (i) has had access
 to the surface where the Buyer Material Property is located either pursuant to the Buyer
 Surface Agreements or as the owner of the relevant surface to conduct its Operations; and
 (ii) it has not received claims or demands from any third party with respect to the use of
 such surface to conduct its Operations.

(i) The
 Buyer Mining Rights are not located within any nature restricted area or natural reserve,
 as defined in the Environmental Laws, and the Buyer Group has not received any written notice
 from any Governmental Authority informing the Buyer Group of the creation of such an area
 or reserve where the Buyer Mining Rights are located.

(j) No
 part of the Buyer Mining Rights has been taken, condemned or expropriated by any Governmental
 Authority, nor has any written notice or Proceeding in respect thereof been given to or commenced
 against the Buyer in respect of any of the Buyer Mining Rights, and, to the Knowledge of
 the Buyer, no such Proceedings are threatened or pending.

**14.** **Permits** 

Except as disclosed in Schedule 14 of the Buyer Disclosure Letter, the Buyer and the Buyer Subsidiaries have duly obtained all material Permits (other than those issued under or in connection with Environmental Laws) required to conduct its Operations on the Buyer Material Property and none of the Buyer or the Buyer Subsidiaries is in material default or material breach of any such material Permit. Except as disclosed in Schedule 14 of the Buyer Disclosure Letter, the Buyer has not received any notice of Proceedings relating to the revocation or modification of any such Permit which, if the subject of an unfavorable decision, ruling or finding, would materially adversely affect the conduct of its Operations. None of the Permits for Operations on the Buyer Material Property will be terminated or impaired or become terminable, in whole or in part, as a result of the Transactions.

**15.** **Real and Personal Property and Buyer Surface Agreements** 

The Buyer is the owner of all material real property required in connection with Operations on the Buyer Material Property free and clear of any Encumbrances, other than Permitted Encumbrances or otherwise described in Schedule 15 of the Buyer Disclosure Letter. The use of the Buyer Material Property does not violate in any material respect any Applicable Law, Permit or Buyer Material Contract held by the Buyer Group or to which a member of the Buyer Group is a party or bound. All Buyer Surface Agreements with ejidos and private owners are in material compliance with their terms and, except as disclosed in Schedule 15 of the Buyer Disclosure Letter, no written demands exist that may result in losing the real property owned by the Buyer Group or any material rights under any Buyer Surface Agreement.

**16.** **Agreements and Commitments** 

Except as disclosed in Schedule 16 of the Buyer Disclosure Letter, all Buyer Material Contracts entered into by the Buyer and the Buyer Subsidiaries are legal, valid, binding and enforceable in accordance with their respective terms against the Buyer and the Buyer Subsidiaries. With respect to each Buyer Material Contract: (i) the Buyer Group has performed in all material respects all of the obligations required to be performed by it under such Buyer Material Contract; (ii) the Buyer Group is entitled to all benefits under any such Buyer Material Contract; (iii) none of the members of the Buyer Group is in material default or to the Knowledge of the Buyer, alleged to be in material default in respect of, any such Buyer Material Contract which would detrimentally affect the entitlement of the Buyer Group to the benefits of such Buyer Material Contract and, to the Knowledge of the Buyer, no counterparty is in default under any Buyer Material Contract; (iv) the Buyer Group has not entered into and is not bound under any material oral Contract; (v) the Buyer Group is not participating in any discussions or negotiations regarding modification of or amendment to any Buyer Material Contract or to enter into any new Buyer Material Contract; and (vi) to the Knowledge of the Buyer, there are no provisions under any Contract preventing the Transactions or which provisions accelerate compliance with a Buyer Material Contract for the Transactions.

**17.** **Environmental Matters** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Except
 as disclosed in Schedule 17 of the Buyer Disclosure Letter, currently and during the past
 five years, each of the Buyer and the Buyer Subsidiaries in respect of the Buyer Material
 Property: (i) is and was in compliance in all material respects with all Environmental Laws
 applicable to the Buyer Material Property; (ii) has duly obtained all material Permits necessary
 to conduct Operations as currently conducted in compliance in all material respects with
 all Environmental Laws applicable to the Buyer Material Property and, to the Knowledge of
 the Buyer, all such Permits are valid, in full force and effect and all terms and conditions
 set forth therein have been duly and timely complied with in all material respects; (iii)
 has not received written notice that a member of the Buyer Group is in material default or
 material breach of any such material Permit; and (iv) has not received within the last five
 years any written order, notice or other communication from any Governmental Authority of
 any actual or threatened material non-compliance with any Environmental Law applicable to
 the Buyer Material Property which would give rise to a material undischarged liability.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Except
 as disclosed in Schedule 17 of the Buyer Disclosure Letter, there are no pending or, to the
 Knowledge of the Buyer, threatened material Proceedings relating to any of the Buyer and
 the Buyer Subsidiaries arising under or in respect of any Environmental Law applicable to
 the Buyer Material Property.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Except
 as disclosed in Schedule 17 of the Buyer Disclosure Letter, to the Knowledge of the Buyer,
 there are no investigations or reviews out of the Ordinary Course being conducted by any
 Governmental Authority on the Buyer Material Property or, to the Knowledge of the Buyer,
 the Buyer Subsidiaries under Environmental Laws applicable to the Buyer Material Property.

(d) Except
 as disclosed in Schedule 17 of the Buyer Disclosure Letter, to the Knowledge of the Buyer
 there is no current outstanding remedial or corrective action required pursuant to Environmental
 Law to conduct of the Operations or to own, possess, control or manage the Buyer Material
 Property or, to the Knowledge of the Buyer, the Buyer Subsidiaries, other than any that would
 not result in a Buyer Material Adverse Effect.

**18.** **Books and Records** 

The financial books, records and accounts of each member of the Buyer Group have been maintained in accordance with IFRS and Applicable Law and fairly reflect the material transactions and dispositions of the assets and properties of the Buyer Group.

**19.** **Reporting Issuer** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The
 Buyer is a reporting issuer or its equivalent in each of the provinces and territories of
 Canada. The Buyer Shares are registered pursuant to Section 12(b) of the U.S. Securities
 Exchange Act of 1934 (the "**1934 Act**") and the Buyer is subject to the
 reporting requirements of Section 13 of the 1934 Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The
 Buyer Shares are listed on the TSX, the Frankfurt Stock Exchange and the NYSE American and
 are not listed or quoted on any other market.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The
 Buyer is not in default in any material respect of any requirement of applicable Securities
 Laws nor is it included in a list of defaulting reporting issuers maintained by the Securities
 Authorities, except as disclosed in Schedule 19 of the Buyer Disclosure Letter. The Buyer
 is not subject to any cease trade order or other order of the TSX, the NYSE American, any
 Securities Authority or the SEC, and, to the Knowledge of the Buyer is no subject to any
 investigation or other proceedings currently in progress or pending before any of the foregoing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The
 Buyer has filed with the Securities Authorities, the SEC, the TSX, the NYSE American and
 all applicable self-regulatory authorities a true and complete copy of all forms, reports,
 schedules, statements, certifications, material change reports and other documents required
 to be filed by it, except as disclosed in Schedule 19 of the Buyer Disclosure Letter. The
 Buyer Public Disclosure Documents, at the time filed or, if amended, as of the date of such
 amendment did not contain any misrepresentation (as defined by Securities Laws) and did not
 contain an untrue statement of a material fact or omit to state a material fact necessary
 in order to make the statements made, in light of the circumstances under which they were
 made, not misleading.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Without
 limiting the foregoing, the Buyer is in compliance at the date hereof with its obligations
 to make timely disclosure of all material changes (as such term is defined under Securities
 Laws) relating to it and, other than in respect of material change reports previously filed
 on a confidential basis and thereafter made public or material change reports previously
 filed on a confidential basis and in respect of which no material change ever resulted, all
 such disclosure and filings were true and accurate in all material respects as at the respective
 dates thereof, no such disclosure or filings have been made on a confidential basis and there
 is no material change relating to the Buyer which has occurred and with respect to which
 the requisite material change report has not been filed.

**20.** **Ownership by Directors, Officers or Employees** 

None of the directors, officers or employees of the Buyer, any known holder of more than 10% of any class of shares of the Buyer, or any known associate or affiliate of any of the foregoing Persons or companies (as such terms are defined in the *Securities Act* (Ontario)), has had any material interest, direct or indirect, in any material transaction within the previous two years or any proposed material transaction which, as the case may be, materially affected, is material to or will materially affect the Buyer.

**21.** **Transfer Agent** 

TSX Trust Company at its principal office in the City of Toronto, Ontario has been duly appointed as the registrar and transfer agent of the Buyer Shares.

**22.** **NGO and Community Groups** 

Except as disclosed in Schedule 22 of the Buyer Disclosure Letter, no material Proceeding between or otherwise involving the Buyer or any of its Affiliates and any non-governmental organization, community, community group, Indigenous Group or any other similar such Person, nor any Indigenous Claim exists or, to the Knowledge of the Buyer, is pending, threatened or otherwise imminent with respect to the Buyer Material Property or any Operations thereon, and no member of the Buyer Group has settled any such Proceeding within the last five years. None of the areas covered by the Buyer Material Property (including the Buyer Mining Rights) or any constructions, remains or similar elements located thereon have been declared as a protected cultural or archaeological site by any Governmental Authority and there have been no archeological or historical findings in the Buyer Material Property.

**23.** **Litigation** 

Except as disclosed in Schedule 23 of the Buyer Disclosure Letter, there are no material Proceedings pending, or to the Knowledge of the Buyer, threatened against the Buyer or the Buyer Subsidiaries before any court or Governmental Authority nor is any member of the Buyer Group subject to any outstanding injunction, order, decree, ruling or judgment, and to the Knowledge of the Buyer, there is no valid basis for any Proceeding by or against the Buyer Group.

**24.** **Taxes** 

Except as otherwise disclosed in Schedule 24 of the Buyer Disclosure Letter:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Each
 of the Buyer and the Buyer Subsidiaries has duly filed on a timely basis with the appropriate
 Governmental Authority all Tax Returns required to be filed by them and has submitted all
 required affidavits and complied with other accessory fiscal obligations and duties that
 are required to be fulfilled by or with respect to them, including keeping books in compliance
 with all Applicable Laws. All such Tax Returns were complete and accurate in all material
 respects. At Closing each of the Buyer and the Buyer Subsidiaries will have paid all Taxes
 which are due and payable (including all instalments and prepayments of Tax as required by
 Applicable Laws), other than as disclosed in Schedule 24 of the Buyer Disclosure Letter.
 At Closing, no jurisdiction or authority in or with which any of the Buyer and the Buyer
 Subsidiaries does not file a Tax Return will have alleged that any of them is required to
 file such a Tax Return.

(b) At
 Closing there will be no agreements, waivers or other arrangements providing for an extension
 of time for any of the Buyer and the Buyer Subsidiaries to file any Tax Return or pay any
 Taxes or for any Governmental Authority to examine any Tax Return or levy any assessment.

(c) At
 Closing, each of the Buyer and the Buyer Subsidiaries will have, in all material respects,
 withheld from each payment made, or deemed to have been made, to any Person all Taxes required
 to be withheld therefrom and will have paid the same to the proper Governmental Authorities
 within the time required under any Applicable Laws.

(d) At
 Closing, each of the Buyer and the Buyer Subsidiaries will have collected all material Taxes
 required to be collected and remitted, in all material respects, to the applicable Tax authority
 when required by Applicable Law to do so all such Taxes collected.

(e) At
 Closing there will be no material Proceedings pending or, to the Knowledge of the Buyer,
 threatened against any of the Buyer or the Buyer Subsidiaries in respect of Taxes, nor will
 there be any material matters under discussion by any of the Buyer or the Buyer Subsidiaries
 with any Governmental Authority relating to Taxes, other than as disclosed in Schedule 24
 of the Buyer Disclosure Letter.

(f) At
 Closing, no Encumbrances (other than Permitted Encumbrances) for Taxes have been filed, and
 no claims or assessments for Taxes have been asserted, by any Governmental Authority with
 respect to any member of the Buyer Group or any of their respective assets.

(g) The
 Buyer is not a party to or bound by any tax consolidation, tax sharing agreement, tax indemnity
 obligation or similar agreement or arrangement with respect to Taxes.

(h) The
 Buyer is not a party to or subject to any ruling request, settlement agreement or similar
 agreement with any Governmental Authority relating to Taxes for any periods for which the
 statute of limitations has not yet expired.

**25.** **Financial Auditing Regarding the Buyer** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The
 auditors of the Buyer who audited the consolidated financial statements of the Buyer for
 the fiscal year ended December 31, 2021 and who provided their audit report thereon are independent
 public accountants as required under applicable Securities Laws.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) To
 the Knowledge of the Buyer, there has never been a reportable disagreement (within the meaning
 of National Instrument 51-102 - *Continuous Disclosure*) with the present or former
 auditors of the Buyer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Except
 as disclosed in Schedule 25 of the Buyer Disclosure Letter, the Buyer maintains a system
 of internal accounting controls sufficient to provide reasonable assurance that: (i) transactions
 are executed in accordance with management's general or specific authorization; (ii)
 transactions are recorded as necessary to permit preparation of financial statements in conformity
 with IFRS and to maintain accountability for assets; (iii) access to assets is permitted
 only in accordance with management's general or specific authorization; and (iv) the
 recorded accountability for assets is compared with existing assets at reasonable intervals
 and appropriate action is taken with respect to any differences.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Except
 as disclosed in Schedule 25 of the Buyer Disclosure Letter, the Buyer has established and
 maintains "disclosure controls and procedures" and "internal control over
 financial reporting" which the Buyer's board of directors considers reasonable
 and appropriate in the Buyer circumstances and in accordance with the provisions of IFRS.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Except
 as disclosed in Schedule 25 of the Buyer Disclosure Letter, the audit committee of the Buyer
 is comprised and operates in accordance with the requirements of National Instrument 52-110
 – *Audit Committees* of the relevant securities regulators, each of whom is "independent"
 within the meaning of such instrument.

**26.** **Employment Matters** 

Except as disclosed in Schedule 26 of the Buyer Disclosure Letter:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Each
 of the Buyer and the Buyer Subsidiaries is in compliance with all Applicable Laws respecting
 employment and employment practices, subcontracting, outsourcing, terms and conditions of
 employment, pay equity and wages, except where such non-compliance would not have a Buyer
 Material Adverse Effect on the Buyer and the Buyer Subsidiaries taken as a whole or result
 in a Buyer Material Adverse Effect to the Buyer and the Buyer Subsidiaries taken as a whole.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) There
 has not been and there is not currently any labour disruption or conflict which is adversely
 affecting or is reasonably likely to adversely affect, in a material manner, the carrying
 on of the business of the Buyer and the Buyer Subsidiaries taken as a whole.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) All
 accruals for unpaid vacation pay, premiums for unemployment insurance, health premiums, pension
 plan premiums, accrued wages, salaries and commissions and employee benefit plan payments
 of the Buyer and the Buyer Subsidiaries have been recorded in accordance with IFRS and are
 reflected on the books and records of the Buyer and the Buyer Subsidiaries.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) There
 is no agreement, plan or practice relating to the payment of any management, consulting,
 service or other fee or any bonus, pensions, share of profits or retirement allowance, insurance,
 health or other employee benefit other than in the Ordinary Course.

**27.** **Anti-Corruption and Unlawful Contributions** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The
 Buyer Group has at all times during the past five years been and is in compliance with all
 Anti-Corruption Laws, applicable Sanctions and export controls.

(b) The
 Buyer Group has at all times during the past five years been and is in compliance with, and
 none of them have been charged or otherwise subject to Proceedings under, AML Legislation.

(c) The
 Buyer Group, their respective officers and directors and, to the Knowledge of the Buyer,
 the Buyer Group's employees and agents, have at all times in the past five years, been
 and are in compliance with, and have not been charged under, Anti-Corruption Laws and applicable
 Sanctions and are not knowingly engaged in any activity that would reasonably be expected
 to result in the any of the Buyer Group being designated as a Sanctioned Person or Sanctioned
 Entity.

**28.** **Finders' Fee** 

Except as disclosed in Schedule 28 of the Buyer Disclosure Letter, there is no investment banker, broker, finder or other intermediary which has been retained by or is authorized to act on behalf of the Buyer who might be entitled to any fee or commission in connection with the Transactions.

## Exhibit 99.3

**Exhibit 99.3**

**<u>TRANSFER AGREEMENT</u>**

****

<br> **THIS TRANSFER AGREEMENT** (the "**Agreement**") is dated as of January 8, 2023 by and among Orion Resource Partners (USA) LP ("**Orion**"), Dalu S.à r.l. a private limited liability company (*société à responsabilité limitée*) incorporated and existing under the laws of the Grand Duchy of Luxembourg, having its registered office at 9, rue de Bitbourg L - 1273 Luxembourg, Grand Duchy of Luxembourg and registered with the Register of Commerce and Companies (*Registre de Commerce et des Sociétés*) under number B199807 (together with its successors and assigns under the Acquisition Agreement (as defined below), "**Dalu**"), Grupo Desarrollador Migo, S.A.P.I. de C.V. ("**M Grupo**"), Minera La Negra S.A. de. C.V. ("**MLSA**") and Excellon Resources Inc., a corporation existing under the laws of Ontario ("**Excellon**", and together with Orion, Dalu, M Grupo and MLSA, the "**Parties**");

**WHEREAS**, Dalu is party to an Acquisition Agreement with Excellon, dated the date of this Agreement (the "**Acquisition Agreement**"), in respect of all shares of Minera La Negra, S.A de C.V owned by Dalu (the "**Purchased Shares**"), the owner of the Minera La Negra project;

**AND WHEREAS**, pursuant to the Acquisition Agreement, Dalu will be entitled to receive the Closing Date Consideration Shares from Excellon as consideration for the sale of the Purchased Shares to Excellon;

**AND WHEREAS**, M Grupo, Dalu and MLSA are party to a joint venture agreement, dated August 6, 2020, in respect of the Minera La Negra project (the "**Joint Venture Agreement**") and Orion, an affiliate of Dalu, and M Grupo are party to a letter of intent, dated January 26, 2022, with respect to the division of proceeds from a potential future sale of the Purchased Shares (the "**Letter Agreement**");

**AND WHEREAS**, pursuant to the Letter Agreement, M Grupo is entitled to a certain portion of the consideration that is paid upon a sale of the Purchased Shares and the Parties desire to enter into this Agreement to provide for the payment by Excellon to M Grupo in consideration for the termination of the Joint Venture Agreement and the Letter Agreement;

**AND WHEREAS**, Dalu provided indemnification obligations in favour of Excellon pursuant to the Acquisition Agreement and Dalu and M Grupo desire to enter into this Agreement to confirm the expense reimbursement arrangements between themselves with respect to any indemnity claim that is ultimately funded by Dalu to Excellon pursuant to the terms of the Acquisition Agreement.

**NOW THEREFORE**, in consideration of the mutual agreements and covenants contained in this Agreement, the Parties agree as follows:

1.0 INTERPRETATION

1.1 Capitalized
 Terms. Capitalized terms used herein and not otherwise
 defined shall have the meanings specified to them in the Acquisition Agreement.

1.2 Certain
 Terms. For purposes of this Agreement:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the
 words "include," "includes" and "including" shall be
 deemed in each case to be followed by the words "without limitation"; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the
 words "hereof", "herein" and "hereunder" and words of
 similar import shall refer to this Agreement as a whole and not to any particular provision
 of this Agreement unless otherwise specified.

2.0 Issuance
 of shares

2.1 Issuance
 of Shares. On and effective on the Closing Date, in satisfaction
 of the termination of the Joint Venture Agreement and the Letter Agreement, Excellon agrees
 to issue and deliver to M Grupo (or an affiliate of M Grupo as directed by M Grupo not less
 than five business days before the Closing Date and provided such affiliate of M Grupo has
 entered into an assignment and assumption agreement in respect of this Letter Agreement)
 a number of Buyer Shares that is equal to the quotient resulting from dividing (i) C$10,788,800
 by (ii) the Closing Date Subscription Price (the " M Grupo Consideration Shares ").
 Provided that M Grupo has received notice of the proposed Closing Date, at least five business
 days prior to the Closing Date, M Grupo will provide Excellon with written instructions for
 the registration and delivery details for the M Grupo Consideration Shares.

2.2 Investor
 Rights Agreement. As a condition of the issuance by Excellon
 to M Grupo of the M Grupo Consideration Shares, M Grupo shall execute and deliver the investor
 rights agreement to be entered into by Excellon, Dalu and M Grupo, the form of which is attached
 hereto as Schedule A (the " Investor Rights Agreement ").
 Concurrently upon the execution of this Agreement, M Grupo shall deliver to Dalu's
 counsel, Torys LLP, an executed copy of its signature page to the Investor Rights Agreement
 to be held in escrow until the receipt by M Grupo (or an affiliate of M Grupo) of the M Grupo
 Consideration Shares and upon receipt of the M Grupo Consideration Shares, the signature
 page shall be automatically released from escrow.

2.3 Joint
 Venture Agreement and Letter Agreement Obligations. Upon
 the issuance by Excellon to M Grupo of the M Grupo Consideration Shares 2.2, the Parties
 agree that (i) the Joint Venture Agreement and Letter Agreement shall both automatically
 be terminated and no longer be of any force or effect, (ii) all obligations of Orion and/or
 Dalu under the Joint Venture Agreement and the Letter Agreement will have been fully and
 finally settled, (iii) Orion, Dalu, M Grupo, MLSA on behalf of themselves and their respective
 subsidiaries, affiliates, shareholders, directors, officers, consultants and employees (collectively,
 the " Releasing Parties ") fully and finally
 discharge and release the other Parties and their respective subsidiaries, affiliates, shareholders,
 directors, officers, consultants and employees (collectively, the " Released
 Parties ") from all claims, complaints, causes of
 action and demands that they have, had or may hereafter have (whether or not now known or
 foreseen), under common law, equity, or statute, in connection with the Joint Venture Agreement
 and the Letter Agreement and agree to indemnify and hold harmless the Released Parties in
 respect of any claims, complaints, causes of action and demands that they have, had or may
 hereafter have (whether or not now known or foreseen), under common law, equity, or statute,
 in connection with the Joint Venture Agreement and the Letter Agreement. This Agreement shall
 serve as the mutual consent by the applicable Parties pursuant to Section 12 of the Joint
 Venture Agreement in order to terminate the Joint Venture Agreement.

**The Releasing Parties agree that, once the M Grupo Consideration Shares have been issued to M Grupo, they will not make any claims or take any proceedings against the Released Parties arising out of or relating to the Joint Venture Agreement, the Letter Agreement or the mine known as "Minera La Negra" located in Maconí, Cadereyta, Querétaro, México (the "Project"). No Party will have any further liability to the other Parties arising out of or relating to the Joint Venture Agreement, the Letter Agreement or the Project. This Agreement may be referred to and relied upon by the Parties in defence and/or as a basis for seeking the dismissal of claims or proceedings in respect of the matters referred to above in this Section 2.3 and shall operate as an estoppel in respect of same.** 

**Excellon agrees that it shall be required to pay or issue and will pay or issue to M Grupo the following amounts of cash or Buyer Shares (as applicable): (i) concurrently with the payment specified in Section 2.2(a)(ii) of the Acquisition Agreement, either (A) a US$6 million cash payment if the First Deferred Payment under the Acquisition Agreement is paid in cash or (B) US$6 million in Buyer Shares, if the First Deferred Payment under the Acquisition Agreement is paid in Buyer Shares, by the issuance of a number of Buyer Shares equal to US$6 million (converted into CAD on the date immediately prior to such issuance) divided by the volume weighted average price of the Buyer Shares on the Toronto Stock Exchange (the "TSX") for the 20 trading days preceding the date of issuance of such shares; and (ii) concurrently with the payment specified in Section 2.2(a)(iii) of the Acquisition Agreement, either (A) a US$6 million cash payment if the Second Deferred Payment under the Acquisition Agreement is paid in cash or (B) US$6 million in Buyer Shares, if the Second Deferred Payment under the Acquisition Agreement is paid in Buyer Shares, by the issuance of a number of Buyer Shares equal to US$6 million (converted into CAD on the date immediately prior to such issuance) divided by the volume weighted average price of the Buyer Shares on the TSX for the 20 trading days preceding the date of issuance of such shares. The Parties agree that the valuation of all of the Closing Date Consideration Shares, the M Grupo Consideration Shares and the full amount of the First Deferred Payment and the Second Deferred Payment (including if such payments are satisfied by the issuance of the First Deferred Consideration Shares and/or the Second Deferred Consideration Share) and the payments of the deferred consideration to M Grupo referred to above in this Section 2.3 for the purposes of the Letter Agreement is less than US$54 million.**

3.0 INDEMNITY
 OBLIGATIONS

3.1 [Redacted
 – Commercially Sensitive Information]

3.2 [Redacted
 – Commercially Sensitive Information]

3.3 [Redacted
 – Commercially Sensitive Information]

4.0 miscellaneous

4.1 JV
 Agreement . For greater certainty, until the issuance of
 the M Grupo Consideration Shares in accordance with Section 2.1 above, the Joint Venture
 Agreement and the Letter Agreement will remain in effect.

4.2 Further
 Assurances. Each Party shall do and perform or cause to
 be done and performed all such further acts and things and shall execute and deliver all
 such other agreements, certificates, instruments and documents as any other Party or subject
 hereto may reasonably request in order to carry out the intent and accomplish the purposes
 of this Agreement and the consummation of the transactions contemplated hereby.

4.3 Counterparts. This Agreement may be executed in any number of counterparts.
 Each counterpart is an original, but the counterparts together are one and the same agreement.
 A copy of an executed counterpart sent as a PDF file by electronic mail (i) shall be treated
 as an original counterpart, (ii) is sufficient evidence of the execution of the original
 and (iii) may be produced in evidence for all purposes in place of the original.

4.4 Governing
 Law. This Agreement and the rights and obligations of the
 Parties hereunder shall be governed by, and construed and interpreted in accordance with,
 the laws of the Province of Ontario and the federal laws of Canada applicable therein. Each
 Party irrevocably attorns and submits to the exclusive jurisdiction of the Ontario courts
 situated in the City of Toronto and waives objection to the venue of any proceeding in such
 court or that such court provides an inconvenient forum.

4.5 Assignment. No Party shall sell, pledge, assign or otherwise transfer
 their rights or obligations under this Agreement without the prior written consent of the
 other Parties and any attempt to do so shall be void. Notwithstanding the foregoing, (i)
 Dalu may assign all or a portion of its rights or obligations under this Agreement without
 the prior written consent of the other Parties to an affiliate upon the concurrent assignment
 of all or a portion of its rights or obligations under the Acquisition Agreement to such
 affiliate and (ii) Excellon may assign all or a portion of its rights or obligations under
 this Agreement without the prior written consent of the other Parties to a wholly-owned subsidiary
 upon the concurrent assignment of all or a portion of its rights or obligations under the
 Acquisition Agreement to such wholly-owned subsidiary, provided that Excellon shall not be
 released from any obligations under this Agreement. This Agreement shall be binding upon
 and enure to the benefit of the Parties hereto and their respective successors and assigns.

*[Remainder of page intentionally blank]*

 

**IN WITNESS WHEREOF** the Parties have duly executed this Agreement as of the date first written above.

---

| | |
|:---|:---|
| **ORION RESOURCE PARTNERS (USA) LP** | **ORION RESOURCE PARTNERS (USA) LP** |
| *"Oskar Lewnowski"* | *"Oskar Lewnowski"* |
| Name: | Oskar Lewnowski |
| Title: | Chief Investment Officer |
| **DALU S.À R.L.** | **DALU S.À R.L.** |
| *By:* | *"Yulia Bay"* |
| Name: | Yuliya Bay |
| Title: | Class B Manager |
| *By:* | *"Jon Lamb"* |
| Name: | Jon Lamb |
| Title: | Class A Manager |
| **GRUPO DESARROLLADOR MIGO, S.A.P.I. DE C.V.** | **GRUPO DESARROLLADOR MIGO, S.A.P.I. DE C.V.** |
| *By:* | *"Luis Mier"* |
| Name: | Luis Mier |
| Title: | Authorized Signatory |

---

---

| | |
|:---|:---|
| **MINERA LA NEGRA, S.A. DE C.V.** | **MINERA LA NEGRA, S.A. DE C.V.** |
| *By:* | *"Jon Lamb"* |
| Name: | Jon Lamb |
| Title: | Director |

---

---

| | |
|:---|:---|
| **EXCELLON RESOURCES INC** | **EXCELLON RESOURCES INC** |
| *"Shawn Howarth"* | *"Shawn Howarth"* |
| Name: | Shawn Howarth |
| Title: | President & Chief Executive Officer |

---

**Schedule A**

**Form of Investor Rights Agreement**

**EXCELLON RESOURCES INC.**

**AND**

**DALU S.À R.L.**

**AND**

**[M GRUPO SUBSIDIARY]**

**INVESTOR RIGHTS AGREEMENT**

**DATED AS OF** ■**, 2023**

**TABLE OF CONTENTS**

---

| | | |
|:---|:---|:---|
| Article 1 INTERPRETATION | Article 1 INTERPRETATION | 1 |
| 1.1 | Definitions | 1 |
| 1.2 | Rules of Construction | 7 |
| 1.3 | Governing Law, Disputes and Arbitration. | 8 |
| 1.4 | Severability | 9 |
| 1.5 | Time of Essence | 9 |
| 1.6 | Entire Agreement | 9 |
| 1.7 | Several Obligations | 9 |
| Article 2 BOARD REPRESENTATION | Article 2 BOARD REPRESENTATION | 9 |
| 2.1 | Investor Nominees | 9 |
| 2.2 | Exercise of Board Nomination Rights | 9 |
| 2.3 | Investor Nominees | 12 |
| 2.4 | Support for other Investor Nominees | 12 |
| 2.5 | Nomination Rights Regarding Committees of the Board | 12 |
| Article 3 Management | Article 3 Management | 12 |
| 3.1 | Proxy Recommendations | 12 |
| Article 4 MLN ADVISORY TECHNICAL COMMITTEE | Article 4 MLN ADVISORY TECHNICAL COMMITTEE | 13 |
| 4.1 | Establishment of MLN Technical Committee | 13 |
| 4.2 | Members | 13 |
| 4.3 | Responsibilities | 13 |
| 4.4 | Meetings | 14 |
| Article 5 COVENANTS | Article 5 COVENANTS | 14 |
| 5.1 | Restrictions on Disposition during the Restricted Period | 14 |
| 5.2 | Permitted Dispositions during the Restricted Period | 15 |
| 5.3 | Standstill | 16 |
| 5.4 | Confidentiality | 17 |
| 5.5 | Securities Law Matters | 19 |
| 5.6 | Ownership of Orion | 19 |
| Article 6 REGISTRATION RIGHTS | Article 6 REGISTRATION RIGHTS | 19 |
| 6.1 | Demand Registration | 19 |
| 6.2 | Piggy-Back Registration Rights | 22 |

---

---

| | | |
|:---|:---|:---|
| 6.3 | Registration in the United States | 22 |
| 6.4 | Withdrawal of Registrable Securities | 23 |
| 6.5 | Expenses | 23 |
| 6.6 | Indemnification | 24 |
| 6.7 | Agreement Regarding Compliance with Securities Laws | 25 |
| 6.8 | Granting of Demand Registration Rights and Piggy-Back Registration Rights to Third-Parties | 26 |
| Article 7 | Article 7 | 26 |
| Representations and Warranties | Representations and Warranties | 26 |
| 7.1 | Representations and Warranties of M Grupo | 26 |
| Article 8 MISCELLANEOUS | Article 8 MISCELLANEOUS | 29 |
| 8.1 | Termination | 29 |
| 8.2 | Notices | 29 |
| 8.3 | Consent to Public Disclosure | 31 |
| 8.4 | Execution in Counterpart | 31 |
| 8.5 | Amendment and Waiver | 31 |
| 8.6 | Assignment | 31 |
| 8.7 | Successors and Substitute Securities | 31 |
| Schedule A REGISTRATION PROCEDURES | Schedule A REGISTRATION PROCEDURES | 1 |
| Schedule B DISPUTE RESOLUTION | Schedule B DISPUTE RESOLUTION | 1 |

---

**INVESTOR RIGHTS AGREEMENT**

**THIS AGREEMENT** dated as of the ■ day of ■, 2023,

**BETWEEN:**

**EXCELLON RESOURCES INC.**, a company existing under the laws of Ontario (the "**Corporation**"),

- and -

**DALU S.À R.L.**, a private limited liability company (société à responsabilité limitée) incorporated and existing under the laws of the Grand Duchy of Luxembourg, having its registered office at [Redacted – Personal Information] and registered with the Register of Commerce and Companies (Registre de Commerce et des Sociétés) under number B199807 ("**Orion**")

- and -

**[M GRUPO SUBSIDIARY]**, a ■ existing under the laws of ■ ("**M Grupo**")

**WHEREAS:**

A. As
 a condition of the Acquisition Agreement (as defined below), the Corporation has agreed to
 grant certain rights to the Investors (as defined below) which are set out herein, and the
 Investors have agreed to certain obligations to the Corporation as set out herein and upon
 the terms and subject to the conditions set out herein.

**NOW THEREFORE** this Agreement witnesses that in consideration of the respective covenants and agreements of the parties herein contained and for other good and valuable consideration (the receipt, sufficiency and adequacy of which is hereby acknowledged), the parties hereto agree as follows:

**Article 1<br> INTERPRETATION**

**1.1** **Definitions** 

For the purposes of this Agreement, unless the context otherwise requires, the following terms shall have the respective meanings set out below and grammatical variations of such terms shall have corresponding meanings:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) "**Acquisition Agreement**" means the Acquisition Agreement, dated January **[8]**, 2023, entered
 into between the Corporation and Orion;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) "**affiliate** "
 has the meaning given to that term in National Instrument 45-106 — *Prospectus Exemptions* of the Canadian Securities Administrators in effect on the date hereof, subject to the
 term "issuer" in such instrument being ascribed the same meaning as the term
 "person" in such instrument;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) "**Agreement** "
 means this agreement, including any amendments or restatements thereof;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) "**AML Legislation**" means the *Proceeds of Crime (Money Laundering) and Terrorist Financing Act* (Canada), the USA Patriot Act, the Mexican *Ley Federal para la Prevención e Identificación de Operaciones con Recursos de Procedencia Ilícita* and
 other applicable anti-money laundering, anti-terrorist financing, government sanction and
 "know your client" Applicable Laws, whether within Canada, the United States,
 Mexico or, to the extent applicable to any Party or its subsidiaries, elsewhere, including
 any regulations, guidelines or orders thereunder;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) "**Anti-Corruption Laws**" means the *Corruption of Foreign Public Officials Act* (Canada), the *United Kingdom Bribery Act 2010* and the *United States Foreign Corrupt Practices Act of 1977*, the Mexican *Ley General del Sistema Nacional Anticorrupción*,
 the Mexican *Ley General de Responsabilidades Administrativas* and the Mexican Federal
 Criminal Code and all other laws, rules, and regulations of any jurisdiction applicable to
 any Party or its subsidiaries from time to time concerning or relating to bribery or corruption;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) "**Applicable Laws**" means all laws, by-laws, statutes, rules, regulations, principles of law
 and equity (including common law), treaties, orders, ordinances, certificates, directives,
 legally enforceable guidelines, standards and policies, and other similar requirements, whether
 domestic or foreign, and the terms and conditions of any permit, in each case, of any Governmental
 Authority;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) "**Arbitration Rules**" means the International Arbitration Rules of the ICDR;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) "**Board** "
 means the board of directors of the Corporation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) "**Business Day**" means any day except Saturday, Sunday or a statutory or civic holiday in the
 City of Toronto, Ontario or any other day on which the Exchange or the principal chartered
 banks located in Toronto, Ontario are not open for business;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) "**Change of Control**" means (i) any acquisition transaction, amalgamation, arrangement, merger
 or other consolidation or combination involving the Corporation and another person, which
 results in such other person, including persons acting jointly or in concert with such other
 person, directly or indirectly (A) beneficially owning, or exercising control or direction
 over, voting securities of the Corporation carrying the right to cast more than fifty percent
 (50%) of the votes attaching to all voting securities of the Corporation, or (B) acquiring
 more than fifty percent (50%) of the assets and properties of the Corporation on a consolidated
 basis, (ii) a change in more than fifty percent (50%) of the members of the Board during
 any 12-month period which has not been consented to by a majority of the members of the incumbent
 Board, or (iii) any other event, transaction or series of events or transactions pursuant
 to which a person acquires possession, directly or indirectly, of the power to direct or
 cause the direction of the management and policies of the Corporation and/or its consolidated
 assets, whether by contract or otherwise, provided that, for certainty, a Change of Control
 will not occur as a result of the issuance of Common Shares contemplated by the Acquisition
 Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) "**Closing Date**" means the closing date of the transactions contemplated by the Acquisition
 Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) "**Common Shares**" means the common shares in the share capital of the Corporation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m) "**Confidential Information**" means any and all information about the Corporation or any of its
 affiliates which is furnished by it or any of its Representatives to any Investor or any
 of its affiliates, whenever furnished and regardless of the manner in which it is furnished
 (orally, in writing, electronically, etc.) and includes all information, including information
 regarding the business and affairs of the Corporation and its affiliates, their plans, strategies,
 operations, financial information (whether historical or forecasted), business methods, systems,
 practices, analyses, compilations, forecasts, studies, designs, processes, procedures, formulae,
 improvements, trade secrets and other documents and information; provided, however, that
 Confidential Information shall not include, and no obligation under Section 5.4 shall be
 imposed on, information that: (a) was known by or in the possession of the applicable Investor
 or any of its affiliates before disclosure by or on behalf of the Corporation; (b) is or
 becomes part of the public domain other than as a result of a breach of this Agreement by
 the applicable Investor, its affiliates or their Representatives and provided that specific
 aspects or details of Confidential Information shall not be deemed to be within the public
 domain or in the possession of the Investor or any of its affiliates merely because the Confidential
 Information is embraced by more general or limited information in the public domain; (c)
 is or becomes available to the applicable Investor or its affiliates on a non-confidential
 basis from a Third Party, provided that, to the applicable Investor's knowledge after
 reasonable inquiry, such Third Party is not and was not prohibited from disclosing such information;
 or (d) is independently developed by the applicable Investor or its affiliates without reference
 to or use of the Confidential Information;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n) "**Convertible Securities**" means any evidences of indebtedness, shares or other securities directly
 or indirectly convertible into or exercisable or exchangeable for Common Shares;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(o) "**Corporation** "
 has the meaning set out in the recitals to this Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(p) "**Demand Registration**" has the meaning set out in Section 6.1(a);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(q) "**Designated Party**" has the meaning set out in Section 8.6(c);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(r) "**Director** "
 means a member of the Board;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(s) "**Director Eligibility Criteria**" has the meaning set out in Section 2.2(b);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(t) "**Dispute** "
 has the meaning set out in Section 1.3(b);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(u) "**Encumbrance** "
 means any security interest, lien (statutory or otherwise), mortgage, hypothec, charge, indenture,
 pledge, claim, option, conditional sale agreement, instalment sale agreement, trust, or other
 encumbrance;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) "**Equity Securities**" means the Common Shares, the Convertible Securities or any other equity
 securities of the Corporation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(w) "**Exchange** "
 means the Toronto Stock Exchange, or such other nationally recognized stock exchange on which
 the Common Shares may be listed from time to time;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(x) "**Governmental Authority**" means the federal government of the United States of America, Canada,
 Mexico or any other country or sovereign entity, any state, province, commonwealth, territory,
 or possession thereof, and any political subdivision or quasi-governmental authority of any
 of the same, including courts, tribunals, arbitrators, departments, commissions, boards,
 bureaus, agencies, counties, municipalities, provinces, parishes, securities regulatory authority
 or stock exchange, and other instrumentalities or private body exercising any regulatory,
 expropriation or taxing authority under or for the account of any of the foregoing, in each
 case, having jurisdiction in the relevant circumstances;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(y) "**ICDR** "
 means the International Center for Dispute Resolution;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(z) "**Indemnified Party**" has the meaning set out in Section 6.6(c);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(aa) "**Indemnifying Party**" has the meaning set out in Section 6.6(c);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(bb) "**Independent Director**" means a Director who is not a member of management or an employee of
 the Corporation or any of their "associates" (as defined in the Securities Act)
 or an Investor Nominee;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(cc) "**Independent Expert**" means an investment bank or accountancy firm familiar with and having had
 recent and relevant experience in opining on the matters to be considered by shareholders,
 appointed by the Board in its sole discretion, and which is not acting in concert with nor
 is affiliated with any shareholder of the Corporation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(dd) "**Investor Nominee**" has the meaning set out in Section 2.1;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ee) "**Investor's Percentage**" means, with respect to an Investor (which, for greater certainty, includes
 all affiliates of such Investor who hold Equity Securities), the percentage equal to the
 fraction, the numerator of which is the Equity Securities, indirectly or directly, collectively
 owned, controlled or directed by such Investor and any of its affiliates and the denominator
 of which is the outstanding Equity Securities, the whole computed on a non-diluted basis;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ff) "**Investors** "
 means, subject to Section 8.1, each of (i) the Orion Group, and (ii) the M Grupo Group, and
 an "**Investor**" means, subject to Section 8.1, any one of them;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(gg) "**Jurisdictions** "
 has the meaning set out in Section 6.1(a);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(hh) "**La Negra Mine**" means the "Company Material Property" as defined in the
 Acquisition Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) "**MLN Technical Committee**" means the advisory technical committee in respect of the La
 Negra Mine to be established in accordance with this Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(jj) "**MLSA** "
 mean Minera La Negra S.A. de C.V., a company existing under the laws of the Mexico;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(kk) "**M Grupo**" has the meaning set out in the recitals to this Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ll) "**M Grupo Group**" means each of M Grupo, Grupo Desarrollador Migo, S.A.P.I. de C.V.,
 and any subsidiary of Grupo Desarrollador Migo, S.A.P.I. de C.V.;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(mm) "**M Grupo JV Arrangements**" means the Joint Venture Agreement between Grupo Desarrollador
 Migo, S.A.P.I. de C.V. and Orion dated as of August 6, 2020, the Letter of Intent dated January
 26, 2022 between Grupo Desarrollador Migo, S.A.P.I. de C.V. and Orion Resource Partners,
 on behalf of Orion with respect to the division of proceeds from a potential future sale
 of MLSA and the letter agreement dated the date hereof between Grupo Desarrollador Migo,
 S.A.P.I. de C.V., Orion Resource Partners and Orion, regarding the same;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(nn) "**M Grupo JV Arrangements Termination Agreement**" means the definitive agreement evidencing
 the termination of the M Grupo JV Arrangements among Orion Resource Partners, Orion, the
 Corporation, MLSA and Grupo Desarrollador Migo, S.A.P.I. de C.V., dated January **[8]**,
 2023;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(oo) "**NI 43-101**" means National Instrument 43-101 – *Standards of Disclosure for Mineral Projects* of the Canadian Securities Administrators;

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(qq) "**OBCA** "
 means the *Business Corporations Act* (Ontario), as it may be amended from time to time;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(rr) "**Offer** "
 has the meaning given to the phrase "offer to acquire" in NI 62-104;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ss) "**Orion** "
 has the meaning set out in the recitals to this Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(tt) "**Orion Group**" means each of Orion, Orion Mine Finance (Master) Fund I LP and any other
 person owned by Orion Mine Finance (Master) Fund I LP;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(uu) "**Payment Amount**" has the meaning set out in Section 6.1(b);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vv) "**person** "
 shall be broadly interpreted and includes any individual, corporation, partnership, joint
 venture, limited liability company, an unlimited liability company, association or other
 business entity and any trust, unincorporated organization or government or any agency or
 political subdivision thereof;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ww) "**Piggy-Back Investor**" has the meaning set out in Section 6.2(a);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xx) "**Piggy-Back Notice**" has the meaning set out in Section 6.2(a);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(yy) "**Piggy-Back Registration**" has the meaning set out in Section 6.2(a);

lii) "**Proceeding**" means any Litigation, assessment, hearing, arbitration, judgment, award, decree, order, injunction and prosecution, or other similar proceeding;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(aaa) "**Prospectus** "
 means a prospectus or preliminary prospectus, as those terms are defined in the Securities
 Act;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(bbb) "**Prospectus Requirements**" means the obligation to prepare a Prospectus and obtain a receipt
 in connection with a distribution of securities in accordance with the Securities Act, as
 well as the equivalent obligations prescribed by other Securities Laws;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ccc) "**Public Offering**" means any distribution of Equity Securities to the public under a Prospectus
 in accordance with applicable Securities Laws of the relevant province or territory in Canada;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ddd) "**Registrable Securities**" has the meaning set out in Section 6.1(a);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(eee) "**Representatives** "
 means a party's and its affiliates' directors, officers, employees, lawyers,
 independent accountants, financial advisors, consultants or other agents, bankers or technical
 advisors;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(fff) "**Requesting Investor**" has the meaning set out in Section 6.1(a);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ggg) "**Restricted Period**" means, in respect of each Investor, the period from the date of this Agreement
 until the earlier of (a) the date which is eighteen (18) months from the date hereof, and
 (b) the date on which such Investor's Percentage is less than ten percent (10%);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(hhh) "**Sanctioned Entity**" means (i) a country or a government of a country; (ii) an agency of the
 government of a country; (iii) an organization directly or indirectly controlled by a country
 or its government; or (iv) a person resident in or determined to be resident in a country,
 in each case, that is subject to a country Sanctions program administered and enforced by
 OFAC or by any Governmental Authority;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) "**Sanctioned Person**" means (i) any person listed in any sanctions-related list of designated
 persons maintained by any Governmental Authority; or (ii) a person named on the list of Specially
 Designated Nationals maintained by OFAC;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(jjj) "**Sanctions** "
 means economic or financial sanctions or trade embargoes imposed, administered or enforced
 from time to time by OFAC or any Governmental Authority;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(kkk) "**Securities Act**" means the *Securities Act* (Ontario), as it may be amended or supplemented
 from time to time;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(lll) "**Securities Laws**" means, collectively, the applicable securities laws of each of the provinces
 and territories of Canada and the respective regulations, instruments and rules made under
 those securities laws, together with all applicable published policy statements, notices,
 blanket orders and rulings of the securities commissions or regulatory authorities of Canada
 and of each of the provinces and territories of Canada and the applicable rules and requirements
 of any stock exchange;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(mmm) "**Securities Regulators**" has the meaning set out in Section 6.1(j);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(nnn) "**Selling Expenses**" has the meaning set out in Section 6.5(c);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ooo) "**Third Party**" means a person that is not a party, or an affiliate of that party, to this Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ppp) "**Underwritten Offering**" means the sale of securities of the Corporation by way of a Public Offering
 as a firm commitment underwriting or a best efforts agency offering; and

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

**1.2** **Rules of Construction** 

Except as may be otherwise specifically provided in this Agreement and unless the context otherwise requires, in this Agreement:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the
 terms "Agreement", "this Agreement", "the Agreement",
 "hereto", "hereof", "herein", "hereby", "hereunder"
 and similar expressions refer to this Agreement in its entirety and not to any particular
 provision hereof;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) references
 to an "Article" or "Section" followed by a number or letter refer
 to the specified Article or Section to this Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) the
 division of this Agreement into articles and sections and the insertion of headings are for
 convenience of reference only and shall not affect the construction or interpretation of
 this Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) words
 importing the singular number only shall include the plural and *vice versa* and words
 importing the use of any gender shall include all genders;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) the
 word "including" is deemed to mean "including without limitation";

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) the
 terms "**party**" and "**the parties**" refer to a party or
 the parties to this Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) any
 reference to this Agreement means this Agreement as amended, modified, replaced or supplemented
 from time to time;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) any
 reference to a statute, regulation or rule shall be construed to be a reference thereto as
 the same may from time to time be amended, re-enacted or replaced, and any reference to a
 statute shall include any regulations or rules made thereunder;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) any
 time period within which a payment is to be made or any other action is to be taken hereunder
 shall be calculated excluding the day on which the period commences and including the day
 on which the period ends; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) whenever
 any action is required to be taken or period of time is to expire on a day other than a Business
 Day, such action shall be taken or period shall expire on the next following Business Day.

**1.3** **Governing Law, Disputes and Arbitration.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) This
 Agreement shall be governed by and construed in accordance with the laws of the Province
 of Ontario and the federal laws of Canada applicable therein.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) In
 the event of any dispute, claim, question or disagreement (each, a "**Dispute** ")
 arising out of or relating to this Agreement, the parties shall use all commercially reasonable
 efforts to settle such Dispute. To this effect, the parties shall consult and negotiate with
 each other and, recognizing their mutual interests, attempt to reach a satisfactory solution.
 If they do not reach settlement within a period of fifteen (15) days, then, upon notice by
 any party to the other parties, any unresolved Dispute arising out of or relating to this
 Agreement shall be settled by arbitration in accordance with the arbitration procedures set
 forth in Schedule B. Notwithstanding the foregoing, the parties acknowledge that the failure
 to comply with a covenant or obligation contained in this Agreement may give rise to irreparable
 injury to a party inadequately compensable in damages. Accordingly, a party may seek to enforce
 the performance of this Agreement by injunction or specific performance upon application
 to a court of competent jurisdiction without proof of actual damage (and without the requirement
 of posting a bond or other security).

**1.4** **Severability** 

If any provision of this Agreement or the application of such provision to any person or circumstances shall be held invalid or unenforceable by a court of competent jurisdiction, such provision or application shall be unenforceable only to the extent of such invalidity or unenforceability, and the remainder of such provision and the application of such provision to persons or circumstances, other than the party as to which it is held invalid, and the remainder of this Agreement, shall not be affected.

**1.5** **Time of Essence** 

Time shall be of the essence of this Agreement.

**1.6** **Entire Agreement** 

This Agreement constitutes the entire agreement between the parties with respect to the subject matter hereof and thereof and supersede all prior agreements, written or oral, among the parties hereto with respect to the subject matter hereof.

**1.7** **Several Obligations** 

The obligations of the Investors under this Agreement are several and not joint.

**Article 2<br> BOARD REPRESENTATION**

**2.1** **Investor Nominees** 

For so long as an Investor's Percentage is at least ten percent (10%), such Investor shall be entitled to nominate one (1) Investor Nominee, to be proposed for election as a Director of the Corporation in any management proxy circular which pertains to the election of the Directors of the Corporation (each an "**Investor Nominee**" and together the "**Investor Nominees**"), any of whom may be a director, officer or employee of such Investor. If no Investor's Percentage is at least ten percent (10%), then no Investor shall be entitled to designate an Investor Nominee. For the avoidance of doubt, although an Investor may have the right to propose an Investor Nominee, the Investor shall not be required to propose such Investor Nominee.

**2.2** Exercise
 of Board Nomination Rights

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) For
 an Investor to exercise its Board nomination rights set forth in Section 2.1, such Investor
 shall send a written notice to the Corporation setting out (i) the name, age, business address
 and residential address of its Investor Nominee they wish to propose, (ii) the principal
 occupation or employment of such Investor Nominee, (iii) the class or series and number of
 shares in the share capital of the Corporation which are controlled or which are owned beneficially
 or of record by such Investor Nominee as of the record date for the meeting of shareholders
 (if such date shall then have been made publicly available) in respect of the election of
 such Investor Nominee(s) and as of the date of such notice, and (iv) any other information
 relating to the Investor Nominee that would be required to be disclosed in a management's
 proxy circular in connection with solicitations of proxies for election of directors pursuant
 to the OBCA, applicable Securities Laws and the rules of the Exchange.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Each
 Investor Nominee must consent in writing to serve as a Director of the Corporation and must
 complete a personal information form, if required, or such other documentation as may be
 required by the Exchange or pursuant to the OBCA and applicable Securities Laws. Each Investor
 Nominee shall at all times meet the qualification requirements to serve as a Director under
 (A) the rules and policies of the Exchange, (B) the OBCA, and (C) any other applicable laws,
 including Securities Laws (collectively, the "**Director Eligibility Criteria** "),
 provided however, that any Investor Nominee need not be qualified as "independent"
 within the meaning of National Instrument 52-110 – *Audit Committees* of the Canadian
 Securities Administrators.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The
 Corporation shall notify the Investors in writing as soon as reasonably practicable upon
 determining the date of any meeting of the shareholders at which Directors of the Corporation
 are to be elected and, if the Investor desires to propose its respective Investor Nominee,
 the Investor shall advise the Corporation of the name of its Investor Nominee that the Investor
 is entitled to propose pursuant to this Article 2 (as of the record date for the shareholders'
 meeting) within fifteen (15) Business Day after receiving such notice. If an Investor does
 not advise the Corporation of the Investor Nominee within such fifteen (15) Business Day
 period, then such Investor will be deemed to have designated such Investor's incumbent
 Investor Nominee for nomination for election at the relevant meeting of the shareholders
 (unless such Investor otherwise notifies the Corporation within such fifteen (15) Business
 Day period). If no such incumbent Investor Nominee is then in office, and the Investor has
 failed to advise the Corporation of the name of the Investor Nominee to be proposed for election
 to fill the vacancy or vacancies, such Investor shall be deemed to have renounced its right
 to propose such Investor Nominee until the next meeting of the shareholders at which Directors
 of the Corporation are to be elected.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) At
 each meeting of shareholders at which Directors of the Corporation are to be elected, the
 Corporation shall cause the Investor Nominee that an Investor is entitled to propose pursuant
 to this Article 2 (as of the record date for the shareholders' meeting) to be included
 in the slate of individuals proposed by the Corporation for election as Directors of the
 Corporation. The Corporation shall use commercially reasonable efforts to cause the election
 of the Investor Nominee(s), including recommending shareholders vote and soliciting proxies
 from shareholders in favour of the election of the Investor Nominee(s). Forthwith following
 any meeting of shareholders at which Investor Nominee(s) were proposed to serve as a Director
 but was not validly elected by the shareholders in accordance with the OBCA, the Corporation's
 majority voting policy (as may be in effect) or the rules of the Exchange, the Corporation
 shall take all commercially reasonable steps necessary to appoint a replacement Investor
 Nominee to the Board (nominated by the applicable Investor) who is not the same individual
 who was not elected at the meeting of shareholders, including pursuant to the power of the
 Board to appoint additional Directors between shareholders' meetings or to fill a vacancy
 on the Board.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) If
 an Investor Nominee ceases to hold office as a Director of the Corporation for any reason
 (including as a result of a resignation by such Investor Nominee tendered pursuant to the
 Corporation's by-laws), other than as a result of the Investor no longer being entitled
 to propose such Investor Nominee pursuant to Section 2.1, the Investor entitled to propose
 such Investor Nominee shall be entitled to propose an individual (so long as such individual
 satisfies the Director Eligibility Criteria) to replace them and the Corporation, subject
 to applicable Securities Laws and the rules of the Exchange, shall promptly take all steps
 as may be necessary to appoint such individual to the Board to replace the Investor Nominee
 who had ceased to hold office, including pursuant to the power of the Board to appoint additional
 Directors between shareholders' meetings or to fill a vacancy on the Board.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) The
 Corporation shall reimburse all reasonable expenses incurred by an Investor Nominee in the
 performance of their duties for or on behalf of the Corporation incurred as a result of such
 Investor Nominee attending Board and committee meetings, including travel and accommodation
 expenses, consistent with the same reimbursement policies that apply to the other independent
 Board members.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) For
 the first twelve (12) months following the date hereof, any Board member (including the Investor
 Nominees) who is a partner, principal or employee of the Corporation or an Investor will
 not be entitled to any compensation for his or her service as a Board member or member of
 any committee of the Board as approved by the Board from time to time. After such twelve
 (12) month period, any Board member (including the Investor Nominees) who is a partner, principal
 or employee of the Corporation or an Investor shall be eligible to receive compensation for
 his or her service as a Board member or member of any committee of the Board as approved
 by the Board from time to time. For greater certainty, the Investor Nominees shall be entitled
 to compensation at the same rates of compensation provided to the other Board members for
 his or her service as a Board member or member of any committee of the Board as approved
 by the Board from time to time, but may direct the Corporation to remit such compensation
 to the Investors.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) The
 Corporation covenants and agrees with the Investors that upon an Investor Nominee's
 election or appointment to the Board, the Corporation shall agree to indemnify such Investor
 Nominee on the same terms as those provided to the other Board members and the Corporation
 shall ensure that such Investor Nominee has the benefit of any director and officer insurance
 policy in effect for the Corporation, on the same terms as those available to the other members
 of the Board.

**2.3** **Investor Nominees** 

The initial Investor Nominee of the Orion Group will be Victor Flores and the initial Investor Nominee of M Grupo will be Pablo Reynoso.

**2.4** **Support for other Investor Nominees** 

For as long an Investor is entitled to propose an Investor Nominee for election as a Director of the Corporation, and provided that such Investor Nominee meets the Director Eligibility Criteria, the Investors hereby undertake to exercise all of the voting rights controlled by them and their affiliates in favour of the election of such Investor Nominee(s) as Director(s) of the Corporation.

**2.5** **Nomination Rights Regarding Committees of the Board** 

For so long as an Investor's Percentage is at least ten percent (10%), such Investor shall be entitled to designate by written notice to the Corporation, their Investor Nominee who had been duly elected as directors of the Corporation as members on each of the following standing committees of the Board: with respect to Orion, (i) the Corporate Responsibility and Technical Committee and (ii) the Special Opportunities Committee; and with respect to M Grupo, (i) the Audit Committee and (ii) the Nominating & Corporate Governance Committee, provided that, in each case, the applicable Investor Nominee (a) meets the Director Eligibility Criteria to serve as a member of each such committee (including, for certainty, that any director nominee to the Corporation's audit committee meets the financial literacy and other requirements set forth in National Instrument 52-110 – *Audit Committees*), and (b) has the skills appropriate to serve as a member of each such committee in accordance with the skills matrix that is in place and is applicable to each committee, as determined by the Board from time to time.

**Article 3<br> MANAGEMENT**

**3.1** Proxy
 Recommendations

For a period of eighteen (18) months following the Closing Date, the Investors agree that they shall vote in accordance with the recommendation of management of the Corporation on any resolution put to shareholders in respect of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the
 appointment or removal of any director of the Corporation, other than an Investor Nominee,
 and in the case of the appointment of a director of the Corporation the relevant person is
 a person who:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the
 Board in its reasonable opinion believes, has the requisite business acumen and relevant
 experience, and is otherwise suitable to be a director of the Corporation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) meets
 the Director Eligibility Criteria; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the
 approval of matters that (i) have been approved by all of the Independent Directors; and
 (ii) require only an "ordinary resolution" (or approval by a simple majority)
 to be passed by the shareholders (whether pursuant to the OBCA, rules of the Exchange or
 otherwise) and not a "special resolution" (or approval by a 2/3 majority or an
 approval by a majority of the minority shareholders) (whether pursuant to the OBCA, rules
 of the Exchange or otherwise) to be passed by the shareholders.

**Article 4<br> MLN ADVISORY TECHNICAL COMMITTEE**

**4.1** **Establishment of MLN Technical Committee** 

For so long as any Investor's Investor Percentage is not less than ten percent (10%), the Corporation shall cause MLSA to establish and maintain the MLN Technical Committee having the roles and responsibilities as set out in this Article 4.

**4.2** **Members** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The
 MLN Technical Committee shall be comprised of five (5) members. At least one member shall
 be a qualified person, within the meaning of NI 43-101.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) For
 so long as an Investor has an Investor Percentage of not less than ten percent (10%) that
 Investor shall be entitled to appoint one (1) member of the MLN Technical Committee. Each
 Investor nominee to the MLN Technical Committee shall have the requisite scientific and/or
 technical expertise to participate as a member of the MLN Technical Committee as determined
 by the MLN Technical Committee, acting reasonably. The initial nominee of the Orion Group
 to the MLN Technical Committee will be Geoff Elson and the initial nominee of the M Grupo
 Group to the MLN Technical Committee will be Nicolas Figueroa Tapia and both individuals
 shall be appointed to the MLN Technical Committee on the date hereof. For greater certainty,
 the Parties agree that both Geoff Elson and Nicolas Figueroa Tapia have the requisite scientific
 and technical expertise that is required under this Section 4.2(b).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The
 members of the MLN Technical Committee shall annually appoint one of the members to act as
 chair of the MLN Technical Committee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The
 MLN Technical Committee may invite such Representatives of the Corporation or any Investor,
 or any such other persons, as it considers appropriate from time to time, to attend its meetings
 and assist thereat.

**4.3** **Responsibilities** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The
 MLN Technical Committee shall be consulted on issues related to, and review, on a quarterly
 basis, the exploration, development and construction (including progress of the proposed
 restart) of the La Negra Mine, and provide information to the Corporation and the Investors
 with respect to technical and scientific matters related to the foregoing, including exploration
 and development plans (including program budgets and modifications thereto), drilling program
 targets, technical investigations and analysis (including metallurgy, hydrogeology, geotechnical
 and environmental), and development of, and compliance with, ESG and compliance standards.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The
 MLN Technical Committee shall not constitute a part of the board of directors of the Corporation,
 MLSA or any of their affiliates and will not have authority to control the management of
 the Corporation, MLSA or any of their affiliates, or be responsible for the decisions of
 management or the board of directors of MLSA or any of its affiliates. The MLN Technical
 Committee will be advisory only, with no authority to bind the Corporation, MLSA or any of
 their affiliates, or direct the business and affairs of the Corporation, MLSA or any of their
 affiliates.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The
 MLN Technical Committee shall establish such procedures and governance routines as it considers
 necessary or advisable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) All
 members of the MLN Technical Committee shall be bound by the confidentiality provisions set
 forth in Section 5.4 and acknowledge the requirements of Section 5.5.

**4.4** **Meetings** 

The MLN Technical Committee shall meet at least once per calendar quarter, unless otherwise agreed by all of the members of the MLN Technical Committee to meet on a more frequent basis. The Investors and their affiliates will not receive any remuneration in consideration for attendance at any MLN Technical Committee meeting, but will be reimbursed for any expenses in respect of attending such meetings in accordance with the reimbursement policies of the Corporation then in effect. Neither the Corporation, MLSA nor any of their affiliates shall be required to pay any compensation to the nominees of any Investor to the MLN Technical Committee.

**Article 5<br> COVENANTS**

**5.1** **Restrictions on Disposition during the Restricted Period** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Except
 as permitted under Section (b)(i) below, during the Restricted Period, the Orion Group will
 not be permitted to sell, transfer, pledge, assign, encumber or otherwise dispose, directly
 or indirectly, of all or any portion of the Common Shares or Convertible Securities beneficially
 owned by the Orion Group without the consent of the Corporation, provided that the Orion
 Group shall be allowed, without the prior written consent of the Corporation to sell, transfer,
 pledge, assign, encumber or otherwise dispose of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) up
 to ■ Common Shares, representing 25% of the Common Shares held by the Orion Group on the
 Closing Date, following the date that is twelve (12) months from the Closing Date; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) in
 addition to the Common Shares referenced in Section 5.1(a)(i), up to an additional ■ Common
 Shares, representing up to an additional 25% of the Common Shares held by the Orion Group
 on the Closing Date (representing, in aggregate, 50% of the Common Shares held by the Orion
 Group on the Closing Date), following the date that is fifteen (15) months from the Closing
 Date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Except
 as permitted under Section (i) below, during the Restricted Period, the M Grupo Group will
 not be permitted to sell, transfer, pledge, assign, encumber or otherwise dispose, directly
 or indirectly, of all or any portion of the Common Shares or Convertible Securities beneficially
 owned by the M Grupo Group without the consent of the Corporation, which consent shall not
 be unreasonably withheld or delayed, provided that the M Grupo Group shall be allowed, without
 the prior written consent of the Corporation to sell, transfer, pledge, assign, encumber
 or otherwise dispose of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) up
 to ■ Common Shares, representing 25% of the Common Shares held by the M Grupo Group on the
 Closing Date, following the date that is twelve (12) months from the Closing Date; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) in
 addition to the Common Shares referenced in Section 5.1(b)(i), up to an additional ■ Common
 Shares, representing up to an additional 25% of the Common Shares held by the M Grupo Group
 on the Closing Date (representing, in aggregate, 50% of the Common Shares held by the M Grupo
 Group on the Closing Date), following the date that is fifteen (15) months from the Closing
 Date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) For
 certainty, from and after the expiry of the Restricted Period, all Common Shares held by
 the Orion Group and the M Grupo Group may be sold, transferred, pledged, assigned, encumbered
 or otherwise disposed of.

**5.2** **Permitted Dispositions during the Restricted Period** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The
 restrictions set forth in Section 5.1 do not apply in the case of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) a
 disposition by Orion or M Grupo of Common Shares or Convertible Securities to a member of
 the Orion Group or the M Grupo Group, as applicable, provided that such transferee agrees
 in writing to be bound by Orion's or M Grupo's obligations, as applicable, under
 this Agreement and the Acquisition Agreement, in the case of Orion (in which case, subject
 to Section 8.6, the transferee will also be entitled to Orion's or M Grupo's
 rights, as applicable, under this Agreement);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) an
 Investor disposing of Common Shares or Convertible Securities pursuant to a take-over bid
 for which a circular has been delivered to the shareholders in accordance with applicable
 Securities Laws, a merger, amalgamation, plan of arrangement or other transaction resulting
 in the acquisition of all or a controlling portion of the Corporation's equity securities
 or all or substantially all of the Corporation's assets, which transaction has been
 approved by the Board; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) an
 Investor disposing of such number of Common Shares as may be necessary to generate gross
 proceeds in an amount equal to the amount required by such Investor to fund the payment of
 a Payment Amount where such Investor does not otherwise hold cash resources sufficient to
 fund such obligation.

**5.3** **Standstill** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The
 Investors shall not (and they shall cause their respective affiliates to not), in any manner,
 directly, indirectly or jointly or in concert with any other person, during the Restricted
 Period, without the prior consent of the Board, such consent being determined by a simple
 majority vote of the Board (excluding the vote of any Investor Nominee):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) (A)
 commence a take-over bid for any securities of the Corporation; (B) effect, seek, offer or
 propose any take-over bid, amalgamation, merger, arrangement, business combination, re-organization,
 restructuring or liquidation with respect to the Corporation or any of its subsidiaries or
 disposition of more than a majority of the assets of the Corporation, or (C) purchase any
 Common Shares or Convertible Securities, except in connection with the acquisition of a person
 that holds Common Shares or Convertible Securities by the Investor or an affiliate of the
 Investor, where the Common Shares of Convertible Securities held by such person do not comprise
 a material portion of the assets of such person;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) enter
 into or propose, offer or agree to enter into or engage in any negotiations with respect
 to any:

&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) acquisition,
 amalgamation, plan of arrangement, merger, tender offer or take-over bid, exchange offer
 or other business combination transaction relating to the Corporation or any of its affiliates
 or any part of their respective assets or businesses; 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) any
 restructuring, recapitalization, liquidation or similar transaction involving the Corporation
 or any of its affiliates or any part of their respective assets or businesses;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) engage
 in short sales of any of the Equity Securities held by the Investor;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) solicit
 proxies from shareholders or form, join or participate in a group to so solicit, other than
 any solicitation of proxies voting in favour of the nominees of management of the Corporation
 for election to the Board;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) present
 or request to present at any meeting of the securityholders of the Corporation or any of
 its affiliates or through action by written consent any proposal for consideration for action
 by securityholders, requisition a meeting of the securityholders of the Corporation or any
 of its affiliates, propose or request to propose any nominee for election to the Board or
 the board of directors of any of the Corporation's affiliates (other than pursuant
 to the nomination rights expressly set forth in this Agreement) or seek the removal of any
 member of the Board or the board of directors of any of the Corporation's affiliates;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) advise,
 assist or encourage any person (including forming a "group" with any such person)
 proposing any of the foregoing; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) make
 any public announcement or take any action in furtherance of the foregoing,

(each, a "**Hostile Action**").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The
 provisions of Section 5.3 shall cease to apply, and the Investors shall be permitted to take
 a Hostile Action, from and after: (i) the commencement or public announcement of a take-over
 bid, which if completed would result in the acquisition of more than 50% of the then outstanding
 voting securities of the Corporation by any person or group of persons; or (ii) the approval
 or entering into by the Corporation of, or the public announcement of the approval or entering
 into by the Corporation of, a transaction or definitive agreement providing for a transaction,
 which, if completed, would result in the acquisition by any person or group of persons of
 more than 50% of the then outstanding voting securities of the Corporation or more than a
 majority of the assets of the Corporation.

**5.4** **Confidentiality** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) No
 Investor shall use Confidential Information for any purpose other than:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) to
 monitor, oversee and make decisions with respect to its investment in the Corporation (including
 decisions to sell or otherwise transfer their Common Shares);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) to
 comply with its obligations under this Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) to
 exercise any of its rights under this Agreement; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) to
 collaborate with the Corporation,

(collectively, the "**Purpose**").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Each
 Investor shall hold the Confidential Information in confidence, and shall not disclose the
 Confidential Information to Third Parties without the prior written consent of the Corporation.
 Each Investor shall restrict disclosure of the Confidential Information to its and its affiliates'
 Representatives who have a need to know the Confidential Information for the Purpose, who
 are informed of the confidential nature of the Confidential Information and who agree to
 act in accordance with the provision of this Section 5.4.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Notwithstanding
 anything in this Section 5.4 to the contrary, no consent of the Corporation shall be required
 for an Investor to disclose Confidential Information if such disclosure is required by applicable
 law, including, for certainty, the rules of any stock exchange, provided that such Investor
 shall, if reasonably practicable, give prior written notice to the Corporation and a reasonable
 opportunity for the Corporation to review and comment on the requisite disclosure before
 it is made. Further, in the event an Investor is requested or required (including by interrogatories,
 subpoena, other judicial order, audit or any similar process) to disclose any Confidential
 Information, such Investor shall provide the Corporation with prompt written notice of such
 request (if reasonably practicable) so the Corporation may consider whether it wishes to
 seek an appropriate protective order. In the absence of a protective order, the Investor
 may only disclose such Confidential Information as is legally required, in the opinion of
 its legal counsel, to be disclosed and shall use commercially reasonable efforts to ensure
 the confidentiality of any such Confidential Information that is disclosed. In addition,
 no consent of the Corporation shall be required for an Investor to disclose Confidential
 Information (i) to the extent the Investor has been advised in writing by external legal
 counsel that such disclosure is legally required in connection with the exercise of any remedy
 hereunder, or (ii) to a potential transferee of such Investor of more than 5% of the issued
 and outstanding Common Shares, provided such transfer of Common Shares would be permitted
 hereunder and the potential transferee executes a confidentiality agreement that is in favour
 of the Corporation or that contains a third party beneficiary clause in favour of the Corporation
 in respect of such Confidential Information, which confidentiality agreement shall provide
 for a term of at least 18 months and include customary restrictions regarding the sharing
 and use of Confidential Information, including that Confidential Information may only be
 shared and used by the recipient for the sole purpose of such recipient's acquisition
 of Common Shares from the Investor.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Each
 Investor's obligations under this Section 5.4 shall survive for a period of one (1)
 year following the date of termination of this Agreement with respect to that Investor.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) The
 provision of any information pursuant to this Section 5.4 shall not be deemed a waiver of
 any privilege, including privileges arising under or related to the attorney-client privilege
 or any other applicable privileges.

**5.5** **Securities Law Matters** 

Each Investor acknowledges that Confidential Information may include material information concerning the Corporation that has not been publicly disclosed and that such Investor is aware that applicable securities laws prohibit any person who has material non-public information concerning the Corporation or a proposed transaction involving the Corporation from purchasing or selling securities of the Corporation or from communicating such information to any other person.

**5.6** **Ownership of Orion** 

For so long as Dalu S.À R.L. is a party to this Agreement, it shall ensure that at all times it remains controlled by Orion Mine Finance (Master) Fund I LP and shall not, without the prior written consent of the Corporation, not to be unreasonably withheld, permit or acquiesce to the transfer of its outstanding securities to any person that is not a member of the Orion Group or issue or agree to issue any securities to any person that is not a member of the Orion Group.

**Article 6<br> REGISTRATION RIGHTS**

**6.1** **Demand Registration** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Subject
 to Section 6.1(c), each Investor, following the applicable Restricted Period, and for as
 long as such Investor's Percentage is not less than ten percent (10%) and such Investor
 wishes to dispose of Common Shares representing at least the lower of (i) US$20,000,000 or
 (ii) five percent (5%) of the issued and outstanding Common Shares, shall have the right,
 at any time and from time to time, by written notice to the Corporation (a "**Request Notice** "), to require the Corporation to file one or more Prospectuses and take
 such other steps as may be reasonably necessary to facilitate a secondary Public Offering
 (a "**Demand Registration**") in all of the provinces and territories of Canada
 in which the Corporation is then a reporting issuer (the "**Jurisdictions** ")
 of all or any portion of such Common Shares held by such Investor(s) (each a "**Requesting Investor** "). The Corporation shall, subject to applicable Securities Laws, use its
 commercially reasonable efforts to file one or more Prospectuses under applicable Securities
 Laws in order to permit the Public Offering of all or any portion of the Common Shares then
 held by such Requesting Investor(s) (the "**Registrable Securities**") requested
 to be included in such Demand Registration. The parties shall cooperate in a timely manner
 in connection with such secondary offering and the procedures in Schedule A shall apply.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Notwithstanding
 Section 6.1(a), in the event of an indemnification claim under the Acquisition Agreement
 in respect of which the Investor(s) are responsible for payment to the Corporation (such
 payment obligation a "**Payment Amount** "), and such payment is required to
 be made prior to the end of the applicable Restricted Period, the Investor(s) have the right
 to deliver a Request Notice in respect of a Demand Registration prior to the end of the applicable
 Restricted Period, in respect of a number of Common Shares having a value of not more than
 the such Investor's Payment Amount after giving effect to applicable underwriter and
 market discounts.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The
 Corporation shall not be obliged to effect:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) more
 than two (2) Demand Registrations from an Investor in any twelve (12) month period;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) more
 than one (1) Demand Registration from an Investor in any 180-day period;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) any
 Demand Registration where a Request Notice is given by any Investor less than 90 days following
 the completion of a Demand Registration; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) a
 Demand Registration in the event the Board determines in good faith, that (A) either (1)
 the effect of the filing of a Prospectus could impede the ability of the Corporation to consummate
 a pending or proposed material transaction (including, without limitation, a financing, an
 acquisition, a restructuring or a merger) or proceed with or continue negotiations or discussions
 in relation thereto, (2) there exists, at the time, material non-public information relating
 to the Corporation the disclosure of which the Corporation believes would be adverse to the
 Corporation and the Corporation has a *bona fide* business reason for preserving such
 information as confidential, or (3) there has been a change in mineral resources, mineral
 reserves or the results of a preliminary economic assessment in respect of a project of the
 Corporation from the most recently filed technical report for such project that would require
 a new technical report to be filed pursuant to NI 43-101 and such new technical report could
 not be filed reasonably promptly enough to permit the Demand Registration to proceed (in
 the case of either (1), (2) or (3), a "**Valid Business Reason** "); and (B)
 it is, therefore, in the best interests of the Corporation to defer the filing of a Prospectus
 at such time; in which case the Corporation's obligations under this Section 6.1 shall
 be deferred for a period of not more than ninety (90) days from the date of receipt of the
 Request Notice, or such longer period of time if the Corporation is prohibited from issuing
 securities under applicable Securities Laws (including a black-out period). The Corporation
 will give written notice of (i) the Board's determination to postpone filing of the
 Prospectus and, subject to compliance by the Corporation with applicable Securities Laws,
 of the facts giving rise to the Valid Business Reason, and (ii) the time when the Valid Business
 Reason for such postponement or restriction under Securities Laws no longer exists, in each
 case, as soon as reasonably practicable after the occurrence thereof if such reason ceases
 to exist prior to the ninety (90) day period. The Corporation shall not qualify for public
 distribution any securities offered by the Corporation for its own account during the foregoing
 period of postponement or restriction.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Any
 Request Notice shall (i) specify the number of Registrable Securities which the Requesting
 Investor(s) intend to be offered and sold, (ii) the express intention of the Requesting Investor(s)
 to offer or cause the offering of such Registrable Securities, (iii) describe the nature
 or methods of the proposed Public Offering and the Jurisdictions in which such Public Offering
 shall be made (including whether such Public Offering shall be made by an Underwritten Offering),
 and (iv) contain an undertaking of the Requesting Investor(s) to provide all such information
 regarding its holdings and the proposed manner of distribution thereof as may be required
 in order to permit the Corporation to comply with all applicable Securities Laws.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) In
 the case of an Underwritten Offering initiated pursuant to this Section 6.1, the Requesting
 Investor(s) shall, in consultation with the Corporation, have the right to select the managing
 underwriter(s) or managing agent(s), as applicable, in connection with the offering of such
 Registrable Securities, provided, however, that such selection shall also be satisfactory
 to the Corporation, acting reasonably.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) The
 Corporation shall be entitled to retain counsel of its choice to assist it in fulfilling
 its obligations under this Section 6.1.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) (A)
 The Corporation shall have the right to include for sale, in any Demand Registration, any
 Equity Securities to be issued from treasury, (B) the Investor(s) who are not Requesting
 Investor(s) shall have the right to include, in such Demand Registration, any Registrable
 Securities held by them and their affiliates pursuant to the exercise of their Piggy-Back
 Registration rights in accordance with Section 6.2, and (C) any other shareholders of the
 Corporation who have been granted piggy-back registration rights from the Corporation shall
 have the right to include in any Demand Registration any Equity Securities held by them,
 and the Requesting Investor(s) shall use (or shall cause its managing underwriter or underwriters
 to use) reasonable commercial efforts to cause such Equity Securities to be included in such
 Demand Registration except as and to the extent that, in the reasonable belief of the managing
 underwriter(s) or managing agent(s) (as applicable), such inclusion would jeopardize the
 successful marketing of the Registrable Securities to be sold within a price range reasonably
 acceptable to the Requesting Investor, in which case the Corporation will limit the inclusion
 of such additional Equity Securities as set out below. If a limitation on the number of Equity
 Securities to be included in any such Public Offering is required as set forth above, such
 Demand Registration shall be comprised of Equity Securities as determined according to the
 following priority:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) first,
 amongst the Registrable Securities offered by the Requesting Investor(s) and, if applicable,
 the Piggy-Back Securities offered by the Piggy-Back Investor(s) pursuant to the exercise
 of such Piggy-Back Investor(s)' Piggy-Back Registration rights in accordance with Section
 6.2, reduced on a *pro rata* basis based on the total number of such Registrable Securities
 and Piggy-Back Securities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) second,
 the Equity Securities that the Corporation wishes to issue from treasury; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) third,
 if there are additional securities which may be sold within a reasonable price range after
 taking into account the inclusion of all the Equity Securities required under Sections 6.1(g)(i)
 and 6.1(g)(ii) above, the Equity Securities held by security holders of the Corporation who
 are not party to this Agreement and who have been granted piggy-back rights by the Corporation,
 reduced *pro rata*.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) Except
 as provided in Section 6.1 (g), the Corporation shall not sell, offer to sell, announce any
 intention to sell, grant any option for the sale of any Common Shares or Convertible Securities
 other than (a) in connection with or pursuant to any merger, business combination, exchange
 offer, take-over bid, arrangement, asset purchase transaction or other acquisition of assets
 or shares of a Third Party, (b) pursuant to an equity compensation plan of the Corporation
 that is in place on the date hereof or is implemented after the date hereof in the ordinary
 course of business of the Corporation; (c) in connection with an acquisition of assets by
 the Corporation or one of its affiliates; (d) upon conversion, exchange or exercise of a
 Convertible Security issued and outstanding as of the date of this Agreement; or (e) issued
 in accordance with the Acquisition Agreement, from the date of a Request Notice until such
 date that is not later than thirty (30) days from the closing of the sale of the Common Shares
 in accordance with a Demand Registration (unless all of the Requesting Investors withdraw
 their request for qualification of their Common Shares pursuant to such Demand Registration
 in accordance with Section 6.4).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) In
 the case of an Underwritten Offering initiated pursuant to this Section 6.1, the Investor(s)
 may participate in the negotiations of the terms of any underwriting agreement, agency agreement
 or similar agreement. The Investor(s)' participation in, and the Corporation's
 completion of, the Public Offering is conditional upon the Investor(s) and the Corporation
 agreeing that the terms of any underwriting agreement, agency agreement or similar agreement
 are satisfactory to them, acting reasonably.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) At
 any time after eighteen (18) months from the date hereof, upon request by the Orion Group,
 as soon as practicable, and in any event within forty-five (45) days of such request, the
 Corporation shall prepare and file a preliminary short form base shelf prospectus with the
 applicable Canadian securities regulators ()"**Securities Regulators**") in
 the Jurisdictions qualifying the Common Shares of the Investors for distribution in all of
 the Jurisdictions and thereafter use its commercially reasonable efforts to receive a final
 receipt or equivalent document in respect of such prospectus as soon as practicable. The
 Corporation shall cause the base shelf prospectus to contain a plan of distribution consistent
 with the terms of this Agreement and approved in advance by the Investors, acting reasonably.
 The Corporation shall thereafter maintain an effective base shelf prospectus until the Investors
 are no longer entitled to registration rights under this Section 6.1.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) If
 the Corporation otherwise opts to file a base shelf prospectus with the Securities Regulators
 at any time after the date hereof, such base shelf prospectus shall provide for secondary
 offerings of Common Shares of the Investors for distribution in the Jurisdictions.

**6.2** **Piggy-Back Registration Rights** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) If
 the Corporation is formally considering completing a Public Offering for its own account
 or if a security holder proposes to complete a Public Offering through a secondary offering
 by way of the exercise of registration rights granted to such shareholder by the Corporation
 (including with respect to the exercise of the Demand Registration rights by the Requesting
 Investor(s) pursuant to Section 6.1), the Corporation shall, at that time, promptly give
 the Investor(s) written notice of such proposed Public Offering (the "**Piggy-Back Notice** "), which notice shall include all material terms of the proposed distribution,
 including the proposed pricing, if available, and whether the distribution is to be effected
 as a "bought deal" (it being understood that the Corporation shall not be required
 to provide a Piggy-Back Notice to Investors who are Requesting Investor(s) with respect to
 such Public Offering). Upon the written request of the Investor(s) who are not Requesting
 Investors with respect to a Public Offering (each a "**Piggy-Back Investor** ")
 received by the Corporation within the five (5) Business Days following the delivery of the
 Piggy-Back Notice, and provided that at the time it receives the Piggy-Back Notice the Investor's
 Percentage of such Piggy-Back Investor is not less than ten percent (10%), the Corporation
 and any Requesting Investor shall use reasonable commercial efforts to cause, in conjunction
 with the proposed Public Offering, to be included in such Public Offering such number of
 Equity Securities (the "**Piggy-Back Securities**") that the Piggy-Back Investor(s)
 have requested to be included in such Public Offering pursuant to applicable Securities Laws,
 reduced, as required, in accordance with Sections 6.1(g) or 6.2(b) (as applicable) (the "**Piggy-Back Registration**") and the procedures in Schedule A will apply. Notwithstanding any
 provision hereof to the contrary, if the Public Offering is carried out as a "bought
 deal", or any other type of Public Offering which does not include a road show, and
 the Corporation has formally begun to consider a possible Public Offering fewer than five
 (5) Business Days before conducting such Public Offering, the five (5) Business Days period
 following receipt of the Piggy-Back Notice described in this Section 6.2(a) shall not apply
 and the Corporation shall give prospective Piggy-Back Investor(s) as much notice as possible
 under the circumstances, considering the promptness with which "bought deals"
 (or such other Public Offerings) are currently carried out according to Securities Laws and
 usual market practice, and the prospective Piggy-Back Investor(s) shall only have such amount
 of time (which, at a minimum, will be twenty-four (24) hours) to notify the Corporation whether
 or not it will participate in the "bought deal" or such other Public Offering,
 failing which the Corporation shall be free to conduct the "bought deal" or such
 other Public Offering without the prospective Piggy-Back Investor(s) participation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Notwithstanding
 Section 6.2(a), if, in connection with a Piggy-Back Registration, it is the reasonable belief
 of the managing underwriter(s) or managing agent(s) (as applicable), that the inclusion of
 the Piggy-Back Securities would jeopardize the successful marketing of the Equity Securities
 to be sold in the Public Offering upon which the Piggy-Back Registration is being made, to
 be sold within a reasonable price range to the Corporation, the Corporation, the Requesting
 Investor(s) or the shareholder making the Public Offering upon which the Piggy-Back Registration
 is being made (as applicable) shall be required to include in such Public Offering the part
 of the Equity Securities, according to the following priority:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) first,
 the Equity Securities being offered by the Corporation on its own account if the Corporation
 initiated the Public Offering;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) second,
 between the security holder(s) making the Public Offering upon which the Piggy-Back Registration
 is being made and any Piggy-Back Securities held by Piggy-Back Investors, reduced on a *pro rata* basis between such Equity Securities being offered by such security holder making
 the Public Offering and Piggy-Back Securities if Piggy-Back Securities are being offered;
 and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) third, *pro rata* amongst any other security holders who have been granted piggy-back rights
 by the Corporation.

**6.3** **Registration in the United States** 

If the Corporation proposes to file a registration statement for the distribution of Common Shares to the public in the United States (or otherwise proposes to cause the Common Shares to be listed on the New York Stock Exchange, the NYSE American or the National Association of Securities Dealers Automated Quotations (NASDAQ)), the parties shall, prior to such distribution taking place, supplement this Agreement so as to provide the Investors with registration rights enabling the distribution of Common Shares to the public in the United States that are substantially equivalent to the registration rights provided under this Agreement, including Demand Registration rights and Piggy-Back Registration rights upon terms and conditions substantially equivalent to the terms and conditions set forth in Sections 6.1 and 6.2 and pursuant to a re-sale shelf registration statement pursuant to Rule 415 under the U.S. Securities Act.

**6.4** **Withdrawal of Registrable Securities** 

Each Investor shall have the right to withdraw its request for inclusion of its Registrable Securities or Piggy-Back Securities, as applicable, in any Public Offering pursuant to Sections 6.1 and 6.2 by giving written notice to the Corporation of its request to withdraw; provided, however, that (a) such request must be made in writing prior to the execution of the binding "bought deal" letter, underwriting agreement or agency agreement with respect to such Public Offering, or with the consent of the underwriters or agents (as applicable) and without prejudice or losses suffered by the Corporation, and (b) such withdrawal shall be irrevocable and, after making such withdrawal, such Investor(s) shall no longer have any right to include its Registrable Securities or Piggy-Back Securities, as applicable, in the Public Offering pertaining to which such withdrawal was made. Provided that the Investor(s) withdraws all of its Registrable Securities from a Demand Registration or its Piggy-Back Securities from a Piggy-Back Registration in accordance with this Section 6.4 prior to the execution of a binding "bought deal" letter, underwriting agreement or agency agreement and prior to the filing of a preliminary Prospectus in connection therewith, such Investor(s) shall be deemed not to have initiated or participated in such Demand Registration or Piggy-Back Registration, as applicable, including, without limitation, for purposes of determining the number of Demand Registrations that the Corporation shall be obliged to effect pursuant to Section 6.1(c)(i). Notwithstanding the foregoing, if an Investor withdraws its request for inclusion of its Common Shares from a Demand Registration or Piggy-Back Registration, as applicable, at any time after having learned of a material adverse change in the condition, business or prospects of the Corporation, such Requesting Investor shall be deemed to not have participated in or requested such Demand Registration or Piggy-Back Registration, as applicable. Notwithstanding anything contained herein, if the Corporation defers the filing of a Prospectus pursuant to Section 6.1(c)(ii) and if an Investor, at any time prior to receiving written notice that the Valid Business Reason for such deferral no longer exists, advises the Corporation in writing that it has determined to withdraw its request for a Demand Registration, then such Demand Registration and the request therefor shall be deemed to be withdrawn and such request will be deemed not to have been made for purposes of determining whether the Investor exercised its right to a Demand Registration.

**6.5** **Expenses** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Subject
 to Section 6.5(b), in the case of a Demand Registration under Section 6.1 and in connection
 with the filing of a base shelf prospectus under Section 6.1(j), all expenses incidental
 to the Corporation's performance of or compliance with such Section 6.1, including
 (i) Securities Regulators and Exchange registration, listing and filing fees; (ii) printing,
 copying, messenger and delivery expenses; (iii) expenses incurred in connection with any
 road show and marketing activities; (iv) reasonable fees, expenses and disbursements of legal
 counsel to the Corporation in all relevant Jurisdictions; (v) reasonable fees, expenses and
 disbursements of the Corporation's auditors, including the expenses of any special
 audits or comfort letters; (vi) translation expenses (if applicable); and (vii) any other
 reasonable fees or expenses payable to an underwriter or sellers of securities, other than
 Selling Expenses (the "**Offering Expenses**") shall be borne by the Requesting
 Investor(s), unless the Corporation sells Equity Securities as part of the Demand Registration,
 in which case the Offering Expenses shall be borne by the Requesting Investor(s) and the
 Corporation *pro rata* in proportion to the gross proceeds received by each from the
 Public Offering. For greater certainty, in the event that a Demand Registration is not completed,
 the Requesting Investor(s) shall continue to be responsible for the applicable Offering Expenses.
 Notwithstanding the foregoing, if a Demand Registration is withdrawn by an Investor due to
 a material adverse change in the condition, business or prospects of the Corporation or if
 the Demand Registration is not completed primarily as a result of breach of this Agreement
 or a "bought deal" letter, underwriting agreement or agency agreement with respect
 to such Public Offering by the Corporation, all Offering Expenses in connection with such
 Demand Registration shall be borne by the Corporation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) In
 the case of a Piggy-Back Registration pursuant to Section 6.2 (including a Piggy-Back Registration
 exercised upon a Demand Registration under Section 6.1), the Offering Expenses shall be paid
 by the ultimate participants in such Public Offering in proportion to the gross proceeds
 received by each such person from the Public Offering, unless the ultimate participants agree
 otherwise. Notwithstanding the foregoing, the Corporation shall pay the Offering Expenses
 for a Piggy-Back Registration on a Public Offering pursuant to which any Equity Securities
 are sold for the Corporation's own account.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The
 Investor(s) will pay all underwriting discounts and commissions and any transfer taxes ()"**Selling Expenses**") attributable to the Equity Securities to be sold by such Investor(s),
 in proportion to the gross proceeds they receive from any Demand Registration or Piggy-Back
 Registration, as the case may be. The Corporation will pay all Selling Expenses attributable
 to the Equity Securities to be sold by the Corporation, and the Corporation will cause any
 other shareholder exercising demand registration rights or piggy-back registration rights
 granted by the Corporation to such shareholder to pay all Selling Expenses attributable to
 the Equity Securities to be sold by such shareholders, if any, each in proportion to the
 gross proceeds received by such person from any Demand Registration or Piggy-Back Registration,
 as the case may be.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The
 Corporation and the Investors shall, in any event, pay their internal expenses (including
 all salaries and expenses of its officers and employees performing legal or accounting duties).

**6.6** **Indemnification** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i) In
 connection with any Demand Registration and Piggy-Back Registration, the Corporation shall
 indemnify and hold harmless the Requesting Investor(s) and/or Piggy-Back Investor(s), as
 the case may be, their affiliates, and each of their respective directors, officers, employees,
 agents, advisors, and underwriters (in the case of a Demand Registration only) from and against
 any loss (excluding loss of profits), liability, claim, damage and expense whatsoever (including
 reasonable legal fees and expenses), including any amounts paid in settlement of any investigation,
 litigation, proceeding or claim, joint or solidary, incurred, arising out of or based upon
 any untrue statement or alleged untrue statement of a material fact contained in any Prospectus,
 or any amendment thereto, covering Registrable Securities and/or Piggy-Back Securities, including
 all documents incorporated therein by reference, or the omission or alleged omission therefrom
 of a material fact required to be stated therein or necessary to make the statements therein
 not misleading, in light of the circumstances under which they were made, provided that the
 Corporation shall not be liable under this Section 6.f)i) for any settlement of any action
 effected without its prior written consent, which consent shall not be unreasonably withheld
 or delayed, and provided further that the indemnity provided for in this Section 6.f)i) shall
 not apply to any loss, liability, claim, damage or expense to the extent arising out of or
 based upon (a) any untrue statement or omission or alleged untrue statement or omission made
 in reliance upon and in conformity with information furnished in writing to the Corporation
 by such Investor(s) for use in the Prospectus; or (b) any failure to comply with applicable
 Securities Laws by such Investor or underwriter. Any amounts remitted by the Corporation
 to an Indemnified Party pursuant to this Section 6.f)i) as a result of such losses shall
 be returned to the Corporation if it is finally determined by a court in a judgment not subject
 to appeal or final review that such Indemnified Party was not entitled to indemnification
 by the Corporation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) In
 connection with any Demand Registration or Piggy-Back Registration, the Requesting Investor(s)
 and/or Piggy-Back Investor(s), as the case may be, on a several basis and with respect to
 itself only, shall indemnify and hold harmless the Corporation and each of the Corporation's
 directors, officers, employees, agents, advisors, and underwriters (in the case of a Piggy-Back
 Registration) from and against any loss (excluding loss of profits), liability, claim, damage
 and expense whatsoever (including reasonable legal fees and expenses), including any amounts
 paid in settlement of any investigation, litigation, proceeding or claim, joint or solidary,
 as incurred, arising out of or based upon any untrue statement or alleged untrue statement
 of a material fact contained in any Prospectus (or any amendment thereto) covering Registrable
 Securities and/or Piggy-Back Securities, or the omission or alleged omission therefrom of
 a material fact required to be stated therein or necessary to make the statements therein
 not misleading, in the light of the circumstances under which they were made, as incurred,
 but only with respect to untrue statements or omissions, or alleged untrue statements or
 omissions, made in the Prospectus (or any amendment thereto) included in reliance upon and
 in conformity with information in respect of the Requesting Investor and/or Piggy-Back Investor,
 respectively, and which is furnished in writing to the Corporation by the Requesting Investor(s)
 and/or Piggy-Back Investor(s), for use in the Prospectus (or any amendment thereto); provided
 that such Investor(s) shall not be liable under this Section 6.6(b) for any settlement of
 any action effected without its written consent, which consent shall not be unreasonably
 withheld or delayed; provided further that the indemnity provided for in this Section 6.6(b)
 shall not apply to any loss, liability, claim, damage or expense to the extent arising out
 of or based upon an untrue statement or omission or alleged untrue statement or omission
 contained in any Prospectus if the Corporation failed to send or deliver a copy of the Prospectus
 to the person asserting such losses, liabilities, claims, damages or expenses on or prior
 to the delivery of written confirmation of any sale of securities covered thereby to such
 person in any case where such Prospectus (or any amendment or supplement thereto) corrected
 such untrue statement or omission. Any amounts remitted by the Requesting Investor(s) and/or
 Piggy-Back Investor(s) to an Indemnified Party pursuant to this Section 6.6(b) as a result
 of such losses shall be returned to such Investor(s), if it is finally determined by such
 a court in a judgment not subject to appeal or final review that such Indemnified Party was
 not entitled to indemnification by such Investor(s).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Each
 party entitled to indemnification under this Section 6.6 (the "**Indemnified Party** ")
 shall give notice to the party required to provide indemnification (the "**Indemnifying Party**") promptly after such Indemnified Party has actual knowledge of any claim
 as to which indemnity may be sought, but the omission to so notify the Indemnifying Party
 shall not relieve it from any liability which it may have to the Indemnified Party pursuant
 to the provisions of this Section 6.6 except to the extent of the actual damages caused or
 prejudice suffered by such delay in notification. At its own expense, the Indemnifying Party
 shall defend such action and retain counsel to be chosen by the Indemnifying Party and reasonably
 satisfactory to the Indemnified Party. The Indemnified Party shall have the right to retain
 its own counsel in any such case, but the legal fees and expenses of such counsel shall be
 at the expense of the Indemnified Party, unless (i) the employment of such counsel has been
 authorized in writing by the Indemnifying Party in connection with the defence of such action,
 (ii) the Indemnifying Party shall not have employed counsel to take charge of the defence
 of such action within a reasonable period of time, or (iii) the Indemnified Party shall have
 reasonably concluded, based on the advice of outside legal counsel, that representation of
 the Indemnified Party and the Indemnifying Party by the same counsel would be inappropriate
 due to the actual or potential differing interests between them (in which cases the Indemnifying
 Party shall not have the right to direct the defence of such action on behalf of the Indemnified
 Party); provided that the Indemnifying Party shall under no circumstances be required to
 pay the legal fees and expenses of more than one law firm in any jurisdiction acting as legal
 counsel with respect to each Investor's Indemnified Party group in accordance herewith.
 No Indemnifying Party, in the defence of any such claim or litigation, shall, except with
 the consent of each Indemnified Party, consent to the entry of any judgment or enter into
 any settlement which does not include as an unconditional term thereof the giving by the
 claimant or plaintiff to such Indemnified Party of a release from all liability in respect
 to such claim or litigation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) If
 a party which would have been an Indemnified Party pursuant to this Section 6.6 cannot take
 advantage of the indemnification contemplated therein with respect to any loss, obligation,
 claim, damage and cost referred to herein, each party hereto which would have been an Indemnifying
 Party hereunder shall, rather than indemnifying such Indemnified Party, contribute to the
 sum paid or payable by the Indemnified Party as a result of such loss, obligation, claim,
 damage and cost in a proportion which reflects the relative fault of each of the Indemnifying
 Party and the Indemnified Party with respect to the statement or omission which caused such
 loss, obligation, claim, damage and cost, and according to other relevant fairness considerations.
 The relative fault is established in particular according to whether the real or alleged
 statement about a material fact or the real or alleged omission of a material fact relates
 to information given by the Indemnifying Party or the Indemnified Party as well as according
 to the relative intention of the parties and the extent to which they were aware of such
 information, had access to it and had the opportunity to correct or prevent the statement
 or omission; provided, however, that, in any such case, no person guilty of fraud, wilful
 misconduct or misrepresentation within the meaning of applicable Securities Laws will be
 entitled to contribution from any person who was not guilty of fraud, wilful misconduct or
 misrepresentation. The amount paid or payable by a party under this Section 6.6 as a result
 of the losses, liabilities, claims, damages and expenses referred to above shall be deemed
 to include any legal or other fees or expenses reasonably incurred by such party in connection
 with any investigation or proceeding. The Corporation and the Investors agree that it would
 not be fair if the contribution contemplated by this Section 6.6(d) were established by proportionate
 attribution or another means of attribution which does not take into account the fairness
 considerations referred to above in this Section 6.6(d).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Notwithstanding
 any provision of this Agreement or another agreement, the Investors shall in no event be
 liable for the indemnification contemplated herein for an amount greater than the net proceeds
 which each of them, as the case may be, receives in connection with a given Public Offering
 of Registrable Securities or Piggy-Back Securities, as applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) The
 Corporation hereby acknowledges and agrees that, with regard to this Section 6.6, each Investor
 is contracting on its own behalf and as agent for the other Indemnified Parties referred
 to in this Section 6.6. In this regard, each Investor will act as trustee for such Indemnified
 Parties of the covenants of the Corporation under this Section 6.6 with respect to such Indemnified
 Parties and accepts these trusts and will hold and enforce those covenants on behalf of such
 Indemnified Parties.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) Each
 Investor hereby acknowledges and agrees that, with regard to this Section 6.6, the Corporation
 is contracting on its own behalf and as agent for the other Indemnified Parties referred
 to in this Section 6.6. In this regard, the Corporation will act as trustee for such Indemnified
 Parties of the covenants of the Investors under this Section 6.6 with respect to such Indemnified
 Parties and accepts these trusts and will hold and enforce those covenants on behalf of such
 Indemnified Parties.

**6.7** **Agreement Regarding Compliance with Securities Laws** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) If,
 in connection with a secondary offering as herein contemplated, in the reasonable opinion
 of counsel to the Corporation, it is necessary or appropriate in order to comply with any
 Securities Laws, the Corporation's obligations under this Article 7 shall be conditional
 upon the Investors and any underwriter(s) or agent(s) participating in such public sale or
 distribution, executing and delivering to the Corporation an appropriate agreement, in a
 form reasonably satisfactory to counsel to the Corporation, that such person will comply
 with all prospectus delivery requirements of all applicable Securities Laws and with stabilization,
 anti-manipulation and similar provisions of the applicable Securities Laws and will furnish
 to the Corporation information about sales made in such public sale or distribution.

**6.8** **Granting of Demand Registration Rights and Piggy-Back Registration Rights to Third-Parties** 

In the event that a person, other than the Investors, also receives registration rights from the Corporation, the Corporation shall ensure that such registration rights permit the exercise of the Investors' Demand and Piggy-Back Registration rights, as set forth herein.

**Article 7**

**REPRESENTATIONS AND WARRANTIES**

**7.1** **Representations and Warranties of M Grupo** 

M Grupo represents and warrants to the Corporation, as of the date hereof, as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) *Organization, Authority and Qualification of M Grupo.* 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) It
 is duly formed in accordance with the laws of its jurisdiction of formation, validly existing
 and in good standing under the laws of its jurisdiction of formation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) It
 has all necessary corporate power and authority to enter into this Agreement, to carry out
 its obligations hereunder and to consummate the transactions contemplated hereby.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) The
 acquisition of Common Shares, and the execution and delivery of this Agreement and the M
 Grupo JV Arrangement Termination Agreement by it, the performance of its obligations hereunder
 and the consummation by it of the transactions contemplated hereby and thereby, have been
 duly authorized by all requisite action on the part of it and no other action by it is necessary
 to authorize the transactions contemplated hereby or thereby or to consummate such transactions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) This
 Agreement and the M Grupo JV Arrangement Termination Agreement have been duly executed and
 delivered by it, and assuming due authorization, execution and delivery by the other parties
 thereto, this Agreement and the M Grupo JV Arrangement Termination Agreement constitute a
 legal, valid and binding obligations of it, enforceable against it in accordance with their
 respective terms except for bankruptcy and insolvency laws.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) *No Conflict*. The acquisition of Common Shares, and the execution, delivery and performance
 of this Agreement and the M Grupo JV Arrangement Termination Agreement by it as contemplated
 hereby do not and will not:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) violate,
 conflict with or result in the breach of the certificate of incorporation, bylaws or trust
 agreement (or similar organizational documents) of it;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) conflict
 with or violate, in any material respect, any law or governmental order applicable to it;
 or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) violate,
 conflict with, result in any breach of, constitute a default (or event which with the giving
 of notice or lapse of time, or both, would become a default) under, require any consent under,
 or give rise to others any rights of or result in, termination, modification, acceleration
 or cancellation of, any note, bond, mortgage or indenture, contract, agreement, lease, sublease,
 license, permit, franchise, loss of benefit under or creation of any Encumbrance, or other
 instrument or arrangement to which it is a party, except to the extent such violations, failures
 to file, obtain or notify or breaches, conflicts, defaults, or liens which would not materially
 and adversely affect the ability of it to carry out its obligations under, and to consummate
 the transactions contemplated by, this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) *Governmental Consents and Approvals*. The execution, delivery and performance by it of this Agreement
 and the M Grupo JV Arrangement Termination Agreement do not and will not require any material
 consent, approval, authorization or other order of, action by, tiling with, or notification
 to, any Governmental Authority, except where failure to obtain such consent, approval, authorization
 or action, or to make such filing or notification, would not prevent or materially delay
 the consummation by it of the transactions contemplated by this Agreement and the M Grupo
 JV Arrangement Termination Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) *Improper Payments*.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) It
 and each of its affiliates has at all times during the past five years been and is in compliance
 with all applicable Anti-Corruption Laws, and applicable Sanctions and export controls.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) It
 and each of its affiliates has at all times during the past five years been and is in compliance
 with and has not been charged or otherwise subject to Proceedings under AML Legislation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) It
 and each of its affiliates, their respective officers and directors and to the knowledge
 of M Grupo, their employees and agents have at all times in the past five years been and
 is in compliance with, and have not been charged under Anti-Corruption Laws and applicable
 Sanctions, and are not knowingly engaged in any activity that would reasonably be expected
 to result in the any of it or its affiliates being designated as a Sanctioned Person or Sanctioned
 Entity.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) *Compliance with Laws*. It and each of its affiliates is, and at all times has in the past five years
 been, in compliance in all material respects with Applicable Laws. It and each of its affiliates
 (i) is not currently and has not been in the last five years charged is not under investigation,
 whether pending, threatened or otherwise, or subject to Proceedings with respect to a violation
 of any Applicable Laws, and (ii) is not a party to or bound by any order, judgment, decree,
 injunction, rule or award of any court, arbitration panel or other Governmental Authority.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) *Independent Investigation*. It has conducted its own independent investigation, review and analysis
 of the Corporation's business, operations, assets, liabilities, results of operations,
 financial condition and prospects of the business of the Corporation as it has deemed appropriate,
 which investigation, review and analysis was done by the Investor and its affiliates and
 representatives. In entering into this Agreement, it acknowledges that it has relied solely
 upon the aforementioned investigation, review and analysis and not on any factual representations
 or opinions of the Corporation or its affiliates. It hereby further acknowledges that (a)
 none of the Corporation or any of its affiliates, or any of their respective officers, directors,
 employees, agents, representatives or equity owners, make or have made any representation
 or warranty, express or implied, at law or in equity, as to any matter whatsoever relating
 to the Common Shares, the Corporation or its business or any other matter relating to the
 transactions contemplated by this Agreement including as to (i) merchantability or fitness
 for any particular use or purpose, (ii) the operation of the business of the Corporation
 after the date hereof in any manner, or (iii) the probable success or profitability of the
 business of the Corporation after the date hereof, and (b) none of the Corporation, its affiliates
 or any of their respective officers, directors, employees, agents, representatives or equity
 owners will have or will be subject to any liability or indemnification obligation to it,
 its affiliates or their representatives deriving from its use of any information relating
 to the Common Shares, the Corporation or any other matter relating to the transactions contemplated
 by this Agreement, including any descriptive memoranda, summary business descriptions or
 any information, documents or material made available to it or its affiliates or representatives,
 whether orally or in writing, management presentations, functional "break-out"
 discussions, responses to questions submitted on behalf of it or in any other form in expectation
 of the transactions contemplated by this Agreement; provided that nothing contained herein
 will restrict the right of any Party to seek specific performance or other equitable remedies
 in connection with any breach of any of the covenants contained in this Agreement. Neither
 it nor any of its affiliates has received a prospectus or offering memorandum regarding the
 Corporation (and will not have statutory remedies in respect of any such disclosure documents).

**Article 8<br> MISCELLANEOUS**

**8.1** **Termination** 

This Agreement shall terminate and all rights and obligations hereunder shall cease immediately with respect to an Investor at such time as such Investor's Percentage is less than ten percent (10%). Upon termination of this Agreement with respect to an Investor, such Investor shall cease to have any further obligations or liabilities hereunder; provided, that such termination shall not (a) relieve any party from liability for any breach of this Agreement prior to such termination, (b) diminish, terminate, derogate or impair any rights of an Investor Nominee or the obligations of the Corporation in respect of such Investor Nominee described in Sections 2.2(f), 2.2(g) and 2.2(h), or (c) diminish, terminate, derogate or impair any rights of the Corporation or the obligations of each Investor described in Sections 5.4, 6.5 or 6.6.

**8.2** **Notices** 

All notices, requests, claims, demands or other communications hereunder shall be in writing and shall be deemed given when delivered personally or by pre-paid courier, upon receipt of a transmission confirmation if sent by email or other like electronic transmission (with confirmation) and on the next Business Day when sent by overnight courier to the parties at the following addresses (or at such other address for a party as shall be specified by like notice):

---

| | | |
|:---|:---|:---|
| (a) | To the Orion Group: | To the Orion Group: |
|  | Orion Resource Partners (USA) LP | Orion Resource Partners (USA) LP |
|  | 7 Bryant Park | 7 Bryant Park |
|  | 1045 Avenue of the Americas, Floor 25 | 1045 Avenue of the Americas, Floor 25 |
|  | New York, NY 10018 | New York, NY 10018 |
|  | Attention: | General Counsel |
|  | Email: | [Redacted – Personal Information] |
|  | With a copy (which shall not constitute notice) to: | With a copy (which shall not constitute notice) to: |
|  | Dalu S.à r.l. | Dalu S.à r.l. |
|  | [Redacted – Personal Information] | [Redacted – Personal Information] |
|  | Attention: | Board of Directors |
|  | Email: | [Redacted – Personal Information] |
|  | And to: | And to: |
|  | Torys LLP | Torys LLP |
|  | 79 Wellington Street West, Suite 3000 | 79 Wellington Street West, Suite 3000 |
|  | Toronto, Ontario | Toronto, Ontario |
|  | M5K 1N2 | M5K 1N2 |
|  | Attention: | Michael Pickersgill |
|  | Email: | [Redacted – Personal Information] |

---

---

| | | |
|:---|:---|:---|
| (b) | To the M Grupo Group: | To the M Grupo Group: |
|  | Grupo Desarrollador Migo SAPI de CV | Grupo Desarrollador Migo SAPI de CV |
|  | [Redacted – Personal Information] | [Redacted – Personal Information] |
|  | Attention: | Luis Mier |
|  | Email: | [Redacted – Personal Information] |
|  | With a copy (which shall not constitute notice) to: | With a copy (which shall not constitute notice) to: |
|  | Grupo Desarrollador Migo SAPI de CV | Grupo Desarrollador Migo SAPI de CV |
|  | [Redacted – Personal Information] | [Redacted – Personal Information] |
|  | Attention: | Pablo Reynoso |
|  | Email: | [Redacted – Personal Information] |
| (c) | To the Corporation: | To the Corporation: |
|  | Excellon Resources Inc. | Excellon Resources Inc. |
|  | 10 King Street E., Suite 200 | 10 King Street E., Suite 200 |
|  | Toronto, Ontario | Toronto, Ontario |
|  | M5C 1C3 | M5C 1C3 |
|  | Attention: | Chief Legal Officer |
|  | Email: | [Redacted – Personal Information] |
|  | With a copy (which shall not constitute notice) to: | With a copy (which shall not constitute notice) to: |
|  | Osler, Hoskin & Harcourt LLP | Osler, Hoskin & Harcourt LLP |
|  | 1 First Canadian Place, Suite 6200 | 1 First Canadian Place, Suite 6200 |
|  | Toronto, Ontario | Toronto, Ontario |
|  | M5X 1B8 | M5X 1B8 |
|  | Attention: | James R. Brown |
|  | Email: | [Redacted – Personal Information] |

---

**8.3** **Consent to Public Disclosure** 

The Investors hereby acknowledge that the Corporation will file a copy of this Agreement on SEDAR. The Corporation shall not file a copy of this Agreement on SEDAR without reasonable prior consultation with the Orion Group and the Corporation and the Orion Group shall consult with each other with respect to any proposed redactions to this Agreement in compliance with Securities Laws before it is filed on SEDAR.

**8.4** **Execution in Counterpart** 

This Agreement may be executed in one or more counterparts (by manual or electronic signature), each of which shall be deemed to be an original but all of which together shall constitute one and the same instrument and receipt of an electronic version or PDF version of an executed signature page by a party shall constitute satisfactory evidence of execution of this Agreement by such party.

**8.5** **Amendment and Waiver** 

This Agreement or any provision hereof may not be amended except in writing signed by each of the parties hereto expressly so modifying such agreement or provision. The agreements set forth in this Agreement may be modified or waived only in writing by the party to whom such compliance is owed. It is further understood and agreed that no failure or delay by any party in exercising any right, power or privilege under this Agreement shall operate as a waiver thereof, nor shall any single or partial exercise thereof preclude any other or further exercise thereof or the exercise of any right, power or privilege under this Agreement.

**8.6** **Assignment** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Subject
 to Section 8.6(b), no party may assign this Agreement or any interests, rights or benefits
 therein or thereunder without the prior written consent of the other parties.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) In
 connection with an assignment of Common Shares by Orion to another member of the Orion Group
 or by M Grupo to another member of the M Grupo Group, Orion or M Grupo, as applicable, may
 assign this Agreement and the rights, privileges and obligations hereunder, in whole or in
 part, without the prior written consent of the other parties to another member of the Orion
 Group or another member of the M Grupo Group, as applicable, provided that such other member
 first agrees in writing to be bound by such Investor's applicable obligations under
 this Agreement (in which case the other member will also be entitled to such Investor's
 applicable rights under this Agreement, subject to below).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Notwithstanding
 the foregoing, in the case of a transfer of less than all of the Common Shares held by Orion
 or M Grupo to another member of the Orion Group or another member of the M Grupo Group, as
 applicable, and an assignment of rights of Orion or M Grupo to another member of the Orion
 Group or another member of the M Grupo Group, as applicable, under this Agreement, only one
 member of the Orion Group or the M Grupo Group, as applicable (the "**Designated Party** ")
 shall be entitled to exercise the rights set out in Article 2 and Article 4) and references
 to the "Investor" in respect of Orion or M Grupo and the other member of the
 Orion Group or the other member of the M Grupo Group, as applicable, shall be read to refer
 to the applicable Orion Group or M Grupo Group parties, as applicable, acting jointly with
 the members of the respective group, with all of the limitations under this Agreement applying
 to such members of the Orion Group on the one hand, and members of the M Grupo Group on the
 other hand, acting together. In connection with an assignment of any rights under this Agreement,
 the applicable Investor shall confirm in writing to the Corporation which member(s) of the
 Orion Group or the M Grupo Group, as applicable, will be a Designated Party.

**8.7** **Successors and Substitute Securities** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) In
 the event that any party proposes to enter into any acquisition, amalgamation, arrangement,
 merger or combination or any transaction pursuant to which another person or a successor
 to such party becomes bound by the provisions of this Agreement by agreement or by operation
 of law, the person resulting from such acquisition, amalgamation, arrangement, merger, combination
 or transaction shall enter into an agreement in form and substance satisfactory to the other
 party pursuant to which such person agrees to be bound by this Agreement as though it were
 a party hereto in the place of the party entering into the acquisition, amalgamation, arrangement,
 merger, combination or transaction.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The
 provisions of this Agreement shall apply, to the full extent set forth herein with respect
 to the Equity Securities held by the Investors, to any and all equity securities of any successor
 or assign of the Corporation (whether by merger, consolidation, sale of assets or otherwise)
 which may be issued in respect of, in exchange for, or in substitution of the Equity Securities
 held by the Investors, in each case as the amounts of such securities outstanding are appropriately
 adjusted for any equity dividends, splits, reverse splits, combinations, recapitalizations
 and the like occurring after the date of this Agreement.

 

*[Signature page follows]*

 

**IN WITNESS WHEREOF**, the parties hereto have executed and delivered this Agreement as of the date first written above.

---

| |
|:---|
| **DALU S.À R.L.** |
| By: |
| Name: |
| Title: |
| **[M GRUPO SUBSIDIARY]** |
| By: |
| Name: |
| Title: |

---

---

| |
|:---|
| **EXCELLON RESOURCES INC.** |
| By: |
| Name: |
| Title: |

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**Schedule A<br> REGISTRATION PROCEDURES**

1. Obligations
 of the Corporation

In connection with the Corporation's registration obligations with respect to any Demand Registration and Piggy-Back Registration pursuant to this Agreement, the Corporation shall use its commercially reasonable efforts to effect the qualification of the distribution of Registrable Securities or Piggy-Back Securities, as applicable, of the Investor(s) participating in such Demand Registration or Piggy-Back Registration and, for such purpose, the Corporation shall as expeditiously as reasonably practicable:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) but,
 subject to Section 7.1(c), in any event within forty-five (45) days after the Corporation's
 receipt of the Request Notice, prepare and file with the applicable Securities Regulators
 in the Jurisdictions a preliminary Prospectus and Prospectus relating to the applicable Demand
 Registration or Piggy-Back Registration including all exhibits and financial statements required
 by the Securities Regulators to be filed therewith, and use its commercially reasonable efforts
 to cause such preliminary Prospectus and Prospectus to be receipted; the Corporation shall
 furnish to each of the participating Investor(s) and the agents or underwriters, if any,
 and their respective counsel copies of such preliminary Prospectus and Prospectus and any
 amendments or supplements in the form filed with the Securities Regulators, simultaneously
 with the filing of such preliminary Prospectus and Prospectus, and any amendments or supplements
 thereto; the Corporation shall provide each of the participating Investor(s) and the agents
 or underwriters, if any, and their respective counsel with a reasonable opportunity to review
 and provide comments to the Corporation on the preliminary Prospectus and Prospectus and
 any amendments or supplements thereto and give reasonable consideration to such comments;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) prepare
 and file with the Securities Regulators such amendments to the preliminary Prospectus and
 Prospectus as may be necessary to complete the distribution of all such Registrable Securities
 or Piggy-Back Securities, as applicable, and as required under the Securities Act or under
 any applicable provisions of applicable Securities Laws;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) allow
 each of the participating Investor(s) and the agents or underwriters, if any, and their respective
 counsel and other representatives to (i) participate in the preparation of the preliminary
 Prospectus and Prospectus and any amendments or supplements thereto and give reasonable consideration
 to any comments provided thereon, and (ii) conduct reasonable due diligence on the Corporation
 in order to enable such persons to execute any certificate required to be executed by them
 under applicable Securities Laws, including providing a customary opportunity for Investors
 to discuss the business of the Corporation with its senior management and auditors, and,
 without limiting the generality of the foregoing, make available its senior management, and
 use its commercially reasonable efforts to make available its auditors and its legal counsel
 to answer any questions in one or more due diligence sessions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) notify
 each of the participating Investor(s) and the agents or underwriters, if any, and (if requested)
 confirm such advice in writing, as soon as practicable after notice thereof is received by
 the Corporation (i) when the preliminary Prospectus and Prospectus or any amendment thereto
 has been filed or been receipted, and to furnish each of the participating Investor(s) and
 the lead underwriters or agents (if any) with copies thereof; (ii) of any request by the
 Securities Regulators for amendments to the preliminary Prospectus, the Prospectus or for
 additional information, (iii) of the issuance by the Securities Regulators of any stop order
 or cease trade order relating to the Prospectus or any order preventing or suspending the
 use of any preliminary Prospectus or Prospectus or the initiation or threatening of any proceedings
 for such purposes; or (iv) of the receipt by the Corporation of any notification with respect
 to the suspension of the qualification of the Equity Securities for offering or sale in any
 jurisdiction or the initiation or threatening of any proceeding for such purpose;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) promptly
 notify each of the participating Investor(s) and the agents or underwriters, if any, at any
 time during the distribution period in respect of the Public Offering, if the Corporation
 becomes aware of the happening of any event as a result of which the preliminary Prospectus
 or the Prospectus (as then in effect) contains any untrue statement of a material fact or
 omits to state a material fact necessary to make the statements therein (in the case of the
 preliminary Prospectus or Prospectus in light of the circumstances under which they were
 made) when such preliminary Prospectus or the Prospectus was delivered not misleading, fails
 to constitute full, true and plain disclosure of all material facts when such Prospectus
 was delivered or if for any other reason it shall be necessary during such time period to
 amend or supplement the preliminary Prospectus or the Prospectus in order to comply with
 applicable Securities Laws and, in either case as promptly as practicable thereafter, prepare
 and file with the Securities Regulators, and furnish without charge to each of the participating
 Investor(s) and the agents or underwriters, a supplement or amendment to such preliminary
 Prospectus or Prospectus which shall correct such statement or omission or effect such compliance;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) use
 commercially reasonable efforts to obtain the withdrawal of any stop order, cease trade order
 or other order against the Corporation or suspending the use of any preliminary Prospectus
 or Prospectus or suspending any qualification of the Equity Securities covered by the Prospectus,
 or the initiation or the threatening of any proceedings for such purposes;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) furnish
 to each of the participating Investor(s) and the agents or underwriters, if any, and their
 respective counsel, and, subject to Section 6.5, without charge, one executed copy and as
 many conformed copies as they may reasonably request, of the Prospectus and any amendment
 thereto, including financial statements and schedules, all documents incorporated therein
 by reference;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) deliver
 to each of the participating Investor(s) and the agents or underwriters, if any, subject
 to Section 6.5, without charge, as many copies of the preliminary Prospectus and the Prospectus
 and any amendment or supplement thereto as such persons may reasonably request (it being
 understood that the Corporation consents to the use of the preliminary Prospectus and the
 Prospectus or any amendment thereto by each of the participating Investor(s) and the agents
 or underwriters, if any, in connection with the Public Offering and sale of the Registrable
 Securities or Piggy-Back Securities, as applicable, covered by the preliminary Prospectus
 and the Prospectus or any amendment or supplement thereto) and such other documents as each
 such participating Investor(s) may reasonably request in order to facilitate the offering
 of the Registrable Securities or Piggy-Back Securities, as applicable, by such person;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) on
 or prior to the date on which a receipt is issued for the Prospectus by the applicable Securities
 Regulators, use its commercially reasonable efforts to qualify the Registrable Securities
 or Piggy-Back Securities, as applicable, for offer and sale under the applicable Securities
 Laws of the Jurisdictions and cooperate with each of the participating Investor(s) and the
 agents or underwriters, if any, and their respective counsel in connection therewith, as
 any such person, underwriter or agent reasonably requests in writing provided that the Corporation
 shall not be required to qualify generally to do business in any jurisdiction where it is
 not then so qualified or to take any action which would subject it to general service of
 process in any such jurisdiction where it is not then so subject;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) in
 connection with any Underwritten Offering, enter into customary agreements, including an
 underwriting agreement or agency agreement on standard market terms and take all such other
 actions as the underwriters or agents reasonably request in order to expedite or facilitate
 the distribution of the Registrable Securities or Piggy-Back Securities, as applicable;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) use
 its commercially reasonable efforts to obtain a customary legal opinion addressed to each
 of the participating Investor(s) and the underwriters or agents, if any, as well as a customary
 long form comfort letter from the auditor or auditors of the Corporation for the financial
 statements included or incorporated by reference in a Prospectus;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) furnish
 to the participating Investor(s) and the underwriters or agents, if any, such corporate certificates
 as are customarily furnished in securities offerings, and, in each case, covering substantially
 the same matters as are customarily covered in such documents in the applicable Jurisdictions
 and such other matters as the participating Investor(s) may reasonably request;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m) participate
 in the marketing efforts which each of the participating Investor(s) or the underwriters
 or agent, if any, consider reasonably necessary, such as a road show, meetings with institutional
 investors and other similar events; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n) take
 any other steps and sign and deliver any other documents which may be reasonably necessary
 to give full effect to the rights of each of the participating Investors pursuant to this
 Agreement.

2. Investors'
 Obligations

In connection with any Demand Registration or Piggy-Back Registration pursuant to this Agreement, each of the participating Investor(s) shall:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) furnish
 to the Corporation such information regarding the Registrable Securities or Piggy-Back Securities,
 as applicable, and such other information relating to each such participating Investor(s)
 and its ownership of Equity Securities as the Corporation may reasonably request in writing
 in order to comply with applicable Securities Laws in the Jurisdictions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) promptly
 review and comment on any draft documents provided to the participating Investor(s) under
 Section 1 above;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) notify
 the Corporation promptly upon the occurrence of any event as a result of which any of the
 aforesaid Prospectuses includes an untrue statement of a material fact or omits to state
 a material fact required to be stated therein or necessary to make the statements therein
 not misleading in light of the circumstances under which they are made; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) if
 Securities Laws so require, sign any certificate forming part of a preliminary Prospectus
 or Prospectus to be filed with the relevant Securities Regulators.

For certainty, unless required under Securities Laws, a Prospectus shall not contain any covenant, representation or warranty of or from the participating Investor(s).

**Schedule B<br> DISPUTE RESOLUTION**

a) Any
 Dispute not resolved pursuant to Section 1.3(b) shall be referred to the chief executive
 officer, general counsel or other individual of similar seniority and authority of each of
 the applicable parties for prompt resolution.

b) Any
 Dispute, controversy or claim which cannot be resolved by such individuals within fifteen
 (15) days after it has been so referred to them hereunder, including the determination of
 the scope or applicability of this Agreement to arbitrate, shall be determined by binding
 arbitration by a three member arbitral tribunal seated in Toronto, Ontario and administered
 by the ICDR in accordance with the Arbitration Rules, except as otherwise amended by this
 Agreement.

c) Any
 party may refer a Dispute, controversy or claim to arbitration following the expiry of the
 period set out above. The party referring the matter to arbitration shall propose the name
 of the individual it wishes to appoint as one of the three arbitrators. Within twenty (20)
 days after receipt of such notice, the responding party shall give notice to the referring
 party advising of the individual it wishes to appoint as the second of the three arbitrators.
 The party-nominated arbitrators shall, within twenty (20) days of receipt of the responding
 party's notice, appoint a third arbitrator. If such two party-nominated arbitrators
 are unable to agree upon a third arbitrator within such 20-day period or the responding party
 fails to notify the referring party of the individual it wishes to appoint as the second
 arbitrator within the applicable 20-day period, then in either case such arbitrator or arbitrators
 shall be chosen the ICDR in accordance with the Arbitration Rules.

d) The
 place of arbitration shall be in Toronto, Ontario, and the language of arbitration shall
 be English.

e) The
 determination of such arbitrators shall be final and binding upon the parties and the costs
 of such arbitration shall be as determined by the arbitrators. Judgment on the award may
 be entered in any court having jurisdiction. This Schedule C shall not preclude the parties
 from seeking provisional remedies in aid of arbitration from a court of competent jurisdiction.
 The parties covenant and agree that they shall conduct all aspects of such arbitration having
 regard at all times to expediting the final resolution of such arbitration.

f) The
 arbitration, including any settlement discussions between the parties related to the subject
 matter of the arbitration shall be conducted on a private and confidential basis and any
 and all information exchanged and disclosed during the course of the arbitration shall be
 used only for the purposes of the arbitration and any appeal therefrom. No party shall communicate
 any information obtained or disclosed during the course of the arbitration to any Third Party
 except to those experts or consultants employed or retained by, or consulted about retention
 on behalf of, such party in connection with the arbitration and solely to the extent necessary
 for assisting in the arbitration, and only after such persons have agreed to be bound by
 these confidentiality conditions. In the event that disclosure of any information related
 to the arbitration is required to comply with applicable law or court order, the disclosing
 party shall promptly notify the other party of such disclosure, shall limit such disclosure
 limited to only that information so required to be disclosed and shall have availed itself
 of the full benefits of any laws, rules, regulations or contractual rights as to disclosure
 on a confidential basis to which it may be entitled.

g) The
 award of the arbitrators and any reasons for the decision of the arbitrators shall also be
 kept confidential except (i) as may reasonably be necessary to obtain enforcement thereof;
 (ii) for any party to comply with its disclosure obligations under applicable law; (iii)
 to permit the parties to exercise properly their rights under the Arbitration Rules; and
 (iv) to the extent that disclosure is required to allow the parties to consult with their
 professional advisors.