# EDGAR Filing Document

**Accession Number:** 0001870046
**File Stem:** 0001104659-26-061093
**Filing Date:** 2026-5
**Character Count:** 236039
**Document Hash:** 1712caafaae5af39afe795110cbb1330
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001104659-26-061093.hdr.sgml**: 20260514

**ACCESSION NUMBER**: 0001104659-26-061093

**CONFORMED SUBMISSION TYPE**: CB/A

**PUBLIC DOCUMENT COUNT**: 3

**FILED AS OF DATE**: 20260514

**DATE AS OF CHANGE**: 20260514

**SUBJECT COMPANY**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Gold Basin Resources Corp
- **CENTRAL INDEX KEY:** 0001882636

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** A1
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** CB/A
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 005-95212
- **FILM NUMBER:** 26978320

**BUSINESS ADDRESS:**
- **STREET 1:** 1170-1040 WEST GEORGIA STREET
- **CITY:** VANCOUVER
- **STATE:** A1
- **ZIP:** V6E 4H1
- **BUSINESS PHONE:** 778.650.5457

**MAIL ADDRESS:**
- **STREET 1:** 1170-1040 WEST GEORGIA STREET
- **CITY:** VANCOUVER
- **STATE:** A1
- **ZIP:** V6E 4H1
**FILED BY**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Canex Metals Inc.
- **CENTRAL INDEX KEY:** 0001870046

**ORGANIZATION NAME:**
- **EIN:** 352669405
- **STATE OF INCORPORATION:** A0
- **FISCAL YEAR END:** 0930

**FILING VALUES:**
- **FORM TYPE:** CB/A

**BUSINESS ADDRESS:**
- **STREET 1:** 808-4TH AVENUE SW
- **STREET 2:** SUITE 815
- **CITY:** CALGARY
- **STATE:** A0
- **ZIP:** T2P 3E8
- **BUSINESS PHONE:** 403-233-2636

**MAIL ADDRESS:**
- **STREET 1:** 808-4TH AVENUE SW
- **STREET 2:** SUITE 815
- **CITY:** CALGARY
- **STATE:** A0
- **ZIP:** T2P 3E8

**UNITED STATES** 

**SECURITIES AND EXCHANGE COMMISSION** 

**Washington, D.C. 20549**

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**FORM CB/A**

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**TENDER OFFER/RIGHTS OFFERING NOTIFICATION FORM**

Please place an X in the box(es) to designate the appropriate rule provision(s) relied upon to file this Form:

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| | |
|:---|:---|
| Securities Act Rule 801 (Rights Offering) | ◻ |
| Securities Act Rule 802 (Exchange Offer) | ⌧ |
| Exchange Act Rule 13e-4(h)(8) (Issuer Tender Offer) | ◻ |
| Exchange Act Rule 14d-1(c) (Third Party Tender Offer) | ◻ |
| Exchange Act Rule 14e-2(d) (Subject Company Response) | ◻ |

---

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| |
|:---|
| **Gold Basin Resources Corporation** |
| (Name of Subject Company)<br>**N/A** |
| (Translation of Subject Company's Name into English (if applicable))<br>**Alberta, Canada** |
| (Jurisdiction of Subject Company's Incorporation or Organization)<br>**CANEX Metals Inc.** |
| (Name of Person(s) Furnishing Form)<br>**Common Stock** |
| (Title of Class of Subject Securities)<br>**N/A** |
| (CUSIP Number of Class of Securities (if applicable)<br>CANEX Metals Inc.<br> 734 - 7th Avenue SW, Suite 1620<br> Calgary, Alberta, Canada, T2P 3E8<br> Attn: Barbara O'Neill<br> Phone: 403-233-2636 |
| (Name, Address (including zip code) and Telephone Number (including area code) of Person(s) Authorized to Receive Notices and Communications on Behalf of Subject Company)<br>N/A |
| (Date Tender Offer/Rights Offering Commenced) |

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**PART I - INFORMATION SENT TO SECURITY HOLDERS**

**Item 1. Home Jurisdiction Documents**

**<u>Exhibit Number</u>**

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| | |
|:---|:---|
| &nbsp;&nbsp;[99.1](tm2614658d1_ex99-1.htm) | &nbsp;&nbsp;[Press Release, dated May 12, 2026](tm2614658d1_ex99-1.htm) |
| &nbsp;&nbsp;[99.2](tm2614658d1_ex99-2.htm) | &nbsp;&nbsp;[Arrangement Agreement, dated May 11, 2026](tm2614658d1_ex99-2.htm) |

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**Item 2. Informational Legends**

This Offer is made for the securities of a Canadian issuer and by a Canadian issuer. The Offer is subject to disclosure requirements of Canada that are different from those of the United States. Financial statements included in the document, if any, have been prepared in accordance with foreign accounting standards that may not be comparable to the financial statements of United States companies.

It may be difficult for Shareholders in the United States to enforce their rights and any claim they may have arising under the federal securities laws, since the Offeror is located in a foreign country, and some or all of its officers and directors may be residents of a foreign country. Shareholders in the United States may not be able to sue the Offeror or the Company or their officers or directors in a foreign court for violations of the U.S. securities laws. It may be difficult to compel the Offeror or the Company or their respective affiliates to subject themselves to a U.S. court's judgment.

You should be aware that the Offeror may purchase securities otherwise than under the Offer, such as in open market or privately negotiated purchases.

THE OFFEROR COMMON SHARES HAVE NOT BEEN APPROVED OR DISAPPROVED BY THE U.S. SECURITIES AND EXCHANGE COMMISSION (THE "SEC") OR ANY U.S. STATE SECURITIES COMMISSION NOR HAS THE SEC OR ANY U.S. STATE SECURITIES COMMISSION PASSED UPON THE ACCURACY OR ADEQUACY OF THE OFFER AND CIRCULAR. ANY REPRESENTATION TO THE CONTRARY IS A CRIMINAL OFFENSE.

**PART II - INFORMATION NOT REQUIRED TO BE SENT TO SECURITY HOLDERS**

None.

2 of 3

**PART III - CONSENT TO SERVICE OF PROCESS**

CANEX Metals Inc. submitted a Form F-X with the United States Securities and Exchange Commission, dated August 29, 2025, appointing an agent for service of process in connection with the transaction to which this Form CB/A relates.

**PART IV - SIGNATURES**

After due inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

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| | |
|:---|:---|
| **CANEX Metals Inc.** | **CANEX Metals Inc.** |
| By: | /s/ Barbara O'Neill |
| Name: | Barbara O'Neill |
| Title: | Corporate Secretary |
| Date: | May 14, 2026 |

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3 of 3

## Exhibit 99.1

**Exhibit 99.1**

**CANEX Metals Inc.**

Suite 1620, 734 - 7<sup>th</sup> Avenue S.W., Calgary, Alberta, T2P 3P8

PH: 403.233.2636 fax: 403.266.2606

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| | |
|:---|:---|
| NEWS RELEASE: 26-12 | **May 12, 2026** |

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| | |
|:---|:---|
| Trading Symbol: | TSX Venture-**CANX** |

---

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**Gold Basin Resources Corporation**

Suite 1020 – 800 West Pender Street, Vancouver, BC, V6C 2V6

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**May 12, 2026**

Trading Symbol: TSX Venture-**GXX**

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**CANEX AND GOLD BASIN RESOURCES ANNOUNCE ARRANGEMENT AGREEMENT TO FACILITATE CANEX'S ACQUISITION OF REMAINING GOLD BASIN SHARES**

&nbsp;&nbsp;&nbsp;&nbsp;· *Gold Basin Shareholders will receive identical consideration as those who tendered to CANEX's earlier offer* 

&nbsp;&nbsp;&nbsp;&nbsp;· *Liquidity, enhanced financial capacity, and significant premium of 242% represent key benefits for Gold Basin Shareholders* 

&nbsp;&nbsp;&nbsp;&nbsp;· *Combination will consolidate the Arizona oxide gold district* 

Calgary, Alberta and Vancouver, British Columbia – Accesswire – CANEX Metals Inc. ("**CANEX**") (TSX.V:CANX) and Gold Basin Resources Corporation ("**Gold Basin**") (TSX.V:GXX) are pleased to announce that they have entered into a definitive agreement (the "**Arrangement Agreement**") to combine their respective businesses by way of a plan of arrangement under the *Business Corporations Act* (British Columbia) (the "**Arrangement**"). The combined company will be managed by the CANEX executive team.

Under the terms of the Arrangement, shareholders of Gold Basin ("**Gold Basin Shareholders**") will receive 0.592 shares of CANEX ("**CANEX Shares**") per share of Gold Basin ("**Shares**") held, the same consideration received by Gold Basin Shareholders who tendered to the CANEX offer to acquire Shares which expired on February 10, 2026. This represents a premium of 242.0% to the last trading price of the Shares prior to the Cease Trade Order, based on the closing price of the CANEX Shares as of May 8, 2026.

Dr. Shane Ebert, President and CEO of CANEX stated: "Today's announcement of an agreement to combine the two companies will allow us to consolidate and advance a promising gold district in Arizona. CANEX will be pleased to welcome Gold Basin Shareholders as new shareholders of CANEX."

Jordan Ross, independent director and Chair of the Gold Basin Special Committee, commented: "The Arrangement Agreement represents a strategic milestone for our shareholders. By partnering with CANEX, we are unlocking the full potential of our Arizona project while providing a stable, clear-cut path forward that resolves previous liquidity and regulatory challenges. Following a rigorous review with our professional advisors, we are confident this agreement offers the most robust and value-driven future for our investors."

**Benefits to Gold Basin Shareholders**

&nbsp;&nbsp;&nbsp;&nbsp;· **Significant Upfront Premium to Shareholders**. The consideration offered under the Arrangement represents
 a 242.0% premium to the last trading price of the Shares prior to the Cease Trade Order,
 based on the closing price of the CANEX Shares as of May 8, 2026.

&nbsp;&nbsp;&nbsp;&nbsp;· **Consolidation of Gold Districts and Near-Term Exploration and Expansion.** The Arrangement will consolidate
 an advanced oxide gold exploration camp in Mohave County, Arizona hosting multiple zones
 of gold mineralization with strong drill results across an eight kilometre by eight kilometre
 area, opening up potential near-term exploration on favourable targets.

&nbsp;&nbsp;&nbsp;&nbsp;· **Diversification.** Completing the Arrangement will provide Gold Basin Shareholders not only with exposure to
 a consolidated gold district in Mohave County, Arizona, but also to CANEX's Louise
 Project in British Columbia. On July 31, 2025, CANEX announced results from an induced
 polarization geophysical survey which identified a new and previously unknown chargeability
 target two kilometres west of the historic Louise deposit and a large steeply dipping zone
 of high chargeability below and to the north of the historic Louise deposit.

&nbsp;&nbsp;&nbsp;&nbsp;· **Focused, Professional and Cost-Effective Management Team.** The Arrangement places the consolidated
 district under CANEX's highly focused, professional and cost-effective management team,
 which will provide strong operational and governance oversight.

&nbsp;&nbsp;&nbsp;&nbsp;· **Experienced Board of Directors.** Following the Arrangement, the Resulting Issuer's board of
 directors will be led by experienced industry professionals, comprised of members of the
 current board of directors of CANEX.

&nbsp;&nbsp;&nbsp;&nbsp;· **Liquidity.** The Arrangement will provide Gold Basin Shareholders with a more liquid investment. On
 May 6, 2025, the British Columbia Securities Commission imposed a Cease Trade Order
 against the Gold Basin Shares. The next day, the Canadian Investment Regulatory Organization
 imposed a halt in trading of the Gold Basin Shares on the TSXV. There is no expectation that
 the Cease Trade Order will be rescinded if the Arrangement were not to proceed and Gold Basin
 were to continue with the status quo.

&nbsp;&nbsp;&nbsp;&nbsp;· **Enhanced Financial Capacity.** CANEX has demonstrated an ability to raise capital and has strong
 support from a number of high profile industry professionals. With an enhanced capital markets
 profile, the Resulting Issuer is expected have even better access to lower-cost capital and
 an increased capability to advance its exploration properties.

&nbsp;&nbsp;&nbsp;&nbsp;· **Going Concern.** In the absence of the Arrangement, there is considerable risk that Gold Basin
 will not have the ability to continue as a going concern and realize its assets and discharge
 its liabilities in the normal course of business. Currently, Gold Basin has asserted liabilities
 of over $2 million, no cash or marketable securities and no revenue. Gold Basin's ability
 to raise equity financing is restricted by the Cease Trade Order.

**Details of the Arrangement**

CANEX and Gold Basin entered into a definitive Arrangement Agreement on May 11, 2026, pursuant to which CANEX will acquire all of the issued and outstanding common shares of Gold Basin ("**Gold Basin Shares**") by way of a statutory plan of arrangement under the *Business Corporations Act* (British Columbia).

Holders of Gold Basin Shares ("**Gold Basin Shareholders**") will receive 0.592 common shares in the capital of CANEX (the "**CANEX Shares**", and such ratio being the "**Exchange Ratio**") in exchange for each Gold Basin Share held immediately prior to the effective time of the Arrangement. Upon completion of the Arrangement, existing holders of CANEX Shares and former Gold Basin Shareholders will own approximately 67.7% and 32.3% of the total issued and outstanding CANEX Shares, respectively, on a fully diluted basis.

CANEX expects to issue an aggregate of approximately 38,505,033 CANEX Shares to Gold Basin Shareholders, based on the number of Gold Basin Shares outstanding as at the date of this announcement.

The Arrangement is expected to close in June 2026, subject to the receipt of all required court, shareholder, regulatory, and stock exchange approvals. Following completion of the Arrangement, the CANEX Shares will remain listed on the TSXV and the Gold Basin Shares will be delisted from the TSXV.

**Term Loan**

Concurrently with the entering into of the Arrangement Agreement, CANEX and Gold Basin have agreed to enter into a senior secured term loan (the "**Term Loan**") as soon as practicable pursuant to which CANEX will lend up to $900,000 to Gold Basin at an interest rate per annum equal to the Royal Bank of Canada Prime Rate plus 5.0%. The maturity of the Term Loan shall be six months and the Term Loan shall be secured by a first ranking general security agreement over all of Gold Basin's present and after-acquired assets, a first ranking mortgage charge over Gold Basin's split mineral rights and first ranking security agreements encumbering all of Gold Basin's other mineral tenure. The proceeds from the Term Loan will be used by Gold Basin for aged payables, day to day working capital and general corporate expenditures, direct advances paid by CANEX to third party suppliers, service providers and creditors of Gold Basin, and expenses in connection with the Arrangement. The Term Loan is not contingent on the completion of the Arrangement.

The Term Loan is subject to the approval of the TSXV. No fees are payable in connection with the Term Loan.

**Arrangement Conditions and Timing**

The Arrangement will be effected by way of a court-approved plan of arrangement under the *Business Corporations Act* (British Columbia) and will require the approval of: (i) at least 66⅔% of votes cast by Gold Basin Shareholders, and (ii) a simple majority of the votes cast by disinterested Gold Basin Shareholders, excluding for this purpose the votes held by any person specified under Multilateral Instrument 61-101 – *Protection of Minority Security Holders in Special Transactions*. The Gold Basin Shares held by CANEX will not be excluded from either vote. CANEX currently holds 70,088,199 Gold Basin Shares, representing 51.86% of the issued and outstanding Gold Basin Shares.

The Arrangement Agreement includes customary representations and warranties for a transaction of this nature as well as customary interim period covenants regarding the operation of CANEX's and Gold Basin's businesses. The Arrangement Agreement also includes customary deal protections in favour of each of CANEX and Gold Basin. With respect to CANEX, these protections include non-solicitation covenants, and a right to match any superior proposals. With respect to Gold Basin, these protections include a fiduciary-out provision. The Arrangement Agreement includes a termination fee of $211,777 payable by Gold Basin in the event the Arrangement Agreement is terminated in certain circumstances.

In addition to securityholder and court approvals, the Arrangement is subject to applicable regulatory approvals, stock exchange approvals and the satisfaction of certain other closing conditions customary in transactions of this nature.

None of the securities to be issued pursuant to the Arrangement have been or will be registered under the U.S. Securities Act, or any state securities laws, and any securities issuable in the Arrangement are anticipated to be issued in reliance upon available exemptions from such registration requirements pursuant to Section 3(a)(10) of the U.S. Securities Act and applicable exemptions under state securities laws. This press release does not constitute an offer to sell or the solicitation of an offer to buy any securities.

Further details of the Arrangement will be included in a management information circular to be prepared by Gold Basin (the "**Gold Basin Circular**") that will be delivered to Gold Basin Shareholders in advance of a special meeting of Gold Basin Shareholders (the "**Gold Basin Meeting**") which is scheduled to be held on June 4, 2026. A copy of the Arrangement Agreement will be made available on CANEX's and Gold Basin's respective SEDAR+ profiles at www.sedarplus.com. The Gold Basin Circular will also be made available on Gold Basin's SEDAR+ profile in advance of the Gold Basin Meeting.

**Board of Directors' and Special Committee Recommendation**

Based on the recommendation of a special committee comprised of an independent director of Gold Basin (the "**Special Committee**") and after consultation with independent external financial and legal advisors, the board of directors of Gold Basin (the "**Gold Basin Board**") unanimously approved the Arrangement and has determined the Arrangement is in the best interests of Gold Basin, and that the consideration to be received by Gold Basin Shareholders is fair, from a financial point of view, to Gold Basin Shareholders (other than CANEX). The Gold Basin Board unanimously recommends that Gold Basin Shareholders vote in favour of the Arrangement at the Gold Basin Meeting.

Stifel Nicolaus Canada Inc. has provided a fairness opinions to the Gold Basin Board and Special Committee in connection with the Arrangement.

**Voting Support Agreements**

Each of Gold Basin's directors and officers support the Arrangement and all who own Shares have entered into customary voting support agreements agreeing to vote their Gold Basin Shares, respectively, in favor of the Arrangement. The voting support agreement may be terminated in certain circumstances, including, without limitation, upon termination of the Arrangement Agreement.

**About CANEX Metals**

CANEX Metals (TSX.V:CANX) is a Canadian junior exploration company and the controlling shareholder of Gold Basin Resources, owning 51.86% of Gold Basin. CANEX is advancing its 100% owned Gold Range Project in Mohave County, Arizona. With several near surface bulk tonnage gold discoveries made to date across a 4 km gold mineralized trend, the Gold Range Project is a compelling early-stage opportunity for investors. Gold Basin Resources holds the adjacent Gold Basin Project which hosts large, mineralized trends containing near surface oxide gold mineralization and has seen over 800 historic and current drill holes into mineralized deposits up to 1.7 kilometres in length.

CANEX is also advancing the Louise Copper-Gold Porphyry Project in British Columbia. Louise contains a large historic copper-gold resource that has seen very little deep or lateral exploration, offering investors copper and gold discovery potential. CANEX is led by an experienced management team which has made three notable porphyry and bulk tonnage discoveries in North America and is sponsored by Altius Minerals (TSX: ALS), a large shareholder of the Company.

**About Gold Basin Resources Corporation**

Gold Basin Resources Corporation holds the Gold Basin Project in Mohave County Arizona. The project hosts large, mineralized trends containing near surface oxide gold mineralization and has seen over 800 historic and current drill holes into mineralized deposits up to 1.7 kilometres in length.

"Shane Ebert"

Shane Ebert, President/Director of CANEX and Gold Basin

For Further Information Contact:

**Shane Ebert at 1.250.964.2699 or** 

**Jean Pierre Jutras at 1.403.233.2636** 

**Web: <u>http://www.canexmetals.ca</u>**

*Neither the TSX Venture Exchange nor its regulation services provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.*

Although information provided by Gold Basin for inclusion in this news release is believed by CANEX to be reliable, CANEX has not independently verified such information and cannot provide any assurance of its accuracy, currency, reliability or completeness. Although information provided by CANEX for inclusion in this news release is believed by Gold Basin to be reliable, Gold Basin has not independently verified such information and cannot provide any assurance of its accuracy, currency, reliability or completeness.

**Forward-Looking Statements**

This news release contains "forward-looking information" within the meaning of applicable Canadian securities legislation. All statements, other than statements of historical fact, are forward-looking statements and are based on expectations, estimates and projections as at the date of this news release. Any statement that involves discussions with respect to predictions, expectations, beliefs, plans, projections, objectives, assumptions, future events or performance (often but not always using phrases such as "expects", "potential", "risk", "anticipated", "future", or "opportunity" or variations of such words and phrases or stating that certain actions, events or results "may", "can", "shall" or "will" be taken to occur or be achieved) are not statements of historical fact and may be forward-looking statements.

In this news release, forward-looking statements relate to, among other things, statements regarding: the proposed acquisition by CANEX of all of the Gold Basin Shares pursuant to the Arrangement and the terms thereof; the benefits of the Arrangement; the receipt of necessary shareholder, court and regulatory approvals for the Arrangement; the anticipated timeline for completing the Arrangement; the Gold Basin Meeting and mailing of the management information circular regarding the same; the Term Loan; the terms and conditions pursuant to which the Arrangement will be completed, if at all; the anticipated benefits of the Arrangement; the anticipated filing of materials on SEDAR+; and continuation of CANEX and delisting of Gold Basin. These forward-looking statements are not guarantees of future results and involve risks and uncertainties that may cause actual results to differ materially from the potential results discussed in the forward-looking statements.

In respect of the forward-looking statements, CANEX and Gold Basin have relied on certain assumptions that they believe are reasonable at this time, including assumptions as to the ability of the parties to receive, in a timely manner and on satisfactory terms, the necessary regulatory, court, shareholder, stock exchange and other third party approvals and the ability of the parties to satisfy, in a timely manner, the other conditions to the completion of the Arrangement. This timeline may change for a number of reasons, including unforeseen delays in preparing meeting materials; inability to secure necessary regulatory, court, shareholder, stock exchange or other third-party approvals in the time assumed or the need for additional time to satisfy the other conditions to the completion of the Arrangement. Accordingly, readers should not place undue reliance on the forward-looking statements and information contained in this news release concerning these times.

Risks and uncertainties that may cause such differences include but are not limited to: the risk that the Arrangement or the Term Loan may not be completed on a timely basis, if at all; the conditions to the consummation of the Arrangement or the Term Loan may not be satisfied; the risk that the Arrangement or the Term Loan may involve unexpected costs, liabilities or delays; the possibility that legal proceedings may be instituted against CANEX, Gold Basin, and/or others relating to the Arrangement or the Term Loan and the outcome of such proceedings; the possible occurrence of an event, change or other circumstance that could result in termination of the Arrangement Agreement; risks relating to the failure to obtain necessary regulatory, court, shareholder, and stock exchange approvals; other risks inherent in the mining industry. Failure to obtain the requisite approvals, or the failure of the parties to otherwise satisfy the conditions to or complete the Arrangement or Term Loan, may result in the Arrangement or Term Loan not being completed on the proposed terms, or at all. In addition, if the Arrangement or Term Loan are not completed, the announcement of the Arrangement and the Term Loan and the dedication of substantial resources of CANEX and Gold Basin to complete the Arrangement and the Term Loan could have a material adverse impact on each of CANEX's and Gold Basin's share price, its current business relationships and on the current and future operations, financial condition, and prospects of each of CANEX and Gold Basin. CANEX and Gold Basin disclaim any responsibility to update these forward-looking statements, except as required by applicable laws.

## Exhibit 99.2

**Exhibit 99.2**

***Execution Version***

**ARRANGEMENT AGREEMENT**

**CANEX METALS INC.**

- and -

**GOLD BASIN RESOURCES CORPORATION**

May 11, 2026

**TABLE OF CONTENTS**

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| | | |
|:---|:---|:---|
| **Article 1 Interpretation** | **Article 1 Interpretation** | **2** |
| &nbsp;&nbsp;&nbsp;1.1 | Defined Terms | 2 |
| &nbsp;&nbsp;&nbsp;1.2 | Certain Rules of Interpretation | 10 |
| &nbsp;&nbsp;&nbsp;1.3 | Schedules | 11 |
| **Article 2 The Arrangement** | **Article 2 The Arrangement** | **11** |
| &nbsp;&nbsp;&nbsp;2.1 | Arrangement | 11 |
| &nbsp;&nbsp;&nbsp;2.2 | Implementation Steps by the Company | 11 |
| &nbsp;&nbsp;&nbsp;2.3 | Interim Order | 14 |
| &nbsp;&nbsp;&nbsp;2.4 | Plan of Arrangement | 15 |
| &nbsp;&nbsp;&nbsp;2.5 | The Company Meeting | 15 |
| &nbsp;&nbsp;&nbsp;2.6 | The Circular | 16 |
| &nbsp;&nbsp;&nbsp;2.7 | Final Order | 17 |
| &nbsp;&nbsp;&nbsp;2.8 | Court Proceedings | 17 |
| &nbsp;&nbsp;&nbsp;2.9 | U.S. Securities Law Matters | 18 |
| &nbsp;&nbsp;&nbsp;2.10 | Withholding Taxes | 19 |
| &nbsp;&nbsp;&nbsp;2.11 | Effective Date | 20 |
| &nbsp;&nbsp;&nbsp;2.12 | Announcement and Shareholder Communications | 20 |
| **Article 3 Representations and Warranties** | **Article 3 Representations and Warranties** | **21** |
| &nbsp;&nbsp;&nbsp;3.1 | Representations and Warranties of the Company | 21 |
| &nbsp;&nbsp;&nbsp;3.2 | Representations and Warranties of the Purchaser | 22 |
| &nbsp;&nbsp;&nbsp;3.3 | Disclaimer of Additional Company Representations and Warranties | 30 |
| &nbsp;&nbsp;&nbsp;3.4 | Disclaimer of Additional Purchaser Representations and Warranties | 30 |
| &nbsp;&nbsp;&nbsp;3.5 | Survival of Representations and Warranties | 31 |
| **Article 4 Covenants** | **Article 4 Covenants** | **31** |
| &nbsp;&nbsp;&nbsp;4.1 | Covenants of the Company | 31 |
| &nbsp;&nbsp;&nbsp;4.2 | Covenants of the Purchaser | 33 |
| &nbsp;&nbsp;&nbsp;4.3 | Regarding the Arrangement | 34 |
| &nbsp;&nbsp;&nbsp;4.4 | Closing Matters | 35 |
| &nbsp;&nbsp;&nbsp;4.5 | Actions to Satisfy Conditions | 35 |
| &nbsp;&nbsp;&nbsp;4.6 | Employment Matters | 35 |
| &nbsp;&nbsp;&nbsp;4.7 | Resignations | 35 |
| &nbsp;&nbsp;&nbsp;4.8 | Insurance and Indemnification | 35 |
| &nbsp;&nbsp;&nbsp;4.9 | Term Loan | 36 |
| **Article 5 Conditions** | **Article 5 Conditions** | **36** |
| &nbsp;&nbsp;&nbsp;5.1 | Mutual Conditions Precedent | 36 |
| &nbsp;&nbsp;&nbsp;5.2 | Additional Conditions Precedent to the Obligations of the Purchaser | 37 |
| &nbsp;&nbsp;&nbsp;5.3 | Additional Conditions Precedent to the Obligations of the Company | 38 |
| &nbsp;&nbsp;&nbsp;5.4 | Satisfaction of Conditions | 39 |
| **Article 6 Additional Agreements** | **Article 6 Additional Agreements** | **39** |
| &nbsp;&nbsp;&nbsp;6.1 | Non-Solicitation | 39 |
| &nbsp;&nbsp;&nbsp;6.2 | Right to Match | 42 |
| &nbsp;&nbsp;&nbsp;6.3 | Agreement as to Damages | 43 |

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i

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| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;6.4 | Fees and Expenses | 44 |
| &nbsp;&nbsp;&nbsp;6.5 | Injunctive Relief and Specific Performance | 45 |
| **Article 7 Term and Termination** | **Article 7 Term and Termination** | **45** |
| &nbsp;&nbsp;&nbsp;7.1 | Term | 45 |
| &nbsp;&nbsp;&nbsp;7.2 | Termination | 45 |
| &nbsp;&nbsp;&nbsp;7.3 | Effect of Termination/Survival | 47 |
| **Article 8 General Provisions** | **Article 8 General Provisions** | **48** |
| &nbsp;&nbsp;&nbsp;8.1 | Amendments | 48 |
| &nbsp;&nbsp;&nbsp;8.2 | Notices | 48 |
| &nbsp;&nbsp;&nbsp;8.3 | Waiver | 49 |
| &nbsp;&nbsp;&nbsp;8.4 | Entire Agreement | 49 |
| &nbsp;&nbsp;&nbsp;8.5 | Successors and Assigns | 49 |
| &nbsp;&nbsp;&nbsp;8.6 | Severability | 50 |
| &nbsp;&nbsp;&nbsp;8.7 | Further Assurances | 50 |
| &nbsp;&nbsp;&nbsp;8.8 | No Third Party Beneficiaries | 50 |
| &nbsp;&nbsp;&nbsp;8.9 | Time of Essence | 50 |
| &nbsp;&nbsp;&nbsp;8.10 | Governing Law | 50 |
| &nbsp;&nbsp;&nbsp;8.11 | Rules of Construction | 51 |
| &nbsp;&nbsp;&nbsp;8.12 | Language | 51 |
| &nbsp;&nbsp;&nbsp;8.13 | Counterparts | 51 |

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**SCHEDULES**

Schedule A Form of Plan of Arrangement

Schedule B Arrangement Resolution

Schedule C Term Loan Term Sheet

ii

**ARRANGEMENT AGREEMENT**

**THIS AGREEMENT** is made as of May 11, 2026,

**BETWEEN**

**CANEX METALS INC.,** 

a corporation continued under the laws of the<br> Province of Alberta (the "**Purchaser**")

- and -

**GOLD BASIN RESOURCES CORPORATION,**<br> a corporation incorporated under the laws of the<br> Province of British Columbia (the "**Company**")

**WHEREAS** the Purchaser made a formal offer to acquire all of the issued and outstanding Company Shares (as defined herein) for 0.592 of a Purchaser Share (as defined herein) per Company Share by way of a take-over bid offer and circular dated August 28, 2025, as amended by the notice of variation, change and extension dated December 12, 2025, the notice of variation, change and extension dated January 9, 2026, the notice of variation, change and extension dated January 19, 2026, and the notice of variation, change and extension dated January 30, 2026 (the "**Offer**");

**AND WHEREAS** pursuant to the Offer, the Purchaser acquired 70,088,199 Company Shares representing approximately 51.86% of the issued and outstanding Company Shares;

**AND WHEREAS** as disclosed in the Offer, the Purchaser proposes to acquire all of the Company Shares not owned by the Purchaser or any affiliate of the Purchaser on the same economic terms as the Offer by way of a plan of arrangement under the provisions of the BCBCA (as defined herein);

**AND WHEREAS** the Board (as defined herein) of the Company has unanimously determined, after consultation with its legal advisors and Financial Advisor (as defined herein) and following the recommendation from the Special Committee (as defined herein), that the Arrangement (as defined herein) is fair to the Company Shareholders (as defined herein) and that the transactions contemplated in the Arrangement are in the best interests of the Company; and the Board unanimously has resolved to recommend approval of the Arrangement Resolution (as defined herein) to the Company Shareholders, all on the terms and subject to the conditions contained herein; and

**AND WHEREAS** all of the members of the Board and the Senior Officers (as defined herein) who beneficially own Company Shares or own any securities convertible into, or exchangeable or exercisable for Company Shares have concurrently with the execution and delivery of this Agreement (as defined herein) entered into the Lock-Up Agreements (as defined herein).

**NOW THEREFORE** in consideration of the premises and the respective covenants and agreements herein contained, and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged by each of the Parties, the Parties hereby covenant and agree as follows:

**Article 1<br> Interpretation**

**1.1** **Defined Terms.** 

In this Agreement, unless otherwise defined or expressly stated herein or something in the subject matter or the context is inconsistent therewith:

"**Agreement**" means this arrangement agreement (including the Schedules attached hereto), together with the Company Disclosure Letter and the Purchaser Disclosure Letter, as the same may be amended, supplemented, restated or otherwise modified from time to time in accordance with the terms hereof;

"**Acquisition Proposal**" means, other than the transactions contemplated by this Agreement, any offer, proposal, expression of interest or inquiry, or public announcement of an intention (orally or in writing) from any person (other than the Purchaser or any of its subsidiaries) after the date of this Agreement (including, for greater certainty, amendments or variations after the date of this Agreement to any offer, proposal, expression of interest or inquiry that was made before the date of this Agreement), relating to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) any joint venture, earn in right, royalty
 grant, lease, license, acquisition, sale, disposition or transfer, direct or indirect, in
 a single transaction or a series of related transactions, of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the assets of the Company or any of its
 subsidiaries that, individually or in the aggregate, constitute 20% or more of the fair market
 value of the consolidated assets of the Company and its subsidiaries, taken as a whole, or
 contribute 20% or more of the consolidated revenue of the Company; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) 20% or more of the issued and outstanding
 voting or equity securities (and/or securities convertible into, or exchangeable or exercisable
 for voting or equity securities) of the Company or any of its subsidiaries;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) any take over bid, tender offer, exchange
 offer, treasury issuance or other transaction that, if consummated, would result in such
 person beneficially owning, directly or indirectly, 20% or more of any class of the issued
 and outstanding voting or equity securities (and/or securities convertible into, or exchangeable
 or exercisable for voting or equity securities) of the Company or any of its subsidiaries;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) a plan of arrangement, merger, amalgamation,
 consolidation, share exchange, share issuance, business combination, reorganization, recapitalization,
 liquidation, dissolution, share reclassification or other similar transaction involving the
 Company or any of its subsidiaries; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) any other transaction or series of transactions,
 the consummation of which could reasonably be expected to impede, interfere with, prevent
 or delay the transactions contemplated by this Agreement or the Arrangement or which could
 reasonably be expected to materially reduce the benefits to the Purchaser under this Agreement
 or the Arrangement;

"**Arrangement**" means the arrangement proposed pursuant to Division 5 of Part 9 of the BCBCA with respect to, *inter alia*, the Company, Company Shareholders and the Purchaser on the terms and subject to the conditions set out in the Plan of Arrangement, subject to any amendments or variations thereto made in accordance with Article 6 of the Plan of Arrangement or made at the direction of the Court in the Interim Order or the Final Order with the consent of the Company and the Purchaser, each acting reasonably;

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

"**BCBCA**" means the *Business Corporations Act* (British Columbia) including all regulations made thereunder, as promulgated or amended from time to time;

"**Board**" means the board of directors of the Company;

"**Business Day**" means any day of the year, other than a Saturday, Sunday or any day on which major banks are closed for business in the City of Vancouver, British Columbia, Canada;

"**Change in Recommendation**" has the meaning ascribed thereto in Section 7.2(a)(iii)(A);

"**Circular**" means the notice of meeting and accompanying information circular (including all schedules, appendices and exhibits thereto) to be sent to the Company Shareholders in connection with the Company Meeting, including any amendments or supplements thereto;

"**Company**" has the meaning ascribed thereto in the Recitals;

"**Company Board Recommendation**" has the meaning ascribed thereto in Section 3.1(a);

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

"**Company Meeting**" means the special meeting of Company Shareholders, including any adjournment or postponement thereof, to be called and held in accordance with the Interim Order to consider, among other things, the Arrangement Resolution;

"**Company Shares**" means the common shares without par value in the capital of the Company;

"**Company Shareholder**" means a holder of one or more Company Shares;

"**Confidentiality Agreement**" means the confidentiality agreement between the Parties dated April 2, 2026;

"**Consideration Shares**" means the Purchaser Shares to be issued pursuant to the Arrangement;

"**Court**" means the Supreme Court of British Columbia or other court as applicable;

"**Depositary**" means Computershare Investor Services Inc., or any other trust company, bank or financial institution agreed to in writing by each of the Parties for the purpose of, among other things, exchanging certificates or DRS advices representing Company Shares for the Share Consideration in connection with the Arrangement;

"**Dissent Rights**" has the meaning ascribed thereto in Section 1.1 of the Plan of Arrangement;

"**Dissenting Shareholder**" has the meaning ascribed thereto in Section 1.1 of the Plan of Arrangement;

"**Effective Date**" has the meaning ascribed thereto in Section 1.1 of the Plan of Arrangement;

"**Effective Time**" has the meaning ascribed thereto in Section 1.1 of the Plan of Arrangement;

"**Exemptive Relief**" means the dual application pursuant to National Policy 11-203 – *Process for Exemptive Relief Applications in Multiple Jurisdictions* and Multilateral Instrument 11-102 – *Passport System* pursuant to Section 13.1 of NI 51-102, dated April 16, 2026 made by the Company requesting exemptive relief from certain financial statement requirements prescribed by Item 14.2 of Form 51-102F5 in respect of the Circular;

"**Fairness Opinion**" has the meaning ascribed thereto in Section 3.1(b);

"**Final Order**" means the final order of the Court approving the Arrangement under Section 291(4) of the BCBCA, and setting forth any necessary language for reliance upon the exemption from registration under Section 3(a)(10) of the U.S. Securities Act with respect to the Consideration Shares issued pursuant to the Arrangement, in form and substance acceptable to the Company and the Purchaser, each acting reasonably, after a hearing upon the procedural and substantive fairness of the terms and conditions of the Arrangement, as such Order may be affirmed, amended, modified, supplemented or varied by the Court (with the consent of both the Company and the Purchaser, each acting reasonably) at any time prior to the Effective Date or, if appealed, as affirmed or amended (provided that any such amendment is acceptable to both the Company and the Purchaser, each acting reasonably) on appeal unless such appeal is withdrawn, abandoned or denied;

"**Financial Advisor**" means Stifel Nicolaus Canada Inc.;

"**Governmental Authority**" means any foreign or domestic multinational, federal, provincial, territorial, state, regional, municipal, local or other government or governmental body and any division, agent, official, agency, bureau, commission, board or authority of any government, governmental body, governmental or public department, central bank, foreign investment authority, quasi-governmental or private body (including the TSXV or any other stock exchange) exercising any statutory, regulatory, expropriation, environmental or taxing authority under the authority of any of the foregoing and any domestic, foreign or international judicial, quasi-judicial or administrative court, tribunal, commission, board, panel or arbitrator acting under the authority of any of the foregoing;

"**Interim Order**" means the interim order of the Court made after the application to the Court pursuant to subsection 291(2) of the BCBCA, after being informed of the intention of the Parties to rely upon the exemption from the registration requirements of the U.S. Securities Act provided by Section 3(a)(10) thereof with respect to the issuance of any Purchaser Shares pursuant to the Arrangement, in form and substance acceptable to the Company and the Purchaser, each acting reasonably, providing for, among other things, the calling and holding of the Company Meeting, as such order may be amended, affirmed, modified, supplemented or varied by the Court (with the consent of the Company and the Purchaser, each acting reasonably);

"**IFRS**" means International Financial Reporting Standards, which are issued by the International Accounting Standards Board, as adopted in Canada;

"**Laws**" means all laws, statutes, codes, ordinances (including zoning), decrees, rules, regulations, by-laws, notices, judicial, arbitral, administrative, ministerial, departmental or regulatory judgments, injunctions, Orders, decisions, settlements, writs, assessments, arbitration awards, rulings, determinations or awards, decrees or other requirements of any Governmental Authority having the force of law and any legal requirements arising under the common law or principles of law or equity and the term "applicable" with respect to such Laws and, in the context that refers to any person, means such Laws as are applicable at the relevant time or times to such person or its business, undertaking, property or securities and emanate from a Governmental Authority having jurisdiction over such person or its business, undertaking, property or securities;

"**Lock-Up Agreements**" means the voting and support agreements dated the date hereof between the Purchaser, on the one hand, and each of the directors of the Company and the Senior Officers, on the other hand, entered into as a condition precedent in favour of the Purchaser, pursuant to which such directors and Senior Officers have agreed, among other things and subject to the terms and conditions thereof, to support the Arrangement and to vote all Company Shares and any other voting securities of the Company beneficially owned, or over which such person exercises control or direction, directly or indirectly, whether now owned or hereafter acquired, and any securities convertible into, or exchangeable or exercisable for, Company Shares, in favour of the Arrangement Resolution in accordance with the terms of such agreements;

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

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

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

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

"**NI 54-101**" means National Instrument 54-101 – *Communications with Beneficial Owners of Securities of a Reporting Issuer*;

"**Notice of Dissent**" has the meaning ascribed thereto in Section 1.1 of the Plan of Arrangement;

"**Offer**" has the meaning ascribed thereto in the Recitals;

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

"**Outside Date**" means June 10, 2026;

"**Parties**" means the Company and the Purchaser and "**Party**" means any one of them;

"**Permit**" means any license, permit, certificate, consent, Order, grant, approval, classification, registration or other authorization of or from any Governmental Authority;

"**person**" includes an individual, sole proprietorship, corporation, body corporate, incorporated or unincorporated association, syndicate or organization, partnership, limited partnership, limited liability company, unlimited liability company, joint venture, joint stock company, trust, natural person in his or her capacity as trustee, executor, administrator or other legal representative, a government or Governmental Authority or other entity, whether or not having legal status;

"**Plan of Arrangement**" means the plan of arrangement substantially in the form and content set out in Schedule A hereto, as amended, modified or supplemented from time to time in accordance with Article 6 of the Plan of Arrangement or at the direction of the Court in the Interim Order or Final Order, with the consent of the Company and the Purchaser, each acting reasonably;

"**Purchaser**" has the meaning ascribed thereto in the Recitals;

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

"**Purchaser Financial Statements**" has the meaning ascribed thereto in Section 3.2(f);

"**Purchaser Material Adverse Effect**" means any change, effect, event, occurrence, circumstance or state of facts that, individually or in the aggregate with other such changes, effects, events, occurrences or states of fact, is or would reasonably be expected to be material and adverse to the business, properties, assets, Permits, capital, liabilities (contingent or otherwise), operations, results of operations or condition (financial or otherwise) of the Purchaser and its subsidiaries, taken as a whole, other than any change, effect, event, occurrence or state of facts resulting from:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the public announcement of the execution
 of this Agreement or the transactions contemplated hereby or the performance of any obligation
 hereunder;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) any changes in general political, economic,
 financial or capital markets conditions in Canada, the United States or globally including,
 without limitation, the imposition or adjustment of tariffs;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) any change in applicable Law or IFRS;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) any natural disaster, war, armed hostilities,
 or act of terrorism;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) conditions generally affecting the mining
 industry in Canada or the United States;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) any change in currency exchange, interest
 or inflation rates;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) any general outbreak of illness, pandemic
 (including COVID-19), epidemic or similar event or the worsening thereof;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) any change in gold prices; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) any change in the trading price or any
 change in the trading volume of the Purchaser Shares (it being understood that the causes
 underlying such change in trading price or trading volume, other than those in clauses (b) to
 (d) or (f) to (h) above, may be taken into account in determining whether
 a Purchaser Material Adverse Effect has occurred) or any suspension of trading in securities
 generally or on the TSXV;

provided that, notwithstanding the foregoing, any change, effect, event, occurrence or state of facts described in clauses (b), (c), (d), (e), (f), (g) and (h) of this definition shall constitute a Purchaser Material Adverse Effect to the extent that any such change, effect, event, occurrence or state of facts has or would reasonably be expected to have, individually or in the aggregate, a disproportionate impact on the business, properties, assets, Permits, capital, liabilities (contingent or otherwise), operations, results of operations or condition (financial or otherwise) of the Purchaser and its subsidiaries, taken as a whole, relative to other industry participants of similar size and references in this Agreement to dollar amounts are not intended to be and shall not be deemed to be illustrative or interpretive for purposes of determining whether a "Purchaser Material Adverse Effect" has occurred;

"**Purchaser Public Disclosure Record**" means all reports, schedules, forms, statements and other documents (including exhibits and other information incorporated therein) filed by the Purchaser with any Securities Authorities after January 1, 2025 and before the date hereof that are available to the public on SEDAR+;

"**Purchaser Option**" has the meaning ascribed thereto in Section 3.2(e)(i);

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

"**Purchaser Subject Laws**" has the meaning ascribed thereto in Section 3.2(m);

"**Registrar**" means the Registrar of Companies appointed under the BCBCA;

"**Representatives**" means the officers, directors, employees, financial advisors, legal counsel, accountants and other agents and representatives of a Party;

"**Response Period**" has the meaning ascribed thereto in Section 6.2(a)(iii);

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

"**Section 3(a)(10) Exemption**" has the meaning ascribed thereto in Section 2.3(h);

"**Securities Act**" means the *Securities Act* (British Columbia) and the rules, regulations, forms and published instruments, policies, bulletins and notices made thereunder, as now in effect and as they may be promulgated or amended from time to time;

"**Securities Authorities**" means, collectively, the British Columbia Securities Commission and the applicable securities commissions and other securities regulatory authorities in each of the other provinces and territories of Canada;

"**Securities Laws**" means the Securities Act, the securities legislation of each other province and territory of Canada and the rules, regulations, forms, published instruments, policies, bulletins and notices of the Securities Authorities made thereunder, as now in effect and as they may be promulgated or amended from time to time;

"**SEDAR+**" means the System for Electronic Data Analysis and Retrieval+ available for public view at www.sedarplus.ca;

"**Senior Officers**" means Shane Ebert, President and Chief Executive Officer, Chantelle Collins Chief Financial Officer, Barbara O'Neill, Corporate Secretary and Jean Pierre Jutras, Vice President;

"**Share Consideration**" has the meaning ascribed thereto in Section 1.1 of the Plan of Arrangement;

"**Special Committee**" means the special committee of the Board as the same is constituted from time to time;

"**subsidiary**" means, with respect to a specified entity, any:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) corporation
 of which issued and outstanding voting securities of such corporation to which are attached
 more than 50% of the votes that may be cast to elect directors of the corporation (whether
 or not shares of any other class or classes will or might be entitled to vote upon the happening
 of any event or contingency) are owned by such specified entity and the votes attached to
 those voting securities are sufficient, if exercised, to elect a majority of the directors
 of such corporation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) partnership,
 unlimited liability company, joint venture or other similar entity in which such specified
 entity has more than 50% of the equity interests and the power to direct the policies, management
 and affairs thereof; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) a
 subsidiary (as defined in clauses (a) and (b) above) of any subsidiary
 (as so defined) of such specified entity;

"**Superior Proposal**" means any unsolicited, bona fide written Acquisition Proposal from a person or persons who is or are, as at the date of this Agreement, a party that deals at arm's length with the Company, that is made after the date of this Agreement (and is not obtained in violation of this Agreement or any agreement between the person making such Acquisition Proposal and the Company) that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) is reasonably likely to be consummated
 without undue delay, taking into account all financial, legal, regulatory and other aspects
 of such Acquisition Proposal and the person or persons making such Acquisition Proposal;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) is not subject to any financing condition
 and in respect of which the funds or other consideration necessary to complete the Acquisition
 Proposal, in the opinion of the Board, acting in good faith, after receiving the advice of
 its outside legal advisors and the Financial Advisor, are committed or will be immediately
 available to fund completion of the Acquisition Proposal at the time and upon the satisfaction
 of all conditions set out therein;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) is not subject to any due diligence, access
 or investigation condition;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) complies with Securities Laws;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) did not result from a breach of Section 6.1;
 and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) in respect of which the Board determines,
 in its good faith judgment, after receiving the advice of its outside legal counsel and financial
 advisors, that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) failure to recommend such Acquisition Proposal
 to Company Shareholders would be inconsistent with its fiduciary duties under applicable
 Laws, and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) having regard to all of its terms and conditions,
 including the certainty, timing and conditionality of completion, such Acquisition Proposal
 would, if consummated in accordance with its terms (and without assuming away any risk of
 non-completion), result in a transaction more favourable to Company Shareholders from a financial
 point of view than the Arrangement (after taking into account any change to the Arrangement
 proposed by the Purchaser pursuant to Section 6.2(b));

for greater certainty, an Acquisition Proposal shall not constitute a Superior Proposal unless it is an Acquisition Proposal to acquire (A) all of the outstanding Company Shares (other than Company Shares beneficially owned by the person making such proposal) or (B) all or substantially all of the assets of the Company and its subsidiaries, taken as a whole, and, if it relates to an acquisition of Company Shares, is made to all Company Shareholders on the same terms and conditions;

"**Tax Act**" means the *Income Tax Act* (Canada) and the regulations promulgated thereunder, as amended;

"**Taxes**" means all taxes, imposts, levies, withholdings, duties, fees, premiums, assessments and other changes of any kind, however denominated, in each case imposed or levied by any Governmental Authority, including any interest, penalties or other additions that may become payable in respect thereof, whether disputed or not and whether assessed or unassessed, which taxes shall include, without limiting the generality of the foregoing, all income or profits taxes (including, but not limited to, federal, provincial, state and local income taxes), capital taxes, payroll and employee withholding taxes, employment insurance, social insurance taxes (including Canada Pension Plan or other government pension plan premiums or contributions), sales and use taxes, goods and services tax, harmonized sales tax, ad valorem taxes, excise taxes, franchise taxes, gross receipts taxes, business license taxes, occupation taxes, real and personal property taxes, stamp taxes, environmental taxes, transfer taxes, workers' compensation premiums or charges, pension assessments and other governmental charges of a similar nature to any of the foregoing, whether disputed or not, and "Tax" has a corresponding meaning;

"**Termination Fee**" has the meaning ascribed thereto in Section 6.3(a);

"**Term Loan**" means a term loan from the Purchaser to the Company on substantially the terms and conditions in the term sheet set out in Schedule C hereto;

"**TSXV**" means the TSX Venture Exchange;

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

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

"**U.S. Tax Code**" means the United States *Internal Revenue Code of 1986,* as amended.

**1.2** **Certain Rules of Interpretation.** 

In this Agreement, unless otherwise specified:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) **Headings, etc.** The provision of a table of contents, the division of this Agreement into articles and
 sections and the insertion of headings are for convenient reference only and do not affect
 the construction or interpretation of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) **Currency.** All amounts of money which are referred to in this Agreement are expressed in lawful
 money of Canada unless otherwise specified.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) **Gender and Number.** Any reference to gender includes all genders. Words importing the singular
 number only include the plural and vice versa.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) **Statutes.** Any reference to a statute refers to such statute and all rules and regulations
 made under it, as it or they may have been or may from time to time be amended or re-enacted,
 unless stated otherwise.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) **Computation of Time.** A period of time is to be computed as beginning on the day following the event
 that began the period and ending at 5:00 p.m. on the last day of the period, if
 the last day of the period is a Business Day, or at 5:00 p.m. on the next Business
 Day if the last day of the period is not a Business Day.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) **Time References.** References to time are to local time in the city of Vancouver, British Columbia,
 Canada.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) **Subsidiaries.** To the extent any covenants or agreements relate, directly or indirectly, to a subsidiary
 of the Company, each such provision shall be construed as a covenant by the Company to cause
 (to the fullest extent to which it is legally capable) such subsidiary to perform the required
 action.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) **Consent.** If any provision requires approval or consent of a Party and such approval or consent
 is not delivered within the specified time limit, the Party whose consent or approval is
 required shall be conclusively deemed to have withheld its approval or consent.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) **Knowledge**.
 In this Agreement, (a) references to "**the knowledge of the Company** "
 or similar phrases mean the actual knowledge of the President and Chief Executive Officer,
 the Chief Financial Officer, the Corporate Secretary, and the Vice President, of the Company
 with no obligation to make any further inquiry, and (b) references to "**the knowledge of the Purchaser**" or similar phrases mean the knowledge of the President
 and Chief Executive Officer, the Chief Financial Officer, the Corporate Secretary, and the
 Vice President of the Purchaser, with no obligation to make any further inquiry.

**1.3** **Schedules.** 

The following are the schedules attached to and incorporated by reference in this Agreement and form an integral part of this Agreement:

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Schedule A | Plan of Arrangement |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Schedule B | Arrangement Resolution |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Schedule C | Term Loan Term Sheet |

---

**Article 2<br> The Arrangement**

**2.1** **Arrangement** 

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

**2.2** **Implementation Steps by the Company** 

The Company covenants in favour of the Purchaser that, subject to the terms of this Agreement, the Company will:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) as
 soon as reasonably practicable, and in any event in sufficient time to hold the Company Meeting
 in accordance with Section 2.2(b) below, apply in a manner acceptable to the Purchaser,
 acting reasonably, pursuant to Section 291 of the BCBCA, for the Interim Order, and
 thereafter proceed with and diligently seek the Interim Order;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) provided
 that the Exemptive Relief is obtained, lawfully convene and hold the Company Meeting in accordance
 with the Interim Order for the purpose of considering the Arrangement Resolution (and for
 no other purpose unless agreed to by the Purchaser) on or before June 4, 2026, and will
 not, unless the Purchaser otherwise consents in writing, adjourn, postpone or cancel the
 Company Meeting or propose to do any of the foregoing except for an adjournment as required
 for quorum purposes or by applicable Law;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) subject
 to the terms of this Agreement, solicit from the Company Shareholders proxies in favour of
 the approval of the Arrangement Resolution and against any resolution submitted by any person
 that is inconsistent with, or which seeks (without the Purchaser's consent) to hinder
 or delay the Arrangement Resolution and the completion of the transactions contemplated by
 this Agreement including, if so requested by the Purchaser, using the services of proxy solicitation
 agents selected by the Purchaser (and at the Purchaser's expense), to solicit proxies
 in favour of the approval of the Arrangement Resolution, recommend to all Company Shareholders
 that they vote in favour of the Arrangement Resolution, and take all other commercially reasonable
 actions that are reasonably necessary or desirable to obtain the approval of the Arrangement
 by the Company Shareholders. The Purchaser shall bear all costs of any such proxy solicitation
 services requested by the Purchaser;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) promptly
 provide the Purchaser with any notice relating to the Company Meeting and allow Representatives
 of the Purchaser to attend the Company Meeting;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) the
 Company shall advise the Purchaser as the Purchaser may reasonably request, and at least
 on a daily basis on each of the last ten (10) Business Days prior to the date of the
 Company Meeting, as to the aggregate tally of the proxies received by the Company in respect
 of the Arrangement Resolution and any other matters the Company brought before the Company
 Meeting;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) the
 Company will promptly advise the Purchaser of any communication (orally or in writing) from
 any person in opposition to the Arrangement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) the
 Company will promptly advise the Purchaser of any written Notice of Dissent or purported
 exercise by any Company Shareholder of Dissent Rights received by the Company in relation
 to the Arrangement Resolution and any withdrawal of Dissent Rights received by the Company
 and, subject to applicable Law, any written communications sent by or on behalf of the Company
 to any Company Shareholder who is exercising or purporting to exercise Dissent Rights in
 relation to the Arrangement Resolution;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) the
 Company shall, upon the reasonable request by the Purchaser, deliver to the Purchaser (i) basic
 lists of all registered Company Shareholders and other securityholders of the Company, showing
 the name and address of each holder and the number of Company Shares or other securities
 of the Company held by each such holder, all as shown on the records of the Company or its
 transfer agent, as of the most recent practicable date and a list of participants in book
 based clearing systems, such as CDS & Co., CEDE & Co. and The Depository
 Trust Company, nominee registered Company Shareholders or other securityholders of the Company
 and non registered beneficial owner lists that are available to the Company (provided that
 such list may only be used in the manner prescribed in section 7.1 of NI 54-101), and securities
 positions, and (ii) from time to time, such additional information, including updated
 or supplemental lists setting out any changes from the list(s) referred to in this Section 2.2(h) as
 the Purchaser may reasonably request;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the
 Company shall not, except as required for quorum purposes, as required by Law or as otherwise
 permitted under this Agreement, adjourn, postpone or cancel (or propose for adjournment,
 postponement or cancellation), or fail to call, the Company Meeting without the Purchaser's
 prior written consent;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) the
 Company shall promptly advise the Purchaser of any communication (written or oral) received
 by the Company from the TSXV, the SEC, any of the Securities Authorities or any other Governmental
 Authority in connection with the Company Meeting;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) subject
 to obtaining the approvals as are required by the Interim Order, as soon as reasonably practicable
 after the Company Meeting, proceed with and diligently pursue the application to the Court
 pursuant to Section 291 of the BCBCA for the Final Order approving the Arrangement and
 thereafter proceed with such application and diligently pursue obtaining the Final Order,
 and, if at any time after the issuance of the Final Order and on or before the Effective
 Date, the Company is required by the terms of the Final Order or by Law to return to the
 Court with respect to the Final Order, it will do so after prior notice to, and in consultation
 and cooperation with, the Purchaser;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) subject
 to obtaining the Final Order and the satisfaction or waiver of the other conditions herein
 contained in favour of each Party, as soon as reasonably practicable thereafter, take all
 steps and actions, including making any and all necessary filings with Governmental Authorities,
 to give effect to the Arrangement pursuant to the BCBCA in a manner and form acceptable to
 the Purchaser, acting reasonably;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m) not
 file any material with the Court in connection with the Arrangement or serve any such material,
 and not agree to modify or amend materials so filed or served, except as contemplated hereby
 or with the prior written consent of the Purchaser, such consent not to be unreasonably withheld
 or delayed; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n) permit
 the Purchaser to review and comment upon drafts of all material to be filed by the Company
 with the Court or any securities regulatory authority in connection with the Arrangement
 (including the Circular) prior to the service (if applicable) and/or filing of that material
 and give reasonable consideration to such comments. The Company shall also provide to the
 Purchaser on a timely basis copies of any court documents served on the Company or its counsel
 in respect of the application for the Final Order or any appeal therefrom and of any notice,
 whether written or oral, received by the Company indicating any intention to appeal the Final
 Order.

**2.3** **Interim Order** 

The application referred to in Section 2.2(a) shall, unless the Company and the Purchaser otherwise agree, include a request that the Interim Order provide, among other things:

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) for
 the record date for the purposes of determining the Company Shareholders entitled to receive
 notice of and vote at the Company Meeting (which date shall be fixed and published by the
 Company in consultation with the Purchaser);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) for
 the calling and holding of the Company Meeting for the purpose of considering the Arrangement
 Resolution;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) that
 the Company Meeting may be adjourned or postponed from time to time by the Company in accordance
 with the terms of this Agreement without the need for additional approval by the Court;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) that
 the record date for the Company Shareholders entitled to receive notice of and to vote at
 the Company Meeting will not change in respect of or as a consequence of any adjournment
 or postponement of the Company Meeting unless required by applicable Laws;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) that
 the requisite and sole approval of the Arrangement Resolution will be (i) 66<sup>2/3</sup>%
 of the votes cast on the Arrangement Resolution by Company Shareholders present in person
 or represented by proxy at the Company Meeting voting together as a single class; and (ii) if
 required under applicable Law, a simple majority of the votes cast by Company Shareholders
 on the Arrangement Resolution excluding the votes for Company Shares held or controlled by
 "related parties" and "interested parties" as defined under MI 61-101; *provided* that, pursuant to section 8.2 of MI 61-101, the securities acquired by the
 Purchaser under the Offer may be voted in favor of the Arrangement Resolution;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) that
 in all other respects, the terms, conditions and restrictions of the Company's constating
 documents, including quorum requirements and other matters shall apply with respect to the
 Company Meeting;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) that
 the Parties intend to rely upon the exemption from registration under the U.S. Securities
 Act provided by Section 3(a)(10) thereof (the "**Section 3(a)(10) Exemption** ")
 with respect to the issuance and exchange of the Consideration Shares issued pursuant
 to the Arrangement, subject to and conditioned on the Court's determination that the
 Arrangement is substantively and procedurally fair to Company Shareholders following a hearing
 of the Court to give approval of the Arrangement of which the Company Shareholders were given
 adequate notice advising them of their right to attend the hearing;

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) that
 the Company Shareholders entitled to receive Purchaser Shares pursuant to the Arrangement
 shall have the right to appear before the Court at the hearing of the Court to approve the
 application for the Final Order so long as they enter an appearance by the time stipulated
 in the Interim Order;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) that,
 in all other respects, the terms, restrictions and conditions of the constating documents
 of the Company shall apply in respect of the Company Meeting; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m) subject
 to the consent of the Company (such consent not to be unreasonably withheld or delayed) the
 Company shall also request that the Interim Order provide for such other matters as the Purchaser
 may reasonably require.

**2.4** **Plan of Arrangement** 

From and after the Effective Time, the Plan of Arrangement will have all of the effects provided by applicable Laws, including the BCBCA. The closing of the transactions contemplated hereby will take place on the Effective Date by way of electronic exchange of document and signatures (by email or other electronic means except where originally-executed documents are required) unless otherwise agreed upon by the Parties.

**2.5** **The Company Meeting** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The
 Company shall convene the Company Meeting in accordance with the Interim Order, the Company's
 constating documents and applicable Law as soon as reasonably practicable and shall conduct
 the Company Meeting on or before June 4, 2026 (and, in that regard, the Company shall
 abridge, as necessary, any time periods that may be abridged under NI 54-101).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The
 Purchaser covenants and agrees that during the period from the date of this Agreement until
 the earlier of the Effective Date and the termination of this Agreement in accordance with
 its terms, the Purchaser shall (and shall cause each of their respective affiliates to):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) attend
 (in person or by proxy) and be counted as present for purposes of establishing quorum and
 to vote or to cause to be voted (and not withdraw any proxies or change its vote in respect
 thereof) all Company Shares beneficially owned by the Purchaser or its affiliates, or over
 which the Purchaser or its affiliates exercise control or direction (the "Subject Shares")
 entitled to be voted (A) in favour of the approval, consent, ratification and adoption
 of the Arrangement Resolution and any other matter necessary for the consummation of the
 Arrangement, and (B) against any resolution, action, proposal, transaction or agreement,
 that would reasonably be expected to adversely affect or reduce the likelihood of the successful
 completion of the Arrangement, or delay, frustrate or interfere with the completion of the
 Arrangement; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) not
 (A) directly or indirectly sell, transfer, assign, grant any option or other right with
 respect to, pledge, encumber or otherwise dispose of, or agree to do any of the foregoing
 with respect to, any Subject Shares without the prior written consent of the Company; (B) exercise,
 any Dissent Rights in respect of the Arrangement; or (C) solicit proxies or become a
 participant in a solicitation that would reasonably be expected to adversely affect or reduce
 the likelihood of the successful completion of the Arrangement, or delay, frustrate or interfere
 with the completion of the Arrangement.

**2.6** **The Circular** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The
 Company will, in consultation with the Purchaser:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) as soon
 as reasonably practicable after the execution of this Agreement, and in any event in sufficient
 time to hold the Company Meeting in accordance with Section 2.2(b), prepare the Circular
 together with any other documents required by the BCBCA and other applicable Laws in connection
 with the approval of the Arrangement Resolution by the Company Shareholders at the Company
 Meeting; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) as
 soon as reasonably practicable after the issuance of the Interim Order, and in any event
 in sufficient time to hold the Company Meeting in accordance with Section 2.2(b), cause
 the Circular to be sent to the Company Shareholders in compliance with NI 54-101 and filed
 as required by the Interim Order and applicable Law (and, in that regard, the Company shall
 abridge, as necessary, any time periods that may be abridged under NI 54-101).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The
 Company shall ensure that the Circular complies in all material respects with applicable
 Laws, and, without limiting the generality of the foregoing, that the Circular (including
 with respect to any information incorporated therein by reference) will not contain any untrue
 statement of a material fact or omit to state a material fact required to be stated therein
 or necessary to make the statements contained therein not misleading in light of the circumstances
 in which they are made (other than in each case with respect to any information furnished
 by the Purchaser). The Company shall promptly notify the Purchaser if, at any time before
 the Effective Time, it becomes aware that the Circular contains any 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 otherwise requires an amendment or supplement to the Circular.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The
 Purchaser shall furnish to the Company on a timely basis such information regarding the Purchaser
 as may be required by Law or reasonably required by the Company in the preparation of the
 Circular, and the Purchaser shall ensure that no such information will include any untrue
 statement of a material fact or omit to state a material fact required to be stated in the
 Circular in order to make any information so furnished or any information concerning the
 Purchaser, as the case may be, not misleading in light of the circumstances in which it is
 disclosed.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The
 Company and the Purchaser will cooperate in the preparation, filing and mailing of the Circular.
 The Company will provide legal counsel to the Purchaser with a reasonable opportunity to
 review and comment on all drafts of the Circular and other documents related thereto prior
 to filing the Circular with applicable Governmental Authorities and printing and mailing
 the Circular to the Company Shareholders and will give reasonable consideration to such comments.

**2.7** **Final Order** 

Subject to the terms and conditions hereof, if:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the Interim Order is obtained; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the Arrangement Resolution is passed at
 the Company Meeting by Company Shareholders, as provided for in the Interim Order and as
 required by applicable Law,

the Company shall as soon as reasonably practicable thereafter, and in any event in sufficient time for the Court to hear the Final Order application within two Business Days of the Company Meeting, take all steps necessary or desirable to submit the Arrangement to the Court and diligently pursue an application for the Final Order pursuant to Part 9 of Division 5 of the BCBCA.

**2.8** **Court Proceedings** 

In connection with all Court proceedings relating to obtaining the Interim Order and the Final Order, the Company shall:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) diligently
 pursue, and cooperate with the Purchaser in diligently pursuing, the Interim Order and the
 Final Order;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) oppose
 any proposal from any person that the Final Order contain any provision inconsistent with
 this Agreement, and if required by the terms of the Final Order or by Law to return to Court
 with respect to the Final Order, do so only after notice to, and in consultation and cooperation
 with, the Purchaser;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) ensure
 that all materials filed with the Court in connection with the Arrangement are consistent
 in all material respects with the terms of this Agreement and the Plan of Arrangement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) not
 file any material with the Court in connection with the Arrangement or serve any such material,
 and will not agree to modify or amend materials so filed or served, except as contemplated
 by this Section 2.8 or with the Purchaser's prior written consent, such consent
 not to be unreasonably withheld, conditioned or delayed, provided, however, that nothing
 herein shall require the Purchaser to agree or consent to any increase or change in the consideration
 payable under the terms of the Plan of Arrangement or any modification or amendment to such
 filed or served materials that expands or increases the Purchaser's obligations set
 forth in any such filed or served materials or under this Agreement or the Arrangement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) not
 object to legal counsel to the Purchaser making reasonable submissions on the hearing of
 the motion for the Interim Order and the application for the Final Order as such counsel
 considers appropriate, provided that the Company or its legal counsel is advised of the nature
 of any submissions prior to the hearing and such submissions are consistent in all material
 respects with the terms of this Agreement and the Plan of Arrangement; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) provide
 the Purchaser on a timely basis with copies of any notice of appearance and evidence or other
 documents served on the Company or its legal counsel in respect of the application for the
 Interim Order or the Final Order or any appeal therefrom and of any notice, whether or not
 in writing, received by the Company or its legal counsel indicating any intention to oppose
 the granting of the Interim Order or the Final Order or to appeal the Interim Order or the
 Final Order. In the event that any materials are filed opposing the grant of the Final Order,
 the Company will, at the request of the Purchaser, adjourn the hearing of the Final Order
 in accordance with the provisions of the Interim Order or, if no such provision is made in
 the Interim Order or the Parties otherwise agree, as determined by the Parties and the Court.

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

The Parties agree that the Arrangement will be carried out with the intention that all Consideration Shares issued pursuant to Arrangement will be issued by the Purchaser in reliance on the exemption from the registration requirements of the U.S. Securities Act provided by Section 3(a)(10) thereof and pursuant to exemptions from applicable securities laws of any state of the United States. In order to ensure the availability of the exemption under Section 3(a)(10) of the U.S. Securities Act, the Parties agree that the Arrangement will be carried out on the following basis:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the
 Arrangement will be subject to the approval of the Court;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) pursuant
 to Section 2.3(h), the Court will be advised as part of the application for the Interim
 Order as to the intention of the Parties to rely on the exemption under Section 3(a)(10) of
 the U.S. Securities Act prior to the hearing required to approve the Interim Order;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) the
 Court will be required to satisfy itself as to the procedural and substantive fairness of
 the Arrangement to the Company Shareholders, subject to the Arrangement;

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) each
 person entitled to receive the Share Consideration will be advised that the Consideration Shares
 issued to such Company Shareholder pursuant to the Arrangement have not been and will not
 be registered under the U.S. Securities Act or any applicable securities laws of any state
 of the United States and will be issued by the Purchaser in reliance on the exemption under
 Section 3(a)(10) of the U.S. Securities Act and pursuant to exemptions under applicable
 securities laws of any state of the United States;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) the
 Final Order approving the Arrangement that is obtained from the Court will expressly state
 that the Arrangement is approved by the Court as being substantively and procedurally fair
 to the Company Shareholders;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) the
 Interim Order approving the Company Meeting will specify that each Company Shareholder will
 have the right to appear before the Court at the hearing of the Court to give approval of
 the Arrangement so long as they enter an appearance within a reasonable time and in accordance
 with the requirements of Section 3(a)(10) of the U.S. Securities Act; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) the
 Final Order shall include a statement to substantially the following effect:

*"This Order will serve as a basis of a claim to an exemption, pursuant to Section 3(a)(10) of the United States Securities Act of 1933, as amended, from the registration requirements otherwise imposed by that act, regarding the distribution of securities of the Purchaser pursuant to the Plan of Arrangement."*

**2.10** **Withholding Taxes** 

The Company, the Purchaser and the Depositary will be entitled to deduct and withhold from any consideration otherwise payable to any Company Shareholder or Former Company Shareholder under the Plan of Arrangement (including any payment to Dissenting Shareholders) such amounts as the Company, the Purchaser or the Depositary is required to deduct and withhold with respect to such payment under the Tax Act and the rules and regulations promulgated thereunder, or any provision of any provincial, state, local or foreign tax law as counsel may advise is required to be so deducted and withheld by the Company, the Purchaser or the Depositary, as the case may be. For the purposes hereof, all such withheld amounts shall be treated as having been paid to the person in respect of which such deduction and withholding was made on account of the obligation to make payment to such person hereunder, provided that such deducted or withheld amounts are actually remitted to the appropriate Governmental Authority by or on behalf of the Company, the Purchaser or the Depositary, as the case may be. To the extent necessary, such deductions and withholdings may be affected by selling any Purchaser Shares to which any such person may otherwise be entitled under the Plan of Arrangement, and any amount remaining following the sale, deduction and remittance shall be paid to the person entitled thereto as soon as reasonably practicable.

**2.11** **Effective Date** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The
 Company and the Purchaser may amend the Plan of Arrangement from time to time upon the mutual
 agreement of the Parties, provided that no such amendment is inconsistent with the Interim
 Order or the Final Order or is prejudicial to the Company Shareholders or other persons to
 be bound by the Plan of Arrangement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The
 Purchaser shall, following receipt of the Final Order and no later than one Business Day
 prior to the Effective Time, ensure that the Depositary has been provided with sufficient
 Purchaser Shares in escrow to pay the aggregate consideration to be paid to the Company Shareholders
 pursuant to the Arrangement. For greater certainty, the Purchaser shall not be required pursuant
 to this Section 2.11 to provide or deposit in escrow with the Depositary prior to the
 Effective Date any cash or Purchaser Shares as consideration for the Company Shares held
 by Company Shareholders exercising Dissent Rights and who have not withdrawn their notice
 of objection.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The
 Arrangement shall be effective at the Effective Time on the Effective Date.

**2.12** **Announcement and Shareholder Communications** 

The Company and the Purchaser shall jointly publicly announce the transactions contemplated hereby promptly following the execution of this Agreement by the Parties, the text and timing of such announcement to be approved by the Company and the Purchaser in advance, acting reasonably. The Company and the Purchaser agree to cooperate in the preparation of presentations, if any, to Company Shareholders regarding the Plan of Arrangement, and no Party shall:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) issue
 any press release or otherwise make public announcements with respect to this Agreement or
 the Plan of Arrangement without the consent of the other Party (which consent shall not be
 unreasonably withheld or delayed); or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) make
 any filing with any Governmental Authority with respect thereto without prior consultation
 with the other Party,

*provided*, however, that the foregoing shall be subject to each Party's overriding obligation to make any disclosure or filing required under applicable Laws, provided that the Party making such disclosure shall use all commercially reasonable efforts to give prior oral or written notice to the other Party and reasonable opportunity to review or comment on the disclosure or filing, and if such prior notice is not possible, to give such notice immediately following the making of such disclosure or filing.

**Article 3<br> Representations and Warranties**

**3.1** **Representations and Warranties of the Company** 

The Company represents and warrants to and in favour of the Purchaser as follows and acknowledges that the Purchaser is relying upon such representations and warranties in entering into this Agreement:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Board Recommendation</u>. The Board, after consultation with the Financial Advisor and legal advisors,
 and following the recommendation from the Special Committee, has determined unanimously that
 the Plan of Arrangement is fair to the Company Shareholders and is in the best interests
 of the Company and has resolved unanimously to recommend to the Company Shareholders that
 they vote in favour of the Arrangement Resolution (the "**Company Board Recommendation** ").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Fairness Opinion</u>. The Board has received the oral opinion of the Financial Advisor, which opinion
 has not been modified, amended, qualified or withdrawn, to the effect that, as of the date
 of such opinion, and subject to the assumptions, limitations and qualifications set forth
 therein, the Share Consideration to be received pursuant to the Plan of Arrangement by the
 Company Shareholders (other than the Purchaser and its affiliates) is fair, from a financial
 point of view, to such Company Shareholders (the "**Fairness Opinion** ").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Organization and Qualification</u>. The Company has been duly incorporated and validly exists and is in
 good standing under the BCBCA, and has the requisite corporate and legal power and capacity
 to own its assets as now owned and to carry on its business as it is now being carried on.
 The Company is duly qualified to carry on business in each jurisdiction in which the nature
 or character of its properties and assets, owned, leased or operated by it, or the nature
 of its business or activities, makes such qualification necessary.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) <u>Authority Relative to this Agreement</u>. The Company has the requisite corporate power, authority
 and capacity to enter into this Agreement and (subject to obtaining the Exemptive Relief,
 the approval of the Company Shareholders of the Arrangement Resolution, the Interim Order
 and the Final Order as contemplated in Section 2.2) to perform its obligations hereunder
 and to complete the transactions contemplated by this Agreement. The execution and delivery
 of this Agreement and the completion by the Company of the transactions contemplated by this
 Agreement have been duly authorized by the Board and no other corporate proceedings on the
 part of the Company are necessary to authorize the execution and delivery by it of this Agreement
 or the completion by the Company of the Arrangement or, subject to obtaining the approval
 of the Company Shareholders of the Arrangement Resolution, the Interim Order and the Final
 Order as contemplated in Section 2.2, the completion by the Company of the transactions
 contemplated hereby. This Agreement has been duly executed and delivered by the Company and
 constitutes a legal, valid and binding obligation of the Company enforceable against the
 Company in accordance with its terms, subject to bankruptcy, insolvency, reorganization,
 fraudulent transfer, moratorium and other Laws relating to or affecting the availability
 of equitable remedies and the enforcement of creditors' rights generally and general
 principles of equity and public policy and to the qualification that equitable remedies such
 as specific performance and injunction may be granted only in the discretion of a court of
 competent jurisdiction.

**3.2** **Representations and Warranties of the Purchaser** 

The Purchaser represents and warrants to and in favour of the Company as follows and acknowledges that the Company is relying upon such representations and warranties in entering into this Agreement:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Organization and Qualification</u>. The Purchaser has been duly incorporated and validly exists and is
 in good standing under the Laws governing its formation, and has the requisite corporate
 and legal power and capacity to own its assets as now owned and to carry on its business
 as it is now being carried on. The Purchaser is duly qualified to carry on business in each
 jurisdiction in which the nature or character of its properties and assets, owned, leased
 or operated by it, or the nature of its business or activities, makes such qualification
 necessary.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Authority Relative to this Agreement</u>. The Purchaser has the requisite corporate power, authority
 and capacity to enter into and perform its obligations under this Agreement and to complete
 the transactions contemplated hereby. The execution and delivery of this Agreement and the
 completion by the Purchaser of the transactions contemplated by this Agreement have been
 duly authorized by the board of directors of the Purchaser and no other corporate proceedings
 on the part of the Purchaser are necessary to authorize the execution and delivery by it
 of this Agreement or the completion of the Arrangement or the completion by the Purchaser
 of the transactions contemplated hereby. This Agreement has been duly executed and delivered
 by the Purchaser and constitutes a legal, valid and binding obligation of the Purchaser enforceable
 against the Purchaser in accordance with its terms, subject to bankruptcy, insolvency, reorganization,
 fraudulent transfer, moratorium and other Laws relating to or affecting the availability
 of equitable remedies and the enforcement of creditors' rights generally and general
 principles of equity and public policy and to the qualification that equitable remedies such
 as specific performance and injunction may be granted only in the discretion of a court of
 competent jurisdiction.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Government Approvals, Notices and Filings</u>. Subject to obtaining the Final Order and filings with
 Securities Authorities and the TSXV, no consent or approval of, giving of notice to, making
 filings with or taking of any action in respect of or by any Governmental Authority is required
 to be obtained or given by the Purchaser or any of its subsidiaries with respect to the execution,
 delivery or performance by the Purchaser of this Agreement or the consummation of the transactions
 contemplated hereunder, except (i) where the failure to obtain any such consent, approval,
 to give any such notice, to make any such filings or to take any such action would not, individually
 or in the aggregate: (A) have or reasonably be expected to have a Purchaser Material
 Adverse Effect, or (B) prevent or materially delay completion by the Purchaser of the
 transactions contemplated by this Agreement and the Arrangement; or (ii) those as would
 be required solely as a result of the identity or the legal or regulatory status of the Company
 or any of its affiliates.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) <u>No Breach or Violation</u>. The execution and delivery of this Agreement by the Purchaser does
 not and the consummation of the Arrangement will not (i) violate or conflict with the
 provisions of the certificate of incorporation or by-laws (or equivalent organizational documents),
 as applicable, of the Purchaser or any of its subsidiaries, (ii) result in the imposition
 of any encumbrance upon any of the properties or assets of the Purchaser or its subsidiaries
 (other than the Company), cause the acceleration or material modification of any rights or
 obligations under, create in any party the right to terminate, constitute a default or breach
 of, or violate or conflict with the terms, conditions or provisions of, any material contract
 to which the Purchaser or any of its subsidiaries (other than the Company) is a party, or
 (iii) subject to securing conditional approval from the TSXV for the listing and posting
 of the Purchaser Shares to be issued to Company Shareholders as Share Consideration, result
 in a breach or violation by the Purchaser or any of its subsidiaries of any of the terms,
 conditions or provisions of any Law or Order or cause the suspension or revocation of any
 material Permit currently in effect in respect of the Purchaser or any of its subsidiaries
 which, in the case of clauses (ii) and (iii) above, would, individually or in the
 aggregate, have or reasonably be expected to have a Purchaser Material Adverse Effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Capitalization
 and Purchaser Shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) The
 authorized share capital of the Purchaser consists of an unlimited number of Purchaser Shares
 without par value. As of the close of business on May 8, 2026, there were: (i) 208,927,862
 Purchaser Shares outstanding; and (ii) 8,462,500 Purchaser Shares issuable on exercise
 of stock options (the "**Purchaser Options** "). Except for the Purchaser Shares
 there are no other shares of any class or series in the capital of the Purchaser outstanding.
 Except for the Purchaser Options and this Agreement, there are no options, warrants, convertible
 securities or other rights, shareholder rights plans, agreements or commitments of any character
 whatsoever (pre-emptive, contingent or otherwise) requiring or which may require the issuance,
 sale or transfer by the Purchaser of any shares of the Purchaser or any of its subsidiaries
 (including Purchaser Shares) or any securities convertible into, or exchangeable or exercisable
 for, or otherwise evidencing a right to acquire, any shares of or other equity or voting
 interests in the Purchaser or any of its subsidiaries (including Purchaser Shares).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) All
 outstanding Purchaser Shares have been duly authorized and validly issued, are fully paid
 and non-assessable and all Purchaser Shares issuable upon the exercise of rights under the
 outstanding Purchaser Options, in accordance with their respective terms, will be duly authorized
 and validly issued as fully paid and non-assessable. There are no outstanding contractual
 or other obligations of the Purchaser or any subsidiary to repurchase, redeem or otherwise
 acquire any of its securities. Other than the Purchaser Shares, there are no securities or
 other instruments or obligations of the Purchaser or any of its subsidiaries that carry (or
 which is convertible into, or exchangeable for, securities having) the right to vote generally
 with the shareholders of the Purchaser on any matter. Neither the Purchaser nor any of its
 subsidiaries is a party to any voting agreements with respect to any shares in the capital
 of or other equity or voting interests in the Purchaser or any of its subsidiaries and, to
 the knowledge of the Purchaser, as of the date of this Agreement, there are no irrevocable
 proxies and no voting agreements with respect to any shares in the capital of, or other equity
 or voting interests in, the Purchaser or any of its subsidiaries.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) The
 Purchaser has reserved and will keep available a sufficient number of the Purchaser Shares
 to satisfy its obligations to deliver Share Consideration to Company Shareholders pursuant
 to the Arrangement. The Purchaser Shares to be issued as Share Consideration will, when issued
 pursuant to the Arrangement, be duly authorized, validly issued, fully paid and non-assessable,
 free and clear of all encumbrances and will not be subject to any pre-emptive rights, rights
 of first refusal or similar rights.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) The
 Purchaser Shares to be issued in connection with the transactions contemplated herein will
 not be subject to any statutory hold or restricted period under the securities legislation
 of any province or territory of Canada and, subject to restrictions contained in Section 2.6(3) of
 NI 45-102, will be freely tradable within Canada by the holders thereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) <u>Financial Statements</u>. The Purchaser's audited financial statements as at and for the fiscal
 years ended September 30, 2025 and September 30, 2024 (including the notes thereto)
 (the "**Purchaser Financial Statements**") were prepared in accordance with
 IFRS consistently applied (except as otherwise indicated in such financial statements and
 the notes thereto or in the related report of the Purchaser's independent auditors,
 as the case may be) and fairly present in all material respects the consolidated financial
 position, results of operations and changes in financial position of the Purchaser and its
 subsidiaries, as applicable, as of the dates thereof and for the periods indicated therein
 and reflect reserves required by IFRS in respect of all material contingent liabilities,
 if any, of the Purchaser and its subsidiaries on a consolidated basis. Since September 30,
 2025, there has been no material change in the Purchaser's or its subsidiaries'
 financial accounting policies, methods or practices except as described in the notes to the
 Purchaser Financial Statements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) <u>Internal Controls</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) The
 Purchaser has established and maintains a system of internal control over financial reporting
 that is designed to provide reasonable assurance regarding the reliability of financial reporting
 and the preparation of financial statements for external purposes in accordance with IFRS,
 and includes policies and procedures that (A) pertain to the maintenance of records
 that accurately and fairly reflect the material transactions, acquisitions and dispositions
 of the property and assets of the Purchaser and each of its subsidiaries (other than the
 Company), (B) provide reasonable assurance that transactions are recorded as necessary
 to permit preparation of financial statements in accordance with IFRS, and that material
 receipts and expenditures of the Purchaser and its subsidiaries (other than the Company)
 are made only in accordance with authorizations of management and directors of the Purchaser
 and its subsidiaries (other than the Company), and (C) provide reasonable assurance
 regarding prevention or timely detection of any unauthorized acquisition, use or disposition
 of the property or assets of the Purchaser or any of its subsidiaries (other than the Company)
 that could have a material adverse effect on the Purchaser's financial statements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) To
 the knowledge of the Purchaser: (A) there are no material weaknesses in the design and
 implementation or maintenance of its internal control over financial reporting of the Purchaser
 that are reasonably likely to adversely affect the ability of the Purchaser to record, process,
 summarize and report financial information, and (B) there is no fraud, whether or not
 material, that involves management or other employees who have a significant role in the
 internal control over financial reporting of the Purchaser.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) Since
 September 30, 2025, neither the Purchaser nor any of its subsidiaries (other than the
 Company) nor, to the Purchaser's knowledge, any director, officer, employee, auditor,
 accountant or representative of the Purchaser or any of its subsidiaries (other than the
 Company) has received or otherwise had or obtained knowledge of any complaint, allegation,
 assertion, or claim, whether written or oral, regarding the accounting or auditing practices,
 procedures, methodologies or methods of the Purchaser or any of its subsidiaries (other than
 the Company) or their respective internal accounting controls, including any complaint, allegation,
 assertion, or claim that the Purchaser or any of its subsidiaries (other than the Company)
 has engaged in questionable accounting or auditing practices, which has not been resolved
 to the satisfaction of the audit committee of the Purchaser's board of directors.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) <u>Auditors</u>.
 The auditors of the Purchaser are independent public accountants as required by applicable
 Laws and there is not now, and there has never been, any reportable event (as defined in
 NI 51-102) with the present or any former auditors of the Purchaser.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) <u>Other Liabilities</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Except
 for liabilities or obligations of the Purchaser or any of its subsidiaries (other than the
 Company), whether accrued, absolute, contingent or otherwise that are (i) disclosed
 or reflected in the Purchaser Financial Statements; (ii) incurred in connection with
 the transactions contemplated hereby, and (iii) incurred in the ordinary course of the
 business of the Purchaser and its subsidiaries since the date of the most recently filed
 Purchaser Financial Statements (other than the Company), the Purchaser does not have any
 liabilities or obligations of a nature required by IFRS to be reflected in the Purchaser
 Financial Statements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Neither
 the Purchaser nor any of its subsidiaries (other than the Company) is a party to, or has
 any commitment to become a party to, any joint venture, off balance sheet partnership or
 any similar agreement (including any agreement or arrangement relating to any transaction
 or relationship between or among the Purchaser or any of its subsidiaries (other than the
 Company), on the one hand, and any unconsolidated entity, including any structured finance,
 special purpose, or limited purpose entity or person, on the other hand) or any "off
 balance sheet arrangements" (as defined in the instructions thereto of Form 51-102F1
 of NI 51-102) where the result, purpose or effect of such agreement or arrangement is to
 avoid disclosure, of any material transaction involving, or material liabilities of, the
 Purchaser or any of its subsidiaries (other than the Company) in the Purchaser's or
 such subsidiary's financial statements or any other documents filed by the Purchaser
 under applicable Securities Laws.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) <u>Reporting Status and Securities Laws Matters</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) The
 Purchaser Shares are listed for trading on the TSXV and the Purchaser is in compliance in
 all material respects with all of the listing and other requirements of such exchanges. No
 delisting, suspension of trading in or cease trading Order with respect to any securities
 of the Purchaser and, to the knowledge of the Purchaser, no inquiry or investigation (formal
 or informal) of any Securities Authority or the TSXV, is in effect or ongoing or, to the
 knowledge of the Purchaser, expected to be implemented or undertaken.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) The
 Purchaser is a "reporting issuer", or the equivalent thereof in all provinces
 and territories of Canada, and not on the list of reporting issuers in default under applicable
 Securities Laws and the Purchaser has complied in all material respects with applicable Law,
 including any requirements of any applicable Securities Laws. the Purchaser has not filed
 any confidential material change report or other document with any applicable Securities
 Authorities or any other applicable Governmental Authority which remains confidential as
 of the date of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) <u>Public Filings</u>. Except as may be required in connection with the transactions contemplated by
 this Agreement, the Purchaser has filed or furnished, as applicable, all documents in the
 Purchaser Public Disclosure Record required to be filed or furnished by it in accordance
 with applicable Securities Laws or the requirements of the TSXV. All such documents and information
 comprising the Purchaser Public Disclosure Record, as of their respective dates (and the
 dates of any amendments thereto), (1) did not contain any untrue statement of a material
 fact or omit to state a material fact required to be stated therein or necessary to make
 the statements therein, in light of the circumstances in which they were made, not misleading,
 and (2) complied in all material respects with the requirements of applicable Securities
 Laws and the applicable policies of the TSXV relating to continuous disclosure requirements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) <u>Absence of Changes</u>. Except as set forth in, or permitted by, this Agreement, since September 30,
 2025 to the date of this Agreement (i) the business of the Purchaser and its subsidiaries
 (other than the Company) has been conducted in all material respects in the ordinary course
 of the business, and (ii) there has not occurred a Purchaser Material Adverse Effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m) <u>Compliance with Laws</u>. To the knowledge of the Purchaser, the Purchaser and its subsidiaries (other
 than the Company) are in compliance with the requirements of all applicable Laws which affect
 it or its business or assets or to which it is subject (but excluding Laws regarding Taxes
 which are covered exclusively by Section 3.2(o)) (the "**Purchaser Subject Laws** "),
 except for such instances where the failure to comply would not, individually or in the aggregate,
 reasonably be expected to have a Purchaser Material Adverse Effect. To the knowledge of the
 Purchaser, the Purchaser has not received within the last twelve (12) months any written
 notice or other written communication from any Governmental Authority with respect to a violation
 and/or failure to comply with the Purchaser Subject Laws.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n) <u>Insolvency</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) No act
 or proceeding has been taken by or against the Purchaser or any of its subsidiaries (other
 than the Company) in connection with the dissolution, liquidation, winding up, bankruptcy,
 reorganization, compromise or arrangement of the Purchaser or any of its subsidiaries or
 for the appointment of a trustee, receiver, manager or other administrator of the Purchaser
 or any of its subsidiaries or any of its properties or assets nor, to the knowledge of the
 Purchaser, is any such act or proceeding threatened. Neither the Purchaser nor any of its
 subsidiaries (other than the Company) has sought protection under the *Bankruptcy and Insolvency Act* (Canada), the *Companies' Creditors Arrangement Act* (Canada) or similar
 legislation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) No
 Order has been made, petition presented or meeting convened for the purpose of winding up
 of the Purchaser or any of its subsidiaries (other than the Company), or for the appointment
 of any provisional liquidator or in relation to any other process whereby the business is
 terminated and the assets of the Purchaser or any of its subsidiaries (other than the Company)
 are distributed amongst the creditors, shareholders or other contributors.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) No
 person has taken any step, legal proceeding or other procedure with a view to the appointment
 of an administrator, whether out of court or otherwise, in relation to the Purchaser or any
 of its subsidiaries(other than the Company), and no receiver (including any administrative
 receiver) has been appointed in respect of the whole or any part of any of the property,
 assets or undertaking of the Purchaser or any of its subsidiaries(other than the Company).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) Neither
 the Purchaser nor any of its subsidiaries (other than the Company) has made any voluntary
 arrangement with any of its creditors or is insolvent or unable to pay its debts as they
 fall due.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(o) <u>Taxes</u>.
 Except as would not, individually or in the aggregate, reasonably be expected to have a Purchaser
 Material Adverse Effect:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Each
 of the Purchaser and its subsidiaries (other than the Company) has duly and timely made or
 prepared all Tax returns required to be made or prepared by it, has duly and timely filed
 all Tax returns required to be filed by it with the appropriate Governmental Authority and
 such Tax returns are complete and correct.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Each
 of the Purchaser and its subsidiaries (other than the Company) has: (i) duly and timely
 paid all Taxes due and payable by it (whether or not assessed); (ii) duly and timely
 withheld all Taxes and other amounts required by Laws to be withheld by it and has duly and
 timely remitted to the appropriate Governmental Authority such Taxes and other amounts required
 by Laws to be remitted by it (whether or not assessed); and (iii) duly and timely collected
 all amounts on account of sales or transfer Taxes, including goods and services, harmonized
 sales, sales, value added, federal, provincial, state or territorial sales Taxes, required
 by Laws to be collected by it and has duly and timely remitted to the appropriate Governmental
 Authority any such amounts required by Laws to be remitted by it (whether or not assessed).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) The
 charges, accruals and reserves for Taxes reflected on the Purchaser Financial Statements
 (whether or not due and whether or not shown on any of the Tax returns but excluding any
 provision for deferred income Taxes) are, in the opinion of the Purchaser, adequate under
 IFRS, to cover Taxes with respect to the Purchaser and its subsidiaries (other than the Company)
 for the periods covered thereby.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) For
 the purposes of the Tax Act, the Purchaser is resident in Canada and is a taxable Canadian
 corporation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(p) <u>Mineral Properties</u>. Each of the Purchaser's and its subsidiaries' (other than the
 Company's) exploration, mineral or mining claims, concessions, leases or other rights
 is in good standing in all material respects in accordance with applicable Laws and is held
 by the Purchaser or one of its subsidiaries free and clear of all material encumbrances,
 and no person has any agreement or right to acquire an interest in such assets.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(q) <u>Mineral Reserves and Resources</u>. All material information regarding the Gold Range Project, including
 all drill results, technical reports and studies, that are required to be disclosed by applicable
 Laws, have been disclosed in the Purchaser Public Disclosure Record on or before the date
 hereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(r) <u>Permits</u>.
 The Purchaser and its subsidiaries (other than the Company) hold all Permits necessary for
 the lawful operation of the business currently conducted by the Purchaser and its subsidiaries,
 other than such Permits the absence of which would not, individually or in the aggregate,
 have or reasonably be expected to have a Purchaser Material Adverse Effect. Each Permit is
 valid, binding and in full force and effect, and the Purchaser and its subsidiaries (other
 than the Company) are in material compliance with the terms of such Permits. Neither the
 Purchaser nor its subsidiaries (other than the Company) have received any notice of proceedings
 relating to the revocation or modification of any such Permit which, if the subject of an
 unfavourable decision, ruling or finding would reasonably be expected to have, individually
 or in the aggregate, a Purchaser Material Adverse Effect, and there has not occurred any
 event which would reasonably be expected to result in the revocation, cancellation, non-renewal
 or adverse modification of any such Permit.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(s) <u>Material Contracts</u>. Except as would not reasonably be expected to have, individually or in the
 aggregate, a Purchaser Material Adverse Effect, neither the Purchaser nor any of its subsidiaries
 (other than the Company) is in breach or violation of or default (in each case, with or without
 notice or lapse of time or both) under the terms of any material contract. As of the date
 hereof, to the knowledge of the Purchaser, no other party to any material contract of the
 Purchaser or any of its subsidiaries (other than the Company) is in material breach of, or
 default under the terms of, or has threatened to terminate, any such material contract. Each
 material contract of the Purchaser or any of its subsidiaries (other than the Company) is
 a valid and binding obligation of the Purchaser or its subsidiaries that are a party thereto
 in accordance with their respective terms and conditions, subject to bankruptcy, insolvency,
 fraudulent transfer, reorganization, moratorium and other laws of general application affecting
 the rights and remedies of creditors and general principles of equity (regardless of whether
 such enforcement is considered in a proceeding in equity or at law). To the knowledge of
 the Purchaser, there are no circumstances that are reasonably likely to adversely affect
 the ability of the Purchaser or any of its subsidiaries (other than the Company) to perform
 its material obligations under any material contract of the Purchaser.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(t) <u>Litigation</u>.
 There are no claims, actions, suits, arbitrations, inquiries, investigations or proceedings
 or, to the knowledge of the Purchaser, pending or threatened against or relating to the Purchaser
 or any of its subsidiaries (other than the Company) or their respective property or assets
 before any court or Governmental Authority that, if adversely determined, would, individually
 or in the aggregate, have or reasonably be expected to have a Purchaser Material Adverse
 Effect or prevent or delay consummation of the transactions contemplated by this Agreement.
 None of the Purchaser or any of its subsidiaries (other than the Company) is subject to any
 outstanding Order that would have or reasonably be expected to have a Purchaser Material
 Adverse Effect or prevent or delay consummation of the transactions contemplated by this
 Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(u) <u>Stock Exchange Listing</u>. The Purchaser has applied or will apply to list the Purchaser Shares
 issuable as Share Consideration on the TSXV and the Purchaser has no reason to believe that
 such Purchaser Shares will not be approved for listing, subject to satisfaction of customary
 listing conditions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) <u>Investment Canada Act</u>. The Purchaser is not a "non-Canadian" within the meaning of the *Investment Canada Act*.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(w) <u>Brokers</u>.
 The Purchaser has not dealt with any broker or finder in connection with the transactions
 contemplated herein who would be entitled to a fee or commission in connection with the transactions
 contemplated herein.

**3.3** **Disclaimer of Additional Company Representations and Warranties** 

The Purchaser agrees and acknowledges that, except as set forth in this Agreement, the Company makes no representation or warranty, express or implied, at law or in equity, with respect to the Company and its subsidiaries, its and their businesses, its and their past, financial condition or its assets, liabilities or operations, or its and their past, current or future profitability, prospects, performance or cash flows, individually or in the aggregate, and any such other representations or warranties are hereby expressly disclaimed.

**3.4** **Disclaimer of Additional Purchaser Representations and Warranties** 

The Company agrees and acknowledges that, except as set forth in this Agreement, the Purchaser makes no representation or warranty, express or implied, at law or in equity, with respect to the Purchaser and its subsidiaries, its and their businesses, its and their past, financial condition or its assets, liabilities or operations, or its and their past, current or future profitability, prospects, performance or cash flows, individually or in the aggregate, and any such other representations or warranties are hereby expressly disclaimed.

**3.5** **Survival of Representations and Warranties** 

No investigation by or on behalf of any Party prior to the execution of this Agreement will mitigate, diminish or affect the representations and warranties made by the other Parties. The representations and warranties of the Parties contained in this Agreement will not survive the completion of the Arrangement and will expire and be terminated on the earlier of the Effective Time and the date on which this Agreement is terminated in accordance with its terms. This Section 3.5 will not limit any covenant or agreement of any of the Parties, which, by its terms, contemplates performance after the Effective Time or the date on which this Agreement is terminated, as the case may be.

**Article 4<br> Covenants**

**4.1** **Covenants of the Company** 

The Company covenants and agrees that during the period from the date of this Agreement until the earlier of the Effective Date and the time that this Agreement is terminated in accordance with its terms, unless otherwise (i) consented to in writing by the Purchaser (such consent to be subject to applicable Law and not be unreasonably withheld, conditioned or delayed); (ii) required by applicable Laws; or (iii) required or expressly permitted or specifically contemplated by this Agreement or the Arrangement:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) except
 as may be necessary in situations of emergency to comply with applicable Law, preserve life,
 property or the environment, the business of the Company and its subsidiaries shall be conducted
 only in, and the Company and its subsidiaries shall not take any action except in, the ordinary
 course of business, and the Company shall use all commercially reasonable efforts to maintain
 and preserve its and its subsidiaries' business organization, assets, employees and
 advantageous business relationships;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the
 Company shall not, and shall not permit any of its subsidiaries to, directly or indirectly,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) amend
 the Company's constating documents or the constating documents (including any joint
 venture or similar agreement in respect thereof) of any of its subsidiaries;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) declare,
 set aside or pay any dividend or other distribution or payment in cash, shares or property
 other than distributions and dividends paid solely to the Company or to a direct or indirect
 wholly-owned subsidiary of the Company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) issue,
 grant, sell or pledge or agree to issue, grant, sell or pledge any shares or securities of
 the Company or any of its subsidiaries, or securities convertible into or exchangeable or
 exercisable for, or otherwise evidencing a right to acquire, shares or securities of the
 Company or any of its subsidiaries;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) split,
 consolidate, redeem, purchase or otherwise acquire any of the outstanding shares or other
 securities of the Company or any of its subsidiaries;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) amend
 the terms of any of the securities of the Company or any of its subsidiaries;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) adopt
 a plan of liquidation or resolutions providing for the liquidation, dissolution, merger,
 consolidation or reorganization of the Company or any of its subsidiaries;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) complete
 any reorganization of the corporate structure, business, operations or assets of the Company
 or any of its subsidiaries;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii) sell,
 assign, transfer, pledge, lease, dispose of or encumber any material assets of the Company
 and its subsidiaries (taken as a whole);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ix) acquire
 (by merger, amalgamation, consolidation or acquisition of shares or assets) any material
 asset or property or any corporation, partnership or other business organization or division
 thereof, or make any material investment either by the purchase of securities, contributions
 of capital (other than to wholly-owned subsidiaries) or property transfer, or purchase of
 any property or assets of any other person (other than a wholly-owned subsidiary);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(x) settle
 any material litigation or claims;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xi) waive,
 release, grant or transfer any rights of material value;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xii) make
 any changes in financial accounting methods, principles, policies or practices, except as
 required, in each case, by IFRS or by applicable Law;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xiii) enter
 into, adopt, terminate, repudiate, amend, or fail to perform, any contract with a value individually
 exceeding $100,000 except in the ordinary course of business, and in all cases not exceeding
 a term of one year, or waive, release or relinquish, or authorize or propose to do so, any
 contractual right in any such contract;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xiv) incur
 any indebtedness for borrowed money for capital expenditures other than in connection with
 capital expenditure plans disclosed to the Purchaser;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xv) settle,
 pay, compromise, discharge or satisfy any claims, liabilities or obligations (including any
 regulatory investigation) with a value individually exceeding $100,000 or in the aggregate
 exceeding $500,000;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xvi) grant
 any general salary increases, award or pay any bonus, or issue, adopt, award or grant any
 employee incentive awards or any securities or other instruments or equity based compensation
 providing similar benefits;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xvii) hire
 or agree to hire any new employees;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xviii) enter
 into, terminate or modify any contract with any employees or directors or consultants or
 enter into any contract with any consultants that are not terminable without payment or penalty
 with 30 days or less notice or in accordance with applicable Laws; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xix) authorize,
 agree, resolve, commit or propose any of the foregoing, or enter into, modify or terminate
 any contract, agreement, plan, commitment or arrangement with respect to any of the foregoing;
 and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) the
 Company shall notify the Purchaser in writing of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) any
 material change (actual, anticipated, contemplated or, to the knowledge of the Company, threatened,
 financial or otherwise) in the business, operations, results of operations, properties, assets,
 liabilities (whether absolute, accrued, contingent or otherwise), or financial condition
 of the Company or any of its subsidiaries; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) any
 notice or other communication from any Governmental Authority in connection with this Agreement.

**4.2** **Covenants of the Purchaser** 

The Purchaser covenants and agrees that during the period from the date of this Agreement until the earlier of the Effective Date and the time that this Agreement is terminated in accordance with its terms, unless otherwise (i) consented to in writing by the Company (such consent to be subject to applicable Law and not be unreasonably withheld, conditioned or delayed); (ii) required by applicable Laws; or (iii) required or expressly permitted or specifically contemplated by this Agreement or the Arrangement:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) except
 as may be necessary in situations of emergency to preserve life, property or the environment,
 the business of the Purchaser and its subsidiaries (other than the Company) shall be conducted
 only in, and the Purchaser and its subsidiaries (other than the Company) shall not take any
 action except in, the ordinary course of business, and the Company shall use all commercially
 reasonable efforts to maintain and preserve its and its subsidiaries' (other than the
 Company's) business organization, assets, employees and advantageous business relationships;
 and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the
 Purchaser shall not, directly or indirectly,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) amend
 the Purchaser's constating documents or the constating documents (including any joint
 venture or similar agreement in respect thereof) of any of its subsidiaries;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) split,
 consolidate, redeem, purchase or otherwise acquire any of the outstanding shares or other
 securities of the Purchaser or any of its subsidiaries;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) amend
 the terms of any of the securities of the Purchaser or any of its subsidiaries;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) adopt
 a plan of liquidation or resolutions providing for the liquidation, dissolution, merger,
 consolidation or reorganization of the Purchaser or any of its subsidiaries;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) complete
 any reorganization of the corporate structure, business, operations or assets of the Purchaser
 or any of its subsidiaries;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) sell,
 assign, transfer, pledge, lease, dispose of or encumber any material assets of the Purchaser
 and its subsidiaries (taken as a whole);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) reserve
 and keep available a sufficient number of authorized but unissued Purchaser Shares to satisfy
 its obligations to issue Share Consideration pursuant to the Arrangement; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii) authorize,
 agree, resolve, commit or propose any of the foregoing, or enter into, modify or terminate
 any contract, agreement, plan, commitment or arrangement with respect to any of the foregoing.

**4.3** **Regarding the Arrangement** 

Each of the Parties covenants and agrees that it shall use its best efforts to take or cause to be taken all actions and to do or cause to be done all things necessary, proper or advisable under Law to consummate the Arrangement as soon as practicable, including:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) using
 commercially reasonable efforts to defend all lawsuits or other legal, regulatory or other
 proceedings to which it is a party challenging or affecting this Agreement or the consummation
 of the transactions contemplated hereby;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) effecting
 all necessary registrations, filings and submissions of information required by Governmental
 Authorities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) carrying
 out the terms of the Interim Order and the Final Order applicable to it and complying promptly
 with all requirements imposed by Law on it or its subsidiaries with respect to this Agreement
 or the Arrangement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) using,
 to the extent necessary to permit implementation of the Arrangement, commercially reasonable
 efforts to have lifted or rescinded any injunction or restraining Order or other Order relating
 to it, which may adversely affect the ability of the Parties to consummate the transactions
 contemplated hereby;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) using
 commercially reasonable efforts to obtain conditional approval for the listing on the TSXV
 of the Consideration Shares;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) not
 taking any action, or refraining from taking any commercially reasonable action, or permitting
 any action to be taken or not taken, which is inconsistent with this Agreement or which would
 reasonably be expected to prevent, delay or otherwise impede the consummation of the Arrangement;
 and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) taking
 all such actions as are within its power to control, and using commercially reasonable efforts
 to cause other actions to be taken which are not within its power to control, to complete
 the transactions contemplated by this Agreement.

**4.4** **Closing Matters** 

Each of the Purchaser and the Company shall deliver or cause to be delivered at the closing of the transactions contemplated hereby such customary certificates, resolutions and other closing documents as may be required by the other party hereto, acting reasonably.

**4.5** **Actions to Satisfy Conditions** 

Each of the Purchaser and the Company agree to take all such actions as are within its power to control, and to use commercially reasonable efforts to cause other actions to be taken which are not within its power to control, so as to be able to comply with any conditions set forth in Article 5 which are for the benefit of any other Party.

**4.6** **Employment Matters** 

The Purchaser covenants and agrees that after the Effective Time it will, in accordance with applicable Law, not cause the Company and its subsidiaries and any successors to the Company and its subsidiaries to fail to honour, and will comply with, the terms of such director fee, employment, indemnification, change of control (or a term of similar import), severance, termination or other similar compensation or payment obligations of the Company and its subsidiaries with respect to each of the directors of the Company that will resign at the Effective Time and each of the present employees of the Company and its subsidiaries.

**4.7** **Resignations** 

Prior to the Effective Time and upon written notice to the Company by the Purchaser, the Company shall use commercially reasonable efforts to cause, and it shall cause any of its subsidiaries to use commercially reasonable efforts to cause, those directors and officers of the Company and its subsidiaries to provide resignations and mutual releases, in form and substance satisfactory to the Purchaser, acting reasonably, effective as at the Effective Time and the Company shall, and shall cause its subsidiaries, to enter into such mutual releases, as applicable.

**4.8** **Insurance and Indemnification** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The
 Purchaser acknowledges and agrees that it shall maintain in effect its directors and officers
 insurance, with coverage for all present directors and officers of the Purchaser's
 subsidiaries, including the Company, without any reduction in scope or coverage for six (6) years
 from the Effective Time and not to take any action to terminate such directors' and
 officers' liability insurance or adversely affect the rights of the Company's
 present directors and officers thereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The
 Purchaser shall, from and after the Effective Time, honour and cause the Company and its
 subsidiaries to honour, all rights to indemnification or exculpation now existing in favour
 of present employees, officers and directors of the Company and its subsidiaries, and each
 of the Parties acknowledges and agrees that such rights shall survive unamended the completion
 of the Plan of Arrangement and shall continue in full force and effect in accordance with
 their terms for a period of not less than six (6) years from the Effective Date and
 shall not be amended, repealed or otherwise modified.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) If
 the Purchaser, the Company or any of its subsidiaries or any of their respective successors
 or assigns (i) consolidates with or merges into any other person and is not a continuing
 or surviving corporation or entity of such consolidation or merger, or (ii) transfers
 all or substantially all of its properties and assets to any person, the Purchaser shall
 ensure that any such successor or assign (including, as applicable, any acquirer of substantially
 all of the properties and assets of the Purchaser, the Company or its subsidiaries) assumes
 all of the obligations set forth in this Section 4.8.

**4.9** **Term Loan** 

Each of the Purchaser and the Company agrees to enter into a loan agreement in respect of the Term Loan as soon as practicable following execution of this Agreement and receipt of conditional approval from the TSXV to the Term Loan. Each of the Purchaser and the Company agrees to use commercially reasonable efforts to obtain such conditional approval from the TSXV as soon as practicable following execution of this Agreement.

**Article 5<br> Conditions**

**5.1** **Mutual Conditions Precedent** 

The Parties are not required to complete the Arrangement unless each of the following conditions is satisfied on or prior to the Effective Time, which conditions may only be waived, in whole or in part, by the mutual consent of each of the Parties:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) **Required Approval**. The Arrangement Resolution will have been approved by the Company Shareholders
 at the Company Meeting in accordance with the Interim Order and applicable Laws.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) **Interim and Final Order**. Each of the Interim Order and Final Order will have been obtained in
 form and substance satisfactory to each of the Company and the Purchaser, each acting reasonably,
 and will not have been set aside or modified in any manner unacceptable to either the Company
 or the Purchaser, each acting reasonably, on appeal or otherwise.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) **Illegality**.
 No Law is in effect that makes the consummation of the Arrangement illegal or otherwise prohibits
 or enjoins the Company or the Purchaser from consummating the Arrangement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) **Governmental Orders, Decrees, etc**. There shall not be in force any Order or decree restraining
 or enjoining or materially modifying or imposing material conditions on the consummation
 of the transaction contemplated under this Agreement or under the Plan of Arrangement, and
 there shall be no proceeding, whether of a judicial or administrative nature or otherwise
 brought by a Governmental Authority, that relates to or results from the transactions contemplated
 under this Agreement that would, if successful, result in an Order or ruling that would preclude
 completion of, or materially modify or impose material conditions on, the transaction contemplated
 under this Agreement or under the Plan of Arrangement in accordance with the terms and conditions
 hereof or thereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) **Conditional Listing Approval**. Conditional approval shall have been obtained for the listing and posting
 for trading on the TSXV of the Purchaser Shares to be issued to Company Shareholders as Share
 Consideration pursuant to the Plan of Arrangement, subject only to satisfaction of customary
 conditions of the TSXV.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) **Exemption from Securities Laws**. The Consideration Shares to be issued pursuant to the Arrangement
 shall be exempt from the registration requirements of the U.S. Securities Act pursuant to
 Section 3(a)(10) thereof and pursuant to exemptions from applicable securities
 laws of any state of the United States, provided, however, that the Company shall be not
 entitled to the benefit of the conditions in this subsection 5.1(f), and shall be deemed
 to have waived such condition in the event that the Company fails to advise the Court prior
 to hearing in respect of the Interim Order that the Purchaser intends to rely on the exemption
 from registration afforded by Section 3(a)(10) of the U.S. Securities Act based
 on the Court's approval of the Arrangement and comply with the requirements set forth
 in this Agreement and the Final Order shall reflect such reliance.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) **Exemptive Relief**. The Exemptive Relief is obtained.

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

The Purchaser is not required to complete the Arrangement unless each of the following conditions is satisfied on or before the Effective Time, which conditions are for the exclusive benefit of the Purchaser and may only be waived, in whole or in part, by the Purchaser in its sole discretion:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) **Performance of Covenants**. The Company has fulfilled or complied in all material respects with each
 of the covenants of the Company contained in this Agreement to be fulfilled or complied with
 by it on or prior to the Effective Time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) **No Legal Action**. There is no action or proceeding pending or threatened by any person (other
 than the Purchaser) in any jurisdiction that is reasonably likely to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) cease
 trade, enjoin, prohibit, or impose any limitations, damages or conditions on, the Purchaser's
 ability to acquire, hold, or exercise full rights of ownership over, any Company Shares,
 including the right to vote the Company Shares; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) prohibit
 or restrict the Arrangement, or the ownership or operation by the Purchaser of the business
 or assets of the Purchaser, the Company or any of its subsidiaries, or compel the Purchaser
 to dispose of or hold separate any material portion of the business or assets of the Purchaser,
 the Company or any of its subsidiaries as a result of the Arrangement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) **Representations and Warranties**. The representations and warranties of the Company set forth in this Agreement
 shall be true and correct in all respects as of the date hereof and as of the Effective Time
 as though made at and as of the Effective Time (except for representations and warranties
 made as of a specified date, the accuracy of which shall be determined as of that specified
 date), in each case without regard to any materiality qualifications contained therein, except
 where the failure or failures of all such representations and warranties to be so true and
 correct in all respects would not reasonably be expected to impede, interfere with, prevent
 or delay the transactions contemplated by this Agreement or the Arrangement or which could
 reasonably be expected to materially reduce the benefits to the Purchaser under this Agreement
 or the Arrangement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) **Dissent Rights**. Dissent Rights have not been exercised with respect to more than 10% of the issued
 and outstanding Company Shares.

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

The Company is not required to complete the Arrangement unless the following condition is satisfied on or before the Effective Time, which condition is for the exclusive benefit of the Company and may only be waived, in whole or in part, by the Company in its sole discretion:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) **Performance of Covenants.** The Purchaser has fulfilled or complied in all material respects with each
 of the covenants of the Purchaser contained in this Agreement to be fulfilled or complied
 with by it on or prior to the Effective Time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) **Representations and Warranties.** The representations and warranties of the Purchaser set forth in this
 Agreement shall be true and correct in all respects as of the date hereof and as of the Effective
 Time as though made at and as of the Effective Time (except for representations and warranties
 made as of a specified date, the accuracy of which shall be determined as of that specified
 date), in each case without regard to any materiality or Purchaser Material Adverse Effect
 qualifications contained therein, except where the failure or failures of all such representations
 and warranties to be so true and correct in all respects would not reasonably be expected
 to result in, individually or in the aggregate, a Purchaser Material Adverse Effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) **Term Loan.** Subject to the terms and conditions of the Term Loan, the Purchaser shall have
 advanced to the Company the full amount of any advance of the Term Loan requested by the
 Company.

**5.4** **Satisfaction of Conditions** 

The conditions precedent set out in Section 5.1 are for the benefit of each of the Company and the Purchaser and may be waived, in whole or in part, by both the Company and the Purchaser. The conditions precedent set out in Section 5.2 are for the benefit of the Purchaser and may be waived, in whole or in part, by the Purchaser. The conditions precedent set out in Section 5.3 is for the benefit of the Company and may be waived, in whole or in part, by the Company. The conditions precedent set out in Section 5.1, Section 5.2 and Section 5.3 shall be conclusively deemed to have been satisfied, waived or released at the Effective Time.

**Article 6<br> Additional Agreements**

**6.1** **Non-Solicitation** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Except
 as otherwise provided in this Section 6.1, the Company shall not, directly or indirectly,
 through any person, and shall cause its subsidiaries not to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) solicit,
 assist, initiate, encourage or otherwise facilitate any inquiries or proposals, whether publicly
 or otherwise, regarding an Acquisition Proposal, or take any action that could reasonably
 be expected to lead to an Acquisition Proposal, provided that, for greater certainty, the
 Company may advise any person making an unsolicited Acquisition Proposal that such Acquisition
 Proposal does not constitute a Superior Proposal when the Board has so determined;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) enter
 into, continue or participate in any discussions or negotiations with any person regarding
 an Acquisition Proposal or that could reasonably be expected to lead to an Acquisition Proposal;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) approve
 or recommend, or propose publicly to approve or recommend, any Acquisition Proposal (it being
 understood that publicly taking no position or a neutral position with respect to a publicly
 announced, or otherwise publicly disclosed Acquisition Proposal for a period of ten (10) days
 shall not be considered to be a breach of this Section 6.1);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) make
 or propose publicly to make a Change in Recommendation; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) accept
 or enter into any agreement, understanding or arrangement in respect of an Acquisition Proposal
 (other than a confidentiality agreement permitted by Section 6.1(d)(ii)).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The
 Company shall, and shall cause its subsidiaries and its Representatives to, immediately terminate
 any existing discussions or negotiations with any parties (other than the Purchaser) with
 respect to any offer, proposal, expression of interest or inquiry that constitutes an Acquisition
 Proposal and shall provide written confirmation to the Purchaser of such termination. The
 Company shall, as soon as possible, to the extent it is entitled to do so, request the return
 or destruction of all information provided to any third party which to the Company's
 actual knowledge has entered into a confidentiality agreement with the Company or its subsidiaries
 relating to a potential Acquisition Proposal. The Company represents and warrants to the
 Purchaser that to the best of its knowledge neither it nor any of its subsidiaries has waived
 any provision of any existing confidentiality agreement relating to a potential Acquisition
 Proposal or any standstill agreement to which it is a party. The Company agrees, except as
 permitted by this Section 6.1, that it shall not waive any provision of any existing
 confidentiality agreement relating to a potential Acquisition Proposal or any standstill
 agreement to which it is a party (it being acknowledged and agreed that the automatic termination
 or release of any standstill provisions of any such agreement as the result of the entering
 into or announcement of this Agreement pursuant to the terms of any such agreement, shall
 not be a breach of this Section 6.1).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The
 Company shall promptly (and in any event within 24 hours) notify the Purchaser of (i) any
 oral or written Acquisition Proposal or offer, proposal, expression of interest or inquiry
 that is reasonably expected to lead to an Acquisition Proposal, in each case received after
 the date hereof and prior to the Company Meeting, of which any of its directors or officers
 are or become aware, (ii) any material amendments to an Acquisition Proposal, (iii) any
 request for non-public information relating to the Company or any of its subsidiaries in
 connection with an Acquisition Proposal or which request is reasonably expected to lead to
 an Acquisition Proposal, and (iv) any request for access to the properties, books or
 records of the Company or any of its subsidiaries by any person that informs the Company
 or such subsidiary that it is considering making, or has made, an Acquisition Proposal. Any
 such notice shall include the identity of the person making the Acquisition Proposal or offer,
 proposal, expression of interest or inquiry and a description of the material terms and conditions
 of any such Acquisition Proposal or amendment or offer, proposal, expression of interest
 or inquiry (and copies of all written documents, correspondence or other material received
 in respect thereof). The Company shall keep the Purchaser promptly and reasonably informed
 (to the extent permitted by the confidentiality agreement contemplated by Section 6.1(d))
 of discussions with respect to such Acquisition Proposal or offer, proposal, expression of
 interest or inquiry or any material changes, modifications or amendments thereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Notwithstanding
 Section 6.1(a) and 6.1(b) and any other provision of this Agreement or any
 other agreement between the Company and the Purchaser, if at any time following the date
 of this Agreement and prior to the Company Meeting, provided that the Company is in compliance
 in all material respects with all of its obligations under this Agreement (including under
 Sections 6.1(a), (b), (c) and (f)), the Board receives a written Acquisition Proposal
 that was not solicited after entering into this Agreement in breach of Section 6.1(a),
 the Board may (directly or through its advisors or Representatives):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) contact
 the person making such Acquisition Proposal and its Representatives to clarify the terms
 and conditions of such Acquisition Proposal and the likelihood of consummation so as to determine
 whether such proposal is, or could reasonably be expected to lead to, a Superior Proposal;
 and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) if,
 in the opinion of the Board, acting in good faith and after receiving advice from its outside
 financial advisor and outside legal counsel, the Acquisition Proposal is, or could reasonably
 be expected to be, a Superior Proposal, and that failure to furnish information with respect
 to the Company and its subsidiaries to the person making such Acquisition Proposal or participate
 in discussions with such person would be inconsistent with its fiduciary duties under applicable
 Law, the Company may, provided it has first complied with Section 6.1(c) and provided
 the Purchaser with a copy of any confidentiality and standstill agreement to be entered into
 with the person making such Acquisition Proposal:

&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) furnish
 information with respect to the Company and its subsidiaries to the person making such Acquisition
 Proposal and its Representatives; and/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) consider
 such Acquisition Proposal and/or, participate and/or engage in discussions with the person
 making such Acquisition Proposal and its Representatives;

provided that the Company shall not, and shall not allow its Representatives to, disclose any non-public information with respect to the Company to such person without entering into a confidentiality and standstill agreement having confidentiality and standstill terms no more favourable to such person than the equivalent terms of the Confidentiality Agreement, and provided that the Purchaser is promptly provided with a list and copies of all information provided to such person not previously provided to the Purchaser and is promptly provided with access to information similar to that which was provided to such person.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Subject
 to Section 6.2, at any time following the date of this Agreement and prior to the Company
 Meeting, if the Board receives an Acquisition Proposal which the Board determines in good
 faith constitutes a Superior Proposal, the Board may enter into a definitive agreement with
 respect to such Superior Proposal, provided:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the
 person making such Superior Proposal is not restricted from making an Acquisition Proposal
 pursuant to an existing standstill, confidentiality, non-disclosure, business purpose, use
 or similar restriction (other than a confidentiality and standstill agreement permitted pursuant
 to Section 6.1(d)); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the
 Company has been, and continues to be, in compliance with its obligations under this Section 6.1
 in all material respects.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) The
 Company shall ensure that its officers and directors and those of its subsidiaries and any
 financial or other advisors or representatives retained by it are aware of the provisions
 of this Section 6.1 and Section 6.2, and it shall be responsible for any breach
 of this Section 6.1 or Section 6.2 by any such person or its advisors or representatives.

**6.2** **Right to Match** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Subject
 to Section 6.2(b), the Company covenants that it will not accept, approve, recommend
 or enter into any agreement, understanding or arrangement in respect of a Superior Proposal
 (other than a confidentiality agreement permitted by Section 6.1(d)) unless:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) an Acquisition
 Proposal has been made that the Board determines in good faith constitutes a Superior Proposal;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the
 Company has complied in all material respects with its obligations under Section 6.1
 and the other provisions of this Article 6 and has provided the Purchaser with all material
 information relating to the Superior Proposal, including a copy of the Superior Proposal
 (and, if the consideration proposed under the Superior Proposal includes non-cash consideration
 (other than publicly traded securities listed on a major stock exchange), a written notice
 from the Board setting out the value in financial terms that the Board, in consultation with
 the Financial Advisor, determined in good faith should be ascribed to such non-cash consideration),
 promptly and in any event within 24 hours of the Board's determination;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) a
 period (the "**Response Period**") of five (5) Business Days shall have
 elapsed from the date on which the Purchaser received written notice from the Board that
 the Board determined, subject only to compliance with this Section 6.2, to accept, approve,
 recommend or enter into a binding agreement to proceed with the Superior Proposal;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) if
 the Purchaser has proposed to amend the terms of this Agreement in accordance with Section 6.2(b),
 the Board shall have determined, in good faith and with the advice of outside legal and financial
 advisors, that the Acquisition Proposal continues to constitute a Superior Proposal after
 taking into account such amendments;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) the
 Company shall have terminated, or shall concurrently terminate, this Agreement pursuant to
 Section 7.2(a)(iv)(A); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) the
 Company has previously, or concurrently will have, paid to the Purchaser (or as the Purchaser
 may direct by notice in writing) the Termination Fee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) During
 the Response Period, the Purchaser will have the right, but not the obligation, to offer
 to amend the terms of this Agreement. The Board will, in good faith and with the advice of
 outside legal and financial advisors, review any such written proposal by the Purchaser to
 amend the terms of this Agreement, including an increase in, or modification of, the consideration
 to be received by the Company Shareholders, to determine whether the Acquisition Proposal
 to which the Purchaser is responding would constitute a Superior Proposal when assessed against
 the Arrangement as it is proposed by the Purchaser to be amended. If the Board does not so
 determine, the Board will promptly reaffirm its recommendation of the transactions contemplated
 under this Agreement in the same manner as described in Section 3.1(a) by the prompt
 issuance of a press release to that effect and shall enter into an amended agreement with
 the Purchaser reflecting the Arrangement as proposed by the Purchaser. If the Board does
 so determine, the Company may after the end of the Response Period approve, recommend, accept
 or enter into an agreement, understanding or arrangement to proceed with the Superior Proposal,
 provided that the Response Period has fully expired and all procedural steps have been completed.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Each
 successive amendment to any Acquisition Proposal that results in an increase in, or modification
 of, the consideration (or value of such consideration) to be received by the Company Shareholders
 shall constitute a new Acquisition Proposal for the purposes of this Section 6.2 and
 the Purchaser shall be afforded a new Response Period in respect of each such Acquisition
 Proposal.

**6.3** **Agreement as to Damages** 

(a) Notwithstanding
 any other provision hereof relating to the payment of fees, including the payment of brokerage
 fees, if after the execution of this Agreement the transactions contemplated under this Agreement
 are not consummated because:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the
 Agreement is terminated either by the Company or the Purchaser pursuant to Section 7.2(a)(ii)(A) [ *Outside Date* ] or Section 7.2(a)(ii)(C) [ *Arrangement Resolution not approved at Company Meeting* ], or by the Purchaser pursuant Section 7.2(a)(iii)(B) [ *Conditions not satisfied* ] (due to negligence, wilful breach or fraud by the Company) or Section 7.2(a)(iii)(C) [ *Breach of Non-Solicitation* ], but only if prior to the termination of this Agreement, an Acquisition
 Proposal shall have been made to the Company Shareholders or any person (other than the Purchaser
 or any of its affiliates) shall have publicly announced an intention to make an Acquisition
 Proposal, and:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) such
 Acquisition Proposal is consummated or effected within twelve (12) months of such termination;
 or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) within
 twelve (12) months of such termination, the Company or one or more of its subsidiaries enters
 into a binding written agreement in respect of, or the Board approves or recommends, a transaction
 contemplated by (i) above and that transaction is subsequently consummated at any time
 thereafter;

provided that for purposes of this paragraph (a), the references in the definition of "Acquisition Proposal" to "20%" shall be deemed to be references to "50%";

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the
 Purchaser shall have terminated this Agreement pursuant to Section 7.2(a)(iii)(A)[ *Change of Recommendation* ]; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) the
 Company shall have terminated this Agreement pursuant to Section 7.2(a)(iv)(A) [ *Superior Proposal* ];

then the Company shall pay, or cause to be paid, to the Purchaser (or as the Purchaser may direct by notice in writing),

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) within
 two (2) Business Days of closing of the Acquisition Proposal referred to in Section 6.3(a)(i);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) within
 two (2) Business Days of termination pursuant to Section 6.3(a)(ii); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) prior
 to or concurrently with a termination pursuant to Section 6.3(a)(iii),

whichever occurs first, the amount of $211,777 (the "**Termination Fee**") in immediately available funds to an account designated by the Purchaser, free and clear of any deductions, set-off or withholding, except as required by Law. Each of the Parties acknowledges that the agreements contained in this Section 6.3 are an integral part of the transactions contemplated in this Agreement and that, without those agreements, the Parties would not enter into this Agreement. Each Party acknowledges that the payment amount set out in this Section 6.3 is a payment of liquidated damages that is a genuine pre-estimate of the damages that the Purchaser will suffer or incur as a result of the event (including the loss of such opportunity and benefit to and in respect of the Company's business), giving rise to such damages and the resultant termination of this Agreement and is not a penalty. The Company irrevocably waives any right it may have to raise as a defence that any such liquidated damages are excessive or punitive.

(b) Each Party
 further acknowledges that the Termination Fee is a payment incurred in the course of the
 on-going business of the Company that reflects the interests of the Company in being a party
 to this Agreement and completing the transactions contemplated herein in the interest of
 ensuring the business not only is conducted in an orderly manner but that the Company would
 realize and its business would benefit from various opportunities to improve, enhance and
 expand its business that the Company believes are intended to arise from completing the transactions
 contemplated herein.

**6.4** **Fees and Expenses** 

Except as otherwise provided herein, all fees, costs and expenses incurred in connection with this Agreement and the Plan of Arrangement shall be paid by the Party incurring such fees, costs or expenses.

**6.5** **Injunctive Relief and Specific Performance** 

(a) Upon termination
 of this Agreement under circumstances where the Purchaser is entitled to the Termination
 Fee, and such fee has been paid in full, the Purchaser shall be precluded from any other
 remedy against the Company, at law or in equity or otherwise (including, an Order for damages
 or specific performance) and the Purchaser shall not seek to obtain any recovery, judgment
 or damages of any kind, including consequential, indirect or punitive damages, against the
 Company or any of its Representatives in connection with this Agreement or the transactions
 contemplated hereby.

(b) Subject
 to Section 6.5(a), the Parties acknowledge and agree that an award of money damages
 would be inadequate for any breach of this Agreement by any Party and that such breach would
 cause the non-breaching Party irreparable harm. Accordingly, the Parties agree that, in the
 event of any breach or threatened breach of this Agreement by one of the Parties, the non-breaching
 Party will be entitled to obtain equitable relief, including injunctive relief and specific
 performance of any such covenants or agreements, without the necessity of posting bond or
 security in connection therewith, and the Parties shall not object to the granting of injunctive
 or other equitable relief on the basis that there exists an adequate remedy at law. Subject
 to Section 6.5(a), such remedies will not be the exclusive remedies for any breach of
 this Agreement, but will be in addition to all other remedies available at law or equity
 to each of the Parties.

(c) Nothing
 in Section 6.3 or this Section 6.5 shall relieve or have the effect of relieving
 any Party in any way from liability for damages incurred or suffered by the other Party as
 a result of a willful breach of this Agreement.

**Article 7<br> Term and Termination**

**7.1** **Term** 

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

**7.2** **Termination** 

(a) This Agreement
 may be terminated and the Arrangement may be abandoned at any time prior to the Effective
 Time (notwithstanding any approval of this Agreement or the Arrangement Resolution by the
 Company Shareholders or the Arrangement by the Court):

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) by
 either the Company or the Purchaser, if:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) the
 Effective Time shall not have occurred on or before the Outside Date, except that the right
 to terminate this Agreement under this Section 7.2(a)(ii)(A) shall not be available
 to any Party whose failure to fulfill any of its obligations or breach of any of its representations
 and warranties under this Agreement has been the cause of, or resulted in, the failure of
 the Effective Time to occur by such Outside Date;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) after
 the date of this Agreement, there shall be enacted or made any applicable Law that makes
 consummation of the Arrangement illegal or otherwise prohibited or enjoins the Company or
 the Purchaser from consummating the Arrangement and such applicable Law or enjoinment shall
 have become final and non-appealable, except that the right to terminate this Agreement under
 this Section 7.2(a)(ii)(B) shall not be available to any Party unless such Party
 has used commercially reasonable efforts to, as applicable, appeal or overturn or otherwise
 have such applicable Law lifted or rendered non-applicable in respect of the Arrangement;
 or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(C) the
 Arrangement Resolution shall have failed to receive the requisite vote for approval from
 Company Shareholders at the Company Meeting (including any adjournment or postponement thereof)
 in accordance with the Interim Order, provided that a Party may not terminate this Agreement
 pursuant to this Section 7.2(a)(ii)(C) if the failure to receive the approval from
 Company Shareholders has been caused by, or is a result of, a breach by such Party of any
 of its representations or warranties or the failure of such Party to perform any of its covenants
 or agreements under this Agreement; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) by
 the Purchaser, if:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) the
 Board (1) fails to provide the Company Board Recommendation, (2) withdraws, withholds,
 amends, modifies or qualifies, or proposes publicly to withdraw, withhold, amend, modify
 or qualify the Company Board Recommendation, (3) approves, accepts, endorses, or recommends
 or proposes publicly to approve, accept, endorse or recommend, any Acquisition Proposal,
 or (4) fails to reaffirm the Company Board Recommendation within the later of: (y) five
 (5) Business Days (and in any case prior to the Company Meeting) after having been requested
 in writing by the Purchaser to do so; and (z) if such request is made during a Response
 Period, within five (5) Business Days of the end of the Response Period (and in any
 case prior to the Company Meeting) (it being understood that the taking of a neutral position
 or no position with respect to a publicly announced Acquisition Proposal beyond the foregoing
 period (or beyond the time of the Company Meeting, if sooner) shall be considered a failure
 of the Board to reaffirm its recommendation within the requisite time period) (each of the
 foregoing being referred to as a "**Change in Recommendation** ");

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) any
 of the conditions set forth in Section 5.1 or Section 5.2 is not satisfied, and
 such condition is incapable of being satisfied by the Outside Date; *provided* that
 the Purchaser is not then in breach of this Agreement so as to cause any of the conditions
 set forth in Section 5.1 or Section 5.3 not to be satisfied;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(C) without
 limiting the provisions of subparagraph 7.2(a)(iii)(A) above, the Company is in
 breach or in default in any material respect of any of its obligations or covenants set forth
 in Section 6.1; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(D) the
 Company Meeting has not occurred on or before June 4, 2026; *provided* that the
 right to terminate this Agreement pursuant to this Section 7.2(a)(iii)(D) shall
 not be available to the Purchaser if the failure by the Purchaser to fulfil any obligation
 hereunder is the cause of, or results in, the failure of the Company Meeting to occur on
 or before such date; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) by
 the Company, if:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) the
 Board authorizes the Company subject to complying with the terms of this Agreement, to enter
 into a binding written agreement relating to a Superior Proposal; *provided that* concurrent
 with such termination, the Company pays, or causes to be paid, the Termination Fee payable
 pursuant to Section 6.3(a);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) any
 of the conditions set forth in Section 5.1 or Section 5.3 is not satisfied, and
 such condition is incapable of being satisfied by the Outside Date; *provided* that
 the Company is not then in breach of this Agreement so as to cause any of the conditions
 set forth in Section 5.1 or Section 5.2 not to be satisfied.

(b) The Party
 desiring to terminate this Agreement pursuant to this Section 7.2 (other than pursuant
 to Section 7.2(a)(i)) shall give written notice of such termination to the other Parties.

(c) If this
 Agreement is terminated pursuant to this Section 7.2, this Agreement shall become void
 and of no effect without liability of any Party (or any shareholder, director, officer, employee,
 agent, consultant or representative of such Party) to any other Party hereto, except as otherwise
 expressly contemplated hereby, and provided that the provisions of this Section 7.2
 and Sections 6.3, 6.5, 7.3, 8.2, 8.3, 8.4, 8.5, 8.6, 8.8, 8.10 and 8.11, as well as
 the confidentiality provisions of Section 6.1 and the provisions of the Confidentiality
 Agreement (other than any standstill provisions contained therein), shall survive any termination
 hereof pursuant to Section 7.2; *provided further* that, subject to Section 6.5(a),
 neither the termination of this Agreement nor anything contained in this Section 7.2
 shall relieve a Party from any liability arising prior to such termination.

**7.3** **Effect of Termination/Survival** 

If this Agreement is terminated pursuant to Section 7.2, this Agreement shall become void and of no further force or effect without liability of any Party (or any shareholder, director, officer, employee, agent, consultant or representative of such Party) to any other Party to this Agreement.

**Article 8<br> General Provisions**

**8.1** **Amendments** 

This Agreement and/or the Plan of Arrangement may, at any time and from time to time before or after the holding of the Company Meeting but not later than the Effective Time, be amended by mutual written agreement of the Parties, and any such amendment may, without limitation:

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) modify
 any representation or warranty contained in this Agreement or in any document delivered pursuant
 to this Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) modify
 any of the covenants contained in this Agreement and waive or modify performance of any of
 the obligations of the Parties; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) modify
 any mutual conditions contained in this Agreement.

**8.2** **Notices** 

Any notice, consent, waiver, direction or other communication required or permitted to be given under this Agreement by a party shall be in writing and may be given by delivering same in person or sending same by overnight courier addressed to the party to which the notice is to be given at its address for service herein with a copy to be sent to the party by e-mail on or before the next day. Any notice, consent, waiver, direction or other communication aforesaid shall, if delivered, be deemed to have been given and received on the date on which it was delivered to the address provided herein (if a Business Day, if not, the next succeeding Business Day) unless actually received after 4:30 p.m. (local time) at the point of delivery in which case it shall be deemed to have been given and received on the next Business Day.

The address for service for each of the parties hereto shall be as follows:

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

CANEX Metals Inc.

Suite 1620, 734 7th Av. SW

Calgary, Alberta

T2P 3P8

Attention: Shane Ebert, President <br> E-mail: [Redacted – Personal Information]

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

Borden Ladner Gervais LLP

Attention: Fred Pletcher <br> E-mail: fpletcher@blg.com

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) if
 to the Company:

Gold Basin Resources Corporation

1200 Waterfront Centre

200 Burrard Street

Vancouver, British Columbia

V7X 1T2

Attention: Jordon Ross, Special Committee Chair <br> Email: [Redacted – Personal Information]

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

Fasken Martineau DuMoulin LLP

Attention: Krisztian Toth <br> E-mail: ktoth@fasken.com

**8.3** **Waiver** 

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

**8.4** **Entire Agreement** 

This Agreement constitutes the entire agreement between the Parties with respect to the transactions contemplated by this Agreement and supersedes all prior agreements, understandings, negotiations and discussions, whether oral or written, of the Parties.

**8.5** **Successors and Assigns** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) This
 Agreement becomes effective only when executed by the Company and the Purchaser. After that
 time, it will be binding upon and enure to the benefit of the Company, the Purchaser and
 their respective successors.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Neither
 this Agreement nor any of the rights or obligations under this Agreement are assignable or
 transferable by any Party without the prior written consent of the other Party.

**8.6** **Severability** 

If any provision of this Agreement is determined to be illegal, invalid or unenforceable by an arbitrator or any court of competent jurisdiction, that provision will be severed from this Agreement and the remaining provisions shall remain in full force and effect. Upon such determination that any term or other provision is invalid, illegal or incapable of being enforced, the Parties shall negotiate in good faith to modify this Agreement so as to effect the original intent of the Parties as closely as possible in an acceptable manner to the end that the transactions contemplated hereby are fulfilled to the fullest extent possible.

**8.7** **Further Assurances** 

The Parties shall do all such things and provide all such reasonable assurances as may be required to consummate the transactions contemplated by this Agreement, and each Party shall provide such further documents or instruments required by the other Parties as may be reasonably necessary or desirable to effect the purposes and intents of this Agreement and carry out its provisions, whether before or after the Effective Time.

**8.8** **No Third Party Beneficiaries** 

Other than Section 4.8, this Agreement is not intended to confer on any person other than the Parties any rights or remedies. The provisions of Section 4.8 are: (i) intended for the benefit of all present and former directors, officers and employees of the Company and its subsidiaries, in each case as and to the extent applicable in accordance with their terms, and shall be directly enforceable by each of such persons and his or her heirs, executors administrators and other legal representatives (such persons collectively, the "**Third Party Beneficiaries**") and the Company shall hold the rights and benefits of Section 4.8 in trust for and on behalf of the Third Party Beneficiaries and the Company hereby accepts such trust and agrees to hold the benefit of and enforce performance of such covenants on behalf of the Third Party Beneficiaries; and (ii) in addition to, and not in substitution for, any other rights that the Third Party Beneficiaries may have by contract or otherwise.

**8.9** **Time of Essence** 

Time shall be of the essence of this Agreement.

**8.10** **Governing Law** 

This Agreement shall be governed in all respects, including validity, interpretation and effect, by the Laws of the Province of British Columbia and the federal Laws of Canada applicable therein, without giving effect to any principles of conflict of Laws thereof that would result in the application of the Laws of any other jurisdiction, and all actions and proceedings arising out of or relating to this Agreement shall be heard and determined exclusively in the courts of the Province of British Columbia.

**8.11** **Rules of Construction** 

The Parties to this Agreement waive the application of any Law or rule of construction providing that ambiguities in any agreement or other document shall be construed against the Party drafting such agreement or other document.

**8.12** **Language** 

The Parties expressly acknowledge that they have requested that this Agreement and all ancillary and related documents thereto be drafted in the English language only. Les parties aux présentes reconnaissent avoir exigé que la présente entente et tous les documents qui y sont accessoires soient rédigés en anglais seulement.

**8.13** **Counterparts** 

This Agreement may be executed in any number of counterparts, each of which shall be deemed to be original and all of which taken together shall be deemed to constitute one and the same instrument, and it shall not be necessary in making proof of this Agreement to produce more than one counterpart. The parties shall be entitled to rely upon delivery of an executed facsimile, PDF email transmission or similar executed electronic copy of this Agreement, and such facsimile, PDF email transmission or similar executed electronic copy shall be legally effective to create a valid and binding agreement among the parties.

[Remainder of page intentionally left blank. Signature page follows.]

**IN WITNESS WHEREOF**, this Agreement has been executed and delivered as of the date first above written, by the duly authorized representatives of the parties hereto.

---

| | | |
|:---|:---|:---|
| **CANEX METALS INC.** | **CANEX METALS INC.** | **CANEX METALS INC.** |
| By: | (signed) "*Shane Ebert*" | (signed) "*Shane Ebert*" |
|  | Name: | Shane Ebert |
|  | Title: | President and CEO |

---

---

| | | |
|:---|:---|:---|
| **GOLD BASIN RESOURCES CORPORATION** | **GOLD BASIN RESOURCES CORPORATION** | **GOLD BASIN RESOURCES CORPORATION** |
| By: | (signed) "*Jordan Ross*" | (signed) "*Jordan Ross*" |
|  | Name: | Jordan Ross |
|  | Title: | Director |

---

**Schedule A**

**Form of Plan of Arrangement**

**PLAN OF ARRANGEMENT UNDER DIVISION 5 OF PART 9<br> OF THE *BUSINESS CORPORATIONS ACT* (BRITISH COLUMBIA)**

**Article 1<u><br> Interpretation</u>**

**1.1** **Definitions** 

In this Plan of Arrangement, unless there is something in the subject matter or context inconsistent therewith, the following terms shall have the respective meanings set out below and grammatical variations of those terms shall have corresponding meanings:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) "**Arrangement** "
 means the arrangement under the provisions of Section 288 of the BCBCA, on the terms
 and conditions set out in this Plan of Arrangement, subject to any amendments or variations
 thereto made in accordance with the Arrangement Agreement or Article 6 of this Plan
 of Arrangement or made at the direction of the Court in the Final Order with the consent
 of the Company and the Purchaser, each acting reasonably;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) "**Arrangement Agreement**" means the agreement made as of May 11, 2026 between the Company
 and the Purchaser (including the Schedules attached thereto), as the same may be amended,
 supplemented or restated or otherwise modified from time to time in accordance with the terms
 thereof;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) "**Arrangement Resolution**" means the special resolution to be considered and, if thought fit,
 passed by the Company Shareholders at the Company Meeting to approve the Arrangement, to
 be substantially in the form and content attached as Schedule B to the Arrangement Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) "**BCBCA** "
 means the *Business Corporations Act* (British Columbia) including all regulations made
 thereunder, as promulgated or amended from time to time;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) "**Business Day**" means a day other than a Saturday, a Sunday or any other day on which commercial
 banking institutions in Vancouver, British Columbia are authorized or required by applicable
 Law to be closed;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) "**Company** "
 means Gold Basin Resources Corporation, a corporation incorporated under the laws of the
 Province of British Columbia;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) "**Company Meeting**" means the special meeting of the Company Shareholders, including any adjournment
 or postponement thereof, to be called and held in accordance with the Interim Order for the
 purpose of considering and, if thought fit, approving the Arrangement Resolution;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) "**Company Shareholder**" means a holder of one or more Company Shares;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) "**Company Shares**" means the common shares without par value in the capital of the Company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) "**Company Share Letter of Transmittal**" means the letter of transmittal to be delivered by
 the Company to the Company Shareholders providing for the delivery of Company Shares to the
 Depositary;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) "**Consideration Shares** "
 means the Purchaser Shares to be issued pursuant to the Arrangement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) "**Court** "
 means the Supreme Court of British Columbia;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m) "**CRA** "
 means the Canada Revenue Agency;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n) "**Depositary** "
 means Computershare Investor Services Inc., or any other trust company, bank or financial
 institution agreed to in writing by each of the Parties for the purpose of, among other things,
 exchanging certificates or DRS Advices representing Company Shares for the Share Consideration
 in connection with the Arrangement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(o) "**Dissent Rights**" has the meaning ascribed thereto in Section 4.1;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(p) "**Dissenting Shares** "
 means the Company Shares held by Dissenting Shareholders in respect of which such Dissenting
 Shareholders have given Notice of Dissent;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(q) "**Dissenting Shareholder**" means a registered holder of Company Shares as of the record
 date of the Company Meeting who has duly and validly exercised the Dissent Rights in respect
 of the Arrangement Resolution in strict compliance with the Dissent Rights and who has not
 withdrawn or been deemed to have withdrawn such exercise of Dissent Rights;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(r) "**DRS Advice**" means Direct Registration System advice;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(s) "**Effective Date**" means the date that is two (2) Business Days after the last of the conditions
 to completion of the Arrangement as set forth in Article 5 to the Arrangement Agreement
 have been satisfied or waived (other than those conditions which cannot, by their terms,
 be satisfied until the Effective Date, but subject to satisfaction or waiver of such conditions
 as of the Effective Date) or such earlier or later date as is agreed to in writing by the
 Company and the Purchaser;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(t) "**Effective Time**" means the beginning of the day (Vancouver time) on the Effective Date or
 such other time as the Company and the Purchaser may agree upon in writing;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(u) "**Final Order**" means the final order of the Court approving the Arrangement under Section 291(4) of
 the BCBCA, and setting forth any necessary language for reliance upon the exemption from
 registration under Section 3(a)(10) of the U.S. Securities Act with respect to
 the Consideration Shares issued pursuant to the Arrangement, in form and substance acceptable
 to the Company and the Purchaser, each acting reasonably, after a hearing upon the procedural
 and substantive fairness of the terms and conditions of the Arrangement, as such order may
 be affirmed, amended, modified, supplemented or varied by the Court (with the consent of
 both the Company and the Purchaser, each acting reasonably) at any time prior to the Effective
 Date or, if appealed, as affirmed or amended (provided that any such amendment is acceptable
 to both the Company and the Purchaser, each acting reasonably) on appeal unless such appeal
 is withdrawn, abandoned or denied;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) "**Former Company Shareholders**" means the holders of Company Shares immediately prior to
 the Effective Time, other than any Dissenting Shareholder properly exercising Dissent Rights,
 the Purchaser or any other affiliate of the Purchaser;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(w) "**Governmental Authority**" means any foreign or domestic multinational, federal, provincial, territorial,
 state, regional, municipal, local or other government or governmental body and any division,
 agent, official, agency, bureau, commission, board or authority of any government, governmental
 body, governmental or public department, central bank, foreign investment authority, quasi-governmental
 or private body (including the TSXV or any other stock exchange) exercising any statutory,
 regulatory, expropriation, environmental or taxing authority under the authority of any of
 the foregoing and any domestic, foreign or international judicial, quasi-judicial or administrative
 court, tribunal, commission, board, panel or arbitrator acting under the authority of any
 of the foregoing;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(x) "**holder** ",
 when used with reference to any securities of the Company, means the holder of such securities
 shown from time to time in the central securities register maintained by or on behalf of
 the Company in respect of such securities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(y) "**Interim Order**" means the interim order of the Court to be issued following the application
 therefor submitted to the Court as contemplated by Section 2.2(a) of the Arrangement
 Agreement, after being informed of the intention to rely upon the exemption from registration
 under Section 3(a)(10) of the U.S. Securities Act with respect to the Consideration Shares
 issued pursuant to the Arrangement, in form and substance acceptable to the Company and the
 Purchaser, each acting reasonably, providing for, among other things, the calling and holding
 of the Company Meeting, as such order may be affirmed, amended, modified, supplemented or
 varied by the Court with the consent of both the Company and the Purchaser, each acting reasonably;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(z) "**Liens** "
 means any mortgage, hypothec, prior claim, lien, pledge, assignment for security, security
 interest, option, right of first offer or first refusal or other charge or encumbrance of
 any kind and adverse claim;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(aa) "**Notice of Dissent**" means a notice of dissent duly and validly given by a registered holder
 of Company Shares as of the record date of the Company Meeting exercising Dissent Rights
 as contemplated in the Interim Order and as described in Article 4;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(bb) "**Plan of Arrangement**" means this plan of arrangement, as amended, modified or supplemented
 from time to time in accordance with the terms hereof or at the direction of the Court in
 the Final Order, with the consent of the Company and the Purchaser, each acting reasonably;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(cc) "**Purchaser** "
 means CANEX Metals Inc.;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(dd) "**Purchaser Shares** "
 means common shares in the capital of the Purchaser;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ee) "**Registrar** "
 means the person appointed as the Registrar of Companies under section 400 of the BCBCA;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ff) "**Share Consideration**" means, in respect of each Company Share, 0.592 of a Purchaser Share;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(gg) "**Tax Act**" means the *Income Tax Act* (Canada) including all regulations thereunder;

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

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

Any capitalized terms used but not defined herein shall have the meaning ascribed to such terms in the Arrangement Agreement. In addition, words and phrases used herein and defined in the BCBCA and not otherwise defined herein or in the Arrangement Agreement shall have the same meaning herein as in the BCBCA unless the context otherwise requires.

**1.2** **Interpretation Not Affected by Headings, etc.** 

The division of this Plan of Arrangement into Articles, Sections, paragraphs and other portions and the insertion of headings are for convenience of reference only and shall not affect the construction or interpretation hereof. Unless otherwise indicated, all references to an "Article", "Section" or "paragraph" followed by a number and/or a letter refer to the specified Article, Section or paragraph of this Plan of Arrangement.

**1.3** **Number** 

In this Plan of Arrangement, unless the context otherwise requires, words used herein importing the singular include the plural and *vice versa.*

**1.4** **Date of Any Action** 

In the event that any date on which any action is required to be taken hereunder by any of the Parties is not a Business Day, such action shall be required to be taken on the next succeeding day which is a Business Day.

**1.5** **Time** 

Time shall be of the essence in every matter or action contemplated hereunder. All times expressed herein or in any letter of transmittal contemplated herein are local time (Vancouver, British Columbia) unless otherwise stipulated herein or therein.

**1.6** **Currency** 

Unless otherwise stated, all references in this Plan of Arrangement to sums of money are expressed in lawful money of Canada.

**Article 2<u><br> EFFECT OF THE ARRANGEMENT</u>**

**2.1** **Arrangement Agreement** 

This Plan of Arrangement is made pursuant to, and in accordance with the provisions of, and forms a part of the Arrangement Agreement.

**2.2** **Binding Effect** 

This Plan of Arrangement will become effective at the Effective Time and shall be binding upon the Purchaser, the Company, and the Company Shareholders.

**Article 3<u><br> ARRANGEMENT</u>**

**3.1** **The Arrangement** 

Commencing at the Effective Time, each of the events set out below shall occur and be deemed to occur in the following sequence, in each case without any further authorization, act or formality of or by the Company, the Purchaser or any other person except as otherwise expressly provided herein:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) each
 Company Share issued and outstanding held by a Dissenting Shareholder shall be and shall
 deemed to be transferred by the holder thereof, free and clear of all Liens, to the Company
 for cancellation and the Company (with Company funds not directly or indirectly provided
 by the Purchaser or any affiliate of the Purchaser) shall thereupon be obliged to pay the
 amount therefor determined and payable in accordance with Article 4 hereof, and such
 Dissenting Shareholder shall cease to have any rights as a Company Shareholder other than
 the right to be paid the amount for such Dissenting Shareholder's Company Shares determined
 in accordance with Article 4 and the name of such holder shall be removed from the central
 securities register of the Company as a holder of Company Shares;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) each
 Company Share held by a Former Company Shareholder shall be transferred by the holder thereof
 to the Purchaser in exchange for 0.592 of a Purchaser Share in accordance with the terms
 and conditions set forth in the take-over bid offer and circular of the Purchaser dated August 28,
 2025, as amended by the notice of variation, change and extension dated December 12,
 2025, the notice of variation, change and extension dated January 9, 2026, the notice
 of variation, change and extension dated January 19, 2026, and the notice of variation,
 change and extension dated January 30, 2026 and subject to section 3.3 and Article 5
 hereof, and upon such exchange:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the
 Former Company Shareholders shall cease to be holders of Company Shares and to have any rights
 as holders of such Company Share other than the right to be paid the Share Consideration
 in accordance with this Plan of Arrangement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the
 names of the holders of such Company Shares shall be removed from the register of Company
 Shareholders and added to the register of holders of Purchaser Shares;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) the
 Purchaser shall become the holder of the Company Shares so exchanged and shall be added to
 the register of the Company Shareholders as the registered holder of such Company Shares;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) the
 Company will file an election with the CRA to cease to be a public corporation for the purposes
 of the Tax Act; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) the
 exchanges, transfers and cancellations provided for in this Section 3.1 will be deemed
 to occur on the Effective Date, notwithstanding that certain of the procedures related thereto
 are not completed until after the Effective Date.

**3.2** **Post Effective Time Procedures** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Following
 the receipt of the Final Order and prior to the Effective Date, the Purchaser shall deliver
 electronically to the Depositary for transmittal, or arrange to be delivered to the Depositary
 the certificates or DRS Advices, representing the Purchaser Shares required to be issued
 to Former Company Shareholders, in accordance with the provisions of Section 3.1 hereof,
 and any such certificates or DRS Advices shall be held by the Depositary as agent and nominee
 for such Former Company Shareholders for distribution to such Former Company Shareholders
 in accordance with the provisions of Article 5 hereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Subject
 to the provisions of Article 5 hereof, and upon return of a properly completed Company
 Share Letter of Transmittal by a registered Former Company Shareholder together with certificates
 or DRS Advices representing Company Shares and such other documents as the Depositary may
 require, Former Company Shareholders shall be entitled to receive electronically, or by delivery
 of the certificates or DRS Advices representing, the Purchaser Shares to which they
 are entitled pursuant to Section 3.1 hereof.

**3.3** **No Fractional Purchaser Shares** 

In no event shall any holder of Company Shares be entitled to a fractional Purchaser Share. Where the aggregate number of Purchaser Shares to be issued to an Company Shareholder as consideration under or as a result of this Arrangement would result in a fraction of a Purchaser Share being issuable, the number of Purchaser Shares to be received by such Company Shareholder shall be rounded down to the nearest whole Purchaser Share and no Former Company Shareholder will be entitled to any compensation in respect of a fractional Purchaser Share.

**3.4** **U.S. Securities Law Exemption** 

Notwithstanding any provision herein to the contrary, the Purchaser and the Company agree that the Plan of Arrangement will be carried out with the intention that all Consideration Shares issued and exchanged on completion of the Plan of Arrangement to the Company Shareholders will be issued by the Purchaser in reliance on the exemption from the registration requirements of the U.S. Securities Act, as amended, as provided by Section 3(a)(10) thereof and applicable securities laws of any state of the United States, and pursuant to the terms, conditions and procedures set forth in the Arrangement Agreement.

**Article 4<u><br> DISSENT RIGHTS</u>**

**4.1** **Rights of Dissent** 

Pursuant to the Interim Order, each registered Company Shareholder as of the record date of the Company Meeting may exercise rights of dissent ("**Dissent Rights**") under Section 238 of the BCBCA and in the manner set forth in Sections 242 to 247 of the BCBCA, all as modified by this Article 4 as the same may be modified by the Interim Order or the Final Order in respect of the Arrangement, provided that the written objection to the Arrangement Resolution contemplated by Section 242 of the BCBCA must be sent to and received by the Company not later than 5:00 p.m. on the Business Day that is two Business Days before the Company Meeting. Company Shareholders who duly exercise such rights of dissent and who:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) are
 ultimately determined to be entitled to be paid fair value from the Company (with Company
 funds not directly or indirectly provided by the Purchaser or any affiliate of the Purchaser),
 for the Dissenting Shares in respect of which they have exercised Dissent Rights, notwithstanding
 anything to the contrary contained in Section 245 of the BCBCA, will be deemed to have
 irrevocably transferred such Dissenting Shares to the Company for cancellation pursuant
 to Section 3.1(a) in consideration of such fair value; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) are
 ultimately not entitled, for any reason, to be paid fair value for the Dissenting Shares
 in respect of which they have exercised Dissent Rights, will be deemed to have participated
 in the Arrangement on the same basis as a Company Shareholder who has not exercised Dissent
 Rights, as at and from the time specified in Section 3.1(a), and be entitled to receive
 only the consideration set forth in Section 3.1(a),

but in no case will the Company or the Purchaser or any other person be required to recognize such holders as holders of Company Shares after the completion of the steps set forth in Section 3.1(a), and each Dissenting Shareholder will cease to be entitled to the rights of a Company Shareholder in respect of the Company Shares in relation to which such Dissenting Shareholder has exercised Dissent Rights and the central securities register of the Company will be amended to reflect that such former holder is no longer the holder of such Company Shares as and from the completion of the steps in Section 3.1(a).

In addition to any other restrictions set forth in the BCBCA, Company Shareholders who vote in favour of the Arrangement Resolution shall not be entitled to exercise Dissent Rights.

**Article 5<u><br> CERTIFICATES AND PAYMENTS</u>**

**5.1** **Payment of Share Consideration** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) As
 soon as practicable following the later of the Effective Date and the surrender to the Depositary
 for cancellation of a certificate or DRS Advice that immediately prior to the Effective Time
 represented outstanding Company Shares that were transferred under Section 3.1, together
 with a duly completed Company Share Letter of Transmittal and such additional documents and
 instruments as the Depositary may reasonably require and such other documents and instruments
 as would have been required to effect such transfer under the BCBCA and the articles of the
 Company after giving effect to Section 3.1 the former holder of such Company Shares
 shall be entitled to receive in exchange therefor, and the Depositary shall deliver electronically
 to such holder following the Effective Time, or make available for pick up at its offices
 during normal business hours a certificate or DRS Advice representing, the Purchaser Shares
 that such holder is entitled to receive in accordance with Section 3.1 hereof, less
 any amounts withheld pursuant to Section 5.4.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Subject
 to Section 5.3, each certificate and DRS Advice which immediately prior to the Effective
 Time represented Company Shares held by Former Company Shareholders will be deemed after
 the Effective Time and until surrendered for cancellation as contemplated by Section 5.1(a) hereof,
 to represent only the right to receive from the Depositary upon such surrender, electronic
 delivery of, or a certificate or DRS Advice representing, the Purchaser Shares that
 the holder of such certificate is entitled to receive in accordance with Section 3.1
 hereof or, in the case of Dissenting Shareholders, to be paid the fair value for the Company
 Shares in accordance with Article 4, in each case, less any amounts withheld pursuant
 to Section 5.4.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The
 Company and the Purchaser will cause the Depositary, as soon as a Former Company Shareholder
 becomes entitled to the Share Consideration in accordance with Section 3.1, to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) forward
 or cause to be forwarded by first class mail (postage paid) to such former holder at the
 address specified in the Company Share Letter of Transmittal;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) if
 requested by such former holder in the Company Share Letter of Transmittal make available
 at the offices of the Depositary specified in the Company Share Letter of Transmittal; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) if
 the Company Share Letter of Transmittal neither specifies an address as described in Section 5.1(c)(i) nor
 contains a request as described in Section 5.1(c)(ii) forward or cause to be forwarded
 by first class mail (postage paid) to such former holder at the address of such former holder
 as shown on the applicable securities register maintained by or on behalf of the Company
 immediately prior to the Effective Time;

a certificate or DRS Advice representing, or deliver electronically, the Share Consideration to such Former Company Shareholder in accordance with the provisions hereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) No
 holder of Company Shares shall be entitled to receive any consideration or entitlement with
 respect to such Company Shares, other than any consideration or entitlement to which such
 holder is entitled to receive in accordance with Section 3.1, this Section 5.1
 and the other terms of this Plan of Arrangement and, for greater certainty, no such holder
 with be entitled to receive any interest, dividends, premium or other payment in connection
 therewith, other than any declared but unpaid dividends.

**5.2** **Loss of Certificates** 

In the event any certificate which immediately prior to the Effective Time represented any outstanding Company Shares that were acquired by the Purchaser or the Company pursuant to Section 3.1 has been lost, stolen or destroyed, upon the making of an affidavit of that fact by the former holder of such Company Shares, the Depositary will deliver to such person or make available for pick up at its offices in exchange for such lost, stolen or destroyed certificate, a certificate or DRS Advice representing the Purchaser Shares to which the former holder of such Company Shares is entitled to receive pursuant to Section 3.1 hereof in accordance with such holder's Company Share Letter of Transmittal. When authorizing such payment in relation to any lost, stolen or destroyed certificate, the former holder of such Company Shares will, as a condition precedent to the delivery of such Share Consideration, give a bond satisfactory to the Company, the Purchaser and the Depositary in such sum as the Purchaser may direct or otherwise indemnify the Company and the Purchaser in a manner satisfactory to the Company and the Purchaser against any claim that may be made against the Company or the Purchaser with respect to the certificate alleged to have been lost, stolen or destroyed.

**5.3** **Extinction of Rights** 

If any Former Company Shareholder fails to deliver to the Depositary the certificates, documents or instruments required to be delivered to the Depositary under Section 5.1 or Section 5.2 in order for such Former Company Shareholder to receive the Share Consideration which such former holder is entitled to receive pursuant to Section 3.1, on or before the sixth anniversary of the Effective Date, on the sixth anniversary of the Effective Date (i) such former holder will be deemed to have donated and forfeited to the Purchaser or its successor any Share Consideration held by the Depositary in trust for such former holder to which such former holder is entitled and (ii) any certificate representing Company Shares formerly held by such former holder will cease to represent a claim of any nature whatsoever and will be deemed to have been surrendered to the Purchaser and will be cancelled. Neither the Company nor the Purchaser, or any of their respective successors, will be liable to any person in respect of any Share Consideration (including any consideration previously held by the Depositary in trust for any such former holder) which is forfeited to the Company or the Purchaser or delivered to any public official pursuant to any applicable abandoned property, escheat or similar law.

**5.4** **Withholding Rights** 

The Company, the Purchaser and the Depositary will be entitled to deduct and withhold from any consideration otherwise payable to any Company Shareholder or Former Company Shareholder under this Plan of Arrangement (including any payment to Dissenting Shareholders) such amounts as the Company, the Purchaser or the Depositary is required to deduct and withhold with respect to such payment under the Tax Act, the U.S. Tax Code, and the rules and regulations promulgated thereunder, or any provision of any provincial, state, local or foreign tax law as counsel may advise is required to be so deducted and withheld by the Company, the Purchaser or the Depositary, as the case may be. For the purposes hereof, all such withheld amounts shall be treated as having been paid to the person in respect of which such deduction and withholding was made on account of the obligation to make payment to such person hereunder, provided that such deducted or withheld amounts are actually remitted to the appropriate Governmental Authority by or on behalf of the Company, the Purchaser or the Depositary, as the case may be. To the extent necessary, such deductions and withholdings may be effected by selling any Purchaser Shares to which any such person may otherwise be entitled under the Plan of Arrangement, and any amount remaining following the sale, deduction and remittance shall be paid to the person entitled thereto as soon as reasonably practicable.

**5.5** **No Liens** 

Any exchange or transfer of securities pursuant to this Plan of Arrangement shall be free and clear of any Liens or other claims of third parties of any kind.

**5.6** **Paramountcy** 

From and after the Effective Time: (a) this Plan of Arrangement shall take precedence and priority over any and all Company Shares issued prior to the Effective Time, (b) the rights and obligations of the Company Shareholders, the Company, the Purchaser, the Depositary and any transfer agent or other depositary therefor in relation thereto, shall be solely as provided for in this Plan of Arrangement, and (c) all actions, causes of action, claims or proceedings (actual or contingent and whether or not previously asserted) based on or in any way relating to any Company Shares shall be deemed to have been settled, compromised, released and determined without liability except as set forth in this Plan of Arrangement.

**Article 6<u><br> AMENDMENTS</u>**

**6.1** **Amendments to Plan of Arrangement** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The
 Company reserves the right to amend, modify or supplement this Plan of Arrangement at any
 time and from time to time prior to the Effective Time, provided that each such amendment,
 modification or supplement must be (i) set out in writing, (ii) approved by the
 Purchaser, (iii) filed with the Court and, if made following the Company Meeting, approved
 by the Court and (iv) communicated to or approved by the Company Shareholders if and
 as required by the Court.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any
 amendment, modification or supplement to this Plan of Arrangement may be proposed by the
 Company at any time prior to the Company Meeting (provided that the Purchaser has consented
 thereto) with or without any other prior notice or communication and, if so proposed and
 accepted by the persons voting at the Company Meeting (other than as may be required under
 the Interim Order), will become part of this Plan of Arrangement for all purposes.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Any
 amendment, modification or supplement to this Plan of Arrangement that is approved or directed
 by the Court following the Company Meeting will be effective only if such amendment, modification
 or supplement (i) is consented to by each of the Company and the Purchaser and (ii) if
 required by the Court or applicable Law, is consented to by Company Shareholders voting in
 the manner directed by the Court.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Any
 amendment, modification or supplement to this Plan of Arrangement may be made following the
 Effective Date unilaterally by the Purchaser provided that it concerns a matter which, in
 the reasonable opinion of the Purchaser, is of an administrative nature required to better
 give effect to the implementation of this Plan of Arrangement and is not adverse to the financial
 or economic interests of any Former Company Shareholder.

**Article 7<u><br> FURTHER ASSURANCES</u>**

Notwithstanding that the transactions and events set out herein will occur and be deemed to occur in the order set out in this Plan of Arrangement without any further act or formality, each of the Company and the Purchaser will make, do and execute, or cause to be made, done and executed, any such further acts, deeds, agreements, transfers, assurances, instruments or documents as may reasonably be required by any of them in order to further document or evidence any of the transactions or events set out herein.

**Schedule B<br> Arrangement Resolution**

"**BE IT RESOLVED THAT:**

The arrangement (the "**Arrangement**") under Section 288 of the *Business Corporations Act* (British Columbia) (the "**BCBCA**") involving Gold Basin Resources Corporation ("**Gold Basin**"), its shareholders and CANEX Metals Inc. ("**CANEX**"), as set out in the Plan of Arrangement and as described in the management information circular (the "**Circular**") of Gold Basin dated as of [●], 2026 accompanying the notice of special meeting (as the Arrangement may be amended, modified or supplemented in accordance with the arrangement agreement dated May 11, 2026 (the "**Arrangement Agreement**") between Gold Basin and CANEX), is hereby authorized, approved and adopted.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The plan of arrangement of Gold Basin setting
 out the terms of the Arrangement (as it has been or may be amended, modified or supplemented
 in accordance with the Arrangement Agreement and its terms (the "**Plan of Arrangement** ")),
 the full text of which is set out in an appendix to the Circular (as the Plan of Arrangement
 may be, or may have been, modified or amended in accordance with its terms or the terms of
 the Arrangement Agreement), is hereby authorized, approved and adopted.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. The Arrangement Agreement, the actions
 of the directors of Gold Basin in approving the Arrangement and the actions of the directors
 or officers of Gold Basin in executing and delivering the Arrangement Agreement and any amendments
 thereto are hereby ratified, confirmed and approved.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Notwithstanding that this special resolution
 has been passed (and the Arrangement adopted) by the shareholders of Gold Basin or that the
 Arrangement has been approved by the Supreme Court of British Columbia, the directors of
 Gold Basin are hereby authorized and empowered, without notice to or approval of the holders
 of common shares of Gold Basin, (a) to amend, modify or supplement the Arrangement Agreement
 or the Plan of Arrangement to the extent permitted by the Arrangement Agreement and the Plan
 of Arrangement, and (b) subject to the terms of the Arrangement Agreement, not to proceed
 with the Arrangement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. Any director or officer of Gold Basin is
 hereby authorized and directed for and on behalf of Gold Basin to execute, whether under
 seal of Gold Basin or otherwise, and to deliver such records, documents and information as
 are necessary or desirable to the Registrar of Companies under the BCBCA in accordance with
 the Arrangement Agreement for filing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. Any one or more officers or directors of
 Gold Basin is hereby authorized and directed for and on behalf of and in the name of Gold
 Basin to execute or cause to be executed and to deliver or cause to be delivered, whether
 under the seal of Gold Basin or not, all such agreements, forms, waivers, notices, certificates,
 confirmations and such other documents and instruments and to perform or cause to be performed
 all such other acts and things as such person determines may be necessary or desirable or
 useful to give full effect to the foregoing resolutions and the matters authorized thereby,
 such determination to be conclusively evidenced by the execution and delivery of such document
 or instrument or the doing of any such act or thing."

**Schedule C<br> Term Loan Term Sheet**

**TERM SHEET - DEBT FINANCING**

*Any commitment will be solely on the basis of mutually satisfactory formal documentation and the receipt of all required internal and third party approvals. The parties acknowledge that this indicative Term Sheet and all correspondence in relation to it are commercially sensitive and will be held in confidence. The terms set out in this indicative Term Sheet may not be disclosed by Borrower to any third parties without Lender's prior consent, other than to its professional advisers (on a confidential basis). All references to dollars are Canadian dollars.*

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| | |
|:---|:---|
| **Borrower:** | Gold Basin Resources Corporation (the "**Borrower**"). |
| **Lender:** | CANEX Metals Inc. (the "**Lender**"). |
| **Guarantor:** | Corporate Guarantee from all material subsidiaries of the Borrower, as determined by the Lender (collectively, the "**Guarantor**"). |
| **Term Loan:** | A senior secured first priority term loan (the "**Term Loan**") for the purposes of: 1) aged payables, day-to-day working capital and general corporate expenditures and direct advances paid by the Lender to third party suppliers, service providers and creditors of the Borrower, and 2) expenses in connection with a proposed Arrangement. |
| **Maximum Amount:** | The Term Loan would be made available up to a maximum amount of $900,000 (the "**Maximum Availability**"). |
| **Payment in Tranches** | The loan will be paid out in up to 3 tranches with the timing and amount of each tranche to be agreed upon by the Borrower and Lender. |
| **Documentation:** | Any commitment by the Lender in respect of the Term Loan shall be subject to the negotiation, execution and delivery of a loan agreement containing the terms and conditions outlined herein, as well as standard representations and warranties, conditions precedent, affirmative and negative covenants, events of default, and other clauses usual and customary for a financing of this nature (the "**Loan Agreement**") and such other documents as are customary for a financing of this nature. including without limitation, guarantees and security documents. |
| **Closing Date:** | The date on which the Conditions Precedent shall have been satisfied and the initial advance under the Term Loan has been made by the Lender (the "**Closing Date**"). The commitment (if any) of the Lender to provide the Term Loan shall expire and terminate if the Closing Date has not occurred on or before June 10, 2026, or such a later date as the Lender may approve in its sole and absolute discretion. |

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| | |
|:---|:---|
| **Maturity Date:** | The maturity of the Term Loan (the "**Maturity Date**") shall be six (6) months from the Closing Date. |
| **Interest:** | Interest shall accrue on the outstanding drawn balance of the Term Loan at a rate per annum equal to the Royal Bank of Canada Prime Rate plus 5.0% (the "Interest Rate"), calculated daily on the basis of a 365-day year and payable monthly in arrears on the last business day of each calendar month. For greater certainty, interest shall accrue only on amounts actually advanced and outstanding from time to time, calculated from the date of each respective advance. The Interest Rate shall be adjusted automatically and without notice upon any change in the Royal Bank of Canada Prime Rate.<br>In the event that any amount of principal or interest is not paid when due, such overdue amount shall bear interest at the Interest Rate plus 2.0% per annum (the "Default Rate"), calculated daily and compounded monthly, from the date such amount became due until the date of actual payment in full, both before and after judgment. |
| **Term Loan Availability:** | Subject to the Maximum Availability, and provided that no default or Event of Default has occurred and is then continuing, on and after the date on which the Conditions Precedent (as defined below) shall have been satisfied, the Borrower may request an advancement under the Term Loan. |
| **Payment:** | The Term Loan shall be serviced as follows:<br>(a) Principal and Interest: The aggregate outstanding principal balance of the Term Loan, together with all accrued and unpaid interest, fees and expenses, shall be due and payable in full in cash on the Maturity Date; and<br>(b) Partial Advance Periods: Interest on each advance shall accrue from the date of such advance until the Maturity Date, calculated daily on the basis of a 365-day year on the outstanding drawn balance from time to time. |
| **Prepayment Option:** | Full open for prepayment. |

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| **Security:** | The obligations of the Borrower under the Term Loan are to be subject to:<br>(a) Fully perfected first-ranking General Security Agreements over all of the Borrower's present and after acquired assets;<br>b) First ranking mortgage charge over five (5) split estate mineral rights and all of the unpatented federal mining claims in Mohave County, Arizona (the "Properties");<br>c) First ranking security agreement, debenture or analogous agreement encumbering all present and future mineral tenures, titles, claims, placer claims, applications, licences, licences of occupation, or tenancies that comprise, relate to, or are used in connection with, the exploration property known as the Gold Basin project located in Mohave County, Arizona (the "Mine Property");<br>d) Guarantee from Guarantor supported by a General Security Agreement; and<br>e) Any other charge as may be required in order to perfect the security interest of the Lender as determined by its solicitors (collectively, a) through d) above, the "Security"). |
| **Conditions Precedent:** | Customary conditions precedent to closing transactions of this nature, including, without limitation:<br>a) Approval of the Term Loan by the Lender, at its sole discretion;<br>b) Execution of a definitive Loan Agreement and other reasonably required transaction documents, in form and substance satisfactory to the Lender; and<br>c) Perfected security interests in the Security with the priorities described above, together with the execution and delivery of security documentation and perfection filing from the Lender by the Closing Date;<br>(collectively, the "**Conditions Precedent**"). |
| **Covenants:** | The Loan Agreement would contain affirmative, negative and financial covenants, including without limitation, the following:<br>a) The Borrower shall not undertake any actions with respect to their business operations and/or capital structure which would, in the determination of the Lender, have a material adverse effect on the Borrower's ability to repay the Term Loan;<br>b) The Borrower shall not incur, create or suffer to exist any lien, royalty or metals stream on any Security now owned or hereafter acquired other than customary permitted encumbrances which will include bonding arrangements in the ordinary course of business and related security, subject to an inter creditor agreement satisfactory to the Lender (to be defined in the Loan Agreement); |

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| | c) Without the prior written consent of the Lender, the Borrower shall not declare or pay any dividends, repay any loans other than to Charrua Capital LLC, or make any other distributions (whether by reduction of capital, repayment of shareholder/related party loans or otherwise) with respect to any of their issue and outstanding shares or other equity interest; and<br>d) The Borrower shall pay all recoverable fees, expenses and costs incurred by the Lender, in connection with the Term Loan. |
| **Direct Advances:** | Prior to the Conditions precedent being met, the Lender will provide direct advances to third parties in respect of necessary, reasonable and documented expenses of the Borrower in connection with a proposed Arrangement, including fees to the Borrower's fairness opinion provider, which advances shall constitute a portion of the Term Loan. |
| **Governing Law:** | This Term Sheet is governed by and interpreted in accordance with the laws of the Province of British Columbia and the Borrower hereby irrevocably submits to the jurisdiction of the courts of the Province of British Columbia to bring or defend any actions. |
| **Approvals:** | The Term Loan shall be subject to Borrower obtaining any required prior approvals from the TSX-V. |
| **Confidentiality:** | This Term Sheet is being provided to you on the further condition that its existence and contents will be kept confidential and will not be disclosed without the Lender's prior written consent, except to (i) those of its officers, directors, employees and financial and legal advisors ("**Representatives**") who have a need to know for the purpose of assessing, negotiating, documenting and carrying out the terms thereof; provided all such Representatives are informed of the confidentiality requirements of this Term Sheet. This provision shall be binding upon the Borrower and the Lender. |
| **Representations and Warranties and Covenants:** | The Loan Agreement shall include standard representations and warranties for a Term Loan of this nature. |
| **Events of Default:** | The Loan Agreement shall include standard events of default for a Term Loan of this nature. |
| **Legal and Other Costs:** | From the date of acceptance of this Term Sheet, the Borrower agrees to be responsible for and to pay all reasonable third party expenses included by the Lender in connection with the Term Loan, including, but not limited to, legal fees and disbursements, and the enforcement and preservation of the Lender's rights and remedies. This provision shall be binding upon the Borrower and the Lender. |

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| **Assignability:** | The Borrower and the Guarantor may not assign any of their rights or obligations. The Lender may assign or transfer, in whole or in part, its rights or pledge its rights under the Term Sheet and the Loan Agreement without the Borrower consent. |
| **Currency:** | All sums of money referred to this Term Sheet are expressed in lawful money of Canada, unless otherwise specified. |

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